With the start of the new year, investors bid farewell to the Santa Claus Rally, as the U.S. stock market extended its weak momentum into January, logging five consecutive losing sessions, the longest <a href="https://www.benzinga.com/news/earnings/25/01/42780825/sp-500-falls-for-5th-straight-session-tesla-tumbles-greed-index-remains-in-fear-zone">negative streak since April.</a>



Just weeks before Donald Trump's second presidential term begins, a sense of uncertainty looms large as investors await clarity on policies that could reshape the American economy and beyond.



The bond market is flashing warning signs that could ripple across the economy. Treasury yields have continued their sharp ascent, with the 30-year yield hitting 4.8%, its highest level in over a year. Rising yields are often seen as a harbinger of higher borrowing costs and potential inflationary pressures, and investors are taking notice.



Reflecting this unease, a widely tracked long-dated Treasury exchange traded fund — the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) — saw record <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42777236/investors-dump-long-dated-treasury-etf-at-record-pace-ahead-of-trumps-white-house-return">monthly outflows in December</a>, a signal of how bond investors are bracing for volatility ahead of Trump's return to the Oval Office.



Higher bond yields typically challenge the stock market, as they make debt financing more expensive for companies while reducing the relative attractiveness of equities.



At the individual company level, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) suffered its worst weekly performance since late October after reporting 2024 deliveries that were 1% lower than the previous year, marking the first year-over-year decline in the company's history. Analysts view 2025 as a pivotal year for the EV leader to address concerns over demand, competition <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42777950/teslas-first-sales-drop-splits-wall-street-2025-will-be-the-prove-it-year">and its growth trajectory.</a>



You might have missed this…



<h1 class="wp-block-heading">Biden Blocks Takeover</h1>



President Joe Biden blocked the $14.9 billion takeover of United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) by Japan&#8217;s Nippon Steel Corp, citing national security concerns. Following the decision, U.S. Steel shares plummeted on Friday, reflecting investor disappointment over the collapsed deal and the uncertainty surrounding <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42787508/biden-blocks-14-9b-us-steel-takeover-shares-plunge">the company's future.</a>



<h1 class="wp-block-heading">Squid Game Mania</h1>



Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>)&#8217;s &#8220;Squid Game&#8221; Season 2 shattered debut records, drawing over 100 million <a href="https://www.benzinga.com/24/12/42751367/netflix-posts-record-debut-with-squid-game-season-2-heres-how-many-people-watched-show">global viewers within days.</a>



<h1 class="wp-block-heading">Ford Sales Surge</h1>



Automaker Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) reported a 9% increase in total U.S. sales last quarter, driven by strong demand for electric vehicles <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42791032/ford-shifts-into-high-gear-q4-total-us-sales-surge-9">and popular truck models.</a>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42790042/us-manufacturing-activity-tops-expectations-in-december-rises-to-9-month-highs">US Manufacturing Activity Tops Expectations In December, Rises To 9-Month Highs</a></li>
</ul>



This image was created using artificial intelligence.

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Goodbye Santa Rally, Tesla Falters On Deliveries, Investors Flee Bonds Ahead Of Trump's Second Term: This Week In The Market

A New York judge on Friday upheld President-elect Donald Trump's criminal conviction while hinting at leniency in sentencing, a significant twist in a <a href="https://www.benzinga.com/topic/donald-trump">high-profile legal battle. </a>



Judge Juan M. Merchan indicated he would likely issue an unconditional discharge, a rare outcome that avoids jail time or probation and allows Trump to pursue appellate options, The New York Times <a href="https://www.nytimes.com/2025/01/03/nyregion/trump-sentencing-hush-money-case-ny.html?campaign_id=190&amp;emc=edit_ufn_20250103&amp;instance_id=143819&amp;nl=from-the-times&#xAE;i_id=136109156&amp;segment_id=187269&amp;user_id=e415429009fa21c5b8b4141c24d72bca">reports</a>.



What Happened: Merchan, in an 18-page decision, ruled against overturning the Manhattan jury's May conviction of Trump on 34 counts of falsifying business records. The charges stemmed from allegations that Trump orchestrated hush money payments during his 2016 campaign to suppress a sex scandal. 



Merchan also rejected Trump's claims that his conviction violated presidential immunity or should be dismissed in light of his recent election victory, the New York Times reports.



The sentencing, scheduled for Jan. 10, ensures Trump's felony status will stand as he takes the oath of office later this month. Prosecutors had pushed for accountability, while the defense argued that any punishment would disrupt Trump's ability to govern.



Also Read: <a href="https://www.benzinga.com/25/01/42779917/trump-wont-announce-strategic-bitcoin-reserve-via-executive-order-says-analyst-he-would-likely-buy-btc-in-the-background">Trump Won&#8217;t Announce Strategic Bitcoin Reserve Via Executive Order, Says Analyst: &#8216;He Would Likely Buy BTC In The Background&#8217;</a>



Why It Matters: Trump's impending sentencing solidifies his position as the first U.S. president to assume office with a felony conviction. Merchan's decision highlights the judiciary's role in balancing presidential immunity concerns against the principle of equal accountability under the law. 



Trump's legal team could still pursue an appeal to delay sentencing, further entwining legal and political challenges as his presidency begins.



Adding broader implications, concerns over Trump's economic strategies — termed "Maganomics" — have resurfaced. Economists have raised fears of inflationary policies and long-term instability, despite short-term growth projections. Experts warn Trump's return could amplify economic unpredictability, impacting markets <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42763635/trump-administration-will-be-an-unpredictability-machine-economists-warn-maganomics-could-hinder-long-term-growth">and global relations.</a>



As legal scrutiny and economic uncertainty converge, Trump's presidency is poised to navigate uncharted territory, shaping both domestic policy and international perceptions.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/25/01/42795508/mike-johnson-wins-reelection-as-speaker-of-the-house-2-republicans-reverse-course-after-holding-out">Mike Johnson Wins Reelection As Speaker Of The House: 2 Republicans Reverse Course After Holding Out</a></li>
</ul>



Photo: Shutterstock

Politics

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Trump's Felony Stands As Sentencing Nears: Judge Signals Leniency

The Sixth Circuit Court of Appeals officially pulled the plug <a href="https://www.benzinga.com/government/regulations/25/01/42779998/6th-circuit-strikes-down-fcc-net-neutrality-rules-in-blow-to-biden-administrations-internet-regulation-agenda">on net neutrality</a>.



What Happened: On Jan. 2, the court ruled that the Federal Communications Commission lacks legal authority to reclassify broadband as a "telecommunications service" under Title II of the Communications Act. 



Instead, a three-judge panel of the Cincinnati-based Sixth Circuit declared that broadband is an &#8220;information service.&#8221; This distinction matters because "information services" are subject to lighter regulatory oversight.



The court essentially overturned rules first established under the Obama administration in 2015, which prohibited ISPs from throttling speeds, blocking access, or prioritizing certain websites or services for a fee. 



The first Trump administration repealed those rules in 2017. The FCC voted last April to reinstate net neutrality by reclassifying broadband. The attempt received a decisive burial under the new ruling, marking a major defeat for the outgoing Biden administration.



See Also: <a href="https://www.benzinga.com/etfs/sector-etfs/25/01/42795070/global-ev-sales-poised-to-grow-in-2025-3-etfs-in-focus">Global EV Sales Poised To Grow In 2025 — 3 ETFs In Focus</a>



Why It Matters: The decision could reshape how Americans access and pay for the internet. It also gives internet service providers a victory lap while potentially stranding consumers and tech giants in the slow lane.



FCC Chair Jessica Rosenworcel, a staunch supporter of net neutrality, is urging Congress to step in and legislate an open internet.



&#8220;Consumers across the country have told us again and again that they want an internet that is fast, open and fair. With this decision it is clear that Congress now needs to heed their call, take up the charge for net neutrality and put open internet principles in federal law,&#8221; she said. 



Meanwhile, incoming FCC chair Brendan Carr, who voted against net neutrality's reinstatement in 2024, welcomed the court&#8217;s decision. He called Biden's attempt to restore the rules an "internet power grab."



"President Biden's entire plan rested on the Chicken Little tactic of persuading Americans that the Internet would break in the absence of these so-called ‘net neutrality' regulations," Carr said in a <a href="https://docs.fcc.gov/public/attachments/DOC-408580A1.pdf">statement</a>.



Former FCC chair Ajit Pai also praised the court's decision, urging a focus on expanding internet access rather than resurrecting net neutrality.



<h3 class="wp-block-heading">Why Big Telecom Is Smiling</h3>



The ruling is a victory for ISPs like Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), Verizon Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), and AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>), which now enjoy greater freedom to manage their networks without regulatory constraints. 



These companies can explore tiered pricing models, prioritize certain types of traffic, and charge content providers for faster delivery.



For years, ISPs have argued that deregulation spurs innovation and investment. Industry group USTelecom, which represents major ISPs, hailed the court's decision as a win for "American consumers," promising it would lead to more competition, investment, and faster internet services, especially in rural and underserved areas.



<h3 class="wp-block-heading">Equipment Makers Could Cash In</h3>



Network infrastructure providers like Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), Ericsson (NASDAQ: , and Nokia Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nok#NYSE">NOK</a>) stand to benefit as ISPs ramp up capital expenditures to upgrade and expand their networks. 



If ISPs follow through on promises to improve infrastructure, these firms could see heightened demand for their routers, switches, and fiber technologies.



<h3 class="wp-block-heading">Who Loses? Consumers</h3>



For everyday internet users, the implications of this decision are murky and potentially grim. While ISPs argue that deregulation will lead to better services, consumers might find themselves paying more for the same internet access.



Critics warn that the decision could limit competition, as ISPs consolidate power and consumer choice shrinks. Advocacy groups like Free Press have raised concerns that this ruling will create an uneven internet, where access and quality depend on your ability to pay.



Past net neutrality violations include: 



<ul>
<li>Comcast allegedly <a href="https://www.theverge.com/2018/6/11/17438638/net-neutrality-violation-history-restoring-internet-freedom-order?utm_source=chatgpt.com">throttling</a> users&#8217; internet speeds in 2007.</li>



<li>AT&amp;T <a href="https://www.freepress.net/sites/default/files/legacy-policy/att-factsheet-fp.pdf">restricting</a> the use of Apple&#8217;s FaceTime application over its cellular network and limiting it to customers on specific data plans in 2012.</li>



<li>Verizon <a href="https://www.dailydot.com/debug/net-neutrality-violations-history/?utm_source=chatgpt.com">blocking</a> text messages from NARAL Pro-Choice America, a pro-choice organization, in 2007.</li>



<li>Sprint, Verizon, and AT&amp;T favoring access to their own mobile payment solutions over Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google Wallet.</li>
</ul>



The absence of net neutrality could mean headaches for companies like Alphabet, Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>).



These content providers may now be forced to pay ISPs for "fast lane" access to ensure their services run smoothly. While giants like Netflix and Alphabet can absorb the costs or negotiate favorable deals, smaller content providers may not be so lucky.



<h3 class="wp-block-heading">Startups, Small Businesses Lose Equal Footing</h3>



Startups that rely on equal access to the internet are likely to suffer the most. In a world without net neutrality, deep-pocketed tech firms can afford to pay for speed advantages, but startups and small businesses could face slower connections and higher costs, limiting their ability to compete.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42792034/biden-blocks-us-steel-deal-whats-next-for-x-stock">Biden Blocks US Steel Deal: What&#8217;s Next For X Stock?</a></li>
</ul>



Image: Shutterstock

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The Death Of Net Neutrality: Winners, Losers, What It Means For Future Of The Internet

U.S. Rep. Mike Johnson (R-La.) has been re-elected as speaker of the house after a close vote Friday that needed meetings with holdouts to change their votes as the new session of<a href="https://www.benzinga.com/topic/congress"> Congress began Friday.</a>



What Happened: Johnson faced pressure from several Republican holdouts ahead of Friday's vote due to his handling of a recent government spending bill that nearly saw <a href="https://www.benzinga.com/politics/24/12/42599154/elon-musk-as-speaker-of-the-house-rand-paul-shows-support-says-people-would-lose-their-ever-lovin-minds">a government shutdown.</a>



On Friday, the first ballot for speaker saw an unofficial tally of 216 votes for Johnson and 215 votes for Rep. Hakeem Jeffries (D-N.Y.) with three Republicans choosing to not vote or picking someone different.



Before the first ballot closed, several members of Congress held meetings and conducted phone calls to race and get the support Johnson needed to prevent more voting rounds from happening, as <a href="https://www.washingtonpost.com/politics/2025/01/03/house-speaker-vote-live-updates/">reported </a>by the Washington Post.



Reps. Ralph Norman (R-S.C.) and Keith Self (R-Texas) changed their votes in support of Johnson to push him to the 218 votes needed out of 434 to secure the majority. Rep. Thomas Massie (R-Ky.) did not switch his vote, supporting Rep. Tom Emmer for speaker instead.



All 215 Democrats voted for Jeffries on the first ballot.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent010325">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



Why It's Important: Johnson's win comes after <a href="https://www.benzinga.com/25/01/42757258/trump-advocates-for-mike-johnsons-speakership">he recently received</a> President-elect Donald Trump's support for the speaker role.



Elon Musk, who previously criticized Johnson's handling of the spending bill, showed <a href="https://x.com/elonmusk/status/1874640771208691832">support </a>on Jan. 1 for Johnson.



The last-minute changing of votes by two of the three holdouts led to only one round of voting being needed. Further rounds of voting could have seen more Congress members choose to not support Johnson as he faced more than three question marks among members heading into Friday's vote.



A division among Republican members of Congress could have been a bad look for the political party, which now has control of both chambers of Congress and the White House. 



When it looked like Johnson wouldn't secure the win, Jeffries took to X comment on the party:



"The GOP Civil War is in full swing. And it's only Day 1," Jeffries <a href="https://x.com/RepJeffries/status/1875247988899209559">tweeted</a>.



A tweet from former Rep. Matt Gaetz <a href="https://x.com/mattgaetz/status/1875191893140918545">saying </a>Johnson would be elected speaker Friday on the first vote received a Community Note before the official results of the first ballot were completed.



Massie <a href="https://x.com/RepThomasMassie/status/1875264260252783025">commented </a>on the tweet "this one didn't age well" before later replying again that "actually looks like mine didn't age well."



On prediction markets like Polymarket and Kalshi, Johnson's odds for speaker re-election were above 90% prior to the spending bill and near government shutdown items in December where his odds dropped to less than 67% on each platform, as Benzinga previously reported.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42783501/us-house-speaker-vote-could-derail-market-friendly-legislation-experts-warn-cast-into-doubt-whether-congress-can-achieve-anything-market-friendly">US House Speaker Vote Could Derail Market-Friendly Legislation, Experts Warn: &#8216;Cast Into Doubt&#8230;Whether Congress Can Achieve Anything Market-Friendly&#8217;</a></li>
</ul>



Photo: Shutterstock

News

Mike Johnson Wins Reelection As Speaker Of The House: 2 Republicans Reverse Course After Holding Out

<h1 class="wp-block-heading">New On The Block</h1>



Vera Bradley Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRA#NASDAQ">VRA</a>) <a href="https://www.benzinga.com/24/12/42439021/vera-bradley-reports-30-sales-drop-in-q3-amid-business-model-transition-stock-slips">sales are down</a>. 



The handbag brand&#8217;s largest shareholder, Fund 1 Investments LLC, isn&#8217;t happy about it. A Dec. 30 <a href="https://www.businesswire.com/news/home/20241230656224/en/Fund-1-Sends-Letter-to-Vera-Bradley%E2%80%99s-Board-of-Directors-Highlighting-the-Opportunity-for-Value-Enhancing-Strategic-Alternatives">letter</a> to the board referred to co-founder Barbara Bradley Baekgaard&#8216;s designs as &#8220;iconic&#8221; and &#8220;synonymous with innovation and disruption for decades." 



But after the compliments came the critique: Fund 1 takes issue with Vera Bradley&#8217;s questionable capital allocation, poor operational performance and a failed brand turnaround, all compounded by tough macroeconomic conditions for fashion brands. What's the solution, according to Fund 1? A "strategic alternatives process" to explore selling the company to a larger organization or taking it private.



Also for sale, as of this week:



<ul>
<li>Imagination Technologies Group Limited, a British semiconductor and software design company owned by private equity firm Canyon Bridge Capital Partners, is up for sale. Lazard is shopping it around, according to <a href="https://www.bloomberg.com/news/articles/2025-01-03/chipmaker-imagination-s-owners-tap-lazard-to-search-for-buyer?srnd=phx-deals">Bloomberg</a>. </li>



<li>Skin care startup Minimalist is considering a $350 million deal, TechCrunch <a href="https://techcrunch.com/2025/01/03/hindustan-unilever-minimalist-acquisition/?guccounter=1">reported</a>. On the buy side is Hindustan Unilever Ltd., which recently purchased Oziva and Wellbeing Nutrition. Hindustan Unilever's skincare offerings include Dove and Pond's. Jaipur-based Minimalist reported an 89% revenue growth to $40.8 million in fiscal year 2024.</li>
</ul>



<h1 class="wp-block-heading">Off The Block</h1>



SouthState Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSB#NYSE">SSB</a>) has finalized its $2 billion stock acquisition of Texas-based Independent Bank Group, potentially signaling a wave of regional bank mergers. Key drivers include regional bank stock price growth, lower interest rates improving deposit profitability, and anticipated deregulation under Trump&#8217;s administration.



Hookipa Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOK#NASDAQ">HOOK</a>) is acquiring Poolbeg Pharma in an all-stock deal. Hookipa shareholders retain rights to milestone payments from Gilead&#8217;s hepatitis B partnership and proceeds from the HB-200 program. 



See Also: <a href="https://www.benzinga.com/24/12/42726550/stanley-druckenmiller-loaded-up-on-regional-banks-ahead-of-trumps-election-win">Stanley Druckenmiller Loaded Up On Regional Banks Ahead Of Trump&#8217;s Win</a>



<h1 class="wp-block-heading">Bankruptcy Block</h1>



Mitch Modell, the ex-CEO of the Modell's sporting goods chain, wants to revive bankrupt retailers Party City and Big Lots. He plans to raise $1 billion and keep 33,000 jobs afloat. He also wishes to name his 20-something sons, Matthew and Maxwell, as co-presidents, according to the <a href="https://nypost.com/2024/12/30/business/former-modells-owner-wants-to-save-bankrupt-retailers-party-city-big-lots-our-goal-is-to-save-33k-jobs/">New York Post</a>.



Modell, known for the catchy "Gotta go to Mo's" jingle, had his eureka moment at none other than Mar-a-Lago, where he decided the struggling chains needed a sporting goods flair. His vision includes ditching Big Lots' bulky furniture and sprucing up Party City with sportswear and footwear — because nothing says "Happy Birthday" like a new pair of sneakers.



To keep prices low, Modell plans to tap factories in China, Mexico and India, courtesy of Source One Global. He's also enlisted other former CEOs, such as Larry Meyer (Forever 21) and Demos Parneros (Barnes &amp; Noble) to help evaluate the deal.



<h1 class="wp-block-heading">Notes From The Block</h1>



In 2025, the incoming Trump administration is expected to be friendlier to media conglomerates looking to conduct mergers, compared to the Biden administration. "The overwhelming mood is positive from an M&amp;A perspective," Christopher Vollmer, managing director at MediaLink, told <a href="https://variety.com/2025/biz/news/media-mergers-acquisitions-2025-deals-1236263982/">Variety</a>. "People are looking to kick off M&amp;A activity in the first quarter of 2025."



But people forget that Trump wasn&#8217;t exactly cordial to dealmakers the last time he was in office. The previous&nbsp;Trump&nbsp;administration, from 2016 to 2020, blocked and sued or threatened to block a lot of big deals. 



If you recall:



<ul>
<li>AT&amp;T (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) and Time Warner <a href="https://www.benzinga.com/news/17/11/10748659/at-t-resists-doj-order-to-divest-time-warners-cnn-for-merger-approval">failed to ink a deal</a>. Regulators argued that it could increase prices for consumers and disadvantage rival distributors.</li>



<li>Sinclair Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBGI#NASDAQ">SBGI</a>) and Tribune Media faced resistance due to concerns about consolidation in the broadcast industry. Sinclair <a href="https://www.benzinga.com/m-a/24/11/41805370/jim-cramer-hopes-m-a-to-come-back-bigly-under-trump-administration">paid a hefty fee</a> for whiffing.</li>



<li>Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) and Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), had they merged, could have affected U.S. national security, a federal <a href="https://www.investors.com/news/technology/broadcom-buyout-of-qualcomm-looking-doubtful-after-federal-probe/">probe</a> showed.</li>



<li>DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) and FanDuel: A merger of the two largest daily fantasy sports platforms was blocked to preserve competition in the industry.</li>
</ul>



The Department of Justice also mandated divestitures in major transactions. For example:



<ul>
<li>Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) had to divest Celgene&#8217;s Otezla treatment to resolve concerns about reduced competition in the market for psoriasis drugs.</li>



<li>Harris Corp. was required to sell parts of its military communications business to proceed with its merger with L3 Technologies, creating the company L3Harris Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>)</li>
</ul>



These interventions reflected the DOJ's focus on preventing market dominance. Should M&amp;A volume under Trump be comparable to the last four years, deal pros can&#8217;t blame anyone but themselves. 



Now Read:



<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/12/42746253/bring-it-on-angry-birds-producer-namit-malhotra-ready-for-cinema-ai-era">&#8216;Bring It On&#8217;: Angry Birds Producer Namit Malhotra Is Ready For The AI Era Of Cinema</a></li>
</ul>

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Deal Dispatch: Vera Bradley Is A Mixed Bag, Modell's Ex-CEO Explores Party City

United States Steel Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) is caught in a whirlwind of challenges. From technical bearish signals to a major acquisition roadblock, the <a href="https://www.benzinga.com/quote/X/news">stock is under pressure</a>. 



Yet, analysts believe opportunities may still exist for investors willing to ride out the storm.



<h2 class="wp-block-heading">Bearish Signals Dominate X Stock Charts</h2>



US Steel's stock performance has been disappointing, with a 36.74% decline over the past year, compounded by 22.76% and 19.64% drops in six months and the past month, respectively. 



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010325&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="625" height="492" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/03113045/Screenshot-2025-01-03-at-10.00.25-PM.png" alt="" class="wp-image-717452" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/03113045/Screenshot-2025-01-03-at-10.00.25-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/03113045/Screenshot-2025-01-03-at-10.00.25-PM-300x236.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></a></figure>



<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010325&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Key technical indicators suggest bearish momentum is strong. The stock price of $30.48 is below its eight, 20, 50 and 200-day simple moving averages, with the MACD indicator at a negative 1.63 reinforcing a negative outlook.



Read Also: <a href="https://www.benzinga.com/markets/25/01/42780788/us-steel-tumbles-nearly-10-in-overnight-trading-on-robinhood-as-biden-reportedly-plans-to-block-149b-nippon-steel-merger">US Steel Tumbles Nearly 10% In Overnight Trading On Robinhood As Biden Reportedly Plans To Block $14.9B Nippon Steel Merger</a>



<h2 class="wp-block-heading">Biden Blocks NSC's $55-Per-Share Bid</h2>



In a dramatic twist, President Joe Biden officially blocked Nippon Steel Corp's (OTCPK:NISTF) (OTCPK:NPSCY) $55-per-share bid for US Steel, citing national security and supply chain concerns. This decision ends the 382-day acquisition saga, leaving both <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42787508/biden-blocks-14-9b-us-steel-takeover-shares-plunge">US Steel and NSC reeling.</a>



JPMorgan analyst Bill Peterson expects a sharp decline in the stock, potentially into the high $20s. However, he remains constructive, with a valuation outlook above $40, emphasizing US Steel&#8217;s growth prospects.



<h2 class="wp-block-heading">What Lies Ahead?</h2>



Peterson outlines two potential paths for US Steel. The company could remain a standalone entity, focusing on its Big River Steel operations and transitioning legacy blast furnace assets. 



Alternatively, domestic players like Cleveland-Cliffs Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) may bid for parts of the company. Cleveland-Cliffs has already shown interest in acquiring blast furnace assets, though antitrust issues could complicate a deal.



<h2 class="wp-block-heading">Market Challenges Add Pressure</h2>



The steel market itself is not providing much relief. Hot-rolled coil prices, currently at $694–$675 per ton, remain well below benchmarks set by competitors like Nucor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) and Cleveland-Cliffs. 



With auto demand softening and construction activity reliant on potential rate cuts, the outlook for steel pricing through 2025 remains cautious, the analyst notes.



<h2 class="wp-block-heading">Long-Term Potential</h2>



Despite the current turbulence, Peterson highlights US Steel's growth drivers, including the Big River Steel expansion and new product lines. 



He sees the stock's standalone valuation supported by these initiatives, although investors may need patience to realize gains.



<h2 class="wp-block-heading">Takeaway</h2>



While US Steel faces immediate hurdles, its long-term potential remains intact, particularly if market dynamics improve or strategic domestic deals materialize. 



Investors should weigh these factors carefully as the company navigates a challenging landscape.



Read Next: 



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Photo: Vladimir Mulder/Shutterstock.com

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Biden Blocks US Steel Deal: What's Next For X Stock?

Wall Street staged a vigorous rebound on Friday, potentially snapping a five-day losing streak, the longest since April, as investors stepped back into the <a href="https://www.benzinga.com/markets">market with renewed optimism.</a>



The major indices all traded in the green, with the Nasdaq 100 leading the charge. Notably, every S&amp;P 500 sector posted gains, underscoring broad-based strength across the market.



On the economic front, the latest ISM Manufacturing PMI exceeded expectations, signaling a healthier-than-anticipated manufacturing sector in December. This marked the second consecutive month of expansion. 



Treasury yields edged higher, with the 30-year yield ticking up to 4.80%. Richmond Fed President Thomas Barkin hinted at a hawkish tone during his speech at the Maryland Bankers Association, highlighting the need to keep restrictive monetary policy to counter persistent inflation risks.



In commodities market, crude oil prices climbed over 1%, settling at $73.82 per barrel, marking their sixth consecutive session of gains. In contrast, natural gas prices tumbled nearly 8%, pressured by updated weather forecasts pointing to milder-than-expected winter conditions in the coming weeks and a smaller-than-anticipated storage draw for the <a href="https://www.benzinga.com/25/01/42790572/us-natural-gas-prices-drop-sharply-as-new-weather-forecasts-lower-weekly-inventory-pull-weigh-on-demand">week ending Dec. 27.</a>



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 1% to $98,000, extending its winning streak to four consecutive sessions. 



<h1 class="wp-block-heading">Friday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day % chg</td></tr><tr><td>Nasdaq 100</td><td>21,301.47</td><td>1.6%</td></tr><tr><td>S&amp;P 500</td><td>5,935.81</td><td>1.1%</td></tr><tr><td>Russell 2000</td><td>2,254.96</td><td>1.0%</td></tr><tr><td>Dow Jones</td><td>42,610.07</td><td>0.5%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:20 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010225&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">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>) rose 1.1% to $590.80.</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;rose 0.7% to $426.64.</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>) rose 1.5% to $517.68.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 1.1% to $223.58.</li>



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



<h1 class="wp-block-heading">Friday&#8217;s Stock Movers</h1>



<ul>
<li>United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) tumbled nearly 6% after President Joe Biden vetoed Nippon Steel's proposed acquisition citing national security concerns and potential risks to the domestic supply chain. In response, the two companies released a joint statement pledging to take all necessary action to protect their legal rights.</li>



<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) gained 4.4% on Friday, partially recovering from Thursday's 6% decline. Despite the uptick, the stock remains poised for its worst weekly performance since early October.</li>



<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) dropped 7.4% on Friday, extending losses as the fallout from Hindenburg Research&#8217;s short report, released on Thursday, continued to pressure the stock.</li>
</ul>



U.S. automakers experienced significant price actions following the release of fourth-quarter delivery numbers. After Tesla's disappointing results on Thursday, several rivals delivered upbeat reports:



<ul>
<li>General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>): Reported a 21% year-over-year increase in U.S. sales for the fourth quarter.</li>



<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>): Posted a 9% year-over-year rise in sales for the same period. Ford rose 1.9%.</li>



<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) announced it delivered 14,183 vehicles last quarter, surpassing both the 13,972 units delivered a year ago and the Street&#8217;s consensus estimate of 13,000. Shares rocketed over 22%. </li>
</ul>



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42792034/biden-blocks-us-steel-deal-whats-next-for-x-stock">Biden Blocks US Steel Deal: What&#8217;s Next For X Stock?</a></li>
</ul>



Photo: Shutterstock

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Wall Street Rebounds After Five-Day Slump, Automakers Move, US Steel Tumbles: What's Driving Markets Friday?

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) analysts are cautious after fourth-quarter deliveries came in below consensus estimates and production fell <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42766117/tesla-stock-tumbles-on-q4-deliveries-whats-going-on">below delivery figures. </a>



The Tesla Analysts: Canaccord Genuity analyst George Gianarikas maintained a Buy rating on Tesla. He also raised the price target from $298 to $404.



GLJ Research analyst Gordon Johnson maintained a Sell rating with a price target of $24.86.



Truist analyst William Stein maintained a Hold rating and lowered the price target from $360 to $351.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42777950/teslas-first-sales-drop-splits-wall-street-2025-will-be-the-prove-it-year">Tesla&#8217;s First Sales Drop Splits Wall Street: &#8216;2025 Will Be The Prove It Year&#8217;</a>



Canaccord: A key question after Tesla's fourth-quarter delivery miss was whether to downgrade the rating on the stock, Gianarikas said.



"Despite weaker-than-expected deliveries, we are sticking with our BUY and raising our target," Gianarikas said.



The analyst's price target is based on a price-to-earnings ratio of around 40x 2027 estimated earnings per share of $10.11.



"We feel this multiple is justified based on the multiples and growth rates of Tesla's comp set – which we deem to be a group of megacap tech stocks, including Alphabet, Amazon, Apple, Meta, Microsoft, and Nvidia."



Gianarikas said these six stocks trade at a median of 23x 2027 estimated earnings per share, but have a combined revenue growth rate around half of the estimate for Tesla from 2025 through 2027.



"Longer term, Tesla also has a generational set of growth opportunities ahead, including EVs, autonomy/AI, energy storage, and robotics." &nbsp;



The Buy rating stays with one of the key catalysts being new products coming in 2025, the analyst said.



"We are suckers for new product stories. Tesla tends to deliver excitement when it refreshes its portfolio."



GLJ Research: Weaker than expected delivery and production figures from Tesla could suggest "stormy weather" ahead for Tesla bulls in 2025, Johnson said in a new investor note.



Johnson asks questions in the note about Tesla CEO Elon Musk's previous comments about having access to real-time data on vehicle orders and the ability to make pricing, production and inventory decisions quickly compared to a longer lead time for other automotive companies.



"With TSLA producing just 459.445K cars in 4Q24 vs. stated capacity of &gt;587.5k or utilization of just 78.2%, in this note we attempt to answer the question," Johnson said.



Johnson suggests production of 459.445k could be the "new run-rate" for Tesla based on global demand, which would mean demand has peaked at less than two million cars sold per year.



This would mean that Street consensus estimates of more than two million vehicle sales for Tesla in 2025 and future years would be off, Johnson said.



Tesla had inventory of 96.033k units in the fourth quarter. That&#8217;s the lowest level since the first quarter of 2023, Johnson said.



"The record drawdown of TSLA's inventory seen in 4Q24 suggests they see demand headwinds as imminent."



Johnson said Tesla stock could come under "significant selling pressure" with investors turning to fundamentals.



The analyst predicts Tesla's upcoming fourth-quarter earnings report this month will be a "bloodbath quarter."



Truist: Deliveries and production were lower than Street estimates in the fourth quarter. This caused an inventory burn, Stein said in a new investor note.



Fourth-quarter deliveries were 4.4% below his estimates, while production was 12.7% below his estimates and below the delivery total.



Stein said data analysis suggests Tesla's average selling prices were down quarter-over-quarter.



"Longer-term, we expect ASPs to continue facing downward pressure as we anticipate TSLA will continue to flex pricing to stimulate demand," Stein said. &nbsp;



The analyst uses a discounted cash flow methodology for the Tesla price target. Stein estimates revenue and profitability for current and future Tesla businesses, including automotive, energy, FSD, Dojo and Optimus.



TSLA Price Action: Tesla stock is up 3% to $389.20 Friday versus a 52-week trading range of $138.80 to $488.54.



Read Next: 



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42772702/tesla-analyst-says-fsd-test-drive-shows-imperfections-not-ready-for-prime-time-yet">Tesla Analyst Says FSD Test Drive Shows Imperfections, &#8216;Not Ready For Prime Time Yet&#8217;</a></li>
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Image: Shutterstock

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Tesla Analysts On Deliveries: EV Stock Could Have 'Stormy Weather' In Short Term, 'Generational Set Of Growth Opportunities' Long Term

Following Surgeon General Vivek Murthy's <a href="https://www.benzinga.com/government/regulations/25/01/42787400/alcohol-increases-cancer-risk-surgeon-general-warns">Friday advisory</a> warning about cancer risks associated with alcohol consumption and calling for updates to health warning labels, Dr. Benjamin Caplan, chief medical officer at the CED Clinic in Massachusetts, Dr. Benjamin Caplan weighed in.



Caplan, a family physician with a unique focus on cannabis medicine, said Murthy's recommendations in which he cited mounting evidence of alcohol's role in <a href="https://www.benzinga.com/general/health-care" target="_blank" rel="noreferrer noopener">cancer development</a> are "a wake-up call."



The advisory &#8220;brings science in line with what many of us in medicine have long seen: alcohol isn't just a harmless social habit — it's a carcinogen," Caplan told Benzinga. 



"For some, it's a nightly ritual; for others, a way to manage stress or sleeplessness. But the damage it leaves behind is undeniable. Alcohol isn't just a drink — it's a risk factor, woven into our culture and quietly eroding our health."



Caplan gave an example of a patient who &#8220;turned to wine to unwind" and was eventually diagnosed with colon cancer. 



"Her story lingers in my mind as a reminder of how deeply alcohol is entrenched in our lives and how devastating its effects can be."



Read Also: <a href="https://www.benzinga.com/government/regulations/24/12/42724338/new-year-2025-how-americas-love-of-cannabis-transformed-social-life-industry-and-health-trends">Cannabis In 2025: Inside America&#8217;s Social, Economic, Wellness Transformation</a>



<h2 class="wp-block-heading">Changing Habits </h2>



Caplan said the challenge is not just about changing habits but about reshaping how we think.



"Alcohol is normalized to the point that alternatives — like cannabis for stress or sleep — are stigmatized or dismissed," he said. 



"But as a physician, my role is clear: to offer knowledge and compassion, to guide patients toward choices that protect their health. We owe it to our patients to meet them where they are but not leave them where they're at. The Surgeon General&#8217;s advisory is a step forward, a chance to save lives — if we're willing to listen and act."



<h2 class="wp-block-heading">Booze Stocks Tank, Cannabis Stocks Rise</h2>



As alcohol stocks drop on the Surgeon General's news, multiple cannabis stocks are on the rise for the first time in a long time.



Tilray Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) is up 1.03%, Green Thumb Industries (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTCQX">GTBIF</a>) up 1.65%, Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) up 2.84% and Sundial Growers Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) up 1.58%. Cresco Labs Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTCQX">CRLBF</a>) is up a healthy 3.272%.



On the other hand, the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>), often viewed as a benchmark for multistate operators, is down 3.06%. Trulieve Cannabis Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) is down 5.6%. 



Now Read: 



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</ul>



Photo courtesy of Dr. Ben Caplan.

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EXCLUSIVE: Cannabis Physician Says Surgeon General's Alcohol Cancer Risk Warning Is 'Wake-Up Call'

Surgeon General Vivek H. Murthy issued an advisory Friday warning about the cancer risks associated with alcohol consumption and calling for updates to health warning labels that haven't been revised since 1988. Murthy also stressed the need to reassess recommended alcohol limits, citing mounting evidence of its role in <a href="https://www.benzinga.com/general/health-care">cancer development</a>. The advisory sent alcohol stocks plunging across the board in Friday morning trading.



"Higher alcohol consumption increases alcohol-related cancer risk, yet only 45% of American adults are aware that consuming alcohol increases their risk of developing cancer," Murthy&nbsp;wrote on X.



<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">NEW: Today, I'm releasing a Surgeon General's Advisory on the causal link between alcohol consumption and increased cancer risk. Alcohol is the 3rd leading preventable cause of cancer in the U.S., contributing to about 100,000 cancer cases and 20,000 cancer deaths each year. <a href="https://t.co/sKTlPAZlFw">pic.twitter.com/sKTlPAZlFw</a>&mdash; Dr. Vivek Murthy, U.S. Surgeon General (@Surgeon_General) <a href="https://twitter.com/Surgeon_General/status/1875150669935685855?ref_src=twsrc%5Etfw">January 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



"Alcohol is a well-established, preventable cause of cancer responsible for about 100,000 cases and 20,000 deaths annually in the United States," Murthy stated. He added that alcohol consumption ranks as the third-leading preventable cause of cancer in the U.S., trailing only tobacco and obesity. 



Murthy's advisory, <a href="https://www.washingtonpost.com/health/2025/01/03/alcohol-cancer-warning-surgeon-general/">noted</a> the Washington Post, pointed to a direct association between alcohol consumption and at least seven types of cancer, including breast, liver and colorectal cancers. The Post pointed out that 16.4% of annual breast cancer cases are attributed to alcohol and that any mandatory changes to the health warning labels would need to be approved by the new Congress coming in under President-elect Donald Trump.



<h2 class="wp-block-heading">Alcohol Makers, Distributor Stocks React</h2>



Stocks of major alcohol companies fell sharply following the announcement, according to Benzinga Pro. 



Brown-Forman Corp. (NYSE: <a href="https://www.benzinga.com/quote/BF-B">BF-B</a>) producer of Jack Daniel's whiskey, is down 2.58%. Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>), distributor of Corona beers and Mondavi wines, declined by 1.5%. Anheuser-Busch InBev (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>) is down 1.84%, Molson Coors Beverage Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>) is down by 3.37%% while the Boston Beer Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAM#NYSE">SAM</a>), maker of Sam Adams, plunged 4.26%. Diageo plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) is trading down 3.15%. 



Photo: <a href="https://www.thecrimson.com/writer/1219214/Courtesy%20of%20U.S.%20Department%20of%20Health%20and%20Human%20Services__/">Courtesy of U.S. Department of Health and Human Services</a>

BF/B

Molson Coors, Diageo, Boston Beer Tumble As Surgeon General Warns 'Alcohol Consumption Increases' Cancer Risk

While it's only three days into the new year, Jan. 3 marks an important anniversary and a day the cryptocurrency world is celebrating. On this day, 16 years ago, Satoshi Nakamoto mined the genesis block of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), forever changing the <a href="https://www.benzinga.com/crypto">world of cryptocurrency.</a>



To celebrate the 16th birthday of Bitcoin, here are 16 fun facts about the cryptocurrency.



1. First Purchase:&nbsp;On May 22, 2010, history was made when&nbsp;Laszlo Hanyecz paid&nbsp;10,000 Bitcoin<a href="https://www.benzinga.com/markets/cryptocurrency/21/05/21185577/anthony-pompliano-launches-bitcoin-pizza-what-you-should-know-and-how-to-buy" target="_blank" rel="noreferrer noopener">&nbsp;for two pizzas</a>&nbsp;from&nbsp;Papa John&#8217;s International. The purchase of the two pizzas became the first goods transacted with Bitcoin.



The&nbsp;pizzas cost around $41 at the time. The Bitcoin used to purchase the pizzas would be worth over $460 million today, based on the current price of the cryptocurrency. May 22 is celebrated as Bitcoin Pizza Day every year.



2.&nbsp;Ethereum Co-Founder Ties To Bitcoin: Vitalik Buterin, one of the co-founders of&nbsp;Ethereum&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>),took a side job in 2011&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/21/09/22811912/5-things-you-might-not-know-about-ethereum-creator-vitalik-buterin" target="_blank" rel="noreferrer noopener">working for Bitcoin Weekly</a>. As a writer, Buterin was paid five Bitcoin for each article written. Later that year, Buterin founded Bitcoin Magazine, where he was the lead writer.



Buterin launched the white paper for Ethereum in late 2013 and officially launched the cryptocurrency on July 30, 2015.



3. Expensive Missing Wallet:&nbsp;James Howells&nbsp;threw out a hard drive in 2013 that contained his digital wallet. The wallet contained 8,000 Bitcoins. Howells, who lives in Wales, is trying to get the local city council to allow him to excavate the landfill in a last-ditch effort to find the hard drive containing the Bitcoin.



Howells offered a portion of the proceeds to the city if it allows him the chance to search. In 2024, Howells sued the<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42232028/remember-james-howells-who-lost-his-hard-drive-with-8000-bitcoins-now-worth-760m-his-ex-girlfriend-reveals-it-was-she-who-threw-it-away"> local city council </a>for not allowing him to excavate the landfill site. Howells&#8217; ex-girlfriend also revealed in 2024 that it was her who threw the hard drive away. Today, the Bitcoin are worth over $700 million.



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42440369/bitcoins-next-move-105000-or-85000-poll-finds-over-60-say">Bitcoin&#8217;s Next Move: $105,000 Or $85,000? Poll Finds Over 60% Say…</a>



4.&nbsp;Satoshi Nakamoto, Still Anonymous?:&nbsp;The creator of Bitcoin remains anonymous to this date.&nbsp;Craig Wright&nbsp;previously fought in<a href="https://www.benzinga.com/markets/cryptocurrency/22/12/30182902/craig-wright-drops-controversial-quest-to-prove-hes-bitcoin-creator-only-validation-i-seek" target="_blank" rel="noreferrer noopener">&nbsp;a court case</a>&nbsp;to claim that he created Bitcoin, but many in the cryptocurrency community doubt the claim. Tesla CEO&nbsp;Elon Musk&nbsp;has<a href="https://www.benzinga.com/markets/cryptocurrency/21/12/24811305/elon-musk-offers-his-theory-on-the-identity-of-bitcoin-godfather-satoshi-nakomoto" target="_blank" rel="noreferrer noopener">&nbsp;supported a theory&nbsp;</a>that computer scientist&nbsp;Nick Szabo&nbsp;created Bitcoin. Szabo is one of a dozen or so names including Wright that are often linked to the identity of Nakamoto.



In 2024, a Bitcoin documentary titled "Money Electric: The Bitcoin Mystery" from investigative filmmaker Cullen Hoback added to the mystery. The documentary <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41242615/peter-todd-is-satoshi-nakamoto-bitcoin-core-developer-denies-hbo-documentary-claims-im-not">said that Bitcoin engineer </a>Peter Todd is most likely Satoshi Nakamoto, a claim which he denied.



The anonymous founder of Bitcoin is estimated to hold between 600,000 and 1.1 million Bitcoin.



5. Bitcoin White Paper:&nbsp;Before the official genesis mint of Bitcoin, there was the idea of the concept that became the cryptocurrency. On Oct. 31, 2008, Satoshi Nakamoto released the&nbsp;white paper&nbsp;called &#8220;Bitcoin: A Peer-to-Peer Electronic Cash System.&#8221; The white paper laid out themes like&nbsp;time-stamped transactions, proof-of-work, privacy and a simplified payment verification method.



&#8220;A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution,&#8221; the opening sentence of the white paper read. Satoshi&#8217;s white paper is considered required reading for anyone in the cryptocurrency space.



6. Nakamoto Statues:&nbsp;Despite Nakamoto being anonymous, a statue&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41255580/satoshi-nakamoto-identity-remains-a-mystery-after-hbo-documentary-bronze-statue-celebrates" target="_blank" rel="noreferrer noopener">was&nbsp;created&nbsp;to honor&nbsp;</a>the Bitcoin founder and unveiled in September 2021. The Satoshi Nakamoto statue can be found in Graphisoft Park, located in Budapest, Hungary. The statue features Satoshi wearing a hoodie with the Bitcoin logo on its chest. The Nakamoto statue is free to visit 24 hours a day. The group behind the sculpture accepts donations made to their crypto wallets to increase awareness for the project.



&#8220;The statue is made of bronze, the face is made of a special bronze-aluminum composite, thus every visitor can see their own face when looking at Satoshi. We are all Satoshi,&#8221; the statue&#8217;s website reads.



In 2024, a new Satoshi Nakamoto statue was unveiled in Lugano, Switzerland. The statue honors the anonymity of Nakamoto by appearing transparent from the front and changing the view based on the angle the statue is viewed.



7. Coinbase Creation:&nbsp;Without the launch of Bitcoin and other cryptocurrencies, many public companies of today that mine cryptocurrency or act as trading platforms might not exist. One of the companies that owes a lot to the creation of Bitcoin is&nbsp;Coinbase Global Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>).



Coinbase founder&nbsp;Brian Armstrong&nbsp;said he started the process of creating Coinbase after reading the Satoshi Nakamoto Bitcoin white paper. Armstrong then started coding an early prototype of Coinbase on nights and weekends. Armstrong and many early Coinbase employees opted to be paid a portion of their salary in Bitcoin.



8. Silk Road Shut Down:&nbsp;One of the knocks against Bitcoin over the years has been the usage of cryptocurrencies for illegal activities due to the anonymity of people making transactions. Online black market Silk Road was one of several marketplaces that used Bitcoin for money laundering, illegal drug transactions and other illegal activities.



The U.S. government seized more than 170,000 Bitcoins in 2013. The government sold off the Bitcoins in auctions in 2014 and 2015.



9.&nbsp;Bitcoin as Currency:&nbsp;One of the biggest cryptocurrency stories of 2021 was the&nbsp;announcement&nbsp;by El Salvador that Bitcoin would become an official currency of the country. El Salvador President&nbsp;Nayib Bukele&nbsp;announced in September that the country purchased 200 Bitcoins and would buy more. The country was the first to adopt Bitcoin as legal tender.



10. Bitcoin Unit Named After Founder:&nbsp;The smallest unit of Bitcoin is called a Satoshi, in reference to the anonymous creator of the cryptocurrency. One Satoshi is equal to 100 millionth of a Bitcoin. The smaller unit size and name are used to help with smaller transactions.



11. Limited Supply:&nbsp;Nearly 20 million Bitcoin have been&nbsp;<a href="https://www.buybitcoinworldwide.com/how-many-bitcoins-are-there/" target="_blank" rel="noreferrer noopener">mined</a>, as of the time of writing. Bitcoin comes with a limited supply of 21 million. After the 21 million Bitcoins are mined, no more will be able to be accumulated through the mining method, leaving only the existing Bitcoin to be bought and sold. This means there are currently around 1.4 million Bitcoin left to be mined.



Estimates call for the last Bitcoin to be mined in 2140, but that number could fluctuate as a rising price of Bitcoin has led more companies to get into Bitcoin mining.



12.&nbsp;Bitcoin Halving:&nbsp;A Bitcoin halving occurs every 210,000 blocks, which<a href="https://www.benzinga.com/money/what-is-bitcoin-how-does-it-work" target="_blank" rel="noreferrer noopener">&nbsp;happens roughly every four years</a>. The block rewards get halved as soon as the 210,000th&nbsp;block is mined.



Bitcoin halving is a method put in place for the cryptocurrency to help enforce synthetic price inflation until all Bitcoin have been mined and released. Theoretically, the Bitcoin halvings that occur should make it more expensive to create new Bitcoins and make the cryptocurrency more valuable.



Bitcoin acts the opposite of fiat currencies like the U.S. dollar with this method as currencies often lose their purchasing power over time instead of becoming more valuable.



The first Bitcoin halving happened on Nov. 28, 2012, followed by halving events in July 2016, May 2020 and April 2024.



13.&nbsp;All-Time Highs In 2021, 2024:&nbsp;Bitcoin enjoyed&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36083106/heres-how-much-100-invested-in-bitcoin-today-will-be-worth-if-crypto-hits-new-all-time-hig" target="_blank" rel="noreferrer noopener">a strong 2021</a>&nbsp;that saw the cryptocurrency added to the balance sheets of&nbsp;Tesla Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>),&nbsp;Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>)&nbsp;and other public companies. The cryptocurrency also hit an all-time high of $68,789.63 in 2021. Bitcoin traded at a range of $28,722.76 and $68,789.63 in 2021.



It took three years for Bitcoin, with 2024 presidential election acting as a catalyst, to hit <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42367065/exclusive-bitcoin-briefly-tops-100000-but-where-do-benzinga-readers-predict-it-will-finish-2024">new all-time highs</a> in 2024. The cryptocurrency continued to hit several new highs including soaring past the $100,000 milestone briefly in late 2024.



14. Market Cap Over $1 Trillion: In 2021, Bitcoin hit a market capitalization of $1 trillion for the first time. The cryptocurrency is the most valuable in the industry, with a market capitalization of $1.92 trillion at the time of writing.



With its current market capitalization, Bitcoin would rank as the sixth most valuable company in the world, trailing only Apple, Nvidia, Microsoft, Alphabet and Amazon.



15. Bitcoin ETFs:&nbsp;One of the top news stories for 2024 surrounding Bitcoin was the<a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36449219/bitcoin-crosses-45k-with-all-eyes-on-etf-countdown-is-jan-10-the-date-that-crypto-changes-" target="_blank" rel="noreferrer noopener"> approval of several Bitcoin ETFs</a>, which came after a federal court ruled against the U.S. Securities and Exchange Commission (SEC) and directed the regulatory agency to review the application from Grayscale Investments to convert its&nbsp;Grayscale Bitcoin Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>)&nbsp;into an ETF.



The Grayscale Bitcoin Trust is one of the top Bitcoin ETFs by assets under management today, ranking second as of the time of writing with $19.3 billion. The iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) ranks first with $52.1 billion, followed by GBTC, Fidelity Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>) and Ark 21Shares Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>).



On July 1, 2013,&nbsp;Gemini&nbsp;founders&nbsp;Cameron and Tyler Winklevoss&nbsp;<a href="https://www.benzinga.com/24/12/42519107/if-you-invested-1000-in-bitcoin-when-the-first-bitcoin-etf-was-filed-heres-how-much-youd-have-today" target="_blank" rel="noreferrer noopener">filed the Winklevoss Bitcoin Trust</a>&nbsp;as a planned Bitcoin ETF. The Winklevoss twins saw their initial filing and a second attempt rejected in 2018.



16. U.S. Election Turns to Crypto: The 2024 U.S. presidential election saw one of the issues on voters' minds being cryptocurrency regulation and support. Donald Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41096120/if-you-invested-1-000-in-bitcoin-when-donald-trump-said-he-wasnt-a-fan-heres-how-much-youd">showed a change of heart </a>after being against crypto.



&#8220;If you like crypto in any form…if you&#8217;re in favor of crypto you&#8217;d better vote for Trump,&#8221; the former president said in 2024.



Trump's campaign team went on to be the first major party campaign to<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38952866/trump-accepts-cryptocurrency-donations-in-bitcoin-ethereum-shiba-inu-dogecoin-and-more-say"> accept cryptocurrency donations</a>, following several primary candidates starting this practice. Donations of Bitcoin, Ethereum, Solana, Tether, XRP, Dogecoin, Cardano, Shiba Inu and Avalanche were accepted by Trump's campaign.



Read Next: 



<ul>
<li>If You Gifted Your Family $100 In Bitcoin, Dogecoin And Ethereum Last Christmas, Here&#8217;s How Much They Would Have This Christmas</li>
</ul>



This article was previously published by Benzinga and has been updated.



This image was created using artificial intelligence MidJourney.

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COIN

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GBTC

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Happy Birthday Bitcoin: 16 Fun Facts About Leading Cryptocurrency

Editor's note: This story has been updated with comments from X and Nippon Steel in paragraph six.



President Joe Biden announced on Friday his decision to block the $14.9 billion acquisition of United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) by Japan's Nippon Steel Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>), citing foreign ownership would threaten national security and <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/03/statement-from-president-joe-biden-13/#:~:text=As%20I%20have%20said%20many,critical%20for%20resilient%20supply%20chains" rel="noreferrer noopener">undermine critical supply chains</a>.



In a statement released by the White House, Biden emphasized the critical role of steel in supporting the nation's infrastructure, defense, and industrial base.



He also highlighted a surge in domestic manufacturing and noted that over 100 new steel and iron mills had been established during his administration.



The President underscored efforts to combat unfair trade practices, including tripling tariffs on steel imports from China. These measures, he said, aim to protect American jobs and restore competitiveness for domestic producers.



"U.S. Steel will remain a proud American company – one that's American-owned, American-operated, by American union steelworkers – the best in the world," he said.



In a joint statement, the companies condemned Biden's decision and called it unlawful. The statement read, "We are dismayed by President Biden's decision to block Nippon Steel's acquisition of U. S. Steel, which reflects a clear violation of due process and the law governing CFIUS. Instead of abiding by the law, the process was manipulated to advance President Biden's political agenda. The President's statement and Order do not present any credible evidence of a national security issue, making clear that this was a political decision. Following President Biden's decision, we are left with no choice but to take all appropriate action to protect our legal rights." See <a target="_blank" href="https://investors.ussteel.com/news-events/news-releases/detail/708/nippon-steel-corporation-and-u-s-steel-condemn-u-s" rel="noreferrer noopener">the complete statement here</a>.



This decision concludes a yearlong saga that drew attention to the iconic Pittsburgh-based company as its fate became entangled in <a target="_blank" href="https://www.benzinga.com/markets/equities/25/01/42779827/joe-biden-to-decide-on-nippon-steels-14-9b-us-steel-acquisition-on-friday-amid-veto-offer-labor-concerns" rel="noreferrer noopener">political and economic debates</a>.



While key Committee on Foreign Investment in the United States (CFIUS) members, including the Justice, Treasury, and State Departments support the deal, U.S. Trade Representative&nbsp;Katherine Tai has raised labor-related concerns.



In a last-minute effort to secure approval, Nippon Steel proposed giving the U.S. government direct veto power over production changes at U.S. Steel's facilities.



The United Steelworkers union, led by President&nbsp;David McCall, strongly <a target="_blank" href="https://www.benzinga.com/markets/25/01/42780788/us-steel-tumbles-nearly-10-in-overnight-trading-on-robinhood-as-biden-reportedly-plans-to-block-149b-nippon-steel-merger" rel="noreferrer noopener">opposed the acquisition as well</a>.&nbsp;



Nippon Steel and U.S. Steel have warned of immediate legal challenges if the deal is blocked, claiming in a Dec. 17 letter that political considerations have influenced the review process.



Critics have expressed concerns that blocking the deal could strain U.S.-Japan relations, as Japan is a significant ally and major foreign investor in the U.S., reported <a target="_blank" href="https://www.nbcnews.com/business/business-news/biden-blocks-japans-nippon-steel-acquiring-us-steel-rcna186073" rel="noreferrer noopener">CNBC</a>.



Price Action: X shares are trading lower by 7.48% at $30.16 at last check on Friday.



Image via Shutterstock

Media

Biden Blocks $14.9B US Steel Takeover, Shares Plunge (UPDATED)

Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) has been a rollercoaster for investors, with a jaw-dropping 327% rally over the past year overshadowed by a 21.97% dip in <a href="https://www.benzinga.com/quote/CVNA/news">the last month</a>. 



But behind the flashy headlines is a stock chart showing signs of fatigue.



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010325&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="629" height="492" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/03042341/Screenshot-2025-01-03-at-2.53.24-PM.png" alt="" class="wp-image-716735" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/03042341/Screenshot-2025-01-03-at-2.53.24-PM.png 629w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/03042341/Screenshot-2025-01-03-at-2.53.24-PM-300x235.png 300w" sizes="(max-width: 629px) 100vw, 629px" /></a></figure>



<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010325&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>



<h2 class="wp-block-heading">Carvana Stock Chart: All Signals Point South</h2>



Carvana&#8217;s stock has dropped below key simple moving averages (Eight, 20 and 50-day), a textbook sign of a bearish trend. Adding to the challenges:



<ul>
<li>The stock&#8217;s price of $199.56 is far below its eight-day SMA of $212.33, signaling bearish short-term momentum.</li>



<li>The gap widens with the 20-day SMA at $231.15 and the 50-day SMA at $235.49, adding further technical pressure.</li>



<li>While the 200-day SMA at $154.62 suggests a bullish longer-term outlook, it offers little solace to short-term traders facing the current downturn.</li>
</ul>



With a MACD of negative 10.08 and an RSI of 28.03, Carvana&#8217;s stock is officially in oversold territory. But oversold doesn't always mean a bargain—sometimes it's just a sign of more trouble ahead.



Read Also: <a href="https://www.benzinga.com/trading-ideas/short-ideas/25/01/42768576/top-2-tech-and-telecom-stocks-that-are-ticking-portfolio-bombs-2">Top 2 Tech And Telecom Stocks That Are Ticking Portfolio Bombs</a>



<h2 class="wp-block-heading">Hindenburg Hits The Brakes</h2>



SShort-seller Hindenburg Research's critical report intensifies bearish sentiment, describing <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42769626/hindenburg-shorts-carvana-stock-claims-used-car-retailers-turnaround-is-a-mirage">Carvana's turnaround a "mirage."</a> Accusations of "accounting manipulation" and "lax underwriting" may not be new, but the timing is impeccable. After all, Carvana has been trading at lofty valuations:



<ul>
<li>Forward P/E of 101—a staggering premium to rivals like CarMax Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) and AutoNation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>).</li>



<li>Sales multiples 845% higher than its peers.</li>
</ul>



Hindenburg even claims the company is inflating its valuation through $800 million in loan sales to a &#8220;suspected undisclosed related party&#8221; and cites insider selling as further evidence of an overheated stock.



Carvana, however, dismissed Hindenburg&#8217;s report as &#8220;misleading and inaccurate,&#8221; reiterating confidence in its 2025 growth plan, as they responded to Benzinga.



<h2 class="wp-block-heading">What Does This Mean For Investors?</h2>



Despite the short report, Carvana shares showed resilience, bouncing back by over 3% on Thursday after a brief dip. But the bigger question is: can the stock sustain its gains, or is this a dead-cat bounce?



With strong selling pressure and a technical setup favoring bears, investors should tread carefully. While oversold conditions can tempt bottom-fishers, the ongoing bearish signals and fundamental concerns from Hindenburg's report suggest Carvana might be stuck in reverse for now.



For those still holding CVNA, it might be time to brace for turbulence as challenges may lie ahead.



Read Also: 



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/12/42713893/benzinga-bulls-and-bears-quantum-computing-tesla-amd-and-whales-buy-270-million-dogecoin-over-4-days">Benzinga Bulls And Bears: Quantum Computing, Tesla, AMD — And Whales Buy 270 Million Dogecoin Over 4 Days</a></li>
</ul>



Photo: Shutterstock

Short Sellers

Short Ideas

Carvana Chart Weakens As Momentum Indicators Turn Bearish, Short Report Hits

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) achieved record electric vehicle sales in China in December, marking a new milestone for the company.



The EV maker reported approximately 83,000 units sold in China during December, a 12.8% increase compared to November, according to a report from <a target="_blank" href="https://cnevpost.com/2025/01/03/tesla-sales-china-dec-2024/" rel="noreferrer noopener">CnEV Post</a>.



This brings Tesla&#8217;s total sales in China for 2024 to around 657,000 vehicles, an 8.8% year-on-year rise, setting another all-time high.



The report noted that China remains a vital market for Tesla, accounting for approximately 196,900 vehicles, or 40% of its global deliveries, in the fourth quarter.



Tesla and other Chinese automakers, including Nio Inc and Li Auto Inc are <a target="_blank" href="https://www.benzinga.com/25/01/42761825/ev-price-war-heats-up-as-chinese-automakers-extend-subsidies" rel="noreferrer noopener">offering substantial discounts </a>and attractive financing options to lure buyers in the world&#8217;s largest automobile market.



Tesla has extended a 10,000 yuan discount on Model Y loans until the month&#8217;s end.



Also Read: <a target="_blank" href="https://www.benzinga.com/25/01/42780335/teslas-evergy-storage-deployements-rise-in-q4-even-as-vehicle-deliveries-disappoint" rel="noreferrer noopener">Tesla&#8217;s Energy Storage Deployments Hit New Highs In Q4 Even As Vehicle Deliveries Disappoint</a>



Tesla reported total 2024 <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/01/42766117/tesla-stock-tumbles-on-q4-deliveries-whats-going-on" rel="noreferrer noopener">deliveries of 1.79 million</a>, down from full-year deliveries of 1.81 million in 2023 and marking the first decline in over a decade.



&#8220;In the&nbsp;fourth quarter, we produced approximately 459,000 vehicles, delivered over 495,000 vehicles and deployed 11.0 GWh of energy storage products – a record for both deliveries and deployments,&#8221; the company said in a news release.



Wedbush analyst <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42777950/teslas-first-sales-drop-splits-wall-street-2025-will-be-the-prove-it-year" rel="noreferrer noopener">Daniel Ives maintained an Outperform</a> rating on Tesla with a $515 price target and said in his note, &#8220;We remain highly confident in Tesla&#8217;s ability to accelerate delivery growth into FY25 with 20%-30% growth.&#8221;



The EV maker will report financial results for the fourth quarter after the market closes on Jan. 29.&nbsp;



The automaker is expected to report earnings of 74 cents per share and revenue of $27.385 billion in the fourth quarter, according to estimates from <a target="_blank" href="https://www.benzinga.com/pro/" rel="noreferrer noopener">Benzinga Pro</a>.



Price Action: TSLA shares are trading higher by 0.52% at $381.24 premarket last check Friday.



Image via Shutterstock.

General

Tesla Hits Record EV Sales In China Despite Global Dip: Report

President Joe Biden is expected to announce his decision on Nippon Steel&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>)&nbsp; $14.9 billion acquisition of United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) as soon as Friday, despite previously expressing opposition to foreign ownership of the iconic American steelmaker.



In a last-minute effort to secure approval, Nippon Steel proposed giving the U.S. government direct veto power over production changes at U.S. Steel&#8217;s facilities, <a href="https://www.cbsnews.com/news/biden-to-announce-decision-us-steel-nippon-as-early-as-friday/">reported</a> CBS News on Thursday, citing sources.



The Japanese steelmaker also offered a 10-year guarantee maintaining production levels at mills across six states, subject to Committee on Foreign Investment approval.



While key CFIUS members including the Justice, Treasury, and State Departments support the deal, U.S. Trade Representative Katherine Tai has raised labor-related concerns. Sources according to the report indicate U.S. Steel may pursue legal action if Biden blocks the acquisition, potentially targeting the administration and rival Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>).



Price Action: U.S. Steel shares closed at $32.60 on Thursday, down 4.09%, before recovering 1.38% in after-hours trading, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>. Nippon Steel shares were seen trading 1.2% higher at JPY 3,182 ($20.23) in Tokyo at the time of writing.



Read Next: 



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<li><a href="https://www.benzinga.com/25/01/42775636/ces-2025-preview-nvidia-amd-in-spotlight-other-trends-and-stocks-to-watch">CES 2025 Preview: Nvidia And AMD Grab Spotlight, Other Trends And Stocks To Watch</a></li>
</ul>



Image via Shutterstock



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

Joe Biden To Decide On Nippon Steel's $14.9B US Steel Acquisition On Friday Amid Veto Offer, Labor Concerns

U.S. stock futures were higher on Friday after indices slipped in the first trading session of 2025. All four index futures advanced in premarket trade.



The S&amp;P 500 index fell for the fifth session on Thursday, continuing its losing streak from the last four days of 2024.



The 10-year and two-year Treasury notes yielded 4.55% and 4.24%, respectively. The probability of having no change in the interest rates for the upcoming Jan. 31, 2025 decision was at 88.8%, according to CME Group&#8217;s FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.40%</td></tr><tr><td>S&amp;P 500</td><td>0.27%</td></tr><tr><td>Dow Jones</td><td>0.20%</td></tr><tr><td>Russell 2000</td><td>0.11%</td></tr></tbody></table></figure>



In premarket trading on Friday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 0.23% to $586 and the Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.35% to $512, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From The Last Session



U.S. stocks <a href="https://www.benzinga.com/news/earnings/25/01/42780825/sp-500-falls-for-5th-straight-session-tesla-tumbles-greed-index-remains-in-fear-zone">fell </a>on Thursday fueled by disappointing Tesla results and mixed economic data. Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLSA#NASDAQ">TLSA</a>) shares plummeted over 6% following the release of their fourth-quarter production and delivery figures.



On the economic front, jobless claims unexpectedly decreased, while manufacturing activity contracted further in December. Construction spending also stalled unexpectedly.



Sector performance was mixed, with consumer discretionary, materials, and real estate leading the declines. However, the energy and utilities sectors bucked the trend and closed higher.



The Dow Jones Industrial Average closed lower by approximately 152 points or 0.36% at 42,392.27, while the S&amp;P 500 fell by 0.22% to 5,868.55 and the Nasdaq Composite slipped 0.16% to 19,280.79. Russell 200 was up 0.06% at 2,231.67.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.16%</td><td>19,280.79</td></tr><tr><td>S&amp;P 500</td><td>-0.22%</td><td>5,868.55 </td></tr><tr><td>Dow Jones</td><td>-0.36%</td><td>42,392.27</td></tr><tr><td>Russell 2000</td><td>0.06%</td><td>2,231.67</td></tr></tbody></table></figure>



Insights From Analysts



As the Santa Rally is seven days long, starting on Christmas Eve, Louis Navellier of Navellier &amp; Associates in his daily market commentary said, &#8220;It appears that the disappointing Santa Claus rally is going to stay that way until it&#8217;s over. We may not know what January is telling us until next week, the first full trading week of the year.&#8221;



He added that &#8220;January in general is when many institutional funds start taking new positions for the new year strategy.&#8221;



As the Russell 2000 index did not fall in trade over the last two trading sessions, Kevin Gordon, the director and senior investment strategist at Charles Schwab said &#8220;Small caps are outperforming big tech in 2025.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Small caps are outperforming big tech in 2025 <a href="https://t.co/lRXCEm3TNq">pic.twitter.com/lRXCEm3TNq</a>&mdash; Kevin Gordon (@KevRGordon) <a href="https://twitter.com/KevRGordon/status/1874928379105075497?ref_src=twsrc%5Etfw">January 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Some analysts have expressed concerns about high valuations in the U.S. equity market. "Optimistic analyst targets, stretched positioning and high valuations leave the market vulnerable to larger pullbacks in our view, should we see any of the rosy projections falling short of lofty expectations,&#8221; said Mario Georgiou, executive director and head of investments at InCred Global Wealth.



"I think all investors agree that valuations are high and fully priced (Trailing P/E of 24+), leaving little room for positive equity returns to come from multiple expansions."



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



Upcoming Economic Data



Only one economic data will be released today.



<ul>
<li>On Friday, ISM manufacturing data for December will be announced at 10:00 a.m., ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was up 1.43% in premarket despite Thursday&#8217;s drop following its lower production and delivery figures. Also, Elon Musk donated 268,000 shares to charity.</li>
</ul>



<ul>
<li>Lifecore Biomedical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFCR#NASDAQ">LFCR</a>) was up 5.26% after it posted better-than-expected results for its second quarter. The company reported a quarterly loss of 25 cents per share, compared to market expectations of a loss of 29 cents per share.</li>
</ul>



<ul>
<li>SPS Commerce Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPSC#NASDAQ">SPSC</a>) was down 3.73% after it reached an agreement to acquire Carbon6 Technologies Inc for $210 million.</li>
</ul>



<ul>
<li>Resources Connection Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGP#NASDAQ">RGP</a>) was up 6.31% after it posted upbeat results for its second quarter. The company reported quarterly earnings of 18 cents per share on sales of $145.60 million.</li>
</ul>



<ul>
<li>Bumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMBL#NASDAQ">BMBL</a>) was down 0.13% after Wolfe Research downgraded the stock to &#8216;peer perform&#8217; from &#8216;market perform&#8217; late Thursday.</li>
</ul>



<ul>
<li>Ondas Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONDS#NASDAQ">ONDS</a>) was up 23.57% after it raised an additional $18.9 million through 3% senior convertible notes due 2026 from an existing note holder.</li>
</ul>



Commodities, Gold And Global Equity Markets:



Crude oil futures were lower in the early New York session by 0.34% to hover around $72.88 per barrel.



The gold spot index was down by 0.03% to $2,668.10 per ounce. The Dollar Index was up 0.27% to 109.097 level.



Asian markets were mixed on Friday as Japan&#8217;s Nikkei 225 and China&#8217;s CSI 300 declined. Whereas, South Korea&#8217;s Kospi, Hong Kong&#8217;s Hang Seng, and Australia&#8217;s ASX 200 index ended higher.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/01/42780567/quantum-computing-stocks-like-rigetti-computing-are-soaring-and-this-etf-lets-investors-participate-in-the-boom-story">Quantum Computing Stocks Like Rigetti Computing Are Soaring And This ETF Lets Investors Participate In The Boom Story</a></li>
</ul>



Photo courtesy: Wikimedia

Market Summary

Economics

Federal Reserve

Pre-Market Outlook

BMBL

LFCR

ONDS

SPSC

TLSA

US Stocks Poised To Open Higher As Futures Advance: Tesla, Bumble, Lifecore Bio In Focus

On Thursday, January 2, U.S. markets closed in the red, with Wall Street ending lower after a day of volatile trading. The session was shaped by strong labor market data, a strengthening dollar, and a decline in Tesla stock. Investors remained cautious, awaiting key employment data and fourth-quarter earnings, while uncertainties over Federal Reserve rate decisions and economic trends continued to weigh on sentiment.



In economic data, U.S. initial jobless claims fell to 211,000 last week, below expectations of 222,000. The S&amp;P Global manufacturing PMI slipped to 49.4 in December, slightly above preliminary estimates. Meanwhile, construction spending stalled in November, missing forecasts for a 0.3% increase after a revised 0.5% gain in October.



Most of the S&amp;P 500 sectors ended lower, led by losses in consumer discretionary, materials, and real estate stocks. In contrast, energy and utilities stocks defied the trend, closing with gains.



The Dow Jones Industrial Average was down 0.36% and closed at 42,392.27, the S&amp;P 500 closed lower by 0.22% at 5,868.60, and the Nasdaq Composite fell 0.16% to finish at 19,280.79.



Asia Markets Today



<ul>
<li>Japan&#8217;s market closed for New Year&#8217;s Day.</li>



<li>On Friday, Australia&#8217;s S&amp;P/ASX 200 closed higher by 0.60% at 8,250.50, led by gains in the Gold, Energy and A-REITs sectors.</li>



<li>India&#8217;s Nifty 50 closed lower by 0.82% at 23,990.15, and the Nifty 500 fell 0.56%, closing at 22,691.70, led by losses in the Technology, Banking, and Capital Goods sectors.</li>



<li>China&#8217;s Shanghai Composite fell 1.57% to close at 3,211.43, while the Shenzhen CSI 300 declined 1.18%, finishing the day at 3,775.16.</li>



<li>Hong Kong Hang Seng closed the session higher by 0.70% at 19,760.27.</li>
</ul>



Eurozone at 05:30 AM ET



<ul>
<li>The European STOXX 50 was down 0.50%.</li>



<li>Germany&#8217;s DAX declined 0.30%.</li>



<li>France&#8217;s CAC fell 0.79%.</li>



<li>U.K.&#8217;s FTSE 100 traded lower by 0.07%.</li>



<li>European stocks dipped amid light post-holiday trading, with the STOXX 600 down 0.2% but set for weekly gains. Traders eyed economic data, interest rate paths, and potential U.S.-China trade tensions.</li>
</ul>



Commodities at 05:30 AM ET



<ul>
<li>Crude Oil WTI was trading lower by 0.30% at $72.88/bbl, and Brent was down 0.32% at $75.69/bbl.</li>



<li>Natural Gas declined 3.33% to $3.538.</li>



<li>Gold was trading lower by 0.04% at $2,667.99, Silver was up 0.74% to $30.120, and Copper slid 0.04% to $4.0245.</li>
</ul>



U.S. Futures at 05:30 AM ET



Dow futures were up 0.22%, S&amp;P 500 futures gained 0.29%, and Nasdaq 100 futures rose 0.41%.



Forex at 05:30 AM ET



<ul>
<li>The U.S. Dollar Index was down 0.15% to 109.09, USD/JPY fell 0.08% to 157.34, and USD/AUD slid 0.20% to 1.6088.</li>



<li>The dollar held near a two-year high amid strong U.S. growth expectations, while European stocks dipped on high gas prices, and China&#8217;s blue-chip index saw its steepest weekly loss since 2022.</li>
</ul>



Image via Shutterstock

Asia

Emerging Markets

Eurozone

Futures

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Dollar Hits New 2-Year High; Asia Markets Mixed, Europe Dips - Global Markets Today While Us Slept

Leading cryptocurrencies edged higher Thursday as traders returned from New Year's break with bullish optimism.



<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>+2.06%</td><td>$96,841.51</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>+1.93%</td><td>$3,450.93</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>+0.77%</td><td>$0.3381</td></tr></tbody></table></figure>



What Happened: Bitcoin surged to $97,700 late afternoon as upward volatility returned to the market. The leading cryptocurrency lost steam since the $100,000 tease on Christmas, but the latest uptick has taken its weekly gains into the green



Ethereum almost touched $3,500 in the morning before retreating to the $3,500 zone.



The market has high expectations that the incoming Donald Trump administration will bring a <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42773793/trump-taking-office-could-spell-golden-crypto-era-industry-hopes" target="_blank" rel="noreferrer noopener">golden era</a> for cryptocurrencies.



Cryptocurrency liquidations hit $175 million in the last 24 hours, with nearly $83 million in upside bets getting wiped out.



Bitcoin's Open Interest rose by 0.99%, while Ethereum witnessed higher speculative interest with a 3% jump in funds locked in unsettled derivatives.



The percentage of traders placing long positions on Bitcoin dropped from 62% to 54% in the last 24 hours, according to Long/Short Ratio.



That said, markets became more greedy, according to the Crypto Fear &amp; Greed Index, hinting at a potential surge in buying pressure.



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>Fartcoin (FARTCOIN)</td><td>+34.07%</td><td>$1.34</td></tr><tr><td>DeXe (DEXE)</td><td>+33.02%</td><td>$19.79</td></tr><tr><td>SPX6900 (VIRTUAL)</td><td>+28.39%</td><td>$1.22</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.41 trillion, following a spike of 2.52% in the last 24 hours.



Stocks closed in the red in Wall Street's first trading session in 2025. The Dow Jones Industrial Average fell 151.95 points, or 0.36%, to close at 42,392.27. The S&amp;P 500 slipped 0.22%, ending at 5,868.55, while the tech-focused Nasdaq Composite dipped 0.16% to end at 19,280.79.



Cryptocurrency-related stocks rose during Thursday's trading session, with both MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) and Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) closing 3.59% higher.



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



Analyst Notes: Influential cryptocurrency analyst Rekt Capital presented their outlook for 2025.



"2025 will likely see the BTC bull market peak and the very beginnings of a brand new bear market," the analyst projected. "The majority of the bear market will take place, however, in 2026."



<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">2025 will likely see the <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bull Market peak and the very beginnings of a brand new Bear Market The majority of the Bear Market will take place however in 2026 The Bear Market would last some 365+ days and be between -65% to -80% deep<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/1874936923611136161?ref_src=twsrc%5Etfw">January 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Well-known on-chain analytics firm CryptoQuant stated that the bull market was far from ending, citing on-chain indicators like network fees and miner sell-offs.



"On-chain data suggests the bull market is still intact, and the current phase appears to be a cooling-off period rather than a cycle peak," the firm added. "However, short-term price movements remain unpredictable."



<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 Still in the Midst of a Bull Market "On-chain data suggests the bull market is still intact, and the current phase appears to be a cooling-off period rather than a cycle peak." – By <a href="https://twitter.com/avocado_onchain?ref_src=twsrc%5Etfw">@Avocado_onchain</a> See the data &#x1f447;<a href="https://t.co/HvMD44Lm7e">https://t.co/HvMD44Lm7e</a> <a href="https://t.co/YCSpl0lIHC">pic.twitter.com/YCSpl0lIHC</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1874884377815220703?ref_src=twsrc%5Etfw">January 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Image via Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/24/12/42751129/bitwises-bold-approach-new-etf-targets-bitcoin-powerhouses-as-institutional-adoption-soars">Bitwise&#8217;s Bold Approach: New ETF Targets Bitcoin Powerhouses As Institutional Adoption Soars</a></li>
</ul>

$DOGE

MSTR

Bitcoin, Ethereum, Dogecoin Lift As Traders Anticipate 'Golden Crypto Era' Under Trump: Top Analyst Says 2025 Will See Bull Market Peak

The CNN Money Fear and Greed index showed an increase in the overall fear level, while the index remained in the &#8220;Fear&#8221; zone on Thursday.



U.S. stocks settled lower on Thursday, with the S&amp;P 500 and Nasdaq Composite declining for five consecutive sessions, recording their longest losing streaks since April.



Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares fell over 6% on Thursday following fourth-quarter production and delivery data.



On the economic data front, U.S. initial jobless claims fell by 9,000 from the previous week to a reading of 211,000 in the final week of 2024, versus market estimates of 222,000. The S&amp;P Global manufacturing PMI declined to 49.4 in December compared to 49.7 in the prior month, versus a revised preliminary reading of 48.3. U.S. construction spending unexpectedly stalled month-over-month to an annual rate of $2,153 billion in November compared to a revised 0.5% gain in October and missing market estimates of a 0.3% rise.



Most sectors on the S&amp;P 500 closed on a negative note, with consumer discretionary, materials, and real estate stocks recording the biggest losses on Thursday. However, energy and utilities stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by around 152 points to 42,392.27 on Thursday. The S&amp;P 500 fell 0.22% to 5,868.55, while the Nasdaq Composite dipped 0.16% to 19,280.79 during Thursday's session.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 26.1, the index remained in the &#8220;Fear&#8221; zone on Thursday, versus a prior reading of 27.7.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/01/42763645/how-to-earn-500-a-month-from-acuity-brands-stock-ahead-of-q1-earnings">How To Earn $500 A Month From Acuity Brands Stock Ahead Of Q1 Earnings</a></li>
</ul>



Photo courtesy: Shutterstock

Earnings

S&P 500 Falls For 5th Straight Session, Tesla Tumbles: Greed Index Remains In 'Fear' Zone

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