Gold prices have skyrocketed, surging over 50% in just 14 months to hit fresh all-time highs. The metal&#8217;s market cap has now crossed a jaw-dropping $20 trillion — <a href="https://www.benzinga.com/topic/gold">a first in history</a>.



<h2 class="wp-block-heading">Gold Defies Gravity</h2>



What&#8217;s unusual this time? Gold is climbing alongside the U.S. dollar and bond yields—a rare divergence that&#8217;s raising eyebrows across Wall Street, <a href="https://x.com/KobeissiLetter/status/1892596245794783617?s=31">reported</a> The Kobeissi Letter.



<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">Furthermore, physical gold buying is SKYROCKETING. Gold inventories in the 3 largest COMEX gold vaults just surged by 15 MILLION ounces in 2 months. That&#39;s a +115% increase, putting physical gold holdings ABOVE 2020 pandemic levels. There has been a CLEAR shift in sentiment. <a href="https://t.co/3B6bmd58gy">pic.twitter.com/3B6bmd58gy</a>&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1892596250119168237?ref_src=twsrc%5Etfw">February 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



What was also noted is that physical gold buying is off the charts. Inventories in the three largest COMEX vaults spiked by 15 million ounces in just two months—a 115% surge that pushed holdings above 2020 pandemic levels.



Meanwhile, China&#8217;s gold reserves hit a record $73.5 billion, while India&#8217;s reached $70.9 billion. Central banks worldwide are piling in, with 2024 marking the third consecutive year of 1,000+ tonnes in net gold purchases—an unprecedented streak, The Kobeissi Letter notes.



Read Also: <a href="https://www.benzinga.com/government/regulations/25/02/43875557/donald-trump-airs-fort-knox-inspection-as-gold-edges-closer-to-3000-it-is-an-essential-component-of-portfolio-says-expert">Gold Is An &#8216;Essential Component&#8217; Of Portfolio, Says Expert As It Nears $3000 While Trump, Musk Suggest Fort Knox Inspection Amid The Surge</a>



<h2 class="wp-block-heading">Trading The Gold Boom: Golden Crosses Flash Bullish</h2>



With gold glittering, related stocks and ETFs are flashing bullish signals.



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent012125&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="629" height="489" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21084409/Screenshot-2025-02-21-at-7.00.39-PM.png" alt="" class="wp-image-793161" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21084409/Screenshot-2025-02-21-at-7.00.39-PM.png 629w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21084409/Screenshot-2025-02-21-at-7.00.39-PM-300x233.png 300w" sizes="(max-width: 629px) 100vw, 629px" /></a></figure>



<a target="_blank" href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent012125&amp;t=be2bearmibe3na1" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Anglogold Ashanti PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>) just formed a golden cross, where its 50-day moving average crossed above its 200-day. AU&#8217;s share price of $32.02 sits well above both its 50-day SMA of $27.37 and 200-day SMA of $27.01, signaling bullish momentum.



Read Also: <a href="https://www.benzinga.com/25/02/43710503/bank-of-america-sees-gold-hitting-3500-as-demand-surges-on-increased-policy-tensions">Gold Could Reach $3,500 As Demand Rises On &#8216;Increased Policy Tensions,&#8217; Says Bank of America</a>



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent012125&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="629" height="489" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21084508/Screenshot-2025-02-21-at-7.14.52-PM.png" alt="" class="wp-image-793166" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21084508/Screenshot-2025-02-21-at-7.14.52-PM.png 629w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21084508/Screenshot-2025-02-21-at-7.14.52-PM-300x233.png 300w" sizes="(max-width: 629px) 100vw, 629px" /></a></figure>



<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent012125&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



The iShares MSCI Global Gold Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RING#NASDAQ">RING</a>) also triggered a golden cross. Currently trading at $35.30, RING&#8217;s price outpaces its 50-day SMA of $31.22 and its 200-day SMA of $30.85. 



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent012125&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="629" height="489" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21084431/Screenshot-2025-02-21-at-7.03.57-PM.png" alt="" class="wp-image-793164" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21084431/Screenshot-2025-02-21-at-7.03.57-PM.png 629w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/21084431/Screenshot-2025-02-21-at-7.03.57-PM-300x233.png 300w" sizes="(max-width: 629px) 100vw, 629px" /></a></figure>



<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent012125&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Gold Fields Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) followed suit, boasting a 42% gain over the past year and a 36.5% surge year-to-date.



<h2 class="wp-block-heading">Bet On The Bull Run?</h2>



With gold breaking records, central banks hoarding bullion, and key stocks flashing golden crosses, the trend is hard to ignore. 



As macroeconomic uncertainty looms—from U.S. debt worries to trade tensions—gold's safe-haven appeal seems stronger than ever. 



For traders eyeing the next leg up, AU, RING, and GFI might just be golden tickets.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/02/43858757/bullion-boom-gold-etfs-gain-as-geopolitical-storm-fuels-surge">Bullion Boom: Gold ETFs Gain As Geopolitical Storm Fuels Surge</a></li>
</ul>



Image: Shutterstock

Commodities

Markets

RING

Gold Rush 2.0? Here's How To Play The New Bull Market

The Justice Department has reportedly launched a civil fraud investigation into UnitedHealth Group Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) Medicare billing practices.



The probe began in recent months and will examine UnitedHealth&#8217;s Medicare Advantage plans and physician groups following reports that the company received billions in federal payments for questionable diagnoses.



Also Read: <a target="_blank" href="https://www.benzinga.com/25/01/43065141/analysts-maintain-optimism-for-unitedhealth-despite-mixed-q4-results" rel="noreferrer noopener">UnitedHealth&#8217;s Strong Member Loyalty Powers Analyst Growth Forecasts</a>



The insurance giant is already under scrutiny. In January, the Federal Trade Commission released a second interim staff report detailing significant price markups on specialty generic drugs by&nbsp;UnitedHealth&#8217;s pharmacy benefit management unit along with&nbsp;CVS Health Corp.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) CVS Caremark and&nbsp;Cigna Corp.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>) <a target="_blank" href="https://www.benzinga.com/government/regulations/25/01/43010888/ftc-says-unitedhealth-cvs-cigna-make-billions-via-pbms-on-specialty-drugs" rel="noreferrer noopener">Express Scripts</a>.



The Wall Street Journal <a target="_blank" href="https://www.wsj.com/health/healthcare/unitedhealth-medicare-doj-diagnosis-investigation-66b9f1db?mod=latest_headlines" rel="noreferrer noopener">reported</a> that Medicare paid UnitedHealth substantial sums based on diagnoses added to patients&#8217; records, some of which doctors said were irrelevant or undocumented.



The WSJ report&#8217;s analysis of Medicare data from 2019 to 2021 found that UnitedHealth-employed doctors significantly increased the number of lucrative diagnoses for patients in the company&#8217;s Medicare Advantage plans.



Additionally, some diagnoses were added without physician treatment, including through in-home nurse visits, leading to an extra $8.7 billion in federal payments in 2021.



Each visit by UnitedHealth-employed nurses was valued at an average of $2,735 in additional government reimbursements.



The WSJ report added that UnitedHealth has defended its Medicare billing practices, arguing that they lead to more accurate diagnoses, improve patient care, and reduce healthcare costs. The company has previously stated that it performs well in Medicare audits and has disputed the Journal&#8217;s findings.



UnitedHealthcare, one of the largest health insurers in the U.S. with over 50 million members, has faced ongoing criticism over its <a target="_blank" href="https://www.benzinga.com/24/12/42365853/unitedhealthcare-faces-tough-questions-following-insurance-business-ceos-tragic-death" rel="noreferrer noopener">claim denial practices</a>.



A Senate investigation earlier this year concluded that Medicare Advantage providers, including UnitedHealthcare, intentionally denied claims to increase profits.



As per a recent media report, UnitedHealthcare, the insurance arm of&nbsp;UnitedHealth, is reportedly offering some employees in its benefits operations unit a chance to take a buyout if they <a target="_blank" href="https://www.benzinga.com/25/02/43829064/unitedhealthcare-offers-voluntary-buyouts-possible-layoffs-if-targets-not-met-cnbc" rel="noreferrer noopener">resign by March 3</a>.



In a social media <a target="_blank" href="https://x.com/BillAckman/status/1892912458840547554" rel="noreferrer noopener">post</a>, investor Bill Ackman said,&#8221; When a company, in this case United Healthcare, attacks its critics, the probability that it has committed fraud or is guilty of a crime increases substantially.&#8221;



&#8220;My psychological short here is paying off and I would avoid this stock,&#8221; Ackman added.



Price Action: UNH stock was down 10.2% at $451.36&nbsp;during the premarket session at the last check on Friday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/25/02/43851537/centerpoint-energy-stays-on-track-eps-rises-25-grid-upgrade-planned-and-more" target="_blank" rel="noreferrer noopener">CenterPoint Energy Stays On Track: EPS Rises 25%, Grid Upgrade Planned And More</a></li>
</ul>



Photo by JHVEPhoto via Shutterstock.com

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DOJ Investigates UnitedHealth, Probe Accuses Of Inflating Medicare Diagnoses

Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) shares are down 5.2% in pre-market trading on Friday after the company said that it <a href="https://www.benzinga.com/25/02/43867210/rivian-automotive-q4-earnings-highlights-revenue-beat-eps-beat-2025-guidance-truly-transformational-product-r2-coming">expects to deliver</a> between 46,000 and 51,000 vehicles in 2025, less than the 51,579 deliveries reported in 2024.



What Happened: The company said that it expects deliveries to be about 8000 in the first quarter due to lower commercial vehicle deliveries as well as seasonality and a challenging demand environment for consumer vehicles.



The company will instead focus on building inventory in the first quarter to help mitigate the impact of a planned shutdown in the second half of the year to prepare for the start of production of its R2 vehicle, it said. The company will shut down the plant for about a month to integrate the R2 manufacturing line, company CEO RJ Scaringe said during the company&#8217;s fourth-quarter earnings call on Thursday. 



Production of Rivian&#8217;s R2 vehicle, priced around $45,000, is expected to start in the first half of 2026 at the company&#8217;s factory in Illinois. 



&#8220;We remain steadfast in our belief that R2 will be truly transformative for our growth and profitability,&#8221; company CFO Claire McDonough said. 



Gearing For Potential Regulatory Changes: Rivian warned that the outlook reflects the management&#8217;s current view on potential adjustments to incentives, regulations, and tariff structures under the Trump administration. These are, however, external factors outside of the company&#8217;s control and could change, McDonough noted. 



The company has also weighed in on the possibility of the $7,500 tax credit on the purchase of EVs getting dropped under the new administration, Scaringe said. 



&#8220;We&#8217;ve architected the business and we&#8217;ve built in a lot of flexibility in terms of vehicle configuration (for R2) and, therefore, pricing associated with different models or variants that contemplates both a world with the $7,500 credit and a world without the $7,500 credit,&#8221; he said.



Q4 Results: Rivian reported a <a href="https://www.benzinga.com/markets/equities/25/02/43874096/gary-black-left-unimpressed-by-rivians-earnings-calls-2025-guidance-clearly-weak">positive quarterly gross profit</a> for the first time on Thursday. The company reported $170 million in gross profit for the three months through the end of December, compared to a loss of $606 million a year ago, owing to reduced cost, sale of regulatory credits, and higher average selling price on its vehicles. 



The company also reported quarterly revenue of $1.73 billion beating a Street consensus estimate of $1.4 billion.



The company reported an adjusted loss of 46 cents per share in the quarter, beating a Street estimate of a loss of 65 cents per share.



Recall Adds To Woes: Rivian recalled 17,260 model-year 2025 R1S and R1T vehicles in the U.S. on Friday owing to concerns that the headlight low beams may fail to illuminate when starting the vehicle in cold weather.



The company said that it would replace the headlight control modules free of charge to the customer.



Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/02/43842890/osha-cites-tesla-over-death-of-electrician-report" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Tesla Cited By OSHA Over Death Of Electrician At Giga Texas: Report</a></li>
</ul>



Photo courtesy: Shutterstock

Tech

RIVN

Rivian Drops 5.2% In Premarket Trading After Disappointing Vehicle Delivery Outlook

U.S. stock futures were flat and swung between gains and losses on Friday following Thursday&#8217;s decline. The S&amp;P 500 futures were trading a little below the flatline whereas other indices were in green.



Alibaba Group Holding Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NASDAQ">BABA</a>) shares jumped 14.56% in Hong Kong on Friday after exceeding the street&#8217;s expectations on Thursday. Other Chinese tech companies also rallied.



Gold neared the $3000 per ounce mark amid President Donald Trump and Elon Musk&#8216;s <a href="https://www.benzinga.com/markets/commodities/25/02/43875860/trump-plans-fort-knox-gold-inspection-as-prices-soar-past-2940if-the-gold-isnt-there">remarks</a> to visit the Forth Knox for the inspection of precious bullion reserves.



The 10-year Treasury yield stood at 4.49%, while the two-year yield was at 4.26%. According to the CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>, there is a 97.5% chance that the Federal Reserve will keep interest rates unchanged for the March meeting. 



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.08%</td></tr><tr><td>S&amp;P 500</td><td>-0.01%</td></tr><tr><td>Dow Jones</td><td>0.09%</td></tr><tr><td>Russell 2000</td><td>0.25%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Thursday. SPY was up 0.049% to $610.68, and QQQ advanced 0.12% to $537.88, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From The Last Session



Sectors drove U.S. stock <a href="https://www.benzinga.com/news/earnings/25/02/43875808/dow-tumbles-450-points-as-walmart-shares-plunge-investor-sentiment-declines-fear-greed-index-in-neutral-zone">declines</a> Thursday, with financials, consumer discretionary, and staples leading losses. Conversely, the energy and real estate sectors gained. 



Jobless claims for the week ending Feb. 15 rose to 219,000, above the 215,000 estimate, and the Philadelphia Fed Manufacturing Index sharply declined to 18.1



Walmart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NASDAQ">WMT</a>) shares plunged 6.53% despite beating expectations as the retail giant&#8217;s growth forecast for the fiscal year 2026 was below the consensus.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.47%</td><td>19,962.36</td></tr><tr><td>S&amp;P 500</td><td>-0.43%</td><td>6,117.52</td></tr><tr><td>Dow Jones</td><td>-1.01%</td><td>44,176.65 </td></tr><tr><td>Russell 2000</td><td>-0.91% </td><td>2,261.74</td></tr></tbody></table></figure>



Insights From Analysts



&#8220;Volatility doesn't equal a permanent financial loss unless you sell,&#8221; said Peter Mallouk, in an X post.



CEO at Creative Planning, Mallouk shared a chart in an X post showing that the S&amp;P 500 index has fallen 58% in 1930, 49% in 2008, and 34% in 2020, but despite these sharp declines it has returned an average of 10% per year since 1928.



<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">The S&amp;P 500 has returned an average of 10% per year since 1928 and has done so despite an average intra-year drawdown of 16%, and often drawdowns that are much worse. The lesson? Volatility doesn't equal a permanent financial loss unless you sell. <a href="https://t.co/3aroEwPmoX">pic.twitter.com/3aroEwPmoX</a>&mdash; Peter Mallouk (@PeterMallouk) <a href="https://twitter.com/PeterMallouk/status/1892232172372996226?ref_src=twsrc%5Etfw">February 19, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Ryan Detrick, the chief market strategist at Carson Research highlighted that the second half of February is usually riskier for the S&amp;P 500 returns. He mapped the data from 1950 to 2024, which showed that on average, the index has declined consistently after peaking on Feb. 15.



<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">You are here. <a href="https://t.co/kNomjDgH4h">pic.twitter.com/kNomjDgH4h</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1892615024536907893?ref_src=twsrc%5Etfw">February 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Highlighting the fixed income opportunities, Scott Wren, the senior global market strategist at Wells Fargo said that investors should move money out of short-term instruments and into higher-yielding investment-grade fixed income further out on the maturity spectrum.



&#8220;We have conviction around our year-end target range of 4.50% – 5.00% for the U.S. 10-year Treasury note, and on that basis, we see attractive fixed-income opportunities for investors,&#8221; he said.



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



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Friday:



<ul>
<li>February&#8217;s S&amp;P flash U.S. services PMI and manufacturing PMI will be out by 9:45 a.m., ET.</li>
</ul>



<ul>
<li>The final consumer sentiment data for February and existing home sales data for January will be out by 10:00 a.m., ET.</li>
</ul>



<ul>
<li>Fed Vice Chairman Philip Jefferson will speak again and San Francisco Fed President Mary Daly will also speak for the second time this week at 11:30 a.m., ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Telephone and Data Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDS#NYSE">TDS</a>) was up 0.18% in the premarket on Friday ahead of its earnings, which will be released before the opening bell. Analysts expect it to report a quarterly loss of 28 cents per share on the revenue of $1.25 billion.</li>
</ul>



<ul>
<li>Vipshop Holdings Ltd. ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIPS#NYSE">VIPS</a>) jumped 10.19% as Wall Street expects it to report quarterly earnings of 82 cents per share on revenue of $4.77 billion before the opening bell.</li>
</ul>



<ul>
<li>Brady Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRC#NYSE">BRC</a>) was 0.09% higher ahead of its earnings, which will be released before the opening bell. Analysts expect it to report quarterly earnings of $1.03 per share on revenue of $359.11 million.</li>
</ul>



<ul>
<li>United States Cellular Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USM#NYSE">USM</a>) advanced 2.89% as Wall Street expects it to report a quarterly loss of 5 cents per share on the revenue of $965.87 million after the closing bell.</li>
</ul>



<ul>
<li>Dropbox Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBX#NASDAQ">DBX</a>) plunged 10.29% despite reporting better-than-expected earnings as its total annual recurring revenue decreased by $4.8 million quarter-over-quarter.</li>
</ul>



<ul>
<li>Celsius Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>) zoomed 32.28% after reporting a record 2024 revenue of $1.36 billion due to high demand for its functional beverages and acquired Alani Nu for $1.65 billion to expand its brand portfolio.</li>
</ul>



<ul>
<li>COPT Defense Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDP#NYSE">CDP</a>) rallied by 30.94% as it increased its quarterly dividend by 3.4% to $0.305 per share for Q1 2025, payable April 16th to shareholders. This equates to an annualized dividend of $1.22 per share.</li>
</ul>



<ul>
<li>Soluna Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNH#NASDAQ">SLNH</a>) rose 1.38% and Bit Digital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTBT#NASDAQ">BTBT</a>) advanced 1.02% as the companies expanded their partnership with a new 12-month, 5.5 MW hosting contract at Project Dorothy, Texas, bringing their total hosted capacity to over 12 MW.</li>
</ul>



Commodities, Gold And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.90% to hover around $71.83 per barrel.



The gold spot index was down by 0.31% to $2,929.69 per ounce after hitting a fresh record of $2,949.87. The Dollar Index was up 0.26% at 106.651 level.



Asian markets ended mostly higher on Friday. Except for Australia's ASX 200, and India's S&amp;P BSE Sensex index, all indices including, China's CSI 300, South Korea's Kospi, Hong Kong's Hang Seng, and Japan's Nikkei 225 index rose. European markets were mixed in trade.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/02/43875557/donald-trump-airs-fort-knox-inspection-as-gold-edges-closer-to-3000-it-is-an-essential-component-of-portfolio-says-expert">Gold Is An &#8216;Essential Component&#8217; Of Portfolio, Says Expert As It Nears $3000 While Trump, Musk Suggest Fort Knox Inspection Amid The Surge</a></li>
</ul>



Photo courtesy: Shutterstock

Earnings

Government

Economics

Pre-Market Outlook

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BABA

BTBT

CELH

SLNH

VIPS

US Stocks Likely To Open Mixed: 'Volatility Doesn't Equal ...Financial Loss Unless You Sell,' Says Expert

Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) AI-driven Visual Intelligence feature is reportedly coming to iPhone 15 Pro models in an upcoming iOS update.



What Happened: Apple Intelligence, the company's suite of AI-powered features, includes Visual Intelligence, which allows users to analyze objects, translate text, and search for information in real-time using their iPhone's camera.



While iPhone 16 and 16 Pro users can trigger the feature using a dedicated camera button, the iPhone 15 Pro and Pro Max and <a href="https://www.benzinga.com/tech/25/02/43820197/apple-unveils-iphone-16e-with-a18-chip-ai-features-599-price-tag">newly launched</a> iPhone 16e lack this hardware.



See Also: <a href="https://in.benzinga.com/markets/equities/25/02/43873396/apple-stock-has-run-up-over-10-in-a-month-jim-cramer-says-iphone-maker-is-ramping-and-the-credit-goes-to-chinese-subsidies">Apple Stock Has Run Up Over 10% In A Month, Jim Cramer Says iPhone Maker Is &#8216;Ramping&#8217; And The Credit Goes To Chinese Subsidies</a>



&#8220;Apple's solution to enable visual intelligence on the iPhone 16e, despite it lacking the Camera Control button, is two-fold. First, visual intelligence is now available in the Control Center. Second, as demonstrated by Apple in the announcement video, you can assign the Action Button to visual intelligence,&#8221; said Daring Fireball's John Gruber.



Gruber further said that Cupertino will likely assign Visual Intelligence to the Action button or use a Control Center shortcut, citing an Apple representative.



Apple hasn't confirmed which iOS version will bring Visual Intelligence to iPhone 15 Pro models, but Gruber speculates it may arrive in iOS 18.4, which could enter beta testing "any day now."



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: Apple's decision to extend Visual Intelligence to iPhone 15 Pro users reduces the pressure to upgrade to the iPhone 16 series for AI-driven camera enhancements.



Since its launch in September 2023, the iPhone 15 Pro series has seen significant adoption, with the Pro and Pro Max models accounting for 5.44% and 6.83% of the market by November 2024, <a href="https://www.statista.com/statistics/1447263/iphone-15-adoption-rate-by-model-worldwide/?__sso_cookie_checker=failed">according</a> to Statista.



Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



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<li><a href="https://in.benzinga.com/markets/25/02/43840286/apples-iphone-16e-to-drive-revenue-growth-for-tim-cooks-company-says-top-analyst">Apple&#8217;s iPhone 16e To Drive Revenue Growth For Tim Cook&#8217;s Company, Says Top Analyst</a></li>
</ul>



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



Photo courtesy: Shutterstock

AAPL

Apple's Visual Intelligence May Come To iPhone 15 Pro: Here's How It Can Transform Your Camera With AI-Powered Real-Time Search

Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) climbed 4.2% during the pre-market trading session on Friday following strong financial performance for the third quarter.



What Happened: The Chinese tech giant posted stellar results for the December quarter surpassing expectations. Alibaba&#8217;s third-quarter revenue grew 8% YoY to $38.38 billion, surpassing analyst estimates, while adjusted earnings per ADS of $2.93 beat consensus expectations of $2.66. The revenue for Alibaba's Cloud Intelligence Group witnessed a 13% year-on-year growth to $4.37 billion with revenue from AI-related products experiencing triple-digit growth for the sixth straight quarter.



The company&#8217;s CEO Eddie Wu&nbsp;stated, "This quarter's results demonstrated substantial progress in our ‘user first, AI-driven' strategies and the re-accelerated growth of our core businesses.&#8221;



Also, during the company&#8217;s third-quarter earnings call, CFO, Toby Xu, confirmed the 5% net reduction in share count. The Chinese tech behemoth repurchased $1.3 billion of its shares in the December quarter. This follows an approximate $10 billion in buybacks during the first half of fiscal 2024. The company still has $20.7 billion left in its buyback authorization. The buyback strategy was implemented as Alibaba reported $83.6 billion in cash reserves as of Dec. 31. 



SEE ALSO: <a href="https://www.benzinga.com/25/02/43772576/tesla-to-start-delivering-shanghai-made-refreshed-model-ys-next-week">Tesla&#8217;s Refreshed Model Y Rolls Off Shanghai Gigafactory, Deliveries To Start &#8216;Soon&#8217;</a>



Why It Matters: The stock has&nbsp;seen nearly an 80% surge over the past 12 months,&nbsp;bolstered by China&#8217;s&nbsp;economic stimulus measures and growing&nbsp;traction in Alibaba&#8217;s AI offerings. This growth in <a href="https://www.benzinga.com/25/02/43874037/alibaba-sees-ai-gold-rush-in-cloud-computing-not-open-and-closed-source-modelshints-monetization-lies-in-powering-ai-not-selling-it">AI offerings aligns with the company&#8217;s belief</a> that the real value in artificial intelligence will come from cloud infrastructure rather than the models themselves.



Moreover, CEO&nbsp;Eddie Wu&nbsp;revealed expectations that the company's International Commerce Unit would achieve profitability in the next fiscal year.



Meanwhile, Alibaba&#8217;s&nbsp;board-level capital management committee also continues&nbsp;to manage&nbsp;shareholder return initiatives through a&nbsp;mix&nbsp;of dividends, share buybacks, and&nbsp;strategic investments. 



The stock also surged in Hong Kong market on Friday as economists predict China's central bank could lower its main policy rate in March



Alibaba&#8217;s&nbsp;ADR closed at $135.97 on&nbsp;Thursday, gaining 8.09% for the&nbsp;day. In after-hours trading, the&nbsp;stock rose an additional 0.82%.&nbsp;Year to date, Alibaba shares&nbsp;have surged 60.06%, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.



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<li>READ MORE: <a href="https://www.benzinga.com/25/02/43805852/trump-shakes-global-trade-with-25-auto-chip-and-pharma-tariffs-announcement-asian-stocks-pare-their-five-day-rally">Trump Announces 25% Tariff On Auto Imports, Chips And Pharmaceuticals, Shaking Global Trade: Nvidia, Apple, TSMC And Others In Focus</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.



&nbsp;

BABA Stock Climbs Over 4% In Friday Pre-Market: What's Going On?

Leading coins jogged while stocks sank on Thursday as the Securities and Exchange Commission scaled back cryptocurrency oversight.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+1.63%</td><td>$98,192.29</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>+0.43%</td><td>$2,734.93</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>-0.68%</td><td>$0.2536</td></tr></tbody></table></figure>



What Happened: Bitcoin rose above $98,000 for the first time in a week, clocking an intraday high of $98,767.19.&nbsp;



Ethereum, meanwhile, oscillated in the $2,700 zone, hitting a peak of $2,770.03 for the day.



The market reacted to the <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43857831/sec-scales-back-crypto-enforcement-expands-focus-to-cyber-fraud">SEC relaxing its enforcement approach</a>, replacing its cryptocurrency oversight unit with a smaller cyber fraud unit.



Cryptocurrency liquidations reached $249.79 million in the last 24 hours, with $171 in short positions getting wiped out.



Bitcoin's Open interest surged by 4.25%. Interestingly, the number of traders shorting the apex cryptocurrency was higher than those betting on its increase, according to the Long/Short ratio.



Meanwhile, the market sentiment flipped from "Neutral" to "Greed," according to the Crypto Fear &amp; Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Story (IP)</td><td>+82.66%</td><td>$5.07</td></tr><tr><td>Berachain (BERA)</td><td>+28.83%</td><td>$8.42</td></tr><tr><td>Sonic (S)</td><td>+24.65%</td><td>$0.8704</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.23 trillion, rising 1.49 % in the last 24 hours.



Stocks reversed from record highs on Thursday. The S&amp;P 500 slid 0.43% to close at 6,117.52. The Dow Jones Industrial Average lost 450.94 points, or 1.01%, to end at 44,176.65, while the tech-focused Nasdaq Composite dipped 0.47% to close at 19,962.36



The sell-offs <a href="https://in.benzinga.com/news/earnings/25/02/43869433/walmart-expects-slower-growth-in-an-uncertain-time-cfo-says-on-earnings-call">followed a grim fiscal 2026 forecast</a> by mega-retailer Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>). Shares of the company plunged 6.53%.



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



Analyst Notes: Widely followed cryptocurrency analyst and trader Rekt Capital observed a bullish divergence was playing out for Bitcoin



"And a daily close above ~$97,700 followed by a successful retest would see the bull div enable price trend continuation to the upside," the chartist added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> The Bullish Divergence is playing out And a Daily Close above ~$97700 followed by a successful retest would see the Bull Div enable price trend continuation to the upside<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$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> <a href="https://t.co/pgvTNpVROK">https://t.co/pgvTNpVROK</a> <a href="https://t.co/tM5RiGxksD">pic.twitter.com/tM5RiGxksD</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1892666116922589556?ref_src=twsrc%5Etfw">February 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Ali Martinez, another well-known market researcher, reiterated the prognosis.



He described $97,533 as a "key" resistance level for Bitcoin. "A sustained breakout above this level could signal further upside."



<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">The most critical resistance level for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is currently at $97,533! A sustained breakout above this level could signal further upside. <a href="https://t.co/Fh8qIUtvZJ">pic.twitter.com/Fh8qIUtvZJ</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1892515036066672879?ref_src=twsrc%5Etfw">February 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by CMP_NZ on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43861405/dave-portnoy-calls-for-a-crypto-cleanup-but-heres-what-could-make-that-tricky">Dave Portnoy Calls For A &#8216;Crypto Cleanup,&#8217; But Here&#8217;s What Could Make That Tricky</a></li>
</ul>

Cryptocurrency

$BTC

$DOGE

$ETH

Bitcoin Breaches $98K, Ethereum, Dogecoin Flat As SEC Relaxes Crypto Enforcement: Top Analysts Are Focused On This Level For A Potential BTC Upside

Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BABAF#OTC">BABAF</a>) has achieved a significant 5% reduction in share count over the past nine months through <a href="https://www.benzinga.com/news/earnings/25/02/43846533/alibaba-q3-earnings-revenue-and-eps-beat-eyes-global-e-commerce-profitability-in-fy25-increase-investments-in-ai">aggressive buyback initiatives</a>, demonstrating strong capital return commitment amid robust financial performance.



What Happened: The Chinese tech giant repurchased $1.3 billion worth of shares in the December quarter alone, following approximately $10 billion in buybacks during the first half of fiscal 2024. The company maintains substantial dry powder with $20.7 billion remaining in its buyback authorization.



&#8220;Combined with approximately $10 billion were purchased in the first half of this fiscal year, we had achieved a 5% net reduction in share count over the last nine months,&#8221; Chief Financial Officer Toby Xu stated during the company&#8217;s third-quarter earnings call.



See Also: <a href="https://www.benzinga.com/25/02/43867210/rivian-automotive-q4-earnings-highlights-revenue-beat-eps-beat-2025-guidance-truly-transformational-product-r2-coming">Rivian Automotive Q4 Earnings Highlights: Revenue Beat, EPS Beat, 2025 Guidance, R2 Update</a>



Why It Matters: The buyback strategy comes amid strong financial fundamentals, with Alibaba reporting $83.6 billion in cash reserves as of Dec. 31. The company&#8217;s <a href="https://www.benzinga.com/news/earnings/25/02/43846533/alibaba-q3-earnings-revenue-and-eps-beat-eyes-global-e-commerce-profitability-in-fy25-increase-investments-in-ai">third-quarter revenue</a> grew 8% year-over-year to $38.38 billion, exceeding analyst estimates, while adjusted earnings per ADS of $2.93 beat consensus expectations of $2.66.



Alibaba&#8217;s board-level capital management committee continues to oversee shareholder return initiatives through a combination of dividends, share buybacks, and strategic investments. The stock has gained 85% over the past 12 months, supported by China&#8217;s economic stimulus measures and growing traction in Alibaba&#8217;s AI offerings. 



Price Action: Alibaba&#8217;s ADR closed at $135.97 on Thursday, gaining 8.09% for the day. In after-hours trading, the stock rose an additional 0.82%. Year to date, Alibaba shares have surged 60.06%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>. 



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43861187/sp-500-vs-russell-2000-are-small-caps-set-for-a-breakout">S&amp;P 500 Vs. Russell 2000: Are Small Caps Set For A Breakout?</a></li>
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Image Via Shutterstock



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

Asia

Equities

BABAF

Alibaba CFO Toby Xu Touts 5% Drop In Share Count Thanks To Aggressive Buybacks As Jack Ma-Founded Company Basks In Stellar Q3 Results

On Thursday, a federal judge turned down an appeal by several government employee unions seeking to halt the Trump administration&#8217;s plans to significantly downsize the federal workforce.



What Happened: U.S. District Judge&nbsp;Christopher Cooper&nbsp;ruled that the unions should bring their challenge to&nbsp;the Federal Labor Relations Authority, the body that oversees&nbsp;labor relations within the&nbsp;bureaucracy, instead of a federal&nbsp;district court, <a href="https://thehill.com/regulation/court-battles/5156080-judge-trump-mass-layoffs/?email=467cb6399cb7df64551775e431052b43a775c749&amp;emaila=12a6d4d069cd56cfddaa391c24eb7042&amp;emailb=054528e7403871c79f668e49dd3">reported</a> The Hill. 



This marks another victory for Trump&#8217;s Justice Department, which is currently defending against numerous lawsuits challenging various executive actions of the president, including efforts to cut spending and restructure government agencies.



The lawsuit, brought forward by the&nbsp;National Treasury Employees Union (NTEU), the&nbsp;National Federation of Federal Employees, the&nbsp;International Association of Machinists and&nbsp;Aerospace Workers, the&nbsp;International Federation of Professional &amp;amp; Technical Engineers&nbsp;and&nbsp;United Auto Workers, contested firings of probationary employees,&nbsp;the administration&#8217;s&nbsp;ambitions for additional mass firings,&nbsp;known as a reduction in&nbsp;force, and its offer&nbsp;for the majority of federal employees to&nbsp;accept a buyout.



Cooper refrained from expressing an opinion on the matters at hand but determined that the unions had pursued their case in an improper venue. He noted that while a district court review might offer a faster resolution, the NTEU had not explained why it couldn&#8217;t seek recourse through the FLRA on behalf of a group of plaintiffs. Additionally, he pointed out that the union acknowledged it would request other agencies to adhere to a favorable administrative judge&#8217;s decision.



See Also: <a href="https://www.benzinga.com/news/25/01/43314808/trump-memo-heard-around-the-world-how-us-economy-could-adjust-to-buyouts-for-federal-workers">Trump Memo Heard Around The World: How US Economy Could Adjust To Buyouts For Federal Workers</a>



Why It Matters: This favorable ruling follows a <a href="https://in.benzinga.com/markets/25/02/43579182/judge-blocks-trumps-bold-usaid-layoff-plan-saving-2200-workers-major-setback-for-america-first-agenda">series of legal setbacks</a> for the Trump administration&#8217;s workforce reduction plans. Earlier this month, a judge temporarily blocked Trump&#8217;s plan to place 2,200 U.S. Agency for International Development employees on paid leave. 



Additionally, the administration&#8217;s <a href="https://www.benzinga.com/news/legal/25/02/43542558/trumps-push-to-reshape-federal-workforce-with-buyouts-stalls-in-court">buyout plan</a> for federal employees was halted by a federal judge just hours before the acceptance deadline.



Image via Shutterstock



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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

Trump's Federal Workforce Downsizing Plan Gets Green Light From Judge, Appeal By Unions Dismissed

Electric vehicle manufacturer Rivian Automotive reported fourth-quarter financial results after the <a href="https://www.benzinga.com/earnings">market close Thursday.</a>



Here are the key highlights.



What Happened: Rivian reported fourth-quarter revenue of $1.73 billion, beating a Street consensus estimate of $1.4 billion according to data <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent022025&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>



Revenue, which was a quarterly record, was boosted by software and services revenue growth and a higher average selling price for the company's R1 vehicles.



The company reported an adjusted loss of 46 cents per share in the quarter, beating a Street estimate of a loss of 65 cents per share.



Rivian achieved a gross profit of $170 million in the fourth quarter.



The company announced it closed on its joint venture with Volkswagen Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>). The joint venture has a total deal size of up to $5.8 billion.



Rivian also announced it opened sales of its commercial electric delivery vans to customers outside of Amazon.com.



Rivian previously <a href="https://www.benzinga.com/tech/25/01/42807694/rivian-reports-2nd-highest-quarterly-ev-deliveries-as-2024-wraps-up" target="_blank" rel="noreferrer noopener">reported fourth-quarter deliveries </a>of 14,183 EVs, which was the company&#8217;s second highest quarterly total. The company produced 12,727 vehicles in the fourth quarter.



The company finished 2024 with 51,579 deliveries. Full-year production was 49,476 vehicles.



"This quarter we achieved positive gross profit and removed $31,000 in automotive cost of goods sold per vehicle delivered in Q4 2024 relative to Q4 2023. Our focus on cost efficiency across the business is critical for the launch of our mass market product," Rivian CEO RJ Scaringe said.



Read Also: <a href="https://www.benzinga.com/trading-ideas/previews/25/02/43828581/rivian-q4-earnings-preview-profitability-progress-r2-launch-2025-outlook-and-key-factors-to-watch">Rivian Q4 Earnings Preview: Profitability Progress, R2 Launch, 2025 Outlook And Key Factors To Watch</a>



What's Next: The company said it remains focused on the following key drivers moving forward:



<ul>
<li>Drive towards profitability</li>



<li>Optimize operational efficiency</li>



<li>Technology leadership</li>



<li>Demand generation and enhancing the customer experience</li>
</ul>



Rivian is guiding for adjusted EBITDA of a loss of $1.9 billion to a loss of $1.7 billion for fiscal 2025. The company expects to have a "modest gross profit" for fiscal 2025.



Rivian said potential government policies and regulations are impacting 2025 expectations.



"While uncertainties persist, we remain focused on executing against our key value drivers and are confident in electrifying the world in the long term."



Rivian is guiding for deliveries of 46,000 to 51,000 vehicles in fiscal 2025.



"I couldn't be more excited about R2, and I believe the capabilities and cost efficiencies along with the amazing level of excitement from customers will make R2 a truly transformational product for Rivian," Scaringe said.



RIVN Price Action: Rivian stock is up 3.59% to $14.10 in after-hours trading Thursday versus a 52-week trading range of $8.26 to $18.86. The stock was down 14.4% over the last year heading into the earnings report Thursday.



Read Next: 



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</ul>



The Rivian R2. Courtesy photo.

VWAGY

Rivian Automotive Q4 Earnings Highlights: Revenue Beat, EPS Beat, 2025 Guidance, R2 Update

Like clockwork, Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) posted strong earnings results, delivering fourth-quarter adjusted earnings per share of 66 cents on top of revenue of $180.55 billion. Both figures beat their respective analyst consensus targets of 64 cents and $180.01 billion. Unfortunately, the one avenue that disappointed Wall Street was the <a href="https://www.benzinga.com/news/earnings/25/02/43846469/walmart-q4-earnings-shine-but-soft-fy26-outlook-disappoints-street">forward guidance</a>, sending the stock tumbling down.



To be sure, <a href="https://www.benzinga.com/quote/WMT/earnings">earnings misses themselves are rare</a>. Going back to May 2020, Walmart has only failed to meet analysts' estimates twice. In terms of revenue, the big-box retailer has a perfect record during the aforementioned period. However, concerns over the stock — particularly due to macroeconomic or geopolitical events — are nothing new. This framework may offer hope amid the current downbeat news.



Isolated to just the fourth-quarter results, the storyline appears quite optimistic. For example, Walmart's gross margin rate was up 53 basis points, thanks in large part to its core domestic business. Operating income increased by 8.3% to about $600 billion. Further, same-store sales for Walmart U.S. climbed by 4.6%, excluding fuel.



However, management disclosed that first-quarter adjusted EPS may only land between 57 cents and 58 cents, noticeably below the estimate of 64 cents. For fiscal year 2026, adjusted EPS may range between $2.50 to $2.60, below analysts' consensus view of $2.76. Naturally, <a href="https://www.benzinga.com/markets/equities/25/02/43811296/walmart-set-for-record-sales-amid-tariff-concerns-one-of-the-better-positioned-retailers-to-mitigate-or-manage-through-tariffs-says-analyst">new tariffs</a> introduced by President Donald Trump on goods produced in China, India, Mexico and Canada weighed heavily on investors.



Nevertheless, it's important to remember that in May 2019, Walmart warned that prices would <a href="https://www.reuters.com/article/business/walmart-says-higher-china-tariffs-will-increase-prices-for-us-shoppers-idUSKCN1SM18X/">rise</a> due to the trade war at the time with China. Such disclosures ultimately didn't hurt the stock. That may have been for the reasons UBS analyst Michael Lasser is providing now for why the retailer could be resilient: "price leadership, buying power, and global sourcing capabilities."



<h2 class="wp-block-heading">Historical Price Trends Suggest Volatility In Walmart Stock As A Discount</h2>



Perhaps the sweetest irony amid the red ink is that Walmart — the leader of the everyday low-pricing business model — is now offering a discount on its own equity. Typically, volatility represents a warning sign. However, for a relevant behemoth like Walmart, the downside has consistently shown itself to be a discounted opportunity.



Primarily, long-side speculators largely benefit from the upward bias of Walmart stock. Using data since January 2019, a purely stochastic or temporal view of Walmart reveals that a position entered at the beginning of the week has about a 55.2% chance of rising by the end of it. Over the next four weeks, the long odds actually rise to over 62%.



However, something interesting happens when Walmart stock encounters unusual volatility. For the current week, the security is on pace to lose more than 6%. Whenever Walmart incurs a one-week loss between 5% and 10%, the subsequent week sees long odds pop to nearly 67%. This stat stays consistent for the next four weeks, resulting in a median return (assuming the positive scenario) of 2.89%.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/20140807/WMT-stock-probability-gambit-1024x576.jpg" alt="" class="wp-image-791673" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/20140807/WMT-stock-probability-gambit-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/20140807/WMT-stock-probability-gambit-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/20140807/WMT-stock-probability-gambit-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/20140807/WMT-stock-probability-gambit.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image by author</figcaption></figure>



To be fair, such big losses in Walmart stock are rare: it's only happened six times since January 2019 so the dataset is extremely small. However, if Walmart manages to mitigate the weekly red ink to below 5%, the odds would still favor the long-side speculator. Over the next four weeks following modest volatility, the long odds are still around 62%.



While historical trends aren't guaranteed to repeat, the optimistic view — despite tariff fears — makes sense. Walmart doesn't just exercise scale and pricing power, which are enormous advantages to begin with. For years, it has also <a href="https://www.retaildive.com/news/walmart-reportedly-pushing-for-higher-margin-goods-to-boost-online-profits/516646/">diversified</a> into higher-margin goods, which was reflected in the fourth-quarter report.



<h2 class="wp-block-heading">A Bold Options Strategy to Consider</h2>



Given the bounce-back tendencies of Walmart&#8217;s stock, buy-and-hold investors may consider the present dip as a possible entry point. For aggressive traders, the red ink is arguably more compelling. With so much fear baked into the forward guidance and the impact of tariffs, Walmart call options appear relatively underpriced.



The most daring traders may consider a multi-leg options strategy called the <a href="https://www.benzinga.com/money/bull-spread">bull call spread</a> for the options chain expiring March 21; specifically, the 97.50/100 bull spread. This transaction calls for buying the $97.50 call and simultaneously selling the $100 call. By taking the proceeds from the short call, the trader partially offsets the debit paid for the long call.



At time of writing, the net debit required for this trade is $109, which is also the most that can be lost. On the other end, the maximum reward possible is $141 or a payout of over 129%. Share prices will need to rise by over 2.8% at expiration to hit the $100 short-strike target, thus triggering the payout.



To note, bull call spreads are capped-risk, capped-reward transactions. The lower-priced long call meets the potential obligation implied by the higher-priced short call. However, many traders are willing to engage such transactions because it allows them to potentially profit handsomely from relatively small moves in the underlying equity.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/25/02/43862827/this-palantir-technologies-analyst-begins-coverage-on-a-bullish-note-here-are-top-5-initiations-for-thursday">This Palantir Technologies Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Thursday</a></li>
</ul>



Image: Shutterstock

Earnings Beats

Long Ideas

Options

Options Corner: Walmart's Best Rollback Could Be For Its Own Shares

<a href="https://www.benzinga.com/topic/s-p-500-index">The S&amp;P 500 index</a> remains in bullish territory, but it&#8217;s losing its shine compared to global markets. 



JPMorgan analyst Jason Hunter notes that while the index maintains higher lows and pushes resistance levels, it's struggling to break past the 6,100 peak.



<h2 class="wp-block-heading">Big Caps Hold Ground, But Momentum Wobbles </h2>



With momentum cooling off, the path to the next milestone of 6,350 looks slow and choppy. ETFs like SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) continue to reflect this cautious optimism but aren't exactly screaming bullish right now.



Hunter points out that the S&amp;P 500's current bullish trend remains intact as long as it holds above key support between 5,772 and 5,871. However, a break below 5,651 could jeopardize the broader uptrend. For now, investors might want to tread carefully while keeping an eye on key levels.



Read Also: <a href="https://www.benzinga.com/content/43845962/buffett-just-dumped-his-s-amp-p-500-holdings-what-it-means-for-you">Buffett Just Dumped His S&amp;P 500 Holdings—What It Means for You</a>



<h2 class="wp-block-heading">Small Caps Eyeing A Breakout</h2>



Meanwhile, the Russell 2000 index is quietly building steam. Hovering above key support at 2,150, the index is consolidating for a potential breakout past the 2,310-2,350 resistance zone. Hunter sees an eventual rally toward the 2,432-2,466 range if global cyclicals keep trending up. 



For ETF investors, iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) and the Vanguard Russell 2000 Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTWO#NYSE">VTWO</a>) might be worth a closer look as small caps gear up for what could be a catch-up trade.



Interestingly, history suggests that when cyclical markets pick up, small caps tend to outperform. With global equity leadership broadening, the odds could tilt in favor of small-cap stocks outperforming large caps in the coming months.



<h2 class="wp-block-heading">Investor Implications</h2>



<ol start="1">
<li>Hold the Fort: S&amp;P 500 ETFs like SPY and VOO remain bullish but aren't the most compelling entry point unless the index decisively clears 6,100.</li>



<li>Watch the Underdog: Russell 2000's bullish setup favors ETFs like IWM and VTWO, especially if the index breaks past 2,350.</li>



<li>Global Check: Keep an eye on cyclical trends worldwide—they could fuel the small-cap rally while large caps tread water.</li>
</ol>



<h2 class="wp-block-heading">Would Small Caps Could Steal The Show?</h2>



Big caps are holding steady, but the real action could soon shift to small caps.



ETF investors, stay nimble—the underdog's moment may be just around the corner.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/25/02/43827291/exclusive-will-trumps-tariffs-hurt-or-help-stock-market-59-say-this" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Will Trump&#8217;s Tariffs Hurt Or Help Stock Market? 59% Say This…</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Analyst Color

Broad U.S. Equity ETFs

Technicals

ETFs

VTWO

S&P 500 Vs. Russell 2000: Are Small Caps Set For A Breakout?

Financial technology company Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>) could highlight its growth across several sectors along with its place in the cryptocurrency ecosystem when the company reports fourth-quarter financial results Thursday <a href="https://www.benzinga.com/quote/XYZ/earnings">after market close.</a>



Earnings Estimates: Analysts expect Block to report fourth-quarter revenue of $6.29 billion, up from $5.77 billion in last year's fourth quarter.



The company missed analyst revenue estimates in the last two straight quarters, but has beaten estimates in eight of the last 10 quarters.



Analysts expect the company to report fourth-quarter earnings per share of 87 cents, up from 45 cents per share in last year's fourth quarter. The company has beaten analyst estimates for earnings per share in three straight quarters and eight of the last 10 quarters overall.



What Analysts Are Saying: The resurgence of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could be a positive narrative for Block, RBC Capital analyst Daniel Perlin said in a new investor note.



The analyst has an Outperform rating and $110 price target ahead of fourth-quarter earnings.



"Given the resurgence in investor interest in bitcoin and the expectation for regulatory clarity, we believe that XYZ's 4Q24 results will include increased commentary regarding it leaning more into its bitcoin strategy," Perlin said.



The analyst said this could include comments on the company's crypto mining and wallets efforts along with commerce use cases.



"We believe the increased commentary combined with a positive narrative will drive investor interest, who will begin the bake more than just its core Cash App and Square businesses into the stock's valuation."



The analyst highlighted Block's 8,363 reported held bitcoin at the end of the third quarter along with incremental bitcoin purchases that could total around $781 million in holdings at the end of the fourth quarter.



Block's push into bitcoin mining could highlight the company's technological expertise and growth in the cryptocurrency ecosystem, Perlin added.



"The bitcoin narrative has more substance now. While positive for the stock, we don't see bitcoin sales as the reason to buy XYZ. What we do see as a more legitimate reason is the belief that longer-term, Block will leverage its two-sided network and integration with the Lightning Network to be the facilitator of bitcoin's commerce use case."



The analyst said Block will operate in several crypto sectors where there are only a handful of competitors.



The analyst views President Donald Trump's pro-crypto stance as positive for Block. The president has appointed several crypto advocates to notable financial roles in the White House administration.



"We believe that regulatory momentum has no reason to slow, which could lead to a greater level of bitcoin's integration into traditional financial services and commerce."



Bank of America analyst Jason Kupferberg recently named Block as a top Payments pick for 2025. The analyst has a Buy rating and a $115 price target.



Kupferberg said Block has the potential to outperform thanks to a favorable macro backdrop and growth in the company's Square gross payments volume.



The analyst said Block will likely achieve the Rule of 40, or revenue growth and profit margin added together, equaling 40 or more, sooner than anticipated. Kupferberg predicts this could lead to Block being added to the S&amp;P 500.



XYZ Price Action: Block stock is down 1.3% to $82.78 on Thursday versus a 52-week trading range of $55.00 to $99.26. Block stock is up 25% over the last year.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/25/02/43856737/applovin-stock-tumbles-as-short-seller-takes-a-closer-look-at-whats-driving-enormous-gains">AppLovin Stock Tumbles As Short Seller Takes Closer Look At What&#8217;s Driving Enormous Gains</a></li>
</ul>



Photo: Shutterstock

Block Q4 Earnings Preview: Analyst Says Bitcoin, Trump Factor Could Boost Growth

Gold climbed to fresh highs early on Feb. 20 as investors flocked to the ultimate safe-haven asset amid rising geopolitical <a href="https://www.benzinga.com/topic/gold">tensions and economic uncertainty</a>. 



Spot bullion hit a new record of $2,954.84 an ounce earlier on Thursday before paring some of its gains. Amidst this surge, <a href="https://www.benzinga.com/etfs">ETFs tied to gold</a> are gaining traction, offering investors a way to capitalize on the yellow metal's bullish momentum.



The optimism around gold has sent several ETFs soaring, with the WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/GDMN#BATS">GDMN</a>) leading the charge. The ETF has gained over 25% in the past month. While such a sharp rise might give some investors pause, many analysts believe the rally still has legs.



Also Read: <a href="https://www.benzinga.com/news/25/02/43798394/trumps-treasury-secretary-eyes-750-billion-gold-windfall-but-could-selling-reserves-crash-the-market">Trump&#8217;s Treasury Secretary Eyes $750 Billion &#8216;Gold Windfall&#8217;—But Could Selling Reserves Crash the Market?</a>



Nigel Green, CEO of deVere Group, sees the revaluation of US gold reserves as a potential disruptor. ETF Trends quoted him stating that "re-marking gold to its real market value could be a transformative financial event." This is particularly relevant for investors considering GDMN, which not only provides exposure to gold futures but also includes shares of mining companies—an asset class highly correlated to spot gold prices.



SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) is another ETF that one might keep an eye on. As the largest physically backed gold ETF, GLD provides direct exposure to gold prices. Given the current macroeconomic uncertainty and strong central bank buying, GLD remains a go-to option for investors seeking a straightforward way to participate in the metal&#8217;s price movements.



Another on the list is VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), which focuses on gold mining companies that tend to have leveraged exposure to gold prices. If the rally continues, gold miners could see substantial profit boosts, making GDX an attractive pick for those looking for amplified gains beyond spot gold.



Also Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/02/43767224/gold-soars-as-trump-trade-of-2025-what-investors-should-know">Gold Soars as &#8216;Trump Trade&#8217; of 2025: What Investors Should Know</a>



<h2 class="wp-block-heading">What&#8217;s Fueling The Rally?</h2>



Broader geopolitical concerns are playing a major role in the metal's ascent. Uncertainty over Trump's stance on Ukraine are making investors jittery. The US President recently suggested that Ukrainian President Volodymyr Zelenskiy should move swiftly toward a peace deal with Russia, warning that "he is not going to have a country left" otherwise. With mounting fears that Washington could withdraw its support for Ukraine, traders are looking to gold as a hedge against geopolitical instability.



Gold's rise has been further fueled by Trump's disruptive trade policies, which continue to send shockwaves through global markets. According to Bloomberg, Goldman Sachs <a href="https://www.bloomberg.com/news/articles/2025-02-20/gold-holds-near-record-as-geopolitical-fears-drive-haven-demand?sref=TBDibEcD">raised </a>its year-end gold target to $3,100 an ounce, citing stronger-than-expected central bank buying as a key driver.



Meanwhile, escalating trade frictions between the US and Europe in the backdrop of Trump's tariff threats are affecting the global gold market. The resulting price surge in New York has triggered a rush to transport bullion from London across the Atlantic. In one of the largest physical gold movements in years, major banks like JPMorgan Chase and HSBC are capitalizing on the price differential, flying gold from Swiss refineries and London vaults to the US. The Wall Street Journal <a href="https://www.wsj.com/finance/commodities-futures/why-dealers-are-flying-gold-bars-by-plane-from-london-to-new-york-86824199">reported </a>that JPMorgan alone is set to deliver $4 billion worth of gold this month, to grab the arbitrage opportunity created by regional pricing disparities.



Adding to the intrigue, US Treasury Secretary Scott Bessent sought to quash speculation that the government might revalue its bullion holdings, stating that such a move is "not what I had in mind" when discussing plans for a sovereign wealth fund. Bessent confirmed that he has no plans to visit Fort Knox, the secure facility that houses much of the US gold reserve, stating that "all the gold is there" and that any senator is welcome to verify it. Trump, on his part, has emphasized his administration's commitment to ensuring that these reserves are properly accounted for.



China is another major factor in the mix that investors should monitor. Beyond the People's Bank of China's aggressive bullion purchases, Beijing recently approved a policy allowing insurance companies to invest in gold. Nigel Green said that this move is expected to unleash billions of dollars in fresh demand, further stoking the rally, according to ETF Trends.



With central banks continuing to amass gold at a historic pace, trade tensions disrupting global supply chains, and geopolitical risks mounting, gold's rally appears far from over. And for investors looking to capitalize on this momentum, ETFs like GDMN, GLD and GDX could be a &#8216;golden&#8217; opportunity.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/02/43856078/etfs-take-over-why-investors-are-pulling-billions-from-mutual-funds">ETFs Take Over: Why Investors Are Pulling Billions From Mutual Funds</a></li>
</ul>



Photo: Shutterstock

Specialty ETFs

GDMN

Bullion Boom: Gold ETFs Gain As Geopolitical Storm Fuels Surge

Stocks tumbled Thursday, with all major indices in the red, one day after the S&amp;P 500 notched another all-time high in Wednesday&#8217;s trading session. Investors are weighing uncertainty surrounding tariff policies and disappointing guidance from Walmart while digesting new<a href="https://www.benzinga.com/markets/forex/25/02/43843332/global-markets-mixed-dollar-dips-as-traders-react-to-trumps-tariff-plans-global-markets-today-while-us-slept"> initial jobless claims data.</a>



Mega-retailer Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>)&#8217;s shares dropped after the company issued fiscal 2026 guidance below analyst expectations, despite fourth-quarter results beating expectations.



Retail investor darling Palantir Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) added to Wednesday&#8217;s declines <a href="https://www.benzinga.com/25/02/43849289/whats-going-on-with-palantir-stock-thursday">following a report </a>that the Trump administration told the Pentagon to prepare for sweeping budget cuts and CEO Alex Karp filed a new trading plan to sell up to $1.2 billion shares.



Read Next:<a href="https://www.benzinga.com/25/02/43836832/trump-administration-orders-sweeping-pentagon-cuts-defense-sector-stocks-on-watch"> Trump Administration Orders Sweeping Pentagon Cuts: Palantir, Lockheed Martin, General Dynamics Among Stocks On Watch</a>



Initial jobless claims rose by 5,000 to 219,000, above expectations of 215,000, while continuing claims rose to 186,900 in the first week of February.



WTI crude oil futures rose above $72 per barrel on Thursday, extending its streak of gains to four days as supply concerns outweighed a rise in U.S. stockpiles, according to TradingEconomics. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 1.09% to $97,695. The yield on the 10-year US Treasury note pulled back slightly to 4.5%.



<h2 class="wp-block-heading">Thursday's Performance In Major US Indices, ETFs</h2>



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>1 day % chg.</td></tr><tr><td>Nasdaq 100</td><td>19,911.27</td><td>-0.72%</td></tr><tr><td>S&amp;P 500</td><td>6,101.27 </td><td>-0.7%</td></tr><tr><td>Dow Jones</td><td>44,036.44</td><td>-1.32%</td></tr><tr><td>Russell 2000</td><td>2,252.49</td><td>-1.31%</td></tr></tbody></table></figure>



According to Benzinga Pro data:



<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.67% to $608.82. </li>



<li>The SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was down 1.26% at $441.02</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slipped 0.7% to $535.72. </li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) was down 1.17% to $223.79. </li>



<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) fell 1.39% to $223.10.</li>



<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;rose 0.6% to $92.57. </li>
</ul>



<h2 class="wp-block-heading">Thursday's Stock Movers:&nbsp;</h2>



Cruise stocks Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>), Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCHL#NYSE">NCHL</a>) tumbled, leading consumer discretionary stocks lower. The SPDR Select Sector Fund &#8211; Consumer Discretionary (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) fell 1.44%. 



Stocks reacting to company earnings reports included:&nbsp;



<ul>
<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>)&nbsp;</li>



<li>Vale S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>)&nbsp;</li>



<li>B2Gold Corp. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/BTG#AMEX">BTG</a>)</li>



<li>Exact Sciences Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXAS#NASDAQ">EXAS</a>)</li>



<li>Alamos Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>)</li>



<li>Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) </li>



<li>Taseko Mines, Ltd. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TGB#AMEX">TGB</a>)&nbsp;</li>



<li>Shake Shack, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHAK#NYSE">SHAK</a>) </li>



<li>Materialise NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTLS#NASDAQ">MTLS</a>) </li>



<li>Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) </li>



<li>Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) </li>



<li>Jumia Technologies AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JMIA#NYSE">JMIA</a>) </li>



<li>Birkenstock Holding Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIRK#NYSE">BIRK</a>) </li>



<li>Sabre Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SABR#NASDAQ">SABR</a>) </li>



<li>Ardelyx, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARDX#NASDAQ">ARDX</a>) </li>
</ul>



Companies reporting after Thursday's closing bell include:&nbsp;



<ul>
<li>Celsius Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>) </li>



<li>Dropbox, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBX#NASDAQ">DBX</a>) </li>



<li>Iamgold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAG#NYSE">IAG</a>) </li>



<li>The RealReal, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>) </li>



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



<li>Consolidated Edison, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>) </li>



<li>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) </li>



<li>Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>) </li>



<li>Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) </li>



<li>MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>) </li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/02/43703014/robert-f-kennedy-confirmed-as-trump-secretary-of-health">Robert F. Kennedy, Vaccine Skeptic, Confirmed As Trump&#8217;s Secretary Of Health: Health Care Stocks To Watch</a></li>
</ul>



Image: Shutterstock.

Market Summary

Sector ETFs

Bonds

Econ #s

ARDX

BIRK

BKNG

CVNA

EXAS

JMIA

MELI

MTLS

NCLH

PLTR

REAL

SABR

SHAK

VALE

NCHL

Palantir Rally Loses Steam, Walmart Outlook Disappoints: What's Driving Markets Thursday?

AppLovin Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) shares are under pressure on Thursday after being targeted by a short report from The Bear Cave. Here&#8217;s a look at what <a href="https://www.benzinga.com/content/43848191/up-nearly-1000-can-applovin-keep-delivering-for-investors">you need to know</a>.



What Happened: Short seller The Bear Cave released a new research report on Thursday alleging ad fraud at AppLovin.



&#8220;The Bear Cave believes AppLovin's rapid rise — up ~750% over the last year to around 35x revenue — is fueled by low-quality revenue growth from ads that are deceptive, predatory, and at times unreadable or unclickable,&#8221; the short seller said.



Benzinga has reached out to Applovin for comment on the short report.



The Bear Cave said it spent &#8220;dozens of hours&#8221; playing mobile games within the AppLovin ecosystem and found numerous ads for obscure real money gambling apps with &#8220;questionable representations.&#8221; The Bear Cave believes much of AppLovin&#8217;s revenue growth is being driven by ads for these gambling apps.



The short seller also suggested that AppLovin is spamming its ads on players. After playing 40 seconds of one of the company&#8217;s games in its ad universe, The Bear Cave said it was force-fed a total of 11 ads.



&#8220;The ads were often difficult to read and constantly updated within gameplay,&#8221; the short seller said.



Check This Out: <a href="https://www.benzinga.com/25/02/43844926/quantum-computing-stocks-rgti-qubt-ionq-qbts-cheer-microsofts-majorana-1-launch-satya-nadella-calls-it-a-physics-and-fabrication-breakthrough">Quantum Computing Stocks RGTI, QUBT, IONQ, QBTS Cheer Microsoft&#8217;s &#8216;Majorana 1&#8217; Launch: Satya Nadella Calls It A &#8216;Physics And Fabrication Breakthrough&#8217;</a>



The Bear Cave also raised a red flag around ad fraud allegations, which have &#8220;multiplied&#8221; in recent months, according to the short seller. The Bear Cave went on to highlight multiple posts from different internet forums showing dissatisfaction with AppLovin&#8217;s ad services, including multiple instances of former AppLovin customers alleging fraud.



AppLovin reported <a href="https://www.benzinga.com/news/earnings/25/02/43676556/applovin-stock-soars-on-q4-earnings-revenue-beat-eps-beat-strong-guidance-and-more">strong quarterly results</a> last week showing revenue growth of 44% on a year-over-year basis. The stock popped 20% on the report as the company highlighted the strength of its AI advertising model. 



"Early adopters in gaming and direct-to-consumer commerce have already seen the impact of our technology, and our mission is clear: to onboard every business that wants to drive measurable growth,&#8221; the company said in a letter to shareholders.



APP Price Action: <a href="http://benzinga.com/quote/app">AppLovin shares</a> are up approximately 655% over a one-year period. The stock was down 10.4% at $442.78 at the time of publication Thursday, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Photo: Shutterstock.

Short Sellers

Short Ideas

AppLovin Stock Tumbles As Short Seller Takes Closer Look At What's Driving Enormous Gains

JPMorgan analysts have raised concerns over declining institutional demand for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) futures, suggesting this trend could contribute to broader weakness in <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43849122/xrp-up-297-against-bitcoin-since-donald-trump-won-the-election-heres-why">the cryptocurrency market</a>.



What Happened: The analysts observed that futures contracts for both cryptocurrencies on the Chicago Mercantile Exchange are approaching a condition known as backwardation, where futures prices drop below spot prices, <a href="https://www.theblock.co/post/342362/jpmorgan-crypto-downside-risk-bitcoin-ether-futures?utm_source=twitter&amp;utm_medium=social">according </a>to The Block.



This pattern was previously seen during downturns in June and July last year.



The total market capitalization of cryptocurrencies has decreased by about 15 percent since hitting a peak of $3.7 trillion in December, now hovering around $3.1 trillion. 



According to JPMorgan, when demand from institutional investors is strong, Bitcoin and Ethereum futures generally trade at a premium to spot prices, a condition referred to as contango. 



The current shift away from this trend suggests that institutional investors may be stepping back.



Analysts, led by Nikolaos Panigirtzoglou, identified two main reasons for the weakening demand.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43847052/vitalik-buterin-criticizes-blockchain-casinos-suggests-ethereum-wont-follow-solanas-approach-to-meme-coins">Vitalik Buterin Criticizes Blockchain &#8216;Casinos,&#8217; Suggests Ethereum Won&#8217;t Follow Solana&#8217;s Approach To Meme Coins</a>



First, some institutional investors appear to be securing profits amid uncertainty, as there are no imminent developments in crypto regulations or policies. 



With no major government actions expected before mid-year, these investors may be hesitant to increase their exposure.



Second, momentum-based funds, such as commodity trading advisors, have also been reducing their positions in Bitcoin and Ethereum, contributing to declining demand. 



Ethereum has already shown negative price signals, while Bitcoin's indicators are also trending downward.



What&#8217;s Next: While long-term optimism remains among some investors, JPMorgan analysts suggest that further declines could occur if institutional interest does not recover.



Observers are now closely watching CME futures trends and broader macroeconomic signals for signs of market direction.



Without a clear catalyst to reignite demand, the cryptocurrency market may face additional pressure in the short term, potentially leading to further declines in Bitcoin and Ethereum prices.



Read Next: 



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</ul>



Image: Shutterstock

Bitcoin, Ethereum Face Downside Risk As Institutional Demand Fades, JPMorgan Says

Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) just threw down the quantum gauntlet. On Wednesday, <a href="https://www.benzinga.com/quote/MSFT/news">CEO Satya Nadella unveiled</a> Majorana 1, a quantum chip powered by an entirely new state of matter—topoconductors. 



Yes, you read that right. Microsoft didn't just build a chip; it claims to have unlocked a new form of matter.



&#8220;Most of us grew up learning there are three main types of matter: solid, liquid, and gas. Today, that changed,&#8221; Nadella declared 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">A couple reflections on the quantum computing breakthrough we just announced&#8230; Most of us grew up learning there are three main types of matter that matter: solid, liquid, and gas. Today, that changed. After a nearly 20 year pursuit, we've created an entirely new state of… <a href="https://t.co/Vp4sxMHNjc">pic.twitter.com/Vp4sxMHNjc</a>&mdash; Satya Nadella (@satyanadella) <a href="https://twitter.com/satyanadella/status/1892242895094313420?ref_src=twsrc%5Etfw">February 19, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



According to him, the breakthrough could fast-track practical quantum computing—not in decades, but mere years.



&#8220;We've created an entirely new state of matter,&#8221; Nadella said.



<h2 class="wp-block-heading">A New State of Matter: Majorana Fermions Take Center Stage</h2>



Microsoft says the Majorana 1 chip, built on a topological core, caps off a 20-year struggle that many physicists thought was pure sci-fi. 



The breakthrough hinges on elusive Majorana fermions, theorized in 1937 but only detected by Microsoft's team in 2022, <a href="https://www.ft.com/content/a60f44f5-81ca-4e66-8193-64c956b09820">reported</a> the Financial Times. Now, Redmond says it has built the foundation for quantum computers that could leapfrog the competition.



Read Also: <a href="https://www.benzinga.com/25/02/43830761/microsoft-unveils-majorana-1-quantum-chip-races-against-google-and-nvidia-in-quantum-computing">Microsoft Joins Quantum Computing Battle with Majorana 1, Challenging Google, Nvidia&#8217;s Advances</a>



<h2 class="wp-block-heading">Will MSFT Stock Get A Quantum Boost?</h2>



But can this quantum magic lift Microsoft&#8217;s stock out of its current slump?



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent022025&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="629" height="489" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/20095649/Screenshot-2025-02-20-at-8.26.37-PM.png" alt="" class="wp-image-791123" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/20095649/Screenshot-2025-02-20-at-8.26.37-PM.png 629w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/20095649/Screenshot-2025-02-20-at-8.26.37-PM-300x233.png 300w" sizes="(max-width: 629px) 100vw, 629px" /></a></figure>



<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent022025&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>



MSFT stock is down 0.58% year-to-date and 3.32% over the past year. Technically, the stock looks stuck in the quantum foam. It's trading below its 20, 50 and 200-day simple moving averages (SMAs), flashing multiple bearish signals.



However, there's a glimmer of bullish potential. MSFT stock, at $415.66, trades above its eight-day SMA of $411.47, signaling some short-term buying pressure. 



The Relative Strength Index (RSI) sits at 46.59, in the neutral zone, hinting that the stock isn't oversold yet.



<h2 class="wp-block-heading">Quantum Buzz Vs. Market Reality</h2>



While the MACD indicator remains at a negative 4.69, Microsoft bulls might see this quantum reveal as the spark needed to break out of the bearish grip. 



After all, if Microsoft can bend the rules of matter, who&#8217;s to say it can&#8217;t bend the market trend, too?



Read Next: 



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<li><a href="https://www.benzinga.com/25/02/43844926/quantum-computing-stocks-rgti-qubt-ionq-qbts-cheer-microsofts-majorana-1-launch-satya-nadella-calls-it-a-physics-and-fabrication-breakthrough">Quantum Computing Stocks RGTI, QUBT, IONQ, QBTS Cheer Microsoft&#8217;s &#8216;Majorana 1&#8217; Launch: Satya Nadella Calls It A &#8216;Physics And Fabrication Breakthrough&#8217;</a></li>
</ul>



Photo: Shutterstock

MSFT

Microsoft's Quantum Leap: Will Majorana 1 Lift MSFT Stock?

As markets navigate a challenging landscape, George Smith, Portfolio Strategist for LPL Financial, is advocating a recalibrated <a href="https://www.benzinga.com/topic/economy">asset allocation strategy </a>for the next three to five years. 



His outlook reflects a "higher-for-longer" interest rate environment, subdued economic growth, and inflation that may remain stubbornly above the Federal Reserve's target.



<h2 class="wp-block-heading">Dialing Down Risk: A Cautious Equity Stance</h2>



&#8220;The risk-reward trade-off for both stocks and bonds is being challenged by a slowing-growth environment, elevated inflation, and a &#8216;higher-for-longer&#8217; interest rate outlook,&#8221; Smith said. He added that stretched equity valuations and falling equity risk premiums have prompted his team to reduce exposure to domestic growth stocks, particularly large- and mid-cap names.



Instead, Smith favors value equities and emerging markets. &#8220;Foreign equities, especially emerging markets, remain attractive over the longer term,&#8221; he notes, emphasizing the risk-reward advantage of rotating from developed markets into EM. 



For investors, ETFs like the Vanguard Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTV#NYSE">VTV</a>) and the iShares MSCI Emerging Markets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EEM#NYSE">EEM</a>) could align with this strategy.



Read Also: <a href="https://www.benzinga.com/trading-ideas/25/02/43827291/exclusive-will-trumps-tariffs-hurt-or-help-stock-market-59-say-this" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Will Trump&#8217;s Tariffs Hurt Or Help Stock Market? 59% Say This…</a>



<h2 class="wp-block-heading">Fixed Income: Playing It Smart</h2>



In fixed income, Smith advises trimming nominal Treasuries, stating, &#8220;Longer-duration fixed income may not deliver significant protection in ordinary financial market corrections.&#8221; 



Instead, core bonds remain essential for diversification and income, while short-duration Treasury Inflation-Protected Securities (TIPS) gain favor. 



The iShares TIPS Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TIP#NYSE">TIP</a>) offers a way to implement this.



<h2 class="wp-block-heading">Alternatives, Real Assets: Diversifying The Playbook</h2>



To hedge volatility and enhance diversification, Smith highlights the importance of alternatives. &#8220;We believe alternative investments can be used to hedge potential volatility and market concentration risks via a diversified basket of long/short equity, managed futures, and global macro strategies,&#8221; he says. 



Multi-strategy and global macro funds, such as the iMGP DBi Managed Futures Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBMF#NYSE">DBMF</a>), can serve this purpose.



For inflation protection, Smith suggests real assets. &#8220;We aim to hedge potential inflation risks by initiating an off-benchmark diversified basket of commodities and global listed infrastructure,&#8221; he explains. 



ETFs like the Invesco DB Commodity Index Tracking Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBC#NYSE">DBC</a>) and Global X U.S. Infrastructure Development ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAVE#NYSE">PAVE</a>) fit the bill.



With risks mounting and traditional stock-bond dynamics shifting, Smith&#8217;s insights provide a timely roadmap for resilient portfolios.



Read Also: 



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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/02/43776863/top-3-risk-off-stocks-which-could-rescue-your-portfolio-this-quarter-3">Top 3 Risk Off Stocks Which Could Rescue Your Portfolio This Quarter</a></li>
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Photo: Shutterstock

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2025 Asset Allocation In 'Higher-For-Longer' Era: Why Value Stocks, Emerging Markets, Inflation-Protected Bonds Stand Out

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