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Comcast Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) is set to announce a significant restructuring of its media empire, spinning off most of its cable television networks including MSNBC and CNBC into a separate publicly traded company.
What Happened: The new company, to be led by current NBCUniversal Media Group chairman Mark Lazarus as CEO, will house popular channels including USA, Oxygen, E!, Syfy, and Golf Channel. NBCUniversal will retain control of Bravo, the NBC broadcast network, Peacock streaming service, NBC Sports, and Universal theme parks, <a href="https://edition.cnn.com/2024/11/19/media/comcast-nbcuniversal-cable-spinoff-msnbc/index.html">reported</a> CNN.
The move comes as traditional cable networks face increasing pressure from streaming services. Despite industry headwinds, these channels remain profitable contributors to Comcast&#8217;s bottom line. The spinoff is being positioned as a growth opportunity, with potential for future acquisitions in an industry primed for consolidation.
During a recent investor call, Comcast president Mike Cavanaugh had hinted at the possibility, mentioning plans to evaluate creating &#8220;a new well-capitalized company&#8221; for the cable portfolio networks.
See Also: <a href="https://www.benzinga.com/24/11/42079585/meta-google-and-microsoft-bet-big-on-ai-with-skyrocketing-capex-budgets-but-jensen-huangs-nvidia-poised-to-be-the-biggest-winner-says-analyst-only-game-in-town-with-1-trillion-of-ai-capex">Dan Ives Expects &#8216;Drop The Mic Performance&#8217; Tomorrow From Nvidia: Here&#8217;s Why</a>
Why It Matters: The restructuring notably separates MSNBC and CNBC from NBC News, potentially unwinding years of integration efforts within NBCUniversal&#8217;s news operations. The company is expected to detail its vision for the news division separation in Wednesday&#8217;s formal announcement.
The announcement comes as media companies navigate a rapidly evolving landscape. Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) CEO Bob Iger recently stated his <a href="https://www.benzinga.com/24/11/41999904/disney-ceo-bob-iger-slams-the-brakes-on-new-ma-amid-comcasts-cable-spinoff-we-dont-need-more-assets-to-compete-in-todays-disruptive-media-landscape">company doesn&#8217;t need additional assets</a> to compete effectively, having already consolidated through its 20th Century Fox acquisition.
Industry analysts have long anticipated such a move. &#8220;Investors have yearned for exactly this, or at least something close to it, for years,&#8221; <a href="https://variety.com/2024/tv/news/nbcuniversal-comcast-cable-spinoff-shut-down-warner-discovery-paramount-1236196378/">said</a> Craig Moffett of MoffettNathanson to Variety.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42080933/openai-ceo-sam-altman-reportedly-leading-150m-funding-for-rain-ai-a-startup-top-analyst-calls-one-of-the-legitimate-players-at-the-table-to-challenge-nvidias-ai-chip-dominance">OpenAI CEO Sam Altman Reportedly Leading $150M Funding For Rain AI: Startup Called &#8216;One Of The Legitimate Players At The Table&#8217; To Challenge Nvidia</a></li>
</ul>
Photo via Wikimedia Commons
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

News

Global

Markets

Media

CMCSA

Comcast Plans Major Cable Networks Spinoff, MSNBC And CNBC To Form New Public Company: Report

Duos Technologies Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOT#NASDAQ">DUOT</a>) reported quarterly losses of $(0.18) per share which beat the analyst consensus estimate of $(0.25) by 28 percent. This is a 56.1 percent increase over losses of $(0.41) per share from the same period last year. The company reported quarterly sales of $3.24 million which beat the analyst consensus estimate of $2.80 million by 15.64 percent. This is a 111.51 percent increase over sales of $1.53 million the same period last year.

Earnings

DUOT

Reported Earlier, Duos Technologies Group Q3 EPS $(0.18) Beats $(0.25) Estimate, Sales $3.24M Beat $2.80M Estimate

Macro Economic Events

Econ #s

Economics

Germany Producer Price Index (MoM) For October 0.2% Vs. -0.1% Est.; -0.5% Prior

U.K. Producer Price Index Input (MoM) For October 0.1% Vs. 0.5% Est.; -0.5% (Revised) Prior

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the &#8220;Neutral&#8221; zone on Tuesday.
U.S. stocks settled mixed on Tuesday, with the Nasdaq gaining around 1% during the session as investors shrugged off rising geopolitical concerns between Ukraine and Russia. Ukraine launched its first U.S.-made missile strike on a Russian city, while Russian President Vladimir Putin adjusted the nation&#8217;s nuclear doctrine to broaden scenarios for a potential response.
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares gained around 5% on Tuesday ahead of its quarterly earnings report, due to be released today. Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares also gained 2%, adding around 38% month-to-date.
Shares of Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) rose around 3% on Tuesday after the company posted upbeat quarterly earnings and raised its outlook. Medtronic Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MDT#NYSE">MDT</a>) reported better-than-expected results for its second quarter and raised its outlook.
On the economic data front, housing starts in the U.S. declined by 3.1% to 1.311 million in October versus a revised 1.353 million in the previous month. U.S. building permits declined by 0.6% to an annual rate of 1.416 million in October
Most sectors on the S&amp;P 500 closed on a positive note, with energy, communication services, and consumer discretionary stocks recording the biggest gains on Monday. However, industrials stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 121 points to 43,268.94 on Tuesday. The S&amp;P 500 rose 0.40% to 5,916.98, while the Nasdaq Composite gained 1.04% to close at 18,987.47 during Tuesday's session.
Investors are awaiting earnings results from Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), The TJX Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>), and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 50.1, the index remained in the &#8220;Neutral&#8221; zone on Tuesday, versus a prior reading of 49.9.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next:
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<li> <a href="https://www.benzinga.com/analyst-ratings/price-target/24/11/42069785/wall-streets-most-accurate-analysts-weigh-in-on-3-defensive-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Defensive Stocks With Over 5% Dividend Yields</a></li>
</ul>
Photo courtesy: Shutterstock

Pre-Market Outlook

Trading Ideas

NVDA

TSLA

Nasdaq Gains 1% Ahead Of Nvidia Earnings: Investor Sentiment Improves, Fear & Greed Index Remains In 'Neutral' Zone

U.K. Consumer Price Index (MoM) For October 0.6% Vs. 0.0% Prior

U.K. Consumer Price Index (YoY) For October 2.3% Vs. 2.2% Est.; 1.7% Prior

With U.S. stock futures trading higher this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) to report quarterly earnings at $2.30 per share on revenue of $25.90 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Target shares rose 0.8% to $157.30 in after-hours trading.</li>
<li>Keysight Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>) reported better-than-expected earnings for its fourth quarter. The company said it sees first-quarter revenue of $1.265 billion to $1.285 billion and adjusted earnings of $1.65 to $1.71 per share. Keysight shares climbed 9.8% to $166.99 in the after-hours trading session.</li>
<li>Analysts are expecting The TJX Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) to post quarterly earnings at $1.09 per share on revenue of $13.95 billion. The company will release earnings before the markets open. TJX shares gained 1.4% to $121.20 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>La-Z-Boy Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LZB#NYSE">LZB</a>) reported better-than-expected results for its second quarter on Tuesday. The company said it sees third-quarter sales of $505.00 million to 525.00 million, versus market estimates of $505.98 million. La-Z-Boy shares jumped 4.1% to $44.04 in the after-hours trading session.</li>
<li>Analysts expect NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to report quarterly earnings at 75 cents per share on revenue of $33.13 billion after the closing bell. Nvidia shares gained 0.5% to $147.70 in after-hours trading.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/analyst-ratings/price-target/24/11/42069785/wall-streets-most-accurate-analysts-weigh-in-on-3-defensive-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Defensive Stocks With Over 5% Dividend Yields</a></li>
</ul>
Photo courtesy: Shutterstock

Long Ideas

KEYS

Target, Nvidia And 3 Stocks To Watch Heading Into Wednesday

OpenAI CEO Sam Altman is reportedly leading a $150 million funding round for Rain AI, a semiconductor startup aiming to rival Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) in the AI chip market.&nbsp;
What Happened: The funding, which would value Rain AI at around $600 million, follows Altman's participation in the company's $25 million seed round in 2022, <a href="https://nypost.com/2024/11/19/business/sam-altman-seeks-backers-for-ai-chipmaker-to-challenge-nvidia-source/?utm_campaign=nypost&amp;utm_medium=referral">reported</a> the New York Post, citing sources with direct knowledge.
The next funding round is slated to kick off next month. &#8220;He has introduced the company to all his investors for this series B round,&#8221; the sources stated, referring to Altman.
See Also: <a href="https://www.benzinga.com/news/24/07/39766199/sam-altman-backed-startup-aims-to-store-carbon-dioxide-in-rocks-shrinking-decades-long-timeline-to-s">Sam Altman-Backed Startup Aims To Store Carbon Dioxide In Rocks, Shrinking Decades-Long Timeline To &#8216;Single-Digit Months&#8217;</a>
In June 2024, Rain AI bolstered its <a href="https://www.benzinga.com/news/24/06/39543601/apple-chip-veteran-joins-sam-altman-backed-ai-startup-to-lead-hardware-engineering">leadership by hiring former</a> Apple Inc. chip executive Jean-Didier Allegrucci as head of hardware engineering.
Wedbush analyst Dan Ives has described Rain AI as &#8220;one of the legitimate players at the table when it comes to the future of AI and chips.&#8221;
&#8220;There&#8217;s a lot of buzz around everything Rain AI is doing and it's the early days of the AI revolution,&#8221; he said, adding, &#8220;There&#8217;s going to be many players, not just the &#8216;Godfather of AI&#8217; Jensen Huang and Nvidia.&#8221;
<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">"Rain AI is one of the legitimate players at the table when it comes to the future of AI and chips," Wedbush Analyst Dan Ives told The Post.<a href="https://t.co/H7N9VkadUO">https://t.co/H7N9VkadUO</a> <a href="https://twitter.com/nypost?ref_src=twsrc%5Etfw">@nypost</a> &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;&#x1f447;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1858942566848172214?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
OpenAI and Rain AI did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Why It Matters: Jensen Huang-led Nvidia is currently the world&#8217;s most valuable company, with a market capitalization of $3.606 trillion.
Analysts anticipate a &#8220;beat-n-raise&#8221; performance in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42068962/nvidia-q3-earnings-preview-analysts-expect-beat-n-raise-on-continued-data-center-strength">Nvidia&#8217;s third-quarter earnings</a>, projecting revenue of $33.12 billion—up sharply from $18.12 billion in the same period last year.
The AI chip giant is set to announce its earnings on Wednesday, Nov. 20.
Although Nvidia&#8217;s new Blackwell AI chips are <a href="https://www.benzinga.com/24/11/42028342/blackwell-backfires-nvidias-ai-chips-struggle-with-server-overheating-impacting-meta-microsoft-and-musks-xai-data-centers">facing overheating concerns</a>, the company&#8217;s valuation is still anticipated to climb, fueled by the promise of its next-generation AI chip. I/O Fund analyst Beth Kindig predicted Nvidia could reach a <a href="https://www.benzinga.com/markets/equities/24/09/40670634/nvidia-set-to-reach-10-trillion-valuation-as-blackwell-expected-to-propel-chip-maker-with-firewo">$10 trillion valuation</a> in September.
Meanwhile, last month, Altman&#8217;s OpenAI raised over $6.5 billion in new funding, boosting its valuation to $157 billion.
The funding round was led by Thrive Capital and included major tech players such as Nvidia and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>). Since 2019, Microsoft has invested about<a href="https://www.benzinga.com/startups/24/10/41556636/microsoft-and-openai-clash-over-14-billion-as-the-ai-leader-converts-to-a-for-profit-business-disrup"> $14 billion in OpenAI</a>.
Price Action: Nvidia shares climbed 4.89% on Tuesday, closing at $147.01, and gained an additional 0.46% in after-hours trading, reaching $147.69 as of this writing, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener"> from Benzinga Pro.</a>
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/global/24/11/42054220/economics-professor-doubts-impact-of-dogecoin-inspired-elon-musk-led-department-on-federal-deficit-cites-this-as-major-concern?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Economics Professor Doubts Impact Of Dogecoin-Inspired, Elon Musk-Led Department On Federal Deficit, Cites This As Major Concern</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

MSFT

OpenAI CEO Sam Altman Reportedly Leading $150M Funding For Rain AI: Startup Called 'One Of The Legitimate Players At The Table' To Challenge Nvidia

Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), "Alibaba," "Alibaba Group" or the "Company") today announced the pricing of (i) an offering of US$2.65 billion aggregate principal amount of U.S. dollar-denominated senior unsecured notes, consisting of:
US$1,000,000,000 4.875% notes due 2030 at an issue price per note of 99.838%; US$1,150,000,000 5.250% notes due 2035 at an issue price per note of 99.649%; and US$500,000,000 5.625% notes due 2054 at an issue price per note of 99.712% (collectively, the "USD Notes");
and (ii) an offering of RMB17 billion aggregate principal amount of RMB-denominated senior unsecured notes, consisting of:
RMB8,400,000,000 2.65% notes due 2028 at an issue price per note of 100%; RMB5,000,000,000 2.80% notes due 2029 at an issue price per note of 100%; RMB2,500,000,000 3.10% notes due 2034 at an issue price per note of 100%; and RMB1,100,000,000 3.50% notes due 2044 at an issue price per note of 100% (collectively, the "RMB Notes," and together with the USD Notes, the "Notes").
The offering of the USD Notes is expected to close on November 26, 2024, and the offering of the RMB Notes is expected to close on November 28, 2024, both subject to customary closing conditions.
Alibaba intends to use the net proceeds from the offering of the Notes for general corporate purposes, including repayment of offshore debt and share repurchases.

BABA

Reported Earlier, Alibaba Prices $2.65B And RMB17B Senior Unsecured Notes, With Proceeds Targeting Offshore Debt And Share Repurchases

Buybacks

LNTH

Lantheus Board Authorizes $250M Share Repurchase Program

<ul>
<li>Phase 2 data establish proof-of-concept of efgartigimod SC in myositis</li>
<li>Enrollment to continue in Phase 3 across all three subtypes (IMNM, ASyS, DM) under evaluation in ALKIVIA</li>
<li>Potential for efgartigimod SC to be first targeted approach for myositis patients who have limited treatment options &nbsp;</li>
</ul>

ARGX

argenx Pushes Efgartigimod SC Forward: Phase 2 Data Support Continued Development In Debilitating Myositis Conditions

Financial Outlook
We are increasing our full year bookings outlook to $1,822 - $1,832 million, or 14-15% y/y growth, compared to previous guidance of $1,802 - $1,822 million, or 13-14% y/y growth. This high end of this updated outlook reflects the expectation that 2H bookings will accelerate to 17% y/y, compared to previous guidance of 16%, and y/y bookings growth to exit the year at 18%.
We are also updating our full year revenue outlook to $1,757 - $1,764 million, or 13% y/y, compared to $1,747 - $1,761 million previously.
We expect total revenue in Q4'24 of $457 - $464 million, or 13-15% y/y growth.
For the full year 2024, we now expect non-GAAP total gross margin of approximately 69%, slightly up from the 68-69% previously anticipated with non-GAAP Business Solutions gross margin still to exceed 30%. We also now expect non-GAAP operating expenses to be approximately 49% of revenue for the full year, down from approximately 50% previously.
As a result of our increased bookings expectation for the full year coupled with stable operating costs anticipated, we now expect to generate free cash flow, excluding headquarters costs, of $483 - $488 million, or 27-28% of revenue, in 2024, up from $460 - $470 million, or 26-27% of revenue.
The high end of our increased growth and profitability expectations would allow us to exceed the Rule of 40 this year, a full year ahead of our original plan presented to shareholders. Even with the earlier-than-expected achievement of this target, there is still room for further growth acceleration and ample margin expansion in our financial algorithm for 2025 and beyond.

Guidance

Wix.Com Raises 2024 Outlook: Now Expects Total Bookings Of $1.822B-$1.832B (Prior $1.802B-$1.822B) And Revenue Of $1.757B-$1.764B (Prior $1.747B-$1.761B) Vs. $1.758B Consensus

<ul>
<li>Total bookings in the third quarter of 2024 were $449.8 million, up 16% y/y
<ul>
<li>Creative Subscriptions bookings in the third quarter of 2024 were $326.6 million, up 15% y/y</li>
<li>Business Solutions bookings in the third quarter of 2024 were $123.1 million, up 17% y/y</li>
</ul>
</li>
</ul>

Wix.Com Q3 Bookings Rose 16% YoY To $449.8M; Creative Subscriptions Up 15%, Business Solutions Up 17%

Sen. Cynthia Lummis (R-Wyo.) expressed optimism that certain aspects of the proposed strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve could begin to take shape following President-elect Donald Trump's inauguration ceremony.
What happened: During an interaction on X spaces hosted by asset manager VanEck on Tuesday, the Republican said she was hopeful of things moving in 2025 but stopped short of giving a specific timeline.
Lummis said that certain actions on the proposed bill could be taken even before it gets congressional approval.
"If we win with the schedule that is proposed in the BITCOIN Act, we could just start by using our existing asset forfeiture Bitcoin to fund the first year of it," she stated. "And then start converting our gold certificates to Bitcoin."
<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">I enjoyed discussing digital assets in the upcoming Congress. This will be the most pro-digital asset administration EVER. &#x1f1fa;&#x1f1f8; <a href="https://t.co/yRT1NGyEvd">https://t.co/yRT1NGyEvd</a>
&mdash; Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1859005422478508513?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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"Some of what we're proposing could begin to take form right after President Trump raises his hand and is sworn in," the senior senator remarked.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41873427/shiba-inu-lead-developer-shytoshi-kusama-pitches-s-h-i-b-in-response-to-elon-musks-call-for-new-roles-recommendations-in-trump-administration">Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk&#8217;s Call For New Roles Recommendations In Trump Administration</a>
Why It Matters: Lummis <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40087880/cynthia-lummis-unveils-strategic-bitcoin-reserve-legislation-this-is-our-louisiana-purchas">proposed the legislation</a>, called the BITCOIN Act, to create a strategic reserve in Bitcoin to support America&#8217;s balance sheet and address its mounting debt, which topped $35 trillion this year.
The bill outlines a $1 million purchase program to acquire 5% of Bitcoin&#8217;s total supply over five years, with a minimum holding period of 20 years.
The funding for these Bitcoin acquisitions would come from several sources detailed in the bill, including the <a href="https://www.benzinga.com/top-stories/24/07/40066385/strategic-bitcoin-reserve-could-be-paid-for-by-federal-reserve-earnings-and-reevaluating-gold-propos">revaluation of the Federal Reserve banks' gold certificates </a>to their fair market value.
President-elect Trump had previously <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40671868/trumps-bitcoin-strategic-reserve-proposal-will-chip-away-dollars-status-warns-expert-money">advocated for the U.S. to become a &#8220;Bitcoin superpower&#8221;</a> and suggested the creation of a national Bitcoin reserve during a conference.
Bettors on the popular prediction market platform Polymarket <a href="https://polymarket.com/event/will-trump-create-a-national-bitcoin-reserve-in-his-first-100-days?tid=1732081430039">priced in</a> a 35% possibility of Trump creating a Bitcoin reserve.
Price Action: At the time of writing, Bitcoin was exchanging hands at $92,425.03, up 0.92% 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>.
Photo Courtesy: Wikimedia Commons
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42052184/will-shiba-inu-coin-reach-1-cent-by-2025-47-of-benzinga-readers-say">Will Shiba Inu Coin Reach 1 Cent By 2025? 47% Of Benzinga Readers Say…</a></li>
</ul>

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

Cryptocurrency

Politics

$BTC

Cynthia Lummis Says Strategic Bitcoin Reserve Could Take Shape Soon After Trump 'Raises His Hand And Is Sworn In'

STMicroelectronics Outlines 2027-2028 Financial Model and Path Towards 2030 Ambition
<ul>
<li>Setting an intermediate financial model: ~$18B revenues and 22-24% operating margin in 2027-2028</li>
<li>Reiterating $20B+ revenue ambition and associated financial model, now expected to be reached by 2030</li>
</ul>
&nbsp;
Summary table
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Intermediate model (2027-2028)</td>
<td>$20B Ambition (By 2030)</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Revenues</td>
<td>~$18B</td>
<td>$20B+</td>
</tr>
<tr>
<td>Gross Margin</td>
<td>~44-46%</td>
<td>~50%</td>
</tr>
<tr>
<td>Operating Margin</td>
<td>~22-24%2</td>
<td>&gt;30%</td>
</tr>
<tr>
<td>Free Cash Flow1 Margin</td>
<td>~20%2</td>
<td>&gt;25%</td>
</tr>
</tbody>
</table>
</figure>
Financials assume a currency exchange rate of approximately $1.09 = €1.00.

STMicroelectronics Capital Markets Day: Outlines 2027-2028 Financial Model With $18B Revenue Target, 22-24% Margins, And $20B+ Ambition By 2030

ARK Invest CEO Cathie Wood popularly known for leading ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) has raised alarm bells about the state of auto loans in America, noting that 90-day delinquency rates have now exceeded levels seen during the 2009 financial crisis.
What Happened: Wood&#8217;s comments came in response to recent data showing rising auto loan defaults, despite continued investor confidence in auto-backed securities. The Federal Reserve&#8217;s latest Supervision and Regulation Report confirms this trend, highlighting that auto loan delinquencies are approaching five-year highs in 2024.
Delinquency rates on auto loans refer to the percentage of auto loan borrowers who have failed to make their scheduled payments on time. A loan is typically considered delinquent when a payment is missed for a certain period, usually 30, 60, or 90 days.
Rising auto loan delinquency coincides with significant price cuts across the auto industry. Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reduced U.S. prices for its Model Y, Model X, and Model S by $2,000 in April following lower-than-expected first-quarter deliveries. 
Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) cut the Mustang Mach-E's price by up to $8,100, and Nissan slashed up to $6,000 off its Ariya SUV. Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) also introduced discounts on Jeep Wranglers and Grand Cherokees.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The 90-day auto delinquency rate is higher than the peak reached in 2009. <a href="https://t.co/nTKbiBcilk">https://t.co/nTKbiBcilk</a>
&mdash; Cathie Wood (@CathieDWood) <a href="https://twitter.com/CathieDWood/status/1859029182891913234?ref_src=twsrc%5Etfw">November 20, 2024</a></blockquote>
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Despite these warning signs, investors are aggressively pursuing auto loan-backed bonds, with sales of securities tied to subprime auto loans reaching nearly $40 billion through October 2024 &#8211; a 17% increase from 2023&#8217;s total. Nicholas Tripodes, senior portfolio manager at Federated Hermes, reports seeing deals &#8220;almost 20 times oversubscribed,&#8221; according <a href="https://www.wsj.com/finance/investing/wall-street-is-bullish-on-car-loans-despite-rising-delinquencies-5f0f1ec4">to</a> The Wall Street Journal.
See Also: <a href="https://www.benzinga.com/24/11/42079585/meta-google-and-microsoft-bet-big-on-ai-with-skyrocketing-capex-budgets-but-jensen-huangs-nvidia-poised-to-be-the-biggest-winner-says-analyst-only-game-in-town-with-1-trillion-of-ai-capex">Dan Ives Expects &#8216;Drop The Mic Performance&#8217; Tomorrow From Nvidia: Here&#8217;s Why</a>
Why It Matters: The disconnect between rising delinquencies and investor enthusiasm reflects a broader market dynamic. Auto bonds from Global Lending Services with the lowest investment-grade rating yielded approximately 6% in October, triple the yield of comparable subprime auto loan-backed debt in 2021.
The stress is particularly evident among lower-income borrowers struggling with increased living costs and higher interest rates. The overall auto loan delinquency rate hit 3.8% in June, the highest since 2010, according to Federal Reserve data.
&#8220;The delinquency rate for consumer loans remained elevated in the first half of 2024,&#8221; the Federal Reserve noted, adding that while there was some improvement in credit card delinquencies during the second quarter, auto loan defaults continued to rise year-over-year.
Read Next: 
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<li><a href="https://www.benzinga.com/24/11/42079954/microsoft-ceo-satya-nadella-defends-bings-rise-against-googles-search-dominance-says-openais-partnership-with-apple-is-incremental-for-even-us">Satya Nadella Defends Bing&#8217;s Rise Against Google&#8217;s Search Dominance — Says OpenAI&#8217;s Partnership With Apple Is &#8216;Incremental&#8217; For Microsoft</a></li>
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Image via Benzinga YouTube and Unsplash
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.

Federal Reserve

ARKK

STLA

Cathie Wood Sounds Alarm On US Auto Loans As 90-Day Delinquency Rates Surpass 2009 Levels

Wix.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIX#NASDAQ">WIX</a>) reported quarterly earnings of $1.50 per share which beat the analyst consensus estimate of $1.43 by 4.9 percent. This is a 36.36 percent increase over earnings of $1.10 per share from the same period last year. The company reported quarterly sales of $444.673 million which beat the analyst consensus estimate of $444.001 million by 0.15 percent. This is a 12.91 percent increase over sales of $393.841 million the same period last year.

Earnings Beats

Wix.com Q3 2024 Adj. EPS $1.50 Beats $1.43 Estimate, Sales $444.673M Beat $444.001M Estimate

Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) will release earnings results for the third quarter, before the <a href="https://www.benzinga.com/24/11/42073589/target-q3-earnings-preview-analysts-expect-revenue-eps-growth-attention-may-quickly-turn-to-holiday-quarter">opening bell on Wednesday, Nov. 20.</a>
Analysts expect Target to report quarterly earnings at $2.30 per share. That's up from $2.10 per share a year ago. The retailer projects to report quarterly revenue of $25.9 billion, compared to $25.4 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Oct. 22, Target announced plans to slash prices on over 2,000 items for holiday savings, expanding discounts on gifts and essentials.
Target shares fell 0.4% to close at $156.00 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TJX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e301e08430dee0001c88c8d/joseph-feldman">Telsey Advisory Group analyst Joseph Feldman</a> maintained an Outperform rating with a price target of $195 on Nov. 13. This analyst has an accuracy rate of 71%.</li>
<li>Evercore ISI Group analyst Greg Melich maintained an In-Line rating and cut the price target from $170 to $165 on Oct. 22. This analyst has an accuracy rate of 78%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/638f362cb8e36d0001cf4919/dean-rosenblum">Bernstein analyst Dean Rosenblum </a>initiated coverage on the stock with a Market Perform rating and a price target of $168 on Oct. 22. This analyst has an accuracy rate of 61%.</li>
<li>JP Morgan analyst Christopher Horvers maintained a Neutral rating and boosted the price target from $153 to $167 on Aug. 29. This analyst has an accuracy rate of 72%.</li>
<li>Wells Fargo analyst Edward Kelly maintained an Overweight rating and increased the price target from $160 to $180 on Aug. 22. This analyst has an accuracy rate of 63%.</li>
</ul>
Considering buying TGT stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="582" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20005207/image-198-1024x582.png" alt="" class="wp-image-656296" style="width:686px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20005207/image-198-1024x582.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20005207/image-198-300x170.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20005207/image-198-768x436.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20005207/image-198.png 1192w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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