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Mattel bets on Barbie revival, posts surprise quarterly profit 2023-07-26 - [1/3] A fan takes a photo of a Barbie doll at the world premiere of the film "Barbie" in Los Angeles, California, U.S., July 9, 2023. REUTERS/Mike Blake/File Photo July 26 (Reuters) - Mattel (MAT.O) is banking on the box office success of the "Barbie" movie to help drive doll sales in the second half of the year, CEO Ynon Kreiz said on Wednesday, as the toymaker recorded a strong performance in July following the buzz around the film. The California-based company also posted a surprise profit in the second quarter and its sales exceeded market expectations. However, its shares were down nearly 2.3% after the bell. Strong demand for the movie-related toy line and licensed consumer products is expected "to continue to perform well in the back half of the year," Kreiz said in an interview to Reuters. The "Barbie" movie made a record-breaking debut in cinemas over the weekend, with $162 million in ticket sales in the United States and Canada. Mattel is slated to release a Disney Princess film later this year and another one in early 2024, with a Hot Wheels movie set for 2025. Kreiz said the "Barbie" movie's success will "serve as a template" for collaborations on other Mattel-owned intellectual property. The toymaker's adjusted profit for the quarter ended June 30 came in at 10 cents per share, compared to analysts' average estimate of a 2 cents loss, as per Refinitiv data. The company posted a per share loss in the last quarter, dogged by a broader slowdown in the toy industry and an ongoing inventory adjustment by retailers after 2022's dour holiday season. However, it said "the retail inventory correction is mostly behind us". Mattel's worldwide gross billings - the amount invoiced to customers - for its Barbie segment fell 6% in the quarter, coming behind its Hot Wheels brand, which rose 10%. Net sales fell 13% to $1.09 billion on a constant currency basis, but still beat analysts' estimates of $1 billion. Mattel maintained its full-year sales forecast, which it expects to be flat from last year, and adjusted profit per share between $1.10 and $1.20 per share. Earlier in the day, Mattel's Chief Operating Officer Richard Dickson, who helped revive the Barbie brand, was appointed CEO of apparel maker Gap (GPS.N). He is set to leave the company on Aug. 3. Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai Our Standards: The Thomson Reuters Trust Principles.

Chipotle sales disappoint Wall St as inflation eats into demand 2023-07-26 - July 26 (Reuters) - Chipotle Mexican Grill (CMG.N) missed Wall Street estimates for quarterly sales on Wednesday, signaling that demand for its rice bowls and burritos was losing steam in the face of higher menu prices and waning household budgets. Its shares fell more than 8% in extended trading, after the company also projected current-quarter comparable sales to grow in the low- to mid-single-digit range, while analysts on average were expecting a 6.01% increase. Like other restaurants, Chipotle has hiked menu prices to offset the impact of higher input costs of everything from beef to potatoes, deterring some lower-income customers from ordering its pricier meals at a time when inflation has pressured household budgets. Sales momentum at the chain softened in the last three weeks of the second quarter, Truist analysts said, pointing to a possible waning in excitement around its Chicken al pastor add-on launch. The sales miss came even as Chipotle opened 47 new restaurants during the quarter and improved staffing levels at its chains. However, higher prices and easing costs of some commodities boosted its restaurant-level operating margin by 230 basis points to 27.5%. "The stock is down because of the outlook, and maybe the implications that consensus estimates on same-store sales may need to come down," BTIG analyst Peter Saleh said, adding that the sharp fall "seems a little bit dramatic". Comparable sales at the fast-casual restaurant chain, known for its Mexican-inspired items, rose 7.4% in the second quarter, compared with analysts' average estimate for a 7.59% increase, according to Refinitiv IBES data. Total revenue rose 13.6% to $2.51 billion in the three months ended June 30, also below estimates of $2.53 billion. Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath Our Standards: The Thomson Reuters Trust Principles.

EBay's higher investments weigh on profit forecast, shares fall 2023-07-26 - July 26 (Reuters) - EBay (EBAY.O) forecast third-quarter profit below market expectations on Thursday as the e-commerce platform spent more to bolster categories such as auto parts, refurbished goods and collectibles, sending its shares down 4.5% after the bell. The company had in June acquired Certilogo, a provider of AI-powered apparel authentication, and bought trading cards marketplace TCGplayer last year. To attract more Gen Z buyers, it also launched its streetwear vertical in June as an add-on to its sneakers category. Investors are concerned about its profitability guidance as the company's costs rise due to its efforts to improve authentication of goods on the platform, said D.A. Davidson & Co analyst Tom Forte. The company forecast third-quarter profit to be between 96 cents and $1.01 per share, compared to analysts' estimates of $1.02, according to Refinitiv data. While Ebay attracts price-conscious customers due to its secondhand products vertical, it faces competition from larger online retailers including Amazon.com (AMZN.O) and Shopify . Gross merchandise value, a key industry metric that denotes the total value of goods and services sold on the marketplace, fell 2%, to $18.2 billion in the second quarter. The company forecast third-quarter revenue in the range of $2.46 billion and $2.52 billion, compared to analysts' average estimates of $2.47 billion. Revenue in the quarter ended June 30 was $2.54 billion, compared to expectations of $2.51 billion. Reporting by Chavi Mehta in Bengaluru; Editing by Pooja Desai and Arun Koyyur Our Standards: The Thomson Reuters Trust Principles.

U.S. urges appeals court to lift curbs on social media contacts 2023-07-26 - July 26 (Reuters) - The Biden administration has asked a federal appeals court to lift an order sharply curbing government officials' communications with social media companies as a lawsuit accusing U.S. officials of seeking to censor certain views about COVID-19 and other topics online makes its way through the courts. In a filing Tuesday evening with the New Orleans-based 5th U.S. Circuit Court of Appeals, the administration argued that a lower court judge's July 4 decision was overly broad and would hurt the government's ability to fight misinformation on platforms in a crisis. "The government cannot punish people for expressing different views," lawyers for U.S. President Joe Biden's administration wrote. "But there is a categorical, well-settled distinction between persuasion and coercion. The government must be allowed to seek to persuade people of its views, even where those views are the subject of controversy." U.S. District Judge Terry Doughty in Monroe, Louisiana, said in his July 4 order that federal officials violated the right to free speech under the U.S. Constitution's First Amendment when they began asking social media companies such as Meta's (META.O) Facebook and Google's (GOOGL.O) YouTube around 2019 to limit the spread of posts they considered to be misinformation. His preliminary order came in a lawsuit filed by Republican attorneys general in Louisiana and Missouri. Their offices did not immediately respond to requests for comment. The May 2022 lawsuit alleged that U.S. government officials, under both Democratic President Joe Biden and his Republican predecessor Donald Trump, effectively coerced social media companies to censor posts over concerns they would fuel vaccine hesitancy during the COVID-19 pandemic or upend elections. A panel of three 5th Circuit judges is expected to hear the case next month. Doughty's order is temporarily on hold but had barred government agencies, including the Department of Health and Human Services and the Federal Bureau of Investigation, from talking to social media companies for "the purpose of urging, encouraging, pressuring, or inducing in any manner the removal, deletion, suppression, or reduction of content containing protected free speech" under the First Amendment, with narrow exceptions. Reporting By Brendan Pierson in New York; editing by Susan Heavey Our Standards: The Thomson Reuters Trust Principles.

First delivery of Boeing 737 MAX 7 delayed to 2024 -US SEC filing 2023-07-26 - July 26 (Reuters) - Boeing's (BA.N) first delivery of the 737 MAX 7 has been delayed to 2024, the company said in an SEC filing on Wednesday. Boeing still expects the Federal Aviation Administration to certify the MAX 7 and begin FAA certification flight testing for the MAX 10 in 2023, the company said. MAX 10 is currently slated for first delivery in 2024. Both the MAX 7 and MAX 10 are seen as critical for Boeing to compete against Airbus (AIR.PA) for orders at the top and bottom of the narrowbody markets. A delay in getting the MAX 7 to launch customer Southwest Airlines (LUV.N) will further draw out its entry into service, originally set for 2022, and could hinder the carrier's expansion, as it exclusively operates the 737. Boeing shares were up 7.7% on Wednesday afternoon on the strength of second quarter-results that beat Wall Street consensus. Boeing and the FAA have been going back and forth on the safety management system paperwork for months needed to get the MAX 7 certified and there is no clear timetable when the FAA might be able to sign off on Boeing’s submissions, sources told Reuters. "Safety dictates the timeline of certification projects. We cannot discuss ongoing certification projects," the FAA said in a statement. Boeing Chief Executive Dave Calhoun had said in January the company thinks "first delivery for the 7 will be this year and probably for the 10 the next year." But in May, Mike Fleming, Boeing's senior vice president for commercial development programs, said that MAX 7 certification was taking a "considerable amount of time" due to new documentation requirements. The MAX 10 is the Boeing’s answer to Airbus’ wildly-successful A321 neo, which has dominated in competitions against the MAX 9, while the smaller MAX 7 competes against Airbus’ A220. Southwest CEO Bob Jordan said in March that he didn't anticipate putting the MAX 7 into service in 2023, as the process could take six months from delivery, and that an early 2024 entry into service was the best case scenario. Last month, Alaska Airlines (ALK.N) CEO Ben Minicucci told Reuters the airline is "anxious" to begin taking deliveries of the larger Boeing 737 MAX 10 to help it carry more passengers once the plane is certified. Boeing must first win approval from the Federal Aviation Administration for its smaller MAX 7 before it can get approval for the MAX 10. Both variants have faced major delays amid more intense regulatory scrutiny after criticism of the earlier certification process for the MAX 8, which suffered fatal crashes in 2018 and 2019. Reporting by Valerie Insinna and David Shepardson in Washington Editing by Chris Reese and Nick Zieminski Our Standards: The Thomson Reuters Trust Principles.

Mastercard moves to ban cannabis purchases on its debit cards 2023-07-26 - July 26 (Reuters) - Mastercard (MA.N) has told financial institutions to stop allowing marijuana transactions on its debit cards, dealing a blow to an industry already on the fringes of the financial system in the United States. Most banks in the country do not service cannabis companies as marijuana remains illegal at the federal level despite several states legalizing its medicinal and recreational use. "As we were made aware of this matter, we quickly investigated it. In accordance with our policies, we instructed the financial institutions that offer payment services to cannabis merchants and connects them to Mastercard to terminate the activity," a spokesperson for the company said on Wednesday. "The federal government considers cannabis sales illegal, so these purchases are not allowed on our systems," the spokesperson added. Sunburn Cannabis CEO Brady Cobb said in a statement that "this move is another blow to the state-legal cannabis industry and patients/consumers who want to access this budding category." Pot firm Verano's (VRNO.CD) President, Darren Weiss, said "We will continue to advocate for cannabis reform in Washington through further dialogue with elected officials and stakeholders to advance conversations supporting the growth of safe, legal cannabis across the U.S." Earlier this month, Republican Senator John Cornyn said Majority Leader Chuck Schumer's plan to pass a marijuana banking bill was "wishful thinking". The SAFE Banking Act is a crucial legislation that would make it easier for the cannabis industry to access banking services. Mastercard's decision was first reported by Bloomberg News. Reporting by Niket Nishant and Tanay Dhumal in Bengaluru; Editing by Arun Koyyur, Krishna Chandra Eluri and Devika Syamnath Our Standards: The Thomson Reuters Trust Principles.

Imax shares rally after earnings beat, with more gains from ‘Oppenheimer’ still to come 2023-07-26 - Shares of Imax Corp. rallied after hours on Wednesday after the high-end movie-theater operator reported second-quarter results that beat estimates — helped by titles like “Super Mario Bros.” — with more gains likely on the way as theater operators ride blockbusters like “Oppenheimer” through the summer. The results, Imax IMAX, +2.84% executives said, landed as more moviegoers are showing a preference for seeing movies in “premium” theaters following the shutdown of the industry during the pandemic. And they hit after “Oppenheimer,” directed by Christopher Nolan, brought in $35 million for the theater chain across only 740 of its screens worldwide.

Banc of California is expected to keep leading regional banks higher as PacWest deal ignites sector 2023-07-26 - Banc of California Inc.’s proposed agreement to acquire PacWest Bancorp. helped send regional-bank stocks considerably higher on Wednesday. But even after a two-day increase of 12% for its shares, the acquiring bank remains the favorite name among analysts covering regional players in the U.S. The merger agreement was announced after the market close on Tuesday, but the rumor mill had already sent Banc of California’s BANC stock up by 11% that day. Then on Wednesday, shares of PacWest Bancorp PACW shot up 27% to $9.76, which was above the estimated takeout value of $9.60 a share when the deal was announced. The merger deal, if approved by both banks’ shareholders, will also include a $400 million investment from Warburg Pincus LLC and Centerbridge Partners L.P. A screen of regional banks by rating and stock-price target is below. Deal coverage: With PacWest closing above the initial per-share deal valuation, it is fair to wonder whether or not its shareholders will vote to approve the agreement. In a note to clients on Wednesday, Wedbush analyst David Chiaverini called Banc of California’s offer “fair, but not overwhelmingly attractive,” and wrote that PacWest was “a likely seller before the mini banking crisis occurred in March.” While Chiaverini went on to predict the deal’s approval by PacWest’s shareholders, he added that he “wouldn’t be surprised if there were some dissent among a minority of shareholders [which could] possibly open the door to the potential emergence of a third-party bid.” More broadly, Odeon Capital analyst Dick Bove wrote to clients on Wednesday that the merger deal, along with increasing involvement of private-equity firms in lending businesses, the expected enhancement of regulatory capital requirements for banks and other factors could lead to more consolidation among smaller banks. He went on to write that we might be entering a period for the banking industry similar to the 1990s, “when rules were being changed and acquisitions were rampant,” which “created new investment opportunities.” The SPDR S&P Regional Banking exchange-traded fund KRE rose 5% on Wednesday but was still down 17% for 2023, while the SPDR S&P 500 ETF Trust SPY was up 19%, both excluding dividends. KRE holds 139 stocks, with 98 covered by at least five analysts working for brokerage firms polled by FactSet. Out of those 98 banks, 45 have majority “buy” ratings among the analysts. Among those 45, here are the 10 with the most upside potential over the next 12 months, implied by consensus price targets: Bank Ticker City Total assets ($mil) July 26 price change Share buy ratings July 26 closing price Consensus price target Implied 12-month upside potential Banc of California Inc. BANC Santa Ana, Calif. $9,370 1% 71% $14.71 $18.58 26% Enterprise Financial Services Corp. EFSC Clayton, Mo. $13,871 2% 80% $41.75 $49.25 18% First Merchants Corp. FRME Muncie, Ind. $17,968 4% 100% $32.38 $37.33 15% Amerant Bancorp Inc. Class A AMTB Coral Gables, Fla. $9,520 3% 60% $20.26 $23.30 15% Old Second Bancorp Inc. OSBC Aurora, Ill. $5,884 3% 100% $16.15 $18.50 15% F.N.B. Corp. FNB Pittsburgh $44,778 3% 75% $12.91 $14.50 12% Columbia Banking System Inc. COLB Tacoma, Wash. $53,592 4% 55% $22.63 $25.32 12% Wintrust Financial Corp. WTFC Rosemont, Ill. $54,286 3% 92% $86.05 $95.33 11% Synovus Financial Corp. SNV Columbus, Ga. $60,656 6% 75% $34.06 $37.73 11% Home BancShares Inc. HOMB Conway, Ark. $22,126 5% 57% $24.09 $26.67 11% Source: FactSet Click on the tickers for more about each bank. Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page. Any stock screen can only be a starting point when considering whether or not to invest. If you see any stocks of interest here, you should do your own research to form your own opinion. Don’t miss: How you can profit in the stock market from an incredible financial-services trend over the next 20 years

EBay stock slips as earnings outlook comes up short 2023-07-26 - EBay Inc. shares fell in the extended session Wednesday after the online marketplace’s earnings outlook for the current quarter fell short of the Wall Street consensus following an earnings beat. Shares of eBay EBAY, +1.01% fell as much as 4.5% after hours, following a 1% rise to close the regular session at $48.80.

Mattel results: Potential ‘Barbie’ boost overshadowed by still-sluggish toy demand 2023-07-26 - Mattel Inc. on Wednesday reported second-quarter results that beat estimates, but the toy maker held to its full-year outlook as the “Barbie” movie’s blowout debut weekend clashed with continued muted demand for toys. Mattel MAT, +0.71% reported second-quarter net income of $27 million, or 8 cents a share, compared with $66 million, or 18 cents a share, in the same quarter last year. Revenue fell 12% to $1.09 billion, compared with $1.24 billion in the prior-year quarter. Adjusted for severance and restructuring costs and the effects of the recall of an infant incline-sleeper product, Mattel earned 10 cents a share. Analysts polled by FactSet expected Mattel to report an adjusted per-share loss of 3 cents on sales of $1 billion. For the full year, Mattel said it still expected adjusted earnings per share of between $1.10 and $1.20, when factoring out currency fluctuations. Chief Financial Officer Anthony DiSilvestro said in a statement that retailers were still cautious about filling their stockrooms with more toys. But he said stores’ efforts to clear out that inventory pileup — which occurred after higher prices for basics led to less demand for things like toys, clothes and electronics — were largely in the rearview mirror. “While comparisons improved from the first quarter, our second-quarter financial results were negatively impacted as retailers continued to manage inventory levels and by some overall industry softness,” he said. “At this point, we believe the retail inventory correction is mostly behind us, and we look forward to meeting consumer demand for our product as we enter the second half of the year and all-important holiday season,” he continued. “Given our year-to-date performance and outlook for the balance of the year, we are reiterating our guidance.” Shares fell 1.6% in after-hours trading. Mattel, which makes Barbie dolls, reported earnings Wednesday — after the debut Friday of the “Barbie” movie, which was produced by Warner Bros. Discovery Inc. WBD, +1.84% and raked in $155 million domestically and $182 million outside the U.S. over the weekend. The film — directed by Greta Gerwig and starring Margot Robbie and Ryan Gosling — had one of the biggest box-office weekends ever. Mattel Chief Executive Ynon Kreiz said “Barbie” was Mattel’s “first ever major theatrical film” and that the film was “a showcase for the cultural resonance” of the company’s intellectual-property cache of dolls and action figures. Barbie is already Mattel’s most profitable franchise. But while customers bought lots of toys during the pandemic as an antidote to boredom, demand has been more sluggish since then. And inflation has forced more consumers to spend the money they have on necessities. At the beginning of the year, Mattel rival Hasbro Inc. announced plans to cut 15% of its workforce. Shares of Mattel are up 18.9% so far this year. But with investors already expecting a rebound for the company in the second half of 2023, some analysts said that while “Barbie” might help Mattel’s toy sales, it might not do much more for the stock.

Chipotle stock drops 8% after Q2 earnings as company says inflation hit popular menu items 2023-07-26 - Chipotle Mexican Grill Inc. shares fell 8% in the after-hours session Wednesday after the fast-casual restaurant chain beat Wall Street expectations for quarterly earnings but called for a slightly weaker quarter and said that inflation hit some of its most popular menu items. Food, beverage and packaging costs were lower in the second quarter than a year ago, benefiting from price increases taken in 2022 and lower avocado prices, Chipotle said.

Lam Research CEO: AI servers are ‘fundamental’ to driving growth in next several years 2023-07-26 - Lam Research Corp. shares rose in the extended session Wednesday after the silicon-foundry equipment supplier’s chief executive said more complicated artificial-intelligence servers are “fundamental” to growth from foundry customers over the next several years. Lam Research LRCX, -1.21% shares rose as much as 3% after hours, following a 1.2% decline to close the regular session at $642.37. On the earnings call, Chief Executive Tim Archer told analysts that “emerging growth drivers such as generative AI are only in their initial stages of adoption and will be fundamental to driving increased investment in both memory and foundry logic fabs over the next several years.” The Fremont, Calif., company forecast adjusted fiscal first-quarter earnings of $5.30 to $6.80 a share on revenue of $3.1 billion to $3.7 billion, while analysts had estimated $5.56 a share on revenue of $3.3 billion. Lam makes the very complicated machinery used by foundries like Taiwan Semiconductor Manufacturing Co. TSM, -0.91% to make the silicon for chips produced by the likes of Nvidia Corp. NVDA, -0.50% and Apple Inc. AAPL, +0.45% , while chip makers like Intel Corp. INTC, +0.76% forge their own silicon. Lam reported fiscal fourth-quarter net income of $802.5 million, or $5.97 a share, compared with $1.21 billion, or $8.74 a share, in the year-ago period. Adjusted earnings, which exclude amortization and other items, were $5.98 a share, compared with $8.83 a share in the year-ago quarter. Revenue fell to $3.21 billion from $4.64 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of $5.07 a share on revenue of $3.13 billion. “Advanced AI servers have significantly higher leading-edge logic, memory and storage content versus traditional servers,” Archer said on the call. “And every incremental 1% penetration of AI servers and data centers is expected to drive $1 billion to $1.5 billion of additional” investment from foundry customers. On Tuesday, Texas Instruments Inc. TXN, -5.42% , which also has its own foundries, said it would keep building out its own capacity even as inventory grows amid declining sales and profits.

Why gold prices climbed after the Fed’s decision to raise interest rates 2023-07-26 - Gold futures climbed to a fresh intraday high Wednesday afternoon, their highest in nearly a week, after the Federal Reserve announced a decision to raise its benchmark interest rate, as expected, but also left the door open for further rate hikes. The U.S. central bank on Wednesday raised its benchmark interest rate by a quarter-percentage point to a range of 5.25% to 5.5%, a 22-year high. The official Fed statement released after the meeting “gave no hint of when the Fed might pause its rate hikes once more, as it did at the June meeting, and no guidance on when it might actually pivot and begin cutting rates,” said George Milling-Stanley, chief gold strategist at State Street Global Advisors. Without that additional guidance on the likely course of future Fed activity, and the price of gold “firmed more than $10 an ounce in the immediate aftermath of the announcement,” said Milling-Stanley. August gold GCQ23, +0.49% GC00, +0.49% was at $1,976.30 an ounce in electronic trading. It climbed to as high as $1,979.90 after the Fed announcement, the highest intraday level for a most-active contract since July 20, according to Dow Jones Market Data. Prices had already gained $6.40, or 0.3%, to settle at $1,970.10 on Comex Wednesday, ahead of the central bank’s decision. Higher interest rates may provide a boost to the U.S. dollar, making gold more expensive to foreign buyers, while increasing the yield that investors can get from holding Treasury bonds — but that wasn’t the case Wednesday afternoon. Roughly two hours after the Fed announcement, the ICE U.S. Dollar index DXY, -0.33% , a gauge of the dollar’s strength against major currencies, was down nearly 0.4% to 100.99, providing support for dollar-denominated prices of gold. The yield on the 10-year Treasury TMUBMUSD10Y, 3.864% was at 3.8579%, down from 3.911% on Tuesday. Will Rhind, founder and CEO of GraniteShares, which runs the GraniteShares Bloomberg Commodity Broad Strategy No K-1 exchange-traded fund COMB, -0.41% , said not much changed from the Fed’s last rate hike in May, but that rate hike “did feel a little unnecessary.” The central bank left the benchmark interest rate unchanged in June. Given that, “we believe we could very well have seen the last rate hike of this cycle,” Rhind said. With inflation falling to 3% and rates now at their highest level in 22 years, “the sense of urgency from the Fed is much less than it was during past meetings,” he said. The labor market is also weaker than this time last year, which was noted by the Fed, he said. The government will release its July employment report on Aug. 4. The central bank will continue to be data driven, but markets are “cautiously optimistic about the prospects of tamed inflation and pathway to lower rates,” Rhind said. In his press conference, Fed Chairman Jerome Powell said the central bank would assess additional information on inflation, employment and economic growth before determining its next step and repeatedly stressed that the Fed would keep its options open. Depending on data, it was “certainly possible” the Fed would deliver another rate hike in September or that it would hold steady, Powell said. Overall, the Fed left investors wondering if it has “yet another hike in their quiver,” said Brien Lundin, editor of Gold Newsletter. “Regardless of what that answer may be, the markets, and particularly gold, seem to have accepted that this rate hike cycle has essentially peaked.” “ “Given that the downside of the cycle is inevitable and only the timing is in question, gold seems to represent an exceptional value at current levels.” ” — Brien Lundin, Gold Newsletter Gold appears to have “bottomed earlier this month” and is in the process of factoring in the next eventual move lower in rates, he said. “Given that the downside of the cycle is inevitable and only the timing is in question, gold seems to represent an exceptional value at current levels,” said Lundin.

Fluence Inks Deal To Bring Brazil's Psychedelic Therapy Training Scene To New Heights 2023-07-26 - Psychedelic therapy training company Fluence is partnering with Brazil-based nonprofit research organization Phaneros Institute. Fluence will grant Phaneros access to its educational content through its online learning management system. An additional Brazilian Portuguese-translated version of the training materials will also be made available. Phaneros, established in 2011 by Eduardo Schenberg, PhD, recently completed a pilot study linked to MAPS’ advanced research on MDMA-assisted therapy for PTSD. The company is also working toward gaining approval for further studies to accelerate access to these therapies in the South American country. See Also: A Powerful Harm Reduction Service Model - Discover Fireside's Psychedelic Peer Support Line Fluence co-founder Elizabeth Nielson praised the partnership and "the opportunity to help bring psychedelic therapy into mainstream healthcare in Brazil." Phaneros will receive “the tools it needs to train therapists effectively, resulting in wider dissemination of research-based psychedelic therapy practice," she said. Schenberg provided further details on a jointly-launched ketamine therapy course in Brazil. "We already see our clinicians being challenged on how to best support patients, whether with off-label racemic ketamine or intranasal esketamine for depression, which is approved by the Brazilian regulatory authority ANVISA," he said. "This course will be of interest to many clinicians and, we hope, will improve the safety and effectiveness of ketamine sessions in Brazil." In addition to technical assistance, Fluence will help Phaneros execute an MDMA-assisted therapy training program and offer consultation on research therapy manuals and study designs. It will also inform Phaneros' training and research programs through guest lectures and webinars featuring researchers from the Brazilian institute. Take Note: Benzinga Cannabis Capital Conference Is Back Benzinga is all in for psychedelics and cannabis. Our upcoming 17th CCC edition will take place in Chicago, Sept 27-28. This is the place to get DEALS DONE. So join us by getting your tickets today and secure yourself a spot at the EPICENTER of cannabis investment and branding! Photo: Benzinga edit with photo by luchschenF and ANDREI ASKIRKA on Shutterstock.

The Fed's Influence Ripples Through US Stocks, ETFs: Wednesday's Winners And Losers Revealed - Cigna Group (NYSE:CI), Paramount Global (NASDAQ:PARAA), Bruker (NASDAQ:BRKR), Teledyne Technologies (NYSE 2023-07-26 - The Federal Reserve hiked interest rates by 0.25 percentage points at its July meeting Wednesday, bringing rates to a range of 5.25% to 5.5%, the highest level since February 2001. The market initially reacted positively following the release of the FOMC statement, but later saw some negative pressure during Fed Chair Jerome Powell‘s press conference. By using the “movers” feature on the Benzinga Pro platform, we focused on the last hour’s moves for companies with a market cap of at least $10 billion and found the following names among top gainers and top losers. 5 Stock Gainers On Fed Rate Hike, Powell’s Remarks: Meta Data Ltd. AIU : +1.5% Snap, Inc. SNAP : +1.3% Alexandria Real Estate Equities, Inc. ARE : +0.99% Bruker Corp. BRKR : +0.98% Paramount Corp. PARAA : +0.8% 5 Stock Losers On Fed Rate Hike, Powell’s Remarks: Sirius XM Holdings Inc. SIRI : -2.5% Teledyne Technologies Inc. TDY : -1.6% Cigna Group CI : -1.6% Advanced Micro Devices, Inc. AMD : -1.5% Bank Bradesco SA BBDO : -1.3%. Major ETFs Moving After Fed Interest Rate Call The SPDR Dow Jones Industrial Average ETF DIA was up 0.3% in the two hours post-FOMC statement. The Dow Jones Index closed its 13th straight positive session, a record for the postwar period. The iShares Russell 2000 ETF IWM rose 0.6% after the Fed announcement. The SPDR Gold Trust GLD, the largest exchange-traded fund tracking gold prices, also rose nearly 0.3% following the Fed statement. The U.S. dollar negatively reacted to the Fed’s July meeting. The Invesco DB USD Index Bullish Fund ETF UUP tumbled 0.3%. Photo via Shutterstock.

Enovix Stock Moves Higher On Q2 Report, Company Updates On Gen2 Autoline - Enovix (NASDAQ:ENVX) 2023-07-26 - Enovix Corporation ENVX shares are trading higher in Wednesday's after-hours session on the heels of the company's second-quarter report. Here's a rundown of the results and a look at what's driving the action. What Happened: Enovix reported quarterly losses of 19 cents per share which beat the analyst consensus estimate of losses of 22 cents, a 46.15% decrease over losses of 13 cents per share from the same period last year. The company reported quarterly sales of $42,000, which missed the analyst consensus estimate of $60,000, a 99.18% decrease over sales of $5.10 million in the same period last year. Raj Talluri, President and CEO, said, "During the quarter I made my first trip to Asia since becoming CEO of Enovix. A top priority was observing the status of Gen2 production equipment, which was detailed in a video last month." "Much progress has been made since last quarter, and we remain on track to commence Factory Acceptance Testing ("FAT") next month in support of battery sample production from the first Gen2 Autoline beginning in April 2024." The company touted the Fab1, which outperformed expectations, and reiterated that plans for high-volume production in Malaysia next year remain on track. Progress with the U.S. Army and collaborations on smartphones with leading OEMs Xiaomi, Vivo, and Lenovo are examples of customer interest in the company's products. Related Link: What's Going On With Tupperware Brands Stock? ENVX Price Action: ENVX shares were up 6.53% after hours at $20.88 at the time of publication, according to Benzinga Pro. Image by Chris from Pixabay

'Courage in Cannabis, Volume 2': New Book Has A Powerful Take On Cannabis In Society 2023-07-26 - The eagerly awaited second volume of Dr. Bridget Williams' best-selling anthology, "Courage in Cannabis," is finally here. Aptly titled "The Triumphant Stories," the new volume uncovers the myriad of ways people have found strength and purpose through their interactions with the cannabis plant. Williams, a respected board-certified family physician and prominent figure in the cannabis industry, has once again curated an array of moving narratives that challenge societal perceptions of cannabis. With stories spanning the realms of business, medicine, and community resilience, "The Triumphant Stories" paints a rich tapestry of human experiences with cannabis. According to Williams, the book is much more than a collection of stories. "It's a testament to human courage, the power of resilience, and the transformative impact of cannabis on people's lives," she says. "The Triumphant Stories" features a diverse collection of contributors ranging from doctors and lawyers to patients, caregivers, and entrepreneurs in the cannabis industry. Their shared experiences highlight the varied and profound ways cannabis can touch lives, reinforcing the growing need to dismantle the stigma associated with its use. Adam Wilks, CEO of Tyson 2.0, penned the foreword to the anthology. "These individuals found courage in cannabis, and their stories are nothing short of inspiring," he said. "They are testament to the positive impact cannabis can have, helping to debunk misconceptions surrounding its use." Williams’ passion for sharing these narratives is rooted in her firm belief in the importance of documenting the evolving perception of cannabis in society. "The Courage in Cannabis book series is an inspiring and educational snapshot of the journey out of prohibition and a transformation in health care," she adds. The anthology includes submissions from esteemed individuals like Ed Rosenthal, Jane West, Mike Tyson, and the late Robert C. Randall. Each segment reveals distinct insights into the potency and promise of cannabis in commerce and herbal medicine, and its role in fostering robust economies and societies. Serving as a symbol of optimism, the anthology exhibits the limitless possibilities of cannabis as illustrated through the narratives of common heroes. The e-book can be bought online and is scheduled for release on July 29, while the paperback version is set to hit the shelves on August 1. The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

A Look Into Banco Santander Inc's Price Over Earnings - Banco Santander (NYSE:SAN) 2023-07-26 - In the current session, the stock is trading at $4.07, after a 5.17% increase. Over the past month, Banco Santander Inc. SAN stock increased by 12.78%, and in the past year, by 65.04%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued. A Look at Banco Santander P/E Relative to Its Competitors The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against it's past earnings, historical data and aggregate market data for the industry or the indices, such as S&P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also could indicate that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. Banco Santander has a lower P/E than the aggregate P/E of 9.59 of the Banks industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued. In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Meta Platforms Q2 Earnings Highlights: Revenue And EPS Beat, Guidance Update, Lower Costs, 'Compelling' AI Opportunity - Meta Platforms (NASDAQ:META) 2023-07-26 - Technology company Meta Platforms META reported second-quarter financial results after the market close Wednesday. Here are the key highlights. What Happened: Meta Platforms reported second quarter revenue of $32 billion, which was up 11% year-over-year. The revenue total came in ahead of a Street consensus estimate of $31.12 billion, according to data from Benzinga Pro. Earnings per share totaled $2.98 in the second quarter, beating a Street consensus estimate of $2.91. Meta reported 3.07 billion family daily active people in the second quarter, which was up 7% year-over-year. Family monthly active people totaled 3.88 billion, up 6% year-over-year. Facebook daily active users were 2.06 billion in the second quarter, up 5% year-over-year. Facebook monthly active users were 3.03 billion in the quarter, up 3% year-over-year. The company said its ads delivered were up 34% year-over-year. The average price per ad was down 16% year-over-year. Meta Platforms bought back $793 million in shares in the second quarter, with $40.91 billion remaining on an authorized share repurchase plan. The company ended the second quarter with $53.45 billion in cash and long-term debt of $18.38 billion. In the second quarter, the company recorded $705 million in restructuring charges for its Family of Apps and $75 million for its Reality Labs segment. Related Link: Trading Strategies For META Stock After Q2 Earnings What’s Next: The company said it continues to invest in artificial intelligence and the metaverse, calling the two segments its “most compelling opportunities.” Meta Labs sees full fiscal year 2023 capital expenditures in a range of $27 billion to $30 billion, down from a previous range of $30 billion to $33 billion. Revenue guidance for the third quarter is in a range of $32 to $34.5 billion, which is ahead of a Street estimate of $28.29 billion, according to Benzinga Pro. "We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," Meta Platforms CEO Mark Zuckerberg said. META Price Action: Meta shares are up 4.42% to $311.76 in after-hours trading Wednesday versus a 52-week trading range of $88.10 to $318.68. Read Next: Ark Funds On Nasdaq Rebalancing, Can Smaller Tech Stocks Have Their Spotlight? Plus: A Look At Top 10 Holdings And Weightings Photo via Shutterstock.

Chipotle Shares Get Burnt After Company Serves Up Mixed Q2 Earnings - Chipotle Mexican Grill (NYSE:CMG) 2023-07-26 - Chipotle Mexican Grill Inc CMG reported second-quarter financial results on Wednesday. Here’s a rundown of the report and a look at why shares are getting cooked after the close. Q2 Earnings: Chipotle said second-quarter revenue increased 13.6% year-over-year to $2.51 billion, which missed the consensus estimate of $2.53 billion, according to Benzinga Pro. The company reported quarterly earnings of $12.65 per share, which beat analyst estimates of $12.31 per share. Comparable restaurant sales increased 7.4% year-over-year, and in-restaurant sales jumped 15.8%. Digital sales represented 38% of food and beverage revenue. Operating margin was 17.2% in the second quarter, up from 15.3% year-over-year. Food, beverage and packaging costs in the second quarter were 29.4% of total revenue, a decrease of about 100 basis points year-over-year, driven by lower avocado costs. Chipotle said it opened 47 new restaurants in the quarter, and 40 of those locations included a Chipotlane. “Chipotle’s second quarter results demonstrate our ability to drive strong performance by focusing on exceptional food and exceptional people,” said Brian Niccol, chairman and CEO of Chipotle. “Additionally, our investment in our employees, technology, and innovation in our restaurants along with expanding access and convenience in North America and laying the groundwork for international growth, set us up for long term success.” See Also: Trading Strategies For Chipotle Mexican Grill Stock After Q2 Earnings Outlook: Chipotle said it expects third-quarter comparable restaurant sales growth to be in the low to mid-single-digit range. Full-year comparable restaurant sales growth is expected to be in the mid to high-single-digit range. The company anticipates opening 255 to 285 new locations in the full-year 2023. Management will hold a conference call to discuss these results at 4:30 p.m. ET. CMG Price Action: Chipotle shares were down 8.04% after hours at $1,920.00 at the time of publication, according to Benzinga Pro. Photo: courtesy of Chipotle.