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Zenith Energy Ltd is an international independent oil and gas company with production, exploration, and development assets in the Republic of the Congo, Italy, and Tunisia. The company's strategic focus is the development of revenue-generating oil production assets, as well as low-risk exploration activities in assets with existing production. Its segments are Italy, Tunisia, and Others.

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Zenith Energy Ltd

FMC Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fmc#NYSE">FMC</a>) stock looks promising at the moment. It benefits from efforts to expand its product portfolio through new product launches and its restructuring actions.
Let&#39;s see what makes FMC stock a compelling investment option at the moment.
<h2>FMC Stock Outperforms Industry</h2>
FMC has outperformed the industry it belongs to over the past three months. The company&#39;s shares have gained 13.8% compared with a 7.7% rise of its industry.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/c7/80480.jpg?v=1918707670" />
Image Source: Zacks Investment Research
<h2>FMC&#39;s Valuation Looks Attractive</h2>
FMC&#39;s attractive valuation should lure investors seeking value. The stock is currently trading at a forward 12-month earnings multiple of 14.52X, representing a roughly 12.4% discount when stacked up with the industry average of 16.58X. FMC also has a Value Score of B.
<h2>FMC&#39;s Earnings Estimates Going Up</h2>
Earnings estimates for FMC have been going up over the past 60 days. The Zacks Consensus Estimate for 2024 has increased by 0.6%. The consensus estimate for 2025 has also been revised 3.5% upward over the same time frame.
<h2>New Products, Restructuring Actions Aid FMC Stock</h2>
FMC remains focused on strengthening its product portfolio. It is investing in technologies as well as new product launches to enhance value to the farmers. New products launched in Europe, North America and Asia are gaining significant traction. Product introductions are expected to support the company&#39;s results this year.
FMC generated $590 million in sales in 2023 from new products launched in the past five years. It expects revenues from new products to grow by roughly $200 million in 2024. It expects a significant amount of volume growth to come from new products in the second half of 2024. FMC is seeing strong gains in new products including Coragen eVo and Premio Star insecticides and the Onsuva fungicide in Latin America.
The acquisition of BioPhero ApS, a Denmark-based pheromone research and production company, also adds biologically produced state-of-the-art pheromone insect control technology to the company&#39;s product portfolio and R&amp;D pipeline, highlighting FMC&#39;s role as a leader in delivering innovative and sustainable crop protection solutions.
The company is also expected to benefit from reduced input costs, favorable product mix and its cost-control actions. It benefited from favorable input costs in the second quarter of 2024. FMC is also making progress with its global restructuring and cost-reduction program. It sees benefits from restructuring to contribute $75-$100 million to full-year 2024 adjusted EBITDA, net of inflation.
<div class="chart_embed">
<h3>FMC Corporation Price and Consensus</h3>
<img alt="FMC Corporation Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/17/1728291628.png" style="height:265px; width:576px" title="" />
FMC Corporation price-consensus-chart | FMC Corporation Quote
</div>
<h2>FMC&#39;s Zacks Rank &amp; Other Key Picks</h2>
FMC currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks in the Basic Materials space are IAMGOLD Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iag#NYSE">IAG</a>), Cabot Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cbt#NYSE">CBT</a>) and Axalta Coating Systems Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/axta#NYSE">AXTA</a>). While IAMGOLD sports a Zacks Rank #1 (Strong Buy), Cabot and Axalta Coating carry a Zacks Rank #2.
The Zacks Consensus Estimate for IAMGOLD&#39;s current-year earnings has increased by 45.4% in the past 60 days. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up roughly 132% in the past year.
The consensus estimate for Cabot&#39;s current fiscal year earnings is pegged at $7.07 per share, indicating a year-over-year rise of 31.4%. The consensus estimates for CBT&#39;s current-year earnings has increased by 4.3% in the past 60 days. The company&#39;s shares have rallied roughly 61% in the past year.
The Zacks Consensus Estimate for Axalta Coating&#39;s current year earnings is pegged at $2.07, indicating a rise of 31.9% from year-ago levels. The Zacks Consensus Estimate for AXTA&#39;s current year earnings has increased 2.5% in the past 60 days. The stock has gained around 32% in the past year.
<a href="https://www.zacks.com/stock/news/2346902/here-s-why-you-should-add-fmc-stock-to-your-portfolio-now?cid=CS-BENZ-FT-analyst_blog|rank_focused-2346902">To read this article on Zacks.com click here.</a>

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AXTA

Here's Why You Should Add FMC Stock to Your Portfolio Now

Barclays analyst Benjamin Budish maintains Ares Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARES#NYSE">ARES</a>) with a Overweight and raises the price target from $155 to $174.

Price Target

ARES

Barclays Maintains Overweight on Ares Management, Raises Price Target to $174

Barclays analyst Benjamin Budish maintains Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) with a Overweight and raises the price target from $128 to $148.

Barclays Maintains Overweight on Apollo Global Management, Raises Price Target to $148

Barclays analyst Carter Gould maintains Amgen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) with a Equal-Weight and raises the price target from $300 to $315.

AMGN

Barclays Maintains Equal-Weight on Amgen, Raises Price Target to $315

WIIM

DUOT

Duos Technologies shares are trading higher after the company announced a partnership with Acuu-Tech to deploy its Edge AI data centers across the US.

Barclays analyst Saket Kalia maintains Alarm.com Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALRM#NASDAQ">ALRM</a>) with a Equal-Weight and lowers the price target from $72 to $60.

ALRM

Barclays Maintains Equal-Weight on Alarm.com Holdings, Lowers Price Target to $60

Barclays analyst Carter Gould maintains AbbVie (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) with a Overweight and raises the price target from $200 to $212.

ABBV

Barclays Maintains Overweight on AbbVie, Raises Price Target to $212

<a href="https://asia.nikkei.com/Spotlight/Cybersecurity/Japan-seeks-homegrown-unbreakable-quantum-encryption-by-2030" title="https://asia.nikkei.com/Spotlight/Cybersecurity/Japan-seeks-homegrown-unbreakable-quantum-encryption-by-2030">https://asia.nikkei.com/Spotlight/Cybersecurity/Japan-seeks-homegrown-unbreakable-quantum-encryption-by-2030</a>

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CRWD

INTC

NVDA

PANW

'Japan seeks homegrown 'unbreakable' quantum encryption by 2030' - Nikkei

BCLI

Brainstorm Cell Therapeutics shares are trading higher after the company announced its CEO will discuss its Phase 3b ALS trial at the Maxim Healthcare virtual summit.

Rent the Runway (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rent#NASDAQ">RENT</a>) is a micro-cap stock whose price target was recently updated by Jefferies. This signals that the name could have nearly triple-bagger upside. According to MT Newswires, analysts at Jefferies updated their price target for the firm on Sept. 6. That target now sits at $26 per share, while the company trades at $9.31 per share. This implies that the analyst believes shares could rise 180% from their current level.
To understand this lofty target, I&#39;ll examine the&nbsp;consumer discretionary firm&#39;s operations, competitors, and financial situation.
<h2>Rent the Runway Aims to Offer Customers an &quot;Unlimited Closet&quot;</h2>
Rent the Runway (RTR) is a fashion company with a unique business model. The company is a platform where customers can rent pieces of clothing. It specifically caters to women, allowing them to rent high-priced designer garments. This allows its customers to access these garments for a much lower price than having to buy them.
This opens up the world of designer clothing to many more people, allowing many users to split the cost of those garments. RTR points out that its average customer wears clothes worth 25 times more than what they pay in subscription fees for the service annually. The company aims to provide its customers with an &quot;unlimited closet&quot; as they can swap out their garments for other ones whenever they like. It generates revenue mostly through subscriptions to this service, which cost between $94 and $235 per month.
<h2>RTR: Improving Profitability Big Time, But a Massive Competitor Is Stealing Growth</h2>
Looking at the financials of Rent the Runway, it is a mixed bag. On the positive side, the company is becoming more profitable. The company has increased its gross margin by nearly 600 basis points since fiscal year 2021. Last quarter, its adjusted EBITDA margin was over 17%. That&#39;s a 700+ basis point increase from last year.
Additionally, its free cash flow has increased massively. The number through the first six months of 2024 sits at -$6 million, compared to -$30 million in the same 2023 period. The company says it expects to break even on cash flow in 2024.
Looking at cash flow is particularly important for a firm like RTR over net income, as product depreciation expense equals 21% of its revenue. Depreciation is a non-cash expense; it is an accounting expense. So, this isn&#39;t cash that the company is spending. The company deducts it from its net income but not its cash flow.
The ultimate goal of a business is to generate positive cash rather than a positive accounting profit, i.e., net income. A company&#39;s cash flow paints a better picture of its financial situation.
However, a big problem for RTR is the fact that its active subscribers are declining. The figure fell 3% year over year last quarter. Meanwhile, competitors like Nuuly saw active subscribers grow by 55% last quarter. Nuuly&#39;s average active subscribers now sit at over 250,000, nearly double that of RTR. This is despite the fact that the company has only been active for around five years versus 15 years for RTR.
This difference signals growth in this industry, but it&#39;s not going to RTR. This means that RTR&#39;s offerings are likely viewed as inferior to Nuuly&#39;s and do not give customers the items they want.
Nuuly, owned by the massive firm Urban Outfitters (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/urbn#NASDAQ">URBN</a>), enjoys a big advantage in acquiring a variety of clothing to offer customers. This is very difficult for the small RTR to compete with. This difference in being able to offer a wider variety of options is a likely source of Nuuly&#39;s superior growth. Nuuly also has a lower price point, offering more casual clothing that can appeal to a wider audience.
<h2>RTR&#39;s Rock-Bottom Valuation Sparks Wall Street Interest</h2>
Despite its issues, it&#39;s hard to dismiss RTR&#39;s extremely low valuation. It is trading at nearly one-tenth of its projected sales over the next twelve months. This is assuredly a big reason why some Wall Street analysts place such large price targets on the firm.
Its increasing profitability is great to see, but it likely needs to see growth reaccelerate before the market will give it any credit. If it can&#39;t, this indicates that RTR&#39;s offerings to customers have fundamental issues, and the company can&#39;t expect to succeed long term. Still, its valuation makes it an interesting name to watch if it can find a way to start growing again.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/analysts-see-180-upside-for-rent-the-runway-should-you-buy/">Analysts See 180% Upside for Rent the Runway: Should You Buy?</a>&quot; first appeared on MarketBeat.

Offerings

Retail Sales

Small Cap

RENT

URBN

Analysts See 180% Upside for Rent the Runway: Should You Buy?

GOVX

SNGX

HHS Says CDC To Issue Level 3 Travel Health Notice For Rwanda On Oct 7; Rwanda Has Reported 49 Cases And 12 Deaths From Marburg Virus As Of Oct 6; CDC To Begin Public Health Entry Screening For Travelers Entering US From Rwanda Starting Week Of Oct 14; Level 3 Notice Recommends Reconsideration Of Nonessential Travel To Rwanda

MicroCloud Hologram's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOLO#NYSE">HOLO</a>) short percent of float has risen 63.37% since its last report. The company recently reported that it has 5.82 million shares sold short, which is 7.27% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.0 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>MicroCloud Hologram Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728324923_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for MicroCloud Hologram has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing MicroCloud Hologram's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, MicroCloud Hologram's peer group average for short interest as a percentage of float is 3.93%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

MicroCloud Hologram Inc. - Ordinary Shares

HOLO

How Is The Market Feeling About MicroCloud Hologram?

Heico's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HEI#NYSE">HEI</a>) short percent of float has fallen 9.17% since its last report. The company recently reported that it has 1.92 million shares sold short, which is 4.26% of all regular shares that are available for trading. Based on its trading volume, it would take traders 5.17 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Heico Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728324918_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Heico has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Heico's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Heico's peer group average for short interest as a percentage of float is 2.75%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(HEI) - Analyzing Heico's Short Interest

CVS Health's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) short percent of float has fallen 6.12% since its last report. The company recently reported that it has 17.40 million shares sold short, which is 1.38% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.02 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>CVS Health Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728324913_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for CVS Health has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing CVS Health's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, CVS Health's peer group average for short interest as a percentage of float is 9.64%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Looking Into CVS Health's Recent Short Interest

SKK Holdings Limited ("SKK" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKK#NASDAQ">SKK</a>), a civil engineering service provider that specializes in subsurface utility works in Singapore, today announced the pricing of its initial public offering (the "Offering") of an aggregate 2,500,000 ordinary shares at a public offering price of $4.00 per share for total gross proceeds of $10.0 million, before deducting underwriting discounts and offering expenses. The Company is offering 1,750,000 ordinary shares and selling shareholders are offering an aggregate of 750,000 ordinary shares. The Company will not receive any proceeds from any sale of ordinary shares by the selling shareholders.
The ordinary shares are scheduled to begin trading on the Nasdaq Capital Market on October 8, 2024, under the ticker symbol "SKK." The Offering is expected to close on or about October 9, 2024, subject to customary closing conditions.
Bancroft Capital, LLC is acting as sole underwriter for the Offering. Troy Gould PC is acting as U.S. legal counsel to the Company, and Taft Stettinius &amp; Hollister LLP is acting as U.S. legal counsel to Bancroft Capital, LLC.

IPOs

SKK Holdings Announces Pricing Of $10M Initial Public Offering Of 2.5M Shares At A Price Of $4/Share

AFC Gamma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFCG#NASDAQ">AFCG</a>) announced on Monday that it has committed and funded $41 million to a senior secured credit facility a vertically integrated cannabis operator in Maryland.
The Florida-based company's move represents its second transaction with Story of Maryland, LLC.
Daniel Neville, CEO of AFC said that the company has exceeded its 2024 goal of $100 million in new originations. He called Story MD "a great example of the Cannabis 3.0 lending opportunities."
"This is a proven team that knows how to scale and operate in cannabis, and we couldn't be more excited to support their continued growth," Neville said.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07112738/ccc-oct-24-banner__1_-14.gif" alt="" class="wp-image-583764" /></a></figure>
Story MD plans to use the proceeds from the credit facility to refinance existing debt and provide working capital.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/08/40225739/afc-gamma-inc-q2-earnings-and-revenues-surpass-estimates">AFC Gamma Inc. Q2 Earnings and Revenues Surpass Estimates</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
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"This financing further strengthens Story's balance sheet by providing additional working capital and allows Story to fund additional growth initiatives," Jason Vedadi, CEO of Story Cannabis said. "Story is grateful to AFC for offering this opportunity, and Story looks forward to working together given AFC's proven track record and sophistication in the industry."
AFC said that it holds the entire credit facility for Story MD. It consists of a first-lien term loan secured by the borrower&#8217;s real property and the value of its cannabis licenses and operations in Maryland.
AFC is a commercial mortgage REIT specializing in loans to <a href="https://www.benzinga.com/markets/cannabis/24/09/40857847/cannabis-reit-giants-iipr-afc-gamma-announce-q3-dividends-historic-payouts-nearing-1b">state-compliant cannabis operators.</a>
Last month it announced its third-quarter dividend. The board declared a dividend of $0.33 per common share, payable on Oct. 15, 2024, to stockholders of record as of Sept. 30, 2024. The announcement marked AFC Gamma's first dividend post-spin-off.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40441060/making-money-in-weed-three-cannabis-operators-get-millions-to-expand-in-florida-missouri-georgia">Making Money In Weed: Three Cannabis Operators Get Millions To Expand In Florida, Missouri &amp; Georgia</a></li>
</ul>
<h3 class="wp-block-heading">AFCG Price Action</h3>
AFC Gamma's shares traded 0.51% higher at $9.91 per share at the time of writing on Monday.

Cannabis

Financing

AFCG

Cannabis-Focused Commercial Mortgage REIT Exceeds $100M In New Originations With $41M Credit Facility For Maryland Marijuana Operator

The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) has been on a bullish run, boasting a 25.16% gain year-to-date and a remarkable 45.12% rise over <a href="https://www.benzinga.com/quote/SOXX/news">the past year</a>.
Tracking U.S.-listed semiconductor sector equities, the iShares Semiconductor ETF rode the surge in demand for AI, cloud computing and automotive technologies.
But as the industry faces ongoing geopolitical tension and supply chain disruptions, a looming technical indicator casts a shadow over its rally.
<h1 class="wp-block-heading">SOXX Approaching A Death Cross: Should Investors Worry?</h1>
Despite its strong performance, the iShares Semiconductor ETF is flirting with a potential Death Cross — a bearish signal that occurs when a short-term moving average crosses below a long-term one.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent100724&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="630" height="459" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07134037/Screenshot-2024-10-07-at-6.37.51-PM.png" alt="" class="wp-image-584014" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07134037/Screenshot-2024-10-07-at-6.37.51-PM.png 630w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07134037/Screenshot-2024-10-07-at-6.37.51-PM-300x219.png 300w" sizes="(max-width: 630px) 100vw, 630px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent100724&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>
While the iShares Semiconductor ETF&#8217;s share price currently sits at $231.08, well above its five-, 20-, and 50-day exponential moving averages, it's teetering dangerously close to its 200-day SMA at $221.20.
This suggests that while the ETF remains technically bullish, buying pressure could taper off if global market conditions worsen. 
The current Moving Average Convergence Divergence (MACD) reading of 1.87 supports the bullish trend, yet the Relative Strength Index (RSI) of 55.43, and rising, indicates potentially overbought conditions coming up, which would hint at a possible correction.
Read Also: <a href="https://www.benzinga.com/government/24/10/41127863/despite-nvidia-selloff-bidens-law-and-taiwan-semis-advantage-offer-growth-potential">Despite Nvidia Selloff, Biden&#8217;s Law and Taiwan Semi&#8217;s Advantage Offer Growth Potential</a>
<h1 class="wp-block-heading">Semiconductor Surge: Powered By AI, Cloud, Automotive Demand</h1>
Sales in the semiconductor industry have seen a sharp recovery, jumping 20.6% year-over-year in August. Export controls and geopolitical tensions — particularly around U.S.-China relations — still pose challenges.
The CHIPs Act in the U.S. and parallel efforts in Europe and China are intensifying the global race for semiconductor dominance.
As the iShares Semiconductor ETF edges closer to a Death Cross, investors may need to brace for potential volatility despite the ETF's robust recent gains.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41185065/s-p-500-nears-record-highs-on-hot-jobs-data-dollar-treasury-yields-surge-as-aggre">S&amp;P 500 Nears Record Highs On Hot Jobs Data: Dollar, Treasury Yields Surge As Aggressive Interest Rate Cut Hopes Fade</a></li>
</ul>
Photo: Shutterstock

Technicals

Tech

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

iShares Semiconductor ETF (SOXX) Approaching Death Cross Despite Recent Gains: Should Investors Worry?

Last week, the FDA approved&nbsp;Bristol Myers Squibb&nbsp;&amp; Co&#8217;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) Cobenfy (xanomeline and trospium chloride, KarXT), an oral medication for&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41073709/absence-of-black-box-warning-for-bristol-myers-schizophrenia-treatment-could-enhanc" rel="noreferrer noopener">schizophrenia in adults</a>.
Analysts at investment bank EF Hutton says, &#8220;This bodes well for Reviva&#8217;s Brilaroxazine, a multi-receptor-targeting antipsychotic that primarily focuses on serotonin (5-HT2A, 5-HT7), dopamine (D2, D3), and adrenergic receptors.&#8221;
Reviva Pharmaceuticals Holdings, Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RVPH#NASDAQ">RVPH</a>) pipeline currently includes two drug candidates, brilaroxazine (RP5063) and RP1208.
Last month, Reviva Pharmaceuticals released new vocal biomarker data from the Phase 3 RECOVER trial of <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40770844/reviva-announces-new-vocal-biomarker-data-from-phase-3-recover-trial-of-brilaroxazine-in-schizophr" rel="noreferrer noopener">brilaroxazine in schizophrenia</a>.
Brilaroxazine demonstrated a strong efficacy for negative symptoms and other key symptoms of schizophrenia, such as total and positive symptoms, disorganization, and social functioning in the pivotal phase 3 RECOVER trial in schizophrenia.
The analyst notes that while Cobenfy primarily acts as a dopamine D2 partial agonist with limited serotonin receptor involvement, Brilaroxazine targets a broader range of receptors. This expanded activity could have a wider therapeutic impact, especially on cognitive symptoms.
The analyst further highlights that both Cobenfy and Brilaroxazine are effective in addressing the positive and negative symptoms of schizophrenia. However, Brilaroxazine&#8217;s action on the 5-HT7 receptor, which plays a crucial role in cognition, may offer added benefits in cognitive enhancement.
In terms of side effects, Cobenfy presents a more typical profile for second-generation antipsychotics, including risks of weight gain and metabolic issues. Brilaroxazine, on the other hand, is being developed to mitigate these metabolic concerns and minimize movement-related side effects.
The analyst concludes that Cobenfy and Brilaroxazine take distinct paths in treating schizophrenia. Both therapies offer value in the treatment landscape, but Brilaroxazine&#8217;s potential cognitive advantages and improved metabolic profile could give it an edge upon approval.
Price Action: Reviva Pharmaceuticals stock is down 4.8% at $1.19 at last check Monday.
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Reviva Pharmaceuticals Schizophrenia Drug Demonstrates Strong Efficacy On Heels Of Bristol Myers, FDA Approval: Analyst

Shares of Rivian Automotive, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) fell 3.2% to $10.44 after it announced third-quarter 2024 production and delivery results and lowered its 2024 production guidance. The electric vehicle maker produced 13,157 vehicles at its manufacturing facility in Normal, IL, down from 16,304 units in the same quarter of 2023.
It delivered 10,018 vehicles, down from 15,564 units in the same period last year. Deliveries also missed expectations. FactSet&#39;s compiled analyst estimates anticipated third-quarter deliveries of 13,000 vehicles.
The company is facing production issues due to a component shortage on the R1 and RCV platforms. The supply shortage, which started in the third quarter, has worsened in recent weeks. As a result, Rivian now expects its annual vehicle production in the range of 47,000-49,000 units, down from the previous projection of 57,000 units. However, it maintains its annual delivery estimate in the range of 50,500-52,000 vehicles.
In June, Rivian announced a $5 billion joint venture with Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>), a global automotive giant. The collaboration will focus on software and electrical architecture design and development. However, the partnership will not cover battery technology, propulsion systems, high-voltage platforms, or autonomous driving. Per the JV, Volkswagen will initially invest $1 billion, followed by an additional $4 billion. Rivian anticipates finalizing the JV in the fourth quarter.
<h2>RIVN Applies for Federal Loan to Fund Factory Construction</h2>
The EV maker has applied for a federal loan to help fund the construction of an EV factory in Georgia, per a filing with the U.S. Department of Energy. Although Rivian has submitted the application, the department has not made a final call and the filing did not specify the loan amount or terms.
The factory is expected to begin partial operations in the third quarter of 2027, with full operation of its first production capacity block by 2028. Rivian had paused construction of the $5 billion Georgia plant to expedite the production of vehicles on the R2 midsize platform and to conserve cash. To save $2.25 billion and boost production, Rivian shifted manufacturing of the R2 midsize SUV, which will compete with Tesla&#39;s Model Y, to its Illinois facility. The production of R2 is scheduled to begin in 2026.
Rivian had secured $827 million in incentives from the State of Illinois to expand its Normal facility, where it also produces electric delivery vans for Amazon. In 2022, the company secured $1.5 billion in state and local incentives for the Georgia plant.
<h2>Rivian&#39;s Zacks Rank &amp; Key Picks</h2>
RIVN currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Blue Bird Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blbd#NASDAQ">BLBD</a>) and BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The Zacks Consensus Estimate for BLBD&#39;s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved by 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BYDDY&#39;s 2024 sales and earnings suggests year-over-year growth of 21.88% and 17.12%, respectively. EPS estimates for 2024 and 2025 have each improved by a penny in the past 30 days.
<a href="https://www.zacks.com/stock/news/2346896/rivian-shares-fall-3-after-it-slashes-2024-production-guidance?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2346896">To read this article on Zacks.com click here.</a>

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Rivian Shares Fall 3% After It Slashes 2024 Production Guidance

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