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VERI

Veritone Announced The Launch Of Veritone Data Refinery A Groundbreaking Offering Designed To Help Enterprises Transform Vast Amounts Of Unstructured Data Into High-quality, AI -ready Assets

EPRX

Eupraxia Pharmaceuticals Unveiled New Pharmacokinetic Data From Its Phase 2A Eosinophilic Esophagitis Program

Rosenblatt analyst Blair Abernethy maintains Elastic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) with a Buy and maintains $120 price target.

Price Target

Analyst Ratings

ESTC

Rosenblatt Maintains Buy on Elastic, Maintains $120 Price Target

This collaboration aims to significantly enhance data processing speeds to handle the increased data volume from Proteus. By leveraging NVIDIA accelerated computing and Quantum-Si's advanced single-molecule protein sequencing and detection technologies, the collaboration aims to develop a robust data processing system. This system will keep pace with Quantum-Si's rapidly evolving technology advancements, generating single-molecule protein insights to deepen our understanding of the proteome and develop innovative solutions through research, drug discovery, and healthcare AI.

Large Cap

Health Care

Contracts

Tech

General

NVDA

Quantum-Si Announced A Collaboration With Nvidia To Develop Its New Proteomics Platform, Proteus, And Advance Quantum-Si's Core Technologies Of Amino Acid Binders And Aminopeptidases Using Nvidia AI And Accelerated Computing

NTRS

Northern Trust Launched An Enhanced Active Collateral Solution Designed To Help Institutional Investors Manage Their Collateral More Efficiently While Meeting The Demands Of Continual Market Change

Rosenblatt analyst Steven Frankel maintains Dolby Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLB#NYSE">DLB</a>) with a Buy and raises the price target from $98 to $100.

Rosenblatt Maintains Buy on Dolby Laboratories, Raises Price Target to $100

WLFC

Willis Lease Finance Announces Its Subsidiary Entered Into A Master Services Agreement With McDermott For Early Engineering, Procurement And Construction  Related Services For Its SAF Initiative

Dycom Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DY#NYSE">DY</a>) shares are trading higher after the company reported its&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g42083467/dycom-industries-inc-announces-fiscal-2025-third-quarter-results" rel="noreferrer noopener">third-quarter FY25 results</a>.
Contract revenue increased&nbsp;12.0%&nbsp;Y/Y to&nbsp;$1.272&nbsp;billion, beating the consensus of&nbsp;$1.231 billion.
Adjusted EBITDA increased to&nbsp;$170.7&nbsp;million from&nbsp;$143.2&nbsp;million a year ago. Adjusted EPS&nbsp;of&nbsp;$2.68 surpassed&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the street view of&nbsp;$2.35</a>.
As of October&nbsp;26, cash and equivalents stood at&nbsp;$15.3 million. During the nine&nbsp;months ended October&nbsp;26,&nbsp;the company bought back 210,000 shares of common shares in open market&nbsp;transactions for $29.8 million.
Outlook: For the&nbsp;fourth quarter, Dycom anticipates a mid- to high single-digit percentage increase in total contract revenues, which included the company expectation&nbsp;of around&nbsp;$35 million of acquired <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">contract revenues for the quarter</a>.
Adjusted EBITDA margin is projected to increase by about 25 basis points Y/Y.
Investors can gain exposure to the stock via&nbsp;First Trust RBA American Industrial Renaissance ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIRR#NASDAQ">AIRR</a>) and&nbsp;Hilton Small-MidCap Opportunity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCO#NASDAQ">SMCO</a>).
Price Action: DY shares are up 3.06% at $209 premarket at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/42083607" target="_blank" rel="noreferrer noopener">As Spirit Airlines Files For Bankruptcy Experts Weigh Potential Impact On Flight Prices: &#8216;This Is Not A Black And White Situation&#8217;</a></li>
</ul>

Earnings

Equities

Mid Cap

Guidance

Movers

AIRR

SMCO

Dycom Industries Posts Strong Q3 Results: EPS Beats Estimates By 14%

Rosenblatt analyst Catharine Trebnick maintains Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Buy and raises the price target from $90 to $100.

FTNT

Rosenblatt Maintains Buy on Fortinet, Raises Price Target to $100

ACXP

Acurx Pharmaceuticals Announced Today That The Company's Board Of Directors Approved The Purchase Of Up To $1 Million In Bitcoin To Hold As A Treasury Reserve Asset

Biotech

GDTC

CytoMed Therapeutics Has Dosed The First Patient In Its First-In-Human Phase I Dose-Escalation ANGELICA Trial Of Allogeneic NKG2DL-targeting Chimeric Antigen Receptor-Grafted Gamma Delta T Cells In Patients With Advanced Solid Tumors Or Hematological Malignancies

LuxUrban Hotels (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUXH#NASDAQ">LUXH</a>) reported quarterly sales of $13.10 million which missed the analyst consensus estimate of $28.05 million by 53.30 percent. This is a 58.02 percent decrease over sales of $31.21 million the same period last year.

Earnings Misses

LUXH

LuxUrban Hotels Q3 Sales $13.10M Miss $28.05M Estimate

TANDEM will support global regulatory filings for the 10 mg obicetrapib and 10 mg ezetimibe fixed-dose combination in adult patients with heterozygous familial hypercholesterolemia ("HeFH") and/or atherosclerotic cardiovascular disease ("ASCVD") or multiple ASCVD risk factors, whose LDL-C is not adequately controlled, despite being on maximally tolerated lipid-lowering therapy.

NAMS

NewAmsterdam Pharma Announced Topline Data From Its Phase 3 TANDEM Trial, Meeting All Co-Primary Endpoints, Including The Obicetrapib-Ezetimibe Fixed Dose Combination Achieving An LS Mean Reduction Of 48.6% Compared To Placebo At Day 84

VYGR

Voyager Selects Tau Silencing Gene Therapy Development Candidate For Alzheimer's Disease; VY1706 Demonstrates Significant Reductions Of Tau At Low Doses In NHP Study; IND, CTA Filings Anticipated In 2026

RVYL

Ryvyl Amended The Previously Announced Non-binding Memorandum Of Understanding For The Full Repayment And Termination Of An 8% Senior Convertible Note And The Redemption Of All Shares Of The Company's Series B Convertible Preferred Stock

U.S. stocks could open on a tentative note on Wednesday amid <a href="https://www.benzinga.com/news/global/24/11/42064198/putin-revises-nuclear-doctrine-for-broader-strikes-after-us-backed-ukrainian-attack-markets-drop-bonds-gain">simmering geopolitical tensions</a>. Futures of all three major indices were marginally up as investors weighed escalating tensions between Russia and Ukraine, and earnings from AI bellwether Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
U.S. equity markets have had a mixed week so far, with the Dow Jones facing pressure even as the S&amp;P 500 and Nasdaq witnessed sideway movements.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>0.11%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>0.12%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>0.19%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.09%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.13% to $591.05 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.10% to $503.96, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Markets had a second consecutive mixed session, with the Dow Jones closing lower by 0.3% while the S&amp;P 500 edged up. The Nasdaq gained over 1% in the run-up to Nvidia's earnings.
Crude oil prices continued to gain as Russia-Ukraine tensions escalated.
This geopolitical anxiety rubbed off on treasury yields as well, which edged up.
On the economic data front, housing starts in the U.S. declined by 3.1% to 1.311 million in October versus a revised 1.353 million in the previous month. U.S. building permits declined by 0.6% to an annual rate of 1.416 million in October.
Most sectors on the S&amp;P 500 closed on a positive note, with energy, communication services, and consumer discretionary stocks recording the biggest gains on Monday.
However, industrial 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>1.04%</td>
<td>18,987.47</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>0.40%</td>
<td>5,916.98</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.28%</td>
<td>43,268.94</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>0.80%</td>
<td>2,324.83</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Wedbush's Dan Ives expressed upbeat sentiment about Nvidia's earnings, saying that the AI giant could deliver earnings beat and raise guidance as well.
"We expect a drop the mic performance from Nvidia tomorrow night as Godfather of AI Jensen &amp; Co. are the only game in town with $1 trillion of AI Cap-Ex on the way with Nvidia&#8217;s GPUs the new oil and gold in this world."
<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">We expect a drop the mic performance from Nvidia tomorrow night as Godfather of AI Jensen &amp; Co. are the only game in town with $1 trillion of AI Cap-Ex on the way with Nvidia&#39;s GPUs the new oil and gold in this world. We believe $2 billion beat/$2 billion guide higher&#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1858854901801009208?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
While there is optimism among analysts about Nvidia and other AI stocks, the European Central Bank expressed caution about the possibility of an "AI bubble."
&#8220;This concentration among a few large firms raises concerns over the possibility of an AI-related asset price bubble,&#8221; the ECB said in its latest Financial Stability Review, underscoring the increasing dependence of the equity markets on select companies.
This could also be a cause of concern for equity markets beyond the U.S., noted the ECB.
"Also, in a context of deeply integrated global equity markets, it points to the risk of adverse global spillovers, should earnings expectations for these firms be disappointed."
Ryan Detrick, chief market strategist at Carson Group, on the other hand, remained optimistic about equity markets.
"Stocks historically do better in years 1 and 2 of a President who was re-elected vs a new President in office."
<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">Stocks historically do better in years 1 and 2 of a President who was re-elected vs a new President in office. <a href="https://t.co/ndj0ZbE4jp">pic.twitter.com/ndj0ZbE4jp</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1858973644086772112?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
"We are in the third year of this bull market and it is worth noting these years can be on the weaker side of things. Good news is if the bull continues (as we expect) years 4-6 are all quite strong," he added.
<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">We are in the third year of this bull market and it is worth noting these years can be on the weaker side of things. Good news is if the bull continues (as we expect) years 4-6 are all quite strong. <a href="https://t.co/HW2PqVo9QU">pic.twitter.com/HW2PqVo9QU</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1858966050886611130?ref_src=twsrc%5Etfw">November 19, 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/money/how-to-trade-futures">How To Trade Futures</a>
Upcoming Economic Data
Wednesday's economic calendar is fairly light.
<ul>
<li>Fed Gov. Lisa Cooks will speak at 11 a.m. ET.</li>
<li>Fed Gov. Michelle Bowman will speak at 12:15 p.m. ET.</li>
</ul>
Stocks In Focus:
<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock edged up 0.3% in premarket trading on Monday after gaining 4.9% on Tuesday.</li>
<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock surged nearly 12% on Tuesday and gained another 2.7% in premarket trading on Wednesday after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to chalk gains.</li>
<li>Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) is expected to spin off its TV cable channels into separate publicly traded companies. Its stock rose 2.4% in premarket trading.</li>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock fell over 4% in premarket trading after surging more than 31% on Tuesday after appointing a new auditor and submitting a plan to comply with the Nasdaq's listing requirements.</li>
<li>Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) was down by 1.5% in premarket trading after the Chinese EV player reported widening losses due to intense competition.</li>
<li>Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) fell over 18% in premarket trading after the company posted $1.85 earnings per share in the third quarter, well below Street expectations of $2.30.</li>
<li>Investors are awaiting earnings results from Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) today. Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), and The TJX Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) today.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures surged in the early New York session, rising by 0.53% to hover around $69.61 per barrel.
The 10-year Treasury note yield increased to 4.426%.
Major Asian markets ended mixed on Wednesday, while European markets witnessed sideways movement in early trading.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42083607/as-spirit-airlines-files-for-bankruptcy-experts-weigh-potential-impact-on-flight-prices-this-is-not-a-black-and-white-situation">As Spirit Airlines Files For Bankruptcy Experts Weigh Potential Impact On Flight Prices</a></li>
</ul>
Photo courtesy: Wikimedia

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SNOW

US Stocks Poised For Cautious Start As Geopolitical Tensions, Nvidia Earnings Keep Investors Cautious: Tech Bull Expects AI Bellwether To Deliver 'Drop The Mic Performance'

Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) CEO Brian Armstrong has expressed strong support for the newly established Department of Government Efficiency, viewing it as a pivotal opportunity to enhance <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42035165/coinbase-ceo-brian-armstrong-says-doge-department-is-a-once-in-a-lifetime-opprtunity-advocates-abolishing-individual-income-tax">economic freedom in the United States. </a>
What Happened: In a recent <a href="https://x.com/brian_armstrong/status/1858023954776207730">post</a> on X (formerly Twitter), Armstrong described DOGE as a &#8220;once-in-a-lifetime opportunity&#8221; to streamline government operations and reduce its size.
The <a href="https://www.benzinga.com/startups/24/11/42069236/trump-tasked-elon-musk-to-oversee-government-efficiency-heres-how-musk-has-streamlined-costs-at-his-own-companies">Department of Government Efficiency</a> was announced by President Donald Trump on Nov. 13, with Elon Musk appointed to lead the initiative.
The department aims to <a href="https://www.benzinga.com/news/24/11/41965420/elon-musk-vivek-ramaswamy-led-department-of-government-efficiency-opens-account-on-x-says-it-is-working-overtime">optimize federal operations</a> by reducing waste, cutting unnecessary regulations and restructuring agencies to improve efficiency.
Armstrong&#8217;s endorsement of DOGE aligns with his broader vision of increasing economic freedom and reducing governmental overreach. 
He has proposed significant fiscal reforms, including a constitutional amendment to cap government spending at 10% of the Gross Domestic Product (GDP). 
Additionally, Armstrong suggests the creation of a U.S. sovereign wealth fund, where citizens would hold shares and receive dividends from budget surpluses, thereby giving every citizen a stake in the nation&#8217;s financial health.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42072663/bitcoin-etf-options-could-smooth-volatility-become-available-on-robinhood-soon-expert-says">Bitcoin ETF Options Could Smooth Volatility, Become Available On Robinhood Soon, Expert Says</a>
Why It Matters: The establishment of DOGE and Armstrong&#8217;s proposals <a href="https://www.benzinga.com/news/global/24/11/42054220/economics-professor-doubts-impact-of-dogecoin-inspired-elon-musk-led-department-on-federal-deficit-cites-this-as-major-concern">have sparked discussions</a> about the role of blockchain technology and cryptocurrencies in government operations.
Blockchain&#8217;s potential to enhance transparency, reduce fraud and streamline processes could be instrumental in achieving the department&#8217;s objectives.
For instance, blockchain can provide immutable records of transactions, which is beneficial for auditing and compliance purposes.
Armstrong&#8217;s advocacy for DOGE reflects a growing trend among tech leaders to influence public policy and governance. 
By leveraging technological advancements, there is potential to create a more efficient and accountable government structure. 
The collaboration between government entities and private sector innovators like Armstrong and Musk could pave the way for transformative changes in how government services are delivered and managed.
As DOGE begins its operations, the integration of blockchain technology and the adoption of Armstrong&#8217;s fiscal proposals will be closely monitored. 
The success of this initiative could set a precedent for other nations seeking to modernize their governmental frameworks through technology and <a href="https://www.benzinga.com/news/24/11/42026862/musk-and-ramaswamy-seek-spending-cut-wins-where-others-failed">innovative economic policies</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42071904/blackrock-sees-renewed-sense-of-optimism-around-bitcoin">BlackRock Sees &#8216;Renewed Sense Of Optimism&#8217; Around Bitcoin</a></li>
</ul>
Image: Shutterstock

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

Cryptocurrency

COIN

Coinbase CEO Brian Armstrong Backs DOGE Initiative: How Blockchain Could Transform Government Efficiency

ZIM Integrated Shipping Raises Outlook: Sees FY24 Adjusted EBITDA Between $3.3B-$3.6B (Prior View: $2.6B-$3.0B) And Adjusted EBIT Between $2.15B-$2.45B (Prior View: $1.45B-$1.85B)

SLGL

Sol-Gel Received 180-Day Extension to Regain Compliance With Nasdaq Minimum Bid Requirement

TECH

Bio-Techne Partnered With Leader Life Sciences To Distribute Its Portfolio Across The Gulf Cooperation Council Countries, Which Include Bahrain, Oman, Qatar, Saudi Arabia, And The United Arab Emirates

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