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Remitly Global

Remitly Global Inc provides integrated financial services to immigrants, including helping customers send money internationally in a quick, reliable, and more cost-effective manner by leveraging digital channels. It supports cross-border transmissions across the globe. The company's revenue is generated on transaction fees charged to customers and foreign exchange spreads between the foreign exchange rate offered to customers and the foreign exchange rate on the company's currency purchases.

Remitly Global Inc

In a recent study, the National Retail Federation (NRF) warns that Donald Trump&#8217;s proposed tariffs could significantly impact American consumers, potentially reducing annual spending by $78 billion.
What Happened: The NRF study highlights the potential consequences of Trump&#8217;s tariff proposal on consumer goods, particularly those imported from China. The report, released on Monday, suggests that the tariffs could lead to increased prices on essential items such as apparel, toys, and appliances, affecting consumer spending habits, Reuters reported.
Jonathan Gold, NRF&#8217;s vice president of supply chain and customs policy, emphasized the reliance of retailers on imports to offer a diverse range of affordable products. The proposed tariffs, which include a 10% universal tariff on all imports and a possible 60% to 100% tariff on Chinese imports, could disproportionately impact low-income families as costs are passed on to consumers.
See Also: <a href="https://www.benzinga.com/news/24/11/41701311/scaramucci-says-trump-should-be-taken-into-custody-over-alleged-threat-against-liz-cheney?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Scaramucci Says Trump &#8216;Should Be Taken Into Custody&#8217; Over Alleged Threat Against Liz Cheney</a>
The NRF also projects a modest growth in holiday sales, expecting an increase of up to 3.5% to $989 billion, marking the slowest growth in six years.
Why It Matters: The proposed tariffs have sparked significant controversy, with a <a href="https://www.benzinga.com/startups/24/10/41561517/trump-pushes-forward-with-controversial-tariff-plan-despite-growing-backlash-from-voters-who-strongl">growing backlash from voters</a> who oppose the plan. An NBC News poll revealed that 44% of voters are less likely to support a candidate advocating for universal tariffs, highlighting the divisive nature of the issue amid economic challenges like inflation and fragile supply chains.
Furthermore, global concerns have been raised about the <a href="https://www.benzinga.com/markets/equities/24/10/41592365/trump-tariffs-will-be-negative-not-just-for-emerging-markets-but-across-the-world-says-singapore">potential negative impact</a> of Trump&#8217;s tariffs. Singapore&#8217;s state-owned investment firm, Temasek, warned that a Trump re-election could slow global growth, affecting U.S. companies and financial markets. The firm expressed concerns about increased uncertainty due to tariffs, which could lead to a stronger dollar and higher rates.
Read Next: 
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<li><a href="https://www.benzinga.com/general/politics/24/11/41732623/bakery-that-often-predicts-election-outcomes-has-this-candidate-winning-in-trump-harris-battle-d?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bakery That Often Predicts Election Outcomes Has This Candidate Winning In Trump, Harris Battle: &#8216;Doughmacracy For All!&#8217;</a></li>
</ul>
Image via Flickr
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/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

News

Economics

General

Trump Tariff Proposed May Cost Americans $78B In Spending: Study

Zoomcar Holdings, Inc. ("Zoomcar" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZCAR#NASDAQ">ZCAR</a>), the Nasdaq-listed leading marketplace for self-drive car sharing, announced a major expansion in its customer support efforts, doubling its customer support team to ensure faster, more efficient assistance for both Hosts and Guests on its platform. This expansion marks a significant step in addressing customer feedback and improving overall service quality.
&nbsp;
In a key initiative, Zoomcar has also launched a dedicated team called Host Success Team, to assist new Hosts in onboarding their vehicles and optimising earnings. This specialised team guides Hosts through every stage of their journey on the platform, providing continuous support to help them thrive.
In addition to expanding the team, Zoomcar has moved to a multi-channel support model. This now includes inbound and outbound calls, chatbot based ticketing support and a <a href="https://press.zoomcar.com/in/zoomcar-pioneers-ai-innovation-unveils-beta-ai-assistant-to-enhance-host-and-guest-experience/">Generative AI (Gen AI) Assistant</a>&nbsp;that offers 24x7 assistance. This enhanced customer support framework has already led to an 50% reduction in in-app escalations, with continued improvements expected as the new measures take full effect.

ZCAR

Zoomcar Expands Customer Support, Doubles Team for Faster Service

Lilium N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LILM#NASDAQ">LILM</a>), a leading electric aircraft manufacturer and pioneer in Regional Air Mobility (RAM), announces that it has appointed KPMG to conduct an open, transparent and fair M&amp;A process. First investor briefings will start soon.
This followed the local court of Weilheim's approval of the insolvency filing of Lilium's German subsidiaries and the court's granting of Lilium's application for self-administration.
Preliminary insolvency proceedings under self-administration are court-ordered restructuring proceedings aimed at preserving the business. The management remains in charge and leads the business through the proceedings, supported by restructuring experts.
The court has appointed to the German subsidiaries' Boards of Management with immediate effect two restructuring-experienced lawyers, Prof. Dr. Gerrit Hölzle and Dr. Thorsten Bieg as Chief Insolvency Officers (CIOs). Both have already successfully advised a large number of companies in crisis situations. Most recently, they worked for Senvion and The Social Chain AG, among others. They will now oversee the reorganization of Lilium's German subsidiaries.
The Local Court of Weilheim has also appointed attorney Mr. Ivo-Meinert Willrodt, Managing Partner at PLUTA Rechtsanwalts GmbH, as the provisional custodian. The restructuring expert is an attorney and specialist lawyer for insolvency and restructuring law and has already acted as trustee for the solar car start-up Sono Motors and the drone manufacturer EMT, among others. His role is to protect the interests of the creditors in the proceedings.

LILM

Lilium Taps KPMG for M&A as German Subsidiaries Enter Insolvency

Adtran today announced that the Centre Régional Informatique et d'Applications Numériques de Normandie (CRIANN) is using its FSP 3000 optical transport technology and ALM fiber monitoring platform to boost the capacity and resilience of its research and education network, thanks to the financial support of the Normandy Region. By integrating Adtran's solution, the Normandy-based supercomputing center and provider of high-performance digital infrastructure is ensuring faster and more reliable connectivity for the region's scientific and academic institutions. Adtran's Elite partner Axians also played a key role in the installation and continues to deliver maintenance and support.

ADTN

Adtran Powers Faster, Reliable Network for Normandy's Research and Education with Optical Transport Tech

Oracle Communications Summit --&nbsp;Oracle is building on its partnership with Vodafone Business IoT to bring global IoT connectivity to <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4294520-1&amp;h=3217869142&amp;u=https%3A%2F%2Fwww.oracle.com%2Findustries%2Fenterprise-communications-platform%2F&amp;a=Oracle%27s+Enterprise+Communications+Platform">Oracle's Enterprise Communications Platform</a>&nbsp;(ECP) industry applications customers. Built on the high performance and security of&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4294520-1&amp;h=4155068230&amp;u=https%3A%2F%2Fwww.oracle.com%2Fcloud%2F&amp;a=Oracle+Cloud+Infrastructure">Oracle Cloud Infrastructure</a>, ECP uses edge architecture to give businesses the out-of-the-box connectivity and near real-time data intelligence required to power essential new services.
&nbsp;
The platform, which uses Vodafone's Global SIM for cellular connectivity, underpins Oracle's extensive portfolio of industry applications giving industries the ability to orchestrate, connect, and manage IoT devices and a new generation of cloud-based services. The combination of Oracle's ECP with Vodafone Business IoT's connectivity enables new capabilities such as embedded AI, secure device lifecycle management, connection management and advanced media routing and conferencing.
By integrating Vodafone's innovative Global SIM&nbsp;with Oracle's Enterprise Communications Platform, Oracle industry applications customers will benefit from near real-time communications capabilities with&nbsp;a secure and reliable connectivity service. Furthermore, with access to Vodafone's expansive IoT network of over 180 countries, businesses will have connectivity compliant with local regulatory requirements – meaning that they will be able to operate globally and grow more efficiently.

ORCL

Oracle Expands IoT Capabilities with Vodafone to Boost Global Connectivity

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) on Monday said that its Megafactory in Lathrop, California has built its 10,000th Megapack, marking a significant milestone for the company in its energy storage segment.
What Happened: &#8220;Congratulations to the Megafactory team in Lathrop, CA on building the 10,000th Megapack,&#8221; the company said in a post on social media platform X. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congratulations to the Megafactory team in Lathrop, CA on building the 10,000th Megapack <a href="https://t.co/PqM64dI7wN">pic.twitter.com/PqM64dI7wN</a>
&mdash; Tesla Megapack (@Tesla_Megapack) <a href="https://twitter.com/Tesla_Megapack/status/1853488814091829646?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Megapack is a powerful battery manufactured by the company in addition to its home battery called Powerwall.&nbsp;Each megapack unit can store over 3.9 Megawatt-hours of energy or enough to power an average of 3,600 homes for an hour.
&#8220;Quite a makeover accomplished by the Lathrop Energy Manufacturing team: converting a former JC Penny warehouse to the largest utility battery manufacturing plant in the world!&#8221; former Tesla senior executive Drew Baglino wrote.
Baglino was the Senior Vice President of Powerwall and Energy until April earlier this year. 
Why It Matters: In the three months through the end of September, Tesla's energy generation and storage revenue touched <a href="https://www.benzinga.com/news/24/10/41537560/teslas-energy-segment-boom-in-q3-sparks-leadership-changes-veteran-mike-snyder-promoted-as-vp">$2,376 million, marking a growth of 52% </a>as compared to the corresponding period of last year. The energy business achieved a record gross margin of 30.5% and the powerwall product achieved record deployments.
Tesla currently operates a Megafactory only in Lathrop, California, capable of making 10,000 Megapack units in a year. The company is also putting up a Megafactory in Shanghai which it expects to start shipping Megapacks in the first quarter of 2025.
For the full year 2024, Tesla now expects to <a href="https://www.benzinga.com/news/24/07/39615273/tesla-more-than-doubles-energy-storage-deployment-to-mark-its-best-quarter-yet-even-as-ev-demand-con">deploy twice the energy storage deployed last year</a>, or roughly 29.4 GWh of energy storage.
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/news/24/11/41736208/gm-crosses-300k-ev-deliveries-in-us-since-2016-but-its-still-over-40-lower-than-teslas-sales-in-the">GM Crosses 300K EV Deliveries In US Since 2016, But It&#8217;s Still Over 40% Lower Than Tesla&#8217;s Sales In The First 9 Months Of 2024</a></li>
</ul>
Photo courtesy: Tesla

Tech

TSLA

Tesla Makes 10,000th Megapack At California As Energy Segment Booms

Elon Musk&#8216;s political posts on X have garnered 17.1 billion views since he endorsed former President Donald Trump in July, more than double the <a href="https://www.benzinga.com/news/24/09/40852207/meta-exec-slams-elon-musks-x-as-tiny-platform-that-allows-anyone-say-anything">reach of all U.S. political campaign advertisements</a> on the platform combined, according to a new study by the Center for Countering Digital Hate.
What Happened:&nbsp;The research revealed that 87 of Musk&#8217;s posts this year containing false or misleading claims about U.S. elections accumulated 2 billion views. None of these posts featured a Community Note, X&#8217;s user-generated fact-checking system.
The CCDH analysis found that achieving similar viewership through paid political advertising would cost approximately $24 million, based on X&#8217;s average cost per thousand views of $1.39 for political campaign ads.
The study identified several categories of misleading content in Musk&#8217;s posts:
<ul>
<li>Claims about Democrats &#8220;importing voters&#8221; received nearly 1.3 billion views across 66 posts</li>
<li>Assertions about unreliable voting systems reached 532 million views through 19 posts</li>
<li>Posts questioning mail-in ballots and voter ID requirements garnered significant engagement</li>
</ul>
&#8220;Triple digit increases of illegals in swing states over the past 4 years. Voter importation at an unprecedented scale!&#8221; read one post that received 21 million views.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Triple digit increases of illegals in swing states over the past 4 years. Voter importation at an unprecedented scale! <a href="https://t.co/BnOCrqEdbU">https://t.co/BnOCrqEdbU</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1848181149840871866?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters:&nbsp;During the same period, all U.S. political campaign ads on X received 7.7 billion views at a total cost of $10.7 million, less than half the reach of Musk&#8217;s political posts.
The study examined 746 posts from Musk between Jul. 13 and Oct. 25, using terms associated with U.S. elections. The analysis included original posts and quotes but excluded reposts.
A recent Wall Street Journal <a href="https://www.wsj.com/politics/elections/x-twitter-political-content-election-2024-28f2dadd">study</a> found that Musk&#8217;s posts appeared at the top of users&#8217; feeds more frequently than any other user&#8217;s content, even for those following non-political topics.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/11/41736493/microsoft-co-founder-bill-gates-says-everyone-in-future-will-have-a-utilitarian-ai-agent-that-will-h">Microsoft Co-Founder Bill Gates Says Everyone In Future Will Have A &#8216;Utilitarian AI Agent&#8217; That Will Help You At Work</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

Social Media

Politics

Elon Musk's Political Posts Garner 17B Views Since Endorsing Trump, Outpace All Political Campaign Ads Combined On X: Study Reveals 87 Misleading Claims With 2B Views

In a novel approach to <a href="https://www.benzinga.com/topic/2024-election">predicting election outcomes</a>, three young entrepreneurs have developed an AI polling startup that offers faster and cheaper predictions than traditional pollsters.
The model will be put&nbsp;to the test in the&nbsp;upcoming 2024 Donald Trump vs. Kamala Harris election.
What Happened: The startup,&nbsp;Aaru, was co-founded by 19-year-old college dropouts,&nbsp;Cam Fink&nbsp;and&nbsp;Ned Koh, along with 15-year-old&nbsp;John Kessler, <a href="https://www.semafor.com/article/11/04/2024/an-ai-polling-startup-polls-bots-predicts-harris-will-win">reported</a> Semafor.
The team uses census and demographic data to create&nbsp;AI avatars of voters, each&nbsp;with hundreds of personality traits. These avatars are then fed with news and information, and polled on their voting preferences.
The Aaru team has&nbsp;recreated the electorate in key&nbsp;states with representative bots&nbsp;and polled them about their&nbsp;preferences. 
The models had access&nbsp;to news up until midnight&nbsp;Sunday, including information&nbsp;about Trump's weekend rally&nbsp;in Pennsylvania and Harris'&nbsp;in Michigan.
See Also: <a href="https://www.benzinga.com/news/24/11/41704893/steve-ballmer-is-betting-40m-on-facts-as-heated-trump-harris-battle-reaches-peak-crescendo-how-ex-mi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Steve Ballmer Is Betting $40M On Facts As Heated Trump-Harris Battle Reaches Peak Crescendo</a>
The simulation has been run multiple times, predicting&nbsp;the probability of Trump winning&nbsp;Arizona at 73.3%, North Carolina&nbsp;at 62.1%, and Georgia at&nbsp;61.8%.
Meanwhile,&nbsp;Harris' odds of winning Michigan&nbsp;are predicted&nbsp;at 63.3%, Nevada at 53.4%,&nbsp;Pennsylvania at 52.4% and Wisconsin&nbsp;at 50.9%.
Aaru's system, designed to be faster and more cost-effective than traditional polling, has the advantage of bots always &#8220;answering the phone.&#8221;
However, experts from Harvard's Ash Center warn that outdated training data could introduce errors, emphasizing that humans may still be needed to fill in gaps, the report noted.
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: The 2024 U.S. presidential election, set for Nov. 5, will see Democratic nominee Harris go head-to-head with Republican candidate Trump.
While Harris held a <a href="https://www.benzinga.com/general/politics/24/11/41733277/harris-vs-trump-vice-president-has-two-point-lead-in-final-election-poll-swing-states-remain-clo">narrow lead over Trump</a> in the last Morning Consult poll before Election Day, prediction markets and betting odds have shown her trailing the former president significantly. 
The last Emerson poll indicated a <a href="https://www.benzinga.com/general/politics/24/11/41728436/trump-vs-harris-2024-election-deadlocked-final-emerson-poll-shows-one-candidate-with-small-edge-">tight contest between the candidates</a>, challenging the strong victory for Trump projected by prediction markets and sportsbooks.
On the eve of the election, Trump regained his lead over Harris in online prediction markets. However, analysts from FiveThirtyEight, and Nate Silver noted that the race remained <a href="https://www.benzinga.com/general/politics/24/11/41730670/prediction-markets-swing-back-to-trump-but-data-analysts-say-its-too-close-to-call">too close to definitively predict a winner</a>.
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>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/11/41710411/market-analyst-who-predicted-trumps-2016-win-and-bidens-2020-victory-now-sees-former-president-retak?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Market Analyst Who Predicted Trump&#8217;s 2016 Win And Biden&#8217;s 2020 Victory, Now Sees Former President Retaking The White House With &#8216;Large Majority Of Swing States&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Media

Trump Vs. Harris: Meet The Teens Using AI To Call 2024 Election Faster, Cheaper Than Pollsters

MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a stock considered an alternative to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investment, received a bullish signal from moving average (MA) technical indicators.
What happened: According to the financial market analytics <a href="https://in.tradingview.com/symbols/NASDAQ-MSTR/technicals/">platform </a>TradingView, nearly all of the simple and exponential MAs flashed a &#8220;Buy&#8221; rating for the stock, culminating in a net &#8220;Strong Buy&#8221; signal.
Moving averages smooth out price data by creating a constantly updated average price. Typically, if the price is above a moving average, the trend is up. If the price is below a moving average, the trend is down.
On the contrary, momentum indicators painted a different story. The Moving Average Convergence Divergence (MACD) indicator, which compares a stock&#8217;s short-term price to its long-term price, flashed a ‘Sell' signal as of this writing.
Similarly, the Relative Strength Index (RSI) indicator used for spotting overbought or oversold conditions showed a ‘Neutral' reading for the stock.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41705004/peanut-the-squirrel-themed-meme-coins-surge-amid-social-media-outrage-over-celebrity-anima">Peanut The Squirrel-Themed Meme Coins Surge Amid Social Media Outrage Over Celebrity Animal&#8217;s Death</a>
The analysis of MicroStrategy's options trading market also exhibited a bearish sentiment.
The stock had a Put/Call Ratio of 1.2 as of this writing, according to the market analytics <a href="https://fintel.io/sopt/us/mstr">platform </a>Fintel, indicating that downside bets outnumbered bullish ones.
Why It Matters: MicroStrategy adopted Bitcoin as its primary reserve asset in August 2020, becoming the first publicly listed company to pursue this strategy.
Since then, it has gained 1989% in value, surpassing some of the biggest names on Wall Street, including artificial intelligence darling Nvidia Corp. The company's stock has outperformed the famed &#8220;Mag 7&#8221; group of companies in 2024, with year-to-date gains of 225%.
MicroStrategy holds about 252,220 BTCs, worth $17.37 billion, on its balance sheet, as per its <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41646462/michael-saylor-says-bitcoin-remedy-to-fix-unhealthy-balance-sheets-as-microstrategy-unveil">recently released third-quarter earnings report.&nbsp;</a>
The firm announced that it would raise $42 billion over the next three years through equity and debt financing to buy more Bitcoin.
Price Action: Shares of MicroStrategy were up 1.06% in after-hours trading after closing down 2.93% during Monday's regular session, <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a> showed.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41703454/analyst-says-this-crypto-could-explode-by-up-to-3-765-and-it-is-not-bitcoin-or-solana">Analyst Says This Crypto Could Explode By Up To 3.765%, And It Is Not Bitcoin Or Solana</a></li>
</ul>
Photo courtesy: MicroStrategy

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

Cryptocurrency

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$BTC

MSTR

Bitcoin Proxy MicroStrategy Gets 'Strong Buy' Signal From These Technical Indicators, But Here's Why You Should Be Mindful

"In collaboration with Broadcom, Telia is building a more agile, reliable and secure network and IT infrastructure to enable the delivery of new monetizable 5G and cloud services for the benefit of its customers in the Nordics and the Baltics," said Krish Prasad, SVP and general manager, VMware Cloud Foundation Division, Broadcom. "We are delighted to enable Telia to continue serving its customers with this VMware software-based platform that includes the needed network and infrastructure orchestration, automation and scale."

AVGO

Broadcom And Telia Strengthen Collaboration For Telco Transformation With Multi-Year VMware Cloud Foundation Expansion

Murtaza Ali, President of JazzCash, said: "We are proud to partner with BISP, the country's leading social protection programme, in the vital mission of alleviating poverty, and raising living standards, especially for women. We are committed to providing financial access to millions of underserved citizens. By offering affordable payment solutions and credit, JazzCash is playing a crucial role in bridging the financial inclusion gap across the country."

VEON

VEON's JazzCash Partners With BISP To Channel PKR 78B In Government Aid To Women, Boosting Financial Inclusion In Pakistan

Vanguard has surpassed BlackRock as the manager of the world&#8217;s second-largest ETF. 
What Happened: Vanguard&#8217;s S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) has edged past BlackRock&#8217;s iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) in terms of assets. As of last Friday, VOO held $540.76 billion, slightly exceeding IVV&#8217;s $540.66 billion, based on Morningstar data. This marks a notable change, as VOO was $58 billion behind IVV at the start of 2022, Financial Times<a href="https://www.ft.com/content/3067c4ce-8d0e-4307-8b1a-a7edd21639ff?ref=biztoc.com"> reported</a> on Tuesday.
VOO is now trailing the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) by $50 billion, which remains the largest ETF globally. Analysts, including Bryan Armour from Morningstar, predict that VOO could surpass SPY by 2025 or 2026 if its current growth continues.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41734072/bitcoin-ethereum-slip-while-dogecoin-surges-ahead-of-presidential-election-analyst-predict?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Slip While Dogecoin Surges Ahead Of Presidential Election; Analyst Predicts BTC Will Hi</a>
Vanguard&#8217;s broader S&amp;P 500 vehicle holds $1.28 trillion in assets, ranking as the second-largest investment fund globally. Meanwhile, the net assets held by BlackRock&#8217;s IVV ETF is $540.10 Billion. 
As per <a href="https://pro.benzinga.com">Benzinga Pro</a>, as of Monday, the net asset value (NAV) of year-to-date (YTD) returns of VOO has risen 21.10%. On the other hand, the NAV of YTD returns of IVV has been higher by&nbsp;21.43%. 
Both Vanguard and BlackRock&#8217;s ETFs charge an annual fee of 3 basis points, attracting retail investors. The ETF market has seen substantial growth, with assets exceeding $10 trillion in the U.S., nearly doubling over four years, according to ETFGI.
Why It Matters: The rise of Vanguard&#8217;s VOO reflects a broader trend of investors gravitating towards lower-cost ETFs. In May, a significant shift among major ETFs, with<a href="https://www.benzinga.com/markets/equities/24/05/38738050/investors-flock-to-lower-cost-vanguard-s-p-500-etf-is-it-time-to-switch-from-spy-to-voo"> SPY experiencing outflows</a> while VOO attracted new investments. This trend indicates a growing preference for cost-effective investment options among investors.
Additionally, in September, Vanguard&#8217;s ETFs<a href="https://www.benzinga.com/top-stories/24/09/41033617/voo-vs-vti-vanguards-s-p-500-total-stock-market-etfs-hit-new-highs-as-s-p-500-reaches-record-level"> reached new highs</a> as the S&amp;P 500 Index hit record levels, further solidifying Vanguard&#8217;s position in the market.
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41704760/bitcoin-ethereum-dogecoin-reverse-as-trumps-odds-fall-on-betting-markets-trader-says-bull-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Reverse As Trump&#8217;s Odds Fall On Betting Markets: Trader Says &#8216;Bull Run Will Begin&#8217; For This Crypto After The Election</a></li>
</ul>
Photo via Shutterstock
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/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

ETFs

Vanguard Dethrones BlackRock As Second Largest ETF Manager: Here's How Their Funds With Exposure To S&P 500 Fared This Year

Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) remains a compelling investment opportunity despite increased infrastructure spending planned for the coming year, according to Bernstein analyst Mark Shmulik, who maintains an &#8220;Outperform&#8221; rating on the stock <a href="https://www.benzinga.com/markets/equities/24/11/41734887/cathie-woods-latest-shake-up-dumps-palantir-and-jack-dorseys-block-along-with-tesla-buys-amazon-">with a $235 price target</a>.
What Happened:&nbsp;&#8220;Amazon feels like the name that you can put money to work in and get excited about,&#8221; Shmulik <a href="https://x.com/YahooFinance/status/1853538096291225888">told</a> Yahoo Finance in a recent interview. The analyst highlighted several key factors supporting his optimistic outlook:
<ul>
<li>AWS revenue growth shows promising momentum heading into the fourth quarter.</li>
<li>Prime Video investments are strategically timed for the holiday shopping season.</li>
<li>Core business operations are &#8220;on solid footing and accelerating.&#8221;</li>
<li>The company is building the groundwork for &#8220;a very solid 2025&#8221; in terms of free cash flow.</li>
</ul>
While acknowledging increased infrastructure spending plans for the coming year, Shmulik emphasized that Amazon&#8217;s investments typically demonstrate good returns on investment, particularly in areas like Prime Video.
See Also: <a href="https://www.benzinga.com/markets/equities/24/11/41734875/palantirs-ai-gamble-pays-off-as-customer-revenue-from-single-customer-jumps-12x-in-under-8-month">Palantir&#8217;s AI Gamble Pays Off As Customer Revenue From Single Customer Jumps 12x In Under 8 Months</a>
Why It Matters: Amazon&#8217;s recent financial performance has been noteworthy. The company reported third-quarter net sales of $158.9 billion, an 11% increase year-over-year, surpassing the Street consensus estimate of $157.2 billion.
This strong performance has been a key driver of investor optimism. <a href="https://www.benzinga.com/news/earnings/24/10/41664778/amazon-q3-earnings-highlights-revenue-beat-eps-beat-q4-guidance-new-kindles-significantly-outperfor">Amazon&#8217;s third-quarter earnings</a> also included a positive outlook for the fourth quarter, with expected net sales ranging from $181.5 billion to $188.5 billion.
Additionally, analysts have highlighted the growth potential of AWS, which is in the early stages of a significant AI cycle. The advertising segment is also seen as a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41692259/amazon-analysts-see-growth-ahead-with-aws-in-early-innings-of-a-big-ai-cycle-advert">fast-growing asset for Amazon</a>. 
Furthermore, Cathie Wood&#8216;s Ark Invest recently made significant trades, including <a href="https://www.benzinga.com/markets/equities/24/11/41734887/cathie-woods-latest-shake-up-dumps-palantir-and-jack-dorseys-block-along-with-tesla-buys-amazon-">buying Amazon shares</a>, reflecting confidence in the company&#8217;s growth trajectory. 
Price Action: The stock closed at $195.78 on Monday, down 1.09% for the day but up significantly year-to-date with a 30.58% gain. After-hours trading saw a slight decline of 0.34%,&nbsp;according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/11/41736493/microsoft-co-founder-bill-gates-says-everyone-in-future-will-have-a-utilitarian-ai-agent-that-will-h">Microsoft Co-Founder Bill Gates Says Everyone In Future Will Have A &#8216;Utilitarian AI Agent&#8217; That Will Help You At Work</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.

Analyst Color

Equities

Price Target

Reiteration

AMZN

Amazon Stock: Buy Now, Pay Off Later, Says Analyst

Earnings

IMOS

ChipMOS TECHNOLOGIES Q3 EPADS $0.26 Down From $0.50 YoY, Sales $191.70M Up From $176.24M YoY

<a href="https://www.nytimes.com/live/2024/11/04/us/harris-trump-election#f34c92c1-4cbb-5420-b457-285e740df675" title="https://www.nytimes.com/live/2024/11/04/us/harris-trump-election#f34c92c1-4cbb-5420-b457-285e740df675">https://www.nytimes.com/live/2024/11/04/us/harris-trump-election#f34c92c1-4cbb-5420-b457-285e740df675</a>

Harris Closes Campaign In Philadelphia, Trump In Michigan

<figure class="table"> 
<table>
<tbody>
<tr>
<td>FY24 GUIDANCE [1],[4]</td>
</tr>
</tbody>
</table>
</figure>
The outlook for FY24 reflects our current assessment of market conditions. Unless stated otherwise, guidance is on an adjusted comparable &amp; FX-neutral basis. Guidance is therefore provided on the basis that the acquisition of CCBPI occurred on 1 Jan 2023. FX is expected to be immaterial for the full-year.
Revenue : comparable growth of ~3.5% (previously ~4%)
• More balanced between volumes &amp; price/mix than FY23
• Two extra selling days in Q4
Cost of sales per UC: comparable growth of ~2.5% (previously ~3%)
• Expect broadly flat commodity inflation
• FY24 hedge coverage at &gt;95% (previously ~90%)
• Tax increase driven by Netherlands
• Concentrate directly linked to revenue per UC through incidence pricing
Operating profit: comparable growth of ~7%
Finance costs : weighted average cost of net debt of ~2%
Comparable effective tax rate: ~25%
Free cash flow: at least €1.7bn
Capital expenditure: ~5% of revenue excluding leases
Dividend payout ratio: ~50% [7] based on comparable EPS
Note: unless otherwise stated, guidance remains unchanged since the half year

Guidance

Coca-Cola European Partners plc Ordinary Shares

CCEP

Coca-Cola Europacific Q3 Revenue €5.358B (+2.4% YoY), Adjusted Comparable Volume +3.3%; Forecasts FY24 Revenues Comparable Growth Of ~3.5% (Prior ~4%)

Ford Motor Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) electric vehicle sales in the U.S. dropped 8.3% in October following a drop in demand for its <a href="https://www.benzinga.com/topic/ford-f-150-lightning">F-150 Lightning EV pickup truck</a>.
What Happened: Ford sold 6,264 electric vehicles in October, with its Mustang Mach-E SUV accounting for a majority of sales. 
The company delivered 3,313 units of the electric SUV, marking a surge of about 21% from the corresponding month last year. F-150 Lightning sales, however, dropped by about 50% to 1,863 units, dragging overall EV sales lower. 
Sales of the E-Transit electric van, meanwhile, jumped 181%. 
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Model</td>
<td>U.S. Sales In October</td>
</tr>
<tr>
<td>Mustang Mach-E</td>
<td>3,313</td>
</tr>
<tr>
<td>F-150 Lightning</td>
<td>1,863</td>
</tr>
<tr>
<td>E-Transit</td>
<td>1,088</td>
</tr>
<tr>
<td>Total</td>
<td>6,264</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: Ford</figcaption></figure>
Despite the drop in EV sales, Ford&#8217;s overall vehicle sales soared over 15% last month to 172,756 units, owing to the rise in sales for both hybrid and internal combustion engine vehicles. Combustion engine vehicles accounted for about 86% of the company&#8217;s overall vehicle sales during the month. 
Why It Matters: Last week, Ford said that it would halt production of the F-150 Lightning for six weeks from <a href="https://www.benzinga.com/markets/equities/24/10/41661764/ford-to-halt-f-150-ev-production-for-7-weeks-next-month" target="_blank" rel="noreferrer noopener">Nov. 18 to Jan. 6</a>&nbsp;at the Rouge Electric Vehicle Plant.
&#8220;We continue to adjust production for an optimal mix of sales growth and profitability," a company spokesperson told <a href="https://pro.benzinga.com/dashboard">Benzinga</a> about the decision.
The Lightning pickup truck is up against Tesla's Cybertruck in the U.S. While Tesla sold 16,692 Cybertrucks in the third quarter, Ford sold only 7,162 units of the Lightning, according to data from<a href="https://www.benzinga.com/news/24/10/41325252/tesla-cybertruck-leads-the-pack-as-most-popular-ev-truck-in-us-in-q3-outselling-rivals-from-ford-gm" target="_blank" rel="noreferrer noopener">&nbsp;Kelley Blue Book</a>.
In August, Ford said that it is&nbsp;<a href="https://www.benzinga.com/top-stories/24/08/40496864/ford-scraps-electric-suv-as-it-adjusts-to-lower-electric-vehicle-demand" target="_blank" rel="noreferrer noopener">killing its plans to build a three-row electric SUV</a>, initially slated for production in 2025. The company also postponed its plans for a new electric version of its F-150 pickup to 2027 and said it will start making a new electric commercial van in 2026.
For the third quarter, Ford&#8217;s EV segment called &#8220;Model e&#8221; reported an EBIT (earnings before interest and taxes) loss of $1.2 billion after&nbsp;<a href="https://www.benzinga.com/news/24/10/41597865/fords-ev-segment-weighed-down-by-pricing-pressures-competition-ceo-jim-farley-points-out-very-aggres" target="_blank" rel="noreferrer noopener">cost improvements were offset by industrywide pricing pressure</a>, taking its loss this year through the end of September to $3.7 billion. The company now expects a full-year EBIT loss of $5 billion from the segment.
Price Action: Ford shares closed up by about 1.4% on Monday at $10.36. The stock is down by about 14.8% year-to-date, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. 
Check out more of Benzinga'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:
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<li><a href="https://www.benzinga.com/news/24/11/41709658/stephen-king-slams-elon-musk-claims-most-of-his-posts-spread-pro-trump-disinformation-and-outright-l">Stephen King Slams Elon Musk, Claims Most Of His Posts Spread &#8216;Pro-Trump Disinformation And Outright Lies&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Ford EV Sales Drop Over 8% In October As Demand For F-150 Lightning Slows Down

Contracts

ESLT

Elbit Systems Awarded Follow-On $127M Contract For Iron Fist APS, Supporting Bradley IFV Upgrades Over 34-Month Period

<ul>
<li>During the month of October, the Company mined 46 Bitcoin ("BTC"), or 1.5 BTC per day, a 24% increase over the Company's September production.</li>
<li>Mining revenue in October 2024 amounted to $3.0 million up 36% from $2.2 million in September 2024. The increase in mining revenue reflects increased uptime as a result of lower power costs compared to September and the stronger hashprice realized during the month of October. As at 31 October 2024, the Company held two BTC equivalent.</li>
</ul>

ARBK

Argo Blockchain Reports Bitcoin Mining Revenue Of $3M For October 2024 Up From $2.2M In September 2024

<ul>
<li>Evotec divests chemical API-focused CDMO operation in Halle/Westphalia (Evotec DS) to Monacum Partners</li>
<li>Transaction aligns with Evotec's strategic optimization efforts, concentrating resources on key growth drivers</li>
<li>New ownership committed to maintaining and growing the business</li>
</ul>

Evotec Divests API Manufacturing Site To Monacum Partners As Part Of Strategic Focus Shift; Terms Not Disclosed

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