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GSAT

Globalstar Amends Services Agreement With Apple To Launch Extended MSS Network With New Satellites And Infrastructure; Apple To Provide $1.1B Infrastructure Prepayment And Purchase 20% Stake For $400M; Agreement Includes Equity Repurchase Provisions, Performance-Based Service Fees, And Revised Debt Repayment Terms

Major technology firms are encountering a surprising trend where surpassing Wall Street estimates is not enough to satisfy investors. This has led to a decline in stock prices, despite positive earnings reports.
What Happened: Major technology companies are experiencing a paradox where surpassing Wall Street estimates is insufficient to satisfy investors.
On Thursday, Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) reported quarterly revenue exceeding expectations by $1 billion and an 11% increase in net income compared to the previous year.
Despite these impressive figures, Microsoft&#8217;s <a href="https://www.benzinga.com/news/earnings/24/10/41654118/microsoft-stock-is-sliding-thursday-whats-going-on">shares fell by 6.1%</a> due to a conservative forecast for the upcoming quarter, marking its worst performance since October 26, 2022, CNBC <a href="https://www.cnbc.com/2024/11/01/cnbc-daily-open-big-tech-needs-to-go-beyond-beating-expectations-.html">reported</a> on Friday.
Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) faced similar investor reactions. Despite exceeding Wall Street estimates, the stock began sliding down during Friday pre-market due to investors concerns about weak guidance for December quarter sales. 
Even Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), which initially saw a nearly 3% rise in shares following its earnings report on Wednesday, experienced a <a href="https://www.benzinga.com/news/24/10/41663190/openai-rolls-out-chatgpt-search-google-shares-slide">1.9% decline on Thursday</a> after OpenAI announced rolling out of Chat GPT Search, a competition for Google Search.
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41615718/cathie-woods-sky-high-vision-dumps-shares-of-cybercab-touting-tesla-for-this-evtol-play?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood&#8217;s Sky-High Vision: Dumps Shares Of Cybercab Touting Tesla For This eVTOL Play</a>
Ross Mayfield, an investment strategist at Baird Private Wealth Management, commented on the situation, stating, "I think we're getting to the point where AI enthusiasm and potential is not enough. These companies are not quite delivering the growth that is priced into them." 
Why It Matters: The comment comes at a time when companies like Microsoft, Apple and Meta are banking on the AI buzz. <a href="https://www.benzinga.com/markets/equities/24/10/41643178/microsofts-ai-business-set-to-hit-10b-revenue-milestone-in-q2-satya-nadella-says-it-is-the-faste">Microsoft&#8217;s AI Business</a> is on track to surpass $10 billion in annual revenue, marking a significant milestone.
CEO Satya Nadella emphasized the rapid adoption of AI across Microsoft&#8217;s product portfolio, highlighting strong customer demand.
Jim Cramer noted that Alphabet&#8217;s plans to increase AI infrastructure investments next year <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41625103/jim-cramer-says-googles-ai-investment-next-year-should-be-fabulous-for-nvidia">could significantly benefit</a> NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). Alphabet&#8217;s recent earnings report revealed a 15% revenue increase, underscoring its strategic focus on technology advancements.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41642374/cathie-wood-shuffles-her-tech-deck-continues-dumping-tesla-and-palantir-stocks-up-on-amd-and-met?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Shuffles Her Tech Deck: Continues Dumping Tesla And Palantir, Stocks Up On AMD And Meta</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.
Images via Shutterstock, Edited via Canva

Analyst Color

Equities

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General

GOOGL

MSFT

NVDA

Apple, Microsoft Need To Do More Than Just Beating Wall Street Estimates, Says Analyst: 'AI Enthusiasm And Potential Is Not Enough"

<a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/11/01/statement-from-president-joe-biden-on-the-october-2024-jobs-report/" title="https://www.whitehouse.gov/briefing-room/statements-releases/2024/11/01/statement-from-president-joe-biden-on-the-october-2024-jobs-report/">https://www.whitehouse.gov/briefing-room/statements-releases/2024/11/01/statement-from-president-joe-biden-on-the-october-2024-jobs-report/</a>

Macro Notification

Biden, Responding To October Jobs Data, Says Job Growth Is Expected To Rebound In November; Adds ' There's More Work To Do'; Says Hurricanes, Strike Activity Lowered Job Growth

On Thursday, ESSA Pharma Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EPIX#NASDAQ">EPIX</a>) announced its plans to terminate the Phase 2 trial of masofaniten combined with enzalutamide versus enzalutamide single agent in patients with metastatic castration-resistant prostate cancer (mCRPC) naïve to <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41669391/essa-pharma-announces-termination-of-phase-2-study-evaluating-masofaniten-combined-with-enzalutami" rel="noreferrer noopener">second-generation antiandrogens</a>.
This decision was based on a protocol-specified interim review of the safety, PK, and efficacy data, which showed a much higher rate of PSA90 response in patients treated with Pfizer Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) Xtandi (enzalutamide) monotherapy (which is the standard of care for this patient population) than expected based on historical data.
In addition, there was no clear efficacy benefit seen with the combination of masofaniten plus enzalutamide compared to enzalutamide single agent.
A futility analysis determined a low likelihood of meeting the prespecified primary endpoint of the study.
The combination of masofaniten plus enzalutamide was well-tolerated with no new safety signals and a safety profile similar to that seen in Phase 1 studies.
&#8220;We made the difficult decision to terminate this Phase 2 study following the interim analysis because we concluded that the emerging efficacy profile of masofaniten combined with enzalutamide would not likely meet the primary endpoint of the study, nor our internal requirements for a prostate cancer therapy candidate,&#8221; said&nbsp;David Parkinson, President, and CEO.
As part of the effort to focus its resources, ESSA is also planning to terminate the other remaining company-sponsored and investigator-sponsored clinical studies evaluating masofaniten either as a monotherapy or in combination <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n40862721/essa-pharma-presents-updated-phase-12-masofaniten-epi-7386-clinical-data-at-the-2024-esmo-congress" rel="noreferrer noopener">with other agents</a>.
As of&nbsp;September 30, 2024, the company had available cash reserves and short-term investments of&nbsp;$126.8 million&nbsp;and net working capital of&nbsp;$124.3 million.
In September, ESSA Pharma announced the presentation of updated dose escalation data from its Phase 1/2 study of masofaniten (formerly EPI-7386) in combination with enzalutamide at the 2024 European Society for Medical Oncology (ESMO) Congress.
Across all dose cohorts, 88% of patients (14 of 16) achieved PSA50, 88% of patients (14 of 16) achieved PSA90, 69% of patients (11 of 16) achieved PSA90 in less than 90 days, and 63% of patients (10 of 16) achieved PSA &lt;0.2ng/mL.
Price Action: EPIX stock was down 69.80% at $1.57 during the premarket session at the last check on Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/24/11/41685490/nvidias-run-ai-acquisition-draws-european-regulatory-scrutiny-on-competition-concerns" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Run: ai Acquisition Draws European Regulatory Scrutiny On Competition Concerns</a></li>
</ul>

Biotech

Health Care

Movers

EPIX

Cancer-Focused ESSA Pharma Ends Prostate Cancer Trial Due to Insufficient Efficacy From Combination Therapy

LyondellBasell Industries N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYB#NYSE">LYB</a>) shares are trading lower after the company reported worse-than-expected <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g41679038/lyondellbasell-reports-third-quarter-2024-earnings" rel="noreferrer noopener">third-quarter results</a>.
LYB reported revenues of $10.332 billion, down 2.8% year over year and missing the consensus of $10.601 billion.
Adjusted EBITDA stood at $1.21 billion (-14.1% Y/Y), and the margin contracted by 154 bps to 11.7%. Adjusted EPS stood at $1.88, <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">below the consensus of $1.98.</a>
North American polyethylene margins rose due to lower ethane and gas costs, with demand up over 7% year-to-date. High cracker operating rates boosted third-quarter&nbsp;ethylene volumes, while Europe and Asia margins benefited from lower feedstock costs.
LyondellBasell generated $670 million operating cash flow in the third quarter, with 80% cash conversion over 12 months.
The company invested $368 million in capital expenditures, returned $479 million to shareholders, and held $2.6 billion in cash with $7.3 billion in liquidity.
LyondellBasell&#8217;s CEO, Peter Vanacker, announced that the company started construction on its new MoReTec-1 facility in Germany, a key step toward a sustainable future.
Q4 Outlook: LyondellBasell anticipates softer demand in the fourth quarter due to seasonality, with sequentially higher natural gas and ethane feedstock&nbsp;costs likely impacting North American integrated&nbsp;polyolefins margins.
Operating rates are projected at 85% for North American O&amp;P assets, 60% for European O&amp;P, and 75% for I&amp;D assets, with easing interest rates expected to boost durable goods demand in 2025.
&#8220;Despite challenging global macroeconomic conditions, our strong North American operations allowed us to capitalize on favorable ethylene margins in the region,&#8221; said Vanacker.
Price Action: LYB shares traded lower by 0.98% at $86.00 premarket at the last check Friday.

Earnings

Guidance

LyondellBasell Q3 Results Miss Estimates, Signals Softer Demand And Rising Costs For Q4

Oppenheimer analyst Edward Yang maintains Onto Innovation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONTO#NYSE">ONTO</a>) with a Outperform and raises the price target from $260 to $275.

Price Target

Analyst Ratings

ONTO

Oppenheimer Maintains Outperform on Onto Innovation, Raises Price Target to $275

Oppenheimer analyst Jed Kelly maintains LendingTree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TREE#NASDAQ">TREE</a>) with a Outperform and raises the price target from $65 to $70.

TREE

Oppenheimer Maintains Outperform on LendingTree, Raises Price Target to $70

Keybanc analyst Alex Markgraff maintains Mastercard (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) with a Overweight and raises the price target from $515 to $580.

Keybanc Maintains Overweight on Mastercard, Raises Price Target to $580

Oppenheimer analyst Leland Gershell maintains argenx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARGX#NASDAQ">ARGX</a>) with a Outperform and raises the price target from $560 to $646.

ARGX

Oppenheimer Maintains Outperform on argenx, Raises Price Target to $646

Oppenheimer analyst Michael Phillips maintains Hanover Insurance Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THG#NYSE">THG</a>) with a Outperform and raises the price target from $165 to $177.

Oppenheimer Maintains Outperform on Hanover Insurance Gr, Raises Price Target to $177

JP Morgan analyst Doug Anmuth maintains eBay (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) with a Neutral and lowers the price target from $60 to $58.

EBAY

JP Morgan Maintains Neutral on eBay, Lowers Price Target to $58

The U.S. Securities and Exchange Commission (SEC) announced Thursday that it has charged two affiliates of JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) in five separate enforcement actions resulting in penalties and voluntary payments to investors of <a href="https://www.benzinga.com/markets/equities/24/10/41590849/jpmorgan-sues-customers-over-infinite-money-glitch-that-went-viral-on-tiktok-theyre-held-account">more than $151 million. </a>
The Details: The SEC<a href="https://www.sec.gov/newsroom/press-releases/2024-178"> charged</a> J.P. Morgan Securities LLC and J.P. Morgan Investment Management Inc. in five separate enforcement actions. Among the violations the agency flagged: misleading disclosures to investors, breach of fiduciary duty, prohibited joint transactions and principal trades, and failures to make recommendations in the best interest of customers. 
The JPMorgan affiliates agreed to pay more than $151 million in combined civil penalties and voluntary payments to investors to resolve the actions. The firm did not admit nor deny the findings in the SEC's orders. 
Read Next: <a href="https://www.benzinga.com/markets/asia/24/10/41656452/alibabas-strong-singles-day-sales-kickoff-hints-at-china-consumer-rebound">Alibaba&#8217;s Strong Singles&#8217; Day Sales Kickoff Hints At China Consumer Rebound</a>
"JPMorgan's conduct across multiple business lines violated various laws designed to protect investors from the risks of self-dealing and conflicts of interest," said Sanjay Wadhwa, Acting Director of the SEC's Division of Enforcement. 
"With today's settlements, which include multiple self-reports and large voluntary payments to harmed investors, JP Morgan is being held accountable for its regulatory failures," Wadhwa added.&nbsp;
One of the enforcement actions against J.P. Morgan Securities found that the firm made misleading disclosures to customers who invested in its Conduit private funds products which resulted in complaints from clients after the value of certain shares declined significantly.  
As part of the resolution, J.P. Morgan Securities agreed to make a voluntary payment of $90 million to more than 1,500 Conduit investor accounts. It also agreed to pay a civil penalty of $10 million, which will also be distributed to Conduit investors. 
Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, JPMorgan shares are up 0.09 % at $222.13 at the time of publication Friday.
Read Also:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41489239/bank-of-america-ceo-cautions-fed-not-to-go-too-fast-or-too-slow-on-interest-rate-cuts">Bank Of America CEO Cautions Fed Not To &#8216;Go Too Fast Or Too Slow&#8217; On Interest Rate Cuts</a></li>
</ul>
Image: Shutterstock&nbsp;

Large Cap

Legal

JPMorgan To Pay Investors $151 Million After SEC Flags 'Various Law Violations'

Oppenheimer analyst Ittai Kidron maintains Atlassian (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) with a Outperform and raises the price target from $230 to $270.

TEAM

Oppenheimer Maintains Outperform on Atlassian, Raises Price Target to $270

JP Morgan analyst Tien-Tsin Huang maintains Mastercard (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) with a Overweight and lowers the price target from $593 to $580.

JP Morgan Maintains Overweight on Mastercard, Lowers Price Target to $580

Keybanc analyst Justin Patterson maintains Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) with a Overweight and lowers the price target from $90 to $85.

UBER

Keybanc Maintains Overweight on Uber Technologies, Lowers Price Target to $85

Oppenheimer analyst Jason Helfstein maintains Amazon.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) with a Outperform and raises the price target from $220 to $230.

AMZN

Oppenheimer Maintains Outperform on Amazon.com, Raises Price Target to $230

<ul>
<li>AMZN</li>
<li>INTC</li>
<li>NVDA</li>
<li>AAPL</li>
<li>DJT</li>
<li>SMCI</li>
<li>LOT</li>
<li>AMD</li>
<li>MSFT</li>
<li>META</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
&nbsp;

Trading Ideas

INTC

SMCI

Top 10 Trending Stocks On WallStreetBets As Of November 1, 2024 (Via Swaggy Stocks)

Morgan Stanley analyst Terence Flynn maintains Merck &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) with a Equal-Weight and lowers the price target from $130 to $123.

Morgan Stanley Maintains Equal-Weight on Merck & Co, Lowers Price Target to $123

NRIM

Northrim BanCorp Acquires Sallyport Commercial Finance In All Cash Transaction Valued At $53.9M

<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4292490-1&amp;h=325971108&amp;u=https%3A%2F%2Fwww.aon.com%2Fen%2F&amp;a=Aon+plc">Aon plc</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>), a leading global professional services firm, today announced the signing of a definitive agreement to acquire UK-based insurance broker Griffiths &amp; Armour. Upon completion of the transaction, Griffiths &amp; Armour will become wholly-owned by Aon UK Limited and is proposed to go to market as "Griffiths &amp; Armour, an Aon company".
The acquisition closely aligns with Aon's strategy to further expand its presence in the UK and Ireland. The combination will provide a greater breadth of solutions for clients across both Aon and Griffiths &amp; Armour with complementary strengths that create a platform for further growth in the UK, Ireland and beyond. Together, Aon and Griffiths &amp; Armour share a strong cultural alignment through an unwavering focus on clients and colleagues.

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