Eksentricity

Tech

Blockchain Gaming

• Avalanche-Based Battle Royale Enters Beta: Off the Grid, a battle royale shooter developed by Gunzilla Games and built on the Avalanche blockchain, has entered beta on PlayStation 5, Xbox Series X and S, and PC via the Epic Games Store. The game allows players to mint rare weapons and items as NFTs and features robotic limbs with swappable abilities.
• Crypto Integration on Consoles: The beta release of Off the Grid raises questions about how blockchain integration will function on consoles, given that Sony and Microsoft have not yet officially welcomed blockchain games on their platforms. While the game features in-game items denominated in the GUN token, users can earn tokens through in-game missions but cannot purchase more GUN within the game at this time.

AI & Developer Skills

• Generative AI Upskilling: Gartner predicts that 80% of engineers globally will need to “upskill” within the next three years to adapt to the rapid advancements of generative AI. AI tools will automate various developer tasks, leading to a shift in the role of software engineers from coding to guiding AI agents.
• Emerging AI Jobs: The rise of AI will create new jobs, including prompt engineers. Gartner’s survey found that AI and machine learning engineers are the most in-demand roles for 2024.

Advanced Nuclear Energy

• NANO Nuclear Team Expansion: NANO Nuclear has strengthened its Nuclear Technology and Engineering Team with the addition of Professor Andrew Woods and Alejandra de Lara. These additions bring expertise in complex fluid flow, heat transfer processes, and fuel behavior prediction codes for molten salt-cooled reactors.

Antitrust Concerns

• DOJ Weighs Google Breakup: Following a court ruling that found Google guilty of monopolizing the search market, the Department of Justice is considering breaking up Google as a possible antitrust remedy. The DOJ is considering behavioral and structural remedies to limit Google’s ability to use its products to advantage its search engine.
• Google Play Store Alternatives: A U.S. judge issued a permanent injunction forcing Google to offer alternatives to its Google Play store for downloading apps on Android phones.

TikTok Under Scrutiny

• Legal Action Over TikTok’s Impact on Children: Thirteen U.S. states and the District of Columbia have filed lawsuits against TikTok, alleging that the platform causes harm to younger users by using software designed to keep children engaged for extended periods. The states also argue that the platform misrepresents the effectiveness of its content moderation.
• Potential TikTok Ban: A bill signed by President Joe Biden could force TikTok’s parent company, ByteDance, to sell the company or face a ban in the U.S.

Cryptocurrency Markets

• Cryptocurrency Market Flat: Leading cryptocurrencies remained flat on Tuesday, with Ethereum making modest gains. Total cryptocurrency liquidations hit nearly $140 million in the last 24 hours.
• Shiba Inu Mystery: Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, posted a cryptic message on X, sparking speculation about a potential exit from the project or the future of the SHIB token.

Hurricane Preparedness

• Tesla EV Charging Guidance: Tesla instructed its vehicle owners in Florida to charge their vehicles fully at home before Hurricane Milton makes landfall. The company will deploy mobile superchargers after the storm to help its vehicle owners.
• Starlink Direct-to-Cell Coverage: SpaceX and T-Mobile activated Direct-to-Cell coverage to provide emergency alerts for phones in areas impacted by Hurricanes Helene and Milton.

Finance

Lawsuits and Investigations

• Securities Class Action Lawsuits: Several companies faced securities class action lawsuits alleging misleading statements about their financial performance and product development. Elanco Animal Health (ELAN) was sued for allegedly misleading investors about the safety and regulatory timeline of its new product, Zenrelia. iLearningEngines (AILE) was accused of using undisclosed related party relationships to inflate revenue. Super Micro Computer (SMCI) faced allegations of misrepresenting its financial growth and compliance with U.S. export restrictions.
• Executive Misconduct and Regulatory Issues: Orthofix Medical (OFIX) was sued for failing to disclose inappropriate conduct by its executives. Coinbase (COIN) was sued for its UK subsidiary’s breaches of customer protection requirements.
• Misleading Statements and Disclosures: DexCom (DXCM) was sued for alleged misrepresentations about its earnings and revenue growth. Extreme Networks (EXTR) was accused of overstating its backlog and concealing a decline in demand. Symbotic (SYM) faced allegations of misleading statements about its expense management and project deployment capabilities.
• Clinical Trial Failures and Misleading Statements: Agenus (AGEN) was sued for misrepresenting the effectiveness of its cancer therapy. Sage Therapeutics (SAGE) was accused of misleading statements about its drug candidates and regulatory prospects.
• PDD Holdings Misconduct: PDD Holdings Inc. (PDD) was sued for alleged misleading statements about its business operations, including applications containing malware, lack of a system to prevent forced labor products, and increased legal and political scrutiny.
• Terran Orbital Financial Misconduct: Terran Orbital Corporation (LLAP) faced allegations of making false and misleading statements about its financial prospects and liquidity, failing to disclose its true financial situation.

Share Repurchase Programs

• European Share Buybacks: Several European companies repurchased shares, including Norsk Hydro ASA (NHY), Sampo plc (SAMPO), Shell plc (SHEL), and Šiaulių Bankas AB. These buyback programs aim to reward shareholders and potentially increase stock prices.
• TC Energy’s Note Offers: TC Energy Corporation (TRP) completed tender offers to repurchase a significant amount of its outstanding notes, accepting a total of US$1,873,968,000 and C$575,000,000 in aggregate principal amount of notes for purchase.

Company Specific News

• Pfizer Activist Investor Campaign: Activist investor Starboard Value’s campaign at Pfizer (PFE) saw a setback as two former executives, Ian Read and Frank D’Amelio, stepped back from the push, expressing support for current CEO Albert Bourla.
• XRP ETF Filings: Two companies, Goldtree Reserve and Canary Capital, submitted registration statements with the SEC for XRP exchange-traded funds (ETFs).
• Premia Partners Launches Taiwan 50 ETF: Premia Partners, a leading ETF provider from Hong Kong, listed the Premia FTSE TWSE Taiwan 50 ETF on the HKEx, providing investors with exposure to a diversified basket of 50 leading Taiwanese companies.
• MFS Mutual Fund Performance: Three top-ranked MFS mutual funds, MFS Growth (MFECX), MFS Blended Research Core Equity (MUETX), and MFS Blended Research Mid Cap Equity (BMSFX), have a Zacks Mutual Fund Rank #1 (Strong Buy).
• Poni Insurtech Expands into Vietnam: Poni Insurtech Pte. Ltd., the international arm of Huize Holdings (HUIZ), launched its new health insurance comparison platform, “GlobalCare.vn”, in Vietnam.
• Digital Wealth Platforms: Arta Finance offers accredited investors access to elite fund managers and intelligent investment tools in public and private markets. Nicola Wealth announced the appointment of Michael Kaumeyer to develop and grow its ultra-high-net-worth (UHNW) division.
• Castlelake’s Investment: Castlelake, L.P., a global alternative investment manager, entered into a forward flow agreement with Alma, a BNPL solution company in France, to purchase over €3 billion of short-duration payment facilities.
• Marex Group’s Acquisition: Marex Group plc (MRX) announced the acquisition of Hamilton Court Group, expanding its foreign exchange (FX) services.
• YieldMax™ ETFs: YieldMax™ announced distributions for several of its ETFs, including YMAX, YMAG, NVDY, DIPS, FBY, GDXY, BABO, JPMO, and MRNY.
• StepStone Group’s Private Markets: StepStone Group Inc. (STEP), a global investment firm focused on private markets, announced that its StepStone Private Wealth division has surpassed $5 billion in global assets under management.
• Bank Earnings Releases: Blue Foundry Bancorp (BLFY) and Eagle Bancorp, Inc. (EGBN) announced they will release financial results for the third quarter of 2024.
• Brookfield Asset Management Earnings Release: Brookfield Asset Management (BAM) will host a conference call and webcast on November 4, 2024, to discuss earnings for the third quarter of 2024.
• Black Hills Corp. Earnings Release: Black Hills Corp. (BKH) will release its third-quarter 2024 earnings on November 6, 2024, and host a conference call and webcast on November 7, 2024.
• ICG Enterprise Trust PLC’s Share Transaction: Oliver Gardey, Head of Private Equity Fund Investments at ICG Enterprise Trust PLC (ICGT), bought 1,725 ordinary shares in the Company.
• Hargreave Hale AIM VCT PLC’s Share Offering: Hargreave Hale AIM VCT PLC announced a prospectus in relation to an offer for subscription, seeking to raise up to £20 million.
• Music Licensing, Inc. Office Closure: Music Licensing, Inc. (SONG) announced the temporary closure of its Naples, Florida office due to Hurricane Milton.
• Artisans Partners’ AUM: Artisan Partners Asset Management Inc. (APAM) reported preliminary assets under management (AUM) of $167.8 billion as of September 30, 2024.
• Poni Insurtech Expands into Vietnam: Poni Insurtech Pte. Ltd. (HUIZ) announced its Vietnam subsidiary, Global Care Consulting Joint Stock Company, has unveiled its new health insurance comparison platform, “GlobalCare.vn”.
• Ray Dalio’s China Concerns: Ray Dalio, founder of Bridgewater Associates, raised concerns about the complexities of investing in China amid the country’s shifting economic policies.
• Chinese Stock Market Volatility: The CSI 300 index, which had surged over 10% due to economic revival expectations, saw its gains shrink to 5% on Tuesday.
• Janus Henderson Mutual Fund Performance: Janus Henderson Global Life Sciences (JNGLX), Janus Henderson Research (JNRFX), and Janus Henderson Small-Mid Cap Value (JSVSX) have a Zacks Mutual Fund Rank #1 (Strong Buy).
• RCP Advisors’ Recognition: RCP Advisors, a subsidiary of P10, Inc. (PX), was recognized by PitchBook in its 2023 Global Manager Performance Score League Tables.
• PayPoint’s Share Buyback Program: PayPoint plc (PAY) purchased a total of 11,126 shares through Investec Bank plc.
• Nykredit’s Bond Issue: Nykredit Realkredit A/S announced the final terms for an issue of SEK 500,000,000 Senior Non-Preferred Floating Rate Notes due October 2028.
• Nykredit’s Coupon Rates: Nykredit Realkredit A/S announced the adjustment of coupon rates for floating-rate bonds.
• Eckoh plc’s Share Sale: Investec Bank plc sold a total of 78,231 shares in Eckoh plc.
• Man Group’s Share Holdings: Man Group PLC (EMG) announced its holdings in AngloGold Ashanti plc (AU), Centamin plc (CEY), International Paper Company (IP), and Smith (DS) plc (SPD).
• SulNOx Group’s OTCQX Listing: SulNOx Group Plc (SNOX) qualified to trade on the OTCQX® Best Market.
• Peapack-Gladstone Financial Corporation’s New Attorney: Peapack-Gladstone Financial Corporation (PGC) announced that Michael Anthony Guarino, Esq., has joined the Bank as a Senior Vice President, Attorney.
• Ekspress Grupp’s Auditor Appointment: AS Ekspress Grupp submitted a draft resolution to appoint KPMG Baltics OÜ as the auditor of the company.
• Boussard & Gavaudan Holding Limited’s Update: Boussard & Gavaudan Holding Limited announced the estimated Net Asset Value (NAV) of the Company’s ordinary shares.
• Alliance Trust PLC’s Share Combination: Alliance Witan PLC will acquire approximately £1,539 million of net assets from Witan Investment Trust PLC.
• Danske Bank’s Share Repurchase Program: Danske Bank A/S announced continuous share sales related to its share buy-back program.
• Awilco Drilling’s Share Premium Account: Awilco Drilling PLC will hold a General Meeting to seek authority to cancel the Company’s share premium account.
• SBM Offshore’s Share Repurchase Program: SBM Offshore announced the transaction details related to its EUR130 million share repurchase program.
• Caldwell U.S. Dividend Advantage Fund: Caldwell Investment Management Ltd. announced the payment of distributions on the actively-managed ETF Series of the Fund.
• Kuehn Law’s Investigation: Kuehn Law, PLLC, is investigating potential claims related to proposed mergers of The First Bancshares, Inc. (FBMS), WesBanco, Inc. (WSBC), Outbrain, Inc. (OB), and PetIQ, Inc. (PETQ).
• Goldman Sachs’ Capital Requirement: Goldman Sachs Group Inc. (GS) won a challenge to the Federal Reserve’s capital requirements, leading to a lowering of the bank’s stress capital buffer.
• Morgan Stanley’s Trading Business: Morgan Stanley’s (MS) trading business is expected to have performed well in the third quarter of 2024.
• Ares Management’s Acquisitions: Ares Management Corp. (ARES) announced it will acquire the international business of GLP Capital Partners Limited and certain of its affiliates.
• BlackRock’s Acquisition: BlackRock, Inc. (BLK) acquired a private equity company, Global Infrastructure Partners (“GIP”).
• LPL Financial Holdings’ Acquisition: LPL Financial Holdings (LPLA) announced the completion of the acquisition of Altria Wealth Solutions, Inc.
• Citigroup’s Transformation: Citigroup CEO Jane Fraser tasked Anand Selva with overseeing the bank’s “Transformation” initiative.
• New Fortress Energy Lawsuit: A class action lawsuit was filed against New Fortress Energy Inc. (NFE) alleging misleading statements about its revenue and growth prospects.
• China’s Economic Stimulus: The Chinese government announced a significant Rmb800bn stimulus package to boost the stock market.

Healthcare

Pharmaceutical Acquisitions

• Pfizer and Activist Investor Talks: Pfizer Inc. CEO Albert Bourla is expected to meet with activist investor Starboard Value, which has built a $1 billion stake in the company, to discuss strategic changes. Former Pfizer executives, including former CEO Ian Read and former CFO Frank D’Amelio, have publicly expressed support for current management and the board, distancing themselves from Starboard’s activist campaign.
• Bristol Myers Squibb Acquisitions: Bristol Myers Squibb has strengthened its oncology portfolio through acquisitions of Mirati Therapeutics and RayzeBio. These acquisitions add key drug candidates like Krazati (adagrasib) for lung cancer and a proprietary radiopharmaceutical platform.

Drug Development and Clinical Trials

• FDA Approvals and New Drug Applications: Bristol Myers Squibb (BMY) received FDA approval for a label expansion of its drug Opdivo (nivolumab) for non-small cell lung cancer. PTC Therapeutics (PTCT) announced positive results from long-term extension studies on vatiquinone for Friedreich ataxia (FA) and plans to submit a new drug application (NDA) for the treatment of FA in December 2024.
• Clinical Trial Funding and Initiation: Inhibikase Therapeutics (IKT) announced the pricing of an approximately $110 million private placement financing, intending to use the proceeds to finance the initiation of a Phase 2b trial for pulmonary arterial hypertension (PAH). Pharming Group N.V. (PHAR) announced the start of a Phase II clinical trial evaluating leniolisib in primary immunodeficiencies (PIDs) with immune dysregulation linked to altered PI3Kẟ signaling in lymphocytes.

Other Notable News

• New Treatment for Schizophrenia and Sepsis Diagnostics: Bristol Myers Squibb received FDA approval for xanomeline and trospium chloride (Cobenfy) for the treatment of schizophrenia in adults. Cardinal Health (CAH) and T2 Biosystems (TTOO) entered into a multi-year exclusive U.S. distribution agreement for T2 Biosystems’ direct-from-blood diagnostics for rapid sepsis detection.
• Valneva Investor Day: Valneva SE (VALN) is hosting an investor day to discuss its key value drivers, including its Lyme disease vaccine candidate partnered with Pfizer, its commercial vaccine business, and its R&D pipeline.

Market Trends and Outlook

• Home Health Services: The Partnership for Quality Home Healthcare commends the Harris for President campaign’s proposal to cover more home care services for older Americans. They urge the Administration and Congressional leaders to address current declines in patient access to home health services.
• Medical Spa and At-Home Testing Markets: The medical spa market is experiencing robust growth due to increased consumer awareness of self-care and anti-aging services, a rise in wellness tourism, and the availability of wellness packages. The global at-home testing kits market is expected to grow at a CAGR of 5.9% from 2024 to 2034, driven by factors such as increased awareness of preventive healthcare, innovations in diagnostics technology, and growing preference for privacy and convenience.
• Population Health Management and IV Solutions: The population health management market is expected to reach USD 161.57 billion by 2033, driven by the rising geriatric population, increasing prevalence of chronic diseases, and the shift from volume-based to value-based care. The shortage of IV solutions in the U.S. market, caused by the shutdown of Baxter International’s largest IV solutions manufacturing facility, raises concerns about patient care and prompts calls for action from U.S. Senator Amy Klobuchar to address the crisis.
• Blood Screening Market: The global blood screening market is expected to advance at a CAGR of 8.50% during the forecast period (2024-2031), driven by increased blood donations, growing incidences of chronic diseases, and rising healthcare expenditure.

Economy & Real estate

US Economy

• Inflation Outlook: The Federal Reserve projects CPI inflation to average 3.8% in 2024, with risks evenly balanced. Persistent food and energy price pressures could push inflation higher, while a resolution to geopolitical conflicts could lower inflation.
• Economic Growth: The Federal Reserve projects the US economy to grow at a rate of 2.2% in 2024, driven by strong consumer spending and a steady recovery in business investment. However, high interest rates and ongoing geopolitical tensions could dampen growth.
• Interest Rate Projections: The Federal Reserve has signaled that it intends to keep interest rates elevated for an extended period, aiming to control inflation without causing a recession. This could impact borrowing costs for businesses and consumers.
• Global Economic Impacts: Global risks, such as the war in Ukraine, rising energy prices, and supply chain disruptions, could impact US economic growth. The Federal Reserve is closely monitoring these developments.

Real Estate

• Housing Market Trends: The US housing market is showing signs of cooling, with higher mortgage rates leading to a decline in home sales and price growth. However, strong demand and low inventory continue to support prices.
• Mortgage Rate Impacts: The average contract interest rate for 30-year fixed-rate mortgages has increased to 6.5%, making homeownership more expensive. This has led to a decrease in homebuyer demand and a slowdown in refinancing activity.
• Housing Market Outlook: Experts anticipate a more balanced housing market in the coming months, with prices stabilizing and inventory increasing. This could lead to a gradual easing of affordability challenges for potential homebuyers.
• Real Estate Investment Opportunities: Investors are looking for opportunities in sectors such as industrial real estate, where demand remains strong due to the growth of e-commerce and logistics.

Global Economy

• China Stimulus: The Chinese government has announced plans to boost economic growth, including increased infrastructure spending and tax cuts. However, investors are waiting for more details on the implementation of these measures.
• European Green Transition: The European Union is investing heavily in green technologies and infrastructure to meet its climate targets. This transition could lead to higher energy prices and increased competition for resources.

Real Estate Developments

• Fosun Expansion in the Middle East: Fosun, a Chinese conglomerate, is expanding its operations in the Middle East, with projects in Oman and Saudi Arabia. This expansion signifies growing interest in the region’s real estate and infrastructure sectors.
• Tropicana Las Vegas Demolition: The Tropicana Las Vegas was demolished to make way for a new baseball stadium and entertainment resort. This development signals continued investment in Las Vegas’s entertainment industry.

Company News

• Howard Hughes Holdings Inc. will release its 2024 third quarter earnings on November 4, 2024.
• Black Hills Corp. will announce its 2024 third quarter earnings on November 6, 2024.
• Global Net Lease, Inc. announced continued progress on its 2024 strategic disposition plan, having closed nearly $569 million of dispositions through Q3 2024.
• MCB Real Estate increased its proposal to acquire Whitestone REIT in an all-cash transaction.
• CeMat A/S obtained a binding decision confirming its acquisition by law of the right of perpetual usufruct (RPU) to 75% of the shares in an undeveloped plot of land in Warsaw.
• eXp Realty added the Prime Real Estate Team to its growing network of top agents and teams.
• Toll Brothers is opening new communities in Prosper, Texas, Commerce Township, Michigan, and Chatsworth, California.
• Dorr Capital Corporation, ELM Developments, and Gentai Capital Corporation teamed up to acquire a mid-rise condominium project in Kitchener, Ontario.

Retail

Global Partnerships

• DAHON and RoyalBaby Strategic Partnership (China): DAHON, a global leader in folding bikes, and RoyalBaby, a leader in children’s bikes, have partnered to create five co-branded bikes and collaborate on innovation, marketing, and service promotion. The alliance aims to revitalize the Chinese children’s bike market and boost the overall industry.
• Just Eat Takeaway.com and Rokt Global Partnership: Just Eat Takeaway.com, a major food delivery platform, has partnered with Rokt to launch a retail media offering on its order confirmation page. This will reach 82 million active customers globally, allowing advertisers to target them with relevant messages and generate new revenue streams for Just Eat Takeaway.com.

Retail Trends and Performance

• Gluten-Free Market Growth: The global gluten-free products market is projected to grow at a CAGR of 8.3% from 2024 to 2029, reaching USD 11.48 billion. The growth is driven by rising awareness of celiac disease and gluten sensitivity, and a growing demand for healthier and allergen-friendly food options.
• Italy’s Gluten-Free Dominance: Italy holds the largest share of the European gluten-free market, driven by strong consumer demand and a tradition of adapting to gluten-free alternatives. Key players like Farmo S.p.A., Dr. Schär AG / SPA, and Barilla G. e R. F.lli S.p.A. contribute to Italy’s leading position in the sector.
• Dollar General Sales Shift: Dollar General, a value-oriented retailer, is facing challenges as its core customers experience financial strain. Sales are shifting towards consumables, indicating a preference for necessities over discretionary items. This reflects the economic difficulties faced by lower-income consumers and puts pressure on Dollar General’s profitability.

Retail Pricing and Promotions

• Disneyland Price Increases: Disneyland has raised ticket prices and Magic Key annual pass costs. While the base ticket remains at $104, other tiers have increased by $7 to $12, and Magic Key passes by 6% to 20%. These changes reflect Disney’s demand-based pricing model and the increased demand for theme park visits during peak periods.
• Hallmark Keepsake Ornament Debut: Hallmark has released over 150 Keepsake Ornaments from its 2024 collection, including ornaments with innovative technology and new releases. The event features special offers, bonus points, and free gifts with purchase at Hallmark Gold Crown Stores.

Retail Expansion and Initiatives

• Palmstreet Hurricane Relief Efforts: Palmstreet, a live shopping platform, is offering support to sellers affected by the 2024 hurricane season. The company is waiving selling fees for sellers in affected states and donating a portion of its seller fees to charities assisting those impacted by hurricanes.

Infrastructure

Water & Wastewater Treatment

• Global Market Growth: The global water and wastewater treatment equipment market is projected to reach US$ 87.7 billion by 2029, growing at a CAGR of 5.0% from 2024. This growth is driven by increasing water scarcity, pollution levels, stringent regulations, and the growing need for clean water for various applications.
• Filtration Segment Dominance: The filtration segment dominated the market in 2024, accounting for the largest share in terms of value. This is due to the essential role of filtration in water treatment processes, its ability to remove contaminants, and the growing demand for reliable and efficient filtration solutions.
• Tertiary Treatment Process Growth: The tertiary treatment process segment is also a dominant player in the water and wastewater treatment equipment market. Increasing emphasis on water quality standards and wastewater reuse, along with technological advancements, is driving growth in this segment.
• Municipal Sector’s Vital Role: The municipal sector is the largest end-user of water and wastewater treatment equipment due to its responsibility for providing clean water and managing wastewater for a large population. Urbanization, population growth, and regulatory standards all contribute to the sector’s dominance.

Asia Pacific: Water Treatment Market

• Rapid Growth: The Asia Pacific region is the largest and fastest-growing region in the water and wastewater treatment equipment market, driven by rapid industrialization, urbanization, increasing water pollution, and government initiatives to improve water infrastructure.
• Strong Environmental Regulations: Stringent environmental regulations and policies in the region encourage investments in advanced treatment technologies, further fueling market growth.
• Technological Advancements: The adoption of advanced technologies such as membrane filtration, disinfection, and desalination in Asia Pacific has significantly improved treatment efficiency, contributing to the market’s expansion.

Commodities

Precious Metals

• Increased Production & Cost Guidance at CLG: Gatos Silver, Inc. reported an 11% increase in silver equivalent production at its 70%-owned Cerro Los Gatos (CLG) mine in Mexico for the third quarter of 2024. The company also improved its full-year 2024 guidance for silver and silver equivalent production by 7% and 6%, respectively, while lowering its by-product AISC by 12%.
• Record Quarterly Production at Kainantu Gold Mine: K92 Mining Inc. announced record quarterly production results for the third quarter of 2024 at its Kainantu Gold Mine in Papua New Guinea, of 44,304 ounces AuEq or 41,702 oz gold, 1,278,492 lbs copper and 37,613 oz silver. Sales during the quarter were 45,248 oz gold, 1,615,185 lbs copper and 46,062 oz silver.
• Financing for Bralorne Gold Project: Talisker Resources Ltd. secured a $21.5 million financing package to advance its flagship Bralorne Gold Project in British Columbia. The package consists of a $11.75 million royalty agreement with Sprott, a $4 million convertible debenture from the Phoenix Gold Fund, and a $1.5 million private placement of gold-linked notes.
• Endeavour Silver Production Declines: Endeavour Silver Corporation produced 1.6 million silver equivalent ounces in the third quarter of 2024, a 14% decline from the year-ago quarter due to reduced silver production at its mines, which offset higher gold output.

Lithium

• Rio Tinto Acquires Arcadium Lithium: Rio Tinto PLC ADR announced a definitive agreement to acquire Arcadium Lithium plc in an all-cash deal valued at $6.7 billion, representing a 90% premium over Arcadium’s closing price on Oct. 4. The transaction will integrate Arcadium’s lithium operations into Rio Tinto’s portfolio, positioning the company as a leader in energy transition commodities.

Oil & Gas

• Hurricane Milton Impacts Energy Infrastructure: Kinder Morgan (KMI) shut down its terminals and fuel racks in Tampa, FL, due to Hurricane Milton, a Category 5 storm. Chevron also evacuated staff from its Blind Faith platform in the U.S. Gulf of Mexico.
• Tellurian Inc. Acquisition by Woodside Energy: Tellurian Inc. shareholders approved the company’s acquisition by Woodside Energy for $1.2 billion, including its Driftwood LNG export project. This acquisition will help Tellurian overcome its financial issues and bring the Driftwood LNG project to completion.
• Delek Logistics Partners Public Offering: Delek Logistics Partners LP priced its public offering of 3.85 million common units at $39.00 per unit. The company plans to use the proceeds to redeem its convertible preferred units and repay debt.
• Phoenix Capital Group Holdings Drilling Success: Phoenix Capital Group Holdings, LLC announced several recent drilling results within North Dakota’s prolific Williston Basin, including setting a new record for drilling speed in the Bakken Formation.

Global Commodities

• Nova Minerals Exploration Update at Egina Gold Project: Nova Minerals Limited announced progress on exploration activities at the Egina Gold Project with De Grey Mining Ltd. De Grey has satisfied its initial minimum expenditure commitment of A$7 million for the Becher Project, which is part of a required A$25 million spend within 4 years to earn 50% of the joint venture.
• Immutable’s IMX Price Decline: Immutable’s IMX/USD price has fallen 3.05% to $1.38 over the past 24 hours, continuing its negative trend over the past week.

Company News

• StoneX Group Acquires JBR’s Precious Metal Recovery Business: StoneX Group Inc. completed its acquisition of JBR’s precious metal recovery and refinery business, deepening its metals offering and enabling end-to-end management of metal trading.
• Sky Quarry Inc. Completes $6.7 Million Offering: Sky Quarry Inc. raised $6.7 million through the sale of its common stock, aiming to reduce waste asphalt shingles and remediate oil-saturated sands and soils.
• Oil-Dri Corporation Declares Quarterly Dividends & Stock Split: Oil-Dri Corporation of America declared quarterly cash dividends of $0.31 per share of its Common Stock and $0.233 per share of its Class B Stock and approved a two-for-one stock split in the form of a stock dividend.
• Wabash to Host Quarterly Earnings Conference Call: Wabash, an innovation leader of connected solutions for the transportation, logistics and distribution industries, will host a quarterly earnings conference call to discuss its financial results for the third quarter 2024 on Thursday, October 24.
• Clearway Energy to Report Third Quarter 2024 Financial Results: Clearway Energy, Inc. plans to report Third Quarter 2024 financial results on Wednesday, October 30.
• Pilgrim’s Pride to Release Third Quarter 2024 Financial Results: Pilgrim’s Pride Corporation will release its third quarter 2024 financial results after the U.S. market closes on Wednesday, October 30.
• DHT Holdings Provides Business Update: DHT Holdings, Inc. estimates time charter equivalent earnings for its fleet at $42,400 per day for the third quarter of 2024.
• TechnipFMC Stock Performance: TechnipFMC plc’s shares have gained 34.4% this year, driven by its strong backlog, strategic expansion, and bullish analyst sentiment.

Cannabis Market

• Cresco Labs Navigating Cannabis Industry Challenges: Cresco Labs CEO Charlie Bachtell discussed the unique challenges faced by cannabis companies, including access to capital and the 280E tax burden, during a fireside chat at the Benzinga Cannabis Capital Conference.
• Cannabis Taxes in U.S. States: Minnesota and Ohio introduced a 10% tax on retail cannabis sales, while California and New York revamped their tax structures.
• Connecticut’s Medical Marijuana Transition: Erin Gorman Kirk, Connecticut’s cannabis ombudsman, addressed concerns about the transition to recreational cannabis and its impact on medical marijuana patients.
• Financial Giants’ Bearish Move on Devon Energy: Financial giants have made a conspicuous bearish move on Devon Energy, potentially suggesting significant price movements.
• APA Corporation Provides Third-Quarter 2024 Financial Update: APA Corporation provided supplemental information regarding certain third-quarter 2024 financial and operational results, including estimated average realized prices, dry hole costs, and asset sales.
• Benzinga’s Cannabis Stock Gainers and Losers: A list of the top gainers and losers in the cannabis sector for October 9, 2024.

Politics

US Political Landscape

• Hurricane Milton Response and Political Fallout: Florida Governor Ron DeSantis has rejected claims made by Vice President Kamala Harris that he prioritized politics over the welfare of Floridians during Hurricane Milton preparations. DeSantis emphasized using all available resources, including federal aid, and ongoing communication with President Biden and FEMA officials. He accused Harris of politicizing the storm for her campaign.
• DeSantis’s Handling of Hurricane Response: DeSantis’s handling of the hurricane situation and his relationship with the federal government could significantly impact Florida residents’ well-being. His response to the storm, particularly communication with federal officials, will likely be scrutinized.
• Greene’s Weather Manipulation Conspiracy Theories: Rep. Marjorie Taylor Greene (R-Ga.) has promoted conspiracy theories about the government’s ability to manipulate severe weather events, including hurricanes. She cited NOAA reports on weather modification projects as evidence of weather control, sparking concerns about misinformation and its potential impact on public safety decisions.
• Social Security and Medicare Updates: The Social Security Administration will announce the official cost-of-living adjustment (COLA) for 2025 on October 10. Initial estimates point to a 2.5% COLA, lower than the 3.2% raise granted in 2024.

2024 US Presidential Election

• Harris Holds Slim Lead: A new Reuters/Ipsos poll shows Kamala Harris holding a slim lead over Donald Trump in the race for the US presidency, with Harris at 46% and Trump at 43%.
• Economic Issues: Economic issues, particularly the cost of living, are at the forefront of voters’ concerns. Trump is favored over Harris on handling the cost of living, while Harris is seen as better at addressing income inequality.
• Immigration: Immigration remains a significant concern, with a majority of voters agreeing that immigrants in the country illegally pose a public safety risk, a sentiment Trump has emphasized.
• Independent Voters: The election outcome could hinge on independent voters, as the race between Harris and Trump has seen fluctuations.

French Political and Fiscal Situation

• Austerity Budget: France’s new government is set to present its 2025 budget, expected to include tax hikes and spending cuts to combat the country’s fiscal crisis. The measures could provoke opposition parties on both the left and right, and even the centrists that put Prime Minister Michel Barnier in power.
• Economic Impact: The budget, described as “austerity” by economists, could significantly dampen economic activity in France. It aims to reduce the country’s deficit to around 5% of GDP in 2025, down from an expected 6.1% this year.
• Fragile Government: The budget is the first real domestic test for Barnier’s government, which is a fragile coalition reliant on opposition parties. The government’s vulnerability was highlighted by a no-confidence motion filed by the leftwing bloc, which failed to pass.
• Political Challenges: Barnier’s government is facing challenges from both the left and right of the political spectrum. If the budget reverses Macron’s pledges to resist tax hikes on large businesses, it could further strain the relationship between the president and the prime minister.

Canadian Official Languages Report

• “A Shared Future” Report Released: The Commissioner of Official Languages of Canada, Raymond Théberge, released his report, “A Shared Future: A Closer Look at Our Official Language Minority Communities Today.”
• Focus on Minority Communities: The report highlights the challenges faced by official language minority communities across Canada, including issues related to education, intergovernmental relations, and community vitality.
• Call for Action: The report calls for concrete action from individuals and institutions to address these challenges and ensure the development and vitality of official language communities.
• Diverse Situations: The report acknowledges the diverse situations of Canada’s French-speaking communities and the unique position of Quebec’s English-speaking communities.

Stock Picks

MicroStrategy’s Bitcoin Strategy

• Bitcoin Accumulation: MicroStrategy (MSTR) has become a Bitcoin proxy by acquiring over 140,000 Bitcoin, currently worth roughly $4 billion, shifting its focus away from traditional business operations.
• Market Outperformance: Despite Bitcoin’s significant decline from its all-time highs, MicroStrategy has outperformed the S&P 500 by a considerable margin over the past five years.
• Saylor’s Bitcoin Vision: Former CEO Michael Saylor championed MicroStrategy’s Bitcoin adoption, viewing it as a superior alternative to the traditional monetary system.
• Crypto Winter Impact: The ongoing “crypto winter” has negatively impacted Bitcoin’s price, but MicroStrategy’s unwavering commitment to Bitcoin remains a key factor for investors.

Ark Invest’s Notable Trades

• Amazon Investment: Ark Invest purchased 76,505 shares of Amazon (AMZN), despite concerns about its growth trajectory and a recent downgrade from Wells Fargo.
• Robinhood Sell-Off: Ark Invest sold 1,421,431 shares of Robinhood (HOOD) across three of its ETFs, despite the company’s recent announcements.
• Coinbase Purchase: Ark Invest acquired 12,994 shares of Coinbase (COIN) following a surge in the company’s stock price, driven by its adaptation to European regulations.
• Palantir’s AI Boost: Ark Invest highlighted software companies like Palantir (PLTR) as beneficiaries of the AI boom, leading to a 6.58% surge in the company’s stock.

Utility Stocks as Safe Havens

• October Volatility: October is historically a volatile month for the stock market, influenced by factors such as job data, Fed rate expectations, and geopolitical uncertainty.
• Defensive Investment: Utility stocks are considered defensive investments due to their consistent demand and stable earnings, making them attractive during market turbulence.
• Fed Rate Cuts: The Federal Reserve’s September interest rate cuts and anticipated further reductions are positive for utility companies, as they rely on the credit market for funding.
• Strong Earnings: The utilities sector is known for its stable earnings and consistent cash flows, enabling utilities to consistently pay out dividends.

Top Utility Stock Picks

• Evergy (EVRG): With expanding operations in the transmission market and planned investments in renewable assets to achieve carbon neutrality by 2045, Evergy is projected to achieve a 4.2% revenue growth rate and an 8.5% earnings growth rate this year.
• Xcel Energy (XEL): Benefiting from its capital investment plan for infrastructure strengthening and clean power generation, Xcel Energy is expected to achieve a 2.3% revenue growth rate and a 6% earnings growth rate this year.
• WEC Energy Group (WEC): Driven by organic and inorganic asset contributions, WEC Energy Group is anticipated to achieve a 1.7% revenue growth rate and a 5.2% earnings growth rate this year.
• American Water Works (AWK): Leveraging acquisitions and military contracts, American Water Works is projected to achieve a 4.3% revenue growth rate and a 7.6% earnings growth rate this year.
• Atmos Energy (ATO): Benefitting from rising natural gas demand and long-term investment plans, Atmos Energy is anticipated to achieve a significant 11.9% revenue growth rate and a 5.2% earnings growth rate this year.