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NuCana

NuCana PLC is a biopharmaceutical company focused on improving treatment outcomes for cancer patients by ProTide technology. Utilizing proprietary ProTide technology, the firm is developing new medicines designed to overcome key cancer resistance mechanisms and generate much higher concentrations of anti-cancer metabolites in cancer cells. The company's ProTide pipeline products are NUC-3373, NUC-7738, Acelarin. Geographically operates through the region of the United States.

NuCana PLC

Needham analyst Serge Belanger reiterates Omeros (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OMER#NASDAQ">OMER</a>) from Hold to Hold.

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Reiteration

Analyst Ratings

OMER

Needham Reiterates Hold on Omerosto Hold

ZCAR

Zoomcar Says It Launched Zoomcar Cabs, Which Are Affordable Car Rentals With Drivers As A New Offering

Kim Jong Un&#8216;s North Korean hackers have reportedly stolen a staggering $1.3 billion in cryptocurrencies this year. This amount represents more than half of the total $2.2 billion stolen globally, according to research firm Chainalysis. The report highlights the increasing threat posed by these cybercriminals, who have more than doubled their haul from the previous year.
What Happened: The report indicates that some of these cybercriminal activities involved&nbsp;North Korean hackers posing as&nbsp;remote IT workers to infiltrate&nbsp;cryptocurrency and technology firms. The surge in stolen cryptocurrency underscores the industry&#8217;s need to address the evolving threat landscape, according to&nbsp;Chainalysis, BBC&nbsp;<a href="https://www.bbc.com/news/articles/cwy3dz0614jo">reported</a> on Friday.
The report also notes that the majority of the stolen crypto was due to compromised private keys, which are essential for controlling access to user assets on crypto platforms. Significant incidents this year included the theft of $300 million in Bitcoin from DMM Bitcoin in Japan and nearly $235 million from WazirX in India.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42604023/bitcoin-ethereum-xrp-plunge-over-6-each-dogecoin-drowns-14-in-turbulent-post-fomc-thursday?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, XRP Plunge Over 6% Each, Dogecoin Drowns 14% On Turbulent Post-FOMC Thursday</a>
The U.S. government has accused the North Korean regime of using cryptocurrency theft to evade international sanctions and fund its weapons programs. A federal court in St. Louis recently&nbsp;indicted 14 North Koreans for&nbsp;their alleged involvement in a conspiracy to extort funds from U.S. companies.
Why It Matters: The escalation of North Korean cyberattacks on cryptocurrency platforms has been a growing concern. Earlier this year,&nbsp;reports&nbsp;indicated that these <a href="https://www.benzinga.com/markets/asia/24/09/40712420/north-korean-hackers-escalate-crypto-heists-funds-stolen-double-to-1-6b">state-sponsored hackers </a>had intensified their efforts, resulting in billions of dollars in losses. The sophistication of these attacks raises significant questions about the security of digital assets and the broader implications for the global financial system.
Additionally, the&nbsp;FBI&nbsp;has issued warnings about potential <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40725296/kim-jong-uns-north-korea-backed-hackers-may-target-bitcoin-and-ethereum-etfs-fbi-issues-wa">North Korean cyber activities</a> targeting U.S.-based exchange-traded funds associated with Bitcoin and Ethereum. 
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/general/entertainment/24/12/42545829/mark-cuban-expresses-sympathy-for-hawk-tuah-girl-amid-meme-coin-controversy-wasnt-something-she-fully-understood?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Expresses Sympathy For &#8216;Hawk Tuah&#8217; Girl Amid Meme Coin Controversy: &#8216;Wasn&#8217;t Something She Fully Understood&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image Via Shutterstock

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

Cryptocurrency

Markets

General

Kim Jong Un's North Korea-Linked Hackers Steal $1.3B In Bitcoin And Other Cryptocurrencies In 2024: Report

Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) announced Thursday that eight grandchildren of founder Sam Walton will gain voting rights over the family&#8217;s holdings, expanding the total number of voting members to 11 in a significant transition of power for America&#8217;s wealthiest retail dynasty.
What Happened: The Walton family holds roughly 46% of Walmart&#8217;s shares valued at approximately $345 billion at current market prices. Walmart&#8217;s current market capitalization stands at $750 billion.
The expansion marks a crucial step in preserving multi-generational control over the retail giant that began as a single Arkansas store in 1962.
According to Walmart&#8217;s disclosure, the transition will not affect existing leadership roles or board seats held by family members. The company currently has two Walton family members on its 12-person board, including Steuart Walton, who in 2016 became the first grandchild <a href="https://www.benzinga.com/startups/23/12/36262896/passing-the-waltons-how-the-house-of-nahyan-family-of-abu-dhabi-surpassed-walmart-heirs-as-worlds-ri">elected to the board at age 34</a>.
&#8220;The Walton family continues to believe in the importance of maintaining the appropriate balance of family and non-family ownership,&#8221; the family stated in Thursday&#8217;s press release, emphasizing their commitment to supporting all shareholders&#8217; interests and long-term business success.
See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42608297/tom-lee-explains-why-fewer-cuts-in-2025-could-boost-the-market-urges-investors-to-buy-the-dip-amid-recent-volatility">Tom Lee Explains Why &#8216;Fewer Cuts In 2025&#8217; Could Boost The Market, Urges Investors To &#8216;Buy The Dip&#8217; Amid Recent Volatility</a>
Why It Matters: This move follows earlier leadership transitions, <a href="https://www.benzinga.com/general/education/15/06/5572729/a-history-of-the-waltons-reign-over-wal-mart">including the 2015 appointment</a> of Greg Penner, Sam Walton&#8217;s son-in-law, as chairman, succeeding Rob Walton. The founding generation, including siblings Alice, Jim, and Rob Walton, now in their 70s and 80s, has been gradually stepping back from direct involvement in the business.
In 2022, Rob Walton and his family members notably <a href="https://www.benzinga.com/news/22/08/28588081/have-the-walmart-heirs-been-selling-their-shares-heres-how-much-they-still-own">expanded their business empire</a> by acquiring the Denver Broncos NFL team for $4.65 billion.
Price Action: Walmart stock closed at $93.40 on Thursday, with analysts maintaining a <a href="https://www.benzinga.com/quote/WMT/analyst-ratings">consensus price target</a> of $94.39, based on 31 analyst ratings.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42610523/charlie-mungers-bitcoin-warning-reignites-as-gordon-johnson-calls-king-crypto-worthless-with-btc-near-100k">Gordon Johnson Revives Charlie Munger&#8217;s Criticism Of Bitcoin As &#8216;Rat Poison,&#8217; Calls It &#8216;Worthless&#8217; With BTC Falling Below $100,000: &#8216;Purely Speculative Tulip That&#8217;s In A Bubble&#8217;</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.

Equities

Walmart Founder Gives Voting Power To 8 Grandchildren As Walton Family Strengthens Control Over $345 Billion Retail Empire

After the Federal Reserve chair Jerome Powell delivered <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">hawkish commentary </a>along with a 25 basis points rate cut on Wednesday, the markets have slipped for two consecutive days. Even as the Fed's December dot plot projects only two additional 25-basis-point cuts in 2025, this analyst expects up to four rate cuts in 2025.
What Happened: Chairman and Founder of Navellier &amp; Associates, Louis Navellier said, &#8220;In my opinion, the stock and bond market reactions to the FOMC Statement, dot plot, and Fed Chairman Powell's press conference were grossly overdone and eviscerated all the stock market gains since the Presidential election.&#8221;
He added that Powell&#8217;s comment that the Fed's year-end inflation forecast has "kind of fallen apart" did not inspire confidence.
Navellier thinks that the Fed could possibly follow the falling interest rates in the Eurozone as Europe&#8217;s largest economies, Germany and France, are slipping into recession.
&#8220;The European Central Bank will be cutting key interest rates 4 to 5 times in 2025 until key interest rates are at 2% to 1.75%. Most Fed watchers and the FOMC itself do not see all these global dominos falling in the eurozone as the recession in its largest economy, Germany, gets worse. The second-largest economy in the eurozone, France, is also slipping into a recession.&#8221;
See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">Fed&#8217;s Powell Shocks Markets After Interest Rate Cut: &#8216;It&#8217;s A New Phase&#8217;</a>
Why It Matters: According to Navellier, both France and Germany are in the midst of a political crisis and are "headless" until new leadership emerges. &#8220;As a result, I am expecting up to four Fed rate cuts in 2025 as collapsing interest rates in the eurozone also cause U.S. Treasury yields to decline,&#8221; he said.
Pointing out one of the first things that Powell said was &#8220;it was close&#8221; on the decision to cut or not. Navellier described this as &#8220;the most telling thing&#8221; about his speech as 95% of the market bet was for a cut.
However, he thinks the current pullback in the market could become a buying opportunity &#8220;if earnings continue to rise as expected.&#8221;
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) has fallen by 3.33% over the last five trading sessions, while Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) has slipped 3.06% in the same period. On a year-to-date basis, both the ETFs are up 24% and 27.72%, respectively.
Read Next:
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<li><a href="https://www.benzinga.com/general/market-summary/24/12/42569883/quantum-computing-rigetti-d-wave-skyrocket-up-to-300-in-5-sessions-after-google-unveils-willow-chip-but-analysts-urge-caution-not-every-tiktok-guitarist-is-the-next-taylor-swift">Quantum Computing, Rigetti, D-Wave Skyrocket Up To 300% In 5 Sessions After Google Unveils Willow Chip, But Analysts Urge Caution: &#8216;Not Every TikTok Guitarist Is The Next Taylor Swift&#8217;</a></li>
</ul>
Photo courtesy: Federal Reserve

Analyst Color

Economics

Federal Reserve

Hawkish Powell Aside, This Analyst Expects 4 Fed Rate Cuts In 2025: Here's Why

Biotech

Large Cap

Health Care

GSK Announced Headline Results From FIRST-ENGOT-OV44 Phase 3 Trial Of Zejula (Niraparib) And Jemperli (Dostarlimab) In First Line Advanced Ovarian Cancer, The Trial Met Its Primary Endpoint Of Progression-free Survival, The Key Secondary Endpoint Of Overall Survival Did Not Meet Statistical Significance

<h3>Companies Reporting Before The Bell</h3>
• CSP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSPI#NASDAQ">CSPI</a>) is likely to report earnings for its fourth quarter. 
• Winnebago Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WGO#NYSE">WGO</a>) is estimated to report quarterly earnings at $1.18 per share on revenue of $789.00 million. 
<h3>Companies Reporting After The Bell</h3>
• Xcel Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XELB#NASDAQ">XELB</a>) is projected to report quarterly loss at $0.11 per share on revenue of $1.60 million. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

CSPI

XELB

Earnings Scheduled For December 20, 2024

Marques Brownlee, also known as MKBHD, has announced the Samsung Electronics Co.'s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) Galaxy S24 Ultra as his top smartphone pick for 2024.
What Happened: In a video shared on Thursday, Brownlee praised the Galaxy S24 Ultra for its comprehensive excellence, including its screen, chip, battery, cameras, software, and durability.&nbsp;
He noted that even the anti-reflective coating and vibration motor are superior.
&#8220;This phone is 2024 Scottie Scheffler,&#8221; he said, adding, &#8220;It&#8217;s [Galaxy S24 Ultra] not making a ton of headlines for any one flashy thing or any one bad thing. It&#8217;s just so good.&#8221;
See Also: <a href="https://www.benzinga.com/24/12/42546621/elon-musk-agrees-as-satya-nadella-reflects-on-ais-global-impact-in-2024-from-cancer-research-to-rainforest-conservation-and-more?itm_source=parsely-api">Elon Musk Agrees With Satya Nadella As Microsoft CEO Reflects On &#8216;Incredible Speed&#8217; Of AI Diffusion In 2024</a>
Brownlee also mentioned other notable smartphones, such as the Vivo X200 Pro and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) subsidiary Google&#8217;s Pixel 9 Pro Fold for their features.
Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhone 16 was recognized as a complete base device without the high price tag of the Pro version.
&#8220;This was the most complete base iPhone they&#8217;ve ever made,&#8221; Brownlee stated, adding, &#8220;This was a really good year for not spending $1,500 on an iPhone.&#8221;
Here are all the smartphones that received awards from Brownlee under different categories:
Best Big Phone: Samsung Galaxy S24 Ultra
Best Small Phone: iPhone 16
Best Camera: iPhone 16 Pro
Best Value: Nothing Phone 2A
Best Battery: RedMagic 10 Pro
Best Design: Huawei Mate XT
Best Foldable: Google Pixel 9 Pro Fold
Most Improved: Google Pixel 9 Pro Fold
Bust of the Year: Asus Zenfone 11 Ultra
And MVP (Phone of the Year): Samsung Galaxy S24 Ultra
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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Why It Matters: Counterpoint Research in May said that Samsung's Galaxy S24 series led the GenAI-capable smartphone market during the first quarter of 2024.
According to Statista, Samsung&#8217;s Mobile Experience (MX) division brought in around $21.6 billion in revenue by the third quarter of 2024, solidifying its position as the company's top revenue generator.
The South Korean <a href="https://www.benzinga.com/24/12/42545936/samsung-galaxy-s25-ultra-and-s25-leaks-show-off-sleek-curved-design-and-slimmer-bezels-than-apples-iphone-16-pro-max">tech giant is now preparing</a> to launch Samsung Galaxy S25 Ultra and S25+.
However, despite its strong performance, Samsung faces fierce competition from Apple and China's Huawei Technologies.
Last year, Apple dominated the global smartphone market, capturing the top seven spots in the <a href="https://www.counterpointresearch.com/insights/apple-captures-top-7-spots-in-global-top-10-best-selling-smartphones/">list of best-selling smartphones</a>, according to Counterpoint Research.
Samsung secured three positions, marking an improvement from 2022.
Apple set a new iPhone sales record in the third quarter of 2024. According to Canalys, Apple and Samsung both held an 18% market share, though Samsung's dipped 3% year-over-year, <a href="https://www.benzinga.com/markets/equities/24/10/41328252/apples-iphone-16-powers-record-sales-in-q3-just-behind-samsung-in-global-market-share-battle">while Apple's grew by 1%</a>.
Samsung launched its latest devices in July, but Apple's iPhone 16 series, released on Sept. 9, delivered strong sales in just a few weeks.
Price Action: Apple&#8217;s stock edged up by 0.70% on Thursday, finishing the day at $249.79. Year-to-date, the company&#8217;s shares have surged 34.56%, outpacing the Nasdaq 100 index, which has grown by 27.6% in the same period, according to <a href="http://pro.benzinga.com/">data from Benzinga Pro</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42568430/senate-minority-leader-mcconnell-urges-supreme-court-to-reject-tiktoks-delay-request-pushing-for-january-ban-amid-first-amendment-debate?itm_source=parsely-api">Mitch McConnell Urges Supreme Court To Reject TikTok&#8217;s Delay Request, Says Platform Hoping For Less Hostile DOJ In Trump Administration</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Samsung

Tech

AAPL

GOOG

GOOGL

SSNLF

MKBHD's Smartphone Of The Year 2024 Is Here, And Apple Fans Won't Be Happy

EEFT

Reported Earlier, Euronet's Ria and Tenpay Global Launch Partnership To Enhance Cross-Border Money Transfers To Weixin In China

In a recent presentation at the Petersen Automotive Museum on Tuesday, Tesla Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) chief designer Franz von Holzhausen hinted at the possibility of introducing new vehicle forms for the <a href="https://www.benzinga.com/topic/cybercab">company&#8217;s robotaxi lineup</a>.
What Happened: Von Holzhausen's cryptic comment suggests that Tesla may expand its robotaxi offerings beyond the already known Cybercab model.
"We have other vehicles in our lineup, and future vehicles coming that will basically take multiple passengers," he said during an overview of the Cybercab at the Petersen Automotive Museum.
Von Holzhausen&#8217;s comments have fueled speculation about Tesla&#8217;s future robotaxi models, potentially addressing market needs for larger passenger groups. Tesla&#8217;s strategy involves using existing vehicles as robotaxis, but the Cybercab&#8217;s two-seat design aims to optimize costs and storage for typical ride-hailing trips.
Earlier,&nbsp;Travis Axelrod,&nbsp;Tesla&#8217;s Head of Investor Relations, informed&nbsp;Deutsche Bank that 2025 would&nbsp;be a pivotal year for the company&#8217;s product launches. This includes the&nbsp;unofficially-named &#8220;Model Q&#8221; and a&nbsp;long wheelbase Model Y tailored for the Chinese market.
Axelrod also mentioned that the latter half of 2025 would see the introduction of &#8220;other new vehicles.&#8221;
See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42575664/tesla-reportedly-in-talks-with-austin">Tesla Reportedly In Talks With Austin To Bring Autonomous Vehicles To Texas Roads: Elon Musk-Led EV Giant Rises 3% In Pre-Market</a>
Why It Matters: Tesla&#8217;s ambitions for its robotaxi fleet are gaining momentum, with recent developments indicating a significant push towards autonomous vehicle deployment.
The company is reportedly in <a href="https://www.benzinga.com/markets/equities/24/12/42575664/tesla-reportedly-in-talks-with-austin">early discussions with Austin city officials</a> to test its autonomous vehicles on Texas roads by 2025. This move could bolster Tesla&#8217;s driverless vehicle ambitions if the discussions prove fruitful.
Von Holzhausen also recently <a href="https://www.benzinga.com/tech/24/12/42548657/tesla-design-chief-says-ev-giant-was-looking-to-create-future-version-of-nycs-yellow-cabs-with-gold-cybercab-it-feels-right">shared insights</a> into the aesthetic choices for the Cybercab, describing it as a &#8220;future version&#8221; of New York City&#8217;s iconic yellow cabs. The choice of gold paint reflects a modern take on the traditional yellow cab, aiming to create something more expressive and up-to-date.
Analysts at Wedbush Securities foresee <a href="https://www.benzinga.com/24/12/42455654/wedbush-securities-sees-tesla-touching-2-trillion-market-cap-by-2025-end-apple-microsoft-nvidia-to-join-4-trillion-market-cap-club-next-year-says-analyst">Tesla potentially reaching a $2 trillion market cap</a> by the end of 2025, driven by its autonomous vehicle initiatives, including the launch of the Cybercab. The firm&#8217;s bullish outlook underscores the importance of Tesla&#8217;s autonomous strategy in achieving this milestone.
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<iframe loading="lazy" title="The FIRST Cybercab @ The Petersen! Presented by Tesla chief designer: Franz von Holzhausen" width="500" height="281" src="https://www.youtube.com/embed/5jqJM7-tC0k?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
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Price Action: Tesla stock closed at $436.17 on Thursday, lower by 0.90%. It fell another 1.9% in after-hours trading. Year-to-date, the Tesla stock is up 75.6%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
The overall <a href="https://www.benzinga.com/quote/TSLA/analyst-ratings">consensus rating</a> on the Tesla stock is currently ‘Buy' with the highest price target being $515, implying an 18% upside.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/quote/TSLA/analyst-ratings"><img loading="lazy" decoding="async" width="472" height="352" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/20005530/Tesla-rating.jpg" alt="" class="wp-image-700970" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/20005530/Tesla-rating.jpg 472w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/20005530/Tesla-rating-300x224.jpg 300w" sizes="(max-width: 472px) 100vw, 472px" /></a></figure>
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>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Tesla

TSLA

Elon Musk's Robotaxi Ambitions Are Sending TSLA Stock Soaring: Could Tesla Have More Cybercab Models Planned For 2025?

<ul>
<li>TRYNGOLZA shown to significantly reduce triglycerides and substantially reduce acute pancreatitis events in adults with FCS; a rare, highly debilitating and life-threatening disease</li>
<li>Indicated for adults with&nbsp;FCS regardless of genetically or clinically confirmed diagnosis&nbsp;</li>
<li>TRYNGOLZA is the first of four independent launches planned over the next three years, pending approvals</li>
</ul>

IONS

Ionis Pharmaceuticals' TRYNGOLZA (olezarsen) Becomes First FDA-Approved Treatment For Adults with Familial Chylomicronemia Syndrome

GLJ Research CEO Gordon Johnson intensified criticism of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) on Thursday, echoing late Berkshire Hathaway Inc. Vice Chairman Charlie Munger&#8216;s skepticism and targeting major financial institutions for their role in cryptocurrency markets.
What Happened: &#8220;Bitcoin, as Charlie Munger said, is rat poison,&#8221; Johnson wrote on X. &#8220;It has no use case, generates no value/cash-flow, &amp; is worthless.&#8221; He specifically called out BlackRock Inc. and Fidelity Investments for <a href="https://www.benzinga.com/24/12/42609778/blackrocks-bitcoin-explainer-casts-aspersions-on-apex-cryptos-supply-capobservers">profiting from trading fees</a> while fueling what he describes as a speculative bubble.
Johnson&#8217;s comments come as <a href="https://www.benzinga.com/trading-ideas/movers/24/12/42608314/bitcoin-ethereum-dogecoin-retreat-further-as-crypto-liquidations-top-1-billion-analyst-lays-out-scenario-for-btc-losing-96k-support">Bitcoin trades near $97,843</a>, after recently surpassing the $100,000 mark. He emphasized that crypto miners quickly convert Bitcoin to traditional currency to cover operational costs, suggesting this undermines claims about the cryptocurrency&#8217;s long-term value.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a>, as Charlie Munger said, it rat poison. It has NO use case, generates NO value/cash-flow, &amp; is worthless. It&#39;s a purely speculative &quot;tulip&quot; that&#39;s in a bubble thanks to (VERY) loose financial conditions enable by the Fed, &amp; extreme greed from folks like… <a href="https://t.co/5HqBehI4M7">https://t.co/5HqBehI4M7</a>
&mdash; Gordon Johnson (@GordonJohnson19) <a href="https://twitter.com/GordonJohnson19/status/1869738248538345756?ref_src=twsrc%5Etfw">December 19, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42608297/tom-lee-explains-why-fewer-cuts-in-2025-could-boost-the-market-urges-investors-to-buy-the-dip-amid-recent-volatility">Tom Lee Explains Why &#8216;Fewer Cuts In 2025&#8217; Could Boost The Market, Urges Investors To &#8216;Buy The Dip&#8217; Amid Recent Volatility</a>
Why It Matters: The criticism aligns with views expressed by Munger, who passed away in November 2023 at age 99. During <a href="https://www.benzinga.com/markets/cannabis/24/06/39419630/charlie-munger-once-said-just-say-no-to-bitcoin-a-legacy-of-caution">Berkshire Hathaway&#8217;s 2022 shareholder meeting</a>, Munger strongly advised against including Bitcoin in retirement accounts.
Munger&#8217;s longtime business partner, Berkshire CEO Warren Buffett, shared similar concerns, having famously labeled Bitcoin as &#8220;rat poison squared.&#8221;
These skeptical views stand in contrast to growing institutional acceptance, marked by the SEC&#8217;s approval of spot Bitcoin ETFs. Major financial firms including BlackRock and Fidelity have launched Bitcoin funds, with products like iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) and Fidelity Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>) attracting significant investor interest.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42609380/cathie-wood-says-bitcoin-is-more-scarce-than-gold-predicts-ma-surge-under-trump-2-0">Cathie Wood Says Bitcoin Is &#8216;More Scarce Than Gold&#8217; — Predicts M&amp;A Surge Under Trump 2.0</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.

$BTC

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

IBIT

Gordon Johnson Revives Charlie Munger's Criticism Of Bitcoin As 'Rat Poison,' Calls It 'Worthless' With BTC Falling Below $100,000: 'Purely Speculative Tulip That's In A Bubble'

After Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) delivered its second-quarter earnings <a href="https://www.benzinga.com/general/sports/24/12/42605414/nike-q2-earnings-revenue-beat-eps-beat-shares-jump-nike-being-nike-again">beating analyst estimates</a>, its new CEO Elliott Hill rebuked his predecessor&#8217;s strategies and said that the athletic footwear and apparel brand was not maximizing its strengths.
What Happened: Nike reported second-quarter revenue of $12.35 billion, beating analyst estimates of $12.13 billion. The company reported second-quarter earnings of 78 cents per share, beating analyst estimates of 65 cents per share.
Hill started at the company as an intern in the 1980s and left Nike in 2020. John Donahoe, was his predecessor before he joined Nike again as its CEO in October.
Nike Direct revenues were $5 billion in the quarter, down 13% year-over-year. Nike Brand revenues totaled $12 billion, down 7%. According to the new CEO, Nike&#8217;s digital revenue impacted the health of its other marketplaces. He said, &#8220;We will build back an integrated marketplace, across Nike Direct and Wholesale.&#8221;
&#8220;We'll focus promotions during traditional retail moments, not at the consistent level we are today. And we will leverage Nike Value Stores to profitably move through any excess inventory,&#8221; said Hill.
CNBC&#8217;s Jim Cramer took to X, hinting at Nike CEO&#8217;s statements on the inventory levels.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Look for a lot of Nike at your TJ Maxx store soon. Should be some great buys&#8230;.
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1869894205419728905?ref_src=twsrc%5Etfw">December 19, 2024</a></blockquote>
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&#8220;We've shifted investments away from creating demand for our brand to capturing demand through performance marketing for our Nike digital business. We will re-invest in our brands to create stories that inspire and emotionally connect with our consumers during important sport moments and critical product launches,&#8221; Hill added.
See Also: <a href="https://www.benzinga.com/general/sports/24/12/42605414/nike-q2-earnings-revenue-beat-eps-beat-shares-jump-nike-being-nike-again">Nike Q2 Earnings: Revenue Beat, EPS Beat, Shares Jump — &#8216;Nike Being Nike Again&#8217;</a>
Guidance: Regarding the near-term performance, Nike CFO Matthew Friend said that he sees &#8220;lower revenue, additional gross margin pressure, and higher demand creation expenses, with a greater headwind to the fourth quarter compared to the third quarter.&#8221;
Friend says he expects Nike&#8217;s revenue to be &#8220;down low double digits,&#8221; while gross margins are expected to contract between 300 to 350 basis points.
Why It Matters: Talking about straying way from its core principles, Hill said the following was one of his high-level observations.
&#8220;We lost our obsession with sport. Moving forward, we will lead with sport and put the athlete at the center of every decision.&#8221; He added that relying on a &#8220;handful of sportswear silhouettes is not who we are.&#8221;
The company&#8217;s total revenue was down 8% year-over-year. Sales in North America and Greater China were down about 8%, European sales fell 7%, while Asia Pacific and Latin American sales were down 3%.
As Nike&#8217;s Wholesale revenue fell 3% to $6.9 billion in the second quarter, Hill also spoke about regaining the trust of their wholesalers. &#8220;Some partners and channels feel we turned our back on them. And we stopped engaging consistently,&#8221; he said.
&#8220;We'll do more than just sell-in our products, we'll actively support mutually profitable sell-through. Simply put, we will win, when our partners win.&#8221;
See Also: <a href="https://www.benzinga.com/general/market-summary/24/12/42569883/quantum-computing-rigetti-d-wave-skyrocket-up-to-300-in-5-sessions-after-google-unveils-willow-chip-but-analysts-urge-caution-not-every-tiktok-guitarist-is-the-next-taylor-swift">Quantum Computing, Rigetti, D-Wave Skyrocket Up To 300% In 5 Sessions After Google Unveils Willow Chip, But Analysts Urge Caution: &#8216;Not Every TikTok Guitarist Is The Next Taylor Swift&#8217;</a>
Price Action: Nike stock closed Thursday 0.26% higher at $77.10 and declined by 0.54% in after-hours trading. It has declined 27.64% year-to-date.
About 33 <a href="https://benzinga.com/quote/NKE/analyst-ratings">analysts tracked by Benzinga</a> have a consensus &#8220;Buy&#8221; rating on the stock with a price target of $94.10. The three most recent analyst ratings between Wells Fargo, Evercore ISI Group, and Deutsche Bank imply a 17.81% upside for Nike.
<figure class="wp-block-image size-full"><a href="https://benzinga.com/quote/NKE/analyst-ratings"><img loading="lazy" decoding="async" width="945" height="352" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/20012607/NIKE-ANR-PIC.png" alt="" class="wp-image-701026" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/20012607/NIKE-ANR-PIC.png 945w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/20012607/NIKE-ANR-PIC-300x112.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/20012607/NIKE-ANR-PIC-768x286.png 768w" sizes="(max-width: 945px) 100vw, 945px" /></a></figure>
Read Next:
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<li><a href="https://www.benzinga.com/markets/24/12/42571835/trumps-rejection-of-bipartisan-deal-fuels-government-shutdown-fears-how-markets-historically-react-to-political-turmoil">Trump&#8217;s Rejection Of Bipartisan Deal Fuels Government Shutdown Fears: How Markets Historically React To Political Turmoil</a></li>
</ul>
Photo courtesy: Shutterstock

Nike's New CEO Blames Promotions For Declining Profits, Says Turnaround Efforts May Hurt As Company Moves To Clear Excess Inventory: 'We Lost Our Obsession With Sport'

FCPT

Reported Earlier, FCPT Finalizes $13.5M Sale-Leaseback Of Riverview Health Outpatient Centers In Indiana

<ul>
<li>Aadi Enters into Exclusive License for Three-Asset ADC Portfolio Developed through a Collaboration between WuXi Biologics and HANGZHOU DAC</li>
<li>Aadi Enters Agreement to Sell FYARRO&#xAE; and Associated Infrastructure to KAKEN Pharmaceutical for $100M; Announces PIPE Financing of $100M</li>
<li>Cumulative Capital Expected to Fund Operations into Late 2028, Including Anticipated Clinical&nbsp;Data for the ADC Portfolio</li>
<li>Co-Founder and Former CEO of ProfoundBio, Baiteng Zhao, Appointed to Aadi Board of Directors</li>
</ul>

AADI

Reported Earlier, Aadi Bioscience Secures $100M PIPE Financing, Sells FYARRO For $100M, And Licenses Three Novel ADC Assets

RZLV

Reported Earlier, Rezolve Ai Prices $15M Registered Offering With Shares And Warrants At $3.00 Each, Backed By H.C. Wainwright

Reported Earlier, Walker & Dunlop Completes $190M Sale And $157M Financing For Edgewater's The Hamilton

Net proceeds from the Offering will be used for (i) research and development, including development of the Company's SaaS standard product and further investment in the Company's cloud services, (ii) investment in the Company's sales and marketing, including expanding distribution channels for existing and future market, and (iii) general corporate purposes, which may include capital expenditures, potential strategic investments and acquisitions.

IPOs

YAAS

Reported Earlier, Youxin Technology Prices $10.35M Initial Public Offering Of 2.3M Class A Common Shares At $4.50/Share

Macro Economic Events

Econ #s

Germany Producer Price Index (MoM) For November 0.5% Vs. 0.3% Est.; 0.2% Prior

U.K. Retail Sales (YoY) For November 0.5% Vs. 0.8% Est.; 2.0% (Revised) Prior

Oppenheimer analyst Leland Gershell maintained a Buy rating on Nucana (NCNA – Research Report) today and set a price target of $25.00. The company'...

Oppenheimer Sticks to Their Buy Rating for Nucana (NCNA)

NuCana soars on positive data from mid-stage trial for its melanoma treatment

Truist Financial analyst Srikripa Devarakonda maintained a Buy rating on Nucana (NCNA – Research Report) today. The company's shares closed yesterd...

Truist Financial Keeps Their Buy Rating on Nucana (NCNA)

Nucana (NCNA) has released an update. NuCana plc has announced the US Patent and Trademark Office granted a new patent for NUC-7738, a novel anti-c...

NuCana Secures US Patent for Promising Cancer Drug

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NuCana plc Enhances Offering to $5.4 Million

In a report released yesterday, Srikripa Devarakonda from Truist Financial maintained a Buy rating on Nucana (NCNA – Research Report), with a price...

Truist Financial Sticks to Their Buy Rating for Nucana (NCNA)

NuCana (NCNA) announced that initial data from the ongoing Phase 1b/2 modular study investigating NUC-3373 in combination with the PD-1 inhibitor p...

NuCana announces initial data from Phase 1b/2 modular study of NUC-3373

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NuCana GAAP EPS of -£0.07

Nucana (NCNA) has released an update. Nucana PLC reports a challenging financial position with an operating loss of £5.3 million for the third quar...

Nucana Reports Third Quarter Loss Amid R&D Investments

NCNA

Press Releases

NuCana Regains Compliance with Nasdaq Minimum Bid Price Requirement

NuCana Reports First Quarter 2024 Financial Results and Provides Business Update

NuCana to Present at TD Cowen's 5th Annual Oncology Innovation Summit

NuCana to Present at the Jefferies Global Healthcare Conference

NuCana Reports Second Quarter 2024 Financial Results and Provides Business Update

NuCana Announces Update for Phase 2 Randomized Colorectal Cancer Study

NuCana Presents Encouraging Data on NUC-7738 in Combination with Pembrolizumab in PD-1 Inhibitor Refractory and Resistant Melanoma Patients at the ESMO Congress 2024

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