La vendita allo scoperto per Brighthouse Finl dà agli investitori un'idea del grado in cui gli investitori stanno scommettendo sul declino delle azioni di Brighthouse Finl. I dati relativi alle vendite allo scoperto vengono aggiornati ogni due settimane.

Brighthouse Finl (NASDAQ:BHF) Azioni, Report sulle vendite allo scoperto

Brighthouse Finl

Brighthouse Financial Inc is a United States-based provider of annuity products and life insurance through independent distribution channels and marketing arrangements with distribution partners. Its segments are Annuities, Life, and Run-off. It derives a majority of the revenue from the Annuities segment which includes variable, fixed, index-linked, and income annuities. The life segment includes variable, term, universal, and whole life policies.

Brighthouse Financial, Inc. - Common Stock

Brighthouse Financial Inc

Brighthouse Financial, Inc. - Junior Subordinated Debentures due 2058

Brighthouse Financial, Inc. - Depositary shares each representing a 1/1,000th Interest in a Share of 4.625% Non-Cumulative Preferred Stock, Series D

Brighthouse Financial, Inc. - depositary shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series C

Brighthouse Financial, Inc. - Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series B

Brighthouse Financial, Inc. - Depositary Shares 6.6% Non-Cumulative Preferred Stock, Series A

Okeanis Eco Tankers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECO#NYSE">ECO</a>) reported quarterly earnings of $0.45 per share which beat the analyst consensus estimate of $0.09 by 400 percent. This is a 25 percent decrease over earnings of $0.60 per share from the same period last year. The company reported quarterly sales of $84.900 million which beat the analyst consensus estimate of $74.608 million by 13.79 percent. This is a 4.71 percent decrease over sales of $89.100 million the same period last year.

Earnings

Earnings Beats

News

Okeanis Eco Tankers Q3 2024 Adj. EPS $0.45 Beats $0.09 Estimate, Sales $84.900M Beat $74.608M Estimate

Macro Economic Events

Econ #s

Economics

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Household Spending (MoM) For September -1.3% Vs. -0.7% Est.; 2.0% Prior

Reported Earlier, Japan Household Spending (YoY) For September -1.1% Vs. -1.8% Est.; -1.9% Prior

BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), the world&#8217;s largest asset manager, is reportedly in preliminary discussions to acquire an equity stake in Millennium Management, one of the leading hedge fund managers.
What Happened: BlackRock is considering a strategic partnership with Millennium Management, the Financial Times <a href="https://www.ft.com/content/c811be5f-73aa-4565-8901-f0eacdbad0bc">reported</a>, citing sources familiar with the matter. 
This potential deal would mark the first time in Millennium&#8217;s 35-year history that its founder, Izzy Englander, has accepted external investment in the management company.
Although the size of the equity stake is expected to be modest, the move underscores BlackRock&#8217;s ambitions to expand into alternative investments. The talks are still in the early stages and may not result in a deal, the sources said.
Both BlackRock and Millennium did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41798981/jim-cramer-calls-trumps-return-to-white-house-a-huge-win-for-the-stock-market?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Calls Trump&#8217;s Return To White House A &#8216;Huge Win For The Stock Market&#8217;</a>
Why It Matters: BlackRock&#8217;s interest in Millennium comes amid its broader push into the alternative investments sector, which carries higher fees than traditional investment funds. Earlier in the year, BlackRock made significant acquisitions in this space, including Global Infrastructure Partners and Preqin, according to the report.
BlackRock&#8217;s CEO Larry Fink has been vocal about the potential of <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41323418/blackrock-ceo-larry-fink-says-bitcoin-other-cryptos-have-bright-future-regardless-of-wheth">alternative investments and the need for diversification</a>. 
Meanwhile, Millennium Management has been exploring various options for strategic partnerships and external investments. Last month, the hedge fund manager was in talks to invest billions with Schonfeld Strategic Advisors, but the discussions were called off.
Despite the interest from various parties, Englander, the founder of Millennium, has maintained 100% ownership of the company, according to the report. 
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Markets

Blackrock In Early Talks To Take Equity Stake In Hedge Fund Giant Millennium: Report

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk said on Thursday that the toughest part about building the company&#8217;s <a href="https://www.benzinga.com/news/24/10/41376564/tesla-showcases-optimus-autonomous-navigation-charging-abilities-after-admitting-they-were-human-ass">Optimus humanoid robot</a> is improving its design to ease manufacturing and readying a complex supply chain for mass production. 
What Happened: &#8220;The toughest part by far is improving the design of Optimus for ease of manufacturing and tooling up a complex supply chain, so it can be made in significant numbers,&#8221; Musk wrote in a post on social media platform X. The CEO was responding computer programmer John Carmack who expressed doubts regarding the near term utility of humanoid robots.
&#8220;Long term, driven be AGI, sure, they are going to be an enormous economic engine, but business plans that have them making a dent in the next five years seem unlikely,&#8221; Carmack said. 
Musk responded by saying that Optimus is already doing some tasks in the Tesla factory and the scope of its ability is &#8220;increasing rapidly.&#8221; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Well, Optimus is already doing some tasks in the factory and the scope of its ability is increasing rapidly. The toughest part by far is improving the design of Optimus for ease of manufacturing and tooling up a complex supply chain, so it can be made in significant numbers.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1854652684608970815?ref_src=twsrc%5Etfw">November 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: During Tesla&#8217;s annual shareholder meeting in June, Musk said that there will be at least <a href="https://www.benzinga.com/news/24/06/39246781/elon-musk-thinks-humanoid-robots-will-one-day-exceed-human-population-from-nvidias-project-gr00t-to" target="_blank" rel="noreferrer noopener">one humanoid robot</a> for every person in the world in the future, implying a total humanoid robot population of at least 10 billion or more, of which the EV company will have a significant share.
"While autonomous vehicle is a $5-$7 trillion market cap situation,&nbsp;<a href="https://www.benzinga.com/news/24/06/39327644/tesla-ceo-elon-musk-eyes-25-trillion-market-cap-with-optimus-bot-admits-to-being-pathologically-opti" target="_blank" rel="noreferrer noopener">Optimus is a $25 trillion market cap situation</a>," Musk then said.
Musk expects to be&nbsp;<a href="https://www.benzinga.com/news/24/03/37950895/elon-musk-says-cost-of-making-an-optimus-is-half-that-of-manufacturing-a-tesla-ev-despite-complexity" target="_blank" rel="noreferrer noopener">able to sell Optimus at $10,000 or $20,000</a>, at a lower price point than Tesla's cheapest Model 3 sedan, once it reaches high-volume production.
In July, the CEO also said that the EV company would have &#8220;genuinely useful&#8221; humanoid robots in low production for use within its factories next year. The company will &#8220;hopefully&#8221; increase production for other customers in 2026, he said.
Last month, the company showcased its Optimus bots at <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself" target="_blank" rel="noreferrer noopener">its robotaxi unveiling event</a> in Los Angeles. 
About 20 active robots walked through the crowd assembled at the event. Optimus poured drinks, handed out snacks, and performed dance moves. However, the robots were <a href="https://www.benzinga.com/news/24/10/41354482/tesla-engineer-admits-optimus-robots-were-human-assisted-to-some-extent-at-robotaxi-unveiling-event" target="_blank" rel="noreferrer noopener">human-assisted to "some extent&#8221;</a> to showcase the company&#8217;s vision at the event,  Head of Engineering For Optimus Milan Kovac said in a post on X.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/news/24/11/41803756/xpeng-flying-car-can-be-mastered-in-3-hours-says-company-chairman">XPeng Flying Car Can Be Mastered In 3 Hours, Says Company Chairman</a></li>
</ul>

Tech

TSLA

Elon Musk Reveals Toughest Part Of Building Tesla's Humanoid Robot: 'Improving The Design Of Optimus For Ease Of Manufacturing...'

The first public beta version of&nbsp;iOS 18.2 has been released by&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), introducing powerful new AI-driven features.
What Happened: Users can now register their iPhones in&nbsp;the Apple Beta Program to&nbsp;access the 18.2 beta update, although Apple cautions about potential glitches in such releases.
The new iOS 18.2 has Image Playground, which creates&nbsp;images from text prompts. This&nbsp;feature is also incorporated&nbsp;into Messages, Notes, and Freeform.
Another addition is Genmoji, a tool that generates emojis from text prompts and user images.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/11/41799239/amazons-andy-jassy-says-i-hate-bureaucracy-as-he-plans-to-slash-managerial-layers-the-goal-again-is?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon&#8217;s Andy Jassy Says &#8216;I Hate Bureaucracy&#8217; As He Plans To Slash Managerial Layers: &#8216;The Goal Again Is… To Move More Quickly&#8217;</a>
The update also integrates OpenAI&#8217;s AI chatbot ChatGPT into Siri. Users&nbsp;don&#8217;t need a ChatGPT account&nbsp;to use this feature.
For the iPhone 16 series, Visual Intelligence provides information about the user&#8217;s environment by simply pointing the camera at an object.
The tech giant is expected to launch the final versions of these operating systems in early December.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Last month, Apple reported fiscal <a href="https://www.benzinga.com/news/earnings/24/10/41666494/apple-q4-earnings-revenue-beat-eps-beat-installed-base-hits-new-highs-iphone-sales-rise-as-apple-in">fourth-quarter revenue</a> of $94.9 billion, surpassing analyst expectations of $94.56 billion. The tech giant also reported adjusted earnings of $1.64 per share for the quarter, exceeding the forecasted $1.60 per share.
During the company&#8217;s earnings call, Apple CEO Tim Cook said, &#8220;The 18.1 adoption is twice as fast as the 17.1 adoption was in the year-ago quarter.&#8221; The company also reported that iPhone revenue reached $46.22 billion, up from $43.8 billion the last year.
Earlier this week, <a href="https://www.benzinga.com/news/24/11/41773589/apple-signals-profit-risks-in-ai-and-vr-shift-what-it-means-for-investors">Apple cautioned investors</a> that future AI and virtual reality products may not match iPhone-level profitability, noting risks from "geopolitical tensions" and AI safety concerns in its latest filing.
Earlier in June, Deepwater Asset Management&#8217;s Gene Munster predicted that <a href="https://www.benzinga.com/markets/equities/24/06/39284068/apples-ai-powered-growth-to-trigger-10-revenue-surge-by-2025-predicts-gene-munster-this-is-just-">Apple's focus on AI would drive a 10%</a> increase in revenue by 2025.
Photo courtesy: Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/11/41737562/trump-vs-harris-meet-the-teens-using-ai-to-call-2024-election-faster-cheaper-than-pollsters?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Meet The Teens Using AI To Call 2024 Election Faster, Cheaper Than Pollsters</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

AAPL

iOS 18.2 Beta Brings Some AI Magic To iPhones, Now You Can Create Images, Emojis Just Using Your Voice

Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) CEO Jack Dorsey reiterated the company&#8217;s exclusive focus on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), intending to make the cryptocurrency the centerpiece of its financial services operations.
What Happened: During the company&#8217;s third-quarter earnings calls on Thursday, Dorsey stated that Block&#8217;s Bitcoin-centric strategy was driven by the desire to establish a native currency for the internet, which would accelerate their business.
&#8220;If we have a native currency for the Internet, it means we can move money much faster, and we can offer Cash App products and Square products in every single market instead of the market-by-market push that we have to do today,&#8221; Dorsey emphasized.
Apart from the &#8220;Cash App&#8221; digital wallet service, the co-founder expressed confidence in Bitcoin&#8217;s ability to boost its mining chip offerings.
&#8220;Mining is, we think, going to be pretty large for us because we&#8217;ve been developing ASICs for quite some time. There&#8217;s a specialized version of an ASIC,&#8221; Dosey said, implying that more deals, such a<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39721727/jack-dorseys-block-makes-historic-bitcoin-mining-chip-sale-to-core-scientific-our-first-mi">s the historic sale of 3 nanometer (3nm) mining ASICs</a> to leading miner Core Scientific, could follow in the future.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41825733/could-micas-passport-system-open-doors-across-europe-for-crypto-exchanges">Could MiCA&#8217;s Passport System Open Doors Across Europe For Crypto Exchanges?</a>
Why It Matters: Block <a href="https://www.benzinga.com/news/earnings/24/11/41826457/block-shares-sink-after-mixed-q3-results-eps-beat-revenues-miss">reported its third-quarter financials</a> after Thursday&#8217;s market close, showing mixed results with an EPS beat but a miss on revenues. 
The company reported holding 8,363 BTCs on its balance sheet at the end of the third quarter, worth nearly $530 million, a significant increase from 8,211 BTCs reported in the previous quarter. This amounted to an addition worth $15 million to the Bitcoin portfolio.
Block announced a new strategy beginning April 2024, wherein it would allocate 10% of its monthly Bitcoin-related gross profit to purchase more Bitcoins. The company described it as an attempt to minimize the impact on the market, usually seen after large, one-off purchases.
Price Action: Shares of Block were down 1.62% in after-hours trading, after falling 3.18% to $2.47 during Thursday&#8217;s regular trading session, as per <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

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

Cryptocurrency

$BTC

Jack Dorsey Reaffirms Block's Bitcoin-Centric Vision To Boost Digital Wallet, Mining Businesses— Company's BTC Stash Grows By $15M In Q3

Amazon.com, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) <a href="https://www.benzinga.com/markets/equities/24/10/41373006/amazon-breaks-away-from-black-and-white-monotony-to-offer-first-ever-color-kindle-what-you-shoul">newly launched</a> Kindle Colorsoft e-reader is plagued by a yellow discoloration band, with an analyst predicting a software fix.
What Happened: On Thursday, Ming-Chi Kuo, an analyst at TF Securities, took to X, formerly Twitter, and said that the yellow discoloration bands are due to Amazon&#8217;s use of a different OCA compared to grayscale e-paper displays.
This change was made to improve the contrast capabilities of E Ink&#8217;s Kaleido color e-paper technology, he said. &#8220;While component suppliers have developed several hardware solutions, Amazon seems to be leaning toward a software-based fix.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/09/40893054/mark-cuban-says-he-would-buy-rupert-murdochs-fox-news-and-elon-musks-x-but-there-are-some-obstacles?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says He Would Buy Rupert Murdoch&#8217;s Fox News And Elon Musk&#8217;s X But There Are Some Obstacles: &#8216;If I Had Enough… I&#8217;d Buy It In A Heartbeat&#8217;</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">According to recent reports, Kindle Colorsoft displays are showing yellow discoloration bands along their bottom and sides &#8211; an issue traced to Amazon&#39;s use of a different OCA than that used in grayscale e-paper displays. This change was implemented to enhance the limited…
&mdash; 郭明錤 (Ming-Chi Kuo) (@mingchikuo) <a href="https://twitter.com/mingchikuo/status/1854550124846067848?ref_src=twsrc%5Etfw">November 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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His comments followed a <a href="https://www.theverge.com/2024/11/5/24288131/amazon-kindle-colorsoft-display-fix-replacements-delay-yellow-band-display-complaints-issues">report</a> by The Verge, which stated that Amazon is working to rectify the issue with its first color e-reader. Customers who already own a unit can contact Amazon for a refund or replacement.
Shipping dates for the Colorsoft may also be delayed as Amazon works to fulfill replacement orders alongside new orders for the device.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Last month, Amazon reported third-quarter net sales of $158.9 billion, marking an 11% increase compared to the previous year. This figure surpassed the Street consensus estimate of $157.2 billion, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">from Benzinga Pro.</a>
During the earnings call, Amazon CEO Andy Jassy said, &#8220;We now have over 20 billion average monthly pages read on Kindle devices worldwide.&#8221;
According to Statista, a German database company, 11% of U.S. consumers aged 18 to 29 own an e-reader. Data from the Consumer Insights Global survey also reveals that 17% of Americans between the ages of 30 and 49 own one as well.
Price Action: Amazon shares ended Thursday&#8217;s session with a 1.48% gain, closing at $210.16. In after-hours trading, the stock saw a small increase, rising to $210.27 at the time of writing.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<a href="https://www.benzinga.com/news/24/11/41767401/trump-vs-harris-apple-transforms-dynamic-island-to-bring-election-results-at-your-fingertips-on-ipho?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Apple Transforms Dynamic Island To Bring Election Results At Your Fingertips On iPhone</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

Amazon Color Kindles Are Facing Display Glitches, Top Tech Expert Explains Why Users Are Seeing Yellow Bands On Their E-Ink Readers

Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) raced past Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to become the week&#8217;s best performer after a searing double-digit rally on Thursday.
What happened: ADA spiked over 10% in the last 24 hours to reach its highest level since July 23. The rally catapulted the coin to the second spot in the top 24-hour gainers list, far outpacing market heavyweights like Bitcoin and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
With the latest upswing, ADA's weekly gains jumped to nearly 22%, making it the best-performing top 10 cryptocurrencies during the last seven days. The coin overwhelmingly surpassed Bitcoin&#8217;s returns over the week spurred by Donald Trump&#8217;s <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">victory </a>in the presidential election.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41796743/ethereum-whales-wake-up-from-slumber-to-cash-out-90m-amid-rally-but-indicators-show-sentim">Ethereum Whales Wake Up From Slumber To Cash Out $90M Amid Rally, But Indicators Show Sentiment Can Flip</a>
The coin, often dubbed an&nbsp;&#8220;Ethereum Killer,&#8221; witnessed significant interest from whale investors, evidenced by a 31% surge in transactions exceeding $100,000 in value, <a href="https://app.intotheblock.com/">according </a>to IntoTheBlock.&nbsp;
Daily active addresses also rose 21% in the last 24 hours, lending credence to the high network activity.
However, the surge in usage appeared to be driven by profit-taking, as the total balance held by long-term holders of ADA fell by 0.28%.&nbsp;
The latest uptick contrasted with ADA's lackluster year-to-date performance. This year, the coin has lost over 30% of its value, while Bitcoin and Ethereum have gained 71% and 29%, respectively.
Price Action: At the time of writing, ADA was exchanging hands at $0.4134, up 11.65% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Image via Shutterstock
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Movers

Trading Ideas

$ADA

$ETH

This 'Ethereum Killer' Trumped Bitcoin Gains Over Election Rally To Emerge As Best Peforming Large-Cap Crypto Over The Week

The Federal Reserve cut interest rates by 0.25 percentage points on Thursday, bringing the federal funds rate to 4.5%-4.75%, its lowest since February 2023. The Fed&#8217;s statement acknowledged solid economic growth and easing inflation but omitted prior language on confidence in reaching the 2% inflation target.
On Thursday, the Dow Jones Industrial Average was flat at 43,729.34 and the S&amp;P 500 rose 0.7% to 5,973.10 while the Nasdaq spiked 1.5% to 19,269.46.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) closed the day with a 3.35% gain at $10.04. The stock&#8217;s intraday high and low were $10.24 and $9.81, respectively, with a 52-week range of $24.61 to $8.26. Rivian reported <a href="https://www.benzinga.com/news/earnings/24/11/41825787/rivian-q3-earnings-highlights-revenue-eps-miss-ceo-confident-in-q4-gross-profit-r2-being-fundamenta">third-quarter revenue</a> of $874 million, missing the Street consensus estimate of $1.00 billion. 
DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) ended the day with a 1.91% increase at $38.98. The stock&#8217;s intraday high and low were $39.38 and $38.3, respectively, with a 52-week range of $49.57 to $28.69. DraftKings reported third-quarter revenue of $1.095 billion, up 39% year-over-year, but <a href="https://www.benzinga.com/news/earnings/24/11/41826834/draftkings-q3-highlights-revenue-miss-2024-guidance-trim-first-2025-outlook-ceo-reaffirms-focus-on-">missed the Street consensus estimate</a>.
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/41809435/how-to-earn-500-a-month-from-nvidia-stock-after-trump-win?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Earn $500 A Month From Nvidia Stock After Trump Win</a>
Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) fell by 3.05% to close at $75.27. The stock&#8217;s intraday high and low were $78.08 and $74.94, respectively, with a 52-week range of $87.52 to $50.63. The Jack Dorsey-led company reported quarterly earnings of 88 cents per share, <a href="https://www.benzinga.com/news/earnings/24/11/41826457/block-shares-sink-after-mixed-q3-results-eps-beat-revenues-miss">beating the analyst consensus estimate</a>, but revenue missed the consensus estimate. 
Pinterest Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>) saw a 0.50% increase to close at $33.93. The stock&#8217;s intraday high and low were $34.65 and $33.91, respectively, with a 52-week range of $45.19 to $27. Pinterest reported <a href="https://www.benzinga.com/news/earnings/24/11/41827920/pinterest-q3-earnings-revenue-beat-eps-miss-soft-guidance-ai-investments-paying-off-and-more">third-quarter revenue</a> of $898 million, beating the consensus estimate, but earnings per share missed analyst estimates. 
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rose by 2.90% to close at $296.91. The stock&#8217;s intraday high and low were $299.75 and $285.52, respectively, with a 52-week range of $299.75 to $138.8. Elon Musk&#8217;s net worth <a href="https://www.benzinga.com/markets/equities/24/11/41813356/elon-musks-net-worth-soars-by-26-5-billion-in-single-day-after-tesla-stock-surges-post-trump-vic">soared by $26.5 billion</a> in a single day following Donald Trump&#8217;s victory in the 2024 election. 
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41794596/bitcoin-ethereum-dogecoin-slingshot-to-the-moon-after-trump-victory-but-sharp-correction-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Slingshot To The Moon After Trump Victory But &#8216;Sharp&#8217; Correction Might Be In Store: Analyst Views BTC Between $80-90K By End Of Year</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

DKNG

PINS

RIVN

Rivian, Draftkings, Block, Pinterest, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

Wedbush Securities analyst Dan Ives predicts Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) could see significant gains under a potential second Donald Trump presidency, particularly in advancing its Full Self-Driving technology.
What Happened: Ives suggested Trump&#8217;s return to office could accelerate Tesla&#8217;s autonomous driving initiatives, in a Bloomberg TV interview, potentially unlocking what he <a href="https://www.benzinga.com/markets/equities/24/11/41794926/trump-white-house-could-unlock-trillion-dollar-ai-potential-for-tesla-says-dan-ives">estimates as $1 trillion in value</a>.
&#8220;Tesla and [Elon] Musk are the big winners in this Trump sweepstakes,&#8221; Ives said, pointing to possible regulatory fast-tracking of autonomous vehicle technology. He projects the deployment of &#8220;cyber cabs&#8221; could come as early as 2026 or 2027.
The analyst also indicated that a Trump presidency might lead to leadership changes at the Federal Trade Commission, noting that current FTC Chair Lina Khan&#8216;s potential departure could benefit big tech companies&#8217; merger and acquisition activities.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Great to be on <a href="https://twitter.com/BloombergTV?ref_src=twsrc%5Etfw">@BloombergTV</a> with <a href="https://twitter.com/EdLudlow?ref_src=twsrc%5Etfw">@EdLudlow</a> <a href="https://twitter.com/CarolineHydeTV?ref_src=twsrc%5Etfw">@CarolineHydeTV</a> discussing Musk's major strategic bet on Trump and why this is very good news for Tesla looking forward <a href="https://twitter.com/business?ref_src=twsrc%5Etfw">@business</a> &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;&#x1f4fa;&#x1f447; <a href="https://t.co/zcR7YIc9C1">https://t.co/zcR7YIc9C1</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1854650365095936398?ref_src=twsrc%5Etfw">November 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/news/large-cap/24/11/41826586/wall-street-closes-at-record-highs-after-reassurance-from-powell-magnificent-7-hit-17-trillion-tre">Wall Street Hits Record Highs After Powell&#8217;s Speech, Lifts Magnificent 7 Stocks To $17 Trillion In Historic Trading</a>
Why It Matters: Meanwhile, the stock market has also reacted positively to Trump&#8217;s victory, with Jim Cramer <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41798981/jim-cramer-calls-trumps-return-to-white-house-a-huge-win-for-the-stock-market">calling it a &#8216;huge win for the stock market&#8217;</a>. The conclusion of the election has brought relief to traders, who are now preparing for a Trump administration and its anticipated pro-business policies.
Price Action: Tesla&#8217;s stock closed at $296.91 on Thursday, up 2.9% for the day. In after-hours trading, it rose an additional 0.66%. Year-to-date, Tesla&#8217;s stock has climbed by 19.52%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/earnings/24/11/41825787/rivian-q3-earnings-highlights-revenue-eps-miss-ceo-confident-in-q4-gross-profit-r2-being-fundamenta">Rivian Q3 Earnings Highlights: Revenue, EPS Miss, CEO Confident In Q4 Gross Profit, R2 Being &#8216;Fundamental Driver&#8217; Of Growth</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elon Musk Shines In 'Trump Sweepstakes:' A Big Win For Tesla? Dan Ives Thinks So

Detroit is set to become the first major U.S. city to accept cryptocurrency for taxes and other city fees, top officials from the city said in a Thursday press release.
What Happened: Residents would have the option to use cryptocurrencies to pay for utilities through a secure platform managed by PayPal. This initiative was part of a broader strategy to tap blockchain technology to enhance public services and boost civic engagement in the city.
&#8220;Detroit is fostering a technology-friendly environment that empowers residents and entrepreneurs,&#8221; said Detroit Mayor Mike Duggan. &#8220;We are thrilled to be among the first major U.S. cities to explore blockchain&#8217;s civic applications and offer residents the option to use cryptocurrency for payments.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41821360/can-blockchain-improve-cross-border-payments-without-regulatory-roadblocks">Can Blockchain Improve Cross-Border Payments Without Regulatory Roadblocks?</a>
The new payment option is projected to be available by mid-2025, Treasurer Nikhil Patel added. The city would also encourage blockchain innovators to propose their ideas for civic applications to Justin Onwenu, Detroit's first Director of Entrepreneurship and Economic Opportunity.
Williston in North Dakota and Miami Lakes in Florida are the cities that accept cryptocurrencies for utility bill payments, while <a href="https://www.benzinga.com/markets/cryptocurrency/22/03/26357488/in-colorado-you-can-pay-taxes-in-crypto-will-other-states-follow">Colorado </a>and Utah allow their residents to pay state taxes using digital assets.
Why It Matters: Detroit&#8217;s move to accept cryptocurrency payments aligns with the state of Michigan&#8217;s growing interest in cryptocurrencies. 
According to a recent SEC filing, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41723555/michigan-pension-fund-invests-10m-in-ethereum-etfs-exceeds-bitcoin-holdings">Michigan State Pension Fund invested $10 million</a> in Grayscale Ethereum Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETHE#NYSE">ETHE</a>), the largest Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) exchange-traded fund (ETF) as of this writing.
In doing so, it surpassed its $7 million allocation in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ETFs. 
Earlier in May, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39006923/university-of-michigan-endowment-increases-its-crypto-investments-follows-harvard-and-yale">University of Michigan&#8217;s endowment increased its investments in cryptocurrency</a>, following the footsteps of Harvard and Yale. The university invested in a crypto fund from Andreessen Horowitz, indicating a growing acceptance of digital currencies among large funds and endowments.
Photo: Linda Parton/Shutterstock.com
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41823388/the-trump-effect-a-deep-dive-into-how-the-crypto-landscape-will-change-in-2025-and-beyond">The Trump Effect: A Deep Dive Into How The Crypto Landscape Will Change In 2025 And Beyond</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

ETHE

Detroit Becomes First Major US City To Accept Taxes And Fees In Crypto; Mayor Says, 'Fostering a Technology-Friendly Environment'

Leading economists offered contrasting views on Thursday after the Federal Reserve&#8217;s 25-basis-point rate cut, with some warning of persistent inflation risks while others supported the <a href="https://www.benzinga.com/news/large-cap/24/11/41826586/wall-street-closes-at-record-highs-after-reassurance-from-powell-magnificent-7-hit-17-trillion-tre">central bank&#8217;s gradual easing approach</a>.
What Happened: Jason Furman, a key figure in 44th U.S. President Barack Obama&#8217;s administration expressed skepticism about the Fed&#8217;s balanced risk assessment, pointing to concerning inflation indicators. 
&#8220;Core PCE inflation is 2.7% (above target),&#8221; Furman noted on X, warning that inflation could climb to &#8220;2.8% or possibly even 2.9%.&#8221; He suggested this trend could complicate the Fed&#8217;s planned rate reduction schedule unless labor markets weaken significantly.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In most predictable event of the week, the Fed cut by 25bp. Monetary policy is going from very contractionary to reasonably contractionary. Makes sense given that inflation risks much lower than before but are still (contra the committee statement) higher than recession risks.
&mdash; Jason Furman (@jasonfurman) <a href="https://twitter.com/jasonfurman/status/1854604354738913596?ref_src=twsrc%5Etfw">November 7, 2024</a></blockquote>
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Economist Peter Schiff delivered sharp criticism of Fed Chair Jerome Powell&#8216;s inflation-targeting strategy, citing structural challenges. 
&#8220;The Fed cut interest rates by 25 basis points, claiming they&#8217;re confident they&#8217;ll achieve their long-term inflation target of 2%,&#8221; Schiff wrote on X. &#8220;Powell can&#8217;t possibly believe that, considering a $36 trillion National Debt and the prospect of 2025 tax cuts sending demand and deficits soaring.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/hashtag/Fed?src=hash&amp;ref_src=twsrc%5Etfw">#Fed</a> cut interest rates by 25 basis points, claiming they're confident they&#39;ll achieve their long-term <a href="https://twitter.com/hashtag/inflation?src=hash&amp;ref_src=twsrc%5Etfw">#inflation</a> target of 2%. <a href="https://twitter.com/hashtag/Powell?src=hash&amp;ref_src=twsrc%5Etfw">#Powell</a> can't possibly believe that, considering a $36 trillion <a href="https://twitter.com/hashtag/NationalDebt?src=hash&amp;ref_src=twsrc%5Etfw">#NationalDebt</a> and the prospect of 2025 tax cuts sending demand and deficits soaring.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1854610617828884617?ref_src=twsrc%5Etfw">November 7, 2024</a></blockquote>
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</figure>
Wells Fargo struck a more moderate tone, with strategist Luis Alvarado <a href="https://x.com/yahoofinance/status/1854542364607447185?s=46">telling</a> Yahoo Finance they expect &#8220;another [cut] in December,&#8221; while maintaining flexibility about 2025 policy adjustments.
Why It Matters: The Fed&#8217;s decision, which lowered rates to 4.5%-4.75%, came amid robust economic indicators including 2.8% second-quarter GDP growth. Powell dismissed October&#8217;s weak employment data as temporary, citing strikes and weather disruptions.
Markets responded modestly to the day&#8217;s events, with the U.S. Dollar Index dipping 0.07% to 104.44 and the 10-year Treasury yield inching up to 4.353%.
The SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed at $595.61, up 0.77%, with a modest after-hours increase of 0.02%. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) finished at $236.38, down 0.35%, though it rose 0.15% in after-hours trading.
The S&amp;P 500 gained 0.74%, reaching a record high of 5,973.10, while the Nasdaq advanced 1.51% to 19,269.46, marking its first close above 19,000. The Dow Jones Industrial Average was largely unchanged, ticking down by less than one point to end at 43,729.34.
S&amp;P 500, Dow, and Nasdaq 100 futures were flat. On the currency front, the Japanese Yen held steady at $0.0065, while the Euro slipped by 0.11% to $1.0788.
Read Next: 
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<li><a href="https://www.benzinga.com/news/large-cap/24/11/41826586/wall-street-closes-at-record-highs-after-reassurance-from-powell-magnificent-7-hit-17-trillion-tre">Wall Street Hits Record Highs After Powell&#8217;s Speech, Lifts Magnificent 7 Stocks To $17 Trillion In Historic Trading</a></li>
</ul>
Federal Reserve illustration created using artificial intelligence via MidJourney.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Federal Reserve

Obama-Era Economist Jason Furman Warns Fed's Inflation Outlook May Be Too Optimistic — Peter Schiff Slams Powell's Strategy Amid National Debt Concerns

On Thursday, Cathie Wood-led Ark Invest made significant trades, with Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), and Amazon.com, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) taking center stage.
The Palantir Trade
Ark Invest&#8217;s move to sell Palantir shares comes amid a tumultuous day for the company. <a href="https://www.benzinga.com/news/24/11/41808861/whats-going-on-with-palantir-stock-thursday">Palantir&#8217;s shares</a> experienced a rollercoaster ride, initially dipping due to a downgrade from Jefferies, only to bounce back following an announced partnership with Amazon Web Services (AWS) and Anthropic.
Despite Jefferies analyst Brent Thill downgrading Palantir from a Hold rating to an Underperform rating due to valuation concerns, the company&#8217;s stock has seen a surge of over 220% since the start of the year. This includes a 30% increase in just the past week, largely driven by strong quarterly results fueled by &#8220;unrelenting&#8221; AI demand.
Ark offloaded 264,513 Palantir shares on Thursday through its ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>) funds, with the transaction valued at $14.8 million based on a closing share price of $55.88.
The Tesla Trade
Ark sold 85,019 shares of Elon Musk-led Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). Wood has been on a Tesla share-selling spree of late. The latest transaction, which came through ARKK, was valued at $25.24 million.
Wood&#8217;s firm estimates that Tesla&#8217;s driverless ride-hailing service could <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41593922/cathie-woods-ark-invest-sees-tesla-unlocking-11-trillion-revenue-potential-with-rob">access an $11 trillion revenue</a> market by leveraging low operating costs to undercut existing ride-hailing prices. Tesla plans to debut this service next year in Texas and California, starting with drivers and aiming for fully autonomous rides as regulations allow.
The Reddit Trade
Ark Invest&#8217;s trade with Reddit comes at a time when the company is making significant strides in the social media space. Reddit&#8217;s market cap <a href="https://www.benzinga.com/general/social-media/24/11/41773982/reddit-overtakes-snap-in-market-value-after-election-day-rally">recently surpassed</a> that of Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>), reaching $21.5 billion after a 12% climb on Election Day. This is a notable achievement for the social media platform operator, which has a user base and revenue one-fourth the size of Snap&#8217;s.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41763537/bitcoin-hits-71k-ethereum-dogecoin-surge-as-results-trickle-in-for-trump-harris-presidenti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Hits $71K, Ethereum, Dogecoin Surge As Results Trickle In For Trump-Harris Presidential Battle: Analyst Predicts &#8216;Kickstart Of The Bull Market&#8217;</a>
Reddit&#8217;s growing popularity as a source of authentic information is also posing a challenge to Google&#8217;s dominance in the internet search market. This trend was highlighted at a recent conference hosted by The Wall Street Journal, where a journalist revealed she primarily uses Google Search to access Reddit for information.
The Wood-led firm sold 62,389 Reddit shares from its ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) fund on Thursday, a transaction valued at $8.2 million. Reddit shares closed the day 8.6% higher at $131.44.
The Amazon.com Trade
Ark Invest&#8217;s decision to purchase Amazon shares comes at a time when insiders at the e-commerce giant have been <a href="https://www.benzinga.com/markets/equities/24/11/41763411/jeff-bezos-sells-214m-worth-of-amazon-shares-in-latest-stock-move-heres-how-much-he-still-owns">selling off their shares</a>. According to a recent Benzinga report, Jeff Bezos, Amazon&#8217;s executive chair, <a href="https://www.benzinga.com/markets/equities/24/11/41763411/jeff-bezos-sells-214m-worth-of-amazon-shares-in-latest-stock-move-heres-how-much-he-still-owns">recently sold</a> 1.07 million shares of Amazon stock at $200.07 per share, raking in approximately $213.8 million. This left Bezos with 926.41 million shares of Amazon.
Bezos was not the only Amazon insider selling shares. Recently, director Jonathan Rubinstein also offloaded $1 million worth of shares, while Douglas Herrington, CEO of Worldwide Amazon Stores, sold $696,360 worth of Amazon shares.
Ark acquired 150,675 Amazon shares through its ARKK fund, a transaction valued at $31.6 million. Amazon's stock closed Thursday at $210.16, up 1.5%. Other Key Trades:
<ul>
<li>Ark purchased shares of 10X Genomics Inc. (TXG) and sold shares of Moderna Inc (MRNA).</li>
<li>The firm picked up shares of Illumina Inc. (ILMN), ABSCI Corp (ABSI), and Guardant Health Inc. (GH) but sold shares of Unity Software Inc. (U), Sofi Technoliogies Inc. (SOFI), and Repare Therapeutics Inc. (RPTX).</li>
</ul>
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41798981/jim-cramer-calls-trumps-return-to-white-house-a-huge-win-for-the-stock-market?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Calls Trump&#8217;s Return To White House A &#8216;Huge Win For The Stock Market&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ETFs

ARKF

ARKK

ARKW

PLTR

RDDT

SNAP

Cathie Wood's Tech Rotation: Amazon Mega-Buy While Tesla, Reddit And Palantir Get Axed

Green Thumb Industries Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) (CSE:<a class="ticker" href="https://www.benzinga.com/stock/GTII#CSE">GTII</a>), a <a href="http://benzinga.com/cannabis">cannabis</a> consumer packaged goods company with headquarters in Chicago and owner of RISE Dispensaries, announced its financial results Thursday for the third quarter ended September 30, 2024.
<h4 class="wp-block-heading">Q3 2024 Financial Highlights</h4>
<ul>
<li>Revenue reached $287 million, marking a 4% increase from the previous year.</li>
<li>Net income was $8.6 million or $0.04 per basic and diluted share, compared to net income of $10.5 million, or income of $0.05 per basic and diluted share in the prior year period.</li>
<li>Adjusted EBITDA came in at $89.2 million, representing 31.1% of revenue, up from $83.0 million or 30.1% in Q3 2023.</li>
<li>Gross profit totaled $147.6 million, up from $133.8 million or 48.6% year-over-year.</li>
</ul>
<h3 class="wp-block-heading">Cash Flow And Cost Management Gains</h3>
Green Thumb's operational strategies also strengthened profitability. The company posted a gross profit of $147.6 million, representing 51.4% of revenue. This margin reflects effective cost management despite ongoing price pressures in certain markets. Total cash flow from operations for the first nine months of 2024 reached $152 million, net of $88 million in tax payments.
<ul>
<li>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 <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
Financially, Green Thumb <a href="https://www.benzinga.com/markets/cannabis/24/09/40834346/cannabis-giant-green-thumb-secures-150m-credit-facility-strengthens-our-already-clean-balance-sh">secured a five-year, $150 million credit facility</a>, strengthening its liquidity and enabling the retirement of $225 million in senior secured debt due in April 2025. Furthermore, the company <a href="https://www.benzinga.com/markets/cannabis/24/09/40876634/cannabis-giant-green-thumb-confirms-50m-share-repurchase-program-ceo-open-to-m-a-and-unique-inve">authorized a $50 million share repurchase program</a>, allowing it to buy back subordinate voting shares through September 2025.
<h3 class="wp-block-heading">Management Commentary</h3>
Green Thumb CEO Ben Kovler highlighted the company's "impressive results" and noted the strategic impact of a new $150 million loan facility. He <a href="https://www.globenewswire.com/news-release/2024/11/07/2977105/0/en/Green-Thumb-Industries-Reports-Third-Quarter-2024-Results.html">said</a> the funding enables Green Thumb to retire its previous debt early, strengthening its balance sheet and supporting its brand-building focus as it continues to expand in the U.S. cannabis market.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41793174/cannabis-stocks-collapse-after-trump-win-major-players-see-double-digit-declines-at-wednesdays-c">Cannabis Stocks Collapse After Trump Win: Major Players See Double-Digit Declines At Wednesday&#8217;s Close</a>
"As we begin our second decade as a company, we are even more confident in the future of cannabis in America as a means for well-being, and America needs a healthy dose of well-being now more than ever," added Kovler.
<h3 class="wp-block-heading">Green Thumb Expands Dispensary Network, Eyes Continued U.S. Growth</h3>
Beyond financial maneuvers, Green Thumb continued its retail expansion with the opening of four new RISE dispensaries in Q3: three in Florida and one in New York. These additions bring Green Thumb's footprint to 21 dispensaries in Florida and 99 locations nationwide, broadening its access to a growing market of medical and recreational cannabis consumers. In addition, <a href="https://www.benzinga.com/markets/cannabis/24/09/40742561/ohios-cannabis-sales-reach-44m-as-new-customers-just-keep-coming-and-demand-is-not-slowing">the company launched legal cannabis sales across its Ohio</a> RISE dispensaries.
With an expanding retail presence and a reinforced balance sheet, Green Thumb's leadership says it is optimistic. &#8220;We look forward to meeting the patient community and our new neighbors at our upcoming grand opening event on December 13, where we will support the local organization Florida Rights Restoration Coalition (FRRC),&#8221; <a href="https://www.globenewswire.com/news-release/2024/11/07/2976508/0/en/Green-Thumb-Expands-Florida-Retail-Footprint-with-the-Opening-of-RISE-Orlando-on-Good-Homes-Road-on-November-8.html">said</a> Green Thumb president Anthony Georgiadis, signaling confidence in the company's continued growth amid the evolving U.S. cannabis landscape.
GTBIF Price Action GTBIF's shares were trading 3.51% higher at $9.25 per share at market close on Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/11/41823267/cannabis-stocks-is-it-time-to-buy-the-dip-after-elections-and-legalization-setbacks">Cannabis Stocks: Is It Time To Buy The Dip After Elections And Legalization Setbacks?</a></li>
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Cannabis

CSE:GTII

GTBIF

GTII

Green Thumb Grows Revenue To $287M In Q3, Expands Cannabis Retail Network

Bitcoin tapped an all-time high, and Ethereum soared as the Federal Reserve's <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">latest quarter-point rate cut</a> boosted market momentum on Thursday.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+1.46%</td>
<td>$76,365.42</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+8.52%</td>
<td>$2,938.85</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-0.92%</td>
<td>$0.1943</td>
</tr>
</tbody>
</table>
</figure>
What Happened: The world's largest cryptocurrency hit a new all-time high at $76,872.61, barely two days after creating records on the day of the U.S. presidential election.
Ethereum powered above $2,900 for the first time in more than three months in a late-evening rally.
Bitcoin's market dominance rose above 60%, following a 3.44 percentage point gain in the last 24 hours, while Ethereum also saw a minor increase in market share.
In the past 24 hours, 89,458 traders were liquidated, with the total liquidations coming in at $311.71 million. Short-leveraged traders saw $186 million worth of their positions evaporate in the rally.
Bitcoin's Open Interest rose 2.88%, indicating an influx of fresh money in the derivatives market.
Bitcoin's Relative Strength Index (RSI) went into the overbought territory, as per TradingView, strengthening the case of a pullback.
That said, market sentiment cooled from "Extreme Greed" to "Greed," as per the Cryptocurrency Fear and Greed Index.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>Raydium (RAY)</td>
<td>+14.24%</td>
<td>$4.82</td>
</tr>
<tr>
<td>Cardano (ADA)</td>
<td>+13.49%</td>
<td>$0.4133</td>
</tr>
<tr>
<td>Mantle (MNT)</td>
<td>+13.17%</td>
<td>$0.6774</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency stood at $2.5 trillion, following a marginal contraction of 0.57% in the last 24 hours.
Stocks extended their winning streak on Thursday. The S&amp;P 500 gained 0.74% to close at a new record high of 5,973.10. The tech-heavy Nasdaq Composite added 1.51% to end at 19,269.46, marking its first close above 19,000.
The Dow Jones Industrial Average traded near the flatline, dropping just 0.59 points to 43,729.34.
The upswing followed the <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">Fed's 0.25 percentage point cut</a>, bringing the federal funds rate to a target range of 4.5% to 4.75%, the lowest since February 2023.
Fed Chair Jerome Powell hinted at the <a href="https://www.benzinga.com/news/large-cap/24/11/41826586/wall-street-closes-at-record-highs-after-reassurance-from-powell-magnificent-7-hit-17-trillion-tre">possibility of more easing in the future</a> but refrained from signaling a specific rate cut at the December meeting, stressing a data-dependent approach.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular cryptocurrency analyst Ali Martinez said that Bitcoin can hit a local top of $85,360 if it maintains support above $71,489, according to the MVRV Deviation Pricing Bands.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> maintains support above $71,489, the next local top could be around $85,360, based on the MVRV Deviation Pricing Bands. <a href="https://t.co/ilvzI5iNPO">pic.twitter.com/ilvzI5iNPO</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1854659596285043004?ref_src=twsrc%5Etfw">November 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Martinez also drew attention to the impending "altcoin season."&nbsp;
"This could be the ideal time to stack up on altcoins, as history shows that altseason often follows shortly after," the analyst added, referring to the ongoing dominance of Bitcoin.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Altseason hasn't even begun! We're in that part of the cycle where <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is still outpacing <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a>—totally normal at this stage. This could be the ideal time to stack up on altcoins, as history shows that altseason often follows shortly after. <a href="https://t.co/jxANVYk8kt">pic.twitter.com/jxANVYk8kt</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1854623178523328901?ref_src=twsrc%5Etfw">November 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Widely-followed cryptocurrency analyst, going by the pseudonym Wolf dubbed Ethereum as the "best" risk/reward asset in the cryptocurrency market.
"The fundamentals have never been stronger, and technically, it's incredibly undervalued. The chart is looking bullish as ever, and with ground to catch up against BTC and SOL," the analyst added.
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
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$DOGE

Bitcoin, Ethereum Rise, Dogecoin Steady After Fed Cuts Rate: Analyst Predicts Apex Crypto's Next Local Top At $85.4K If This Happens

Amazon.com, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is reportedly contemplating its second multi-billion-dollar investment in&nbsp;artificial intelligence startup&nbsp;Anthropic, which leverages its cloud services for training.
What Happened: Following its <a href="https://www.benzinga.com/m-a/24/09/41067395/amazons-partnership-with-jeff-bezos-backed-anthropic-gets-green-signal-from-uk-competition-watchdog">initial $4 billion investment</a> last year, the e-commerce giant is now planning investment&nbsp;in the startup co-founded by former OpenAI executives Dario and Daniela Amodei, <a href="https://www.theinformation.com/articles/amazon-discussing-new-multibillion-dollar-investment-in-anthropic">reported</a> The Information, citing a person familiar with the discussion.
The Andy Jassy-led company has reportedly asked Anthropic to use a significant&nbsp;number of servers powered by&nbsp;chips developed by the cloud&nbsp;computing giant.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40893054/mark-cuban-says-he-would-buy-rupert-murdochs-fox-news-and-elon-musks-x-but-there-are-some-obstacles?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says He Would Buy Rupert Murdoch&#8217;s Fox News And Elon Musk&#8217;s X But There Are Some Obstacles: &#8216;If I Had Enough… I&#8217;d Buy It In A Heartbeat&#8217;</a>
However, Anthropic reportedly prefers to use Amazon servers powered by Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) designed AI chips.
Last year, Anthropic&nbsp;also secured a $500 million investment&nbsp;from Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), which pledged to invest an additional $1.5 billion over time.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Amazon&#8217;s initial&nbsp;<a href="https://www.benzinga.com/news/24/08/40255295/amazons-4b-stake-in-anthropic-under-uk-investigation-for-anti-competitive-concerns">$4 billion investment</a>&nbsp;in Anthropic faced scrutiny from U.K. regulators over anti-competitive concerns.
Last month, U.K. antitrust officials also launched an investigation into whether Alphabet Inc.&#8217;s investment in AI startup Anthropic could stifle competition.
Meanwhile, AI startups have been attracting significant investments. OpenAI&#8217;s valuation&nbsp;<a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">soared to $157 billion</a>&nbsp;following a funding round.
Perplexity, backed by Amazon founder Jeff Bezos, also reportedly saw its valuation triple to<a href="https://www.benzinga.com/news/24/11/41764081/jeff-bezos-backed-ai-startup-perplexity-set-to-triple-valuation-to-9b-in-fourth-funding-round-can-it"> $9 billion in its fourth funding</a> round.
Price Action: Amazon shares closed Thursday's session up 1.48% at $210.16. In after-hours trading, the tech giant's shares rose slightly further, reaching $210.27 at the time of writing, according to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1">Benzinga Pro data</a>.
Photo: gguy/Shutterstock.com
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/11/41735837/ai-haves-vs-have-nots-palantirs-ryan-taylor-outlines-companys-winning-strategy?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;AI Haves Vs. Have-Nots&#8217;: Palantir&#8217;s Ryan Taylor Outlines Company&#8217;s Winning Strategy</a></li>
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Media

GOOG

GOOGL

NVDA

After OpenAI And Perplexity, AI Startup Anthropic May Secure Another Massive Investment — Amazon Reportedly Considers Major Funding

Why allow intermediaries to add unnecessary costs when direct relationships can bring quality to the forefront? As supply chains tighten across industries, Red Mesa Science &amp; Refining is pioneering a streamlined approach to bring minor cannabinoids to market.&nbsp;
By bypassing brokers and relying on an efficient, around-the-clock refinement process, Red Mesa aims to reduce costs, ensure product consistency and empower the true stewards of hemp &#8211; the growers and refiners themselves. 
Jeff Applegate, Red Mesa's president, puts it simply. "Collaborating directly with qualified, experienced farmers and extractors is essential to keeping costs low and quality high." It's a model that prioritizes trust and accountability within every step of the supply chain.
<ul>
<li>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>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h2 class="wp-block-heading">Leverage Instead Of Liability</h2>
Applegate detailed how brokers often disrupt the hemp supply chain by imposing additional costs, sometimes up to 15%, which can hinder farmer&#8217;s profits and drive up expenses for manufacturers, creating an unsustainable model for both sides.
Red Mesa has strategically positioned itself within the cannabinoid supply chain to minimize intermediaries and maintain competitive production costs. "Keeping production costs low is fundamental to industry success," Applegate told Benzinga Cannabis in an exclusive interview. "Collaborating directly with farmers and extractors in a cohesive supply chain is essential to keep our cost of input as a leverage instead of a liability."
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="590" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165714/In-proces-testing-Bulk-CBD-Isolate-Red-Mesa-Science-and-Refining-copy-1024x590.jpg" alt="" class="wp-image-636416" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165714/In-proces-testing-Bulk-CBD-Isolate-Red-Mesa-Science-and-Refining-copy-1024x590.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165714/In-proces-testing-Bulk-CBD-Isolate-Red-Mesa-Science-and-Refining-copy-300x173.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165714/In-proces-testing-Bulk-CBD-Isolate-Red-Mesa-Science-and-Refining-copy-768x442.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165714/In-proces-testing-Bulk-CBD-Isolate-Red-Mesa-Science-and-Refining-copy-1536x884.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165714/In-proces-testing-Bulk-CBD-Isolate-Red-Mesa-Science-and-Refining-copy.jpg 1876w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">In-proces testing Bulk CBD Isolate Red Mesa Science and Refining. </figcaption></figure>
"We're seeing less interference now, but reducing reliance on brokers is essential for a cost-effective system. The farmer and the customer need to be directly tied to one another so the farmer gets a fair return," he explained.&nbsp;
<h3 class="wp-block-heading">Not An Easy Crop</h3>
Sourcing consistent and affordable raw materials has presented a challenge as the hemp industry matures. Applegate explained that an initial oversupply in 2019 led to a rapid decline in hemp farming as prices plummeted. 
"There was an abundance of farmers when the 2018 farm bill was put into place," he said. "The market, the producers, wasn't sufficiently equipped to take all of the output that came. Since 2019, we've had nothing but a declining number of farmers."
"It's not an easy crop to grow at all," Applegate added, noting that hemp requires extensive processing before it can be used in extraction. This contrasts with the cannabis flower market, where crops can be more directly sold.
Read Also: <a href="https://www.benzinga.com/news/24/09/40941818/how-this-cheese-aging-tech-is-boosting-profits-for-cannabis-growers-stop-throwing-cheddar-out-the-do">How This Cheese-Aging Tech Is Boosting Profits For Cannabis Growers: Stop Throwing Cheddar Out The Door</a>
<h2 class="wp-block-heading">Inside Red Mesa&nbsp;</h2>
Red Mesa's facility in Utah was initially a cabinet shop before being repurposed for hemp refinement. With its high power capacity &#8211; essential for their machinery &#8211; the location proved ideal. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="665" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165821/Liquid-Chromatography-Red-Mesa-Science-and-Refining-for-CBD-CBG-CBN-CRD-Isolates-and-Distillates-1024x665.jpg" alt="" class="wp-image-636418" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165821/Liquid-Chromatography-Red-Mesa-Science-and-Refining-for-CBD-CBG-CBN-CRD-Isolates-and-Distillates-1024x665.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165821/Liquid-Chromatography-Red-Mesa-Science-and-Refining-for-CBD-CBG-CBN-CRD-Isolates-and-Distillates-300x195.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165821/Liquid-Chromatography-Red-Mesa-Science-and-Refining-for-CBD-CBG-CBN-CRD-Isolates-and-Distillates-768x499.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165821/Liquid-Chromatography-Red-Mesa-Science-and-Refining-for-CBD-CBG-CBN-CRD-Isolates-and-Distillates-1536x998.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165821/Liquid-Chromatography-Red-Mesa-Science-and-Refining-for-CBD-CBG-CBN-CRD-Isolates-and-Distillates.jpg 1663w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Liquid Chromatography Red Mesa Science and Refining for CBD CBG CBN CRD Isolates and Distillates. </figcaption></figure>
Applegate described how the production process flows from crude oil intake to distillation. This is further refined through crystallization and chromatography. "In distillation, we have the finished product. It's usually a light yellow to golden color, thicker in viscosity than water, almost syrup-like when warm," he explained.
Once the distillate undergoes crystallization, Red Mesa is left with a white, fluffy powder—ready for B2B sale. "We didn't walk across the bridge to become a white labeler or finished goods company," he said. "Our goal is to create the most coveted, consistent outputs to win the market."
<h3 class="wp-block-heading">A Competitive Edge In Minor Cannabinoids</h3>
Red Mesa's botanical, non-synthetic refinement process sets it apart by isolating rare cannabinoids—such as CBN, CBT, and CBL—directly from hemp without chemical conversions.&nbsp;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="557" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165933/Gate-1-Red-Mesa-Science-and-Refining--1024x557.jpg" alt="" class="wp-image-636421" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165933/Gate-1-Red-Mesa-Science-and-Refining--1024x557.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165933/Gate-1-Red-Mesa-Science-and-Refining--300x163.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165933/Gate-1-Red-Mesa-Science-and-Refining--768x418.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165933/Gate-1-Red-Mesa-Science-and-Refining--1536x836.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07165933/Gate-1-Red-Mesa-Science-and-Refining-.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Gate 1 Red Mesa Science and Refining</figcaption></figure>
"Our botanical refining process generates final outputs derived directly from the hemp plant without the use of catalysts and acids required for chemical conversion processes," Applegate explained.
To achieve this, Red Mesa made substantial investments early on. "To be the first refiner to offer rare minors such as CBN, CBL, and CBT at kilogram scale, we had to make significant investments in large-scale chromatography very early in the company's history," Applegate noted. 
Read Also:<a href="https://www.benzinga.com/general/biotech/24/10/41394513/sold-out-before-hitting-shelves-why-did-ayr-wellness-snatch-up-this-local-cannabis-brand"> Sold Out Before Hitting Shelves: Why Did AYR Wellness Snatch Up This Local Cannabis Brand?</a>
<h3 class="wp-block-heading">The Red Mesa Standard: ISO Certification, And FDA Registration</h3>
&#8220;The Red Mesa Standard&#8221; represents a commitment to quality and consistency that Applegate says will set them apart. "We have an end-to-end certification from the beginning of our business to the end," he said, contrasting this with many industry peers who only certify specific departments. Additionally, Red Mesa voluntarily registers with the FDA as a food ingredient company, even though it's not required.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="422" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170058/Dual-Liquid-Chromatography-System-Refines-and-Purifies-CBN-Isolate-Botanical-CBN-Disitllate-Botanical-CBL-CBT-Red-Mesa-Science-and-Refining-copy-1024x422.jpg" alt="" class="wp-image-636425" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170058/Dual-Liquid-Chromatography-System-Refines-and-Purifies-CBN-Isolate-Botanical-CBN-Disitllate-Botanical-CBL-CBT-Red-Mesa-Science-and-Refining-copy-1024x422.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170058/Dual-Liquid-Chromatography-System-Refines-and-Purifies-CBN-Isolate-Botanical-CBN-Disitllate-Botanical-CBL-CBT-Red-Mesa-Science-and-Refining-copy-300x124.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170058/Dual-Liquid-Chromatography-System-Refines-and-Purifies-CBN-Isolate-Botanical-CBN-Disitllate-Botanical-CBL-CBT-Red-Mesa-Science-and-Refining-copy-768x316.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170058/Dual-Liquid-Chromatography-System-Refines-and-Purifies-CBN-Isolate-Botanical-CBN-Disitllate-Botanical-CBL-CBT-Red-Mesa-Science-and-Refining-copy-1536x633.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170058/Dual-Liquid-Chromatography-System-Refines-and-Purifies-CBN-Isolate-Botanical-CBN-Disitllate-Botanical-CBL-CBT-Red-Mesa-Science-and-Refining-copy.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Dual Liquid Chromatography System Refines and Purifies CBN Isolate &#8211; Botanical CBN Disitllate &#8211; Botanical CBL CBT Red Mesa Science and Refining.</figcaption></figure>
<h3 class="wp-block-heading">24/7</h3>
With operations currently running at about 45% of their <a href="https://www.youtube.com/watch?v=_lpxdoVtWow">50,000-square-foot facility</a>, Red Mesa is poised for growth. "We operate 24 hours a day, seven days a week," Applegate shared, adding that they gradually scaled up from single-shift days to continuous operation.
Looking forward, Red Mesa plans to enter the Japanese market in 2025 and establish regional distribution hubs to serve global customers.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="993" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170227/Crystal-Resistant-CBD-Distillate-Anti-Crystallization-CBD-Red-Mesa-Science-and-Refining-1024x993.jpg" alt="" class="wp-image-636429" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170227/Crystal-Resistant-CBD-Distillate-Anti-Crystallization-CBD-Red-Mesa-Science-and-Refining-1024x993.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170227/Crystal-Resistant-CBD-Distillate-Anti-Crystallization-CBD-Red-Mesa-Science-and-Refining-300x291.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170227/Crystal-Resistant-CBD-Distillate-Anti-Crystallization-CBD-Red-Mesa-Science-and-Refining-768x745.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07170227/Crystal-Resistant-CBD-Distillate-Anti-Crystallization-CBD-Red-Mesa-Science-and-Refining.jpg 1114w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Crystal Resistant CBD Distillate Anti-Crystallization CBD Red Mesa Science and Refining</figcaption></figure>
While growth is a priority, so too is legislative reform. 
"The lack of clear rules for cannabinoid production is probably the biggest barrier we've seen to adoption. To bring prices down and make cannabinoids more accessible, we need efficient production coupled with thoughtful regulation," Applegate said. 
He emphasized that regulation and cost efficiency will help expand the market by making cannabinoids accessible to a wider consumer base.
Read Next:<a href="https://www.benzinga.com/general/biotech/24/08/40298228/think-you-can-do-it-all-20-000-reasons-why-automation-outperforms-a-broad-approach-in-cannabis"> Think You Can Do It All? 20,000 Reasons Why Automation Outperforms A Broad Approach In Cannabis</a>

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Ethereum Classic (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/etc/usd">ETC</a>) has gained roughly 12% to $20.26 since Tuesday evening amid Donald Trump winning 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>.
Trump&#8217;s win, coupled with the Republican Party regaining Senate control, hints at a shift in U.S. economic policies, potentially involving corporate tax cuts, trade tariffs and measures to combat inflation—factors that could influence both traditional and digital markets.
What To Know: A key driver behind Ethereum Classic's rally is Trump's pro-crypto stance, including his vision of the U.S. becoming a <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40671868/trumps-bitcoin-strategic-reserve-proposal-will-chip-away-dollars-status-warns-expert-money">&#8220;Bitcoin superpower.&#8221;</a> This renewed focus on cryptocurrencies as a store of value and inflation hedge has sparked investor interest in digital assets like Ethereum Classic, seen as a secure alternative to newer, more volatile coins.
Trump's anticipated economic policies could increase inflation, with experts predicting up to a 2.4% rise, pushing investors toward cryptocurrencies as a way to safeguard against the dollar&#8217;s decline. 
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Ethereum Classic has also cultivated a strong following due to its decentralized nature and its adherence to the original Ethereum vision. As retail investors seek safe havens from economic uncertainty, the coin's appeal could grow in an environment marked by rising inflation fears.
As the digital asset market continues to mature, the convergence of regulatory shifts, M&amp;A activities, and adoption trends will define the future of this dynamic field. <a href="https://www.benzinga.com/digital-assets" target="_blank" rel="noreferrer noopener">Benzinga&#8217;s Future of Digital Assets</a> event in New York City this November will provide industry leaders and investors with a platform to explore these developments further, offering insights into the evolving regulatory environment and the latest market dynamics.

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