Heng Tai Consumables Gr Azioni (OTC: HNGCF)

Ultime notizie per Heng Tai Consumables Gr (OTC:HNGCF) Azioni

Heng Tai Consumables Group Ltd is engaged in the business of sale of fast-moving consumer goods (FMCG), agro-products and logistics services. The FMCG trading business segment, which is the key revenue driver, involves the sale and trading of packaged foods, beverages, household consumable products, and cold chain products; the Agri-products business segment cultivates, sells and trades fresh and processed fruits and vegetables. Geographically, it derives a majority of revenue from China.

HENG TAI CONSUMABLES NEW by Heng Tai Consumables Group Ltd.

Heng Tai Consumables Group Ltd

Trump Media &amp; Technology Group Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares are soaring Wednesday morning after Donald Trump was elected the <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">47th president of the United States</a>.
What Happened: Shares of Trump Media, the parent company of social media platform&nbsp;Truth Social,&nbsp;are surging Wednesday after Trump defeated Vice President Kamala Harris in the 2024 presidential race, driving several stocks expected to benefit under a Trump presidency higher.
Trump owns a majority stake in Trump Media &amp; Technology Group, which has nearly tripled off the September lows as of the time of writing. Broader markets are also rising in early trading led by the Russell 2000 Index as investors expect U.S.-focused growth companies to benefit from potential lower taxes, per Reuters.
&#8220;The market believes a Trump presidency will unleash animal spirits and give a boost to growth in the short-term through some relief on corporate taxes and deregulation,&#8221; Frédérique Carrier, head of investment strategy for RBC Wealth Management, reportedly said. 
Some of the outsized gains on Wednesday may be due to optimism surrounding a potential Republican sweep. Republicans have won control of the U.S. Senate and the White House. The U.S.&nbsp;House&nbsp;of Representatives is still yet to be determined.
&#8220;If you look at historical playbook, a Republican sweep has been strong backdrop for the S&amp;P 500 whereas a Republican presidency with a split Congress has given a more muted return,&#8221; Carrier reportedly said.
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/11/41769412/dow-nasdaq-futures-race-higher-as-trump-wins-white-house-djt-tesla-shares-surge-veteran-investor-pr">Dow, Nasdaq Futures Race Higher As Trump Wins White House: DJT, Tesla Shares Surge — Veteran Investor Predicts US Economy Could &#8216;Take Off&#8217;</a>
Several Trump-linked stocks were moving Wednesday morning including Phunware Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PHUN#NASDAQ">PHUN</a>) and Rumble Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>). Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares were up more than 12% at last check as Tesla CEO Elon Musk has been a strong supporter of Trump throughout his campaign, and Trump has said he would put Musk in charge of a <a href="https://www.benzinga.com/government/24/09/40739165/trump-plans-to-appoint-elon-musk-to-government-efficiency-commission-if-elected-tesla-ceo-says-hell">government efficiency commission</a>. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also jumped to record highs Tuesday night as Trump has positioned himself a pro-crypto. He said earlier this year that he wanted all Bitcoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39289772/donald-trump-wants-all-the-remaining-bitcoin-to-be-made-in-the-usa">to be made in the U.S.</a> Crypto-linked stocks like MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) and Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) were moving significantly higher. Several Bitcoin mining stocks were also moving higher at last check. 
DJT Price Action: Trump Media shares were up 30.3% at $44.22 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

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Trump Media & Technology Group Stock Is Surging Wednesday: What's Going On?

Barclays analyst Duffy Fischer maintains DuPont de Nemours (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>) with a Underweight and raises the price target from $84 to $85.

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Barclays Maintains Underweight on DuPont de Nemours, Raises Price Target to $85

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AvidXchange Holdings shares are trading higher after the company reported better-than-expected Q3 revenue results and raised its FY24 revenue guidance.

Cantor Fitzgerald analyst Kristen Kluska reiterates Ultragenyx Pharmaceutical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RARE#NASDAQ">RARE</a>) with a Overweight and maintains $116 price target.

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Cantor Fitzgerald Reiterates Overweight on Ultragenyx Pharmaceutical, Maintains $116 Price Target

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/11/05/final-trades-comerica-amazon-disney-leidos-holdings-and-dupont.html">Halftime Report Final Trades</a>,&#8221; Rob Sechan of NewEdge Wealth named Comerica Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) as <a href="https://www.benzinga.com/quote/CMA">his final trade</a>.
On Nov. 5, Comerica declared dividends and announced an increase in share repurchase authorization.
Jim Lebenthal of Cerity Partners said he is picking Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) for its all-weather capabilities.
Amazon.com's Amazon Prime Video recently unveiled an X-Ray Recaps feature to help users stay updated on their favorite shows, even after long breaks between episodes. Instead of rewinding or searching for plot summaries, viewers can now access spoiler-free, AI-generated recaps to <a href="https://www.benzinga.com/news/24/11/41739915/amazon-takes-on-netflix-with-new-ai-recaps">refresh their memory quickly.</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Jenny Van Leeuwen Harrington of Gilman Hill Asset Management, LLC named The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), saying that she believes in America's ability to spend, no matter what's the outcome of U.S. elections.
Walt Disney recently announced the creation of a new group, the Office of Technology Enablement (OTE), dedicated to guiding the company's approach to emerging technologies like artificial intelligence (AI) and extended reality (XR).
Bill Baruch of Blue Line Capital picked Leidos Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LDOS#NYSE">LDOS</a>).
On Oct. 29, Leidos reported third-quarter fiscal 2024 revenue growth of 7% year-over-year to $4.19 billion, beating the analyst consensus estimate of $4.07 billion. Demand across all customer segments, especially for managed health services, drove the growth.
Stephanie Link of Hightower Advisors picked DuPont de Nemours, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>), which topped earnings expectations for the latest quarter.
On Nov. 5, the company reported sales growth of 4% year over year to $3.192 billion, missing the consensus of $3.204 billion. Organic sales increased +3% YoY, with a 5% increase in volume offset by a 2% decrease in price.
Price Action:
<ul>
<li>Comerica shares gained 1.4% to close at $63.28 during Tuesday's session.</li>
<li>Amazon shares rose 1.9% to settle at $199.50 during Tuesday's session.</li>
<li>Disney shares gained 0.9% to close at $96.63 on Tuesday.</li>
<li>DuPont shares gained 4.7% to settle at $85.67.</li>
<li>Leidos shares gained 2% to settle at $190.07 on Tuesday.</li>
</ul>
Check This Out:
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<li> <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/41744659/jim-cramer-says-he-cant-recommend-this-major-automaker-ceva-is-way-too-high">Jim Cramer Says He Can&#8217;t Recommend This Major Automaker, Ceva Is &#8216;Way Too High&#8217;</a></li>
</ul>
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Amazon, Disney, DuPont, Leidos And A Financial Stock On CNBC's 'Final Trades'

Aurora Cannabis shares are trading lower. The company reported Q2 financial results.

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Bristow Group shares are trading higher after the company reported better-than-expected Q3 EPS results.

Editor&#8217;s note: The story has been updated with additional details about Polymarket.
The French &#8216;Trump whale&#8217; known as Theo has successfully netted a profit of almost $50 million on several bets related to Donald Trump winning <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41766848/bitcoin-dogecoin-spike-after-trumps-speech-in-florida-winning-key-battle-states-puts-ex-pr">the 2024 presidential election</a>.
What Happened: The &#8216;<a href="https://www.thesupermodel.com/p/fredi9999-tracker">Fredi tracker</a>&#8216; monitoring the several accounts linked to the same pseudonymous Frenchman, shows Theo's total gains reaching almost $49.5 million, with his current portfolio value at $100.7 million on prediction market platform Polymarket.
Operating under aliases like Fredi9999, Theo4, PincessCaro, Michie, and RepTrump, his accounts have bet on various topics, including Donald Trump winning the electoral college, the popular vote, the state of Pennsylvania and other Trump-related bets.
Anonymous trader zxgngl, focused exclusively on Trump's election victory, netted $11.4 million. The third largest gainer, walletmobile, also bet solely on a Trump win, profiting $6.1 million.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41770352/bitcoins-future-under-president-elect-donald-trump-a-look-at-his-crypto-policies">Bitcoin&#8217;s Future Under President-Elect Donald Trump: A Look At His Crypto Policies</a>
Why It Matters: Since early October, Theo and his linked accounts have significantly impacted the betting landscape. Initially, his five accounts held a combined position of $6.4 million, with total investments growing to $52 million by the end of October.
In an interview, Theo estimated <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41754690/worlds-largest-political-bettor-gives-donald-trump-a-90-chance-of-winning-election-citing-">Trump's chances of winning at 90%,</a> with a 65% likelihood of securing the popular vote. The prediction proved to be prescient, as the former President has become the President-elect and become the first Republican candidate to win the popular vote since George Bush in 2004.
What&#8217;s Next: The influence of&nbsp;prediction markets is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/11/41766547/trump-gives-victory-speech-in-florida-as-winning-pennsylvania-puts-him-at-brink-of-victory-vows-to-f">Trump Gives Victory Speech In Florida As Winning Pennsylvania Puts Him At Brink Of Victory, Vows To &#8216;Fix Everything About Our Country&#8217;</a></li>
</ul>
Image: Shutterstock

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Cryptocurrency

Donald Trump's Re-Election Nets French 'Trump Whale' Almost $50 Million On Polymarket (UPDATED)

Cantor Fitzgerald analyst Troy Jensen reiterates Xometry (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XMTR#NASDAQ">XMTR</a>) with a Underweight and maintains $12 price target.

XMTR

Cantor Fitzgerald Reiterates Underweight on Xometry, Maintains $12 Price Target

Cannabis reform faced a challenging moment in the 2024 U.S. elections, with several key state initiatives falling short and delivering a setback to advocates and industry players alike. Despite high hopes, the results painted a mixed, often sobering picture of regional attitudes toward cannabis reform. Here's a look at each state's journey, the measures they considered and what these outcomes signify for the cannabis community and the future of legalization efforts nationwide.
<h3 class="wp-block-heading">Florida</h3>
Florida's Amendment 3, which sought to legalize cannabis for adult use, gained 55.9% support but fell short of the required 60% threshold for constitutional amendments. 
Despite support from high-profile advocates, including former President Donald Trump, the initiative faced consistent opposition from GOP figures like Governor Ron DeSantis. Leading up to the election, DeSantis held conferences opposing the measure, with additional opposition funded by the state's transportation department. Although disappointed, industry leaders like Anthony Coniglio of NewLake Capital Partners (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NLCP#OTC">NLCP</a>) expressed optimism, noting, "It's important to recognize the bipartisan voter support that the measure received."
<h3 class="wp-block-heading">Nebraska</h3>
Nebraska saw a significant shift in policy with the passage of two medical cannabis measures. Initiative 437, which enacts the Nebraska Medical Cannabis Protection Act, allows patients to use cannabis to manage health conditions. Initiative 438, the Nebraska Medical Cannabis Regulation Act, establishes a commission to regulate the medical cannabis market.
"Following the adoption of the Commission&#8217;s regulations, the market may open as early as Summer 2026," explained Paula Savchenko, founding partner of Cannacore Group. This long-awaited result, driven by activist efforts and significant public support, signals a new era for medical cannabis in the state.
<h3 class="wp-block-heading">North Dakota</h3>
For the third time, North Dakota voters declined to legalize adult-use cannabis, with 53% voting against Measure 5. Despite advocating for financial benefits and regulatory structures similar to neighboring states, proponents couldn't secure enough support. 
Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>)'s CEO, Boris Jordan, remarked, "Curaleaf remains committed to advocating for responsible cannabis access and education." North Dakota's vote reflects a conservative stance that contrasts with the broader national trend toward legalization.
<h3 class="wp-block-heading">South Dakota</h3>
South Dakota also opted against legalizing cannabis for adult use with Measure 29, which fell short in a close vote. The measure had proposed limited possession rights and cultivation for adults over 21. 
Local industry voices like John Mueller, co-founder of Greenlight, described the outcome as "a missed opportunity," highlighting the potential economic benefits South Dakota could have reaped from a legal cannabis market. With similar measures failing in past elections, South Dakota's stance remains firmly anti-legalization, though advocates are hopeful for future progress.
<h3 class="wp-block-heading">Dallas, Texas</h3>
In a landmark decision, Dallas voters approved the "Dallas Freedom Act" to decriminalize small amounts of cannabis, setting the stage for reform in Texas. The act, which passed with 65% support, prohibits arrests for possession of up to 4 ounces of cannabis and restricts the police from using cannabis odor as probable cause. 
Local advocacy group Ground Game Texas celebrated the victory, stating, "This is more than a victory for marijuana decriminalization—it's a win for the people of Dallas." The success in Dallas reflects a growing trend in Texas cities to pursue cannabis reform, even as state-level opposition continues.
<h2 class="wp-block-heading">Cannabis Stocks Fall After 2024 Election</h2>
In response to these election outcomes, U.S.-focused cannabis stocks and ETFs are trading down in Wednesday&#8217;s pre-market session. Notably, Verano Holdings Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), Curaleaf Holdings Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Green Thumb Industries Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) and Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) have experienced sharp declines, along with ETFs such as the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) and Amplify Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJ#NYSE">MJ</a>), most trading down by double digits.
As cannabis legalization and decriminalization efforts advance, the varied responses across states showcase an evolving but complex landscape. With each election, states signal their readiness, or reluctance, to embrace cannabis reform, reflecting both local values and national debates.
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Cannabis Reform Stumbles In 2024 Elections: A State-By-State Breakdown As Stocks Take A Hit

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Kornit Digital shares are trading higher after the company reported better-than-expected Q3 financial results and issued Q4 revenue guidance above estimates.

The U.S. Dollar Index (DXY) recorded its sharpest one-day rally in over eight years on Wednesday as Donald Trump secured victory in <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">the 2024 presidential election. </a>
This currency-weighted gauge of the dollar – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – jumped nearly 1.8% in early New York trading, marking the steepest rise since June 24, 2016, when the British pound plummeted following the Brexit referendum, sparking a similar dollar spike.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06083511/image-50-1024x501.png" alt="" class="wp-image-632773" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06083511/image-50-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06083511/image-50-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06083511/image-50-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06083511/image-50-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06083511/image-50.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Global Forex Markets Face Wild Moves As Trump Return To White House</h3>
The dollar surged across the board, with notable gains against the euro, Chinese yuan and Mexican peso amid market concerns over potential U.S. trade tariffs under the Trump administration.
The euro, tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>), fell below $1.07, down over 2.1% in its worst session since March 2020. 
Last week, JPMorgan had projected that <a href="https://www.benzinga.com/markets/24/11/41741466/if-trump-and-republicans-sweep-dollar-may-climb-7-but-harris-win-could-bring-5-drop-says-jpmorgan">a Republican clean sweep could weaken the euro</a> by as much as 8.4%, with analysts citing a potential widening in the U.S.-EU monetary policy gap. Higher inflation in the U.S. may prompt the Federal Reserve to maintain or hike interest rates, while the European Central Bank (ECB) could face pressure to cut rates, analysts said.
The Chinese yuan also took a hit, declining 1.2%, hitting 7.1960 — its largest drop in two years. Trump's promise to impose tariffs as high as 60% on Chinese imports fueled concerns of escalating trade tensions.
&#8220;The 7.2000 level is a critical psychological threshold, which, if breached, could prompt intervention by Chinese monetary authorities," highlighted Luca Cigognini, market strategist at Banca IMI.
The Mexican peso was another major losers, slumping 2.7% to its lowest level since August 2022. 
"We anticipate that some pragmatism will prevail, with partial reversals in the medium term," said Alejandro Cuadrado, chief market strategist at BBVA.
Meanwhile, the Canadian dollar, though down 0.8% against the greenback, outperformed other major currencies. 
"A Republican clean sweep bodes well for U.S. economic growth and Canadian exporters," said Francesco Pesole, foreign exchange analyst at ING Group, adding that Canada's currency remains relatively insulated from U.S.-China tariff dynamics and geopolitical risks under a Trump presidency.
Below is a snapshot of U.S. dollar movements against major currencies as of Wednesday morning:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>USD vs.</td>
<td>Last</td>
<td>1-day chg (%)</td>
</tr>
<tr>
<td>Mexican Peso (MXN)</td>
<td>20.62843</td>
<td>2.61%</td>
</tr>
<tr>
<td>Euro (EUR)</td>
<td>0.9339</td>
<td>2.10%</td>
</tr>
<tr>
<td>Japanese Yen (JPY)</td>
<td>154.201</td>
<td>1.71%</td>
</tr>
<tr>
<td>Swiss Franc (CHF)</td>
<td>0.87582</td>
<td>1.50%</td>
</tr>
<tr>
<td>British Pound (GBP)</td>
<td>0.77760</td>
<td>1.42%</td>
</tr>
<tr>
<td>Chinese Yuan (CNH)</td>
<td>7.193730</td>
<td>1.32%</td>
</tr>
<tr>
<td>Australian Dollar (AUD)</td>
<td>1.5230</td>
<td>1.14%</td>
</tr>
<tr>
<td>New Zealand Dollar (NZD)</td>
<td>1.6818</td>
<td>1.04%</td>
</tr>
<tr>
<td>Brazilian Real (BRL)</td>
<td>5.7947</td>
<td>0.76%</td>
</tr>
<tr>
<td>Canadian Dollar (CAD)</td>
<td>1.39276</td>
<td>0.75%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 9:15 a.m. ET </figcaption></figure>
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/11/41769412/dow-nasdaq-futures-race-higher-as-trump-wins-white-house-djt-tesla-shares-surge-veteran-investor-pr">Dow, Nasdaq Futures Race Higher As Trump Wins White House: DJT, Tesla Shares Surge — Veteran Investor Predicts US Economy Could &#8216;Take Off&#8217;</a></li>
</ul>
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Dollar Index Sees Biggest 1-Day Rally Since Brexit On Trump Victory

Lisata Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSTA#NASDAQ">LSTA</a>), a clinical-stage pharmaceutical company developing innovative therapies for the treatment of advanced solid tumors and other serious diseases, and Valo Therapeutics Oy ("ValoTx"), a private company developing novel, adaptable immunotherapies for the treatment of cancer, are pleased to announce a preclinical research collaboration to investigate the benefits of combining Lisata's novel product candidate, certepetide, with ValoTx's innovative platform technology, PeptiCRAd, and a checkpoint inhibitor in a melanoma mouse model. Under the agreement, ValoTx will be conducting the research, while Lisata will supply certepetide product.

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Lisata Therapeutics And Valo Therapeutics Announce Preclinical Research Collaboration To Investigate The Benefits Of Combining Lisata's Novel Product Candidate, Certepetide, With ValoTx's Innovative Platform Technology, PeptiCRAd, And A Checkpoint Inhibitor In A Melanoma Mouse Model

RYAM

Rayonier Advanced Materials shares are trading higher. The company reported Q3 financial results.

Hut 8 Corp shares are trading higher after the company announced an initial ASIC fleet upgrade.

CANG

Golden TechGen Expected To Be The Largest Seller In These Transactions, Will Own No More Than 20% Of Cango's Total Outstanding Shares, And All The Sellers In The Share-Settled Transactions Will In The Aggregate Own ~37.8% Of The Co's Total Outstanding Shares

The Scotts Miracle-Gro Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMG#NYSE">SMG</a>) announced its results Wednesday for the full year and fourth quarter ended Sept. 30, 2024.
"Fiscal 2024 was a strong transition year for the Company in which we continued to transform the business while achieving meaningful top-and bottom-line growth in our core business," said Matt Garth, the company's CFO and chief administrative officer. "We made strategic investments in marketing and innovation to drive sales and support the long-term health of our brands powered by additional efficiency gains across our organization."
Net sales for the company's subsidiary for cannabis growers, Hawthorne Gardening Company, decreased 46% year-over-year to $80.5 million in the fourth quarter of fiscal 2024. The Ohio-based gardening giant reported this trend in <a href="https://www.benzinga.com/markets/cannabis/24/07/40075102/scotts-miracle-gros-cannabis-focused-subsidiary-reports-28-yoy-drop-in-q3-net-sales-reaffirms-20">the previous quarter</a> as well, which it attributed to the previously announced discontinuation of its third-party distributed brands business.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/05/39094250/this-cannabis-merger-will-cover-25-of-u-s-population-cansortium-riv-capital-powered-by-scottsmir">This Cannabis Merger Will Cover 25% Of U.S. Population: Cansortium &amp; RIV Capital Powered By ScottsMiracle-Gro</a>
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<li>Get Benzinga'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" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Q4 2024 Financial Highlights</h3>
<ul>
<li>Total company net sales were $414.7 million, an increase of 11% from $374.5 million in the same quarter last year.</li>
<li>U.S. consumer net sales increased 54% year-over-year to $309.7 million.</li>
<li>Hawthorne segment sales decreased 46% year-over-year, to $80.5 million.</li>
<li>GAAP and non-GAAP adjusted gross margin rates for the quarter were negative 7.1% and negative 3.1%, respectively, compared to negative 15.2 percent and negative 8.8 percent, respectively, in the prior year's period.</li>
<li>GAAP net loss of $244 million, or $4.29 per share, compared with the prior year's fourth-quarter loss of $468.4 million, or $8.33 per share.</li>
<li>Non-GAAP adjusted net loss for the quarter, which excludes impairment, restructuring and other non-recurring items, was a loss of $131.5 million, or $2.31 per share, compared to a loss of $155.4 million, or $2.77 per share, for the same period last year.</li>
</ul>
<h3 class="wp-block-heading">FY 2024 Financial Highlights</h3>
<ul>
<li>Total net sales were roughly flat compared to the prior year at $3.6 billion.</li>
<li>U.S. Consumer segment sales increased 6% year-over-year, to $3 billion, driven by incremental shelf space, new listings and promotions mainly in the gardens and controls businesses.</li>
<li>Sales for the Hawthorne segment decreased 37% year-over-year to $294.7 million, primarily due to the discontinuation of its third-party distribution business.</li>
<li>The company-wide gross margin rate was 23.9% on a GAAP basis and 26.3% on a non-GAAP adjusted basis compared with rates of 18.5% and 23.7%, respectively, a year ago.</li>
<li>Selling, general and administrative expenses of $559 million were 15.7% of net sales, a 9% decrease from fiscal 2022 reflecting the company's previously announced cost-reduction efforts.</li>
<li>Other operating expenses were $19.9 million primarily due to the discount cost on sales of accounts receivable under the company's accounts receivable sale agreement.</li>
<li>GAAP net loss was $34.9 million, or $0.61 per share, compared with a loss of $380.1 million, or $6.79 per share, in the prior year.</li>
<li>Non-GAAP adjusted EBITDA was $510.1 million for fiscal 2024 including one-time charges of $29 million related to the AeroGarden write-down and other items, compared to $446.9 million last year.</li>
<li>Free cash flow for fiscal 2024 was $583.5 million, compared to $438.2 million a year ago.</li>
</ul>
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<h3 class="wp-block-heading">SMG Price Action</h3>
The Scotts Miracle-Gro Company's shares traded 4.78% lower at $89 per share during the pre-market session on Wednesday morning.

Earnings

Gardening Giant Scotts Miracle-Gro Reports 46% YoY Drop In Q4 Net Sales For Its Cannabis-Focused Subsidiary

BTBT

Bit Digital shares are trading higher after the company announced growing monthly production updates for October which led to 52.2 BTC produced.

Cango Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CANG#NYSE">CANG</a>) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it has entered into agreements to purchase on-rack crypto mining machines with an aggregate hashrate of 50 Exahash per second ("EH") for total considerations valued at approximately US$400 million from a group of sellers. The largest seller will be Bitmain Technologies Georgia Limited and Bitmain Development Limited (together, "Bitmain"), a leading manufacturer of digital currency mining servers, and the Company has agreed to purchase from Bitmain on-rack crypto mining machines with an aggregate hashrate of 32EH for a total purchase price of US$256 million in cash (the "Cash-Settled Transaction"). The Company has also agreed to purchase the remaining on-rack crypto mining machines with an aggregate hashrate of 18EH from Golden TechGen Limited ("GT"), a company incorporated under the laws of the British Virgin Islands and wholly owned by Mr. Max HUA ("Mr. Hua"), former chief financial officer of Bitmain and the sole shareholder of GT, and certain other sellers, and will pay the purchase price through issuance of an aggregate of approximately 145,658,192 Class A ordinary shares of the Company (valued at US$144 million) to the sellers in proportion to the aggregate hashrate of the machines to be sold by each seller (the "Share-Settled Transactions", and together with the Cash-Settled Transaction, the "Proposed Transactions").
Upon closing of the Share-Settled Transactions, GT, which is expected to be the largest seller in these transactions, will own no more than 20% of the Company's total outstanding shares, and all the sellers in the Share-Settled Transactions will in the aggregate own approximately 37.8% of the Company's total outstandings shares before any exercise of the warrants described below.&nbsp; The Company also agreed to grant Mr. Hua the right to nominate and appoint two directors of the Company until Mr. Hua and his affiliates cease to hold more than 5% of the Company's total outstanding shares. If the market capitalization of the Company calculated based on the daily volume-weighted average trading price of the Company's ADSs over any consecutive 30-trading days during the 30-month period after closing of the Share-Settled Transactions reaches US$1,825,000,000 (the "Bonus Triggering Event"), the Company agreed to issue at par value approximately 97,105,461 additional Class A ordinary shares to all the sellers in the Share-Settled Transactions as bonus payment in proportion to the aggregate hashrate of the machines to be sold by each seller, and the Company agreed to issue warrants to the sellers that will allow them to exercise such rights within 3 months after the Bonus Triggering Event. &nbsp;Furthermore, if the net asset value (after certain adjustments) of the Company's existing business in China is reduced by RMB50 million or more by the end of 2026 as compared to such value as of September 30, 2024 (the "Adjustment Event"), the Company will be required to issue additional Class A ordinary shares to the Sellers based on the reduced amount. While all the Class A ordinary shares will be issued to the sellers in transactions that are not subject to or exempted from the registration requirement of the U.S. Securities Act of 1933, the Company has granted certain registration rights to the sellers with respect to the shares. The Company will seek shareholders' approval to amend its memorandum and articles of association to increase the Company's total authorized share capital as necessary to effect any share issuance, including under the Bonus Triggering Event or Adjustment Event. As the Company's co-founders, Mr. Xiaojun Zhang and Mr. Jiayuan Lin (the "Co-founders"), will continue to own all the Class B ordinary shares of the Company with super-voting power, the Co-founders are expected to continue to own more than two-thirds of the aggregate voting power of the Company's total outstanding shares (assuming full exercise of the warrants described above) and maintain their control over the Company after completion of the Proposed Transactions.&nbsp;

Cango Enters Into Agreements To Purchase On-Rack Crypto Mining Machines With An Aggregate Hashrate Of 50 EH/s For Total Considerations Valued At ~$400M From A Group Of Sellers

A top mortgage industry executive issued a message to Washington lawmakers this week, calling for immediate action to address <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39614880/now-owning-a-house-in-us-is-more-challenging-than-ever-as-affordability-drops-to-">America&#8217;s mounting housing affordability crisis</a>.
Laura Escobar, newly appointed chair of the Mortgage Bankers Association and president of Lennar Mortgage, told industry leaders at the MBA&#8217;s annual conference in Denver that the American dream of homeownership is slipping away from an increasing number of families.
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&#8220;We&#8217;re on the verge of a vicious cycle, in which fewer and fewer people can afford the American dream of homeownership. That&#8217;s not good for America,&#8221; Escobar said Monday, addressing the trade group&#8217;s 275,000 members.
The housing shortage has reached critical levels, with the U.S. facing a deficit of 1.5 million homes, according to Escobar. She pointed to <a href="https://www.benzinga.com/real-estate/24/09/41082529/its-not-a-housing-crisis-but-a-housing-policy-crisis-homebuilders-call-out-roadblocks-as-prices-surg">decades of regulatory barriers that have made it increasingly difficult to construct new homes or renovate existing ones</a>, particularly for smaller builders.
Government regulations add nearly $94,000 to the average price of a new home, according to Market Watch, which cited a 2021 National Association of Home Builders study. Construction costs have risen sharply, with labor and materials expenses jumping 31% since the start of the COVID pandemic.
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The impact of the constraints is evident in markets nationwide. In Las Vegas, 34-year-old Andy Balmert spent eight months searching for a home before finally purchasing a two-bedroom condo, made possible only through a $50,000 grant program targeting middle-class buyers.
&#8220;Not as many are wanting to buy houses. But even those who want to simply can&#8217;t without some sort of assistance,&#8221; Justin Jones, a Clark County commissioner, said to Bloomberg.
Restrictive zoning laws compound the problem, with roughly 75% of residential land in the U.S. restricted to single-family homes, Escobar noted. She plans to campaign for loosening regulations in mortgage lending and home building.
The crisis has particularly affected middle-income households. Federal loan data cited by Bloomberg shows that 58% of mid-income households approved for mortgages last year had debt-to-income ratios exceeding 40%, which is the highest level since at least 2018.
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&#8220;Enough is enough,&#8221; Escobar said. &#8220;My message to every policy maker in Washington D.C. is going to be simple. Stop talking about affordability — and start delivering on affordability.&#8221;
Market conditions remain challenging, with 30-year mortgage rates hovering near 7% and home prices at record levels. According to Fannie Mae, returning to 2016-2019 affordability levels would require either a 38% drop in median home prices, a 60% increase in median household income, or mortgage rates falling to 2.35%.
As the housing crisis moves to the center of national politics, both major presidential candidates have proposed solutions. However, some experts remain skeptical about federal intervention&#8217;s effectiveness.
&#8220;The focus has to be on the supply side,&#8221; Mark Fleming, chief economist at First American Financial Corp, said to Bloomberg. &#8220;The challenge is that there&#8217;s not a lot that the federal government can do. A lot of it is sort of local zoning, local regulatory hurdles.&#8221;
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