Leading cryptocurrencies pulled back Thursday as Federal Reserve Chair Jerome Powell's remarks <a href="https://www.benzinga.com/news/econ-s/24/11/41991849/powell-with-strong-us-economy-fed-has-no-need-to-be-in-a-hurry-to-lower-rates">poured cold water on rate cut optimism.</a>



<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>-2.23%</td><td>$88,282.07</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>-3.55%</td><td>$3,091.21</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>-4.46%</td><td>$0.3726</td></tr></tbody></table></figure>



What Happened: Bitcoin rose past $91,000 early morning hours, only to slip below $88,000 after the market close, resulting in more than a 2% decline over the last 24 hours.



Ethereum sharply descended from $3,240 to $3,040 over the day. Over the week, the second-largest cryptocurrency gained 3.89%, significantly trailing its senior partner, which was up over 15%.



More than $505 million worth of positions were liquidated in the last 24 hours, with nearly $350 million in upside bets getting wiped out.



Bitcoin's Open Interest (OI) dropped 0.82% in the last 24 hours. A drop in OI, alongside a drop in spot price, also pointed toward long liquidations.



That said, the number of traders betting in favor of Bitcoin's price rally rose in comparison to those shorting the asset, according to the Long/Short Ratio.



The "Extreme Greed" sentiment weakened from 88 to 80 as a result of the retrace, according to 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>Act I: The AI Prophecy (ACT)</td><td>+32.46%</td><td>$0.8424</td></tr><tr><td>MANTRA (OM)</td><td>+20.63%</td><td>$1.68</td></tr><tr><td>XRP (XRP)</td><td>+13.42%</td><td>$0.786</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.92 trillion, declining 1.53% in the last 24 hours.



Stocks closed in the red on Thursday. The Dow Jones Industrial Average slipped 207.33 points, or 0.47%, to close at 43,750.86. The S&amp;P 500 lost 0.60% to end at 5,949.17. The tech-focused Nasdaq Composite dipped 0.64% to 19,107.65, marking its third straight losing day.



The sell-offs followed Fed Chair Powell&#8217;s statements that the central bank needn't "be in a hurry" to cut rates given the strength of the economy. 



The cautious remarks triggered a sharp decline in rate cut expectations during next month's FOMC meeting, from 82% to 59%,&nbsp; <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to data from the CME FedWatch tool&nbsp;



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Popular cryptocurrency analyst Rekt Capital described Bitcoin dips early on in the price discovery phase as "high-probability opportunities."



"As the parabolic phase goes on, however, the pullbacks will become increasingly riskier for dollar-cost-averaging Good thing we&#8217;re so early in the parabolic upside phase," the analyst remarked.



<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"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> dips early on in Price Discovery are high-probability opportunities As the Parabolic Phase goes on however, the pullbacks will become increasingly riskier for dollar-cost-averaging Good thing we&#39;re so early in the Parabolic Upside phase<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1857094023690797475?ref_src=twsrc%5Etfw">November 14, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



On-chain analytics firm CryptoQuant said that high stablecoin inflows were driving the Bitcoin bull market.



"There is a continuation of a higher-than-normal influx of stablecoins. This suggests that barring any additional news flow, the Bitcoin bull market has not yet ended," the firm said, indicating that more upsides could follow.



<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">Bitcoin Bull Market Fueled by Stablecoin Inflows: Will the Uptrend Continue? "There is a continuation of a higher-than-normal influx of stablecoins. This suggests that barring any additional news flow, the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> bull market has not yet ended." – By <a href="https://twitter.com/theKriptolik?ref_src=twsrc%5Etfw">@theKriptolik</a> Link &#x1f447;… <a href="https://t.co/SAEnv6oxUD">pic.twitter.com/SAEnv6oxUD</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1857194154310214060?ref_src=twsrc%5Etfw">November 14, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by CMP_NZ on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41959476/fbi-raids-polymarket-ceo-over-crypto-betting-platforms-us-activities-he-fires-back-in-the-face-of-adversity-we-build">FBI Raids Polymarket CEO Over Crypto Betting Platform&#8217;s US Activities — He Fires Back: &#8216;In The Face Of Adversity, We Build&#8217;</a></li>
</ul>

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Bitcoin, Ethereum, Dogecoin Take A U-Turn As Jerome Powell's Statements Dampen Rate Cut Expectations: Analytics Firm Explains Why BTC Bull Market Has Not Yet Ended

Investment veteran Gary Black cautions that Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) will lose the most if the $7,500 federal electric vehicle tax credit is eliminated, citing the company&#8217;s overwhelming dependence on <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">EV sales compared to traditional automakers</a>.



What Happened: Black, managing partner at The Future Fund LLC, points to Tesla&#8217;s recent history of price-related challenges as evidence for his concern. &#8220;Tesla&#8217;s earnings power declined by 45% and shares fell by 70% in 15 months&#8221; following price cuts of 15-20% in late 2022 and 2023, he noted on social media platform X.



The potential loss of the tax credit could effectively increase Tesla&#8217;s U.S. vehicle prices by 20%, affecting approximately 30% of the company&#8217;s global sales volume. Black emphasizes that Tesla&#8217;s vulnerability stems from its business model, where electric vehicles represent about 80% of revenue.



&#8220;No one else has anywhere near that degree of exposure to EVs,&#8221; Black wrote, contrasting Tesla&#8217;s position with traditional automakers. He dismisses concerns about the impact on legacy manufacturers, noting that companies like General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) saw earnings growth during Tesla&#8217;s recent downturn.



Black&#8217;s analysis challenges some Tesla supporters who suggest the credit&#8217;s removal would primarily hurt traditional automakers. He argues that mathematical analysis doesn&#8217;t support this view, pointing out that EVs typically constitute only 5-10% of legacy automakers&#8217; business.



&#8220;Why would raising price on 5-10% of legacy auto's business bankrupt them? C'mon folks &#8211; please do the math,&#8221; Black wrote. 



<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">I love when <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> bulls try to spin negative industry news as good for TSLA but bad for everyone else. When TSLA cut prices by 15-20% in late-2022 and 2023 — which sparked a price war — I was one of the few who warned repeatedly that TSLA earnings would get decimated, while mgmt… <a href="https://t.co/c03qw3c53V">https://t.co/c03qw3c53V</a> <a href="https://t.co/cwXIrzmsTI">pic.twitter.com/cwXIrzmsTI</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1857186024977543546?ref_src=twsrc%5Etfw">November 14, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/markets/equities/24/11/41993666/warren-buffetts-berkshire-hathaway-slashes-apple-bofa-holdings-adds-dominos-pizza-in-q3">Warren Buffett&#8217;s Berkshire Hathaway Slashes Apple, BofA Holdings, Adds Domino&#8217;s Pizza In Q3</a>



Why It Matters: The potential elimination of the $7,500 EV tax credit has been a topic of concern for Tesla and the EV industry as a whole. Despite the negative implications, some analysts believe that this move could be <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">beneficial for Tesla</a>.



Meanwhile, Tesla&#8217;s stock has been on the rise since the 2024 presidential election, with Elon Musk&#8216;s endorsement of President-elect Donald Trump being seen as a <a href="https://www.benzinga.com/trading-ideas/24/11/41985486/if-tesla-stock-hits-all-time-highs-in-2025-will-it-be-driven-by-trump-musk-relationship-benzinga-readers-say-this">significant factor in this growth</a>.



Furthermore, the recent announcement of Musk as the co-lead for the Department of Government Efficiency (DOGE) has been <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41968621/analysts-divided-about-impact-of-elon-musk-co-leading-doge-on-tesla-stock-heres-what-bulls-and-bears-have-to-say">met with mixed reactions</a> from analysts, with Black suggesting that this appointment may not have a significant impact on Tesla&#8217;s stock.



Price Action: Tesla stock closed at $311.18 on Thursday, down 5.77% for the day. In after-hours trading, Tesla slipped a further 1.15%. Despite recent drops, Tesla&#8217;s stock has gained 25.26% year to date, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



Read Next: 



<a href="https://www.benzinga.com/trading-ideas/24/11/41997142/viking-fund-management-sells-big-oil-stocks-in-q3-cuts-tesla-position-in-half-adds-to-largest-position-broadcom">Viking Fund Management Sells Big Oil Stocks In Q3, Cuts Tesla Position In Half, Adds To Largest Position Broadcom</a>



Image via Tesla



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Global

TSLA

Tesla Earnings Will Be Hit Hardest If $7.5K EV Credit Gets Cut By Trump, Warns Gary Black: 'Do The Math'

On Thursday, Ark Invest, led by Cathie Wood, made significant trades in Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Rocket Lab USA Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>), according to the firm&#8217;s daily trade data.



The Amazon Trade



Ark picked up 28,509 Amazon shares for ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>), Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), and ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>) in a transaction valued at $6.03 million. As of Thursday, Amazon&#8217;s stock closed at $211.48, reflecting a decrease of 1.22%. 



Ark Invest&#8217;s move on Amazon comes in the wake of the e-commerce giant&#8217;s recent launch of a low-cost online storefront, &#8220;Haul&#8221;, designed to <a href="https://www.benzinga.com/news/global/24/11/41949051/whats-going-on-with-amazon-stock-wednesday-2">compete with Chinese e-commerce platforms</a>. According to a report, Amazon initiated discussions with China-based sellers earlier this year about offering a similar service. The exact details of Ark&#8217;s trade in Amazon were not disclosed in the data provided.



The Rocket Lab Trade



Ark Invest sold 627,775 shares in Rocket Lab, valued at almost $10.09 million. The trades were made through the ARKQ and ARKX ETFs. 



This sale followed a significant surge in Rocket Lab&#8217;s shares, which shot up over 28% to $18.83 on Wednesday. As of Thursday, Rocket Lab&#8217;s stock closed at $17.36, reflecting a decrease of 7.81%.



The earlier surge was triggered by the company&#8217;s announcement of better-than-expected <a href="https://www.benzinga.com/24/11/41932662/why-rocket-lab-shares-are-trading-higher-by-around-29-here-are-20-stocks-moving-premarket">third-quarter financial results</a>, a multi-launch agreement with a confidential commercial satellite constellation operator, and a federal defense contract worth up to $8 million.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41963342/elizabeth-warrens-sarcastic-take-on-doges-split-leadership-gets-slammed-by-elon-musk-unlike-you-neither-of-us-are-being-paid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren&#8217;s Sarcastic Take On DOGE&#8217;s Split Leadership Gets Slammed By Elon Musk: &#8216;Unlike You, Neither Of Us Are Being Paid&#8217;</a>



Other Key Trades: 



<ul>
<li>Ark continued to purchase shares of eVTOL companies like Archer Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) and Joby Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) on Thursday. The firm picked up 409474 ACHR shares worth $1.76 million and 303674 JOBY shares worth $1.8 million.</li>



<li>The Wood-led firm purchased 2,706 shares of Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), worth $375,701, through its ARKX fund.</li>



<li>Ark Invest bought shares of Schrodinger Inc (SDGR) and shares of Guardant Health Inc (GH) through its ARK Genomic Revolution ETF (ARKG).</li>



<li>The firm also sold shares of Moderna Inc (MRNA) and shares of Repare Therapeutics Inc (RPTX) through the same ETF.</li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/41890968/bitcoin-kisses-89500-ethereum-dogecoin-extend-trump-victory-rally-how-long-before-btc-hits-100000-analysts-reveal?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Hovers Around $90K, Ethereum, Dogecoin Extend Trump Victory Rally: How Long Before BTC Hits $100,000? Analysts Reveal</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>

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Cathie Wood Keeps Betting On Amazon's 'Haul' Play: Ark Loads Up $6M Worth Of Shares

Federal Reserve Chair Jerome Powell's unexpectedly hawkish remarks on Thursday sent markets into a tailspin. Major U.S. equity indices closed in the red, and the dollar soared for <a href="https://www.benzinga.com/topic/interest-rates">a fifth consecutive session</a>.



In a speech to Dallas business leaders, Powell highlighted the remarkable strength of the U.S. economy, indicating that there's no need for the Fed to &#8220;be in a hurry to lower rates.&#8221;



He reiterated the central bank's commitment to reaching its 2% inflation target, stressing the need for careful decision-making as inflation remains above desired levels.



He highlighted productivity gains, which he said have &#8220;grown faster over the past five years than at any point in the two decades preceding the pandemic,&#8221; positioning the U.S. economy as &#8220;the best-performing among major economies.&#8221;



Addressing the October <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41971830/producer-inflation-rises-more-than-expected-in-october-should-traders-rethink-interest-rate-cut-path">producer price index (PPI) uptick</a>, Powell labeled it &#8220;more than an upward bump&#8221; but maintained confidence in the trajectory toward the 2% inflation goal.



<h3 class="wp-block-heading">Markets Reassess Interest Rate Path: Traders Are Less Confident On A December Cut</h3>



Powell&#8217;s comments impacted the interest-rate market, with fed futures now reflecting a reduced likelihood of a 25-basis-point cut in December. 



The CME FedWatch tool shows the odds of such a move dropped to 58%, sharply down from around 80% earlier in the day.



The S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), closed down 0.6%, fully erasing gains from last week&#8217;s rate cut. Energy was the only sector in positive territory, rising 0.4%, while industrials and health care led declines, each down 0.7%.



Top performers in the S&amp;P 500 included Tapestry Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPR#NYSE">TPR</a>), Wynn Resorts Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>), and First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), which rose 12.8%, 8.7%, and 7.2%, respectively. Among the laggards were Leidos Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LDOS#NYSE">LDOS</a>) and Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), down 13.6% and 11.4%, respectively.



Tech stocks, as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), declined 0.7%, marking a fourth consecutive loss. Blue chips followed by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) slipped 0.5%, while small caps in the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) underperformed, falling 1.3%.



The dollar continued to attract liquidity, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) logging a fifth consecutive gain, reaching levels last seen in late October 2023.



Treasury yields also rose, with the 10-year yield closing at 4.46%. Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), marked its fifth straight loss.



In crypto markets, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 1.7% lower in the past 24 hours to $88,013 at 5:21 p.m. ET, on track for its worst day in November.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41984852/trumps-red-wave-pushes-emerging-market-stocks-to-2-month-lows-volatility-expected-to-remain-elevated">Trump&#8217;s Red Wave Pushes Emerging Market Stocks To 2-Month Lows: Volatility &#8216;Expected To Remain Elevated&#8217; </a></li>
</ul>



Image created using artificial intelligence via Midjourney.

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WYNN

Powell's Hawkish Remarks Shake Markets: Stocks Fall, Dollar Rockets, Bitcoin Dips

Billionaire investor Warren Buffett cut several of Berkshire Hathaway Inc&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) <a href="https://www.benzinga.com/markets/equities/24/08/40232279/is-warren-buffett-bearish-or-waiting-to-pounce-berkshire-now-owns-more-t-bills-than-federal-rese">largest holdings this year</a>. 



The Omaha, Nebraska-based holding company&#8217;s latest 13F filing shows that the sell-off trend continues.



What Happened: Berkshire&#8217;s latest 13F filing, filed on Thursday, reflects the company&#8217;s largest holdings as of September 30.



Buffett reduced his stake in Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) from 400 million to 300 million shares. Thus, Berkshire has now cut its position in the Cupertino, California-based tech giant by over two-thirds since 2023&#8217;s third quarter.



The Omaha &#8220;oracle&#8221; also continued to cut his stake in Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), trimming back another 23% of Berkshire&#8217;s position.



Berkshire cut nearly all of its position in Ulta Beauty Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>). Buffett <a href="https://www.benzinga.com/markets/equities/24/08/40385824/warren-buffett-still-holds-400m-apple-shares-reveals-new-investments-in-ulta-beauty-and-heico-el">revealed a position in the cosmetic store chain</a> in August; the company&#8217;s stock has performed roughly even since then. Buffett&#8217;s Ulta holding period was unusually short for the famed value investor.



Meanwhile, Buffett added a couple of fresh faces to Berkshire&#8217;s portfolio.



Buffett bought 1,277,256 shares of Ann Arbor, Michigan-based pizza chain Domino&#8217;s Pizza Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>). He also made a foray into pool equipment, buying 404,057 shares of Pool Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POOL#NASDAQ">POOL</a>).



Price Action: Investors quickly reacted to Berkshire&#8217;s 13F filing after hours:



<ul>
<li>Dominoes Pizza shares traded up nearly 7%.</li>



<li>Pool Corp shares traded up nearly 6%.</li>



<li>Ulta Beauty shares fell over 4%.</li>



<li>Apple and Bank of America shed insignificant portions of their market value.</li>
</ul>



Why it Matters: During Berkshire&#8217;s annual shareholder meeting in May, Buffett hinted that his sell-offs were a result of tax implications. 



This <a href="https://www.benzinga.com/markets/equities/24/08/40385824/warren-buffett-still-holds-400m-apple-shares-reveals-new-investments-in-ulta-beauty-and-heico-el">has not stopped</a> investors&#8217; conjecture that Buffett is perhaps bearish <a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">on the market at large</a>.



Alternatively, Buffett could be simply trimming positions that take up an outsized portion of Berkshire&#8217;s portfolio to reduce exposure.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">Trump Plans To Erase EV Tax Credit: Tesla Analyst Says It&#8217;s &#8216;Net Bullish,&#8217; Calls Sell-Off &#8216;Wrong Knee-Jerk Reaction&#8217;</a></li>
</ul>



Image via Flickr

AAPL

POOL

ULTA

Warren Buffett's Berkshire Hathaway Slashes Apple, BofA Holdings, Adds Domino's Pizza In Q3

President-elect Donald Trump picked Robert F. Kennedy Jr., known for his vaccine skepticism, as his nominee Thursday to lead the <a href="https://www.benzinga.com/general/biotech/24/10/41127143/us-hhs-reveal-cost-savings-for-54-prescription-drugs-including-novartis-cancer-drug-ozempic-could">Department of Health and Human Services. </a>



This move, which comes after Kennedy ended his presidential campaign and endorsed Trump, positions the environmental activist to potentially reshape national health policies. The selection has stirred mixed reactions, particularly from public health experts, <a href="https://www.politico.com/news/2024/11/14/robert-f-kennedy-jr-trump-hhs-secretary-pick-00188617">Politico</a> reports.



&#8220;For too long, Americans have been crushed by the industrial food complex and drug companies who have engaged in deception, misinformation, and disinformation when it comes to Public Health,&#8221; Trump said in a tweet announcing the decision. 



As Benzinga reported earlier this month, Kennedy has a history of spreading falsehoods about vaccines, including that they cause autism, a theory disproven by scientific studies. His selection as the nominee for HHS secretary comes against a backdrop of falling vaccination rates, which coincide with, in one example, 13 measles outbreaks in the U.S. so far this year. 



What Happened: Trump's decision is part of a broader promise to "let Kennedy go wild" with health and food policies, aiming to overhaul the HHS. Kennedy has expressed sharp criticisms of several health agencies.



Kennedy had hinted at the potential role of "health czar" in Trump&#8217;s administration. If he is confirmed, Kennedy's appointment could influence vaccine policy and the <a href="https://www.benzinga.com/general/biotech/24/11/41822473/trumps-potential-health-czar-robert-f-kennedy-jr-rattles-vaccine-stocks-shoot-first-reaction">direction of the CDC, FDA, and NIH.</a>



Also Read: <a href="https://www.benzinga.com/trading-ideas/24/11/41977313/will-trumps-election-win-push-sp-500-even-higher-in-final-weeks-of-2024-over-75-say">Will Trump&#8217;s Election Win Push S&amp;P 500 Even Higher In Final Weeks Of 2024? Over 75% Say&#8230;</a>



Kennedy's prospective role has already affected vaccine manufacturer stocks. Major vaccine-related companies saw declines in stock prices on Thursday due to the uncertainty surrounding Kennedy&#8217;s influence on health policy.



Key companies impacted include:



<ul>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) down 5.62% to $39.77.</li>



<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) down 2.62% to $26.02.</li>



<li>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) down 0.89% to $151.87.</li>



<li>AstraZeneca plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) down 0.38% to $65.04.</li>



<li>Novavax Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) down 7.02% to $7.22.</li>
</ul>



Why It Matters: Kennedy's views on vaccines and health oversight agencies stand in stark contrast to established medical consensus. His appointment could alter public health directives, with some analysts predicting potential shifts in FDA regulatory independence and vaccine guidelines. 



The impact may extend beyond policy, shaping public trust in health systems amid ongoing debates over vaccine safety.



Kennedy, while indicating he has no plans to "take away anybody's vaccines," continues to be a polarizing figure. Vaccine-related stocks may experience ongoing volatility as the Trump administration finalizes its health policy agenda.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">Trump Plans To Erase EV Tax Credit: Tesla Analyst Says It&#8217;s &#8216;Net Bullish,&#8217; Calls Sell-Off &#8216;Wrong Knee-Jerk Reaction&#8217;</a></li>
</ul>



Photo: Shutterstock.

Government

Regulations

Health Care

Politics

MRNA

NVAX

Trump Taps RFK Jr. For Health Secretary Role, Sends 5 Vaccine Stocks Lower

Federal Reserve Chair Jerome Powell indicated Thursday the remarkable strength of the U.S. economy is not sending any signals that policymakers &#8220;need to be in a <a href="https://www.benzinga.com/topic/interest-rates">hurry to lower rates.&#8221;</a>



Powell&#8217;s remarks came at an event organized by the Dallas Regional Chamber on Thursday, just a week after his press conference following the November Federal Reserve meeting.



&#8220;Inflation is running much closer to our 2% longer-run goal, but it is not there yet. We are committed to finishing the job,&#8221; Powell said. 



The Fed chair hinted that interest rates may be moving &#8220;to a more neutral setting,&#8221; but stressed that &#8220;the path for getting there is not preset.&#8221;



<h3 class="wp-block-heading">Powell Hints At Economic Strength, Warns About Risk Of Tariff Retaliations</h3>



Powell described the U.S. economy&#8217;s recent performance as &#8220;by far the best of any major economy in the world.&#8221; He attributed this strength in part to increased productivity.



&#8220;Productivity has grown faster over the past five years than its pace in the two decades before the pandemic, increasing the productive capacity of the economy and allowing rapid economic growth without overheating,&#8221; he said.



This resilience in the economy, according to Powell, gives the Federal Reserve the flexibility to &#8220;approach our decisions carefully,&#8221; though he underscored that the future path of interest rates would depend on how incoming data and economic forecasts evolve.



Powell expressed confidence that, with careful adjustments to the Fed's policy stance, the strength of both the economy and the labor market could be preserved, while inflation trends back down to the Fed&#8217;s 2% target.



Regarding the labor market, Powell downplayed the significance of the October jobs report, noting it was influenced by temporary factors such as hurricanes and labor strikes.



He also indicated no urgency to change Fed policy in response to potential shifts in fiscal policy under the new Trump&#8217;s administration.



&#8220;It takes quite a long time to get a bill through Congress. We have time to make assessments about what the net effects of policy changes will be on the economy before we work with policy,&#8221; he said.



Powell reiterated his concern over the U.S. fiscal trajectory, calling it &#8220;unsustainable.&#8221; 



&#8220;We have a very large deficit at a time when we&#8217;re at full employment,&#8221; Powell said, adding that he and recommended addressing it &#8220;sooner rather than later.&#8221;



When asked about the impact of higher trade tariffs on monetary policy, Powell was cautious but said scenarios involving retaliatory measures from other countries would require close monitoring by the Fed.



<h3 class="wp-block-heading">Market Reactions</h3>



Powell's cautious remarks about the path for interest rates led to a sharp repricing of December rate cut expectations. 



According to the CME FedWatch tool, the probability of a 25-basis-point rate cut in December has dropped, with Fed futures now indicating a 62% chance, down from prior estimates of nearly 80%.



In response, the U.S. dollar rallied, extending its winning streak to five sessions. Treasury yields also reversed course, with significant gains across the curve as investors adjusted their rate expectations. The yield on the two-year Treasury note, which is particularly sensitive to Fed policy shifts, jumped 6 basis points to 4.34%.



Equity markets reacted negatively to Powell's tone. Major U.S. indices turned lower, with the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), down 0.7%. The tech-heavy Nasdaq-100, represented by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), slipped 0.8%.



Small-cap stocks suffered the most, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) dropping 1.3%, signaling broader risk aversion among investors. 



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Dallas Regional Chamber: Global Perspectives with Federal Reserve Chair Jerome Powell" width="500" height="281" src="https://www.youtube.com/embed/vhbdv8jXmvQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41971830/producer-inflation-rises-more-than-expected-in-october-should-traders-rethink-interest-rate-cut-path">Producer Inflation Rises More Than Expected In October: Should Traders Rethink Interest Rate Cut Path?</a></li>
</ul>



Photo: Jerome Powell at the Nov. 7 FOMC press conference. Photo courtesy of the Federal Reserve.

Econ #s

Powell: With Strong US Economy, Fed Has 'No Need To Be In A Hurry To Lower Rates'

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares are moving lower Thursday following reports that president-elect Donald Trump plans to get rid of consumer tax credits for EVs. Wedbush analyst Dan Ives believes the cuts are actually <a href="https://www.benzinga.com/trading-ideas/24/11/41985486/if-tesla-stock-hits-all-time-highs-in-2025-will-it-be-driven-by-trump-musk-relationship-benzinga-readers-say-this">net positive for Tesla</a>. 



What To Know: Trump&#8217;s team is planning to squash the $7,500 EV tax credit on vehicle purchases as part of a broader tax-reform plan, according to a Reuters report citing two sources with direct knowledge of the plans.



Getting rid of the EV tax credit could significantly impact the United States&#8217; <a href="https://www.benzinga.com/electric-vehicles">EV</a> transition efforts, but Tesla CEO Elon Musk, who has been one of Trump&#8217;s biggest supporters, reportedly told Trump&#8217;s team that he supports putting an end to the EV tax credit. 



Why It Matters: Ives, a longtime Tesla bull, explained in a new note to clients on Thursday that the news is not a surprise &#8220;in any way,&#8221; as Wedbush fully expected Trump to tear down the tax credits upon returning to the White House.



&#8220;While this is a clear negative for the EV industry at first look and would particularly hurt GM, Ford, Stellantis, and Rivian… on the flip side we view this as a net bullish move for Tesla and Musk over time,&#8221; Ives said in the note.



See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/41973501/teslas-profit-power-vs-rivians-cash-burn-can-the-gap-be-narrowed">Tesla&#8217;s Profit Power Vs. Rivian&#8217;s Cash Burn: Can The Gap Be Narrowed?</a>



Musk reportedly said earlier this year that removing the EV tax credit could have a slight impact on Tesla sales, but would be far worse for his U.S.-based competitors. 



Ives noted that Tesla has unmatched scale. The Wedbush analyst acknowledged that getting rid of the EV tax credit could weigh on demand , but he believes it will actually propel Tesla further ahead of competitors. Comparing Tesla&#8217;s pricing, scale and scope to legacy automakers making the EV transition is like comparing apples to oranges, Ives added. 



&#8220;We expect Musk to have a big seat at the table as these EV discussions happen within the Trump transition team. We believe any sell-off in Tesla from these reports is the wrong knee-jerk reaction and we would be buyers,&#8221; Ives said. 



The Wedbush analyst maintained an <a href="https://www.benzinga.com/analyst-stock-ratings">Outperform rating</a> and price target of $400 on Tesla stock following the news.



TSLA Price Action: Tesla shares were down 5.11% at $313.41 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/24/11/41985486/if-tesla-stock-hits-all-time-highs-in-2025-will-it-be-driven-by-trump-musk-relationship-benzinga-readers-say-this">If Tesla Stock Hits All-Time Highs In 2025, Will It Be Driven By Trump-Musk Relationship? Benzinga Readers Say This</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Analyst Color

Tech

Trump Plans To Erase EV Tax Credit: Tesla Analyst Says It's 'Net Bullish,' Calls Sell-Off 'Wrong Knee-Jerk Reaction'

The long-awaited boxing match between Mike Tyson and Jake Paul is nearly here, set for Friday Nov. 15 on Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>), after being rescheduled from an <a href="https://www.benzinga.com/general/entertainment/24/06/39231357/jake-paul-mike-tyson-boxing-match-set-to-stream-on-netflix-with-new-date">original date in July 2024.</a>



Here's a look at how to watch the big fight, the betting odds and several free prediction contests for sportsbook users.



How to Watch Tyson Vs. Paul: First<a href="https://www.benzinga.com/general/entertainment/24/03/37540711/jake-paul-vs-mike-tyson-coming-to-netflix-biggest-fight-in-history"> announced in March 2024,</a> a fight between Tyson and Paul will take place at AT&amp;T Stadium, home of the NFL's Dallas Cowboys



The boxing match is part of a full lineup of fights that includes three title fights on the undercard.



Netflix subscribers will be able to watch the fight for free with coverage starting live at 8 p.m. ET on Friday, Nov. 15. The start time of the Tyson and Paul fight will be dependent on how long the fights are before it.



For Netflix, the fight is part of the company's larger bets on live events and sports content to help boost subscribers of its ad-free and ad-supported plans. The company <a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf">ended the most recent quarter </a>with 282.7 million global paid subscribers. Netflix recently said it <a href="https://www.benzinga.com/media/24/11/41915397/netflix-reaches-70-million-users-on-ad-supported-plan-boosts-live-sports-ads">has reached </a>70 million subscribers for its ad-supported plans.



Read Also: <a href="https://www.benzinga.com/general/entertainment/24/11/41821069/netflix-stock-hits-all-time-highs-company-confirms-stranger-things-season-5-for-2025">Netflix Stock Hits All-Time Highs, Company Confirms &#8216;Stranger Things&#8217; Season 5 For 2025</a>



The Fight Stats: Friday's main event fight will feature a stark difference between the boxers with Tyson coming in at 58 years old, more than twice the age of Paul, who is 27. In fact, Tyson took part in 47 fights before Paul was even born, according to <a href="https://www.espn.com/boxing/story/_/id/39772221/what-boxing-stats-tell-us-mike-tyson-vs-jake-paul-fight-netflix-friday">ESPN</a>.



Tyson holds a 50-6 career boxing record and is one of the most well-known boxers of all time, known as "the Baddest Man on the Planet" and "Iron Mike."



Paul holds a 10-1 boxing record with his professional career beginning in 2020.



Tyson is recognized as one of the best boxers of all time and was named the No. 1 hardest hitter in heavyweight history by ESPN. Tyson became the youngest heavyweight champion ever at the age of 20, and had a run of 37 consecutive victories during his professional boxing career including 33 wins by knockout.



Tyson&#8217;s last professional boxing bout came in 2005. The boxer also took part in several exhibition matches, including a 2020 match against&nbsp;Roy Jones Jr., which was declared a draw after eight rounds.



Paul's last boxing match came in July of this year with a win to add to his impressive 10-1 record. While Paul lacks the experience of Tyson, he comes into the match as the more recent professional boxer and has a 76-inch to 71-inch reach advantage over Tyson.



Unlike most traditional heavyweight boxing matches, the fight will feature 14-ounce gloves instead of 10-ounce gloves and rounds will be two minutes instead of three minutes in length. The fight is scheduled to go eight rounds, instead of a customary 10 or 12 rounds.



Friday's fight between Tyson and Paul is officially sanctioned as a real fight and not an exhibition match.



Betting Odds, Prediction Markets: Friday's fight will likely see strong betting volume thanks to a larger number of viewers potentially from around the world with the fight on Netflix and not on the more costly pay-per-view option.



Betting odds on sportsbook DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) list Paul as the favorite at odds of -200 and Tyson as the underdog at +160. This means a $100 bet on Paul would pay out a profit of $50 if he wins and a $100 bet on Tyson would pay out a profit of $160 if he wins.



DraftKings lists the fight going under 6.5 rounds at the slight favorite of -120 versus the fight going over 6.5 rounds. A prop on the fight going the distance is at +135 with the fight ending before the end of the eighth round listed at odds of -185.



Here are the betting options of winner and winning method:



<ul>
<li>Paul by KO/TKO/DQ: +150</li>



<li>Paul by Decision: +280</li>



<li>Tyson by KO/TKO/DQ: +250</li>



<li>Tyson by Decision: +950</li>



<li>Draw: +750</li>
</ul>



The betting odds imply that Paul is the favorite to win before the eight rounds are over. Tyson as the underdog is more likely to beat Paul by a knockout, TKO or disqualification than to win by a decision after eight rounds, the odds show.



On prediction market <a href="https://polymarket.com/event/jake-paul-vs-mike-tyson-who-will-win">Polymarket</a>, over $7 million has been wagered on predicting a winner of the boxing match. The odds show Paul as the favorite at 63% and Tyson the underdog at 29% with a draw listed at 11%.



The prediction market, which went viral during the 2024 election, allows users to deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). Winning wagers cash out at $1 per contract.



Free Prediction Contests: While customers on various platforms can bet on the winner outcome, there are several free prediction contests at various sportsbooks.



Betr, a sports betting and sports media company<a href="https://www.benzinga.com/general/sports-betting/24/03/37515466/betr-announces-new-15m-funding-375m-valuation-how-co-founders-jake-paul-joey-levy-plan-to-"> co-founded by Paul</a>, launched a $50,000 free-to-play game for the boxing match.



The game labeled as "Fight Night Picks" is available for new and existing users of the Betr app in applicable states. The winnings will be paid out in Betr Bucks. The game has only five questions with users needing to pick more or less for each question. Contestants who get all five questions correctly will split the $50,000 jackpot.



The questions are:



<ul>
<li>More or less than 0.5 knockouts</li>



<li>More or less than 110.5 seconds for Jake Paul's walkout</li>



<li>More or less than 0.5 callouts by the winner post-fight in the ring</li>



<li>More or less than 0.5 wins for Jake Paul</li>



<li>More or less than 0.5 ears bitten off</li>
</ul>



DraftKings also has a free $25,000 prediction contest for users, which will pay out winnings in DK Dollars. The contest asks questions like who will win, what will be the winning method, how many punches landed by Paul, how many punches landed by Tyson, total rounds over or under 6.5 rounds, which round will the fight end, total knockdowns, will either boxer bleed during the match, will there be fighting after the final bell and who will Paul call out after the fight.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/sports-betting/23/05/32553618/exclusive-betr-is-not-just-a-sports-betting-company-how-jake-paul-leverages-audience-to-lo">EXCLUSIVE: Betr — Jake Paul&#8217;s Vision For More Than &#8216;Just A Sports Betting Company,&#8217; Leveraging Audience For Lower Acquisition Costs</a></li>
</ul>



Photo: Courtesy Netflix

Entertainment

Sports Betting

Sports

$MATIC

$USDC

DKNG

NFLX

Paul Vs. Tyson Boxing Match: How To Watch, Betting Odds, What The Stats Say And More

Editor&#8217;s Note: The article was changed to reflect Renaissance Technologies, not Jim Simons, who passed away in May 2024.



In its third-quarter update, Renaissance Technologies, founded by the late <a href="https://www.benzinga.com/topic/jim-simons">famed "Quant King</a>&#8221; Jim Simons, showcased some notable pivots within its $66.5 billion portfolio.



<h1 class="wp-block-heading">Microsoft Stake, Trims Other Tech Names</h1>



Renaissance Technologies increased its stake in Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), betting on the tech giant's expansion in cloud and AI sectors, Renaissance revealed in a <a href="https://www.sec.gov/Archives/edgar/data/1037389/000103738924000091/xslForm13F_X02/primary_doc.xml">Wednesday SEC filing</a>.



At the same time, the company pared back investments in high-growth stocks such as Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). Nvidia's AI boom and Tesla's market lead in EVs didn't deter the company from reducing exposure, perhaps as a hedge against market corrections.



Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) was also scaled back, suggesting Renaissance might be positioning itself more defensively as tech valuations reach historic highs.



Renaissance's move to fortify positions in well-established tech names could signal a more cautious stance on speculative growth.



<h1 class="wp-block-heading">Palantir Takes The Lead In Renaissance's Portfolio</h1>



Among all the holdings, Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) now stands as Renaissance's largest position, making up 2.15% of the portfolio. Known for its deep government contracts and burgeoning AI applications, Palantir's data-centric profile aligns well with Renaissance&#8217;s quant-driven approach.



This shift highlights a strategic tilt toward resilient, data-focused tech plays, reflecting the company&#8217;s long-term confidence in the power of predictive analytics and secure data solutions.



Read Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/41972288/can-palantir-sustain-its-300x-valuation-after-climbing-266-this-year">Can Palantir Sustain Its 300X Valuation After Climbing 266% This Year?</a>



<h1 class="wp-block-heading">Top Buys: Microsoft, Apple, Cisco</h1>



Alongside Microsoft, Renaissance added significantly to Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Cisco Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>). This trio signals a preference for big-cap stability in a year marked by market volatility.



While Microsoft's AI and cloud growth makes it a solid pick, Apple and Cisco bring diverse revenue streams, from consumer tech to networking infrastructure, giving Renaissance a balanced tech exposure.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/tech/24/11/41973572/ray-dalios-bridgewater-cuts-stake-in-microsoft-stock-by-20-is-big-tech-losing-its-shine">Ray Dalio&#8217;s Bridgewater Cuts Stake In Microsoft Stock By 20% – Is Big Tech Losing Its Shine?</a></li>
</ul>



Photo: Shutterstock

Long Ideas

Hedge Funds

AVGO

CSCO

MSFT

NVDA

PLTR

Renaissance Technologies Shifts Gears: Microsoft In, Tesla Out, Palantir On Top [CORRECTED]

Signs of a waning Trump-led rally emerged Thursday as investors assessed the economic outlook and awaited potential signals on the interest-rate path from the upcoming Fed Chair Jerome Powell&#8216;s speech in <a href="https://www.benzinga.com/topic/jerome-powell">Dallas at 3 p.m. ET. </a>



Inflation data from the past two days provided mixed signals: consumer prices met expectations, while producer prices slightly exceeded forecasts, with both indicators showing a year-over-year uptick in October.



Despite this inflation data, markets remain confident the Fed will continue easing, pricing in an 80% likelihood of a December rate cut.



Wall Street&#8217;s major indices were in the red by midday, with the S&amp;P 500 down 0.3% and small-cap stocks lagging behind large-caps.



The U.S. dollar index ticked up 0.1%, even as Treasury yields declined. Bonds outperformed equities, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) climbing 1.2%.



Gold edged 0.2% lower, while oil rose 0.2%. Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) saw its rally stall, dropping 1.8%.



<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg % (1 day)</td></tr><tr><td>Dow Jones</td><td>43,884.60</td><td>-0.2%</td></tr><tr><td>Nasdaq 100</td><td>20,986.66</td><td>-0.2%</td></tr><tr><td>S&amp;P 500</td><td>5,969.78</td><td>-0.3%</td></tr><tr><td>Russell 2000</td><td>2,345.60</td><td>-1.0%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:55 p.m. ET </figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111424&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.3% to $595.18.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;eased 0.2% to $438.76.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slipped 0.4% to $510.28.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 1% to $232.71.</li>



<li>The&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, rising 0.2%. The&nbsp;Industrials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 1.5%.</li>
</ul>



<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>



<ul>
<li>Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) rose 7% after reporting better-than-expected quarterly results. </li>
</ul>



Other stocks reacting to earnings reports included: 



<ul>
<li>Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), down over 2%, </li>



<li>Brookfield Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BN#NYSE">BN</a>), up 0.9%, </li>



<li>Talen Energy Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLN#NASDAQ">TLN</a>), up 0.9%, </li>



<li>Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>), down 7.5%, </li>



<li>Tetra Tech Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTEK#NASDAQ">TTEK</a>), down over 10%, </li>



<li>StandardAero Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SARO#NYSE">SARO</a>), down 5.5%. </li>
</ul>



Companies slated to report their earnings after Thursday&#8217;s close include Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), Globant S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLOB#NYSE">GLOB</a>), AST SpaceMobile Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>), Post Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/POST#NYSE">POST</a>). 



Read now: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41979935/golden-years-for-ma-deals-ahead-under-trump-analysts-highlight-top-10-large-cap-candidates">Golden Years For M&amp;A Deals Ahead Under Trump? Analysts Highlight Top 10 Large-Cap Candidates</a></li>
</ul>



Image:

Macro Economic Events

Mid Cap

AMAT

ASTS

GLOB

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Trump Rally Fades As Investors Await Powell's Remarks, Bitcoin Drops Below $90,000: What's Driving Markets Thursday?

Vermont-based ice cream manufacturer Ben &amp; Jerry&#8217;s, an independent subsidiary of Unilever plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UL#NYSE">UL</a>), has a long <a href="https://www.benzinga.com/markets/cannabis/24/04/38440644/ben-jerrys-wont-stop-fighting-until-theres-cannabis-legalization-and-justice-says-activism-lead">history of corporate activism</a>. Its latest round has brought it into conflict with its own parent company.



What Happened: On Wednesday, Ben &amp; Jerry&#8217;s filed a contract lawsuit against Unilever in the Southern District of New York. The federal lawsuit alleges that Unilever breached Ben &amp; Jerry&#8217;s autonomy over social justice activism, specifically its various statements in support of a cease-fire between the Israeli government and Hamas in <a href="https://www.benzinga.com/markets/asia/24/10/41405272/sinwar-death-marks-turning-point-in-gaza-war-netanyahu-says-its-the-beginning-of-the-end">the ongoing war</a>. Ben &amp; Jerry&#8217;s and Unilever hold agreements to allow the brand's independent board to make social justice activism decisions.



Unilever has not yet filed a response, but a spokesperson reacted to Ben &amp; Jerry&#8217;s lawsuit in an email to Benzinga.



&#8220;Our heart goes out to all victims of the tragic events in the Middle East,&#8221; the spokesperson said. &#8220;We reject the claims made by B&amp;J's social mission board, and we will defend our case very strongly. We would not comment further on this legal matter."



The Burlington-based company&#8217;s complaint alleges that Unilever &#8220;silenced&#8221; efforts to speak out in support of Palestine. Following Ben &amp; Jerry&#8217;s statement in 2023 in support of an Israel-Palestinian cease-fire, the London, England-based parent company allegedly threatened to dissolve its independent board and sue board members.



In addition, Unilever blocked Ben &amp; Jerry&#8217;s donations to Jewish Voice for Peace and the Council on American-Islamic Relations, two organizations in support of Palestinians, the ice cream brand alleges. 



Ben &amp; Jerry&#8217;s previously sued Unilever in 2022. The ice cream manufacturer had announced a <a href="https://www.benzinga.com/government/21/07/22048169/ben-jerrys-joins-bds-movement-to-boycott-west-bank-and-east-jerusalem">cessation of sales</a> in the occupied West Bank and East Jerusalem in protest of Israeli policy. Unilever subsequently sold Ben &amp; Jerry&#8217;s Israel license, something Ben &amp; Jerry&#8217;s said was done without permission.



Why It Matters: It is considered rare for a subsidiary to file a lawsuit against its own parent company.



<a href="https://www.wsj.com/business/unilever-plans-to-spin-off-ice-cream-unit-in-shake-up-affecting-7-500-jobs-c768e45f?mod=article_inline">According</a> to the Wall Street Journal, Unilever has considered selling off its ice cream brands, including Ben &amp; Jerry&#8217;s, Breyer&#8217;s and Popsicle. Unilever acquired Ben &amp; Jerry&#8217;s in 2000.



Also Read:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41979935/golden-years-for-ma-deals-ahead-under-trump-analysts-highlight-top-10-large-cap-candidates">Golden Years For M&amp;A Deals Ahead Under Trump? Analysts Highlight Top 10 Large-Cap Candidates</a></li>
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Photo via Shutterstock.

Legal

Ben & Jerry's Sues Parent Company Unilever Over Alleged Gaza Protest Censorship

With Republicans taking control of Congress, Wall Street is buzzing about a potential boom in mergers and acquisitions (M&amp;A) under the upcoming<a href="https://www.benzinga.com/topic/donald-trump"> Trump administration.</a>



Bank of America analysts see brighter days ahead for deal-making, anticipating that Trump could remove Federal Trade Commission Chair Lina Khan, whose aggressive antitrust stance has been a major roadblock for M&amp;A activity across sectors.



Combined with favorable macro factors and investor demand for capex and M&amp;A over debt paydown, there are plenty of reasons to believe that 2025 and beyond could see significant deal activity.



<h3 class="wp-block-heading">Banks And Biotech: Two Key Sectors To Watch</h3>



Analysts at Bank of America's U.S. banks team are particularly bullish about the M&amp;A prospects for financials, which have historically enjoyed more than 50% higher deal activity under Republican administrations than Democratic ones. With regulatory scrutiny expected to loosen, the landscape is ripe for a surge in bank deals.



Deal activity in biotech has already started picking up, especially in smaller acquisitions. Big Pharma faces mounting pressure to offset patent expirations, so it&#8217;s hunting for acquisition targets to replenish its drug pipelines. Lower rates and potential deregulation could further fuel biotech M&amp;A as we head into 2025.



"The election results could lead to a less restrictive regulatory environment, which may open the door for more bank mergers and acquisitions,&#8221; Jill Carey Hall, CFA, a Bank of America analyst, said. 



<h3 class="wp-block-heading">Macro Factors: Green And Yellow Lights for M&amp;A</h3>



Several macroeconomic factors support a cyclical pick-up in M&amp;A activity. 



Strong equity market returns, cheap small-cap valuations relative to large caps and tight credit spreads all suggest a favorable environment for deal-making.



Not all signals are flashing green. Slowing GDP growth, rate uncertainty and high volatility could throw some caution flags. Long-term growth expectations for small caps, though improved, still remain below average.



Bank of America's credit strategists predict that 2025 could be a better year for M&amp;A activity as rate cuts begin to materialize and volatility subsides. 



"Sponsors are sitting on a pile of uncalled capital, and there's a real incentive to deploy it in a friendlier economic environment," Hall said.



<h3 class="wp-block-heading">Who Stands To Gain: Small-Cap Targets, Large-Cap Acquirers</h3>



With large deals on the decline, smaller targets have become the prime candidates for takeovers. 



Aggregate deal value has been falling in recent years as mega-cap deals have dried up and smaller, more manageable transactions have become the norm.



This trend has paid off for both sides: small-cap targets have outperformed post-announcement and large-cap acquirers have seen record one-day gains in 2023 despite paying higher deal premiums.



This pattern suggests that investors are rewarding companies that buy growth, especially in today's uncertain economic landscape.



<h3 class="wp-block-heading">10 Potential M&amp;A Candidates Among Large Caps</h3>



Bank of America's latest screening of potential M&amp;A candidates includes high-growth, undervalued names, each with distinct value propositions that may appeal to suitors looking for long-term growth.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Company</th><th>Sector</th><th>Market Cap ($M)</th><th>Free Cash Flows-to-Enterprise Value (%)</th><th>Long-Term Growth Expectations (%)</th></tr></thead><tbody><tr><td>Universal Health Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UHS#NYSE">UHS</a>)</td><td>Health Care</td><td>13,932</td><td>4.4</td><td>25.3</td></tr><tr><td>Ralph Lauren Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>)</td><td>Consumer Disc.</td><td>12,473</td><td>5.99</td><td>10.5</td></tr><tr><td>Paramount Global (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NYSE">PARA</a>)</td><td>Comm. Services</td><td>7,250</td><td>3.4</td><td>46.4</td></tr><tr><td>Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>)</td><td>Technology</td><td>14,480</td><td>6.39</td><td>12.7</td></tr><tr><td>Hasbro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>)</td><td>Consumer Disc.</td><td>9,215</td><td>3.6</td><td>27.5</td></tr><tr><td>F5 Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>)</td><td>Technology</td><td>13,431</td><td>6.39</td><td>9.9</td></tr><tr><td>DaVita Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVA#NYSE">DVA</a>) </td><td>Health Care</td><td>11,976</td><td>5.39</td><td>15.4</td></tr><tr><td>BorgWarner Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BWA#NYSE">BWA</a>)</td><td>Consumer Disc.</td><td>7,316</td><td>6.5</td><td>12.0</td></tr><tr><td>Aptiv plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APTV#NYSE">APTV</a>)</td><td>Consumer Disc.</td><td>13,143</td><td>4.4</td><td>23.7</td></tr><tr><td>A. O. Smith Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AOS#NYSE">AOS</a>)</td><td>Industrials</td><td>10,895</td><td>2.3</td><td>10.0</td></tr></tbody></table></figure>



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Photo by Capri23auto from Pixabay

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Golden Years For M&A Deals Ahead Under Trump? Analysts Highlight Top 10 Large-Cap Candidates

Ray Dalio's Bridgewater Associates recently trimmed its Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) stake by 20% in the third quarter 2024, marking a notable reduction in a stock long considered <a href="https://www.benzinga.com/quote/MSFT/news">a tech stalwart</a>.



But Dalio isn't the only prominent investor easing back; Cathie Wood's Ark Invest also trimmed its position in Microsoft, sparking speculation on the future role of Big Tech in high-profile portfolios.



<h3 class="wp-block-heading">Bridgewater's Q3 Picks</h3>



Bridgewater, managing over $17.7 billion, cut its Microsoft stock holding by 220,169 shares, reducing the stock's portfolio weight from 2.54% to 2.12%, according to a Wednesday SEC filing. This shift came as Dalio's fund focused on other assets, with its top buys leaning heavily toward core index holdings, like the iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>), and major players in energy and semiconductor sectors, like Constellation Energy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NYSE">CEG</a>) and Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>).



The pivot suggests Bridgewater may be rebalancing in favor of sectors with defensive and growth-oriented plays, possibly seeking stability amid a fluctuating economic environment.



Read Also: <a href="https://www.benzinga.com/news/24/10/41594398/bill-gates-climate-innovation-model-wins-praise-from-ray-dalio-klaus-schwab-but-say-1-trillion-annua">Bill Gates&#8217; Climate Innovation Model Wins Praise From Ray Dalio, Klaus Schwab, But Say $1 Trillion Annual Funding Globally Is Not Enough</a>



<h3 class="wp-block-heading">Ark Invest's Microsoft Cutback: A Nod to Innovation Over Stability?</h3>



Wood's Ark Invest, known for its aggressive focus on innovation, also pared down its Microsoft stock holding, reducing its position by 11.05% in the third quarter.



Unlike Bridgewater, however, Ark's top buys this quarter were technology and biotech names like Tempus AI Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>), Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and 10X Genomics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>).



The moves highlight Ark's continued commitment to emerging technology and health care, emphasizing disruptive companies over Big Tech mainstays.



<h3 class="wp-block-heading">Broader Implications For Big Tech In Institutional Portfolios</h3>



As both Dalio and Wood adjust their positions, the moves reflect distinct investment philosophies but raise questions about Big Tech's evolving appeal. 



While Bridgewater seems to prioritize diversification and resilience, Ark's lean toward innovation shows a preference for companies positioned to drive future trends rather than rely on established giants. 



This mixed approach underscores the evolving role of Big Tech in dynamic portfolios amid a rapidly shifting economic and innovation landscape.



Read Next: 



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<li><a href="https://www.benzinga.com/news/global/24/11/41939983/microsoft-president-warns-beijings-tech-progress-is-catching-up-with-the-west-people-who-dont-go-to-china-too-often-assume-theyre-behind">Microsoft President Warns Beijing&#8217;s Tech Progress Is Catching Up With The West: &#8216;People Who Don&#8217;t Go To China Too Often Assume They&#8217;re Behind&#8217;</a></li>
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Image: Shutterstock

Ray Dalio's Bridgewater Cuts Stake In Microsoft Stock By 20% – Is Big Tech Losing Its Shine?

Wynn Resorts Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) shares are trading higher Thursday after billionaire Tilman Fertitta disclosed a 9.9% passive stake <a href="https://www.benzinga.com/quote/WYNN">in the company</a>.



What Happened: Fertitta, CEO of Landry&#8217;s and owner of the Houston Rockets, filed an amended 13-G with the U.S. Securities and Exchange Commission late Wednesday, showing the billionaire increased his stake in the casino and resorts company from 6.2% to 9.9%. 



Fertitta <a href="https://www.benzinga.com/real-estate/22/12/29952022/what-real-estate-themes-are-billionaires-investing-in-heres-two">revealed in late 2022</a> that he had acquired more than a 6% stake in Wynn Resorts. 



CNBC&#8217;s David Faber reported Thursday morning that Fertitta&#8217;s increased stake in the company is &#8220;likely not going to be passive for long.&#8221;



Check This Out: <a href="https://www.benzinga.com/tech/24/11/41973572/ray-dalios-bridgewater-cuts-stake-in-microsoft-stock-by-20-is-big-tech-losing-its-shine">Ray Dalio&#8217;s Bridgewater Cuts Stake In Microsoft Stock By 20% – Is Big Tech Losing Its Shine?</a>



Wynn Resorts reported <a href="https://www.benzinga.com/news/earnings/24/11/41749371/wynn-resorts-q3-performance-misses-expectations-amid-strategic-investments">third-quarter financial results</a> at the beginning of the month. The company missed estimates on the top and bottom lines as Las Vegas operations slowed. 



Wynn ended the quarter with $2.41 billion in cash and cash equivalents, and $11.79 billion in outstanding debt.



WYNN Price Action: <a href="http://benzinga.com/quote/wynn">Wynn Resorts shares</a> were up 8.56% at $93.14 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. With Thursday&#8217;s gains, Wynn shares have now turned positive for the year.



Photo: Shutterstock.

Wynn Resorts Stock Surges As Tilman Fertitta Increases Stake

Walt Disney Co&nbsp;(NYSE: DIS)&nbsp;reported fiscal fourth-quarter&nbsp;2024 revenue growth of 6% year-on-year to $22.57 billion, marginally beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41967035/the-walt-disney-company-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2024" rel="noreferrer noopener">analyst consensus of $22.35 billion</a>. Adjusted EPS of $1.14 beat the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus of $1.10</a>.



Disney ended the quarter with 174 million Disney+ Core and Hulu subscriptions and over 120 million Disney+ Core paid subscribers, an increase of 4.4 million over the prior quarter.



DIS stock soared after the earnings report. CEO Robert A. Iger said, "In Q4 we saw one of the best quarters in the history of our film studio."



Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/11/41720954/disney-creates-new-tech-hub-for-ai-and-ar" rel="noreferrer noopener">Disney Creates New Tech Hub For AI and AR</a>



Segments: Entertainment revenue (which encompasses traditional TV networks, direct-to-consumer streaming, and films) increased by 14% year over year to $10.83 billion.



Sports revenue (mostly comprised of ESPN) remained flat year over year at $3.91 billion.



Experiences revenue (including Disney's theme parks as well as consumer products) climbed 1% year over year to $8.24 billion.



In the Entertainment segment, Linear Networks revenue declined by 6% year over year to $2.46 billion, Direct-to-Consumer revenue climbed 15% year over year to $5.78 billion, and Content Sales/Licensing and Other revenue grew by 39% year over year to $2.59 billion.



The combined DTC streaming businesses improved their profitability with an operating income of $321 million on revenue of $6.3 billion (up by 13% year over year).



Pixar's&nbsp;Inside Out 2&nbsp;and Marvel's&nbsp;Deadpool &amp; Wolverine&nbsp;helped drive $316 million in operating income at Content Sales/Licensing and Other in the quarter.



The average revenue per user for domestic Disney+ customers dropped from $7.74 to $7.70 due to a higher mix of customers on its cheaper, ad-supported tier.&nbsp;



The traditional TV networks business continued to decline as consumers dumped TV bundles behind for streaming.



The consolidated operating income grew 23% year over year to $3.66 billion, led by the Entertainment segment's $1.07 billion, the Sports segment's $929 million, and the Experiences segment's $1.66 billion.



Disney generated a fourth-quarter operating cash flow of $5.52 billion (up 15% Y/Y) and a free cash flow of $4.03 billion (up 18% Y/Y).



Outlook:&nbsp;For fiscal 2025, Disney expects to achieve high-single-digit growth in adjusted earnings per share (EPS) compared to 2024 versus a consensus of $4.93.



The company aims to generate around $15 billion in operating cash flow and plans capital expenditures of approximately $8 billion. Dividend increases will align with earnings growth, and Disney targets $3 billion in stock buybacks.



For fiscal 2026, Disney forecasts double-digit growth in adjusted EPS (versus consensus of $5.17) and operating cash flow.



For fiscal 2027, Disney expects to continue its double-digit growth trajectory in adjusted EPS.



Disney J/V: Reliance Industries Limited (RIL), Viacom 18 Media Private Limited, and Disney have finalized the merger of Viacom18's media assets and JioCinema with Star India Private Limited, following approvals from the relevant regulatory bodies.



RIL has invested ₹11,500 crore (about $1.4 billion) in the joint venture to drive its expansion.



The JV is valued at ₹70,352 crore (approximately $8.5 billion) post-money, excluding any anticipated synergies. Ownership is structured with RIL holding 16.34%, Viacom18 owning 46.82%, and Disney holding 36.84%.



The combined entity integrates top brands like ‘Star' and ‘Colors' on television, along with digital platforms ‘JioCinema' and ‘Hotstar,' creating a diverse offering across entertainment and sports for audiences in India and globally.



Iger stated the strategic value of joining forces with Reliance to strengthen Disney's footprint in India and enhance its content portfolio across entertainment, sports, and digital services.



Management Transition: Disney has broadened its search for a new CEO to replace Bob Iger, as the board, led by incoming Chair James Gorman, considers external candidates to ensure a stable succession process.



This expansion moves beyond internal candidates, with <a target="_blank" href="https://www.benzinga.com/news/management/24/11/41917113/who-will-succeed-disney-ceo-bog-iger" rel="noreferrer noopener">potential contenders like</a> Andrew Wilson, CEO of Electronic Arts Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>), in the mix.



Disney has enlisted executive search firm Heidrick &amp; Struggles to evaluate external options, identifying at least two additional candidates. Gorman, who will assume the Chair role in January, is pushing for a comprehensive review to find the best successor, with a decision expected by early 2026.



Price Actions: DIS stock is up 9.08% at $112.05 premarket at&nbsp;the last check on Thursday.



Image via Shutterstock

Earnings

Guidance

Disney Q4 Earnings: Revenue And Profit Beat, Best Film Studio Performance, 3-Year Outlook And More

Tapestry, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPR#NYSE">TPR</a>) shares are trading higher premarket on Thursday after the company disclosed that it has reached an agreement with Capri Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPRI#NYSE">CPRI</a>)<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41967093/tapestry-inc-announces-termination-of-merger-agreement-with-capri-holdings-limited" rel="noreferrer noopener"> to terminate their merger agreement</a>.



The companies mutually agreed to terminate their merger agreement, citing uncertainty in the legal process and the likelihood that it would not be resolved by the February 10, 2025 outside date.



Following the termination of the merger agreement, Tapestry will redeem $6.1 billion in senior notes tied to the acquisition, paying 101% of their principal amount plus accrued interest, as per the Special Mandatory Redemption clause.



There is no break fee. Tapestry will also reimburse Capri $45 million for transaction-related expenses.



Recently, a judge blocked the acquisition by Tapestry, which the <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41550527/why-capri-holdings-stock-is-falling-today" rel="noreferrer noopener">companies planned to appeal the ruling</a>.



In April, the Federal Trade Commission filed a lawsuit&nbsp;aiming&nbsp;to halt&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38382351/ftc-files-lawsuit-to-block-8-5b-merger-of-coach-and-versace-handbag-makers" rel="noreferrer noopener">Tapestry&#8217;s $8.5 billion purchase of Capri Holdings.&nbsp;</a>



Buyback: Tapestry&#8217;s Board of Directors approved a $2 billion share repurchase program, to be funded through a mix of cash on hand and future debt issuance.



This, along with the remaining $800 million from the prior authorization, provides $2.8 billion for repurchases in fiscal 2025 and beyond.



To fund its share repurchase program, Tapestry plans to issue debt while keeping its long-term leverage target below 2.5x gross debt to adjusted EBITDA.



Dividend: Tapestry plans to maintain its annual dividend of $1.40 per share and aims to grow dividends in line with earnings, targeting a payout ratio of 35% to 40%.



<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">FY25 Outlook Reaffirmed</a>: Tapestry reiterated guidance for revenue at over $6.75 billion (vs. consensus of $6.76 billion) and EPS of $4.50 to $4.55.



The company will update its outlook at its next earnings <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">announcement on February 6, 2025</a>.



Meanwhile, Capri Holdings, the fashion luxury group consisting of brands Versace, Jimmy Choo and Michael Kors, also announced its strategies to return to growth, which its management will discuss on a call today. The company will share more details of its strategies at an Investor Day in late February 2025. Capri expects Michael Kors store fleet to be <a href="https://www.benzinga.com//node/41967095">reduced to approximately 650 stores over time.</a>



Investors can gain exposure to the TPR stock via KraneShares Trust KraneShares Global Luxury Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLXY#NYSE">KLXY</a>) and Invesco S&amp;P 500 Equal Weight Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPD#NYSE">RSPD</a>).



Price Action: TPR shares are up 8.25% at $54.49, while CPRI is down 5.60% at $18.54 premarket at the last check Thursday.



Image via Pexels



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Producer inflation in October came slightly higher than anticipated Thursday, casting doubts on whether the U.S. economy's broader disinflationary trend will hold through <a href="https://www.benzinga.com/topic/inflation">the year&#8217;s final quarter.</a>



Compared to October 2023, the Producer Price Index (PPI) surged to 2.4% last month, up from upwardly revised 1.9% and surpassing projections of 2.3% as tracked by TradingEconomics data. It marks the first increase in the annual PPI inflation rate after three straight months of declines. 



On a monthly basis, the PPI for final demand increased by 0.2%, accelerating the previous 0.1% reading and matching economic estimates of 0.2%. 



When excluding energy and food items, core PPI was up by 0.3% from a month earlier, accelerating from the previous 0.2% but matching estimates. On an annual basis, core PPI surged from 2.8% to 3.1%, topping expectations of 3%, marking the third straight month of gains. 



&#8220;Over one-third of the rise in the index for final demand services can be traced to prices for portfolio management, which advanced 3.6%,&#8221; the Bureau of Labor Statistics said. 



On Wednesday, consumer inflation data also showed an increase in October, matching expectations. 



Prior to Thursday&#8217;s PPI report, traders assigned a 79% of chance on a 25-basis-point rate cut in December.



<h3 class="wp-block-heading">Jobless Claims Below Expectations</h3>



Concurrently, unemployment claims rose by 217,000 in the week ending Nov. 9, down from the previous 221,000 and below estimates of 223,000.



Continuing claims fell to 1.873 million, down from 1.892 million and below the predicted 1.88 million.



<h3 class="wp-block-heading">Market Reactions</h3>



Interest rate futures showed no major reactions following Thursday&#8217;s data releases, with speculators assigning a 77% chance of a 0.25% cut in December, as per CME FedWatch Tool. 



The higher-than-expected PPI report pushed Treasury yields slightly higher, with the 10-year yield reaching 4.48%. 



The dollar continued to hammer all other currencies, with the U.S. Dollar Index (DXY) – 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>) – strengthening to levels last seen in October 2023. The greenback is also on track for a fifth straight session of gains. 



U.S. equity futures were mostly flat at 8:50 a.m. in New York. 



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Photo via Shutterstock.

Producer Inflation Rises More Than Expected In October: Should Traders Rethink Interest Rate Cut Path?

U.S. stocks could open on a tentative note on Thursday after the averages scaled record highs last week. Futures of all three major indices were slightly up as investors processed the crucial Consumer Price Index (CPI) data released on Wednesday.



After scaling a peak of 44,000 on Monday, Dow Jones and other major indices witnessed a minor pullback as investors maintained a cautious stance and booked profits.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.08%</td></tr><tr><td>S&amp;P 500</td><td>0.10%</td></tr><tr><td>Dow Jones</td><td>0.13%</td></tr><tr><td>R2K</td><td>0.74%</td></tr></tbody></table></figure>



In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged up by 0.09% to $597.70 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.04% to $512.46, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



U.S. stocks ended Wednesday on a mixed note, with the Dow Jones and S&amp;P 500 closing the day in green, while the tech-heavy Nasdaq registered a decline.



Crude oil prices remained under the $70 mark but continued to edge up due to concerns about strained supply.



Treasury yields edged up again as investors wait for Federal Reserve chair Jerome Powell's speech on the economic outlook.



On the economic data front, the U.S. annual inflation rate rose to 2.6% in October from 2.4% in the previous month, which is in line with market estimates. The CPI rose 0.2% month-over-month in October.



Most sectors on the S&amp;P 500 closed on a positive note, with consumer discretionary, energy, and real estate stocks recording the biggest gains on Wednesday.



However, information technology and communication services stocks bucked the overall market trend, closing the session lower.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.26%</td><td>19,230.73</td></tr><tr><td>S&amp;P 500</td><td>0.02%</td><td>5,985.38</td></tr><tr><td>Dow Jones</td><td>0.11%</td><td>43,958.19</td></tr><tr><td>Russell 2000</td><td>-0.94%</td><td>2,369.37</td></tr></tbody></table></figure>



Insights From Analysts:



Jeremy Schwartz, chief investment officer at WisdomTree, said that the CPI data was "even better than reported."



To explain this, he used more real-time data to note that the headline inflation fell from 2.6% to 1.3%.



"The Fed should continue recalibrating to neutral," said Schwartz.



<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">CPI news even better than reported! Using more real time metrics for shelter, headline inflation drops from 2.6% to 1.3% Core inflation drops from 3.3% to 1.76% Official BLS shelter 4.9% vs our Estimate of 1.3% The Fed should continue recalibrating to neutral! <a href="https://t.co/mexinRva6Z">pic.twitter.com/mexinRva6Z</a>&mdash; Jeremy Schwartz (@JeremyDSchwartz) <a href="https://twitter.com/JeremyDSchwartz/status/1856693738224955479?ref_src=twsrc%5Etfw">November 13, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



CME Group's FedWatch tool <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">reflected</a> this positive sentiment for another rate cut next month, with its probability rising from 60% to 70%.



Sonu Varghese, Vice President at Carson Group, downplayed fears of a rebound in inflation, stating that there are "disinflationary trends" that will "likely keep a lid" on a rise in prices.



On the other hand, analysts at BlackRock Investment Institute <a href="https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary">expressed</a> caution on inflation.



"We focus on U.S. CPI to see if inflation will keep falling toward the Fed's 2% target. Short-term inflation has been decreasing, with immigration boosting the labor supply and cooling wage growth. However, recent services PCE data remains sticky, indicating that inflation may settle above 2% in the medium term."



On the equity front, though, Varghese expressed a bullish outlook.



"Overall, economic strengths clearly outweigh areas of weakness, and the opportunities likely have a higher probability of coming to fruition than the threats. The balance favors continued strength for equities, which is why we're maintaining our overweight to stocks, especially US stocks."



WisdomTree and Wharton School economist&nbsp;Jeremy Siegel echoed similar sentiments.



"The ‘bull market' sentiment remains intact, though valuations remain a watch point," he said, adding that the expectations of "lighter regulations" from President-elect Donald Trump's administration would benefit equities.



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>



Upcoming Economic Data



Thursday's economic calendar includes the release of additional inflation-related data.



<ul>
<li>Federal Reserve Gov. Adriana Kugler will speak at 7 a.m. ET.</li>



<li>Initial jobless claims data and Purchasing Power Index (PPI) will be released at 8:30 a.m. ET.</li>



<li>Federal Reserve Chair Jerome Powell will speak at 3 p.m. ET.</li>



<li>New York Fed President John Williams will speak at 4:15 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares fell over 9% in premarket trading on Thursday after the company said it needs more time to file its quarterly report.</li>



<li>ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) shares gained 3% in premarket trading after the company maintained its 2030 targets.</li>



<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) and Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) shares continued to surge after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) crossed the $90,000 mark.</li>



<li>Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) shares fell over 4% after the company reported a fall in earnings on a year-on-year basis.</li>



<li>JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) shares fell over 4% after the company missed analyst expectations.</li>



<li>Investors are awaiting earnings results from The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), Advance Auto Parts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAP#NYSE">AAP</a>), and Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, rising by 0.42% to hover around $68.72 per barrel.



The 10-year Treasury note yield edged up about to 4.457%.



Most of the major Asian markets ended in the red on Thursday, but European markets were in the green in early trading.



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Photo courtesy: Wikimedia

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Pre-Market Outlook

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US Futures Marginally Up As Investors Process Inflation Data Ahead Of Jerome Powell's Speech On Economy: Expert Says Fed Should 'Continue Recalibrating To Neutral' On Softer Inflation

Bitcoin continued to make records as supportive inflation numbers raised the market's expectations of further interest rate cuts by the Federal Reserve.



<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>+1.79%</td><td>$89,874.80</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>-2.11%</td><td>$3,190.24</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>+1.10%</td><td>$0.3925</td></tr></tbody></table></figure>



What Happened: The world's largest cryptocurrency sailed above $93,000 during U.S. trading hours Wednesday, before a sharp correction into the $89,000 zone.



Bitcoin's dominance rose to 60%, reflecting that investors were far more confident in it than other cryptocurrencies.



Ethereum also rallied to an intraday high of $3,366, later cooling down to $3,190, as investors began cashing out.



Nearly $850 million in derivatives contracts was erased in the last 24 hours, with leveraged longs accounting for 61% of the total.



Bitcoin's Open Interest (OI) rose 2.30% in the last 24 hours, signaling higher speculative interest.&nbsp;



Most top trader accounts on Binance were still positioned for Bitcoin's decline, as seen from the Long/Short Ratio indicator.



The "Extreme Greed" sentiment strengthened as the reading on the Cryptocurrency Fear and Greed Index rose from 84 to 88.



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>Peanut the Squirrel (PNUT)</td><td>+443.42%</td><td>$2.32</td></tr><tr><td>Pepe (PEPE)</td><td>+46.86%</td><td>$0.00002171</td></tr><tr><td>Floki (FLOKI)</td><td>+30.28%</td><td>$0.0000024</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.98 trillion, following an increase of 1.32% in the last 24 hours.



Stocks ticked slightly higher on Wednesday. The Dow Jones Industrial Average rose 47.21 points, or 0.11%, to close at 43,958.19. The S&amp;P 500 gained 0.02% to end at 5,985.38. The tech-heavy Nasdaq Composite registered the second straight day of decline, closing down 0.26% at 19,230.72.



Consumer Price Index (CPI) rose from 2.4% in September to 2.6% in October, <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41938762/october-inflation-rate-rises-to-2-6-as-expected-december-interest-rate-cut-remains-uncertain">in line with economist predictions</a>. Investors raised the odds of a 25 basis-point cut at next month's FOMC meeting to 82% from 58% a day before, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">data </a>from the CME FedWatch tool showed.&nbsp;



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: In a note to Benzinga, Chris Kline, COO and Co-Founder of BitcoinIRA, said that Bitcoin was likely to witness heightened volatility on the road to $100,000.



"This is not an unexpected phenomenon, as the market often experiences corrections and fluctuations as it navigates uncharted territory," Kline added.



He also backed Bitcoin's appeal as a wealth preservation asset, predicting that it would catch up given the higher chance of another interest rate cut next month.



Influential cryptocurrency analyst Ali Martinez spotted a cup-and-handle pattern for Bitcoin, widely considered a bullish signal in technical analysis.



Martinez set a price target of $255,000 for the leading cryptocurrency.



<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> price action is following a cup-and-handle pattern, the bullish target could reach $255,000! <a href="https://t.co/EMuA0QAPKA">pic.twitter.com/EMuA0QAPKA</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1856710863023190231?ref_src=twsrc%5Etfw">November 13, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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Bitcoin Flirts With $100K, Dogecoin Edges Higher, Ethereum Dips As CPI Numbers Fuel Rate Cut Hopes: Analyst Says BTC Could See Over 180% Upside Due To This Bullish Pattern

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