Bitcoin pulled back from near-new highs Tuesday, while stocks rallied on Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) better-than-expected third-quarter earnings.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+3.66%</td><td>$72,287.07</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+2.31%</td><td>$2,625.49</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+7.15%</td><td>$0.1757</td></tr></tbody></table></figure>



What Happened: The world's largest cryptocurrency was within touching distance of making history as it flew to $73,577, just $160 away from the peak established earlier in March. However, the advance was halted as investors started cashing out.



With the latest rally, Bitcoin&#8217;s October gains jumped to 14.26%, as the month delivered on its promise of being one of the most rewarding in the market.



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<li>Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O&#8217;Reilly and Rudy Giuliani are using this platform to <a href="https://www.benzinga.com/money/american-hartford-gold">create customized gold IRAs to help shield their savings from inflation and economic turbulence.</a></li>
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Ethereum also pulled back after scaling an intraday high of $2,680.



The rally liquidated nearly $185 million in leveraged short positions over the last 24 hours, with total cryptocurrency liquidations surging to $257 million.



Bitcoin's Open Interest soared 5.11% to $43.17 billion in the last 24 hours.&nbsp;



The number of long positions held by whale investors on cryptocurrency exchange Binance exceeded the number of shorts by a factor of 1.42



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. EDT)</td></tr><tr><td>Sui (SUI)</td><td>+14.89%</td><td>$2.11</td></tr><tr><td>First Neiro On Ethereum (NEIRO)</td><td>+10.61%</td><td>$0.00172</td></tr><tr><td>Aptos (APT)</td><td>+8.75%</td><td>$10.09</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.43 trillion, following an increase of 3.04% in the last 24 hours.



Stocks bumped to new highs Tuesday. The tech-heavy Nasdaq Composite surged 145.56 points, or 0.78%, to end at a record close of 18,712.75. The S&amp;P 500 gained 0.16% to end at 5,832.92. To the contrary, the Dow Jones Industrial Average slipped 0.36% to end at 42,233.05.



The rally came ahead of the third-quarter earnings report of the so-called "Magnificent 7" companies. Tech behemoth Alphabet released its numbers after market close, with <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">revenue and earnings beating analysts' estimates</a>.&nbsp;



See More: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2" target="_blank" rel="noreferrer noopener">You can still get 4,000 of its pre-IPO shares for just $1,000</a>



Analyst Notes: Popular cryptocurrency analyst Rekt Capital noted Bitcoin's rollicking journey to new all-time highs, adding that a monthly close around the $72,800 zone will be its highest ever.



"Without a shadow of a doubt, we&#8217;re witnessing history in the making before our very eyes," the analyst remarked.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> A Monthly Candle Close just like this would be Bitcoin&#39;s highest Monthly Candle Close of all-time Without a shadow of a doubt, we&#39;re witnessing history in the making before our very eyes<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/Zaas4HbYT7">https://t.co/Zaas4HbYT7</a> <a href="https://t.co/2MRpS1UkJh">pic.twitter.com/2MRpS1UkJh</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1851318692664979968?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another well-known analyst, Ali Martinez, called attention to Bitcoin's MVRV Ratio's golden cross above its 365-day simple moving average, an event that has preceded "major" bull rallies throughout history.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">While <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> at $72,000 might feel like a late entry, history suggests otherwise. The MVRV Ratio crossing over its 365-SMA has often signaled major bull rallies, and this golden cross just happened again! <a href="https://t.co/Awkh0WdIOK">pic.twitter.com/Awkh0WdIOK</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1851413204737372252?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Additionally, Martinez raised expectations for Ethereum, projecting a target of $6,000 after it managed to hold on to the key support level at $2,400.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has held the $2,400 support level and now might target the channel&#39;s upper boundary around $6,000! <a href="https://t.co/JecnkOercu">https://t.co/JecnkOercu</a> <a href="https://t.co/R3tss1tFLa">pic.twitter.com/R3tss1tFLa</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1851360104920068131?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Igor Faun on Shutterstock



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<li>This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai"> here's how there's an opportunity to invest at $1,000 for only $0.50/share today.</a></li>



<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
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GOOGL

Bitcoin Hovers Around New All-Time High, Ethereum, Dogecoin Surge As Crypto Market In Turbo Mode: Top Analyst Says, 'History In The Making'

President Joe Biden praised Nigerian President Bola Tinubu&#8216;s leadership for his instrumental role in ensuring the release of Binance (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>) executive&nbsp;Tigran Gambaryan.



What Happened: President Biden had a call with President Tinubu on Tuesday, according to a statement from the White House. Biden appreciated Tinubu&#8217;s efforts in securing the release of Gambaryan, a U.S. citizen and former law enforcement official, on humanitarian grounds.



Biden expressed particular gratitude for the cooperation in law enforcement, including the newly established Bilateral Liaison Group on Illicit Finance and Cryptocurrencies.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41616100/peter-schiff-asks-followers-if-microstrategy-can-tower-this-gold-mining-giant-in-marketcap">Peter Schiff Asks Followers If MicroStrategy Can Tower This Gold Mining Giant In Marketcap — Here&#8217;s The Message They Delivered</a>



Why It Matters: Biden&#8217;s gesture comes a week after the Nigerian government <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41487927/nigeria-drops-money-laundering-charges-against-binance-executive-amid-diplomatic-pressure">dropped all money laundering charges </a>against Gambaryan, a Binance executive who had been in detention since February. His bail hearings and other court proceedings were&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38339166/binance-executives-bail-hearing-postponed-in-nigeria-due-to-procedural-mixups" target="_blank" rel="noreferrer noopener">repeatedly postponed due to administrative errors</a>.



Gambaryan was seen <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40680724/binance-executive-tigran-gambaryan-pleads-for-help-in-nigerian-courtroom-im-not-okay">pleading for help</a> in the Nigerian courtroom, as videos surfaced revealing a rapid deterioration in his health.



The case drew significant diplomatic attention, with discussions <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39221038/former-federal-agents-rally-demand-for-release-of-detained-binance-executive-in-nigeria-ur">between U.S. and Nigerian officials</a> aimed at securing Gambaryan&#8217;s release.



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Disclaimer:&nbsp;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.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

$BNB

Biden Praises Nigeria's Leader For Role In Binance Executive Tigran Gambaryan's Freedom

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>) CEO Sundar Pichai avoided detailing the company&#8217;s contingency plans if its search partnership with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) ends.



However, he cautioned that the <a href="https://www.benzinga.com/markets/equities/24/10/41244481/google-cries-foul-as-doj-moves-to-break-up-search-giant-calls-recommendations-radical-as-antitru">Department of Justice&#8217;s proposals</a> could lead to &#8220;unintended consequences.&#8221;



What Happened: During <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">Alphabet&#8217;s third-quarter earnings</a> call on Tuesday, Barclays analyst Ross Sandler questioned Google's backup plan amid the ongoing DOJ antitrust trial.



He pointed to the risk of Google losing its contract with Apple and some Android pre-install agreements if the trial doesn't go in its favor.



In response, Pichai declined to speculate on the matter due to the ongoing litigation but underscored Alphabet&#8217;s commitment to innovation and making its products easily accessible across all platforms.



See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41563594/ai-demand-fuels-record-profits-chip-controversies-and-tech-giants-redefine-ai-landscape-this-week-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI Demand Fuels Record Profits, Chip Controversies, And Tech Giants Redefine AI Landscape: This Week In The World Of Artificial Intelligence</a>



&#8220;People have chosen us because they view it as the best product, be it consumers or partners. And we have a long track record of working hard to make sure our products are as easily available to users as possible across all platforms,&#8221; he stated.



The CEO also expressed concerns about the DOJ&#8217;s early proposals, stating they could have &#8220;unintended consequences&#8221; for&nbsp;the dynamic tech sector and&nbsp;American leadership in the field.



&#8220;We plan to vigorously defend these cases. And some of the early proposals from the DOJ, et cetera, have been far-reaching,&#8221; Pichai said.



Why It Matters: The U.S. Department of Justice (DOJ) is currently engaged in significant legal actions against Google following a <a href="https://www.benzinga.com/government/24/08/40169996/alphabet-loses-antitrust-suit-over-google-search-dominance-report">ruling that found the tech giant guilty</a> of maintaining an unlawful monopoly in the online search market.



The DOJ is weighing proposals that could break up <a href="https://www.benzinga.com/news/24/09/40758622/doj-probes-googles-ai-strategy-as-it-looks-to-snap-its-monopoly-in-search">Google as an antitrust remedy</a> after a court found the company abused its dominance in search for over a decade, largely through exclusive deals with Apple and Mozilla.



The DOJ is also scrutinizing Google's influence in the growing generative AI market, fearing it may use its search dominance to monopolize this space as well.



In May, during the antitrust lawsuit against Alphabet, it was disclosed that <a href="https://www.benzinga.com/markets/equities/24/05/38573998/how-much-is-google-really-paying-apple-to-be-default-search-engine-on-iphones-unsealed-court-pap">Google paid Apple an astounding $20 billion</a> in 2022 to remain the default search engine on the Safari browser.



Previously, an analyst at Jeffries suggested that Google&#8217;s deal to be the default search engine on Apple iPhones is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41392474/google-deal-for-default-search-on-apple-iphones-very-likely-to-be-banned-jefferies-">&#8220;very likely&#8221; to be banned</a>.



Meanwhile, Alphabet has reported a 15% year-over-year increase in third-quarter revenue, beating Street consensus estimates.



Price Action:&nbsp;As of this writing, Alphabet&#8217;s Class A shares surged 5.80% in after-hours trading to $179.52, while Class C shares jumped 5.89% to $181.22. During the regular session, Class A shares closed at $169.68, and Class C shares at $171.14, according to<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">&nbsp;Benzinga Pro data</a>.



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Image via Shutterstock



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.

Legal

Tech

AAPL

GOOG

Sundar Pichai Admits DOJ Proposals Could Have 'Unintended Consequences' — Google Mapping Out Plan B In Case Apple Ends Search Deal?

YouTube, the video platform Google acquired for $1.65 billion in 2006, has generated $50 billion in combined advertising and subscription revenue over the past four quarters, marking a milestone in its evolution from a user-generated content site to a <a href="https://www.benzinga.com/markets/equities/24/10/41615800/googles-cost-advantage-with-custom-chips-only-nvidia-tops-it-says-analyst">major streaming player</a>.



What Happened: The achievement, announced during Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) third-quarter earnings call, reflects YouTube&#8217;s successful expansion into premium services and living room entertainment, competing directly with traditional television and streaming services.



&#8220;Together, YouTube TV, NFL Sunday Ticket and YouTube Music Premium are driving subscription growth for the platform,&#8221; said Sundar Pichai, CEO of Alphabet Inc., Google&#8217;s parent company. &#8220;We are leaning into the living room experience with multi-view and a new option for creators to organize content into episodes and seasons, similar to traditional TV.&#8221;



The platform has secured its position as the leading streaming service in the United States, according to Nielsen data. Philipp Schindler, Google&#8217;s chief business officer, reported that creators optimizing content for television viewing are seeing significant returns, with the number of creators earning the majority of their YouTube revenue from TV screens increasing by more than 30% year-over-year.



Sports content has emerged as a key growth driver. The platform&#8217;s Olympics coverage garnered over 12 billion views, with 850 million unique viewers watching more than 40 billion minutes of content. 



Notably, 35% of Olympic content was viewed on television screens, highlighting YouTube&#8217;s successful transition to larger formats.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41615718/cathie-woods-sky-high-vision-dumps-shares-of-cybercab-touting-tesla-for-this-evtol-play">Cathie Wood&#8217;s Sky-High Vision: Dumps Shares Of Cybercab Touting Tesla For This eVTOL Play</a>



Why It Matters: The platform&#8217;s advertising business has also shown strong momentum, with upfront advertising commitments increasing approximately 20% year-over-year, according to Schindler.



These results contributed to Alphabet&#8217;s strong quarterly performance, with the company reporting overall revenue of $88.27 billion, a 15% increase year-over-year, <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">exceeding Wall Street expectations of $86.31 billion</a>.



Looking ahead, YouTube plans to integrate Google DeepMind&#8216;s video generation model into YouTube Shorts later this year, furthering its investment in artificial intelligence and creator tools.



Price Action: Alphabet Inc Class A shares closed at $169.68 on Tuesday, up 1.78% for the day. In after-hours trading, the stock rose by an additional 5.80%. Alphabet Inc Class C shares ended the day at $171.14, climbing 1.66%. After hours, the stock advanced a further 5.89%. Year to date, Alphabet Class C shares have risen by 22.63%, according to <a href="https://www.benzinga.com/pro/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



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Image Via Shutterstock 



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

Entertainment

Equities

Social Media

Sports

Google Bought YouTube For $1.65B And Now It Prints $50B In Revenue Just In 1 Year — Sundar Pichai Says Alphabet 'Leaning Into The Living Room Experience'

Gil Luria, Managing Director and Senior Software Analyst at D.A. Davidson highlighted Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) subsidiary Google&#8217;s competitive advantage in the data center sector, emphasizing the company&#8217;s in-house chips, which are second only to NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) in terms of performance.



What Happened: During a discussion on CNBCOvertime, Luria pointed out that Google&#8217;s cloud division has seen its margins improve from 11% to 17%, driven by revenue growth from 29% to 35%. He noted that the true return on investment depends on whether customers can develop valuable products that justify the expansion of data centers.



Alphabet has invested heavily in data center infrastructure and custom in-house chips, a strategy that Luria points out is cost-effective and, importantly, differentiates Google from key competitors. "Their in-house chips are second only to Nvidia, which gives them a big cost advantage," Luria noted



According to Luria, Alphabet's growing emphasis on these custom chips is integral to its overall competitive position in the hyper-scale cloud market, where it currently competes alongside industry leaders Amazon Web Services (AWS) and Microsoft Azure. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;The actual ROI depends on their customers. Are their customers going to build valuable products that justify the continued buildout of the <a href="https://twitter.com/hashtag/datacenters?src=hash&amp;ref_src=twsrc%5Etfw">#datacenters</a>?&quot; DA Davidson&#39;s <a href="https://twitter.com/gilluria?ref_src=twsrc%5Etfw">@gilluria</a> on <a href="https://twitter.com/search?q=%24GOOGL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOOGL</a>. &quot;Their in-house chips are second only to <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> which gives them a big cost advantage.&quot; <a href="https://t.co/zZKy15MzoG">pic.twitter.com/zZKy15MzoG</a>&mdash; CNBCOvertime (@CNBCOvertime) <a href="https://twitter.com/CNBCOvertime/status/1851365818484846977?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41566233/elon-musks-doge-flex-pose-sends-dogecoin-first-neiro-on-ethereum-soaring?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s &#8216;Doge-Flex&#8217; Pose Sends Dogecoin, First Neiro On Ethereum Soaring</a>



Why It Matters: Google&#8217;s recent financial performance underscores its strategic growth. In its <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">third-quarter earnings</a> report, Alphabet reported a 15% year-over-year revenue increase to $88.27 billion, surpassing expectations. The cloud division&#8217;s 35% growth highlights the momentum within the company.



Meanwhile, Microsoft Corp has accused Google of <a href="https://www.benzinga.com/markets/equities/24/10/41592650/microsoft-accuses-google-of-astroturf-campaigns-targeting-its-cloud-business-says-search-giant-r">orchestrating lobbying campaigns</a> against its cloud business, indicating the competitive tensions in the cloud computing sector. This rivalry underscores the importance of Google&#8217;s advancements in chip technology and cloud services.



Additionally, Google&#8217;s reported Project Jarvis initiative reflects its commitment to <a href="https://www.benzinga.com/markets/equities/24/10/41592044/googles-project-jarvis-and-jeff-bezos-backed-anthropic-are-just-scratching-the-surface-of-agenti">advancing AI-powered web browsing</a> capabilities, further enhancing its technological edge. 



Price Action: Alphabet Inc Class A shares closed at $169.68 on Tuesday, up 1.78% for the day. In after-hours trading, the stock rose by an additional 5.80%. Alphabet Inc Class C shares ended the day at $171.14, climbing 1.66%. After hours, the stock advanced a further 5.89%. Year to date, Alphabet Class C shares have risen by 22.63%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



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Image Via Shutterstock 



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

NVDA

Google's Cost Advantage With Custom Chips — Only Nvidia Tops It, Says Analyst

On Tuesday, Cathie Wood&#8217;s Ark Invest made some significant trades, most notably selling shares of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and buying a substantial amount of Archer Aviation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>).



The Tesla Trade



ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) sold 13,896 shares of Tesla, a move that followed a series of transactions carried out by Ark Invest&#8217;s various ETFs on Monday, as reported in a <a href="https://www.benzinga.com/markets/equities/24/10/41590961/cathie-woods-flurry-of-trades-offloads-31-5m-in-tesla-buys-amazon-amd-and-meta-dumps-palantir-tr">Benzinga article</a>. The value of this trade, based on Tesla&#8217;s closing price of $259.52 on Tuesday, is approximately $3.6 million.



Ark Invest's moves follow Tesla's impressive third-quarter earnings, which surpassed expectations with improved margins, along with a strong 2025 vehicle delivery forecast that analysts <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41524419/tesla-q3-an-unexpectedly-good-quarter-10-analysts-on-earnings-margins-fsd-robotaxis">viewed positively.</a>



The Archer Aviation Trade



Archer Aviation, a company at the forefront of the rapidly evolving urban air mobility (UAM) market, saw a significant boost from Ark Invest. ARKK bought a whopping 830,130 shares of Archer Aviation. This investment, calculated from Archer&#8217;s closing price of $3.36 on Tuesday, amounts to about $2.79 million.



The purchase comes at a time when Archer Aviation is <a href="http://ARK Next Generation Internet ETF">making strides</a> in the development of electric vertical takeoff and landing (eVTOL) aircraft. The Federal Aviation Administration (FAA) recently issued a final rule establishing a new category of aircraft called &#8220;powered lift,&#8221; which applies to eVTOL aircraft, marking an important step towards bringing eVTOLS into U.S. airspace.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41590974/dogecoin-lifts-15-amid-rising-odds-of-trump-victory-in-betting-markets-and-expectations-of?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Lifts 15% Amid Rising Odds Of Trump Victory In Betting Markets And Expectations Of Elon Musk Heading &#8216;DOGE&#8217; Department</a>



Other Key Trades: 



<ul>
<li>Ark Invest&#8217;s ARK Fintech Innovation ETF (ARKF) sold 16,396 shares of Robinhood Markets Inc (HOOD) worth $459,579. Meanwhile, ARKK and ARKW bought a total of 1,642 shares of Meta Platforms Inc. (META) worth $974,165.</li>



<li>ARK Genomic Revolution ETF (ARKG) bought shares of Illumina Inc (ILMN) and sold shares of CareDx Inc (CDNA). ARK Innovation ETF (ARKK) sold shares of Unity Software Inc (U) and bought shares of Natera Inc (NTRA).</li>
</ul>



Read Next: <a href="https://www.benzinga.com/markets/equities/24/10/41590829/ford-amd-trump-media-microstrategy-and-tesla-why-these-5-stocks-are-on-investors-radars-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">F, AMD, DJT, MSTR, TSLA: Top 5 Trending Stocks Today</a>



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

ETFs

ACHR

ARKK

ARKW

TSLA

Cathie Wood's Sky-High Vision: Dumps Shares Of Cybercab Touting Tesla For This eVTOL Play

Technology giant 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>) reported third-quarter financial results after the<a href="https://www.benzinga.com/earnings"> market close Tuesday.</a>



Here are the key highlights.



What Happened: Alphabet reported third-quarter revenue of $88.27 billion, up 15% year-over-year. The total beat a Street consensus estimate of $86.31 billion, according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102924&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>



The company reported third-quarter earnings per share of $2.12, which beat a Street consensus estimate of $1.84.



Revenue was broken down as follows in the third quarter, with the prior year's total in parentheses:



<ul>
<li>Google Search: $49.4 billion ($44 billion)</li>



<li>YouTube ads: $8.9 billion ($8 billion)</li>



<li>Google Network: $7.5 billion ($7.7 billion)</li>



<li>Total Google Advertising: $65.9 billion ($59.6 billion)</li>
</ul>



The company also reported Google subscribers, platform and devices revenue of $10.7 billion, up from $8.3 billion in the prior year and Google Cloud revenue of $11.4 billion, up from $8.45 billion in the third quarter of the prior year.



Google Cloud revenues were up 35% year-over-year in the quarter, with the company highlighting continued growth from artificial intelligence.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41582608/alphabet-q3-earnings-preview-antitrust-probe-2024-election-streak-of-revenue-beats-">Alphabet Q3 Earnings Preview: Antitrust Probe, 2024 Election, Streak Of Revenue Beats And More For Investors To Watch</a>



"The momentum across the company is extraordinary," Alphabet CEO Sundar Pichai said. "Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools."



Pichai said AI features are expanding what people search for and how they search for it.



The company is winning larger deals and attracting new customers thanks to its AI solutions in cloud, the CEO said.



YouTube passed $50 billion in total ads and subscription revenues over the last four quarters for the first time, he said. 



"I'm looking forward to driving more advances for consumers, customers and creators globally."



GOOG Price Action: Alphabet Class C stock is up 3.38% to $176.93 in after-hours trading Tuesday versus a 52-week trading range of $123.88 to $193.30.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41586854/alphabet-bulls-charge-ahead-of-q3-will-metas-ai-search-doj-roadblocks-change-the-game">Alphabet Bulls Charge Ahead Of Q3: Will Meta&#8217;s AI Search, DOJ Roadblocks Change The Game?</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Google Q3 2024 Earnings Call &#x7C; $GOOG" width="500" height="281" src="https://www.youtube.com/embed/Ww286iy2xiY?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></figure>



Photo via Shutterstock.

Earnings

Alphabet Q3 Earnings Highlights: Revenue Beat, EPS Beat, Google Cloud Up 35%, 'Momentum Across The Company Is Extraordinary'

Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) reported third-quarter financial results after the market close on Tuesday. Here&#8217;s everything you need to know <a href="https://www.benzinga.com/pressreleases/24/10/g41610971/amd-reports-third-quarter-2024-financial-results">from the report</a>.



Q3 Earnings: AMD reported third-quarter revenue of $6.8 billion, beating <a href="https://www.benzinga.com/calendars/earnings">analyst estimates</a> of $6.71 billion. The chipmaker reported third-quarter earnings of 92 cents, in line with analyst estimates, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Total revenue was up 18% year-over-year, led by Data Center revenue of $3.5 billion, up 122% year-over-year. Client segment revenue totaled $1.9 billion, up 29% year-over-year. Gaming revenue fell 69% year-over-year to $462 million and Embedded revenue declined 25% year-over-year to $927 million. AMD noted Embedded revenue increased 8% on a quarter-over-quarter basis as &#8220;demand improved in several end markets.&#8221;



&#8220;We delivered strong&nbsp;third quarter&nbsp;financial results with record revenue led by higher sales of EPYC and Instinct data center products and robust demand for our Ryzen PC processors,&#8221; said Lisa Su, chair and CEO of AMD.



&#8220;Looking forward, we see significant growth opportunities across our data center, client and embedded businesses driven by the insatiable demand for more compute.&#8221;



Check This Out: <a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41586844/amd-q3-earnings-on-deck-mixed-signals-on-charts-as-ai-server-gains-take-focus">AMD Q3 Earnings On Deck: Mixed Signals On Charts As AI, Server Gains Take Focus</a>



Outlook: AMD expects fourth-quarter revenue of approximately $7.5 billion, plus or minus $300 million. The company&#8217;s revenue guidance represents year-over-year growth of 22% at the midpoint. 



Adjusted gross margin is expected to be approximately 54% in the fourth quarter, in line with third-quarter adjusted gross margin.



Management will hold a conference call to further discuss the company&#8217;s quarterly performance at 5 p.m. ET.



AMD Price Action: AMD shares were down 6.61% after-hours, trading at $155.01 at the time of publication Tuesday, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41605605/gold-hits-record-highs-defies-market-gravity-why-the-precious-metal-is-decoupling-f">Gold Hits Record Highs, Defies Market Gravity: Why The Precious Metal Is Decoupling From Treasury Yields</a></li>
</ul>



Photo: courtesy of AMD.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Advanced Micro Devices Q3 2024 Earnings Call &#x7C; $AMD" width="500" height="281" src="https://www.youtube.com/embed/Mx0k9_zxIJc?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></figure>

Guidance

After-Hours Center

AMD Q3 Earnings: Revenue Beat, EPS In Line, Data Center Up 122%, 'Significant' Growth Opportunities Ahead Driven By 'Insatiable' Demand

Chewy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) shares are moving lower in extended trading Tuesday after meme stock trader Keith Gill, also known as <a href="https://www.benzinga.com/topic/roaring-kitty">"Roaring Kitty,"</a> sold his stake in the <a href="http://benzinga.com/quote/chwy">online pet retailer</a>.



What Happened: According to a new <a href="https://www.sec.gov/Archives/edgar/data/1871280/000110465924112245/tm2427027d1_sc13ga.htm">13G filing</a> with the SEC, Gill sold his entire stake in Chewy. The filing indicates Gill had a 0% stake in the pet retailer as of Sept. 30.



Chewy shares fell more than 2% on the news, while GameStop Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) shares crept higher, last up about 1.3%, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Gill is best known for playing an influential role in the historic 2021 meme stock craze&nbsp;that saw GameStop and other heavily shorted names squeeze higher. He made a return to social media earlier this year following a three-year absence.



In his return to the limelight, the trader made several cryptic posts on X, shared position updates on Reddit and even held a livestream during market hours on his YouTube channel.



Gill&#8217;s active presence on social platforms sparked renewed volatility in several stocks popular among retail investors including GameStop and Chewy, which share a connection via Ryan Cohen. Cohen is GameStop&#8217;s CEO, as well as the founder of Chewy.



At the end of June, Gill <a href="https://x.com/TheRoaringKitty/status/1806371920495186041" target="_blank" rel="noreferrer noopener">posted</a>&nbsp;an image of a dog on X, which spurred speculation that he may be shifting his attention to Chewy. A few days later, the meme stock trader disclosed a 6.6% stake in the pet retailer. 



On Sept. 6, Gill posted a <a href="https://x.com/TheRoaringKitty/status/1832086356849250635">meme</a> of the same dog image being tossed to the side like a toy in the classic animated film &#8220;Toy Story.&#8221; The post sparked speculation that Gill may be moving on from Chewy. That speculation was confirmed with Tuesday&#8217;s filing. 



Chewy had been Gill&#8217;s only other publicly known investment outside of GameStop. Gill hasn&#8217;t posted a position update on social media since June when he shared a <a href="https://www.reddit.com/r/Superstonk/comments/1df8jno/gme_yolo_update_june_13_2024/">screenshot</a> on Reddit showing that he was holding approximately nine million shares of GameStop.



See Also: <a href="https://www.benzinga.com/general/social-media/24/08/40225079/roaring-kitty-loses-thousands-of-x-followers-after-going-silent-on-gamestop-chewy">Roaring Kitty Loses Thousands Of X Followers After Going Silent On GameStop, Chewy</a>



CHWY Price Action: Chewy shares closed down 0.37% at $26.69 and were down 2.21% at $26.10 after-hours on Tuesday at publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



This illustration was generated using artificial intelligence via Midjourney.

CHWY

Roaring Kitty Puts Chewy Stock In The Litter Box, GameStop Shares Move Higher After Hours

Cryptocurrency markets are surging on Tuesday amid Donald Trump's rising election odds, positive broader economic factors and subsiding geopolitical tensions.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$72,870.84</td><td>+4.4%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,662.43</td><td>+5.8%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$179.25</td><td>+1.3%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.1731</td><td>+10.4%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00001902&nbsp;&nbsp;</td><td>+6.8%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increased by 112.3% and daily active addresses grew by 18.2%. Transactions greater than $100,000 are up from 5,505 to 9,521 in a single day. Exchanges netflows are down by 1,448.6%.</li>



<li>Coinglass data reports 61,293 traders were liquidated in the past 24 hours for $263.54 million.</li>



<li>Crypto analyst Miles Deutscher marked Bitcoin exchange reserves touching all-time lows as he <a href="https://x.com/milesdeutscher/status/1851325889369550888">predicts</a> an incoming supply squeeze.</li>



<li>Industry expert Benjamin Cowen <a href="https://x.com/intocryptoverse/status/1851326495077077457">noted</a> Bitcoin dominance finally peaking at 60% after more than three years.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41601328/microstrategy-coinbase-shares-are-rising-tuesday-whats-going-on">MicroStrategy, Coinbase Shares Are Rising Tuesday: What&#8217;s Going On?</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41599395/bitcoin-demand-to-surge-as-china-implements-monetary-chemotherapy-arthur-hayes-predicts">Bitcoin Demand To Surge As China Implements &#8216;Monetary Chemotherapy,&#8217; Arthur Hayes Predicts</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41602107/coinbase-ceo-brian-armstrong-says-next-sec-chair-should-apologize-for-the-damage-done-to-t">Coinbase CEO Brian Armstrong Says Next SEC Chair Should Apologize For The &#8216;Damage Done To The Country&#8217; By &#8216;Frivolous&#8217; Lawsuits</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41604244/grayscales-bitcoin-ethereum-funds-see-750m-inflows-in-3-months">Grayscale&#8217;s Bitcoin, Ethereum Funds See $750M Inflows In 3 Months</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41601677/grant-cardone-says-real-estate-tokenization-will-democratize-access-but-warns-sec-is-dragg">Grant Cardone Says Real Estate Tokenization Will &#8216;Democratize Access,&#8217; But Warns SEC Is &#8216;Dragging Its Feet&#8217;</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Sui (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">SUI</a>)</td><td>&nbsp;$2.02</td><td>+20.6%</td></tr><tr><td>Popcat (SOL) (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POPCAT</a>)</td><td>&nbsp;$1.77</td><td>+16.4%</td></tr><tr><td>Mog Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MOG</a>)</td><td>&nbsp;$0.051999&nbsp;</td><td>+15%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin prices chasing the all-time high mark of $73,697, crypto trader Jelle noted there is only one untagged high left.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Only one untagged high left: all-time high.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/R9nIAZYvzA">pic.twitter.com/R9nIAZYvzA</a>&mdash; Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1851322107525001650?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div><figcaption class="wp-element-caption">Voicing a similar opinion, IncomeSharks <a href="https://x.com/IncomeSharks/status/1851337890749653365">stated</a> that on another bullish day there are zero things on the BTC chart to support a bearish bias. </figcaption></figure>



CryptoCon <a href="https://x.com/CryptoCon_/status/1851311120117571921">added</a> that the &#8220;Halving Cycles Theory&#8221; predicted Nov. 28 as the start of the &#8220;true bull market&#8221; year since early 2023. With Bitcoin&#8217;s price nearing all-time highs and only one month left, the theory appears to be on track.



Bloomberg Senior ETF Analyst Eric Balchunas stated that the U.S. spot Bitcoin ETFs are on track to reach 1 million BTC by next Wednesday and surpass Satoshi's holdings (1.1 million BTC) by mid-December. He predicts a Donald Trump win, along with higher prices, could accelerate FOMO-driven inflows and push milestones even sooner.



The ETFs adding around 17,000 BTC weekly, though market factors like a selloff or rising prices could impact the timeline, Balchunas <a href="https://x.com/EricBalchunas/status/1851253463734190477">believes</a>. 



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41606090/bitcoin-meme-coins-thats-right-trader-says-best-time-to-get-in-as-dogecoin-solana-memes-su">Bitcoin Meme Coins? That&#8217;s Right, Trader Says &#8216;Best Time To Get In&#8217; As Dogecoin, Solana Memes Surge</a></li>
</ul>



Image: Shutterstock

$MOG

$POPCAT

$SHIB

$SOL

$SUI

Bitcoin Flirts With All-Time High, Ethereum, Dogecoin Surge: 'Stay Tuned,' Says Trader Who Sees 'Only One Untagged High Left'

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.apple.com/newsroom/2024/10/apples-new-mac-mini-is-more-mighty-more-mini-and-built-for-apple-intelligence/" target="_blank" rel="noreferrer noopener">introduced a</a> fresh Mac mini Tuesday featuring the new M4 and M4 Pro chips, compactly engineered to maximize performance within a smaller 5&#215;5-inch form factor.



Apple said the Mac mini with M4 offers up to 1.8 times faster CPU speeds and 2.2 times faster GPU speeds than the M1 model.



The M4 Pro chip amplifies power, equipping the Mac mini for demanding tasks.



Also Read: <a href="https://www.benzinga.com//node/41591063">Apple &#8216;Will Be The First To Hit&#8217; $4 Trillion Market Cap Milestone, Says Dan Ives As Hundreds Of Apps Will Be Built On AI Feature</a>



This model also supports Thunderbolt 5, which enables faster data transfer.



The system also includes front and back ports for user-friendly connectivity. Apple has designed the new Mac mini to integrate its Apple Intelligence system.



Apple said the launch marks a critical environmental initiative as the Mac mini is Apple&#8217;s first carbon-neutral Mac, achieving over 80% reduction in greenhouse gas emissions across production and usage.



Apple said that the updated Mac mini compact system routes air efficiently within the device, venting through its base.



When compared with leading PC desktops at its price, the Mac mini can reach speeds up to six times faster, the company said.



Mac mini is equipped with a 10-core CPU, 10-core GPU, and 16GB of unified memory. Apple said the M4 model is ideal for users like students, creators, and small business owners.



For those needing additional power, the M4 Pro chip offers single-threaded performance and multi-threaded capabilities with up to 14 CPU cores and 20 GPU cores.



This chip also has ray-tracing capabilities and a Neural Engine that operates three times faster than previous models.



Supporting up to 64GB of unified memory and 273GB/s of memory bandwidth, the M4 Pro model is designed for intensive AI tasks and other high-performance demands.



Thunderbolt 5 boosts data transfer to 120 Gb/s on the M4 Pro Mac mini, enhancing faster storage and device compatibility.



The new Mac mini offers both front-facing and rear ports, including USB-C and an audio jack with support for high-impedance headphones.



The M4 model provides three Thunderbolt 4 ports, while the M4 Pro comes with Thunderbolt 5. With the M4 chip, the Mac mini can drive up to two 6K displays or one 5K display, while the M4 Pro model supports three 6K displays at 60Hz.



On Monday, Apple introduced its latest iMac, which is powered by the M4 chip and Apple Intelligence and has a slim, modern design (<a target="_blank" href="https://www.benzinga.com/news/24/10/41582312/apples-introduces-imac-m4-chip-brings-faster-speeds-and-smarter-ai-features" rel="noreferrer noopener">details here</a>).



Apple announced a phased rollout for its Apple Intelligence features, starting with iOS 18.1 on October 28, introducing foundational AI capabilities. iOS 18.2 will follow, incorporating ChatGPT integration and advanced tools such as Visual Intelligence and Genmoji to drive future sales.



Price Action:&nbsp;AAPL stock is up 0.26% at $234 at the last check on Tuesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41601664/msci-touts-strong-subscription-growth-ceo-says-q3s-recurring-sales-were-best-ever" target="_blank" rel="noreferrer noopener">MSCI Touts Strong Subscription Growth, CEO Says Q3&#8217;s Recurring Sales Were &#8216;Best-Ever&#8217;</a></li>
</ul>



Photo via Apple

Apple Refreshes Mac Mini: Smaller Form Factor, M4 Chip Power, Carbon Neutral

Gold prices surged 1% on Tuesday, hitting a new all-time high of $2,770 per ounce, as investors pour into the commodity amid mounting concerns over ballooning <a href="https://www.benzinga.com/news/econ-s">deficits and political uncertainty. </a>



Up 34.2% year-to-date, gold is on track for its strongest annual performance since 1979, the third best gain in the last half a century.



Gold has outperformed traditional asset classes, such as stocks — the S&amp;P 500 has climbed 23% this year — and bonds, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), a benchmark for long-dated U.S. Treasury bonds, down 7%.



The precious metal, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), is on pace to close its fourth consecutive month — and seventh of the last eight weeks — in positive territory, underscoring the strong bullish momentum driving investors.



<h3 class="wp-block-heading">Chart: 2024 Shapes Up To Be Gold&#8217;s Third Best Year In The Last 50</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="486" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/29115952/image-303-1024x486.png" alt="" class="wp-image-619845" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/29115952/image-303-1024x486.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/29115952/image-303-300x142.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/29115952/image-303-768x364.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/29115952/image-303-1536x729.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/29115952/image-303.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Gold&#8217;s Break From Traditional Correlations</h3>



Gold's recent rally has diverged from its usual relationship with both the U.S. dollar and Treasury yields. 



Typically, a stronger dollar or rising Treasury yields put downward pressure on gold prices. The logic is straightforward: as a non-yielding asset, gold becomes less attractive when risk-free U.S. Treasury bonds start offering higher real returns. In such environments, investors usually favor bonds over gold, reducing demand for the precious metal.



Lately, however, the opposite has occurred. Despite a stronger dollar and rising Treasury yields, gold prices have continued to climb, defying the usual negative correlation. 



In October alone, gold rose 5.1%, while the U.S. Dollar Index (DXY) climbed 3.6% and the 10-year Treasury yield jumped more than 50 basis points to 4.35%.



This decoupling suggests that investors are turning to gold for reasons beyond the traditional factors. 



Otavio Costa, a macro strategist at Crescat Capital, indicated that gold is now signaling potential future inflation risks that could complicate the Federal Reserve&#8217;s policy options. 



"Gold is rising as the market begins to price in the likelihood of a Fed forced to cut rates further, despite persistent inflation," Costa said. 



"Gold is also signaling the potential for another wave of inflation ahead, making the Fed's job even harder as interest payments for federal and local governments are already nearing 5% of GDP," he said. 



According to Costa, "the genie has been out of the bottle since late 2020, and inflationary trends remain deeply rooted in the economy.&#8221;



<h3 class="wp-block-heading">Deficit Concerns Add Fuel To Gold&#8217;s Rally</h3>



A major driving factor behind the recent surge in gold: mounting fiscal concerns, particularly in the United States.



With trillion-dollar annual deficits becoming the new norm, economists warn that government spending is becoming unsustainable. 



Michael Gayed, CFA, said: "I don't think there's much question that trillion-plus dollar annual deficits are becoming the norm more than the exception."



Further complicating the fiscal outlook are political developments, with neither Democrats nor Republicans showing a strong commitment to reducing the national debt. 



Analysts predict that increased spending on defense, climate adaptation and demographic challenges will push budgets even further into the red.



Bank of America analyst Michael Widmer recently wrote: &#8220;Gold may be the last perceived safe haven asset standing&#8221; given the reluctance of governments to curb spending.



<h3 class="wp-block-heading">Global Policy And Gold As The Last &#8216;Safe Haven&#8217;</h3>



Widmer's view reflects a broader consensus among analysts that gold is becoming the preferred safe-haven asset amid escalating debt and global policy trends favoring fiscal expansion. 



The IMF estimates that new spending requirements across advanced economies could reach 7%-8% of GDP annually by 2030.



U.S. budget deficits are not forecasted to fall below 6% of the GDP in any year for the remainder of the decade, as per the latest IMF Fiscal Monitor estimates. 



Should markets start questioning the sustainability of these deficits, gold could attract even more investment as a reliable store of value.



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Photo via Shutterstock.

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Gold Hits Record Highs, Defies Market Gravity: Why The Precious Metal Is Decoupling From Treasury Yields

Wall Street took a breather on Tuesday, with most major indices treading water, while tech stocks saw gains as investors braced for earnings <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41579487/amd-q3-earnings-preview-can-ai-server-gains-help-narrow-the-semiconductor-gap-with-">reports from mega-cap companies.</a>



The Nasdaq 100 rose 0.7%, buoyed by anticipation around upcoming earnings from Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), both set to report after market close.



Elsewhere, the S&amp;P 500 was largely unchanged, the Dow Jones dipped slightly, and small-cap stocks underperformed.



In economic news, U.S. job openings dropped by 418,000 to 7.443 million in September 2024 — marking the lowest level since January 2021 and falling short of the market's expectation of 7.99 million.



The Conference Board&#8217;s Consumer Confidence Index surged, posting its largest monthly gain since March 2021. This suggests that while labor demand may be slowing, consumer sentiment remains robust.



Treasury yields continued to climb during concerns over the U.S. budget deficit and political uncertainty ahead of next week's elections. The yield on the 10-year Treasury note hit 4.33%, the highest level since early July.



Notably, gold prices remained resilient, with the precious metal breaking above the all-time high of $2,770 per ounce as investors sought a hard asset amid fiscal concerns.



The crypto market also saw notable gains. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose nearly 4% to reach $72,700, nearing its record high of $73,697 set in March. Dogecoin (CRYPTO: DOGE) continued its momentum with a 10% rally on Tuesday, following an 11% surge on Monday.



<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day % change</td></tr><tr><td>Nasdaq 100</td><td>20,500.69</td><td>0.7%</td></tr><tr><td>S&amp;P 500</td><td>5,831.03</td><td>0.1 %</td></tr><tr><td>Dow Jones</td><td>42,272.72</td><td>-0.3%</td></tr><tr><td>Russell 2000</td><td>2,226.40</td><td>-0.8%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102824&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.1% higher to $581.48.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;dipped 0.3% to $422.93.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.7% to $498.73.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.7% to $221.01.</li>



<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up by 1.1%. The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 1.7%.</li>
</ul>



<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>



Stocks reacting to earnings reports included: 



<ul>
<li>McDonalds Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), down 0.4%, </li>



<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), down 1.7%, </li>



<li>PayPal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), down over 4%, </li>



<li>Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>), down 1%, </li>



<li>Enterprise Product Partner L.P. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPD#NYSE">EPD</a>) down 0.3%, </li>



<li>Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) up 3.5%, </li>



<li>D.R. Horton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), down 8.6%, </li>



<li>Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), down 3.9%, </li>



<li>MSCI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>), down 1.5%, </li>



<li>Corning Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>), up 7.8%, </li>



<li>Ford Motor Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/F#NASDAQ">F</a>), down 8%, </li>



<li>SoFi Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NYSE">SOFI</a>), down 6.3%, </li>



<li>Incyte Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWK#NASDAQ">SWK</a>), up 9.4%</li>
</ul>



Among large-cap companies slated to report earnings after the close are Alphabet, Advanced Micro Devices, Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), Stryker Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYK#NYSE">SYK</a>), Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), Mondelez International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>), Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) and Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>).



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Broad U.S. Equity ETFs

MDLZ

MSCI

PYPL

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Tech Stocks Rise Ahead Of Key Earnings, Gold Smashes Records, Bitcoin Nears All-Time Highs: What's Driving Markets Tuesday?

A media company co-founded by former President Donald Trump is now worth more <a href="https://www.benzinga.com/news/24/10/41142828/elon-musk-bought-x-for-44b-now-fidelity-values-social-media-network-below-10b">than Elon Musk&#8216;s X</a>.



What Happened: Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) currently boasts a market capitalization of roughly $10.3 billion.



According to the latest valuation metric from Fidelity, X is worth $9.4 billion. That&#8217;s a significant decline from its <a href="https://www.benzinga.com/m-a/22/10/29458281/elon-musk-takes-over-twitter-whos-in-charge-whos-gone-and-what-happens-to-the-stock">$44 billion valuation</a> in 2022 when Musk acquired the company, then known as Twitter.



Fidelity, one of the investment firms that helped Musk take X private, maintains a <a href="https://www.benzinga.com/news/24/10/41142828/elon-musk-bought-x-for-44b-now-fidelity-values-social-media-network-below-10b">$4.19-million stake</a> in the social media platform via the Fidelity Blue Chip Growth Fund (FBGRX). That&#8217;s down from the $19.66 million initial investment — a 78.7% markdown over time. 



Trump Media &amp; Technology owns the X-like platform Truth Social. The company saw its shares jump over 50% in the last five trading days. They&#8217;re also up over 200% in the last month. 



But ever since the company <a href="https://www.benzinga.com/m-a/24/03/37943780/exclusive-trump-media-company-goes-public-financial-experts-say-djt-a-meme-stock-this-is-going-to-be">went public via SPAC merger </a>in March, its stock has been highly volatile. 



The company often trades as a proxy related to events surrounding the former president and the betting odds on his securing a victory in the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election</a>. On Monday, shares of Trump Media &amp; Technology<a href="https://www.benzinga.com/markets/equities/24/10/41593888/trump-media-djt-rises-11-in-tuesday-pre-market-whats-going-on"> were up 22% </a>to $47.36. At last check Tuesday, they&#8217;re up 8.47% at $51.37 per share.



Did You Know?



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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent102924">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Why It's Important: Comparing the two valuations may not be apples-to-apples.



Trump Media &amp; Technology is likely elevated in valuation due to its proxy as a political trade. The stock could fall if Trump loses the 2024 election, the former president <a href="https://www.benzinga.com/general/social-media/24/09/40943414/donald-trump-can-cash-out-his-trump-media-technology-stock-keep-company-control-heres-how-ma">sells his stake</a>, or after the election is over and investors take profits.



The company <a href="https://ir.tmtgcorp.com/news-events/press-releases/#b2iLibScrollTo">reported </a>$837,000 in revenue and $2.3 million in interest income in the most recently reported second quarter. The company also reported a GAAP net loss of $16.4 million.



Trump Media &amp; Technology doesn't regularly share Truth Social metrics. However, its user base is believed to be significantly lower than X&#8217;s. For comparison, Trump has 91.9 million followers on X and 7.9 million followers on Truth Social.



It's unknown what other investors value X. 



Musk has recognized that he likely<a href="https://www.benzinga.com/m-a/22/10/29334819/elon-musk-sees-long-term-potential-in-twitter-despite-obviously-overpaying-for-it" target="_blank" rel="noreferrer noopener"> overpaid for Twitter</a>. He also has grand plans to turn the company into his vision of a so-called &#8220;everything app&#8221; that will include social media connections, video, and financial payments.



After acquiring the company, Musk may have hurt the valuation by offering a lower price point on stock awards for employees. Months later, Twitter was valued at $20 billion when stock awards for the company's employees were announced in March 2023. While the valuation of the stock awards was less than half of the price Musk paid, the then-CEO said he was optimistic about the company.



&#8220;I see a clear, but difficult, path to a &lt;$250B valuation,&#8221; Musk said at the time.



X is currently putting a larger emphasis on subscription-based revenue to diversify from the company's reliance on advertising revenue, which has plummeted <a href="https://www.benzinga.com/news/24/07/39660279/linda-yaccarino-feels-the-heat-as-elon-musk-builds-pressure-amid-xs-plummeting-ad-revenue-report">since Musk took over</a>.



With reports that <a href="https://www.benzinga.com/general/politics/24/03/37625748/trump-tried-to-get-elon-musk-to-buy-truth-social-new-report-highlights-former-presidents-pitch">Trump once tried</a> to get Musk to buy Truth Social and a growing friendship between the two billionaires, it will be interesting to see how the valuations and competition from the two social media companies play out in the future.



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<li><a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship">Maybe Musk Missed The Memo: Trump&#8217;s Plan To Ban Autonomous Vehicles Could Sour Friendship</a></li>
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Image: Shutterstock

Trump Vs. Musk: DJT Stock Worth More Than Latest X Valuation Thanks To 2024 Election Run-Up

As Halloween approaches, LPL Financial warns of six major risks that could spook markets and drive volatility higher <a href="https://www.benzinga.com/news/econ-s">in the coming months.</a>



In a note shared with clients on Monday, LPL's analysts—including chief equity strategist Jeffrey Buchbinder, chief economist Jeffrey Roach, chief global strategist Quincy Krosby, and others—cautioned that lurking economic threats may disrupt the current calm in the U.S. stock market.



Here's a look at what LPL Financial analysts see as the biggest potential scares for the U.S. economy.



<h3 class="wp-block-heading">1. Upper-Income Consumers Feeling Financial Strain</h3>



Wealthier households have been propping up consumer spending, helping support the U.S. economy amid inflation and higher interest rates. 



However, new data from the New York Federal Reserve shows that upper-income households (those earning over $100,000) are beginning to feel the pinch, with the percentage of these households expecting to miss minimum debt payments now at its highest level since 2014.



"What scares us this Halloween season is the potential stress on the wealthier cohort as more upper-income households reported they will most likely be unable to make their minimum debt payment," LPL Financial writes. 



<h3 class="wp-block-heading">2. Federal Debt Is Ballooning and Becoming Costlier</h3>



The federal debt has surged past $35 trillion, up sharply from $31.5 trillion just a few months ago. 



The Congressional Budget Office (CBO) projects that large annual deficits of 5-7% of GDP will persist, pushing the debt-to-GDP ratio to 166% by 2054.



&#8220;The larger and more enduring risk to fixed income markets remains the amount of Treasury debt needed to fill massive federal budget deficits,&#8221; warns LPL Financial. 



Rising debt costs could also crowd out other government spending, potentially constraining economic growth over the long term.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41495286/deficit-strain-in-washington-will-get-worse-imf-warns-national-debt-projections-rev">Deficit Strain In Washington Will Get Worse, IMF Warns: National Debt Projections Revised Higher, Stabilization Unlikely By 2029</a>



<h3 class="wp-block-heading">3. High Stock Valuations Pose a Risk</h3>



U.S. stock valuations are elevated, with the S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), trading at a price-to-earnings (P/E) ratio of 21.8, well above the 20-year average of 16. 



High valuations indicate that stocks are priced for perfection, which could lead to sharper market corrections if corporate earnings disappoint.



<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41581488/is-s-p-500-headed-for-a-lost-decade-analysts-say-we-may-have-forgotten-about-divide">Goldman Sachs recently projected</a> a modest 3% annual return for U.S. equities over the next decade, underscoring the challenges of starting from such a high base.



"Clearly valuations are high, though they are not great timing tools for tactical trading," analysts explain. 



Elevated valuations mean any economic setback could trigger a larger-than-normal pullback. 



<h3 class="wp-block-heading">4. Rising Interest Rates Could Pressure Stocks And Bonds</h3>



Interest rates have climbed sharply, with the 10-year Treasury yield recently trading in a range between 3.75% and 4.25%. LPL analysts warn that a breakout above 4.3% could lead to turbulence in both stock and bond markets.



Higher rates could dampen consumer spending and hurt businesses with significant debt loads. According to LPL Financial, if Treasury yields break above 4.3%, it could reduce investor risk appetite and create headwinds for equities.



&#8220;While the velocity of rising rates often dictates the damage to stocks, we believe a breakout above this resistance level could be a tipping point for risk appetite,&#8221; the experts said.



<h3 class="wp-block-heading">5. Political Uncertainty Ahead of 2024 Election</h3>



With the U.S. presidential election approaching, political uncertainty is rising. Potential policy changes, such as the expiration of the Trump-era tax cuts in 2026, could impact corporate profits and consumer spending. In addition, growing political divisiveness could weigh on market sentiment.



Historically, markets rally after elections, but the potential for a contentious outcome could drive short-term volatility.



&#8220;Also consider the possibility of another disputed outcome, a very long way for results, and/or intensifying political divisiveness as risks to investor sentiment,&#8221; LPL Financial warns. 



<h3 class="wp-block-heading">6. Rising Geopolitical Tensions</h3>



Global risks are mounting, from conflicts in the Middle East to tensions with China over Taiwan, a critical hub for semiconductor production. 



Any disruption in Taiwan could disrupt global tech supply chains, adding pressure to the U.S. and global economies.



Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is working to diversify its production by building a new plant in Arizona, but full operation isn't expected until 2025. 



&#8220;Tariffs may be broadened or increased on China regardless of the outcome of the November election. The trend toward &#8216;de-globalization&#8217; is disruptive and inflationary. There&#8217;s plenty to worry about.&#8221;



Read Also: <a href="https://www.benzinga.com/news/global/24/10/41545408/tariffs-are-inflationary-imf-deputy-chief-rejects-trumps-trade-policies-as-elections-loom">&#8216;Tariffs Are Inflationary&#8217;: IMF Deputy Chief Rejects Trump&#8217;s Trade Policies As Elections Loom</a>



<h3 class="wp-block-heading">Keeping an Eye On the Shadows</h3>



Despite these risks, LPL Financial advises investors to stay calm and remain fully invested. 



&#8220;We&#8217;re still in a bull market with a growing economy, rising corporate profits, and a favorable technical analysis picture,&#8221; the experts highlight.



While valuations are high and debt levels concerning, these factors alone aren't reasons to exit the market.



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Image created using artificial intelligence via Midjourney.

6 Economic Frights That Could Haunt Markets This Halloween: 'A Tipping Point For Risk Appetite,' Analysts Warn

McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) shares are trading lower after the company reported <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41595251/mcdonalds-reports-third-quarter-2024-results" rel="noreferrer noopener">third-quarter</a> adjusted earnings per share of $3.23, beating <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41585595/mcdonalds-q3-earnings-preview-trump-visit-e-coli-outbreak-in-focus-analysts-highlig" rel="noreferrer noopener">the analyst consensus estimate of $3.20</a>.



Quarterly sales of $6.90 billion beat the analyst consensus view of $6.82 billion. Revenues increased 3% (2% in constant currencies) over the prior year.



Sales by company-owned and operated restaurants rose 4%, while revenues from franchised restaurants grew by 1%.



Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/politics/24/10/41434014/donald-trump-would-have-to-work-at-pennsylvania-mcdonalds-for-14-5-years-to-equal-presidential-s" rel="noreferrer noopener">Donald Trump Would Have To Work At Pennsylvania McDonald&#8217;s For 14.5 Years To Equal Presidential Salary</a>



However, global comparable sales fell 1.5% in the quarter, with the U.S. up 0.3%, the International Operated Markets down 2.1%, and the International Developmental Licensed Markets down 3.5%.



The company has been in the news frequently over the past two weeks following Donald Trump&#8217;s visit to one of its restaurants and an E.coli outbreak affecting locations in the Western U.S.



McDonald&#8217;s did not mention about any impact in guidance from the E.coli outbreak.



In the U.S., the company&#8217;s comparable sales grew slightly due to higher average checks, despite a slight decline in guest counts, aided by effective marketing and digital growth.



However, the International Operated Markets faced challenges from negative sales in several markets, particularly France and the U.K.



Meanwhile, the International Developmental Licensed Markets were affected by the ongoing conflict in the Middle East and poor sales in China, which overshadowed positive sales in Latin America.



Systemwide sales to loyalty members reached over $28 billion in the last twelve months and nearly $8 billion for the quarter.



In September, the company declared a 6% increase in its quarterly cash dividend to&nbsp;$1.77&nbsp;per share.



Price Action: MCD shares are trading lower by 2.46% to $289.50 premarket at last check Tuesday.



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<li><a href="https://www.benzinga.com/markets/equities/24/10/41591063/apple-will-be-the-first-to-hit-4-trillion-market-cap-milestone-says-dan-ives-as-hundreds-of-apps" target="_blank" rel="noreferrer noopener">Apple &#8216;Will Be The First To Hit&#8217; $4 Trillion Market Cap Milestone, Says Dan Ives As Hundreds Of Apps Will Be Built On AI Feature</a></li>
</ul>



Image via Shutterstock

General

McDonald's Q3 Earnings: Revenue And Profit Beat, Global Comp Sales Dip, No Mention Of E.coli Impact

PayPal Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>)&nbsp;reported fiscal third-quarter revenue growth of 6% year over year to $7.85 billion, marginally missing the&nbsp;<a target="_blank" href="https://investor.pypl.com/financials/quarterly-results/default.aspx" rel="noreferrer noopener">analyst consensus of&nbsp;$7.88 billion</a>.&nbsp;



The company reported an adjusted EPS of $1.20, beating&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus of $1.07</a>. The stock dipped after the print.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40034498/fintech-giant-paypals-q2-earnings-revenue-and-eps-beat-payment-volumes-and-transactions-surge-guida" rel="noreferrer noopener">Apple Pay Expands Buy Now, Pay Later With Affirm, Adds Support For Third-Party Browsers And More</a>



Total payment volumes increased 9% year-over-year to $422.6 billion in the quarter. Payment transactions were up 6% to $6.6 billion, and the payment transactions per active account increased 9% on a trailing 12-month basis to $61.40.



Total active accounts&nbsp;decreased by 0.9% to 432 million. On a sequential basis, active accounts increased by 0.6%, or 2.6 million.



The operating margin expanded 198 basis points to 17.7%, and the adjusted operating margin increased 194 bps to 18.8%.



Operating cash flow&nbsp;was&nbsp;$1.6 billion, and free cash flow&nbsp;was&nbsp;$1.4 billion.&nbsp;PayPal held $16.2 billion in cash and equivalents as of September 30, 2024, and had a debt of $12.40 billion on its balance sheet.



Outlook: PayPal expects fourth-quarter revenues to increase by a low-single-digit percentage compared to $8.03 billion in the prior year's period and the consensus of $7.81 billion.



It expects adjusted EPS to decrease by a low- to mid-single-digit percentage or reach $1.03-$1.07, compared to $1.14 for the previous year's period and the consensus of $1.10.



PayPal expects full-year 2024 adjusted EPS to increase&nbsp;by a high teens percentage or reach $3.92-$3.96 (<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40034498/fintech-giant-paypals-q2-earnings-revenue-and-eps-beat-payment-volumes-and-transactions-surge-guida" rel="noreferrer noopener">prior low-mid-teens&nbsp;percentage</a>) compared to $3.83 Y/Y.&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Current analyst estimates</a> are calling for an EPS of $4.46 per share.



On the conference call, the CEO said he sees an increase of 15% to 20% in the Buy-Now-Pay-Later use. Based on the holiday quarter spending trends, the CFO says, "Consumer Feels Strong At This Point."



PayPal Holdings stock gained over 36% year-to-date.



Price Action: PYPL stock is down by 1.11% at $82.66 premarket at&nbsp;the last check on Tuesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41573947/on-semiconductor-q3-earnings-revenue-and-eps-beat-amid-19-topline-drop-and-margin-pressure-eyes-gro" target="_blank" rel="noreferrer noopener">ON Semiconductor Q3 Earnings: Revenue And EPS Beat Amid 19% Topline Drop and Margin Pressure, Eyes Growth in Automotive &amp; AI Markets</a></li>
</ul>



Photo courtesy of PayPal.

Fintech

PayPal Q3 Earnings: Revenue Falls Short of Expectations, Strong Payment Volume Growth, CEO Sees 15%-20% Increase In BNPL

U.S. stocks could see a weak opening on Tuesday after the <a href="https://www.benzinga.com/markets/equities/24/10/41556896/investors-cautious-with-election-ahead-treasury-yields-surge-further-tesla-surprises-this-week-i">averages registered a mixed last week</a>. While the S&amp;P 500 and Dow Jones snapped their six-week winning streak, the Nasdaq Composite chalked its seventh straight week of gains.



Earning news flow will continue to pick up momentum in the coming days, with five of the seven &#8220;Magnificent 7&#8221; companies all set to post their earnings this week – this includes Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), 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>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.05%</td></tr><tr><td>S&amp;P 500</td><td>-0.04%</td></tr><tr><td>Dow Jones</td><td>-0.10%</td></tr><tr><td>R2K</td><td>-0.39%</td></tr></tbody></table></figure>



In premarket trading on Monday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.07% to $580.44 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged up by 0.03% to $495.54, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



The Dow Jones ended its five-day losing streak on Monday, closing the day up by 0.65%. Nasdaq Composite continued to surge in the run-up to five of the seven earnings from "Magnificent 7" stocks this week.



Crude oil prices recovered slightly after tumbling over the weekend due to simmering tensions in the Middle East and Israel's missile strikes in Iran.



Treasury yields continued to rise, signaling concerns that regardless of who wins the elections, the next administration might struggle with fiscal discipline. This sentiment was further exacerbated by the International Monetary Fund's warnings on the long-term trajectory <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41495286/deficit-strain-in-washington-will-get-worse-imf-warns-national-debt-projections-rev" target="_blank" rel="noreferrer noopener">of the U.S. national debt</a>.



On the economic data front, the Federal Reserve Bank of Dallas&#8217; general business activity index for manufacturing in Texas rose to -3 in October compared to a reading of -9 in September.



All the three major indices surged on Monday.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.26%</td><td>18,567.19</td></tr><tr><td>S&amp;P 500</td><td>0.27%</td><td>5,823.52</td></tr><tr><td>Dow Jones</td><td>0.65%</td><td>42,387.57</td></tr><tr><td>Russell 2000</td><td>1.63%</td><td>2,244.07</td></tr></tbody></table></figure>



Insights From Analysts:



Sam Stovall, chief investment strategist at CFRA Research, <a href="https://cnbc.com/video/2024/10/28/would-not-surprise-me-if-earnings-results-exceed-estimates-says-cfras-sam-stovall.html">told</a> CNBC in an interview that the overall earnings season could exceed expectations.



"I obviously would not be surprised if this ends up being 60th out of the last 62 quarters in which the actual results exceed end-of-quarter estimates," Stovall said.



On a possible post-election relief rally, Stovall said, "Historically, the market does breathe a sigh of relief."



Explaining the ongoing bull market, WisdomTree and Wharton School economist&nbsp;Jeremy Siegel pointed to the rally in the tech sector, with Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) leading the charge.



"The tech sector remains the biggest mover, led by companies like Tesla, which continues to defy gravity thanks to its strong positioning in EVs and autonomous driving technology."



Talking about a possible re-election of former President Donald Trump, Siegel said, "A Republican sweep—where the GOP gains control of both the Senate and House—could lead, at least temporarily, to an increased fear of higher deficits, causing bond yields to move up significantly."



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>



Upcoming Economic Data



Tuesday's economic calendar is fairly light.



<ul>
<li>Retail (ex-auto) and wholesale inventories data will be released at 8:30 a.m. ET.</li>



<li>S&amp;P Case-Shiller home price index will be released at 9 a.m. ET.</li>



<li>Consumer confidence index will be released at 10 a.m. ET.</li>



<li>Job openings data will be released at 10 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) shares fell by nearly 5.5% in premarket trading after the automaker <a href="https://www.benzinga.com/news/earnings/24/10/41587260/ford-q3-earnings-revenue-beat-eps-beat-ev-sales-down-33-updated-fy-outlook-shares-slide">cut revenue and profit guidance</a>.</li>



<li>McDonald's Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) shares fell nearly 2% in premarket trading after the fast food giant reported a higher-than-expected fall in global sales.</li>



<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares soared nearly 13% following Trump's rally at Manhattan's Madison Square Garden over the weekend.</li>



<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) priced its offering at $143 per share, with 112.5 million shares up for purchase.</li>



<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) shares surged 3.4% after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) crossed the $71,000 mark.</li>



<li>Earnings from Alphabet Inc., Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), and Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) will be on investors' radar on Tuesday.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures edged up in the early New York session, rising by 1% after tumbling over 6% during the weekend.



The 10-year Treasury note yield surged to 4.292%.



Major Asian markets ended mixed on Tuesday, while European stocks showed strength in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41591063/apple-will-be-the-first-to-hit-4-trillion-market-cap-milestone-says-dan-ives-as-hundreds-of-apps">Apple &#8216;Will Be The First To Hit&#8217; $4 Trillion Market Cap Milestone, Says Dan Ives As Hundreds Of Apps Will Be Built On AI Feature</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

Previews

Pre-Market Outlook

AMZN

COIN

MSFT

US Stocks Likely To Open Weaker As Investors Eye Alphabet, AMD And Pfizer Earnings: Expert Says Won't Be 'Surprised' If Earnings Exceed Wall Street Expectations

Editor&#8217;s note: This story has been updated with fresh market information during the New York trading session.



Bitcoin continued its rally on Tuesday, briefly hitting a high of $72,597 in the afternoon before settling at $72,590, driven by record-breaking ETF inflows and heightened <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41593383/bitcoin-to-hit-250-000-in-2024-crypto-backers-bet-on-the-odds-of-a-holiday-miracle">market activity in derivatives</a>.



What Happened: This marks a 5.5% gain over the past 24 hours. Bitcoin last crossed the $72,000 mark in March this year and has since been rangebound.



This upward movement inches Bitcoin closer to the highly anticipated $73,737 level, its all time high, according to CoinGecko data.



Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) mirrored Bitcoin's gains, currently trading at $2,645 after reaching a peak of $2,650, also up 5.5% over the same period.



This price surge comes as <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41584575/bitcoin-etfs-vs-ethereum-etfs-why-does-eth-keep-underperforming">Bitcoin spot ETFs</a> experienced an influx of $479 million on Oct. 28, led by BlackRock&#8217;s ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) with a $315.1 million addition, according to <a href="https://sosovalue.com/assets/etf/us-btc-spot">data</a> from SoSo Value.



The Fidelity Wise Origin Bitcoin Fund (CBOE: FBTC) saw inflows worth 44.1 million and ARK 21Shares Bitcoin ETF (CBOE: ARKB) witnessed inflows of $59.7 million.



Ethereum spot ETFs had a total net outflow of $1.1376 million yesterday, <a href="https://sosovalue.com/assets/etf/us-eth-spot">data</a> shows.



Bitcoin made a high of $71,540, according to CoinGecko <a href="https://www.coingecko.com/en/coins/bitcoin">data</a>, and is currently trading at $71,460.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41585530/asias-microstrategy-metaplanet-buys-another-10-4m-in-bitcoin-exceeds-1-000-btc-holdings">&#8216;Asia&#8217;s MicroStrategy&#8217; Metaplanet Buys Another $10.4M In Bitcoin, Exceeds 1,000 BTC Holdings</a>



Why It Matters: Experts see these inflows, alongside other factors such as anticipated interest rate cuts, as positioning Bitcoin for further gains.



Speaking with Benzinga, Ryan Lee, Chief Analyst at Bitget Research, pointed to several influences shaping Bitcoin's current performance, emphasizing the role of liquidity driven by ETF inflows and the potential for a Federal Reserve rate cut at its next meeting. 



"A rate cut would improve overall macroeconomic liquidity, likely boosting crypto assets like Bitcoin," Lee noted. 



He added that Bitcoin ETFs have maintained net inflows for 11 of the past 12 trading days, indicating sustained demand from traditional Wall Street capital—a sign of rising confidence in digital assets among institutional investors.



In addition to ETF inflows, derivatives activity reflects significant trader engagement, signaling possible volatility. 



According to Blockonomi data, Bitcoin's open interest in derivatives recently reached $37.6 billion, close to its all-time high. 



Darren Franceschini, co-founder of Fideum Group, told Benzinga that this heightened open interest correlates with potential price movement, as traders position themselves ahead of anticipated market shifts.



However, he cautioned that market dynamics could shift quickly, especially with the U.S. presidential election adding uncertainty around potential policy changes impacting crypto.



The increase in BTC price and activity also coincides with broader liquidation trends, with $222.8 million in liquidations recorded in the past 24 hours, according to CoinGlass <a href="https://www.coinglass.com/LiquidationData">data</a>. 



Short positions accounted for $164.6 million, indicating strong buying pressure that forced bearish traders out of the market. 



These liquidations, alongside bullish ETF inflows, reinforce Bitcoin&#8217;s current upward momentum, though some indicators suggest caution.



In a note sent to Benzinga, Lead Analyst at CEX.IO, Illia Otychenko, highlighted technical signals showing that Bitcoin may be approaching a consolidation phase, with momentum indicators nearing overbought levels. 



&#8220;Bitcoin's correlation with traditional markets remains high, particularly with tech giants reporting earnings this week,&#8221; Otychenko noted, adding that while the RSI and MACD are favorable, they hint at possible consolidation before further advances.



Eneko Knörr, cofounder of Stabolut told Benzinga that as November draws near, it looks like the stars are aligning for an imminent major Bitcoin breakout. 



He sees Bitcoin &#8220;out the other side&#8221; of <a href="https://www.benzinga.com/money/what-is-bitcoin-halving">the halving</a>, which took place in April. Historically, bull markets have started 150-170 days after the halving. This timing coincides with Bitcoin&#8217;s supply on exchanges plummeting to record lows of less than 2 million BTC available. That scarcity creates all the potential for a "short squeeze," he said.



Bitcoin, on a technical perspective, has just consolidated above the $67,000 level which he believes to be an excellent support or launchpad point for any upcoming breakout. With these variables all colliding, Bitcoin is forming a solid base for a potential breakout, Knörr said.&nbsp;



As more traditional finance companies incorporate Bitcoin into their offerings, the evolving role of crypto assets in institutional portfolios will be explored further at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41584282/emory-university-follows-tesla-block-and-paypal-with-16m-bitcoin-investment">Emory University Follows Tesla, Block And PayPal With $16M Bitcoin Investment</a></li>
</ul>



Image created using artificial intelligence with Midjourney.

ARKB

FBTC

IBIT

Bitcoin Powers Past $72,500 As Wall Street, ETF Inflows Fuel Bullish Momentum — What's Next? (UPDATED)

On Tuesday,&nbsp;Pfizer Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) reported third-quarter adjusted EPS of $1.06, a turnaround from loss of 17 cents a year ago, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $0.62</a>.



The U.S. drugmaker reported sales of $17.70 billion, up 31% year-over-year (up 32% operationally), beating the&nbsp;consensus of $14.95 billion.



The increase was primarily led by growth contributions from Paxlovid and several acquired products, key in-line products, and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41594926/pfizer-reports-strong-third-quarter-2024-results-and-raises-2024-guidance" rel="noreferrer noopener">recent commercial launches</a>.



Excluding contributions from Paxlovid and Comirnaty (COVID-19 products), revenues totaled $13.6 billion, an increase of $1.7 billion, or 14%, operationally.



Third-quarter 2024 Paxlovid revenues of $2.7 billion increased $2.5 billion operationally compared with the prior-year quarter, primarily due to strong demand, particularly in the U.S., driven by higher utilization during a recent global COVID-19 wave; the one-time contractual delivery of one million treatment courses to the U.S. Strategic National Stockpile in the third quarter of 2024.



Comirnaty revenues of $1.4 billion increased by 9%, driven primarily by the timing of stocking due to earlier approval of the new variant vaccine in the U.S. in 2024 compared to 2023, partially offset by lower contractual deliveries and demand in international markets.



Vyndaqel family drugs generated&nbsp;<a target="_blank" href="https://s28.q4cdn.com/781576035/files/doc_financials/2024/q3/Q3-2024-PFE-Earnings-Release-Final.pdf" rel="noreferrer noopener">sales</a> of $1.45 billion, up 62%. Eliquis, a blood thinner drug, generated sales of $1.62 billion, up 8%.



Global revenues of $854 million came from legacy Seagen, acquired in December 2023.



Guidance:&nbsp;Pfizer updates its 2024 revenue forecast to $61 billion-$64 billion compared to <a target="_blank" href="https://www.benzinga.com/general/biotech/24/07/40037079/pfizer-marks-first-revenue-growth-since-covid-revenue-peak-in-2022-lifts-annual-guidance" rel="noreferrer noopener">prior guidance of $59.5 billion-$62.5 billion</a> and consensus of $61.16 billion.



The company's updated guidance includes approximately $10 billion (vs. $8.5 billion expected earlier) in anticipated revenues for Comirnaty&nbsp;and Paxlovid, approximately $5 billion and $5.5 billion ($3.5 billion expected earlier), respectively.



Including the contribution from Seagen and excluding revenues from Comirnaty and Paxlovid, Pfizer expects full-year 2024 operational revenue growth of 9% to 11% compared to 2023 revenue. This growth guidance considers the reduction of sales associated with the previously announced global withdrawal of Oxbryta.



Pfizer Expects 2024 adjusted EPS of $2.75-$2.95 compared to prior guidance of $2.45-$2.65 and consensus of $2.65.



Price Action:&nbsp;At the last check on Tuesday, PFE stock was up 2.04% at $29.45 during the premarket session.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41583831/surgical-robotics-provider-procept-biorobotics-q3-earnings-beats-street-view-analys" target="_blank" rel="noreferrer noopener">Surgical Robotics Provider PROCEPT BioRobotics' Q3 Earnings Beats Street View, Analyst Optimistic About Upside Potential</a></li>
</ul>



Photo via Company

Biotech

Large Cap

Health Care

Pfizer Q3 Earnings: Revenue And Profit Beat On Heightened Demand For Paxlovid, Expects $10 Billion In 2024 Revenue From COVID Products

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