url stringlengths 14 987 | title stringlengths 0 45k | headings stringlengths 1 532k | body stringlengths 1 1.4M | docid stringlengths 16 25 |
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http://247sports.com/player/grayson-gunter-81161 | Grayson Gunter, Arkansas, Tight End | Grayson Gunter
Grayson Gunter
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2019
Dec 26, 2019: News
Grayson Gunter to transfer from Arkansas
2016
Sep 11, 2016: News
Arkansas True Freshman Report: TCU
Aug 20, 2016: News
Arkansas Football Scrimmage Offensive Statistics
Jun 28, 2016: News
Arkansas' newcomers all assigned numbers as season...
May 31, 2016: Enrolled
Grayson Gunter enrolls at Arkansas Razorbacks
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Receiving
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| Grayson Gunter, Arkansas, Tight End
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Grayson Gunter
Arkansas (NCAA)
Madison Central (HS)
Pos TE
Height 6-5
Weight 230
Timeline
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Prospect Info
High School Madison Central
Home Town Madison, MS
Exp 2016 - 2020
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No Crystal Ball predictions at this time.
As a Prospect
247Sports Composite®
0.8314
Natl. 1341 History
TE 56
MS 31
Class 2016
Committed 6/24/2015
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Grayson Gunter is a 6-5, 230-pound Tight End from Madison, MS.
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Timeline
2019
Dec 26, 2019: News
Grayson Gunter to transfer from Arkansas
2016
Sep 11, 2016: News
Arkansas True Freshman Report: TCU
Aug 20, 2016: News
Arkansas Football Scrimmage Offensive Statistics
Jun 28, 2016: News
Arkansas' newcomers all assigned numbers as season...
May 31, 2016: Enrolled
Grayson Gunter enrolls at Arkansas Razorbacks
Stats (REC)
Receiving
Team
ARK '16
Total
GP
GS
YDS
YDS/G
REC
TD
TAR
AVG
LNG
20+
FUM
1DN
1
0
29
29.0
1
0
1
29.0
29
1
0
1
1
0
29
29.0
1
0
1
29.0
29
1
0
1
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K Keeper (Inactive) | msmarco_doc_00_18162453 |
http://247sports.com/player/marques-gayot-22555 | Marques Gayot, Arkansas State, Cornerback | Marques Gayot
Marques Gayot
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Arkansas State Red Wolves
As a Prospect
247Sports Composite®
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1
H.S. Scouting Report
Athletic Background
Skills
Timeline
2014
May 19, 2014: Enrolled
Marques Gayot enrolls at Miami Hurricanes
Feb 5, 2014: Signed
Marques Gayot signs letter of intent to Miami...
Jan 29, 2014: C. Visit
Al Golden from Miami Hurricanes visits Marques...
Jan 17, 2014: O. Visit
Marques Gayot officially visits Miami Hurricanes
2013
Dec 13, 2013: Commit
Marques Gayot commits to Miami Hurricanes
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| Marques Gayot, Arkansas State, Cornerback
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Marques Gayot
Arkansas State (NCAA)
Miami (NCAA)
Park Vista Community (HS)
Pos CB
Height 6-1
Weight 214
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High School Park Vista Community
Home Town Lake Worth, FL
Exp 2014 - ...
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Arkansas State Red Wolves
Jersey #18
Class
Age 25
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Boards
Commits
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As a Prospect
247Sports Composite®
0.8503
Natl. 800 History
S 65
FL 120
Class 2014
Committed 12/13/2013
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Marques Gayot #7 C/O 2014 2011 Sophomore H...
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Marques Gayot is a 6-1, 205-pound Safety from Lake Worth, FL.
Skills
- Frame 9
- Tackling 8
- Size 8
- Instincts 7
- Closing Speed 7
- Ball Skills 7
- Playmaking 7
- Speed 6
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Timeline
2014
May 19, 2014: Enrolled
Marques Gayot enrolls at Miami Hurricanes
Feb 5, 2014: Signed
Marques Gayot signs letter of intent to Miami...
Jan 29, 2014: C. Visit
Al Golden from Miami Hurricanes visits Marques...
Jan 17, 2014: O. Visit
Marques Gayot officially visits Miami Hurricanes
2013
Dec 13, 2013: Commit
Marques Gayot commits to Miami Hurricanes
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DE Thomas Remains in Small Senior Class Ahead of Final Home Game
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K Keeper (Inactive) | msmarco_doc_00_18165569 |
http://247sports.com/player/tyus-jones-14913 | Tyus Jones, Memphis, Point Guard | Tyus Jones
Tyus Jones
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Memphis Grizzlies
As a Prospect
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Duke commit Tyus Jones Summer Mixtape - Top PG in the COUNTRY [ESPN #4 c/o 2014]
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2
3
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2017
Aug 14, 2017: News
Watch: Tre Jones dramatic Duke commitment...
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WATCH: Tre Jones shows out in front of Coach K and...
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| Tyus Jones, Memphis, Point Guard
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Tyus Jones
Memphis (NBA)
Minnesota (NBA)
Duke (NCAA)
Apple Valley (HS)
Pos PG
Height 6-1
Weight 181
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High School Apple Valley
Home Town Saint Paul, MN
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Memphis Grizzlies
Jersey #21
Pos PG
Age 24
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0.9977
Natl. 8 History
PG 2
MN 1
Class 2014
Committed 11/15/2013
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Duke commit Tyus Jones Summer Mixtape - Top PG in the COUNTRY [ESPN #4 c/o 2014]
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HIGH SCHOOL: 2013 Minnesota Class 4A State Champion... 2013 Minnesota AP Co-Player of the Year... 2013 Minnesota Boys Basketball Gatorade Player of the Year... 2012 Minnesota Boys Basketball Gatorade Player of the Year... 2012 Minnesota AP Player of the Year... 2012 FIBA Under-17 World Championships Gold Medalist... 2011 FIBA Americas Under-16 Championships Gold Medalist... Played AAU for Howard Pulley Panthers... 2013 EYBL Stats PPG: 22.6, APG: 7.0, RPG: 2.7, SPG: 2.3, FG%: .55, 3P%: .41, FT%: .87
Skills
- Handle 10
- Penetration Ability 9
- Passing/Vision 9
- Leadership 9
- Shooter 8
- Defender 8
- Athleticism 8
- Size 7
Add Timeline Events
Timeline
2017
Aug 14, 2017: News
Watch: Tre Jones dramatic Duke commitment...
Jul 13, 2017: News
WATCH: Tre Jones shows out in front of Coach K and...
Jul 11, 2017: News
Top Five Recruits Duke Coaches Will Watch This...
Apr 24, 2017: News
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Apr 6, 2017: News
Duke Basketball Coaches Hitting The Recruiting...
Stats
Averages
Team
2017-18
2016-17
2015-16
Total
GP
MIN
FGM-FGA
FG%
3M-3A
3P%
FTM-FTA
FT%
RBS
AS
BLKS
STLS
PFS
TOS
PTS
82
17.9
1.8 - 4.0
45.7
0.5 - 1.6
34.9
0.9 - 1.0
87.7
1.6
2.8
0.1
1.2
1.3
0.7
5.1
60
12.9
1.3 - 3.0
41.4
0.4 - 1.2
35.6
0.6 - 0.7
76.7
1.1
2.6
0.1
0.8
0.8
0.6
3.5
1
13.0
0.0 - 4.0
0.0
0.0 - 0.0
0.0
1.0 - 2.0
50.0
1.0
1.0
0.0
1.0
1.0
0.0
1.0
143
0.4
1.6 - 3.6
0.4
0.5 - 1.4
35.2
0.7 - 0.9
83.3
1.4
2.7
0.1
1.0
1.1
0.7
4.4
Totals
Team
2017-18
2016-17
2015-16
Total
GP
MIN
FGM-FGA
FG%
3M-3A
3P%
FTM-FTA
FT%
RBS
AS
BLKS
STLS
PFS
TOS
PTS
82
1467
150 - 328
45.7
45 - 129
34.9
71 - 81
87.7
132
232
6
95
110
59
416
60
774
75 - 181
41.4
26 - 73
35.6
33 - 43
76.7
67
156
5
48
50
38
209
1
13
0 - 4
0.0
0 - 0
0.0
1 - 2
50.0
1
1
0
1
1
0
1
143
2254
225 - 513
0.4
71 - 202
0.4
105 - 126
0.8
200
389
11
144
161
97
626
In Pictures
Tyus Jones photo gallery
106 images
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Minnesota Basketball Coaching Candidate Profile: Niko Medved
Ryan James
3/19/2021
OU guard De'Vion Harmon reacts to NCAA Tournament draw
Joey Helmer
3/14/2021
The St. James NIBC Invitational: Impressions from Montverde and IMG
Eric Bossi
1/18/2021
Multiple former Duke players set to make NBA season debuts today
Adam Rowe
12/23/2020
More than two dozen Duke alumni appear on opening NBA rosters
John Watson
12/23/2020
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K Keeper (Inactive) | msmarco_doc_00_18169194 |
http://247wallst.com/aerospace-defense/2014/02/04/southwest-airlines-now-can-fly-to-all-50-states/ | Southwest Airlines Now Can Fly to All 50 States – 24/7 Wall St. | Southwest Airlines Now Can Fly to All 50 States
Southwest Airlines Now Can Fly to All 50 States
Douglas A. McIntyre
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| Southwest Airlines Now Can Fly to All 50 States – 24/7 Wall St.
Aerospace & Defense
Southwest Airlines Now Can Fly to All 50 States
Douglas A. McIntyre
February 4, 2014 6:24 am
Last Updated: February 4, 2014 11:41 am
Source: courtesy Boeing Co.
With decades-old restrictions removed, Southwest Airlines Co. (NYSE: LUV) can fly to all 50 states from its headquarters home of Dallas. For the first time, due to the end of a government regulation that limited the number of its routes, Southwest can challenge the huge U.S. carriers, particularly United Continental Holdings Inc. (NYSE: UAL), Delta Air Lines Inc. (NYSE: DAL) and American Airlines Group Inc. (NYSE: AAL), which were created by large mergers that made them among the biggest airlines in the world.
Gary Kelly, Southwest’s chairman, president and CEO, said:
The official repeal of Wright Amendment federal flight restrictions signifies a turning point for the Southwest brand not just in Dallas, but from coast-to-coast. … We are pleased to offer this new service to the Customers of our home airport, who have waited 34 long years, and we thank the many, many folks who made this opportunity a reality. Goodbye, Wright Amendment. Hello, America!
As Southwest made the announcement, it immediately listed a number of large cities it will start to serve from its Dallas hub. These include New York City, Atlanta, Denver, Chicago and Los Angeles.
Southwest has several advantages over its larger rivals. It does not have to maintain a system to fly travelers to airports that feed its overseas routes, because it does not fly beyond U.S. borders, except to the Bahamas and Aruba. And it does not have the legacy routes that were part of the big U.S. carrier mergers. (American still flies to Boise and Fargo.)
The single largest advantage Southwest will have over its rivals as it expands is quality of service. It finished second to JetBlue Airways Corp. (NASDAQ: JBLU) in the most recent American Customer Satisfaction Index, and well ahead of the larger carriers. It also finished ahead of those large carriers in the most recent Airfarewatchdog survey.
Rollin King and airline legend Herb Kelleher started Southwest in 1967. It faced legal struggles even to fly within Texas, let alone outside the state’s borders. Now, Southwest can fly to all 50 states, and the U.S. carrier market has a new member.
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http://247wallst.com/aerospace-defense/2014/06/03/why-a-boeing-747-8-costs-357-million/ | Why a Boeing 747-8 Costs $357 Million – 24/7 Wall St. | Why a Boeing 747-8 Costs $357 Million
Why a Boeing 747-8 Costs $357 Million
Paul Ausick
ALSO READ: Why a Boeing 777 Costs $320 Million
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| Why a Boeing 747-8 Costs $357 Million – 24/7 Wall St.
Aerospace & Defense
Why a Boeing 747-8 Costs $357 Million
Paul Ausick
June 3, 2014 11:15 am
Last Updated: April 28, 2020 10:10 am
Source: The Boeing Co.
The first 747-100 from Boeing Co. (NYSE: BA) was put into service in 1970, and those first planes sold at a list price of $24 million. Adjusting for inflation, that same 747 would sell today for $146.6 million. So why does Boeing list the passenger version of a new 747-8 for $356.9 million and the freight-hauling version at $357.5 million?
Since that first delivery to Pan Am in 1970, Boeing has delivered 1,487 747s. And it has 51 orders for new planes on its books, 30 for the 747-8 passenger plane and 21 for the 747-8F freighter. Boeing delivered a total of 250 of the original 747-100s, the last in 1986. The follow-on model, the 747-200, was first put into commercial service in 1971, and Boeing delivered 393 of this model before production was stopped in 1991. The 747-300 followed in 1983, and 81 were delivered before production was halted in 1990.
The first 747s were available only with engines from Pratt & Whitney, now part of United Technologies Inc. (NYSE: UTX). By 1975 both General Electric Co. (NYSE: GE) and Rolls-Royce were also making engines for the aircraft.
Boeing’s 400 series 747s were the only aircraft on the market with 400 seats, and they became the best-selling 747s in the company’s history, with 694 sold since becoming available in 1989. The 747-400 has a range of approximately 8,400 miles and weighs about 5,000 pounds less than its predecessor. The 400 series also improved the 747’s fuel economy by about 3% by adding winglets.
While the 747-400 and the 747-400ER are still available, Boeing is trying to steer customers to the 747-8, which the company announced in 2005, delivering the first plane in 2008. The 747-8 is longer than the 747-400 and uses the same engines and cockpit technology as the 787 Dreamliner. The passenger version, often referred to as the 747-8I, is designed to carry 467 passengers at a cruising speed of 650 miles per hour. The plane carries 64,055 gallons of fuel.
The price of the 747-8 includes four engines, compared with two on the 787 Dreamliner and on the $320 million 777-300. Boeing claims the new plane will be 10% lighter per seat and consume 11% less fuel than the A380 from its chief rival Airbus, which is designed to carry 555 passengers. The Airbus A380 carries a list price of $414 million.
The more advanced engines, the more sophisticated cockpit technology, the larger carrying capacity — all these add up to a new 747-8 that costs more than double the original’s inflation adjusted price.
ALSO READ: Why a Boeing 777 Costs $320 Million
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Read more: Aerospace & Defense, BA, GE, UTX, featured | msmarco_doc_00_18178716 |
http://247wallst.com/aerospace-defense/2014/09/06/why-a-boeing-737-max-costs-up-to-113-million/ | Why a Boeing 737 MAX Costs Up to $113 Million – 24/7 Wall St. | Why a Boeing 737 MAX Costs Up to $113 Million
Why a Boeing 737 MAX Costs Up to $113 Million
Paul Ausick
READ ALSO: Why Has Boeing Stock Underperformed the Market?
READ ALSO: Boeing Orders Crush Airbus Total Through August
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| Why a Boeing 737 MAX Costs Up to $113 Million – 24/7 Wall St.
Aerospace & Defense
Why a Boeing 737 MAX Costs Up to $113 Million
Paul Ausick
September 6, 2014 9:40 am
Last Updated: April 28, 2020 10:10 am
Source: courtesy Boeing Co.
The largest low-cost airline in Europe, Ryanair Holdings PLC (NASDAQ: RYAAY) is reportedly prepared to place an order for 100 737 MAX aircraft from Boeing Co. (NYSE: BA) in a deal valued at around $11 billion at list prices. Ryanair currently flies only Boeing 737 airplanes, and it placed an order for 175 of one current version of the plane, the 737-800. The 737 MAX family of planes is not scheduled for delivery to customers until 2017.
The deal between the two companies depended on Ryanair persuading Boeing to add 11 additional seats to the 737 MAX 8, bringing the total per plane to 200. Boeing met the challenge and the order is expected to be announced early next week.
Boeing has delivered more than 8,100 of all models of its 737 and currently has nearly 4,008 unfilled orders on its books for the short-to-medium range jet that can carry from 120 to 220 passengers in the eight variations of the plane that are currently available.
Beginning with its 737-700, Boeing designated the aircraft as Next Generation 737s. The most popular is the 737-800, which can carry up to 189 passengers and has a range of about 3,500 miles at a cruising speed of 590 miles per hour. The 737-800 has a list price of $93.3 million.
READ ALSO: Why Has Boeing Stock Underperformed the Market?
Southwest Airlines Co. (NYSE: LUV) flies the 737 exclusively and currently has 614 of the planes in its fleet. Of those, 477 are 737-700s and 737-800s. Since 1971, Southwest has taken delivery of 655 737s and has another 286 on order, according to Boeing. Of the planes on order, 200 are in the 737 MAX family.
Delta Air Lines Co. (NYSE: DAL) has 110 of Boeing’s 737s in service, all Next Generation models, and United Continental Holdings Inc. (NYSE: UAL) has 276 of the Next Gen 737s in service, the most of any aircraft in its fleet. American Airlines Group Inc. (NASDAQ: AAL) has 142 737-400s in storage and 238 737-800s in its total fleet of 975 aircraft.
The (currently available) Next Gen 737s are powered by a pair of CFM56-7BE engines that were introduced in 2009 by CFM International, a joint venture between General Electric Co. (NYSE: GE) and French engine maker Snecma. Combined with improvements to the 737’s airframe, an aircraft equipped with the new engines enjoys a 2% reduction in fuel consumption.
The plane’s flight deck includes technologies showing the current and predicted flight path of the aircraft and potential conflicts with the terrain, as well as a Heads-up Display to provide flight and safety information at eye level.
The price range for the 737 aircraft starts at $78.3 million for a 737-700 and climbs to $113.3 million for a 737 MAX 9. Compared with the competitive A320 models from Boeing’s chief rival, Airbus, the 737-700 costs $4 million more than the A318, the 737-800 costs $5 million more than the A319 and the 737-900ER costs $2 million more than the A320.
The 737 MAX family is scheduled to begin deliveries in 2017 and more than 2,200 orders have already been taken for the planes. Using an even newer CFM engine, the 737 MAX is expected to reduce both fuel consumption and carbon emissions. The more fuel-efficient engines are also expected to increase the new plane’s range to about 4,150 miles.
READ ALSO: Boeing Orders Crush Airbus Total Through August
More and better computing technology, new and more fuel-efficient engines and improvements in materials and construction all combine to push up the cost of new designs. The $113 million cost for the largest of the new 737 MAX family is still just over a third the cost of the wide-body Boeing 777-300ER, which costs $330 million.
And the next generation of the 777, the 777X, is expected to go into service in 2020. The777-9X, which can carry up to 400 passengers, now carries a list price of $388.7 million. In general, as a plane’s capacity rises, so do its costs. Airlines try to offset rising prices by stuffing a few more seats in the cabin and, of course, thinking up new fees to charge passengers.
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http://247wallst.com/aerospace-defense/2014/12/01/what-does-a-boeing-737-max-cost/ | What Does a Boeing 737 MAX Cost? – 24/7 Wall St. | What Does a Boeing 737 MAX Cost?
What Does a Boeing 737 MAX Cost?
Paul Ausick
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| What Does a Boeing 737 MAX Cost? – 24/7 Wall St.
Aerospace & Defense
What Does a Boeing 737 MAX Cost?
Paul Ausick
December 1, 2014 10:45 am
Last Updated: April 28, 2020 9:45 am
Source: The Boeing Co.
The largest low-cost airline in Europe, Ryanair Holdings PLC (NASDAQ: RYAAY), has confirmed an order for 100 737 MAX 200 aircraft from Boeing Co. (NYSE: BA) in a deal valued at around $11 billion at list prices. Ryanair currently flies only Boeing 737s, and it has an unfilled order in place for 176 of Boeing’s previous generation aircraft, the 737-800.
The deal between the two companies was announced in September, after Ryanair had persuaded Boeing to add 11 additional seats to the 737 MAX 8, bringing the total per plane to 200. Hence the designation 737 MAX 200.
Boeing will stuff another 11 seats into the plane’s cabin, putting the 737 MAX 200 a step ahead of the 189 seats on the Airbus A320neo. Ryanair is the largest low-cost carrier in Europe, and having capacity for 199 passengers maximizes the economics of the company’s planes: Adding a 200th passenger means adding another flight attendant.
Through the end of October, Boeing reported unfilled orders for 4,037 737s, of which 2,326 are orders for the 737 MAX family of planes. The 737 MAX 7, MAX 8 and MAX 9 are not scheduled for first deliveries until 2017, significantly later than the late 2015 entry-into-service target date for the A320neo from Airbus.
Beginning with its 737-700, Boeing designated the aircraft as Next Generation 737s. The most popular is the 737-800, which can carry up to 189 passengers and has a range of about 3,500 miles at a cruising speed of 590 miles per hour. The 737-800 has a list price of $93.3 million.
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Southwest Airlines Co. (NYSE: LUV) flies the 737 exclusively and currently has 633 of the planes in its fleet. Of those, 499 are 737-700s and 737-800s. Since 1971, Southwest has taken delivery of 659 737s and has another 282 on order, according to Boeing. Of the planes on order, 200 are in the 737 MAX family.
Delta Air Lines Co. (NYSE: DAL) has 110 of Boeing’s 737s in service, all Next Generation models, and United Continental Holdings Inc. (NYSE: UAL) has 281 of the Next Gen 737s in service, the most of any aircraft in its fleet.
The (currently available) Next Gen 737s are powered by a pair of CFM56-7BE engines that were introduced in 2009 by CFM International, a joint venture between General Electric Co. (NYSE: GE) and French engine maker Snecma. Combined with improvements to the 737’s airframe, an aircraft equipped with the new engines enjoys a 2% reduction in fuel consumption.
The plane’s flight deck includes technologies showing the current and predicted flight path of the aircraft and potential conflicts with the terrain, as well as a heads-up display to provide flight and safety information at eye level.
The list price range for a 737 aircraft starts at $78.3 million for a 737-700 and climbs to $113.3 million for a 737 MAX 9. Compared with the competitive Airbus A320 family models: the 737-700 costs $7.5 million less than the A319, the 737-800 costs $600,000 less than the A319 and the 737-900ER costs $11.1 million less than the A321.
Using a new CFM engine, the LEAP-1B, the 737 MAX is expected to reduce both fuel consumption and carbon emissions. The more fuel-efficient engines are also expected to increase the new plane’s range to about 4,150 miles.
More and better computing technology, new and more fuel-efficient engines, and improvements in materials and construction all combine to push up the cost of new designs. The $113 million list price for the largest of the new 737 MAX family is still just over a third the cost of the wide-body Boeing 777-300ER, which costs $330 million.
The next generation of the 777, the 777X, is expected to go into service in 2020, and the top-of-the-line 777-9X, which can carry up to 400 passengers, now carries a list price of $388.7 million. In general, as a plane’s capacity rises, so do its costs. Airlines try to offset rising prices by stuffing a few more seats in the cabin and, of course, thinking up new fees to charge passengers.
ALSO READ: World’s Most Popular Aircraft: Boeing 737 or Airbus 320?
Read more: Aerospace & Defense, BA, DAL, GE, LUV, RYAAY, UAL, Airbus, airlines, featured
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http://247wallst.com/aerospace-defense/2015/07/01/how-much-does-a-boeing-747-8-cost/ | How Much Does a Boeing 747-8 Cost? – 24/7 Wall St. | How Much Does a Boeing 747-8 Cost?
How Much Does a Boeing 747-8 Cost?
Paul Ausick
ALSO READ: Boeing Loses Korean Tanker Contract to Airbus
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| How Much Does a Boeing 747-8 Cost? – 24/7 Wall St.
Aerospace & Defense
How Much Does a Boeing 747-8 Cost?
Paul Ausick
July 1, 2015 8:35 am
Last Updated: April 27, 2020 11:15 pm
Source: The Boeing Co.
The first 747-100 from Boeing Co. (NYSE: BA) was put into service in 1970, and those first planes sold at a list price of $24 million. Adjusting for inflation, that same 747 would sell today for $147.1 million. So why does Boeing list the passenger version of a new 747-8 for $367.8 million and the freighter-hauling version at $368.4 million?
Since that first delivery to Pan Am in 1970, Boeing has delivered 1,508 747s and has 32 orders for new planes on its books, 18 for the 747-8 passenger plane and 14 for the 747-8F freighter. Boeing delivered a total of 250 of the original 747-100s, the last in 1986. The follow-on model, the 747-200, was first put into commercial service in 1971, and Boeing delivered 393 of this model before production was stopped in 1991. The 747-300 followed in 1983, and 81 were delivered before production was halted in 1990.
In April of 2013, the company announced a production cut from two planes a month to 1.75, and further cuts will culminate in a rate of 1.3 per month beginning in September and lasting until a one-per-month rate takes effect next February. The latest 747 passenger jet competes against the Airbus A380 for a small part of the global commercial fleet. The A380 can carry as many as 555 passengers, nearly 90 more than the 747-8. Dual-engine planes like Boeing’s 787 and the Airbus A350 are more economical on many of the routes that the 747 was originally designed to fly, and the A380 is more economical than the 747 on the longest routes.
The price of the 747-8 includes four engines, compared with two on the 787 Dreamliner and the $330 million 777-300ER. Boeing claims the plane will be 10% lighter per seat and consume 11% less fuel than the A380, which carries a list price of $428 million.
ALSO READ: Boeing Loses Korean Tanker Contract to Airbus
The 747-8 is longer than previous versions of the aircraft and uses the same engines and cockpit technology as the 787 Dreamliner. The passenger version, often referred to as the 747-8I, is designed to carry 467 passengers at a cruising speed of 650 miles per hour.
The more advanced engines, the more sophisticated cockpit technology, the larger carrying capacity — all these add up to a new 747-8 that costs about two and a half times the original’s inflation-adjusted price.
To add to the issues Boeing faces in selling these planes, the recent failure of Congress to reauthorized the U.S. Export-Import Bank will make it harder for potential customers to line up financing to buy a 747. According to a report from Bloomberg News, nine of the planes currently on order are headed for markets like Russia, Azerbaijan and Nigeria, all of which would require guarantees from the Ex-Im bank in order to finance the $3.3 billion purchase price of the nine planes. Of course that’s the list price, and none of these customers is paying list price, but even at a typical discount of between 40% and 60%, that is a substantial amount of cash.
Boeing took an order for 20 new 747-8F freighters at the recent Paris Air Show, and the company may have to finance the purchases itself. Boeing can afford to do that, but that ties up cash that the company may have been able to use to return to shareholders through dividends and stock buybacks.
ALSO READ: Will Boeing Be Able to Replace Legendary CEO?
What to do about the 747 is one of the first decisions that new CEO Dennis Muilenburg will have to make. Does Boeing believe that the 747 maintains enough strategic value to the company to make it worth committing cash that it could use for other purposes? We are about to find out.
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http://247wallst.com/aerospace-defense/2015/08/16/top-10-u-s-defense-contractors/ | Top 10 US Defense Contractors – 24/7 Wall St. | Top 10 US Defense Contractors
Top 10 US Defense Contractors
Paul Ausick
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Aerospace & Defense
Top 10 US Defense Contractors
Paul Ausick
August 16, 2015 9:25 am
Last Updated: April 28, 2020 7:54 am
Source: Thinkstock
U.S. spending on national defense is tightening, but it is still a vast sum. Depending on what is counted, the grand total including items for retirement benefits, the Department of Homeland Security, and the Defense Department’s share of interest on the national debt rises to $967.9 billion, according to the Center for Defense Information. The 2015 budget request totals $1.010 trillion.
While some analysts believe that 2014 was the bottom of the defense market, there are others who think that 2015 will be the bottom in terms of authorized budgets and 2016 will be the bottom in actual spending.
The top 10 defense contractors received $201.82 billion in 2014, according to a report from Defense News. Of the base 2014 budget total of $496.1 billion, the top 10 accounted for about 41%. The full list of the top 100 defense contractors is available at Defense News.
Lockheed Martin Corp. (NYSE: LMT) received $40.13 billion in defense revenues in 2014, some 88% of the company’s total revenues. The total represents a 09% decline from 2013 defense revenues. Lockheed received $7.54 billion to advance its F-35 Joint Strike Fighter program, the most expensive and closely watched of all defense programs. The company has joined with Boeing to bid on a new training jet.
Boeing Co. (NYSE: BA) hauled in $29 billion in defense revenues in 2014, some 32% of its total revenues. The company suffered a more serious year-over-year decline in defense projects than did Lockheed, with revenues from defense falling 9.4% from 2013 levels. Boeing’s largest defense program is the new KC-46A tanker for which it received $1.5 billion in 2014.
BAE Systems Inc. is a U.K.-based contractor that garnered $25.45 billion in 2014 defense revenues. The total represents 92.8% of the U.S. company’s total revenues. BAE specializes in electronic systems, cybersecurity and armored systems among other things.
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http://247wallst.com/autos/2014/01/23/toyota-ranks-as-worlds-no-1-car-company-in-2013/ | Toyota Ranks as World’s No. 1 Car Company in 2013 – 24/7 Wall St. | Toyota Ranks as World's No. 1 Car Company in 2013
Toyota Ranks as World's No. 1 Car Company in 2013
Douglas A. McIntyre
| Toyota Ranks as World’s No. 1 Car Company in 2013 – 24/7 Wall St.
Autos
Toyota Ranks as World's No. 1 Car Company in 2013
Douglas A. McIntyre
January 23, 2014 6:14 am
Source: Wikimedia Commons
Now that the count is in for 2013, the numbers are official. Toyota Motor Corp. (NYSE: TM) was the No. 1 car company in the world. It is quite a comeback from the factory destruction caused by the great 2011 Japanese earthquake and millions of recalls that eventually had CEO Akio Toyoda hauled before Congress and questioned about the safety of his company’s vehicles.
Reuters tabulated data that show the Japanese car manufacturer’s sales rose 2% to 9.98 million vehicles. General Motors Co. (NYSE: GM) followed with a 4% improvement to 9.71 million vehicles. Volkswagen was third with an increase of 5% to 9.70 million. At those rates, GM could fall into the third spot in 2014.
While a weak yen gave Toyota an advantage over its non-Japanese rivals, that is only part of the cause. Toyota has regained its reputation for quality. In the United States, this was shown with high scores in carefully watched research data from Consumer Reports and J.D. Power. Toyota’s sales rank it third in the U.S. behind GM and Ford Motor Co. (NYSE: F). Notably, Volkswagen’s sales in America have languished.
The AECA reports that in 2013, in the crippled market of Europe, Toyota’s sales dropped a mere 0.2% while overall sales in the region were off by 1.7%. VW, the largest car maker in the region, lost 0.6% of its sales. GM was staggered by a drop of 4.3%. The U.S. company has been unable to turnaround its buckling Europe operations.
GM and VW hold a substantial lead in China, the world’s largest car market. Each, along with joint venture partners, sold more than 3 million cars last year in the People’s Republic. Toyota lags with less than one million. Because the Chinese car market is so huge, Toyota likely will have to do better there to keep its global position.
Among Toyota’s advantages is its broad range of vehicles, which run from it Lexus luxury brand to the Prius, the best-selling hybrid in the world. The Japanese car company offers 23 models in the United States, excluding Lexus models — a number that second-tier manufactures like Chrysler find they cannot match.
Toyota, overcoming tremendous hurdles, has moved back on top.
Read more: Autos, F, GM, TM, Corporate Performance, featured, hybrid cars, Volkswagen | msmarco_doc_00_18201381 |
http://247wallst.com/autos/2014/03/27/americas-10-most-popular-cars/ | America’s 10 Most Popular Cars – 24/7 Wall St. | America's 10 Most Popular Cars
America's 10 Most Popular Cars
Douglas A. McIntyre
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Autos
America's 10 Most Popular Cars
Douglas A. McIntyre
March 27, 2014 6:41 am
Last Updated: March 28, 2014 11:38 am
Source: Kandi Technologies Group Inc.
There is more than one way to measure a car’s popularity. The most traditional is monthly and annual sales. This list has been dominated by full-sized pickups, such as the Ford Motor Co. (NYSE: F) F-150, and fuel-efficient, inexpensive cars like the Toyota Motor Corp. (NYSE: TM) Camry.
Another measure of vehicle popularity is which vehicles people search for online. Since at least some portion of people who go to cars sites plan to buy, search volume and intent likely lead to real sales.
However, unit sales and number of online searches for vehicles do not always match. Some of the most searched vehicles were not among the top 20 selling vehicles in February at all.
Edmunds, the car research site, keeps records of search volume by vehicle. The most recent figures, which cover the top 50 most recent cars, SUVs and light trucks, cover the month of February.
Here is a look at the Edmunds top 10 and its comments on each.
1. Honda Motor Co. Ltd. (NYSE: HMC) Accord. “The 2014 Honda Accord earns top honors in the midsize sedan class with its mix of excellent packaging, superb fuel economy and rewarding performance.” The Accord was the eighth best-selling vehicle in the United States in February at 23,712. But its sales dropped 16% from February 2013.
2. Honda CR-V. “Roomy, fuel-efficient and loaded with family-friendly features, the 2014 Honda CR-V is our top choice among compact crossover SUVs.” The 13th best-selling car in February at 20,759, roughly flat from the same month last year.
3. Toyota Highlander. “With more room for people and their things, the 2014 Toyota Highlander remains an excellent choice for a do-all family vehicle.” Not among the top 20 cars based on sales in February.
4. Jeep Grand Cherokee. “If you want a midsize SUV that does a little of everything, the 2014 Jeep Grand Cherokee is tough to beat. Its well-trimmed cabin is comfy for five, and it can handle a daily commute as easily as it does an off-road trail.” Also not among the top 20 best-selling cars.
5. Mazda CX-5.”In many ways, the 2014 Mazda CX-5 is quite a conventional compact crossover. However, its sharp styling and engaging driving experience set it apart from the pack.” Another not among the top 20 best-selling cars in February.
6. Subaru Forester. “A full redesign brings better fuel efficiency as well as greater interior room and refinement for the 2014 Subaru Forester. It’s a top pick for a small to midsize crossover SUV.” Yet another car not among the 20 best sellers last month.
7. Mazda MAZDA3. “Purposeful styling, fuel-efficient engines and an ideal ride and handling balance keep the 2014 Mazda 3 among the favorites in the compact car class.” One more not among the top 20.
8. Honda Civic. “Honda has made another major round of improvements to the Civic for 2014. As a result, the 2014 Honda Civic is one of the best compact cars you can buy.” The 12th best-selling vehicle in February, with sales of 21,575, down 5% from the same month in 2013.
9. Ford Escape. “The 2014 Ford Escape is one of our favorite small crossover utility vehicles, thanks to athletic driving dynamics, an inviting cabin and useful high-tech features.” The ninth best-selling car last month, with 23,145 in sales, down 4%.
10. Ford F-150. “America’s top-selling pickup is offered in a substantial array of trims and powertrains to accommodate all manner of towing, hauling or off-road needs.” The longtime sales champion among American vehicles, with February units of 55,882, up 3% from the same month a year earlier
To show sales and searches are not completely disconnected: popular cars on the 11th through 20th spots on the Edmunds search list do include vehicles that were in the top 20 in actual sales in February. Among these were the Toyota RAV4, Toyota Camry and Ford Fusion.
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http://247wallst.com/autos/2014/06/08/the-most-reliable-hybrid-electric-cars/ | The Most Reliable Hybrid Electric Cars – 24/7 Wall St. | The Most Reliable Hybrid Electric Cars
The Most Reliable Hybrid Electric Cars
Paul Ausick
ALSO READ: Toyota Prius Sales in Trouble
| The Most Reliable Hybrid Electric Cars – 24/7 Wall St.
Autos
The Most Reliable Hybrid Electric Cars
Paul Ausick
June 8, 2014 9:55 am
Last Updated: April 28, 2020 7:18 am
Source: Honda Motor Co. Ltd.
The market for used cars is hot right now. How hot? New car sales in the United States last month totaled 15.6 million units, compared with nearly 42 million used car sales.
Not only do used car sales outstrip new car sales by nearly three times, gross margins are better — nearly double on average. That’s money out of the buyers’ pockets, so it pays for used car buyers to pay attention to how well that new, used car can be expected to perform.
The folks at auto sales website iSeeCars.com have recently published a ranking of the longest-lasting hybrid electric vehicles. The ranking is based on the percentage of cars currently on the road with more than 150,000 miles on the clock.
The iSeeCars.com ranking includes just seven cars from three automakers: Toyota Motor Corp. (NYSE: TM), Honda Motor Co. Ltd. (NYSE: HMC) and Ford Motor Co (NYSE: F).
7. Honda Insight: 0.6% with more than 150,000 miles driven
6. Toyota Camry hybrid: 0.7%
5. Lexus RX 400h: 1.4%
4. Toyota Prius: 2.1%
3. Ford Escape hybrid: 2.7%
2. Toyota Highlander hybrid: 2.7%
1. Honda Civic hybrid: 5.4%
More than 3 million hybrid cars have been sold in the United States since Honda sold its first 17 Insights in 1999. The following year, Toyota introduced the Prius to the United States, and Honda sold 2,788 units of it Insight, compared with 5,562 units of the Toyota Prius.
About a third of all hybrids sold in the United States are some version of the Prius, so why doesn’t the Prius lead in longevity? The CEO of iSeeCars.com thinks it might be due to the fact that Honda buyers drive more than Toyota buyers:
Perhaps consumers who buy Civic Hybrids tend to be more efficiency-minded and are looking to get the most miles out of their cars while people who buy Prius may be looking to make more of an environmental statement. When was the last time you saw a celebrity in a Honda Civic Hybrid?
The iSeeCars.com study analyzed the number of cars listed on its website with more than 150,000 as a percentage of the total number of vehicles listed for that model. The list includes only those hybrid vehicles that have sold more than 50,000 units since 1999. Plug-in hybrids and all-electric models are not included.
ALSO READ: Toyota Prius Sales in Trouble
Read more: Autos, F, HMC, TM, alternative energy, hybrid cars
| msmarco_doc_00_18209283 |
http://247wallst.com/autos/2014/09/07/toyota-prius-sales-fall-14/ | Toyota Prius Sales Fall 14% – 24/7 Wall St. | Toyota Prius Sales Fall 14%
Toyota Prius Sales Fall 14%
Douglas A. McIntyre
September 7, 2014 8:38 am
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| Toyota Prius Sales Fall 14% – 24/7 Wall St.
Autos
Toyota Prius Sales Fall 14%
Douglas A. McIntyre
September 7, 2014 8:38 am
Last Updated: April 28, 2020 8:39 am
Source: Courtesy Toyota Motor Corp.
Perhaps the number of competitors has become too large. The best-selling hybrid in the world, both currently and in history, suffered a sales drop of 14% in August. The once invincible Toyota Motor Corp. (NYSE: TM) Prius has struggled recently.
The troubles the Prius suffers from now extend across the entire year so far. August sales dropped 14.3% to 23,474. Sales through the first eight months dropped to 11.5% to 151,213. Despite the falloff, it still ranks among the top 20 selling cars in the United States.
The Prius’s track record over time is extraordinary. Launched in 1997, the Prius has sold nearly 4 million units worldwide. It has gone through four entire redesigns since then, and currently offers a plug-in model. It has at least tried to cash in on the movement to electric cars.
READ ALSO: The World’s Most Respected Brands
During the past several years, many of the best-selling cars in America (along with a number that do not sell so well) have launched hybrid editions. Even Toyota has hybrid versions of its best-selling models, particularly its top-selling Camry. In other words, in the hybrid sector, Toyota competes with itself. The decision does make sense based on wide consumer preferences for size, configuration and price. However, it cannot help but cannibalize Prius sales.
The wild success of the Prius has also driven the world’s other major car companies to press aggressively into the sector. For example, Ford Motor Co. (NYSE: F) offers hybrid or electric versions of its Fusion, Focus and C-Max. The Fusion and Focus are among the top 20 selling cars in America this year. Honda Motor Co. Ltd. (NYSE: HMC) offers hybrid or electric versions of its Accord, Civic and CR-Z. All three are among the top 20 selling cars this year — another indication of how crowded the hybrid market has become.
The Prius’s major problem appears to be that it has become a victim of its own multiyear success.
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http://247wallst.com/autos/2015/02/03/gm-able-to-raise-average-car-price-by-8/ | GM Able to Raise Average Car Price by 8% – 24/7 Wall St. | GM Able to Raise Average Car Price by 8%
GM Able to Raise Average Car Price by 8%
Douglas A. McIntyre
ALSO READ: Toyota Expects Slump in 2015 Sales
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| GM Able to Raise Average Car Price by 8% – 24/7 Wall St.
Autos
GM Able to Raise Average Car Price by 8%
Douglas A. McIntyre
February 3, 2015 6:33 am
Last Updated: February 3, 2015 6:58 am
Source: courtesy of General Motors
While car and light truck sales have surged in the past year, so have their prices. At least gasoline prices have fallen, which could provide money for down payments.
According to new research:
The analysts at Kelley Blue Book http://www.kbb.com, the only vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry, today report the estimated average transaction price (ATP) for light vehicles in the United States was $33,993 in January 2015. New-car prices have increased by $1,694 (up 5.2 percent) from January 2014, while dropping $570 (down 1.7 percent) from last month.
The year-over-year data may be more important, since pricing is seasonal, and the price of new models may have lifted December results.
The company that has been most able to aggressively raise prices is General Motors Co. (NYSE: GM). What it can charge for the average vehicle it produces and sells rose 8.2% since last January to $37,875. GM also had the highest transaction price last month among all the major car manufacturers. GM models include Buick, Cadillac, Chevy and GMC.
ALSO READ: Toyota Expects Slump in 2015 Sales
While GM’s bottom line should benefit from its price leverage, some other manufacturers where not so fortunate. KBB reports that troubled car company Volkswagen was only able to raise prices 0.2% from January to January. Perhaps it cannot raise prices because of slack demand for its vehicles. The most successful manufacturer over the past two years, in terms of sales increases — Fiat Chrysler Automobiles N.V. (NYSE: FCAU) — was able to lift prices only by 2.7% to an average of $33,308. Fiat Chrysler models include Chrysler, Dodge, Fiat, Jeep and RAM. Toyota Motor Corp. (NYSE: TM) also had problems lifting prices. The largest Japanese car company was able to increase the average price paid for its vehicles by 2.7% to $31,058. Its models include Toyota, Lexus and Scion.
KBB researchers report that one of the major reasons for GM’s ability to increase prices may not last long:
General Motors increased significantly in its average transaction prices at 8.2 percent year-over-year, benefitting from their full lineup of SUV and truck models, along with low gas prices. General Motors’ full-size SUV lineup hit the market last year at the right time, and prices for the Cadillac Escalade, Chevrolet Suburban, Chevrolet Tahoe and GMC Yukon/Yukon XL are all up more than 10 percent from this time last year.
Gasoline and oil prices have started to rise from their bottoms. If that continues, truck and SUV makers will lose some of their leverage. One reason car companies have price leverage is the ease with which buyers can get loans. However, some of these borrowers may lack the means to pay off their loans.
A recent article in Forbes points out:
[S]ales of US subprime auto ABS totaled more than $17.4 billion in 2014, after a record $22 billion were sold in 2013. Auto lenders have even started offering ABS with a “prefunding” feature that effectively packages securitized bundles of auto loans before they’ve even been made. While that might sound crazy and reminiscent of 2008, easier lending standards have been a big driver of vehicle sales that continue to beat expectations. The head of Honda’s US sales recently warned that competitors are doing “stupid things” to gain an advantage.
In other words, new car sales, and prices, could drop as quickly as they advanced.
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Read more: Autos, GM, TM, Chrysler, Corporate Performance, featured | msmarco_doc_00_18220330 |
http://247wallst.com/autos/2016/08/15/need-a-tesla-service-center-dont-live-in-most-states/ | Need a Tesla Service Center? Don’t Live in 19 States (and Parts of Others) – 24/7 Wall St. | Need a Tesla Service Center? Don't Live in 19 States (and Parts of Others)
Need a Tesla Service Center? Don't Live in 19 States (and Parts of Others)
Douglas A. McIntyre
| Need a Tesla Service Center? Don’t Live in 19 States (and Parts of Others) – 24/7 Wall St.
Autos
Need a Tesla Service Center? Don't Live in 19 States (and Parts of Others)
Douglas A. McIntyre
August 15, 2016 9:15 am
Last Updated: January 13, 2020 4:36 am
(Note: This post was updated to indicate the number of states with no Tesla service centers.)
Tesla Motors Inc. (NASDAQ: TSLA) offers several levels of service plans. However, it does not have a lot of places to have its cars serviced. In many states, it has no service centers at all.
Tesla has built a reputation for producing cars that need little or no work. If one crashes, Tesla has approved body shops that are fairly easy to reach. As for its service centers, Tesla tried to offer loaners to owners who have their Tesla in the shop. But it is in the midst of a balancing act between what it sells, where it sells and where it services.
A look at the Tesla service center national map shows centers in major cities, unless those cities are unlikely to have Tesla owners, and they are unlikely to have owners in the future. California, the Tesla capital of the world, has service centers up and down the coast, as well as inland in Sacramento. Dallas, Austin and Houston are covered in Texas. So are Palm Beach, Miami, Tampa and Orlando in Florida.
Tesla has no service center in several large states. None in Indiana or Michigan. None in Kentucky or Virginia. None in 19 states.
The service network size has to be a disadvantage when compared to other companies, like BMW, that have started to aggressively move into the electric car business. Without a dealer network, which in the traditional car distribution model means a service center as well, Tesla has to balance availability with the cost of offering nearby service. It has to comb through the metrics of how quickly it needs new service centers well ahead of when it absolutely has to have them. The 400,000 back orders of Model 3 cars will make that progressively more difficult, as will the pace at which Tesla builds its Gigafactory.
In the meantime, don’t try to find a Tesla service center in most states.
Read more: Autos, TSLA, Corporate Performance | msmarco_doc_00_18224628 |
http://247wallst.com/autos/2017/02/07/fastest-car-ever-from-0-to-60-mph-tesla-model-s-p100d/ | Fastest Car Ever From 0 to 60 mph: Tesla Model S P100D – 24/7 Wall St. | Fastest Car Ever From 0 to 60 mph: Tesla Model S P100D
Fastest Car Ever From 0 to 60 mph: Tesla Model S P100D
Paul Ausick
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Autos
Fastest Car Ever From 0 to 60 mph: Tesla Model S P100D
Paul Ausick
February 7, 2017 2:34 pm
Last Updated: January 12, 2020 3:04 pm
Motor Trend magazine said today that Tesla Inc.’s (NASDAQ: TSLA) Model S P100D is the quickest production car it has ever tested from a standstill to 30, 40, 50 and 60 miles per hour. The P100D reached 60 mph in just 2.2755 seconds. No other production car, ever, has beat 2.3 seconds.
The P100D sports all-wheel drive and a 100-kWh lithium-ion battery, and it weighs in at a hefty 4,891 pounds, nearly 1,500 pounds more than the McLaren P1 ($1.15 million), 1,200 pounds more than the Porsche 918 ($845,000) and 1,400 pounds more than Ferrari’s LaFerrari ($1.7 million). The P100D’s base price is $135,700.
Alas the three super cars pull ahead in the race to 70 and 80 mph, with the Ferrari passing the Model S at 70 mph and the others pulling away at 80 mph.
To get that performance from the car, the driver has set the software to “Ludicrous” mode. Here’s how Motor Trend describes what happens next:
[S]elect the Settings menu. Under Acceleration, press and hold the Ludicrous button for five seconds. As with the P90D, this prompts a warp screen of flashing lights followed by a screen that asks, “Are you sure you want to push the limits? This will cause accelerated wear of the motor, gearbox and battery.” The two buttons below are marked, “No, I want my Mommy,” and “Yes, bring it on!”
The P100D was launched last fall, but the Motor Trend test was completed only recently.
Tesla stock traded down less than 0.1% in the early afternoon Tuesday, at $257.74 in a 52-week range of $141.05 to $269.34. The 12-month price target is $240.94.
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http://247wallst.com/banking-finance/2010/05/17/the-net-worth-of-the-american-presidents-washington-to-obama/ | The Net Worth Of The American Presidents: Washington To Obama – 24/7 Wall St. | The Net Worth Of The American Presidents: Washington To Obama
The Net Worth Of The American Presidents: Washington To Obama
Douglas A. McIntyre
Read the Net Worth of the American Presidents.
The following is the net worth of all forty-three presidents.
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Banking & Finance
The Net Worth Of The American Presidents: Washington To Obama
Douglas A. McIntyre
May 17, 2010 11:13 pm
Last Updated: February 11, 2016 3:37 pm
George Washington, the nation’s first president, was also one of the wealthiest men to hold the office. His Virginia plantation, Mount Vernon, consisted of five separate farms on 8,000 acres of prime farmland. As president, Washington earned significantly more than his successors — his salary was 2% of the total 1789 U.S. budget.
Read the Net Worth of the American Presidents.
Our 16th president, Abraham Lincoln, was not one of America’s wealthiest — and any opportunity to earn money after his term in office was cut short. He was born in a log cabin and served as an attorney for 17 years before becoming president. He owned a single-family home in Springfield, Illinois.
Editor’s Note: This article was first published on May 17, 2010. The net worth of any of the presidents on this list who are no longer living cannot change, except as measured by inflation. We have examined the net worth for the presidents who are still earning a significant income. Presidents Obama, George W. Bush and Clinton have made millions from book royalties and speaking fees. While Presidents Carter and George H. W. Bush amassed large fortunes throughout their lives, their net worth does not appear to have changed in recent years.
– The Editors (2/11/2016)
24/7 Wall St. examined the finances of all 43 presidents. For comparison purposes, we provided net worth figures for each president in 2010 dollars. Because a number of presidents, particularly in the early 19th century, made and lost huge fortunes in a matter of a few years, we only provided each president’s net worth at its peak.
In the case of each president we have taken into account hard assets such as land, estimated lifetime savings based on work history, inheritance, homes, and money paid for services, including such diverse incomes as salary as collector of customs at the Port of New York to Fortune 500 board memberships. We have also taken into account royalties on books, along with ownership of companies and yields from family estates.
The net worth of the presidents varies widely. George Washington was worth over half a billion in today’s dollars, while several presidents went bankrupt.
The fortunes of American presidents are tied to the economy of their times. For the first 75 years after Washington’s election, presidents generally made money on land, crops, and commodity speculation. A president who owned hundreds or thousands of acres could lose most or all of his property after a few years of poor crop yields. Wealthy Americans occasionally lost all of their money through land speculation — leveraging the value of one piece of land to buy additional property. Since there was no reliable national banking system and almost no liquidity in the value of private companies, land was the asset likely to provide the greatest yield, if the property yielded enough to support the costs of operating the farm or plantation.
Because there was no central banking system and no commodities regulatory framework, markets were subject to panics.
The Panic of 1819 was caused by the deep indebtedness of the federal government and a rapid drop in the price of cotton. The immature banking system was forced to foreclose many farms. The value of the foreclosed properties was often low because land without a landowners meant land without crop yields.
Poor wheat crops, a drop in cotton prices, and a collapsing land bubble created by speculation triggered the Panic of 1837. The crisis caused a multi-year period of deflation and depression. The sharp fluctuations in the fortunes of the first 14 presidents were the result of these economic times.
Beginning with Millard Fillmore in 1850, most presidents were lawyers who spent years in public service. They rarely amassed large fortunes, and their salaries were most often their main source of income. From Fillmore to Garfield, these American presidents were distinctly middle class. They often retired without the money to support themselves in a fashion anywhere close to the one they were accustomed to as presidents. Buchanan, Lincoln, Johnson, Grant, Hayes, and Garfield had almost no net worth at all.
The rise of inherited wealth in the early 20th century contributed to the fortunes of many presidents, including Theodore Roosevelt, Franklin D. Roosevelt, John F. Kennedy, and both of the Bushes. The other significant change to the economy was the advent of large professionally organized corporations. These corporations produced much of the oil, mining, financial, and railroad fortunes amassed at the end of the 19th century and the beginning of the 20th. The Kennedys were wealthy because of the financial empire built by Joseph Kennedy. Herbert Hoover made millions of dollars as the owner of mining companies.
The stigma of making money from being a retired president also began to disappear. Calvin Coolidge earned a large income from his newspaper column. Gerald Ford, who had almost no money when he was a congressman made a small fortune from serving on the boards of large companies. Clinton made millions of dollars from writing his autobiography.
24/7 Wall St. analyzed the finances of the presidents based on historical sources. Most media evaluations provided a range of the net worth of presidents, where the highest figure was often several times the lowest estimate. Most sources offered no hard figures at all. Additionally, many of these efforts have focused on the analysis of recent commanders-in-chief executives. That is because it is much easier to calculate figures in a world where assets and incomes are a matter of public record.
One of the most important conclusions of this analysis is that the presidency has little to do with wealth. Several presidents had huge net worths before taking office. Many lost most of their fortunes after leaving office. Some never had any money at all.
The following is the net worth of all forty-three presidents.
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http://247wallst.com/banking-finance/2015/06/09/with-interest-rates-set-to-rise-4-bank-stocks-to-buy-now/ | With Interest Rates Set to Rise, 4 Bank Stocks to Buy Now – 24/7 Wall St. | With Interest Rates Set to Rise, 4 Bank Stocks to Buy Now
With Interest Rates Set to Rise, 4 Bank Stocks to Buy Now
Lee Jackson
Bank of America
ALSO READ: Merrill Lynch Sees No Bear Market for Now but Trouble Brewing
| With Interest Rates Set to Rise, 4 Bank Stocks to Buy Now – 24/7 Wall St.
Banking & Finance
With Interest Rates Set to Rise, 4 Bank Stocks to Buy Now
Lee Jackson
June 9, 2015 9:10 am
Last Updated: June 9, 2015 10:09 am
Source: Thinkstock
Despite lousy first-quarter gross domestic product that came in at -0.7%, the strong jobs report indicated last week that the labor market is tightening and wages are going higher. In new research reporting, Deutsche Bank thinks it is time for the Federal Reserve to start laying out their plans for rate hikes. They also think that four big U.S. banks are solid buys now.
While some banks are more interest rate sensitive than others, top U.S. banks remain a very solid place for growth investors to put capital. While strong dollar concerns have hit many stocks, staying with domestic banks, especially the four Deutsche Bank likes, could be a solid play for a rising interest rate environment.
Bank of America
This stock seems to have been in the “big bank penalty box” the longest and may offer investors a very good entry point. Bank of America Corp. (NYSE: BAC) reported solid first-quarter earnings that were driven by lower expenses and absence of substantial legal costs, which had strangled the bank for years. The first-quarter 2015 results saw year-over-year improvement and earnings of $0.27 per share were substantially up from a loss of $0.05 in the prior-year quarter. Some analysts think $2 per share earnings is not out of the question for the money center giant. Total 2015 earnings estimates are expected up 284% from last year.
The company is a ubiquitous presence in the United States, providing various banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, corporations and governments in the United States and internationally. It operates 5,100 banking centers, 16,300 ATMs, call centers and online and mobile banking platforms.
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The Deutsche Bank team sees the company as the purest play on U.S. growth and rates among the banks peers, especially with most of the legal issues in the rear-view mirror.
Bank of America investors are paid a 1.17% dividend. The stock is rated Buy with a $19 price target at Deutsche Bank. The Thomson/First Call consensus price target is $18.33. Shares closed Monday at $17.08.
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Read more: Banking & Finance, BAC, C, GS, JPM, Analyst Upgrades, featured | msmarco_doc_00_18238070 |
http://247wallst.com/commodities-metals/2014/10/22/what-to-think-when-platinum-prices-go-lower-than-gold/ | What to Think When Platinum Prices Go Lower Than Gold – 24/7 Wall St. | What to Think When Platinum Prices Go Lower Than Gold
What to Think When Platinum Prices Go Lower Than Gold
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| What to Think When Platinum Prices Go Lower Than Gold – 24/7 Wall St.
Commodities & Metals
What to Think When Platinum Prices Go Lower Than Gold
Jon C. Ogg
October 22, 2014 2:01 pm
Source: Thinkstock
Platinum is generally supposed to be worth more than gold per ounce. After all, it is more rare, considered more precious and harder to work with. That basic assumption changes through time, and sometimes the price of platinum and gold can invert. October of 2014 is bringing up an interesting case in which gold prices are almost identical to the price of platinum. On Wednesday, gold prices were trading at $1,245 per ounce while platinum prices were closer to $1,270.
24/7 Wall St. wants to examine they why this is happening. For starters, gold and platinum inverting is not something that never happens. It is just rare, less than 10% of the time over the past two decades. Much of that inversion was during the time that the gold bugs were buying gold like it was going to be the replacement currency, when the quantitative easing and money printing fears were in overdrive.
What is taking place now is that emerging markets are soft and Europe is teetering on a deflationary recession cycle. The move for this potential test of gold and platinum inverting is not due to any gold rally — platinum has cratered since July. Gold may have sold off during much of that time, but platinum fell from $1,500 in July to around the $1,250 mark.
The issue is of course complicated, but gold can be a bit of a schizophrenic metal when it comes to why nations and individuals buy it. Platinum is used by industry, so it has a more direct move in direction of anticipated industry trends — particularly expectations around auto sales trends due to catalytic converter demand.
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Again, the reasons that people, nations and industry buy gold are numerous. It is not just as a currency alternative or inflation protection, or because central banks need to bolster their reserves. What is scary here is not what is happening to the price of gold. The scarier notion is what this drop in platinum says about expected world growth more than anything that the moves in gold say.
24/7 Wall St. has also compared the SPDR Gold Shares (NYSEMKT: GLD) and ETFS Physical Platinum (NYSEMKT: PPLT) in charts from Yahoo! Finance. The drop from July is shown to be much more severe in the platinum ETF in percentage terms. We have then used charts from GoldMoney.com to show exactly how much in raw dollars per ounce the drop has been in platinum versus the whipping trade pattern in gold.
Source: Yahoo! Finance
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Read more: Commodities & Metals, GLD, featured, gold prices, platinum prices | msmarco_doc_00_18241109 |
http://247wallst.com/commodities-metals/2015/06/09/can-peabody-shrink-its-way-to-salvation/ | Can Peabody Shrink Its Way to Salvation? – 24/7 Wall St. | Can Peabody Shrink Its Way to Salvation?
Can Peabody Shrink Its Way to Salvation?
Chris Lange
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| Can Peabody Shrink Its Way to Salvation? – 24/7 Wall St.
Commodities & Metals
Can Peabody Shrink Its Way to Salvation?
Chris Lange
June 9, 2015 10:20 am
Last Updated: June 9, 2015 10:20 am
Source: Thinkstock
Coal companies have suffered recently, and they need a means to survive this harsh political climate. Peabody Energy Corp. (NYSE: BTU) believes that it has found a solution for now, but some of its employees are not going to like it.
The company announced that it plans to cut 250 corporate and regional employees and close two offices. Most of these cuts are expected to take place by the end of June, and these reductions are projected to save the company up to $45 million a year.
Peabody says 50 jobs will be eliminated at its headquarters in downtown St. Louis, where the company has 425 employees. CEO Glenn Kellow says the layoffs are necessary to lower costs.
Seemingly, the catalyst for this reduction in staff is the continuing weakening in the coal industry. Overall, this industry has felt pressure for years, not only economically, but also the U.S. government has issued an EPA mandate to gradually shrink the number of coal power plants.
According to Yahoo! Finance, the company has roughly 8,600 employees, so this is really only a reduction of less than 3% of the staff.
For some background on Peabody: the company is involved in the mining and sale of thermal coal to electric utilities and metallurgical coal for industrial customers. It also offers direct and brokered trading of coal and freight-related contracts. In addition, the company operates a mine-mouth coal-fueled generating plant, manages its coal reserve and real estate holdings, and supports the development of BTU conversion and clean coal technologies.
Shares of Peabody closed Monday down 4.4% at $3.06, in a 52-week trading range of $3.03 to $17.21. In trading Tuesday morning, shares were up 4.9% at $3.21. The stock has a consensus analyst price target of $7.10.
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Read more: Commodities & Metals, BTU, layoffs | msmarco_doc_00_18244728 |
http://247wallst.com/commodities-metals/2016/04/19/barclays-and-merrill-lynch-get-more-constructive-on-top-steel-stocks/ | Barclays and Merrill Lynch Get More Constructive on Top Steel Stocks – 24/7 Wall St. | Barclays and Merrill Lynch Get More Constructive on Top Steel Stocks
Barclays and Merrill Lynch Get More Constructive on Top Steel Stocks
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Commodities & Metals
Barclays and Merrill Lynch Get More Constructive on Top Steel Stocks
Jon C. Ogg
April 19, 2016 12:20 pm
Last Updated: January 13, 2020 10:36 am
This year has been a wild ride for many companies in the metals sector. That is after a rough 2015, as many of the global growth markets have slowed to a crawl. With the bounce that has been seen from the lows in January and February, now some investors are wondering if the worst is over and if there is an opportunity ahead.
Shares of U.S. steel makers traded higher on Tuesday, April 19, after Barclays and Merrill Lynch both selectively decided to raise price targets on some of the companies in the steel industry. One reason cited was rising steel prices. Investors need to keep in mind that some of these ratings come with price targets that are under the current share prices.
Barclays sees industrial activity picking up for this spring and tight domestic supplies and low imports supporting higher steel prices. Merrill Lynch also sees summer prices soaring. The reason that the formal ratings are unchanged, with some rated as Underperform, is that both firms see price hikes not being sustainable.
Investors also need to consider that the Dow Jones U.S. Iron & Steel Index was already up more than 30% so far in 2016.
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United States Steel Corp. (NYSE: X) saw its price target raised to $15 from $7 in the Barclays call. Merrill Lynch raised its price objective to $9 from $1 to reflect a sharp EBITDA recovery from higher selling prices and as valuations remain at a trough.
The smaller AK Steel Holding Corp. (NYSE: AKS) saw its price target raised to $3 from $2 by Barclays, while Merrill Lynch raised its price objective to $2.50 from $1.00. AK Steel recently announced price hikes for carbon steel products and stainless steel products.
Steel Dynamics Inc. (NASDAQ: STLD) saw its target get raised to $27 from $22 at Barclays. Merrill Lynch has a Buy rating on Steel Dynamics and raised its price objective to $27 from $24.
Nucor Corp. (NYSE: NUE) saw its price objective get raised to $52 from $47 at Barclays. Merrill Lynch has a Buy rating for Nucor, and the firm raised its target price to $55 from $50.
Before thinking that it is all sunshine, note that Merrill Lynch was not positive on Reliance Steel & Aluminum Co. (NYSE: RS). The firm downgraded it to Underperform from Neutral with a $72 price objective (versus a $73.32 prior close). Still, Merrill Lynch’s new target is $2 higher than the prior one. The firm feels that Reliance’s strong move in share price has taken its valuation well above its historical averages for EBITDA.
Merrill Lynch said:
We raise price objectives for steel mills and distributors under our coverage to reflect higher steel and scrap price forecasts. For Steel Dynamics and Nucor we think volumes should be robust as those minimills seek to maximize exposure to the stronger market even as integrateds keep furnaces idle. We see some further upside to valuation for both, and prefer Steel Dynamics, as it trades at an undeserved discounted multiple to Nucor. Margins for both can see somewhat limited strength, in our view, as scrap prices rise with steel.
Meanwhile integrated Underperform-rated mills, U.S. Steel and AK Steel, tend to have more fixed costs, especially iron ore miner X, yet their fixed-price contracts can limit or at least delay any price upside. Annual contract prices only passed through part of the drop in 2015 prices from 2014, which tends to mute pricing volatility. We now forecast smaller EPS losses, and accordingly raise price objectives for both.
Shares of U.S. Steel were last seen up 2.9% at $19.90, in a 52-week trading range of $61.5 to $27.62.
AK Steel shares were up 3.7% at $5.07. Its 52-week range is $1.64 to $5.93.
Steel Dynamics traded up 1.0% to $24.31, versus a 52-week range of $15.32 to $24.60.
Nucor shares were up almost 1.0% at $50.32, but they hit a new 52-week high of $50.78 earlier in the day.
Shares of Reliance Steel & Aluminum traded down 0.3% to $73.06. Its stock hit a new 52-week high early on Tuesday, and the new 52-week range is $50.08 to $74.19.
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http://247wallst.com/consumer-electronics/2015/10/27/what-to-look-for-in-apple-earnings/ | What to Look For in Apple Earnings – 24/7 Wall St. | What to Look For in Apple Earnings
What to Look For in Apple Earnings
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| What to Look For in Apple Earnings – 24/7 Wall St.
Consumer Electronics
What to Look For in Apple Earnings
Chris Lange
October 27, 2015 10:40 am
Last Updated: April 6, 2020 5:50 pm
Source: courtesy of Apple Inc.
Perhaps the most anticipated earnings report this season, Apple Inc. (NASDAQ: AAPL) is set to report its fiscal fourth-quarter after the markets close on Tuesday. The consensus estimates from Thomson Reuters call for $1.88 in earnings per share (EPS) on $51.12 billion in revenue. In the same period of the previous year, Apple posted EPS of $1.42 and $42.12 billion in revenue.
This smartphone giant is poised to close out its fiscal 2015. Despite having a rocky past few months, Apple is continuing to grow its iPhone sales, and with the holidays right around the corner, investor expectations are running high. A recent report from Canaccord Genuity reiterated a Buy rating with a $160 price target, implying upside of roughly 35% from current prices.
Overall, based on its survey work and analysis, the firm believes Apple is maintaining strong share of the premium tier smartphone market, which will allow it to continue to post strong sales.
Apple is among the most rapidly growing large multinational companies in the world due to a string of product successes that began over a decade ago and include the iPod, iPhone and iPad. Apple has married these with huge content operations such as iTunes and the App Store. Apple is the largest company in the world based on its market cap of about $660 billion. Last year, Apple reported revenue of $182.7 billion and earnings of nearly $40 billion. Last quarter alone, Apple sold 47.5 million iPhones, 10.9 million iPads and 4.8 million Macs.
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Management has made it clear that for Apple to grow it has to have impressive sales in China, the largest wireless market in the world. The company included China in the launch last month of its iPhone 6s and 6s Plus, and that boosted first weekend sales to a total of 13 million for the new phones.
Ahead of these highly anticipated earnings, a few analysts weighed in on Apple:
Nomura reiterated a Buy rating with a $145 price target.
FBR reiterated an Outperform rating.
Pacific Crest reiterated a Hold rating.
RBC reiterated a Buy rating. BMO Capital Markets reiterated a Buy rating.
Cowen reiterated a Market Perform rating with a $135 price target.
So far in 2015, Apple has outperformed the market, with its stock up nearly 6%. Over the past 52 weeks, the stock is up 11.4%.
Shares of Apple were recently trading at $115.79 on Tuesday, with a consensus analyst price target of $148.63 and a 52-week trading range of $92.00 to $134.54.
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Read more: Consumer Electronics, AAPL, Earnings | msmarco_doc_00_18252616 |
http://247wallst.com/consumer-products/2014/04/12/is-coke-worth-more-than-pepsi/ | Is Coke Worth More Than Pepsi? – 24/7 Wall St. | Is Coke Worth More Than Pepsi?
Is Coke Worth More Than Pepsi?
Douglas A. McIntyre
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Consumer Products
Is Coke Worth More Than Pepsi?
Douglas A. McIntyre
April 12, 2014 9:40 am
Last Updated: April 12, 2014 9:40 am
Source: courtesy of The Coca-Cola Company
Is the Coca-Cola Co. (NYSE:KO) worth more than PepsiCo Inc. (NYSE: PEP)? It would appear so, at least based on brand value. The subject is, however, more complicated than just brand valuation. Each brand’s parent company has different challenges, and, first among these are the fall off in the soft drink market in general, particularly in the United States.
Interbrand valued the Coca-Cola brand at $79 billion last year, up 2% from 2012. It set Pepsi’s value at $17.9 billion, up 8%. Wall Street. views the valuations of the parent companies very differently. Coca-Cola has a market capitalization of $170 billion. PepsiCo’s (NYSE: PEP) is almost $127 billion. PepsiCo’s revenue was $66 billion last year. Coca-Cola’s was $47 billion. A deeper look into the two companies shows the valuation debate gets even more confusing.
Ironically, one of the things investors like about Coca-Cola and Pepsi is that they are trying to get out of the soft drink business, at least to the extent that each does not rely on products the growth of which has ended, and has actually started to fall. Coke claims it has 16 brands which bring in a billion in sales a year, or more. Among these are water brands Dasani and Vitamin Water. Water is supposed to be healthier than soda. Of course, the challenge with selling water is that so much is available for free.
PepsiCo can claim a better portfolio of brands than Coca-Cola. It owns the premier sport drink — Gatorade — and two widely known snacks — Lay’s and Doritos. It also owns Lipton Tea and Quaker Oats. So, from a brand diversification standpoint, PepsiCo’s management has apparently been more clever than Coca-Cola’s
Cleverness cannot, however, offset a trend which continue to erode the value of each company. Beverage Digest reports that soda sales in the U.S. dropped to their lowest level in 2013 since 1995, with case sales dropping 3% to 8.9 billion. The sales of diet drinks, which had been a growth mainstay, led the drop. Sales of Diet Pepsi and Diet Coke were each down nearly 7% from 2012. Of course, the U.S. represents less than a third of either company’s sales. However, health concerns about sugar drinks certainly are not worries unique to Americans
By almost any financial measure, Coca-Cola and Pepsi are among the most valuable consumer businesses in the world. However, those values are rapidly eroding.
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http://247wallst.com/consumer-products/2015/05/31/10-largest-marijuana-companies/ | 10 Largest Marijuana Companies – 24/7 Wall St. | 10 Largest Marijuana Companies
10 Largest Marijuana Companies
Paul Ausick
Strong Marijuana Harvest Will Drive Down Prices
| 10 Largest Marijuana Companies – 24/7 Wall St.
Consumer Products
10 Largest Marijuana Companies
Paul Ausick
May 31, 2015 10:16 am
Last Updated: April 27, 2020 2:47 pm
Source: Thinkstock
The legalization of recreational marijuana use has led to the creation of dozens of publicly traded companies seeking to carve out a space in what may be a potentially large growth industry. Now that the initial blush has worn off, however, these dozens of companies face the demands that all publicly traded companies have to confront: a sustainable business model led by a management team that has the experience and skill to execute to that model.
The single largest overhang for the industry remains federal law, which still prohibits marijuana use and prevents the industry from developing some of the most fundamental aspects of a thriving business. We have written before of the problems cannabis-related firms have establishing something as basic as a business bank account. Until federal law is changed to allow wider use of cannabis, the industry will continue to struggle with growth.
The other side of that legal coin is the continuing presence, even expansion, of illegally grown marijuana, which has the effect of keeping prices down. Ironically, perhaps, the industry is going to need some help from law enforcement in order to help stabilize prices for marijuana.
Strong Marijuana Harvest Will Drive Down Prices
Investment firm Viridian Capital & Research recently published its outlook for the cannabis industry in 2015, including a look at some 75 companies that participate in the various sectors of the industry. Viridian noted that marijuana-related firms raised $80.4 million in capital during 2014, with the three largest segments being consulting services ($20.1 million), ancillary cultivation and retail ($18.9 million) and biotechnology ($12.3 million).
Viridian also maintains an equal-weighted total return cannabis index that posted a gain in 2014 of 38.4%, primarily on the basis of a 939% return in the first quarter of last year. That is when sales of marijuana first became legal in Colorado. Sales began in Washington in June. Consulting services posted the highest return, 170%, followed by biotech (nearly 85%), infused products (57%) and cultivation and retail (33%).
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Read more: Consumer Products, Corporate Performance, featured, Research | msmarco_doc_00_18259457 |
http://247wallst.com/consumer-products/2015/06/06/marijuana-prices-drop-5-to-below-1650/ | Marijuana Prices Drop 5% to Below $1,650 – 24/7 Wall St. | Marijuana Prices Drop 5% to Below $1,650
Marijuana Prices Drop 5% to Below $1,650
Paul Ausick
| Marijuana Prices Drop 5% to Below $1,650 – 24/7 Wall St.
Consumer Products
Marijuana Prices Drop 5% to Below $1,650
Paul Ausick
June 6, 2015 8:45 am
Last Updated: April 28, 2020 12:59 am
Source: Thinkstock
For the week ended Friday, June 5, the spot price index for a pound of cannabis fell to $1,646, down more than 5% from $1,735 a pound in the prior week. The futures price for December 2015 entered the six-month forward curve at $1,175 a pound, unchanged from last week’s November price.
In the past week, sales prices in Colorado, California and Oregon remained in a range of $1,300 to $1,800 per pound. The analysts at Cannabis Benchmarks say that indicates that growers do not anticipate a price increase in the near term. Police raids at eight dispensaries in Michigan boosted cannabis prices there to more than $1,900 a pound.
The big news for the week, though, was the announcement by Lloyd’s of London that the company would no longer insure cannabis operations. Cannabis Benchmarks fears a spike in insurance costs:
Lloyd’s currently underwrites the vast majority of insurance policies for cannabis operations across the country, but … they will not renew old policies or write new ones. Insurance is mandated by regulations for licensed cannabis businesses in every state currently possessing a legal cannabis program. The exit of a key player from that market has business owners worried that premiums will skyrocket.
The July (the prompt month) price for a pound of cannabis has dropped to $1,780 a pound. State legislators in Oregon, Washington, California and Colorado — the four primary cannabis-producing states — are trying to tighten regulations and to redefine some cannabis that is produced and sold in legal gray areas into approved, primarily recreational, markets. Virtually all these moves would result in higher prices.
ALSO READ: The 10 Largest Marijuana Companies
Our price check at PriceOfWeed.com shows little change. The average price for an ounce of high-quality marijuana in Colorado is currently $241.11, down just 21 cents from two weeks ago. In California the price of high-quality marijuana is given as $241.90 (down three cents), compared with $297.05 (down eight cents) in Florida, $317.03 (down 27 cents) in Georgia, $326.08 (down 10 cents) in Texas and $231.55 (down four cents) in Washington, the only other state besides Colorado where recreational use of marijuana is legal.
Read more: Consumer Products | msmarco_doc_00_18262206 |
http://247wallst.com/consumer-products/2015/08/29/marijuana-price-rises-5-to-2045/ | Marijuana Price Rises 5% to $2,045 – 24/7 Wall St. | Marijuana Price Rises 5% to $2,045
Marijuana Price Rises 5% to $2,045
Paul Ausick
ALSO READ: The Next 11 States to Legalize Marijuana
| Marijuana Price Rises 5% to $2,045 – 24/7 Wall St.
Consumer Products
Marijuana Price Rises 5% to $2,045
Paul Ausick
August 29, 2015 8:40 am
Last Updated: April 28, 2020 12:59 am
Source: Thinkstock
For the week ended Friday, August 28, the spot price index for a pound of cannabis jumped more than $70 from $1,924 in the prior week to $2,045. The futures price for December 2015 remained unchanged at $1,385, but the September forward rose 4% to $1,925. For the months of October through December, forward prices decline steadily.
About two-thirds of the past week’s transactions occurred in a range of $1,612 to $2,462 per pound, and transaction prices ranged from an average low of $1,100 in Washington state to a high of $3,400 in Midwestern black markets, according to the analysts at Cannabis Benchmarks. The volume-weighted average price in Colorado jumped by 17% from $1,784 on August 14 to $2,085 a pound last week.
The volume-weighted average price in California last week was $1,782 per pound, down about 2% from $1,819 in the previous week.
Marijuana prices are very high now in Colorado as the summer growing season ends and growers prepare to harvest this year’s crop. Supplies are getting low and will remain so until the crop is in. There have been reports that Colorado growers have been hit pretty hard by pest infestations this year.
Las Vegas, Nev., opened its first medical marijuana dispensary this past week. Half an ounce of cannabis flower reportedly sold for more than $200 as supplies are scarce. A similar quantity costs about $50 in medical dispensaries in California and Colorado.
ALSO READ: The Next 11 States to Legalize Marijuana
Our price check at PriceOfWeed.com shows only moderate price changes over the past week. The average price for an ounce of high-quality marijuana in Colorado is currently $241.18, unchanged from August 22. In California, the price of high-quality marijuana is listed at $242.39 (up 12 cents), compared with $297.23 (up 10 cents) in Florida, $317.67 (up 11 cents) in Georgia, $326.09 (up two cents) in Texas and $232.01 (down five cents) in Washington.
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http://247wallst.com/economy/2013/12/16/worldwide-median-household-income-at-10000/ | Worldwide Median Household Income at $10,000 – 24/7 Wall St. | Worldwide Median Household Income at $10,000
Worldwide Median Household Income at $10,000
Douglas A. McIntyre
| Worldwide Median Household Income at $10,000 – 24/7 Wall St.
Economy
Worldwide Median Household Income at $10,000
Douglas A. McIntyre
December 16, 2013 6:26 am
Source: Thinkstock
Much of the conversation about wealth centers on the top 1% or 5% in America who have extraordinarily high income and net worth. The divide between “haves” and “have nots” becomes much greater when considering all the world’s countries. The median income per household in the United States is $43,585. Worldwide, the figure is $9,733, according to new data from Gallup. The balance is even more significant when the richest nations are compared with the poorest ones.
At the top of the list based on median household incomes sit nations with extraordinary natural resources or developed and modern companies that make products and create services, many of which do well as exports. Norway, with huge oil reserves, is at the top of the list with a median household income of $51,489. Its neighbor Sweden is second at $50,514. Also in the top 10 by household median income are northern Europe nations Denmark at $44,360 and the Netherlands at $38,584. Australia at $46,555 and Canada at $41,280 join the United States among global resource-rich nations.
The nations with the lowest household median income are poor, almost beyond imagination. The median net worth in the African nation of Liberia is $781. African nations make up most of the balance of the bottom 10. Landlocked African nation Burundi has a population with a median household income of $673. Another landlocked African nation, Mali, has residents with a median household income of $1,983. What becomes evident across the poorest nations is not just that they are located in Africa, but they are landlocked, with no easy means to move either imports or exports, to the extent that they have exports without factories and with low-yielding farms or money for imports. Incidentally, many of these nations are in some stage of civil war, or are only a few years removed from one.
Gallup ties the median household income numbers to what it calls “population well-being” and “quality of life,” which may be entirely appropriate. Beyond that, however, is the fact there is no evidence that people in the poorest nations have any avenue to improved household incomes. People in countries that lack of any viable chance at world trade, and that have unstable governments, are unlikely to see their situations improve, perhaps ever.
Read more: Economy, Gallup | msmarco_doc_00_18268243 |
http://247wallst.com/economy/2014/05/22/why-are-there-115000-or-150000-gas-stations-in-america/ | Why Are There 115,000 (or 150,000) Gas Stations in America? – 24/7 Wall St. | Why Are There 115,000 (or 150,000) Gas Stations in America?
Why Are There 115,000 (or 150,000) Gas Stations in America?
Paul Ausick
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Economy
Why Are There 115,000 (or 150,000) Gas Stations in America?
Paul Ausick
May 22, 2014 9:19 am
Last Updated: April 28, 2020 10:13 am
Source: Bob Beck/Gulf Oil Historical Society
Since Gulf Oil Company opened the first gas station in Pittsburgh in 1913, things have changed a little. Like the price of gasoline — $0.30 a gallon then, compared with a national average of around $3.67 now. Don’t wish for the good old days, though, because that 30 cents is equivalent to $7.18 in purchasing power today. Adjusting for inflation, gasoline is half its price of 102 years ago.
And there’s more than one gas station in the United States as well. According to the U.S. Census Bureau, there were 114,533 gas stations in the U.S. at the end of 2012, the last year for which data is available.
The actual number of gas stations in the United States is a little difficult to pin down. According to the National Association of Convenience Stores (NACS), of the country’s 151,282 convenience stores at the end of 2013, 121,658 sell fuel, a year-over-year increase of 2.7%. National Petroleum News (NPN), a trade publication, put the number of gas stations at 157,393 in 2011.
Only about 3% of the stations are owned by major integrated oil companies like Exxon Mobil Corp. (NYSE: XOM) or Chevron Corp. (NYSE: CVX). About 37% of U.S. gas stations selling branded fuels are owned and operated by licensed independent retailers, and more than half of all gas stations are owned by an individual or a family.
According to a survey of its readers published last October, NPN reported that 75% of retailers pump between 500,000 and 2 million gallons of motor fuels a year. The most common number of pumps at a gas station is eight, and the retailers’ biggest concern is credit/debit card fees.
The average gross margin on a gallon of fuel is $0.12, according to NPN, and net profit per gallon averages $0.07. That means that if a gas station owner pumps 1 million gallons of fuel in a year, his net profit is $70,000. Not bad, but not great either. And that is where the convenience stores enter the picture.
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The NACS found that convenience stores sold 80% of all U.S. motor fuel in 2010, which accounted for about two-thirds of total convenience store sales. The other one-third of sales is down to tobacco, beverages and other items. And while the revenue total from these items may be relatively small, this is where the profits are. Fuels sales account for about a third of profits while merchandise sales account for the rest.
Among retailers responding to the NPN survey, 97% said that tobacco sales were either very important or the most important profit center for their business. Some 89% said beverage sales were most or very important, 77% said a coffee program was important and 66% gave the nod to the sale of alcoholic beverages. Some 72% said that food service was the most or a very important profit center.
Gas stations’ 2012 revenue totaled $556 billion, compared with $450 billion in 2007, according to the Census Bureau. The payroll reached $15.76 billion in 2012, up from $14.67 billion, and the number of employees fell from about 891,000 to about 862,000 in the five years from 2007. As a percentage of total U.S. gross domestic product in 2012, gasoline stations accounted for about 3.4% of the $16.44 trillion total.
In 2007 the Census Bureau counted 118,756 gas stations in the United States. By 2012 that total had fallen by 3.6%. In the 15 years from 1997 to 2012, almost 10% of America’s gas stations disappeared.
Americans are driving less and buying less fuel for their newer, more fuel-efficient vehicles. Americans who live in larger U.S. cities with good public transportation are less likely to have a car than they were five years ago. In New York City, for example, more than half of the residents do not own a car.
These trends will continue to have an impact on the number of gas stations in the United States. Whether that number is 114,000 or 151,000 one thing is certain: the number of gas stations in the country will get smaller.
ALSO READ: The 10 Most Polluted Cities in America
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Read more: Economy, CVX, XOM, featured, oil and gas, Research | msmarco_doc_00_18271147 |
http://247wallst.com/economy/2014/10/31/20-of-nations-homeless-are-in-california/ | 20% of Nation’s Homeless Are in California – 24/7 Wall St. | 20% of Nation's Homeless Are in California
20% of Nation's Homeless Are in California
Douglas A. McIntyre
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Economy
20% of Nation's Homeless Are in California
Douglas A. McIntyre
October 31, 2014 6:33 am
Source: Wikimedia Commons/creative commons
The Department of Housing and Urban Development put out a sobering report about the status of homeless people in the United States. Although the count of the homeless dropped 10% from 2013, according to the 2014 Annual Homeless Assessment Report, some states still have large numbers of homeless individuals, led by California.
The authors of the report point out:
In January 2014, 578,424 people were homeless on a given night. Most (69 percent) were staying in residential programs for homeless people, and the rest (31 percent) were found in unsheltered locations.
Nearly one-quarter of all homeless people were children under the age of 18 (23 percent or 135,701). Ten percent (or 58,601) were between the ages of 18 and 24, and 66 percent (or 384,122) were 25 years or older.
Homelessness declined by 2 percent (or 13,344 people) between 2013 and 2014 and by 11 percent (or 72,718) since 2007.
The 11% fall is almost certainly due to the recession.
The state concentration makes sense because it matches state population:
California accounted for 20 percent of the nation’s homeless population in 2014.
Half of the homeless population in the United States was in five states: CA (20% or 113,952 people), NY (14% or 80,590 people), FL (7% or 41,542 people), TX (5% or 28,495 people), and MA (4% or 21,237 people).
However, the swing among states was substantial:
Between 2013 and 2014, 14 states plus D.C. experienced increases in homelessness. New York experienced the largest increase (3,160 more people), followed by Massachusetts (2,208).
Homelessness decreased in 36 states between 2013 and 2014. The largest decreases were in Florida (6,320 fewer people) and California (4,600). Other states with large declines over the past year were: OR (1,658 fewer people), SC (1,487), and MO (1,299).
The situation was not terribly different when viewed over a longer period:
Between 2007 and 2014, homelessness increased in 19 states plus D.C. New York had the largest increase with 17,989 more people, a 29 percent rise. However, in percentage terms, the increases in Massachusetts and D.C. were greater.
Homelessness declined in 31 states between 2007 and 2014. California experienced the largest decline in the number of people experiencing homelessness, 25,034 fewer since 2007. Other states with large declines included Texas (11,293 fewer people), Florida (6,527), New Jersey (5,643), and Oregon (5,426).
ALSO READ: States With the Widest Gap Between Rich and Poor
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http://247wallst.com/economy/2015/07/24/so-what-is-the-price-of-tea-in-china-these-days-anyway/ | So What Is the Price of Tea in China These Days Anyway? – 24/7 Wall St. | So What Is the Price of Tea in China These Days Anyway?
So What Is the Price of Tea in China These Days Anyway?
Rafi Farber
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| So What Is the Price of Tea in China These Days Anyway? – 24/7 Wall St.
Economy
So What Is the Price of Tea in China These Days Anyway?
Rafi Farber
July 24, 2015 7:35 am
Last Updated: July 24, 2015 7:36 am
Source: Thinkstock
The contracting China Caixin purchasing managers’ index, or PMI, published this week surprised analysts to the downside. The figure came in at 48.2, signaling the all-important below-50 contraction figure. Even though analysts forecast a mild contraction at 49.7, the number came in even worse than expected.
Normally one negative manufacturing figure is not a big deal, but for three reasons this one could be a big deal. First, when a manufacturing PMI figure is coming from the largest manufacturing hub in the world, it means something. This is because it reflects a wider swath of the national economy than other countries with smaller manufacturing sectors as a percentage of their gross domestic product.
Second, when it is printed in the middle of China’s biggest market crash since 2008, which was stopped in its tracks only by incredibly unorthodox and interventionist means, it signals that the cat is already out of the bag and that salvaging stock prices will not accomplish much in terms of preventing a slowdown.
When the Shanghai Composite index began crashing in late June/early July, the only way authorities were able to stop the slide was to freeze trading in 45% of all securities, get state supported brokerages involved in a buying spree, direct People’s Bank of China (PBOC) stock purchases, prosecution of short sellers, banning of even talking about a crash on state media and a six-month ban on selling shares for some institutional holders.
Third, when this kind of number is printed in the midst of mainstream reporters openly questioning the veracity of China’s macroeconomic government-compiled data, it casts a cloud over the whole process of economic data reporting out of the second biggest economy in the world. Remember that it was only two weeks ago when Chinese officials announced that the economy grew at a 7% pace in the second quarter, to the collective laughs of American media and others. But why would Chinese government officials lie about GDP if they are going to tell the truth about PMI? Confusing indeed.
All this makes us ask the simple question: What is the price of tea in China anyway? It appears that at this point, nobody really knows. Price discovery does not mean anything when markets are manipulated to such an extent. With the precedent of stocks being outright frozen on a whim, short sellers being prosecuted, the PBOC printing money to buy stocks outright and selling banned, valuations are reduced to nothing but arbitrary numbers, and there is no telling what could happen when those interventions are removed.
The immediate reason for the declines in both the PMI and the Chinese stock market has been the declining Chinese money supply growth over the year. A Bloomberg chart shows a clear downtrend in the amount of liquidity growth in China’s economy over the past 12 months, and this decline was in turn a result of ambivalent Chinese monetary policy over the same period.
There have been bursts of stimulus from the PBOC over the past year, but counteracted by equal bursts of liquidity drainage through the selling of short-term debt to Chinese banks. These two contradictory policies have had the effect of keeping yuan supply growth depressed over the past year.
We are now seeing the results of that ambivalence in Chinese PMI, but curiously, not in GDP growth. Not yet at least. It depends on how long Chinese officials can keep a straight face while reporting GDP numbers.
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http://247wallst.com/economy/2016/01/03/u-s-population-to-hit-324-million-in-2016-400-million-in-2050/ | US Population to Hit 324 Million in 2016, 400 Million in 2050 – 24/7 Wall St. | US Population to Hit 324 Million in 2016, 400 Million in 2050
US Population to Hit 324 Million in 2016, 400 Million in 2050
Douglas A. McIntyre
| US Population to Hit 324 Million in 2016, 400 Million in 2050 – 24/7 Wall St.
Economy
US Population to Hit 324 Million in 2016, 400 Million in 2050
Douglas A. McIntyre
January 3, 2016 8:56 am
Last Updated: January 13, 2020 3:31 pm
The U.S. population is aging, and is moving away from one which is largely descended from people who came from Europe and more toward people from Central America, Mexico, and Asia. And, the rate at which the U.S population is growing has stagnated. There will be 323,996,000 Americans in 2016, barely up from 321,369,000 last year and slightly less than 326,626,000 in 2017. The U.S. population will not reach over 400,000,000 until 2051, when the Census forecasts it will reach 400,124,000. And, it will grow slowly beyond then.
The typical forecasts for the results of these population patterns is that more people in the U.S. will soon be 65 or older, 75 or older, and 85 and older. Many of these won’t have the resources to retire. Therefore, they will keep working, probably squeezing out younger people who would normally move into the jobs more easily than if older people had left the workforce entirely.
For the population to grow so slowly each year toward the middle of the century, most people will need to have smaller families than at most points in the past. In theory, this should mean more jobs, with less competition for work. But, then, there are the older Americans holding on to make a living.
As an aside, and rarely mentioned, at least in the government’s analysis of the employment opportunities of Americans in the future, is the jobs which will be surrendered to machines. According to a recent study analyzed in the MIT Technology Review, “45 percent of American jobs are at high risk of being taken by computers within the next two decades.” An huge army of Americans without jobs.
The Census could be wrong, and almost certainly will be. It does not take into account potential changes in immigration patterns, natural catastrophes, wars, tiny increases in the sizes of families (which taken as a single trend on its own could add millions of people in two decades).
Over 400 million people. It seems a lot. But, it really isn’t. China’s population is already over three times that size, and surging. And, it probably has fewer machines
Read more: Economy, U.S. Census Bureau | msmarco_doc_00_18284898 |
http://247wallst.com/economy/2016/11/05/will-interest-rates-rise-faster-than-expected-in-2017/ | Will Interest Rates Rise Faster Than Expected in 2017? – 24/7 Wall St. | Will Interest Rates Rise Faster Than Expected in 2017?
Will Interest Rates Rise Faster Than Expected in 2017?
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Economy
Will Interest Rates Rise Faster Than Expected in 2017?
Jon C. Ogg
November 5, 2016 5:40 am
Last Updated: January 13, 2020 1:29 am
This past week gave investors, economists and business owners a lot of different data to consider. With a presidential election that is just about (finally, really!) over and with economic data coming out so mixed, there are a lot of things that can sway the Federal Reserve’s appetite to raise interest rates in December.
What 24/7 Wall St. wanted to view is what could drive interest rates up faster than expected in 2017. This is of course something that remains to be seen. After all, the rate hike hasn’t even taken place, and the election result hasn’t even been seen yet.
Most economic data seems mixed, but we did see a narrower trade deficit, and the first look at third-quarter gross domestic product (GDP) was stronger than expected. What if a Merrill Lynch view is right that GDP might have actually grown at 3.1% in the third quarter?
Another issue is that wages are rising. We keep seeing mixed reports about actual hiring and payroll strength has been muted. Still, the trend that keeps going is higher wages. If this continues, then the Federal Reserve could have even more rate hike fears in 2017.
Another promise that has been made by Trump and Clinton alike is higher infrastructure spending. This varies from a range of $250 billion to over $1 trillion, but the reality is that neither candidate has come close on what would really need to be spent to make America’s infrastructure top-notch again.
Credit Suisse issued multiple factors that could further generate upside risks for bond yields in 2017, above and beyond their forecast for higher interest rates already expected:
1) There is a general move of policy makers away from negative interest rate policies towards fiscal easing;
2) Growth proxies (cyclicals to defensives, global IP, commodity prices) imply yields should continue to rise;
3) China is no longer exporting deflation (for the first time in 2½ years) and US wage growth is in a modest uptrend, leaving long-term implied inflation rates too low;
4) The term premium and implied volatility are close to historic lows;
5) Populism tends to be bad for bonds;
6) Logistical and political challenges for quantitative easing in both Japan and the euro area are likely to arise;
7) Outside of Japan, government debt-to-GDP and unemployment in the G4 would stabilize on higher real yields.
There is no magic bullet when it comes to predicting interest rates. We have seen a decrease in the global tally of sovereign debt trading at negative yields. That is good, but it can of course reverse.
One interesting view is that Europe has managed to keep GDP above zero despite all the woes. What if all that quantitative easing finally translates into something real on the unlocking capital for 2017?
Also, we saw that an overwhelming majority of corporate cash is locked up overseas. Moody’s gave a fresh projection for non-financial companies to have $1.77 trillion in cash at the end of 2016 — and imagine how much more growth could be unlocked if a grand bargain finally could be reached that would allow for the the bulk of that overseas cash to be repatriated to the United States.
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http://247wallst.com/energy-business/2011/08/31/the-ten-largest-oil-deposits-in-the-world/ | The Ten Largest Oil Deposits in the World – 24/7 Wall St. | The Ten Largest Oil Deposits in the World
The Ten Largest Oil Deposits in the World
Douglas A. McIntyre
Click here to read The Ten Largest Oil Deposits in the World
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| The Ten Largest Oil Deposits in the World – 24/7 Wall St.
Energy Business
The Ten Largest Oil Deposits in the World
Douglas A. McIntyre
August 31, 2011 5:43 am
Last Updated: March 30, 2020 8:12 pm
Figuring out how much oil is left in the world and where it is located seems more important than ever, especially considering the political instability in many of the oil-producing countries. 24/7 Wall St. used the most recent public information available to identify the largest oil fields in the world. Those who call for America to end its dependence on foreign oil would be relived to hear the U.S. actually has the world’s largest oil reserve, albeit in oil shale — oil that is in rock form. If prices go high enough, however, and the supply dries out, extracting that oil could become commercially viable.
Click here to read The Ten Largest Oil Deposits in the World
There are more than 40,000 producing oil fields dotted around the globe, though most are relatively small. Just 100 to 125 giant or supergiant oil fields supply approximately 50% of the world’s oil. A giant oil field is one that contains more than 500 million barrels of recoverable oil. A supergiant fields holds more than 5 billion barrels of recoverable oil. 24/7 Wall St.’s ten largest oil fields in the world are all supergiants.
Interestingly, the largest deposits ever found are not liquid oil at all. They are either an asphalt-like substance called tar or oil sands, or rocks called oil shale. The vast size of these “unconventional” resources is matched only by the vast complexity and cost involved in turning them into liquid petroleum.
Finding new giant and supergiant oil fields brimming with cheap, easy-to-extract oil is surely a historical phenomenon, and the number of new discoveries — of any size — is dwindling. In addition, the largest recent finds are under miles of water and seabed, in some unconventional form or in some inhospitable, usually arctic, climate. The effort required to tap these fields will involve mountains of capital and years of work. No doubt, we need to be prepared to deal with a new reality where oil isn’t as cheap or abundant.
24/7 Wall St. looked at conventional oil fields, like those found in the Middle East, and unconventional oil fields, like oil shale found in the U.S., to come up with a comprehensive list of the largest oil deposits in the world.
These are 24/7 Wall St.’s ten largest oil deposit in the world.
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http://247wallst.com/energy-business/2012/04/30/etp-acquires-sunoco-for-5-3-billion-etp-sun-ete-sxl/ | ETP Acquires Sunoco for $5.3 Billion (ETP, SUN, ETE, SXL) – 24/7 Wall St. | ETP Acquires Sunoco for $5.3 Billion (ETP, SUN, ETE, SXL)
ETP Acquires Sunoco for $5.3 Billion (ETP, SUN, ETE, SXL)
Paul Ausick
| ETP Acquires Sunoco for $5.3 Billion (ETP, SUN, ETE, SXL) – 24/7 Wall St.
Energy Business
ETP Acquires Sunoco for $5.3 Billion (ETP, SUN, ETE, SXL)
Paul Ausick
April 30, 2012 8:56 am
Energy Transfer Partners L.P. ( NYSE: ETP) announced this morning that it will acquire Sunoco Inc. ( NYSE: SUN
) in a cash and common unit deal worth $5.3 billion. The transaction gives ETP an entry into the transportation of liquids like crude oil, natural gas liquids, and refined products as well as Sunoco’s retail business that includes some 4,900 locations in the US.
Sunoco shareholders will receive payment equal to $25 in cash and 0.5245 ETP common units for each share of Sunoco stock they own. Sunoco shareholders can choose to take $50 in cash, 1.0490 ETP common units, or the cash-common unit split, although the aggregate cash paid will be capped at 50%.
ETP also receives the general partner interest, incentive distribution rights, and 32.4% Sunoco interest in Sunoco Logistics Partners ( NYSE: SXL ).The owner of ETP’s general partner, Energy Transfer Equity L.P. ( NYSE: ETE) will forego its right to about $210 million in incentive distributions from ETP over the next 12 quarters as part of the deal. After the deal closes Sunoco and Sunoco Logistics Partners “will operate under the Energy Transfer Equity, L.P. umbrella of companies.”
One thing that ETP won’t get is Sunoco’s refining business:
[U]nder the merger agreement, Sunoco will continue its plans for exiting its refining business as previously announced, as well as continue its plans for the proposed refinery joint venture being discussed by Sunoco and The Carlyle Group.
The joint-venture deal with Carlyle would keep Sunoco’s 335,000 barrel/day Philadelphia refinery in operation. As currently being discussed, Sunoco would contribute the Philadelphia refinery to a joint venture with Carlyle in exchange for a non-operating minority stake. The company would have no obligations to support the refining operations.
This acquisition is a pretty smart move for ETP. Its current cash flow comprises 100% natural gas transportation and logistics, and the Sunoco deal cuts the company’s natural gas cash flow to 70% of the firm’s total and adds a 30% cash flow from liquids transportation. Given the turmoil in natural gas production and pricing, ETP’s diversification into liquids couldn’t have come at a better time.
Sunoco’s shares are trading up 21% at $49.50 in the pre-market this morning, above the company’s 52-week range of $27.76-$43.43. ETP’s shares are up about 2.9% at $49.29 in a 52-week range of $38.08-$54.71.
Paul Ausick
Read more: Energy Business, ETE, ETP, SUN, SXL, Active Trader, oil and gas, oil refiners | msmarco_doc_00_18295549 |
http://247wallst.com/energy-business/2015/01/13/5-top-independent-oil-producers-in-the-permian-basin/ | 5 Top Independent Oil Producers in the Permian Basin – 24/7 Wall St. | 5 Top Independent Oil Producers in the Permian Basin
5 Top Independent Oil Producers in the Permian Basin
Paul Ausick
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| 5 Top Independent Oil Producers in the Permian Basin – 24/7 Wall St.
Energy Business
5 Top Independent Oil Producers in the Permian Basin
Paul Ausick
January 13, 2015 2:25 pm
Last Updated: April 27, 2020 3:04 pm
Source: courtesy of Concho Resources Inc.
The Permian Basin is one of the most productive oil regions in the country and has been for decades. The basin covers 59 counties in west Texas and two counties in southeastern New Mexico in an area about 250 miles wide and 300 miles long. According to the Texas Railroad Commission, which despite its name regulates the oil patch in the state, the Permian Basin has produced more than 29 billion barrels of oil and 75 trillion cubic feet of natural gas in its more than 90-year history, and there are even more resources available for extraction.
Through most of its history the Permian has produced oil and gas from vertical wells, but since about 2009 or 2010, it has been producing from the tight shale formations that require horizontal drilling and fracturing. The Permian already produces more oil than North Dakota’s Bakken, and by the end of the decade is expected to surpass the Eagle Ford shale play in south Texas as the most productive unconventional oil play in the country, with about 1.8 million in crude oil production every day.
There are half a dozen main players in the Permian Basin, and we have taken a closer look at five of them. The sixth, Chevron Corp. (NYSE: CVX), is an integrated oil company (it owns refineries) and does not really fit in well with these pure-play producers.
Occidental Petroleum Co. (NYSE: OXY) reported acreage in its Permian Basin Resources operations of 1.9 million acres at the end of 2013. Of the 345 horizontal wells Oxy planned to drill in 2014, 172 were targeted at the Permian Basin. The company’s average daily production of crude oil totaled about 153,000 barrels a day at the end of 2014, up by about 2% year-over-year. The average realized price for all its U.S. barrels, however, dropped from $104.30 to $90.57 year-over-year for the third quarter.
In its 2013 annual report, Oxy reported revenue per U.S. barrel of oil equivalent (boe) of $64.48 and production costs of $14.43 per boe. Other expenses, including DD&A, resulted in pretax income per boe of $19.54. U.S. production costs dropped by $3.00 a barrel year-over-year in 2013.
Apache Corp. (NYSE: APA) reported 2013 production of around 90,000 barrels a day from its Permian Basin operations. The company holds leases on 1.7 million net acres in the Permian and estimates its undeveloped reserves at 5 billion barrels. Apache is focused on two areas of the Permian Basin: the Barnhart area of the Wolfcamp play and the Southern Midland Basin. In a presentation to investors and analysts in November, Apache said it planned 50 wells for the Barnhart area (using four rigs) and 115 wells (using nine to 12 rigs) for the Southern Midland Basin.
At the end of the third quarter Apache reported a realized price per barrel of oil in the United States of $91.26, down from $105.82 in the same period a year ago. Reported operating expenses totaled $67.55 per barrel in the quarter, up from $47.75 a barrel in the third quarter of 2013. The majority of the difference was due to a non-cash writedown of $1.5 billion ($26.65 per barrel) to reflect a drop in the carrying value of its U.S. and North Sea assets. That impact is likely to be even higher in the fourth quarter, when crude prices fell the most.
ALSO READ: Top 5 Producers in North Dakota’s Bakken Oil Field
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http://247wallst.com/energy-business/2015/03/30/why-chesapeake-is-doing-even-worse-than-oil-and-gas-peers/ | Why Chesapeake Is Doing Even Worse Than Oil and Gas Peers – 24/7 Wall St. | Why Chesapeake Is Doing Even Worse Than Oil and Gas Peers
Why Chesapeake Is Doing Even Worse Than Oil and Gas Peers
Paul Ausick
ALSO READ: 7 Oil and Gas Stocks Analysts Say to Buy Now
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| Why Chesapeake Is Doing Even Worse Than Oil and Gas Peers – 24/7 Wall St.
Energy Business
Why Chesapeake Is Doing Even Worse Than Oil and Gas Peers
Paul Ausick
March 30, 2015 12:10 pm
Last Updated: April 28, 2020 10:15 am
Source: Thinkstock
It has been a little over two years since Aubrey McClendon said farewell to Chesapeake Energy Corp. (NYSE: CHK), the company he co-founded and of which he was once chairman and CEO. Chesapeake’s stock closed at just over $19 a share on the day of the announcement, up 6%. On Friday, shares closed at just over $14 a share, a decline of 26%.
Without McClendon to blame any longer, Chesapeake is among the worst performers on the S&P 500 index so far in 2015, down 29%. Until the company reported fourth-quarter and full-year earnings in late February, shares were trading roughly in line with the S&P 500.
The big problem for Chesapeake, and every other oil and gas producer, has been the dramatic collapse in oil and gas prices. West Texas Intermediate (WTI) crude oil traded at around $55 a barrel at the beginning of the year and has now fallen to around $48 a barrel. Natural gas traded near $3 per million BTUs and has dropped to $2.65.
How bad is that? Chesapeake’s average realized price per barrel of crude in the fourth quarter was $76.40. Crude has not topped $57 a barrel so far this year.
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Chesapeake’s average realized price for natural gas in the fourth quarter was $1.72. That should improve somewhat in the first quarter of this year, and because natural gas accounts for more than two-thirds of Chesapeake’s production, that will help boost revenues.
But as a percentage of total sales, natural gas sales (including hedging impact) accounted for about 38% of the total. Oil sales, including the impact of hedges, accounted for about 43% of total hydrocarbon sales. Slicing the per barrel price of crude by more than $15 a barrel will have a disproportionate impact on Chesapeake’s revenues.
The company plans to focus more than half its 2015 capital spending budget on drilling and completion in the Eagle Ford shale play in south Texas and the Utica shale play in eastern Ohio. Each produces about 100,000 net barrels of oil equivalent per day, with Eagle Ford production weighted toward liquids production and Utica production almost all natural gas.
Chesapeake continues to sell assets and to work down its remaining $11 billion in long-term debt. In late December the company sold assets in the Marcellus shale play for about $5 billion to Southwestern Energy Co. (NYSE: SWN). On the same day, Chesapeake announced a $1 billion share buyback plan.
About 75% of Chesapeake’s proved reserve balance of approximately 2.5 billion barrels of oil equivalent at the end of 2014 is developed, and the proved reserves rate of growth, including the impacts of sales and acquisitions, was -8%. If a company cannot, for whatever reason, at least add as much new proved reserves in a year as it extracts, that is a warning sign to investors.
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So Chesapeake is between a rock and hard place. It needs to sell assets to help it reduce its debt, but it needs the assets to replace extracted reserves. The price of crude has a large impact on the company’s sales, and while the price of crude remains low, Chesapeake is not getting any help to increase its exploration for more reserves. Add to that the need to continue to pay dividends and buy back stock, and Chesapeake’s troubles come into sharper focus.
Shares traded down about 0.8% in the noon hour on Monday, at $13.91 in a 52-week range of $13.38 to $29.92. The consensus price target on the stock is $18.84.
Read more: Energy Business, CHK, SWN, Active Trader, Corporate Performance, featured, oil and gas | msmarco_doc_00_18303384 |
http://247wallst.com/energy-business/2015/07/31/which-coal-miners-will-live-to-dig-another-day/ | Which Coal Miners Will Live to Dig Another Day? – 24/7 Wall St. | Which Coal Miners Will Live to Dig Another Day?
Which Coal Miners Will Live to Dig Another Day?
Paul Ausick
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| Which Coal Miners Will Live to Dig Another Day? – 24/7 Wall St.
Energy Business
Which Coal Miners Will Live to Dig Another Day?
Paul Ausick
July 31, 2015 11:38 am
Last Updated: April 28, 2020 10:06 am
Source: Thinkstock
Walter Energy Inc. (NYSE: WLT) filed a notice Friday morning that the New York Stock Exchange has notified the U.S. Securities and Exchange Commission (SEC) of the NYSE’s intention to remove Walter Energy stock from listing and registration on the NYSE at the opening of business on August 10th. The company’s stock currently trades on the OTC Pink market under the ticker symbol WLTGQ. Coal miner Alpha Natural Resources Inc. (NYSE: ANR) is reportedly preparing a bankruptcy filing for as soon as next Monday.
Two down apparently, and who knows how many more to go. Arch Coal Inc. (NYSE: ACI) traded around $0.19 a share early Friday morning in a 52-week range of $0.17 to $3.35. Yesterday Arch reported an adjusted diluted second-quarter loss per share of $0.73 and a net loss of $168 million, and regardless of the company’s brave words about “navigating this challenging market,” Arch could be next in line at the bankruptcy window.
The two major issues facing the industry are potential killers: oversupply and regulations limiting power plant emissions. The murder weapon is natural gas. As a fuel for power generation, natural gas continues to grow while coal continues to sink. When Peabody Energy Corp. (NYSE: BTU) reported earnings earlier this week the company observed:
By 2017, Peabody expects that approximately 55 gigawatts of U.S. coal-fueled generation will retire, with the majority occurring in 2015, and that 250 gigawatts of coal-fueled generation will remain online. While total U.S. utility coal demand is expected to decline approximately 30 to 50 million tons between 2014 and 2017 on lower assumed natural gas prices, PRB [Powder River Basin] and Illinois Basin demand is expected to more than overcome 2015 declines by 2017 as these regions retain a fundamental delivered cost advantage over other U.S. coal basins.
Peabody believes it can continue to compete on price by boosting volumes of its cheaper-to-produce PRB coal. And Alliance Resource Partners LP (NASDAQ: ARLP) is also looking to boost production at its Illinois Basin mines. Appalachian mines will pay the price. As Bloomberg News put it today in a story about Alpha, some mines must die for others to live. And some companies will also die.
CONSOL Energy Inc. (NYSE: CNX) is the largest coal producer by market cap, but its survival plan is based on becoming a natural gas producer. So far that has been only a partial success because natural gas prices are so low. Replacing one low-priced commodity with another equally low-priced commodity is not usually a formula for a quick turnaround, though it could be a good long-term strategy.
Alliance, which is organized as an MLP, announced an increase of $0.05 per common unit to bring its cash distribution to $2.70 per common unit, a yield of more than 11%. Nearly 90% of Alliance’s second quarter production came from the Illinois Basin. Alliance believes that market demand is beginning to stabilize and that recent market weakness is resulting in lower production across the industry. Alliance could be a survivor.
Westmoreland Coal Co. (NASDAQ: WLB) is under pressure from an activist investor to sell the company immediately for a price of more than $31 a share, about double today’s trading level. That might happen, but it won’t happen immediately.
Cloud Peak Energy Inc. (NYSE: CLD) reported an adjusted second-quarter loss of $0.28, far better than analysts expected. Analysts at Cowen say that even though it is in better shape than many peers, Cloud Peak is not “immune” from existing market conditions. The company’s position in the PRB works in its favor. But being the best house in a bad neighborhood is not usually a formula for long term success.
Peabody is a likely survivor and so is CONSOL. Cloud Peak and Westmoreland have market caps of around $200 million and $280 million, respectively. Either or both could be an acquisition target at the right price (but probably not $31 a share). And as long as it can maintain its cash distributions, Alliance will keep investors happy.
But bringing supply into line with demand will inevitably mean reductions in supply as coal-fired generation gives way to natural gas and renewables. For now finding that balance appears to have led Alpha, Walter, and (perhaps soon) Arch to a date with the bankruptcy court.
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Read more: Energy Business, ACI, ANR, ARLP, BTU, CLD, CNX, coal prices, featured | msmarco_doc_00_18307799 |
http://247wallst.com/energy-business/2018/01/22/what-halliburton-earnings-reveal-about-oilfield-services-sector/ | What Halliburton Earnings Reveal About Oilfield Services Sector – 24/7 Wall St. | What Halliburton Earnings Reveal About Oilfield Services Sector
What Halliburton Earnings Reveal About Oilfield Services Sector
Paul Ausick
| What Halliburton Earnings Reveal About Oilfield Services Sector – 24/7 Wall St.
Energy Business
What Halliburton Earnings Reveal About Oilfield Services Sector
Paul Ausick
January 22, 2018 8:20 am
Last Updated: January 12, 2020 4:16 am
Halliburton Co. (NYSE: HAL) reported fourth-quarter and full-year 2017 results before markets opened Monday. For the quarter, the oil and gas services company posted adjusted diluted earnings per share (EPS) of $0.53 on revenues of $5.9 billion. In the same period a year ago, the company reported EPS of $0.04 on revenues of $4.02 billion. Fourth-quarter results also compare to consensus estimates for EPS of $0.46 per share and $5.63 billion in revenues.
For the full year, the company posted adjusted EPS of $1.22 on revenues of $20.62 billion in revenue, compared to a net loss of $0.02 on revenues of $15.89 billion in 2016. Analysts were looking for EPS of $1.16 and revenues of $20.31 billion.
On a GAAP basis, Halliburton reported a quarterly loss of $0.92 per share, which includes an impairment charge of $385 related to Venezuelan operations and a noncash deferred tax charge of $882 million. For the full year, the GAAP net loss totaled $0.51 per share.
North American revenues rose 7% sequentially in the third quarter. The company attributed the growth primarily to increased utilization and pricing throughout the United States land sector in the majority of the company’s product service lines, primarily pressure pumping, as well as higher drilling activity and completion tool sales in the Gulf of Mexico. Revenues rose 11% sequentially in the company’s international operations.
CEO and President Jeff Miller said:
2017 was a dynamic year for the oil and gas sector that marked another step on the road to recovery for our industry. I am pleased with the way our team executed on our value proposition, maintained strong service quality, and generated superior results and industry leading returns. … I am optimistic about what I see in 2018. Commodity prices support increasing activity in North America and I am encouraged by the increase in tender activity and the positive discussions we are having with our international customers.
The company did not provide guidance in its earnings release, but first-quarter 2017 consensus estimates call for EPS of $0.46 on revenues of $5.6 billion. For the full 2018 fiscal year, EPS is forecast at $2.23 on revenues of $23.56 billion.
As of the end of December, the U.S. Energy Information Administration (EIA) reported a total of 7,493 drilled but uncompleted wells in the major U.S. shale regions, 156 more than at the end of November. While prices for U.S. crude remain nearer to $65 than $60, services firms like Halliburton are set up to provide more well completions, pressure pumping services and even increased drilling.
Halliburton’s stock closed at $53.01 on Friday, up about 1.2% for the day. Shares traded up about 2.6% in Monday’s premarket session at $54.40. The stock’s 52-week range is $38.18 to $58.78. The consensus 12-month price target was $55.19 before this morning’s report.
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Read more: Energy Business, HAL, Earnings, featured, oil and gas | msmarco_doc_00_18312963 |
http://247wallst.com/energy-economy/2015/01/24/5-states-still-have-high-gas-prices/ | 5 States Still Have High Gas Prices – 24/7 Wall St. | 5 States Still Have High Gas Prices
5 States Still Have High Gas Prices
Paul Ausick
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| 5 States Still Have High Gas Prices – 24/7 Wall St.
Energy Economy
5 States Still Have High Gas Prices
Paul Ausick
January 24, 2015 9:20 am
Last Updated: April 27, 2020 3:03 pm
Source: Thinkstock
While the average cost of a gallon of regular gasoline in the United States has tumbled to $2.037 as of Saturday, there are still five states where the cost of a gallon of gas remains above $2.40. In one of those five states, a gallon of gas still costs more than $3.00.
The state with the highest price for gasoline is Hawaii, where a gallon of regular gasoline currently costs $3.276. State gasoline taxes total 45 cents a gallon, in addition to the 18.4-cent federal tax, for a total of 63.5 cents per gallon in taxes, among the highest in the country. Hawaii’s big problem, of course, is that it must import every drop of gasoline state residents use. That adds to transportation costs because ships cost more than pipelines, which is how much of the gasoline in the U.S. gets from refineries to local distributors.
The state with the next highest cost for gasoline is Alaska, where state fuel taxes are a mere 12.4 cents per gallon, the lowest among the 50 states and the District of Columbia. There are no operating refineries in Alaska, so the state exports its North Slope crude oil and imports gasoline. The really bad news for Alaska is that its North Slope production is declining fast and with it are going the payments to Alaska citizens that help to offset the high prices Alaskans pay for everything. A gallon of gas in Alaska costs $2.709 as of Saturday.
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Gasoline in California costs $2.465, and the state sports the third-highest gas price in the country. State taxes add 45.39 cents to the cost of a gallon of gas, the nation’s third-highest state tax level. California is essentially its own country when it comes to oil and gasoline. There is limited pipeline transportation from the oilfields in Texas and none from North Dakota. Alaska’s North Slope provides much of the crude for the state’s refineries but as those volumes decline crude gets to the state by rail (from Canada and North Dakota primarily) and tankers from Saudi Arabia, Ecuador and Iraq.
New York residents pay the fourth-highest gasoline prices in the country at $2.454 a gallon. The state’s fuel taxes add 45.09 cents per gallon to the cost of gasoline. There are no operating refineries in New York, which gets the majority of its gasoline from New Jersey and Pennsylvania refineries and some imports, primarily from the United Kingdom and the Netherlands. Operating expenses in New York are high, as they are in big cities everywhere, with rents and labor costs higher than in more remote parts of the country.
The fifth-highest priced average gallon of gasoline costs $2.429 in Washington, D.C. The District did try to levy a percentage tax in 2013 rather than the 23.5 cents per gallon tax it has had in effect for several years. Tying the fuel tax to the wholesale cost of gasoline would have caused the price of gasoline to fluctuate even more than it does now, so supporters proposed a ceiling and a floor, but to no avail.
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Read more: Energy Economy, featured, oil and gas | msmarco_doc_00_18316724 |
http://247wallst.com/healthcare-business/2015/07/15/why-teva-pharmaceutical-bid-for-mylan-may-go-hostile/ | Why Teva Pharmaceutical Bid for Mylan May Go Hostile – 24/7 Wall St. | Why Teva Pharmaceutical Bid for Mylan May Go Hostile
Why Teva Pharmaceutical Bid for Mylan May Go Hostile
Rafi Farber
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| Why Teva Pharmaceutical Bid for Mylan May Go Hostile – 24/7 Wall St.
Healthcare Business
Why Teva Pharmaceutical Bid for Mylan May Go Hostile
Rafi Farber
July 15, 2015 7:20 am
Last Updated: July 15, 2015 7:22 am
Source: Thinkstock
When Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) made its informal $40 billion takeover offer to Mylan Inc. (NASDAQ: MYL) earlier this year, executives at Mylan were incensed, especially chairman Robert Coury, who maintained it would be illegal. Some influential consumer groups now have made known their position on the issue and are urging the Federal Trade Commission to block any deal.
This has not seemed to faze Teva, however, as the company is reportedly upping its bid to $43 billion, and the takeover could become hostile if it does indeed go through. It seems to be evolving into a sort of love-triangle, tit-for-tat bidding war between the two generic giants, with Teva originally advising Mylan shareholders that the offer is only good if Mylan does not acquire generic leader Perrigo Co. PLC (NYSE: PRGO). Mylan then (perhaps spitefully) raised its bid for Perrigo to $32.7 billion, and then Teva followed up by increasing its own bid for Mylan.
Better dollars than bullets, as they say.
Yet, there is another element to this story that most media seem to have overlooked. Back in February, Teva announced that the FDA had agreed to review its New Drug Application (NDA) for an extended-release, abuse-deterrent reformulation of oxycodone bitartrate, the active ingredient in Vicodin. NDA reviews usually take between one and two years before approval, which means this new drug could be available by early next year. But what is so special about a new formulation of an opioid painkiller?
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Namely, the fact that hydrocodone is by far the most popular generic drug by number of prescriptions, totaling 123 million in 2014, beating out the runner up lisinopril for hypertension by over 20 million. Couple that with the fact that Vicodin was moved up to Schedule II from Schedule III in October due to abuse issues, making prescriptions much more difficult to fill. This gives a leg up for abuse-deterrent reformulations of the drug going forward, which may bump the reformulations back up to the more advantageous Schedule III.
In a sentence, Teva could be about to enter the largest generic market by prescription in the world, which may tip the scales in favor of the Israeli giant when it comes to wooing Mylan shareholders. (Antitrust issues are still a factor that could torpedo the deal though.)
A Teva partnership deal was responsible for one 2015’s best performing stocks when it entered into a licensing deal with Eagle Pharmaceuticals Inc. (NASDAQ: EGRX) for an early stage Phase 1 clinical pipeline product, a more stable reformulation of a common leukemia drug. This shows a hint of the potential here if Teva succeeds with its own hydrocodone reformulation, and what effect that may have on its own Mylan ambitions.
Teva is not the only one trying to reformulate pain-management opioids to more abuse-resistant versions, and it is indeed a serious matter. The Center for Disease Control (CDC) has found that 60% of all drug overdose deaths are from legal pharmaceuticals, and 75% of those deaths are from opioid abuse, totaling 16,651 fatalities in 2010. Reformulating these drugs to deter abuse is more than simply a matter of having a better, more marketable painkiller. Right behind Teva is Relmada, which is in the middle of Phase 2 for its abuse-resistant reformulation of levorphanol.
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Read more: Healthcare Business, MYL, PRGO, TEVA, healthcare, Mergers and Acquisitions, pharmaceuticals | msmarco_doc_00_18320469 |
http://247wallst.com/healthcare-economy/2011/07/18/the-eleven-most-implanted-medical-devices-in-america/ | The Eleven Most Implanted Medical Devices In America – 24/7 Wall St. | The Eleven Most Implanted Medical Devices In America
The Eleven Most Implanted Medical Devices In America
Douglas A. McIntyre
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| The Eleven Most Implanted Medical Devices In America – 24/7 Wall St.
Healthcare Economy
The Eleven Most Implanted Medical Devices In America
Douglas A. McIntyre
July 18, 2011 8:02 pm
Last Updated: March 26, 2020 7:33 pm
Implanted medical devices are one of the most profitable businesses of the U.S. healthcare industry. While many devices help extend and improve quality of life, a great many others may not be necessary. In some cases devices such as stents, screws, and artificial joints do not work well or are not any better than a cheaper procedure; in others, the risks may not be worth the benefits. All of the devices place a large cost-burden on U.S. medical spending, whether entirely effective or not.
Read: The Eleven Most Implanted Medical Devices In America
On a yearly basis, medical device companies across the world bring in over $200 billion in revenue. In the U.S. alone, these companies take in over $85 billion a year. A large portion of that is for devices that are implanted in the human body.
On the whole, there is little concentrated information on the industry. Data on which company makes what device; sales figures of each individual implants per medical device companies; or the number of procedures done for each implant each year are not always readily available. More troubling, there is little information gathered in any one place about the potential dangers and flaws of these devices, or the complications that occur due to their implantation procedure.
24/7 Wall St. has examined National Health Survey data, multiple professional physician services, peer-reviewed journals, and SEC filings to complete a list of the most frequently implanted medical devices today. While many of these are life saving, controversy swirls around several others. In some cases, we found exact total costs from self-reporting by physician sub-specialties. In others, we estimated costs based on medicare outlays, industry reports, and academic publications.
Many of the devices implanted are medically necessary and do their jobs extending lives and improving quality of life, the 24/7 Wall St. research shows. Some products, such as artificial knees may even be underutilized. Others, like implantable cardio-defibrillators, may be over-utilized. What is certain in most of the cases we reviewed is that the effectiveness of these devices is not as well researched or understood as their widespread use may imply.
These are 24/7 Wall St.’s Eleven Most Implanted Medical Devices In America.
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http://247wallst.com/industrials/2015/04/16/what-surprises-to-expect-with-ge-earnings/ | What Surprises to Expect With GE Earnings – 24/7 Wall St. | What Surprises to Expect With GE Earnings
What Surprises to Expect With GE Earnings
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| What Surprises to Expect With GE Earnings – 24/7 Wall St.
Industrials
What Surprises to Expect With GE Earnings
Jon C. Ogg
April 16, 2015 1:00 pm
Last Updated: April 16, 2015 1:02 pm
Source: Wikimedia Commons
General Electric Co. (NYSE: GE) is set to report its first-quarter earnings Friday in the very early morning hours. What is interesting ahead of the formal GE report is that GE already took away much of the potential thunder that the bulls would have used outside of earnings. The conglomerate simultaneously took away any roar from the bears.
With such a monumental restructuring in GE’s financial units and asset sales announced last week, the first-quarter earnings report can only be expected to not be so great. Again, Wall Street should assume this. Things such as a rising dollar in the first quarter, massive slowing in the energy patch after the drop in oil and a slowing trend in manufacturing numbers should not exactly be a surprise to the public by now.
So, how will investors treat GE on the earnings report?
ALSO READ: Over Half of the DJIA Outyields 30-Year T-Bonds
24/7 Wall St. has provided a basic preview, followed by ongoing trends from stock traders, options traders and GE’s stock charts. If you believe in the efficient market theory, then GE should be given a pass on bad news, or it should have a muted gain if the news is not bad or good. The problem in believing in the efficient market theory is that the markets have had a very tough time in recent years proving anything close to being efficient.
Thomson Reuters has consensus estimates of $0.30 in earnings per share (EPS) on $34.23 billion in revenue. In the same period of the previous year, GE posted $0.33 in EPS on $34.18 billion. If GE offers guidance for the coming quarter, it will compare with consensus estimates of $0.39 EPS and $36.15 billion in revenue.
Again, when GE announced the exit of most GE Capital assets and a new industrial structure focus, the company gave guidance for 2015 on an ex-basis for Synchrony Financial (NYSE: SYF), which counted issues such as future sales of financial assets, a lower share count and for a core operating basis from its industrial operations.
It is already known that GE wants to spend up to $50 billion for buybacks. The dividend was set to remain static through 2016 and to go higher thereafter, but if you consider that GE’s spinning out Synchrony and its selling so many assets to shrink its base and its share count, the reality is that GE could almost be considered a dividend raise even though it is not really raising it.
Shares of GE were down 0.5% at $27.33 in early afternoon trading on Thursday ahead of earnings. The stock has a consensus price target of $29.92 and a 52-week trading range of $23.41 to $28.68. What investors need to consider here is that the 52-week high was seen just last week on the heels of what was then more than a 10% gain from the pre-leak of the news on Thursday morning to the post-news pop on Friday.
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Options traders appear unconcerned at all about GE’s coming earnings report. Friday expiration prices for the closest speculative put and call contracts average out to a 1% move in either direction as the expected move.
A pullback of almost 5% from last week’s highs would lend at least some credence to the belief that technical investors and fundamental investors might have decided to exit ahead of earnings if they were on the fence. This pullback also normalized shares for investors ahead of the news.
GE’s near-term stock chart hardly offers any immediate reads, other than that GE’s shares would have enormous support down about $2 from Thursday’s price. The 50-day moving average is $25.42 and the 200-day moving average is $25.17.
As a reminder, GE is now almost tied for the largest buybacks of all time, if you include what has been repurchased in years past with that new $50 billion buyback plan.
GE’s longer-term chart is reaching ever closer to crucial levels. After GE’s stock peaked above $40 in 2007, GE slid to almost $25 and then quickly rallied to $30, just in 2008 before the rug got yanked out from everyone in the recession. This leaves a large amount of implied resistance as GE inches toward $30 — after all, anyone who bought stock since 2008 is now very profitable.
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Read more: Industrials, GE, Conglomerate, Earnings, featured
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http://247wallst.com/investing/2007/12/19/total-systems-s/ | Total Systems Services Finally Its Own Company (TSS, SNV) – 24/7 Wall St. | Total Systems Services Finally Its Own Company (TSS, SNV)
Total Systems Services Finally Its Own Company (TSS, SNV)
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| Total Systems Services Finally Its Own Company (TSS, SNV) – 24/7 Wall St.
Investing
Total Systems Services Finally Its Own Company (TSS, SNV)
Douglas A. McIntyre
December 19, 2007 9:02 am
Last Updated: March 26, 2020 12:40 pm
Total Systems Services, Inc. (NYSE:TSS), also called TSYS, is finally getting the completion of its spin-off of majority outside ownership so that it will be its own company. Synovus (NYSE: SNV) has announced the distribution ratio for the previously-announced spin-off of the shares of TSYS common stock currently owned by Synovus.
On December 31, 2007, Synovus will distribute 0.484 of a share of TSYS common stock for each share of Synovus common stock outstanding with a record date of 5:00 p.m. Eastern time on December 18, 2007. Instead of receiving fractional shares for amounts of less than one TSYS share, Synovus shareholders will receive cash.
Synovus currently owns 80.6% of TSYS. The distribution of the 159,630,980 TSYS shares owned by Synovus will be made to Synovus shareholders on December 31, 2007 and will be done on a tax-free status to Synovus and its shareholders.
Synovus Financial closed at $24.10 yesterday and its 52-week trading range is $21.91 to $33.82. TSYS shares closed at $26.72 yesterday and its 52-week trading range is $25.48 to $35.05.
You can join our own open email distribution list to hear about spin-offs, break-ups, merger-arb spreads, reorganizations, restructurings, and other key special situations.
Jon C. Ogg
December 19, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he produces the SPECIAL SITUATION newsletter and he does not own securities in the companies he covers.
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http://247wallst.com/investing/2011/01/13/the-ten-companies-that-control-the-death-industry/ | The Ten Companies That Control The Death Industry – 24/7 Wall St. | The Ten Companies That Control The Death Industry
The Ten Companies That Control The Death Industry
Douglas A. McIntyre
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| The Ten Companies That Control The Death Industry – 24/7 Wall St.
Investing
The Ten Companies That Control The Death Industry
Douglas A. McIntyre
January 13, 2011 6:39 am
Last Updated: April 3, 2020 3:53 pm
Death in America is a $15 billion a year industry. That includes funeral homes, crematoriums, and cemeteries, but excludes related costs such as headstones and crypts. It is expensive to die in the United States. The average cost of a funeral is $7,323, according to The National Funeral Directors Association. The addition of flowers and a burial plot raises that number closer to $9,000. Almost 2.5 million people died in the United States in 2008, and 1.8 million of these bodies were placed into coffins that were sold.
The death industry is a tale of two economies. A relatively few large companies, most of them publicly traded, control most of the businesses that sells caskets and granite for memorials. The rest of the death industry is made up of many modest businesses. Most of the 19,500 funeral homes in the country are small operations, often owned by the same families for generations. There are more than 120,000 cemeteries and many of these belong to families, nonprofits, and religious institutions.
Death has become more democratic, particularly over time and especially in America. Centuries ago Egyptian pharaohs received elaborate funerals and entombments which would cost many millions of dollars by today’s standards. The typical Egyptian was fortunate to have a modest burial. Centuries later, bishops were sealed in crypts carved with their likenesses. Their congregations were filled mostly with people whose final resting places were unmarked, and who were buried without coffins and certainly without rings or mitres.
Today, nearly all of the deceased receive some sort of burial or cremation even if it is paid for by the state. The cost of land and the current overcrowding in cemeteries, along with changes in perception, have made people consider cremation. Cremations are less expensive than the cost of caskets and plots. John Ross, the executive director of the Cremations Association of North America, claims that a crematory fee is $1,400 which includes a modest urn. Bob Fells, acting CEO of the International Cemetery and Cremation Funeral Association says that 36% of Americans who die now are cremated. That number is expected to rise to 56% by 2025, although it is hard to imagine how anyone could forecast a trend of that sort so precisely. Most of the funeral business will be decimated if the cremation trend does continue.
[24/7 Wall St.’s Free eLetter – analyst upgrades, downgrades, day trader alerts, dividend trends, IPOs, M&A, and Buffet watch.]
Death, like so many other businesses, has been changed by the internet. Wal-Mart sells caskets online at a discount, sometimes as much as two-thirds of their retail prices. They are shipped to funeral homes. This competition is another factor that will erode the margins of the traditional funeral industry.
24/7 Wall St. analyzed the death industry. Much of it is dominated by a few large companies. The tens of thousands of smaller firms that compete with these public corporations have been affected profoundly by their business practices and pricing. The firms that have started to change the industry through e-commerce will certainly leave a larger and larger mark on the sector as each year passes, transforming the American way of dealing with its dead.
Here is the 24/7 Wall St. Ten Companies That Control The Death Industry:
Hillenbrand, Inc. (HI)
> Interesting Fact: Sells 45% of caskets sold in the United States
> # of Employees: 3,200
> Most Recent Quarter Revenue: $212 Million
> Most Recent Net Income: $20 Million
Hillenbrand sells more than 800,000 of the 1.8 million caskets sold in the United States each year. In addition to this, the company sells cremation containers and urns. All of Hillenbrand’s funeral products are sold under their Batesville Casket Company brand, which was founded in 1906.
Service Corp. International (SCI)
> Interesting Fact: funeral and cemetery market share in North America of roughly 12%
> # of Employees: 13,087
> Most Recent Quarter Revenue: $533.2 Million
> Most Recent Net Income: $18.8 Million
Service Corp. International owns more funeral homes, cemeteries, and crematories than any other company in North America. At last count, the company operates 1,254 funeral service locations and 372 cemeteries in 43 states, Canada, Puerto Rico, and Germany. SCI also sells a variety of merchandise including caskets, vaults, and urns.
Walmart (WMT)
> Interesting Fact: Caskets come with monthly payment terms
> # of Employees: 2,100,000
> Most Recent Quarter Revenue: $101.9 billion
> Most Recent Net Income: $3.6 billion
Walmart, the world’s largest retailer, helped begin the trend of selling low-priced caskets online. The company offers the $995 “ Dad Remembered Steel Casket ,” with “18 gauge steel high-gloss silver-blue finish.” Walmart is taking a share of the death care industry away from funeral homes and related companies. According to the casket industry, the impact of the big box retailers is still small. Other industry experts suggest otherwise.
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http://247wallst.com/investing/2011/01/26/americas-worst-directors-richard-braddock-of-eastman-kodak/ | America’s Worst Directors: Richard Braddock Of Eastman Kodak – 24/7 Wall St. | America's Worst Directors: Richard Braddock Of Eastman Kodak
America's Worst Directors: Richard Braddock Of Eastman Kodak
Douglas A. McIntyre
| America’s Worst Directors: Richard Braddock Of Eastman Kodak – 24/7 Wall St.
Investing
America's Worst Directors: Richard Braddock Of Eastman Kodak
Douglas A. McIntyre
January 26, 2011 11:43 am
Richard Braddock has been a director of Eastman Kodak since 1987. The CEO of internet grocer Fresh Direct and former top Citigroup Inc. (NYSE: C) executive has held the job as the once important American company became a shell of its former self. He has served as the presiding director of Kodak and as a member of its Executive Compensation and Development Committee.
Eastman Kodak’s stock has fallen from $67 the year Braddock joined the company to its current price of just over $4.
Braddock was also around when current CEO Antonio M. Perez was hired in 2003 and elevated to the chief executive’s job in 2005.
Kodak’s revenue has fallen sharply from $14 billion in 2000 when the company made a net profit of $1.7 billion. In 2010, revenue was $7.187 billion, a 6% decrease from the 2009. Kodak posted a net loss of $70 million for 2010. The news pushed the shares down 10%. The company’s stock dropped 71 cents, or 14%, to $4.51 on January 25 after Kodak received an initial determination that its patent infringement claim it made with the International Trade Commission against Apple (NASDAQ: AAPL) and Research in Motion (NASDAQ: RIMM) is not valid.
Perez was well rewarded by his failure as Braddock and other directors paid him $12.6 million in total compensation in 2009 and more than $30 million between 2007 and 2009.
Braddock is Kodak’s longest serving director. As such, he bears great deal of responsibility for the company’s failures, not the least of which is the ongoing employment of Perez and his handsome compensation.
Douglas A. McIntyre
Read more: Investing, AAPL, C, EK, RIMM, YHOO, Corporate Governance, Earnings | msmarco_doc_00_18342876 |
http://247wallst.com/investing/2011/02/24/ten-things-americans-waste-the-most-money-on/ | Ten Things Americans Waste the Most Money On – 24/7 Wall St. | Ten Things Americans Waste the Most Money On
Ten Things Americans Waste the Most Money On
Douglas A. McIntyre
10. Apparel Products and Services
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Ten Things Americans Waste the Most Money On
Douglas A. McIntyre
February 24, 2011 6:16 am
Last Updated: February 24, 2011 9:52 am
24/7 Wall St. reviewed how Americans spend money. One of the conclusions of this analysis is that consumer spending is relatively alive and well, despite the recession. This may mean that Americans continue to be over-leveraged. US citizens have, in general, brought down their indebtedness. However, holiday spending rose substantially from last year, and the extent to which Americans feel poor has declined now that the recession has ended. Americans spend about 15% of their household incomes on things that they do not need to satisfy their vices or to keep themselves amused.
We examined the changes in spending patterns over the course of one generation–20 years. Americans have certainly not cut back on vices because of the recent difficult economy, with the exception of casinos which were hurt badly by the slowdown. Money spent on alcohol and tobacco is about the same as it was two decades ago. Sin apparently is not beaten down by hard times.
Data from the Bureau of Labor Statistics was one of the core sources of information for the 24/7 analysis. We looked spending habits in 1989 and then again in 2009. The average household expenditure two years ago was $49,000. That is measured against household income before taxes of about $63,000. Real incomes have not risen over the course of the last ten years, something that has not happened in any decade since the Depression. Over the course of the last two decades the increase in real income was only 10%.
The patterns of how people spend money on things has changed. People spend much more on television, radio, and sound systems than they did in 1989. They also spend more on pets and toys.
The BLS divides households into nine income groups. The lowest is households with income less than $5,000 a year. It is hard to imagine how such a household could exist. But, the government definition includes people who rent rooms or other living spaces, so in reality a college student or group of college students would qualify. The highest income group contains households with incomes of over $70,000 a year.
24/7 reviewed how American households spend their money and identified categories in which the expenditures are purely discretionary as a way to set its final list of ways people spend money on unnecessary items. We removed all expenses that could be considered essential to maintain a reasonable living, good health and a steady job. Then, we identified the ten categories of unnecessary purchases which accounted for the largest part of U.S. household expenditures. We also broke the data into several demographics, including income before taxes, regions of the country, and the number of people in each household.
The ten categories of unnecessary purchase can be balanced against the ability of Americans to save money or pay off debts. The “average” American household which has an income of $63,000 spends more than $8,000 on goods and services it does not actually need. The credit crisis might not have been so bad if all that money had been put into savings accounts between 1989 and 2009, but the period would not have been nearly as fun.
10. Apparel Products and Services
> Annual Amount Spent Per Household: $249
> % of Total Annual Expenses: 0.5%
This category includes unnecessary purchases such as clothing rentals and storage, dry cleaning, jewelry, and watch repair. Clothing and shoe repairs, which are also included, are rarely considered a waste, but they account for a relatively modest portion of this category. The average amount spent per household is $249. This is slightly down from the 1989 amount, which was $266.
9. Tobacco
> Annual Amount Spent Per Household: $380
> % of Total Annual Expenses: 0.8%
The average household spends more than $380 each year on tobacco products and smoking supplies, which includes cigarettes, cigars, pipes, and chewing tobacco. It is worth remembering that this average includes households where no one pays for tobacco products. Despite this fact, tobacco’s portion of the average household’s budget, 0.8%, is larger than what Americans spend on fresh fruit and milk combined. A person who smokes a pack of cigarettes a day in New York state will spend more than $4,000 a year, which is roughly 10% of the average American income before taxes.
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http://247wallst.com/investing/2011/02/26/the-ten-states-that-pay-teachers-the-most-and-why-it-doesnt-matter/ | The Ten States That Pay Teachers The Most (And Why It Doesn’t Matter) – 24/7 Wall St. | The Ten States That Pay Teachers The Most (And Why It Doesn't Matter)
The Ten States That Pay Teachers The Most (And Why It Doesn't Matter)
Douglas A. McIntyre
Best Paid
10. Pennsylvania (B-)
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| The Ten States That Pay Teachers The Most (And Why It Doesn’t Matter) – 24/7 Wall St.
Investing
The Ten States That Pay Teachers The Most (And Why It Doesn't Matter)
Douglas A. McIntyre
February 26, 2011 9:52 am
Last Updated: August 25, 2020 11:27 am
Lost in the debate about collective bargaining rights and the related issues of pay, pensions, and health care coverage is the dialogue about a core issue. There is no clear correlation that better paid teachers produce better educated students.
Wisconsin teachers are among the most vocal opponents of Gov. Scott Walker’s plan to curtail some collective bargaining rights. Though there is little doubt that good teachers improve student achievement, the evidence that well-compensated educators produce better prepared students is mixed. Wisconsin is a case in point.
Wisconsin teachers fare slightly worse than the national average with starting salaries of $32,642 and a maximum with a master’s degree of $60,036. The Tax Foundation says its tax burden is the fourth worst in the U.S. and its QualityCounts rating was a C+, about average. What the state underscores is how a dysfunctional system of teacher pay rewards educators with little emphasis on merit. Throwing more money at teachers, however, is not the answer to the myriad of problems affecting the nation’s schools.
Data reviewed by 24/7 Wall St. from the National Education Association, The American Federation of Teachers, PayScale.com along with discussions with experts from Education Trust, the Heritage Foundation and the American Enterprise Institute found that there are states with well-paid teachers with superior student achievement such as New York, New Jersey and Pennsylvania. Others such as Connecticut and California where teachers are paid well and the educational results are average as measured by the QualityCounts survey issued by Education Week. Florida did well in QuallityCounts even though its teachers are among the poorest paid in the country. All these states except Florida rank among the highest among state and local tax burdens, according to the Tax Foundation . The Sunshine State ranked 31st.
The National Education Association, the largest teacher’s union, estimates starting salaries for teachers at $35,139 with a bachelor’s degree. Educators with a master’s degree earn as much as $64,883. Of course, teacher’s salaries vary widely depending on the tax revenue available, cost of living and the strength of the local union. They are largely funded by local property taxes. Moreover, their salaries far exceed the wages paid to their counterparts at non-union private schools, according to Reason magazine . Most teachers also received defined benefit pension plans and other benefits not given to their counterparts in private industry. Some districts are pushing the idea of merit pay, which the teacher’s unions have fought.
“I would love to say dramatically raise their pay,” says Richard Lemons of the Education Trust, in an interview. He added that there is no evidence yet that dramatically boosting a mediocre teacher’s pay will inspire them to become better at their jobs. In theory, higher teacher pay will entice higher quality candidates into the professions though there is little evidence that shows these people will be any more competent than existing teachers.
Though money won’t solve the myriad of woes affecting our nation’s schools, it certainly helps. According to the Economic Policy Institute (EPI), many people are turned off by the profession because of its low starting salary, which trails the pay of educators around the world. Teachers have also been “losing ground” to other professions for years, EPI says. A 2008 report by the Economic Policy Institute argues that teachers with bachelor’s degrees earned about 12.2 percent less than their peers in 2006, while the gap between teachers and non-teachers with a master’s degree was 11.3 percent. The implications are stark.
According to a report released last year by the Education Trust, students in high-poverty schools are ” disproportionately taught by out-of-field and rookie teachers.” US students still lag behind their peers around the world in math and science, though their performance has improved slightly. The NEA argues that teachers should receive more compensation for receiving a master’s degree even though many experts argue that there is no proof that it makes teachers perform any better.
“People who improve their skills should get paid more,” says Bill Raabe of the NEA “Wouldn’t you want that adult work with your children to be the best that money can but. It’s a no brainer.”
Many experts argue that the system for evaluating teachers is broken. Teachers can be evaluated by supervisors who know nothing about their subject. Another big problem, according to critics of teacher’s unions, is the idea that the last person hired should be the first person fired in the event of a layoff. In a recent interview with National Public Radio, former DC District Superindent Michelle Rhee argued that this policy hurts younger teachers because it encourages districts to fire more of them to close budget deficits. Moreover, Rhee and others say that it promotes seniority over merit.
A few schools are battling these trends by paying teachers six-figure salaries.
A New York City charter school earned headlines in 2008 for its plans to pay teachers $125,000 in exchange for working longer hours and assuming additional duties. A voluntary program instituted in Washington, D.C., last year could raise total compensation for some teachers to $140,000 Some teachers in Wisconsin and Illinois are also reportedly as handsomely compensated along with other states. According to the NEA, about 1% of teachers are paid that well.
Though teachers’ unions and their political allies argue that educators are underpaid, fiscal conservatives argue that given the amount of work they do and the hefty benefits they receive, that is not the case. Frederick Hess, director of education policy studies at the American Enterprise Institute, says he is not against paying well.
“I don’t think that all teachers should earn six figures,” Hess says in an interview. “The best teachers should earn six figures and the worst teachers should be fired.”
While its tough to quantify the value of a good teacher, Stanford University economist Eric Hanushek gave it try last year and concluded that a better-than average teacher “generates marginal gains of over $400,000 in present value of student future earnings … Alternatively, replacing the bottom 5-8 percent of teachers with average teachers could move the U.S. near the top of international math and science rankings with a present value of $100 trillion.”
The problem that experts can not solve is how to attract and retain teachers who give both students and taxpayers the most bang for their buck.
Below are the list of the best and worst-paid teachers. This list includes the QualityCounts grades.
Best Paid
10. Pennsylvania (B-)
> Average Salary 2010/2011: $60,536
> # of Enrolled Students Per Teacher 2010/2011: 13.83 (22nd)
> Average National Assessment of Educational Progress Math Score 2009: 288.3 (13th)
> Average National Assessment of Educational Progress Reading Score 2009: 270.7 (6th)
> Average Daily Attendance as a % of Fall Enrollment 2010/2011: 95.3% (11th)
> High School Graduation Rate as % of Fall Enrollment 2010/2011: 7.75% (7th)
Former Governor Ed Rendell increased education spending by $250 million, boosting education funding by $4.6 billion a year for programs such as full-day kindergarten, preschool and tutoring assistance over his two terms in office. School districts in the state remain strapped for cash. Arlene Ackerman, the Superintendent of the Philadelphia School District, plans to work without pay for 20 days this year, 10 more than she had previously planned.
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http://247wallst.com/investing/2011/03/03/the-single-product-economy/ | The Single Product Economy – 24/7 Wall St. | The Single Product Economy
The Single Product Economy
Douglas A. McIntyre
| The Single Product Economy – 24/7 Wall St.
Investing
The Single Product Economy
Douglas A. McIntyre
March 3, 2011 5:04 am
Last Updated: March 3, 2011 6:05 am
Norway ranks No.12 in the world in oil production. It relies on crude to fuel its economy much like several nations in the Middle East. Some oil production in the politically torn region has dropped particularly in Libya. Norway’s problem is quite different.
Bloomberg writes that “Statoil ASA (STL) and Eni SpA (ENI) are among companies with plans to drill a record number of wells in Norway’s far north this year to help the world’s second-largest gas exporter to sustain output. So far, they’ve struck out.”
It might be defensible for Middle East nations with poorly educated populations which are also impoverished to have no recourse to diversify. Norway has no such defense. Its population is among the most well-educated in the world. Its economic growth has been reasonably strong. Public debt is only 48% of GDP.
Norway could argue that diversification of its economy was never possible. That is not true in light of an analysis of post WWII Europe. Norway’s finances and infrastructure were not destroyed by the battles and bombings of Europe. Germany’s were. The same can be said about the destruction and resurrection of post WWII Japan.
Norway’s GDP is currently behind Belgium, Switzerland, and Turkey. Each of these has built manufacturing, financial, or services businesses. Norway could have become the large financial hub in Northern Europe. It had just as much claim to that possibility as Spain or France. Norway remained flat-footed and complacent. There may be a lesson in that.
Too much money and security may lull a country, its government, and its citizens to sleep. Norway has become a socialist nation, and it can argue that there is almost no poverty in the country.
Norway’s citizens may be among the most fortunate in the world, but that will only continue until crude and gas production begin to falter. It would be a good time for Norway to retool its economy before it is too late.
Douglas A. McIntyre
Read more: Investing, International Markets | msmarco_doc_00_18359907 |
http://247wallst.com/investing/2011/03/04/the-ten-highest-paid-government-jobs/ | The Ten Highest-Paid Government Jobs – 24/7 Wall St. | The Ten Highest-Paid Government Jobs
The Ten Highest-Paid Government Jobs
Douglas A. McIntyre
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Investing
The Ten Highest-Paid Government Jobs
Douglas A. McIntyre
March 4, 2011 3:37 pm
Last Updated: March 7, 2011 1:09 pm
Working for the government is often referred to as public service. The term implies sacrifice or taking less than what could be earned in the private sector or in an entrepreneurial position. Many government workers seem overpaid but are probably underpaid when you consider the scope of their responsibilities. Indeed, many in the private sector would not want to stand up to the scrutiny required of a top public service job or to get elected to public office.
The salary of the President of the United States is actually a token sum considering the responsibilities of the office. Still, officials in other public service jobs seem egregiously overpaid. People who hold these jobs are “set for life” after their public service ends because they are in demand for paid speaking gigs, memoirs and consulting roles in private industry.
24/7 Wall Street has gathered data from many public sources to ferret out how much these top government officials earn. Salaries of some jobs are shielded from public scrutiny because of national security reasons. We did not consider the healthcare and retirement packages, security and transportation benefits and more. In some cases, our public service executives have actually taken considerable pay cuts to serve.
One thing also needs to be considered here. Some government salaries are actually shielded under executive order. Some of the shielded pay grades may be well into the hundreds of thousands or even more. Some information, intelligence, and cloak and dagger positions are shielded and above our pay grade when it comes to identifying how much they are.
10. Secretary of State: Hillary Clinton
> Annual Base Salary: $186,600
> Maximum Job Length: Generally 8 Years
> Previous Job: Senator From New York
Job Description: The Secretary of State is appointed by the president to serve as chief diplomatic representative of the U.S. Besides overseeing all State Department operations, including the operations of the U.S. embassies and representation in the UN, Secretary of State Clinton is responsible for the foreign operations of the CIA, the Defense Department, and the Department of Homeland Security. Clinton is also fourth in the chain of succession for presidency.
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http://247wallst.com/investing/2011/05/10/the-states-with-the-oldest-and-youngest-residents/ | The States With The Oldest And Youngest Residents – 24/7 Wall St. | The States With The Oldest And Youngest Residents
The States With The Oldest And Youngest Residents
Douglas A. McIntyre
Click Here To See Larger Chart of Population Growth 2000-2010
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Investing
The States With The Oldest And Youngest Residents
Douglas A. McIntyre
May 10, 2011 6:08 am
Last Updated: March 30, 2020 8:10 pm
All fifty states will not carry the US economy to a recovery, if it can recover entirely at all. A careful look at the patterns of aging, births, and population movement shows that nearly 20 states are hampered financially by either old populations, which are getting older, or younger populations, which are poor and generally getting poorer.
The composition of the American population has changed radically over the last ten years. Most of the reasons have been well-articulated. Baby Boomers are reaching retirement age in greater numbers and will do so for another several years. Large numbers of immigrants, both illegal and legal, have entered the US and continue to do so. Many of these immigrants cannot find jobs at pay levels above the median income of the states where they live. And, unfortunately, it is minorities and the young who are especially vulnerable to unemployment. In some states, the increase of the population under 18 is especially rapid which means the jobless rate in these states is not likely to rebound quickly as the economy rebounds.
Read The Ten States With The Youngest Residents
Read The Ten States With The Oldest Residents
24/7 Wall St. analyzed the states with the highest portions of their residents over 65 and under 18. The federal government uses these age groups to differentiate among the young, the working-age population, which are between 19 and 64, and the old. Our goal was to determine how economic trends have affected population migration and how this has caused changes in the economies of many states. Some states have simply stagnated such as Rhode Island. The number of people in Rhode Island has remained steady over the last decade. But, the population has aged because of low birth rates and an increase in older adults. Other states such as Nevada have had a large influx of younger people. But, many people in Nevada have been hurt by the collapse of the housing market and high unemployment. The state may have gained population, but the population lacks money and jobs.
Most states with older populations are usually in the Northeast or in areas with warm climates such as Florida. For reasons which are not well-understood but might be guessed at, young people are have not moved in large numbers to sparsely populated states such as Montana, North Dakota, or Maine and older residents are not leaving in great numbers. Their residents tend to be white, middle-aged, and live in areas where there is not a great deal of competition for jobs. Also, there are not many jobs either.
Click Here To See Larger Chart of Population Growth 2000-2010
U.S. Census Bureau, Decennial Census 2000, 2010
The irony of the employment success of many of the states with older residents is that their strength will eventually become their Achilles’ Heel. Once aging adults retire, they will not be easily replaced by younger workers. The burdens on pensions and other retirement programs will balloon. A stagnant employment base will undercut tax receipts. It is a situation that these states have no way to avoid, other than with the hope that those who are 65 and older will work until they are well over 70 to help maintain a tax base and defer some retirement costs.
The financial problems of younger states is worse still. A quarter of Arizona’s population is under 18. That population grew the second most rapidly among all states from 2000 to 2010. Arizona’s residents who are foreign-born citizens increased from 646,000 in 2000 to more than one million in 2008. There is no accurate count of illegal immigrants who live in the state, but they certainly number in the tens of thousands. The construction industry in the state is one of its largest, but home values have collapsed and with them so has the building industry. The construction sector tends to employ younger workers.
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http://247wallst.com/investing/2011/08/02/the-countries-with-the-fastest-growing-populations/ | The Countries With The Fastest Growing Populations – 24/7 Wall St. | The Countries With The Fastest Growing Populations
The Countries With The Fastest Growing Populations
Douglas A. McIntyre
Read: The Ten Countries With The Fastest Growing Populations
| The Countries With The Fastest Growing Populations – 24/7 Wall St.
Investing
The Countries With The Fastest Growing Populations
Douglas A. McIntyre
August 2, 2011 12:09 am
Last Updated: March 26, 2020 10:01 pm
The world’s population is likely to exceed 10 billion by the end of the century, up from 7 billion this year, according to research based on United Nations data. While population changes will remain flat or decline in developed countries, developing countries, notably those in Africa, will experience tremendous growth. According to David Bloom, a Harvard economist and author of the report “ 7 Billion and Counting ,” nearly all of the growth will occur in less-developed regions.
“Already strained, many developing countries will likely face tremendous difficulties in supplying food, water, housing, and energy to their growing populations, with repercussions for health, security, and economic growth,” according to the release. The areas with the highest projected populations increases, primarily Africa and Southern Asia, are already suffering from the consequences overpopulation. These conditions will only worsen as populations in Uganda, Nigeria, and Bangladesh double and, in some cases, even triple over the next 40 years.
Read: The Ten Countries With The Fastest Growing Populations
However, while 97% of the 2.3 billion projected increase will be in the less developed regions, the populations of developed countries will remain flat. Countries such as Japan, Germany, China, and Russia are expected to lose millions of citizens each. The only major developed nation projected to add significantly to its population is the United States.
24/7 Wall St. used data from the Population Reference Bureau’s 2011 World Population Data Sheet to identify the countries with the fastest growing populations. Based on “The World Population Prospects: The 2010 Revision of the UN Population Division,” PRB provides explanations for why the countries are growing along with what the potential long-term effects of the growth will be. Using their analysis, together with data on the local economy, health care, infant mortality rate, and fertility rate, 24/7 Wall St. identified the countries with the fastest growing populations. Some of these countries already deal with several problems, including high infant mortality, high prevalence of HIV/AIDS, and poor access to clean water. And these problems are magnified by the rapid population growth.
These are the countries with the fastest growing populations.
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http://247wallst.com/investing/2011/11/11/the-states-doing-the-most-and-least-to-spread-the-wealth/ | The States Doing The Most (and Least) To Spread The Wealth – 24/7 Wall St. | The States Doing The Most (and Least) To Spread The Wealth
The States Doing The Most (and Least) To Spread The Wealth
Charles Stockdale
Read The Ten States Doing The Most To Spread The Wealth
Read The Ten States Doing The Least To Spread The Wealth
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Investing
The States Doing The Most (and Least) To Spread The Wealth
Charles Stockdale
November 11, 2011 2:40 pm
Last Updated: April 15, 2020 2:15 pm
The Occupy movement has brought economic inequality to the headlines. Occupy protesters around the country have labeled themselves the 99%, in contrast to the wealthiest 1%. While this has captured the public’s attention, differences in wealth have always existed, and states have tried to level the playing field by redistributing money through education spending, unemployment benefits, health care, welfare, and other means.
Read The Ten States Doing The Most To Spread The Wealth
Read The Ten States Doing The Least To Spread The Wealth
24/7 Wall St. examined government spending by state in a number of categories to identify those that give the most and least in money and benefits to their residents. Our analysis has found that states that provide the most services and benefits have high income inequality. In order to finance these programs, the states that offer the most to their residents also have among the highest tax burdens in the country. While all income levels benefit from government assistance, the poor and the dispossessed benefit the most, in the form of welfare, medicare, and unemployment insurance.
Tax burden refers to the average amount a person pays in taxes as a percentage of his or her income. The Tax Foundation calculates each state’s tax burden by taking the total amount paid by the state’s residents in taxes, and dividing it by the total income of the state’s residents. Eight of the ten states that are most generous are among the top fifteen states with the highest tax burdens. New York, New Jersey, and Connecticut are all included on the list and also fill the top three slots for largest tax burdens in the country.
Income inequality measures how evenly wealth is distributed among residents of an area. Income inequality is high when a few people make a great deal and many make far less. Six of the ten states that are most generous are in the top 15 states for highest rates of income inequality. The three states with the greatest inequality in the country — New York, Connecticut, and Massachusetts — are among the most generous. Many of the states giving the least, such as Idaho and Indiana, fall on the other end of the spectrum for income inequality.
It also happens that the states that spend the most on their residents have particularly high costs of living. While it may be that state governments simply give more because costs are higher, the difference in spending does reflect the entire situation. In many cases the most generous states also provide benefits for longer periods of time, such as unemployment and cash assistance for needy families. Nine of the ten states on the list are within the top 15 for highest costs of living. and seven of the ten least giving states are within the bottom 15 for cost of living.
24/7 Wall St. used the percent of former weekly wages covered by state unemployment insurance to rank unemployment benefits by state, using data from The National Employment Law Project. The amount each state spends on education per student, including teacher salaries, as well as data on income inequality, measured by the Gini coefficient, comes from the Census Bureau. Medicaid spending per recipient is from The Urban Institute and Kaiser Commission on Medicaid and the Uninsured. Medicare spending per recipient is from the Centers for Medicare and Medicaid Services. 24/7 ranked the average amount each state employee receives in pension benefits per year using data from the Center for Retirement Research at Boston College on defined benefit plans. Data on the average number of months of benefits received and the average monthly amount of cash assistance from Temporary Assistance for Needy Families (TANF), a welfare program that provides cash assistance to American families with dependent children, was obtained from the Administration for Children and Families. Cost of living data is from the Missouri Economic Research and Information Center.
This is 24/7 Wall St.’s states doing the most (and least) to spread the wealth.
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http://247wallst.com/investing/2013/01/16/the-11-companies-that-will-rebuild-americas-aging-infrastructure/ | The 11 Companies That Will Rebuild America’s Aging Infrastructure – 24/7 Wall St. | The 11 Companies That Will Rebuild America's Aging Infrastructure
The 11 Companies That Will Rebuild America's Aging Infrastructure
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The 11 Companies That Will Rebuild America's Aging Infrastructure
Jon C. Ogg
January 16, 2013 11:01 am
Last Updated: November 10, 2016 1:50 pm
Source: Thinkstock
A report this week from the American Society of Civil Engineers shows just how bad the state of infrastructure in the United States is and how much spending is needed in the next decade to get it back up to par. According to the report, $2.75 trillion needs to be invested in America’s infrastructure by 2020. The ASCE believes that the spending shortfall in this period will come to $1.1 trillion, and will have dire consequences: some $3.1 trillion in lost gross domestic product; about $3,100 annually lost in disposable income per household; some $1.1 trillion lost in total trade; about $2.4 trillion lost in consumer spending; and, worst of all, a loss of about 3.5 million jobs.
24/7 Wall St. wants to know which American companies could stand to benefit if a real infrastructure investment were made. The ASCE says that the spending gap will only get worse over time, with a $4.7 trillion shortfall by 2040. This leaves a massive opportunity for U.S. and North American infrastructure firms for capital investments in airports, seaports and waterways, road and rail, and electricity. The ASCE projected that, unless we invest another $157 billion per year for the next seven years, the cost to U.S. GDP over that period will be $3.1 trillion. That total opportunity would generate close to a 3:1 return on investments, versus expenses using simple math.
While members of ASCE, which represents 140,000 engineers, would benefit from an increase in infrastructure spending, that does not change the fact that the U.S. infrastructure is crumbling. A review of the country’s roads, bridges, highways, water systems, power grids makes that clear. Whether or not the ASCE is fluffing its feathers, it is obvious that America’s infrastructure is nowhere near where it needs to be.
As far as which companies will win, there are many. It has been almost two years since our last review of this issue and much has changed. The old Build America Bonds program from 2009 to 2010 has effectively come and gone. But what if a new program could somehow be kicked off? Printing money has not exactly added millions of jobs, but spending on infrastructure projects surely would.
With close to a 3:1 ratio in gains versus expenses, these existing infrastructure giants could reap huge rewards if any of this investment shortfall is targeted. We do question how much can be spent in the age of austerity, and when the U.S. debt clock now stands at $16.5 trillion, but political math is often very different from the real economic math you may have learned in college. Our outlook on key infrastructure players has ranked 11 companies in alphabetical order. Revenue projections have been taken from Thomson Reuters for the calendar or fiscal year 2013. We have also included notable projects and shown whether these companies pay a dividend for income investors.
If investors are looking for an infrastructure play, these are the American companies that could benefit most from rebuilidng America. While there are many more companies in the industry, they are either too diversified or too focused for the scope of a broad infrastructure review.
These are the 11 companies that will rebuild America’s aging infrastructure.
1. AECOM Technology Corp. ( NYSE: ACM)
> Notable Project: part of rebuilding World Trade Center NYC
> 2013 Revenue: $8.3 billion
> Employees: 45,000
> Dividend Yield: N/A
AECOM offers architecture and engineering design services. It services the transportation, environmental and energy sectors, and it also serves key infrastructure projects such as highways, airports, bridges, wastewater facilities and power transmission and distribution. AECOM has a market value of about $2.7 billion, which is lower than the $3.5 billion featured in 2011. Its expected 2013 revenues are about $8.3 billion and it has roughly 45,000 employees around the world.
2. The Babcock & Wilcox Co. ( NYSE: BWC)
> Notable Project: DOE Small Modular Reactor Licensing Technical Support Program
> 2013 Revenue: $3.5 billion
> Employees: 13,000
> Dividend Yield: 1.2%
B&W is based in Charlotte, North Carolina, has close to 13,000 employees, and designs, engineers and offers other services to power generation and environmental control systems for large utility and industrial customers. It also manufactures and supplies nuclear components and fuels for government and commercial uses and supplies services for building and maintaining power facilities. B&W is worth $3.1 billion in market capitalization, and its revenue is expected to be about $3.5 billion this year.
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http://247wallst.com/investing/2014/08/05/top-after-hours-stock-movers-for-tuesday/ | Top After-Hours Stock Movers for Tuesday – 24/7 Wall St. | Top After-Hours Stock Movers for Tuesday
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Investing
Top After-Hours Stock Movers for Tuesday
Jon C. Ogg
August 5, 2014 5:40 pm
Last Updated: August 6, 2014 6:00 am
Source: Thinkstock
24/7 Wall St. has tracked nine key stocks on the move in the after-hours trading session on Tuesday, August 5, 2014. There will have been other movers as well, but these were the top standout movers. We have shown a synopsis of the news and how shares initially reacted.
DryShips Inc. (NASDAQ: DRYS) reported earnings which was actually a net loss of $5.6 million, or $0.01 basic and diluted loss per share. Still, its adjusted EBITDA nearly doubled to $220.5 million in the quarter. DryShips was up almost 6% at $2.86 after the news.
Enphase Energy, Inc. (NASDAQ: ENPH) reported record revenue of $82.0 million, up a whopping 41%. The solar player also posted roughly breakeven non-GAAP earnings, versus a prior loss. Enphase further said that Shipped 132MW of microinverter systems, up 54% from a year ago. Shares were up a whopping 16% at $11.31 in the after-hours, making Enphase stand out even further in our recent alternative energy stocks with massive upside potential.
First Solar, Inc. (NASDAQ: FSLR) missed its revenue numbers handily, but the company said it was over delayed projects and they even reaffirmed annual earnings. First solar gave GAAP earnings of $0.04 versus estimates of $0.37 for a non-GAAP EPS expectation. Revenues were $544.4 million versus almost $796 million expected. While First Solar shares closed up 0.8% at $63.66, the stock was down by 5.3% at $63.66 in the after-hours session.
Globus Medical, Inc. (NYSE: GMED) said that its sales were $113.6 million, a 6.1% increase – and net income nearly tripled to $20.6 million. The problem is that Globus lowered 2014 revenue guidance to a range of $460 to $465 million and earnings in a range of $0.90 to $0.92 per share. Estimates were $0.94 and revenues was expected to be $483.5 million – both are light. Globus shares were down almost 17% at $18.75 in the after-hours .
Groupon Inc. (NASDAQ: GRPN) is giving its own shareholders a Groupon to buy stock, or at least that is what it looks like after its revenue miss. Groupon shares had traded close to 6 million shares and the stock was down 17% at $5.85 in the after-hours trading session.
Rocket Fuel Inc. (NASDAQ: FUEL) looked good if you just read the summary. Its revenue rose by 70% and gross profit rose 80%. The company also announced that it was acquiring [x+1] for its SaaS-based ad/marketing solutions. Here is the problem with its guidance – the full year standalone guidance now reflects tempered revenue expectations, or softer sales. Rocket Fuel shares were down a whopping 20% at $19.75 in the after-hours.
Time Warner Inc. (NYSE: TWX) saw its shares gutted in the after-hours trading session on Wednesday after 20th Century Fox withdrew its offer to acquire the media house. Time Warner closed down 0.4% at $85.19, but shares fell almost 12% to $75.10 on the news. If you go back to before this would-be offer, Time Warner shares were closer to $71.
Twenty-First Century Fox, Inc. (NASDAQ: FOXA) shares were surging on the news, rising 8% to $33.86 after withdrawing its offer.
ZAGG Inc. (NASDAQ: ZAGG) is an accessories maker for all the electronics you buy over and over. Its net sales dipped to $50.2 million from $51.2 million a year ago, but the company sold a record number of new SKUs and also saw higher product sell-through due to improved shelf presence and new point-of-sale fixtures. Still, ZAGG reiterated its full year guidance of net sales of $218.0 million to $228.0 million and full year Adjusted EBITDA of $32.0 million to $34.0 million. After closing up 0.7% at $5.27, the stock rose 9% in the after-hours trading session to $5.75.
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http://247wallst.com/investing/2014/10/03/the-most-popular-beers-in-the-world/ | The Most Popular Beers in the World – 24/7 Wall St. | The Most Popular Beers in the World
The Most Popular Beers in the World
Paul Ausick
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Consumer Products
The Most Popular Beers in the World
Paul Ausick
October 3, 2014 9:30 am
Last Updated: April 28, 2020 7:18 am
Source: Thinkstock
Globally, for every glass of wine consumed, two bottles of beer are consumed. In the United States, drinkers consumed nearly 122 liters (about 258 pints) of beer in 2012, while consuming just 10.4 liters (about 22 pints) of wine. The United States is the 14th highest consumer of beer and the 56th highest consumer of wine.
China is the world’s largest market for beer, and China’s Snow lager is the best-selling beer in the world, pumping out 103 million hectoliters (about 2.7 billion gallons). The second best-selling beer in the world is China’s Tsingtao at 52.5 million hectoliters (about 1.4 billion gallons). China also accounts for the sixth and eighth best-selling beers in the world.
The United States places three brews in the top 10 best-sellers: Bud Light at number two and Budweiser at number three, both from Anheuser-Busch InBev (NYSE: BUD), and Coors Light from Molson Coors Brewing Co. (NYSE: TAP) at number 10. Perhaps surprisingly, Corona, where ownership of the brand is split between AB InBev and Constellation Brands Inc. (NYSE: STZ), does not make the top 10. Constellation owns the brewery in Piedras Negras near the Texas border and has perpetual rights to the Corona and Modelo brands in the United States. AB InBev owns the rights in the rest of the world.
The data come from a report at CompareCamp.com.
ALSO READ: States That Drink the Most Beer
Of the 10 countries we identified as the heaviest drinking countries in the world, the Czech Republic (number nine) is the world’s top consumer of beer at nearly 239 bottles per capita (633 milliliters, or about 21.4 ounces per bottle) and Romania (number five) ranks 10th in beer consumption with about 131 bottles per capita. At 14th, every person in the United States drinks 122 bottles of beer.
Here’s the list of the world’s top 10 brews by country of origin and brewer:
Snow (China; SABMiller/China Resources Enterprise Ltd. joint venture)
Tsingtao (China; Tsingtao Brewery)
Bud Light (U.S.; AB InBev)
Budweiser (U.S.; AB InBev)
Skol (Brazil; AB InBev)
Yanjing (China; Yanjing Beer Corp.)
Heineken (Netherlands; Heineken)
Harbin (China; AB InBev)
Brahma (Brazil; AB InBev)
Coors Light (U.S.; Molson Coors)
The Wall Street Journal reported recently that AB InBev is preparing an offer of as much as $122 billion to acquire SABMiller, the second largest brewer in the world. A tie-up between the world’s two largest brewers would almost certainly result in the sale of SABMiller’s MillerCoors joint venture in the United States and AB InBev’s joint venture with China Resources. Even so, about one of every three beers consumed in the world would be an Anheuser-Busch InBev beer.
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http://247wallst.com/investing/2015/06/04/baird-adds-new-top-stocks-to-buy-to-its-focus-list/ | Baird Adds New Top Stocks to Buy to Its Focus List – 24/7 Wall St. | Baird Adds New Top Stocks to Buy to Its Focus List
Baird Adds New Top Stocks to Buy to Its Focus List
Lee Jackson
Autodesk
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| Baird Adds New Top Stocks to Buy to Its Focus List – 24/7 Wall St.
Investing
Baird Adds New Top Stocks to Buy to Its Focus List
Lee Jackson
June 4, 2015 8:20 am
Last Updated: June 4, 2015 10:44 am
Source: Thinkstock
With summer just around the corner, most of the major Wall Street firms that we cover are making some changes and additions to their firms top stock ideas for institutional and high net worth investors. At one of the top regional brokerage firms, Baird, they are making some additions to the firm’s Focus Idea list that look like they make very good sense for investors searching for new ideas.
The Baird Focus Idea list is a selection of the top stock ideas at the firm organized by growth and value, as well as by sector. The firm added 16 new stocks to the list. We screened the new additions for those with the best upside to the Baird price target.
Autodesk
This company is an outstanding tech stock that now makes the list. Autodesk Inc. (NASDAQ: ADSK) operates as a design software and services company worldwide. Its Platform Solutions and Emerging Business segment offers AutoCAD software, a computer-aided design application for professional design, drafting, detailing and visualization, as well as AutoCAD LT, a professional drafting and detailing software. The stock has sold off from highs printed in February and may be offering a stellar entry point.
The company is beginning to benefit from the increased adoption of cloud-based services. The company’s software packages like Fusion 360, BIM 360 and PLM 360 are also gaining traction. However, in the near term, profitability may remain under pressure due to investments in cloud-based infrastructure and marketing initiatives. The company reported so-so earnings, and many feel any increase in construction, especially commercial, can help.
The Baird price target for the stock is $70. The Thomson/First Call consensus target is right in line at $70.72. Shares closed Wednesday at $54.94.
ALSO READ: 5 Top Jefferies Value Stock Picks for This Week
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http://247wallst.com/investing/2015/07/06/the-best-and-worst-performing-stocks-of-2015/ | The Best and Worst Performing Stocks of 2015 – 24/7 Wall St. | The Best and Worst Performing Stocks of 2015
The Best and Worst Performing Stocks of 2015
Rafi Farber
The Worst
Apollo Education Group
ALSO READ: 4 Merrill Lynch Catalyst-Driven Stock Ideas to Buy Now
Zulily
Micron Technologies
| The Best and Worst Performing Stocks of 2015 – 24/7 Wall St.
Investing
The Best and Worst Performing Stocks of 2015
Rafi Farber
July 6, 2015 6:57 am
Source: Thinkstock
It has been a zigzagging year so far for the major indexes, and it looks like we are about to embark on another major zag. As things stand now, the S&P is about even year to date, as is the Dow, with the Nasdaq eking out a 5% gain as of last week’s close.
So index buyers so far in 2015 are about even, but that does not mean that there haven’t been some serious gainers and losers thus far. Here is a quick look of the five biggest gainers and losers on the major exchanges since January 1.
The Worst
Apollo Education Group
Apollo Education Group Inc. (NASDAQ: APOL) has had a miserable year, with shares down 62% so far. Most of the drop was concentrated in two trading days — January 8 and March 25 — after consecutive disappointing quarterly earnings. Concern focused on falling enrollment in its for-profit schools, blamed on increased criticism from government regulators.
ALSO READ: 4 Merrill Lynch Catalyst-Driven Stock Ideas to Buy Now
Zulily
The online retailer that targets moms and their kids with special deal offers only went public in late 2013, and it has not been doing well since then. Zulily Inc. (NASDAQ: ZU) shares are down 47% on the year, most of that on one day in February when both revenues and earnings missed by a long-shot. After opening the year at $23.40, the stock plunged to as low as $9.09 before recovering a bit. We are now at $12.40, with Zulily treading water.
Micron Technologies
Demand for personal computers (PCs) keeps falling, and Micron Technologies Inc.’s (NASDAQ: MU) earnings and guidance issued late last month were worse than the most pessimistic of estimates. Shares had fallen 32% before then, but the final drubbing on June 25 brought shares down another 18% for a year-to-date loss of over 45%. If it had a dividend, it may be worth picking up on the cheap for an income investment at a price-to-earnings (P/E) ratio of only 6.3, but for now it continues to be a falling knife in a pantry of very loose cutlery.
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Read more: Investing, APOL, CHK, HZNP, MU, featured | msmarco_doc_00_18402925 |
http://247wallst.com/jobs/2015/05/03/new-college-grads-have-median-salary-of-45478/ | New College Grads Have Median Salary of $45,478 – 24/7 Wall St. | New College Grads Have Median Salary of $45,478
New College Grads Have Median Salary of $45,478
Douglas A. McIntyre
ALSO READ: States With the Most McDonald’s
| New College Grads Have Median Salary of $45,478 – 24/7 Wall St.
Jobs
New College Grads Have Median Salary of $45,478
Douglas A. McIntyre
May 3, 2015 9:43 am
Last Updated: May 4, 2015 6:56 am
Source: Thinkstock
New college graduates have a median starting salary of $45,478, according to the National Association of Colleges and Employers. The data show the value of a college education. The median household income of all Americans is $51,939, according to the Federal Reserve Bank of St. Louis.
It is often assumed that liberal arts and humanities majors have less value in a market where specialization is prized, and the National Association of Colleges and Employers supports this theory. Graduates with these degrees have a median income of $38,604. On the other hand, two more specialized degrees yield much higher salaries. Graduates with business degrees have median starting salaries of $49,807. Graduates with degrees in engineering have median starting salaries of $64,891. These numbers are for bachelors and not higher degrees.
The survey, however, does not explain why a college student would major in liberal arts at all. A recent survey by Millennial Branding, a research and consulting firm, and Beyond.com, a career advisory website, shows that the demand for liberal arts graduates is tiny. The results were analyzed by the Los Angeles Times:
A mere 2% of companies are actively recruiting college graduates with liberal-arts degrees.
The value of engineering and business degrees is also clear based on the research:
According to the poll, 27% of companies are seeking to recruit engineering and computer students, while 18% want business majors.
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Methodology for the National Association of Colleges and Employers survey:
Data contained in the report were obtained by surveying NACE employer members from August 11, 2014, through November 24, 2014. A total of 316 surveys were returned—a 30.4 percent response rate. Of those responding, 16.5 percent of respondents were from the West, 24.7 percent were from the Northeast, 28.2 percent were from the Southeast, and 30.7 percent were from the Midwest.
It is never too soon to specialize, if money is the goal.
Read more: Jobs, education | msmarco_doc_00_18405653 |
http://247wallst.com/media/2014/01/05/why-sirius-xm-shareholders-are-getting-hosed-in-the-buyout/ | Why Sirius XM Shareholders Are Getting Hosed in the Buyout – 24/7 Wall St. | Why Sirius XM Shareholders Are Getting Hosed in the Buyout
Why Sirius XM Shareholders Are Getting Hosed in the Buyout
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| Why Sirius XM Shareholders Are Getting Hosed in the Buyout – 24/7 Wall St.
Media
Why Sirius XM Shareholders Are Getting Hosed in the Buyout
Jon C. Ogg
January 5, 2014 9:27 am
Source: courtesy of Sirius XM Radio
Sirius XM Radio Inc. (NASDAQ: SIRI) is now in-play under mergers and acquisitions. The virtual parent Liberty Media Corp. (NASDAQ: LMCA), under John Malone, has offered to buyout Sirius XM shareholders in a tax-free buyout at about $3.68 per share. The terms call for 0.0760 shares of a new issue of Liberty Series C common stock per share of Sirius XM. Pay attention here, because it sure seems as though Sirius XM shareholders may be getting hosed here in a serious way.
Liberty already owns about 52% of Sirius, and the move will give Sirius XM’s public stockholders about 39% of the future Liberty Media. The problem in this buyout is that Sirius XM is already considered a controlled entity under Liberty. The shareholders simply may not be able to stop this acquisition. The value of $3.68 is also dependent upon the share price of Liberty. Analysts have a consensus price target of $4.60 for Sirius XM, some 25% higher than Liberty’s buyout offer price.
Sirius will be assembling a special committee of its board to consider the offer, which fortunately requires a vote from the minority stockholders. How objective will this special committee really be? Liberty’s shareholders will also have to approve the transaction. Liberty shareholders should easily vote yes, but the incentive for Sirius XM holders to vote yes is something which 24/7 Wall St. sees as mysterious or even ludicrous.
If Liberty is able to swallow Sirius, it gives Liberty access to the satellite radio leader’s full free cash flow of about $625 million. That will almost certainly be used in Liberty’s pursuit of Time Warner Cable Inc. (NYSE: TWC). Liberty holds about a 27% stake in Charter Communications Inc. (NASDAQ: CHTR) and has been trying to put together the financing to buy out the much larger Time Warner.
Meanwhile, Time Warner, which is the second largest cable provider in the U.S., is still reportedly trying to put together a deal with the nation’s largest cable provider, Comcast Corp. (NASDAQ: CMCSA). This may shut Liberty out, or it could be a deal that includes Charter in some markets.
Again, how does this help Sirius XM holders? The benefits of the deal to Sirius shareholders are based upon promises of better days ahead. Even if it is a tax-free deal that still implies upside ahead, Sirius XM is already worth more on its own according to the analysts who follow the stock. That upside is also based upon investors maintaining a positive view on Liberty.
Liberty Media’s CEO is Greg Maffei and he said, “Our proposal will allow Sirius public shareholders to convert from a non-controlling stake in a subsidiary into a direct equity position in Liberty, the parent company… We believe the combined company will have better access to capital and all of Liberty’s shareholders — both its current shareholders and the Sirius shareholders who become Liberty shareholders as a result of the proposed transaction — will enjoy enhanced liquidity as shareholders of a $27 billion market capitalization company.”
In some ways this deal seems a bit like Gordon Gecko’s offer to acquire Bluestar Airlines in the movie Wall Street. Maybe Sirius won’t be broken up and sold off, but the premium paid sure seems like a paltry offer for what the real value is. Evercore Partners recently raised Sirius XM’s rating to Outperform and raised the price target to $4.50 versus a prior $3.90 per share. The value here is that the telematics business is the next growth catalyst, and that business could grow by 400% to 500% over the coming decade.
24/7 Wall St. recently pointed out that the endless rallying in Sirius XM shares may be coming to an end. We also pointed out that our own longstanding bullish outlook was one which we were becoming more muted on based upon risk and reward. What we will say now is that this buyout adds potential downside in case Liberty leverages up too much on its cable ambitions. It also seems to bring no added upside above and beyond what is already there. The stock has also traded in a 52-week range of $2.95 to $4.18, so the stock has already been worth more to investors recently than what Liberty is offering to pay now.
Sadly, with Liberty owning the controlling stake in Sirius XM it makes an outside bidder’s ability to come with a better deal almost impossible unless John Malone and Greg Maffei determine that it is just too good of an offer to pass up. Sirius XM shareholders may get seriously hosed here.
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Read more: Media, CHTR, CMCSA, LMCA, SIRI, TWC, featured, Mergers and Acquisitions, Satellite
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http://247wallst.com/retail/2011/05/20/the-ten-states-where-walmart-is-everywhere/ | The Ten States Where Walmart Is Everywhere – 24/7 Wall St. | The Ten States Where Walmart Is Everywhere
The Ten States Where Walmart Is Everywhere
Douglas A. McIntyre
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| The Ten States Where Walmart Is Everywhere – 24/7 Wall St.
Retail
The Ten States Where Walmart Is Everywhere
Douglas A. McIntyre
May 20, 2011 4:10 am
Last Updated: March 27, 2020 12:50 am
Walmart, the world’s largest retailer and the largest company in America based on sales and employees, has tried to argue since the beginning of the recession that it can revive its moribund sales growth in the United States. The odds that it can accomplish this are extraordinarily low. In the quarter which ended on April 29, same-store sales in the US fell 1.1 percent and revenue was up only 0.6 percent to $62.7 billion. The company’s growth is constrained by the fact that six of every ten dollars of Walmart’s sales come from the U.S. Slow growth there has been a source of concern. Bill Simon replaced Eduardo Castro-Wright as head of U.S. operations in June 2010. Simon said his main focus would be on increasing store traffic and same-store sales while keeping prices low. That’s been easier said than done as economic growth slowed and gas prices soared.
24/7 Wall St. examined Walmart’s store locations and distribution centers by state, along with store location growth since 1962, and compared this data to each states’ median income and the percentage of state residents living below the poverty line. Walmart is still essentially a regional retailer with its locations concentrated in ten states, all but one of which is near its home state of Arkansas. The location of the company’s distribution centers are also clustered in these regions. The ten states are overwhelmingly poor, which makes sense considering that many observers note that the chain is the shopping destination of choice of those of modest means. It is also the shopping destination for those who live in the poorest states–an important distinction which shows one of the many reasons why Walmart has had trouble with its expansion.
Read The Ten States Where Walmart Is Everywhere
Read The Five States Where Walmart Can’t Break Through
Walmart’s has about 3,804 stores in the US, not including its Sam’s Club franchise. The rate at which new locations have been added has practically ground to a halt over the past few years. In Walmart’s last fiscal year, which ended on January 31, net store openings were only 49. The year before, that figure was only 52. Even five years ago, Walmart’s net stores opened were only 154. We asked the company’s public relations department for the dates and locations of stores opened since 2006. The company said we could count them by hand using the company’s press relations site.
Walmart’s success in the ten states stands in contrast to the most populous states in the country, where the number of stores is relatively modest. Walmart has 785 stores in its ten-state stronghold, which account for 21% of its US stores. Those states only account for 11% of the county’s population. Among these states, there are over 22 stores per million people. New York, the third largest state by population, has 19 million people with fewer than five Walmart stores for every one million people. California, the largest state by population, at 37 million, also has less than five stores for every one million people. In New Jersey, which has a population of nearly 9 million, the retailer has little more than 6 stores per million people.
New York, New Jersey, and California are not just distinctive because of their sizes. Each of the three states has high median incomes compared to other states, and a relatively low percentage of people who live below the poverty line. As a side note, Costco has 116 stores in California compared to Walmart’s 179. Costco is a more upscale retailer, and that is highlighted by the location of its stores.
A detailed study of Walmart’s store growth from 1962 to 2006, authored by Thomas J. Holmes of the University of Minnesota, shows that nearly all of Walmart’s growth occurred in the ten core states prior to 1977. By 1980, it had begun to open a small number of stores in Illinois, Florida and Texas. Rapid expansion beyond its core ten states took hold by the mid-1980s.
But, even now the company’s US activity shows that it is largely trapped in the center of the US. Over the last six months, Walmart has opened and remodeled stores in Utah, Oklahoma, Missouri, Louisiana, South Carolina, Arizona, and Florida–all states where Walmart already has high market penetration. Its only activity outside these areas have been a handful of new stores in New York, Massachusetts, and Ohio. In other words, Walmart is making almost no progress in the regions where it must grow to improve US sales..
There have been a substantial number of academic studies about the reasons for Walmart’s growth, the company’s marvelous distribution operations, its battles with unions and female workers, and its lack of a presence in most large American cities. There is not much need to add to those debates in which well-educated experts offer differing opinions about Walmart’s expansion and business practices. Most analysts who cover Walmart for Wall Street believe that the company has not been successful in cities because local communities fear that its appearance would destroy jobs and cause undercut small business. This is despite the fact that data to support that is not conclusive. There are a number of stores in Houston, Texas and Chicago, Illinois. There are none in New York City though Walmart is trying hard to gain a foothold there.
There is no way that Walmart can restart any substantial growth in the US without a sharp increase in its presence in the dozen most populated states which include California, New York, and New Jersey which have 65.5 million residents among them–21% of the people in the US. Overseas growth alone won’t cut it with investors who have seen shares of the retailer underperform the S&P 500 Index this year, gaining 2.93% versus 6.75%.
Fortress Walmart, which is comprised of ten states, sits in the south central US. Even Walmart management may not know exactly what the company business model has not fared as well outside its home turf. But if it wants to get back into Wall Street’s good graces, it better figure that mystery out sooner rather than later.
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http://247wallst.com/retail/2014/03/22/walmart-now-has-six-types-of-stores/ | Walmart Now Has Six Types of Stores – 24/7 Wall St. | Walmart Now Has Six Types of Stores
Walmart Now Has Six Types of Stores
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| Walmart Now Has Six Types of Stores – 24/7 Wall St.
Retail
Walmart Now Has Six Types of Stores
Paul Ausick
March 22, 2014 10:34 am
Last Updated: April 28, 2020 9:28 am
Source: Wal-Mart Stores Inc.
With the launch last week of a gas station/convenience store, Wal-Mart Stores Inc. (NYSE: WMT) now offers customers six different store formats to choose from, ranging from the Supercenters of up to 260,000 square feet to the 15,000 square-foot Walmart Express stores. The enormous big-box stores still dominate the landscape, but over the past several years the company has been looking at smaller formats, as a way to extend Walmart’s brand footprint, pick up sales it is losing to smaller stores, and gain entry to markets in which they have previously been shut out.
In its annual report filed on March 21 with the Securities and Exchange Commission, Walmart said that 56% of the company’s total sales in 2014 came from grocery sales. Walmart U.S. President Bill Simon told an investor conference in early March that the weekly consumer trip to a supermarket to stock-up for the coming week is a $585 billion business in the U.S., and Walmart gets a 25% share of that business.
The quick-trip to a convenience store for a quart or milk or a six-pack of your favorite beverage is a $415 billion business in the U.S., and Walmart gets just 10% of those sales. That’s a number the retailer would like to grow.
The backbone of the Walmart empire is the Supercenter. In its annual report, the company reported that it has 3,288 Supercenters in the U.S, an increase of 130 in the last year. The average size of a Supercenter is 179,000 square feet, and the stores offer both merchandise and groceries. Nearly all of these giant stores are open 24-hours a day.
The original big-box Walmart store is now called a Discount Store, and the company has been closing these stores or converting them to Supercenters for at least the last 5 years. In 2010, the company had 810 Discount Store; the number has shrunk to 508 in 2014. The average size is 105,000 square feet. The stores typically don’t offer groceries and are open 14 or 15 hours a day every day of the week.
Walmart lumps its Neighborhood Markets and Walmart Express stores under a single category. The company has been opening these stores at about the same rate as it is opening Supercenters. The company claimed 190 stores in this category in 2010 and 407 in 2014. The average size is 40,000 square feet, and these stores carry a smaller selection of groceries and merchandise. The 20 U.S. Walmart Express stores average about 15,000 square feet. Hours are the same as the Discount Stores.
The company’s Sam’s Club warehouse stores are membership operations, and the stores average about 134,000 square feet. The numbers are growing, but very modestly from 605 in 2010 to 632 this year. The stores are open for 11 or 12 hours a day with additional hours for business members.
The gas station/convenience store is the sixth format, and a company executive has said that Walmart has no plans to roll-out the format further. That may well be true now, but never say never.
Walmart is also testing a drive-through pick-up option in some of its Denver-area stores. Customers can place an order online and pick it up later the same day. The company is even considering drive-in pick-up centers that are not attached to its Supercenters.
Another format being tested is 2,500-square foot Walmart on Campus convenience stores located on or near college campuses.
Selling groceries is what made Walmart’s Supercenters both different and profitable. The lesson Walmart learned is that food sells better than anything else. If the company can sell food in small stores at the same price point as it sells food in its giant stores, it will have a price advantage over its competitors. The downside is that Walmart will probably need to open four or five of the small format stores for every Supercenter or Sam’s Club it opens just to keep the volume up and make the small format stores worth the trouble.
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http://247wallst.com/retail/2014/12/24/walmart-will-exchange-gift-cards-from-more-than-200-merchants/ | Walmart Will Exchange Gift Cards From More Than 200 Merchants – 24/7 Wall St. | Walmart Will Exchange Gift Cards From More Than 200 Merchants
Walmart Will Exchange Gift Cards From More Than 200 Merchants
Paul Ausick
ALSO READ: Walmart’s Last-Minute Christmas Specials
| Walmart Will Exchange Gift Cards From More Than 200 Merchants – 24/7 Wall St.
Retail
Walmart Will Exchange Gift Cards From More Than 200 Merchants
Paul Ausick
December 24, 2014 10:05 am
Last Updated: December 24, 2014 10:06 am
Source: Thinkstock
Unused gift cards are a $750 million bonus payment to the card issuers. Wal-Mart Stores Inc. (NYSE: WMT) spotted an opportunity here and is kicking off an offer that begins on Christmas Day that would allow consumers to exchange a gift card they received for a Walmart gift card.
The retailing giant will accept gift cards from more than 200 other retailers and restaurants and exchange them for a Walmart gift card at a value that is less than the face value of the card. On the website Walmart has set up to make the exchanges there is this explanation:
Can I get better rates for my cards or is it the same for all gift cards?
Our rates are determined by market pricing, which is affected by several factors. In order to find the rate for your card, please enter your gift card information to receive an offer. You are under no obligation to sell your card, and we will not retain your gift card information if you do not confirm your exchange. Please note that the offer you see displayed for the same gift card of the same value may change from time to time.
Walmart uses a third-party vendor to manage the exchange, CardCash.com, which already operates a major gift card exchange where it resells gift cards at discounted rates.
Now, about those unused cards. Research firm CEB TowerGroup reported earlier this month that gift card sales will total $124 billion in 2014, a 55% increase in just six years. The $750 million in unused cards works out to just 0.6% of the total, but $750 million is real, free money to the card issuers. CEB TowerGroup noted that in 2007 10% of gift card sales were unredeemed.
Though growth in gift card spending is expected to post only single-digit growth through 2017, retailers have a secret weapon. Nearly two-thirds of consumers spend nearly 40% more than the face value of the gift card.
ALSO READ: Walmart’s Last-Minute Christmas Specials
Read more: Retail, WMT, consumer spending | msmarco_doc_00_18427707 |
http://247wallst.com/retail/2015/04/04/the-10-states-with-the-most-wal-mart-stores/ | The 10 States With the Most Wal-Mart Stores – 24/7 Wall St. | The 10 States With the Most Wal-Mart Stores
The 10 States With the Most Wal-Mart Stores
Douglas A. McIntyre
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| The 10 States With the Most Wal-Mart Stores – 24/7 Wall St.
Retail
The 10 States With the Most Wal-Mart Stores
Douglas A. McIntyre
April 4, 2015 9:00 am
Last Updated: April 4, 2015 9:00 am
Source: courtesy of Wal-Mart Stores Inc.
Wal-Mart Stores Inc. (NYSE: WMT) has 4,953 locations in the United States. Of those, 563 are in Texas, the state with the most locations. A look at Wal-Mart store locations shows just how regional the company, which employs over 1.3 million Americans, is. According to a recent 24/7 Wall St. analysis, Wal-Mart is the largest employer in 20 states.
The 10 states with the most Wal-Mart locations are as follows:
1. Texas has 563 locations, which employ 156,195 people. The state also has 19 distribution centers that feed Wal-Mart stores with merchandise. Texas is the leader among all states by this measure. The stores represent 11% of all Wal-Mart locations
2. Florida has 343 locations, which employ 94,822 people. The state has eight distribution centers. The store count is 7% of the Wal-Mart total.
3. California has 296 Wal-Mart locations, which employ 81,326 people. The state also has 14 distribution centers. California has 6% of the total Wal-Mart stores.
So, three states have a quarter of all Wal-Mart locations.
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4. North Carolina has 210 Wal-Mart stores, which employ 49,084 people. The retailer has four distribution centers in the state. North Carolina has 4% of all Wal-Mart locations.
5. Georgia has 206 Wal-Mart locations, which is 4% of the national total, that employ 50,928 people. There are also seven distribution centers in the state.
So, five states have almost a third of Wal-Mart locations.
6. Illinois has 197 locations, which employ 51,137 people. The state has seven distribution centers. Nearly 4% of all Wal-Mart stores are in Illinois.
7. Ohio has 175 locations and five distribution centers, which among them employ 46,974. The Ohio stores are 3.5% of the Wal-Mart total.
8. Pennsylvania has 160 locations and seven distribution centers. These Wal-Mart locations employ 47,054 people and are just above 3% of the national total.
9. Missouri has 154 locations, four distribution centers and 40,316 employees. The state has 3% of all Wal-Mart locations.
10. Tennessee has 141 Wal-Mart locations and three distribution centers, which employ 38,569 workers. The state has just under 3% of all Wal-Mart workers in America.
So, among them these 10 states have half of all Wal-Mart locations.
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http://247wallst.com/retail/2015/04/12/walton-family-does-not-want-to-own-wal-mart/ | Walton Family Sells Walmart Shares – 24/7 Wall St. | Walton Family Sells Walmart Shares
Walton Family Sells Walmart Shares
Paul Ausick
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| Walton Family Sells Walmart Shares – 24/7 Wall St.
Retail
Walton Family Sells Walmart Shares
Paul Ausick
April 12, 2015 8:31 am
Last Updated: April 28, 2020 9:33 am
Source: courtesy of Wal-Mart Stores Inc.
Last Friday the Walton family, heirs of Wal-Mart Stores Inc. (NYSE: WMT) founder Sam Walton, announced that the family business, Walton Enterprises LLC, would would distribute about 6% of its holdings to a newly created Walton Family Holdings Trust. The Walton family’s stake in Wal-Mart has risen to about 50% as a result of share buyback programs, and the family is satisfied to control the company’s biggest stake without actually owning enough stock to give them actual control.
In the press statement Walton Enterprises said:
Given the prospect that Walmart may continue to buy back shares, the Walton family has informed Walmart that it currently expects to sell Walmart shares from time to time in order to help offset possible further increases in its ownership percentage and to help fund charitable contributions. The family believes that this is consistent with an appropriate balance of family and non-family ownership that supports the goals of all Walmart shareholders and long term business success.
This was inevitable given the share buyback programs at Wal-Mart, and for the Walton family to act as if it just noticed is disingenuous. The share buybacks, all along, have provided outsized benefits to the Walton family and the distribution of shares to a charitable trust doesn’t really change anything.
Earlier this year when Wal-Mart announced that it was raising employees’ wages to $10 an hour, CNBC estimated that the move would cost the company $1.5 billion a year.Walton Enterprises currently owns 1.42 billion shares of Wal-Mart stock, of which 6% is about 85 million shares. At Friday’s closing price of $80.65 a share, the Walton Family Holdings Trust is receiving about $6.5 billion in Wal-Mart stock.
Wal-Mart got a lot of positive reaction to its wage increase, but there is little question that the company could do more for its rank-and-file employees. And the Walton family could lead that effort. But it won’t.
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Read more: Retail, WMT, Corporate Governance, featured | msmarco_doc_00_18434032 |
http://247wallst.com/retail/2015/11/26/gamestop-offers-up-massive-list-of-black-friday-sales-and-deals/ | GameStop Offers Up Massive List of Black Friday Sales and Deals – 24/7 Wall St. | GameStop Offers Up Massive List of Black Friday Sales and Deals
GameStop Offers Up Massive List of Black Friday Sales and Deals
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| GameStop Offers Up Massive List of Black Friday Sales and Deals – 24/7 Wall St.
Retail
GameStop Offers Up Massive List of Black Friday Sales and Deals
Jon C. Ogg
November 26, 2015 8:27 am
Last Updated: January 13, 2020 4:45 pm
GameStop Corp. (NYSE: GME) has joined in on the ranks of companies issuing massive discounts and door-busters for Black Friday. As a reminder, GameStop’s hours were expanded to open at 5:00 a.m. local time at many stores for its Black Friday sales.
GameStop’s actual Black Friday deals brochure was 12 pages long. This covers only a very portion of the deals GameStop is offering up.
While GoPro Inc. (NASDAQ: GPRO) has its GoPro Hero + LCD camera for sale at $299.99, there is more competition on the lower-end of the price points. The ACTIVEON CX HD Action Camera black model is being offered up for $99.99 after being normally priced at $149.99.
Microsoft Corp. (NASDAQ: MSFT) has sales on its Xbox One models of generally $50.00 off — The Xbox One Elite Bundle 1TB SSSHD with the Elite wireless controller is $449.99 ($50 off). The Xbox One 500GB Gears of War bundle is $299.99 ($50 off) and the Xbox One 1TB Fallout 4 Bundle is $349.99 ($50 off). Wireless controllers are generally $20 off.
Electronic Arts Inc. (NASDAQ: EA) now has $30.00 off on selected Star Wars Battlefront titles. Electronic Arts also has Madden NFL 16 marked down to $29.99 from $59.99 and its NBA 2K16 game is marked down to $39.99 from $59.99. EA’s FIFA 16 (soccer) game was cut to $29.99 from $59.99.
Take-Two Interactive Software (NASDAQ: TTWO) has Grand Theft Auto V for $19.99, some $40.00 cheaper than the old price.
Activision-Blizzard Inc. (NASDAQ: ATVI) has a serious sale on its World of Warcraft, marked down to $4.99 from $19.99.
Sony Corp. (NYSE: SNY) has its PS4 Uncharted Collection Bundle starting at $299.099 for $50.00 off.
The list goes on, and on, and on…
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http://247wallst.com/retail/2017/03/17/the-list-of-all-138-stores-j-c-penney-is-closing/ | The List of All 138 Stores JC Penney Is Closing – 24/7 Wall St. | The List of All 138 Stores JC Penney Is Closing
The List of All 138 Stores JC Penney Is Closing
Douglas A. McIntyre
| The List of All 138 Stores JC Penney Is Closing – 24/7 Wall St.
Retail
The List of All 138 Stores JC Penney Is Closing
Douglas A. McIntyre
March 17, 2017 5:46 pm
Last Updated: January 12, 2020 1:51 pm
Source: courtesy of J.C. Penney Co. Inc.
J.C. Penney Co. Inc. (NYSE: JCP) announced the 138 stores it would close today. Earlier this year, J.C. Penney said it would close 130 to 140 locations because of flagging sales. Revenue in the final quarter of last year, which ended January 28, was $3.9 billion, flat with the same quarter in the previous year. However, J.C. Penney forecast same-store sales would drop as much as 2% this year.
As part of the announcement, the retailer said it would offer early retirement to 6,000 people.Marvin R. Ellison, chairman and chief executive officer of J.C. Penney said,
“We understand that closing stores will impact the lives of many hard working associates, which is why we have decided to initiate a voluntary early retirement program for approximately 6,000 eligible associates. By coordinating the timing of these two events, we can expect to see a net increase in hiring as the number of full-time associates expected to take advantage of the early retirement incentive will far exceed the number of full-time positions affected by the store closures.”
J.C. Penney management also disclosed the basis on which the locations were chosen. The 138 stores are 13% to 14% of the company’s store portfolio, but under 5% of total sales and”0%” of net income.
The state hardest hit by the action is Penney’s home state of Texas where nine stores will be shuttered. Other states widely affected include Michigan (7), Minnesota (8), and Illinois (7). Four stores will be closed in South Dakota which has a statewide population of less than 845,000 people, which makes it the 46th state as ranked by residents.
The news is part of a trend which has accelerated recently. Traditional bricks-and-mortar retailers have been in retreat for several years as their business has been stripped away by Amazon (NASDAQ: AMZN) and even their own e-commerce initiatives. This year, these include Sears Holdings (NASDAQ: SHLD), parent of Sears and KMart, Abercrombie & Fitch (NYSE: ANF), and Macy’s (NYSE: M)
J.C. Penney shares recently dropped to a 52-week low of $5.85, down 15% year to date.
Below is a list of impacted locations:
Mall/Shopping Center City State
Auburn Mall Auburn AL
Tannehill Promenade Bessemer AL
Gadsden Mall Gadsden AL
Jasper Mall Jasper AL
Military Plaza Benton AR
Chickasaw Plaza Blytheville AR
Riverview Mall Bullhead City AZ
Downtown Bishop Bishop CA
Sunwest Plaza Lodi CA
The Village at Orange Orange CA
Hilltop Mall Richmond CA
Fort Morgan Mail St. Fort Morgan CO
Glenwood Springs Mall Glenwood Springs CO
St. Vrain Centre Longmont CO
Broadway Plaza Sterling CO
Connecticut Post Mall Milford CT
Jacksonville Regional Shopping Center Jacksonville FL
Palatka Mall Palatka FL
Dublin Mall Dublin GA
Macon Mall Macon GA
Milledgeville Mall Milledgeville GA
Gateway Plaza Thomasville GA
Tifton Mall Tifton GA
Downtown Decorah Decorah IA
Crossroads Mall Fort Dodge IA
Penn Central Mall Oskaloosa IA
Quincy Place Ottumwa IA
Snake River Plaza Burley ID
Eastland Mall Bloomington IL
Fulton Square Canton IL
Village Square Mall Effingham IL
Freestanding Macomb IL
Peru Mall Peru IL
Northland Mall Sterling IL
Centerpointe of Woodridge Woodridge IL
FairOaks Mall Columbus IN
Connersville Plaza Connersville IN
Huntington Plaza Huntington IN
Jasper Manor Center Jasper IN
Logansport Mall Logansport IN
Chanute Square Chanute KS
Downtown Great Bend Great Bend KS
Hutchinson Mall Hutchinson KS
Freestanding Lawrence KS
Winfield Plaza Winfield KS
Cortana Mall Baton Rouge LA
Park Terrace DeRidder LA
North Shore Square Slidell LA
Berkshire Mall Lanesborough MA
Easton Marketplace Easton MD
Rockland Plaza Rockland ME
LakeviewSquare Mall Battle Creek MI
Delta Plaza Escanaba MI
Westshore Mall Holland MI
Copper Country Mall Houghton MI
Birchwood Mall Kingsford MI
Midland Mall Midland MI
Cascade Crossings Sault Ste. Marie MI
Central Lakes Crossing Baxter MN
Five Lakes Centre Fairmont MN
Faribo West Mall Faribault MN
Irongate Plaza Hibbing MN
Hutchinson Mall Hutchinson MN
Red Wing Mall Red Wing MN
Downtown Thief River Falls Thief River Falls MN
Freestanding Winona MN
Maryville Center Maryville MO
Leigh Mall Columbus MS
Southgate Plaza Corinth MS
Greenville Mall Greenville MS
Bonita Lakes Mall Meridian MS
Oxford Mall Oxford MS
Capital Hill Mall Helena MT
Sidney Main Street Sidney MT
Albemarle Crossing Albemarle NC
Boone Mall Boone NC
Eastridge Mall Gastonia NC
Blue Ridge Mall Hendersonville NC
Monroe Crossing Monroe NC
Becker Village Mall Roanoke Rapids NC
Prairie Hills Mall Dickinson ND
Buffalo Mall Jamestown ND
Downtown Wahpeton Wahpeton ND
Fremont Mall Fremont NE
Downtown McCook McCook NE
Platte River Mall North Platte NE
Rio Grande Plaza Rio Grande NJ
The Boulevard Las Vegas NV
Dunkirk-Fredonia Plaza Dunkirk NY
Westfield Sunrise Massapequa NY
Palisades Center West Nyack NY
Findlay Village Mall Findlay OH
New Towne Mall New Philadelphia OH
Richmond Town Square Richmond Heights OH
St. Mary’s Square St. Marys OH
Altus Plaza Altus OK
Ne-Mar Shopping Center Claremore OK
Ponca Plaza Ponca City OK
Pioneer Square Shopping Center Stillwater OK
Astoria Downtown Astoria OR
Grants Pass Shopping Center Grants Pass OR
La Grande Downtown La Grande OR
Downtown Pendleton Pendleton OR
The Dalles Main Street The Dalles OR
Columbia Mall Bloomsburg PA
Clearfield Mall Clearfield PA
King of Prussia Mall King of Prussia PA
Philadelphia Mills Philadelphia PA
Bradford Towne Centre Towanda PA
Lycoming Mall Pennsdale PA
Willow Grove Park Willow Grove PA
Citadel Mall Charleston SC
Town ‘N Country Easley SC
Palace Mall Mitchell SD
Northridge Plaza Pierre SD
Watertown Mall Watertown SD
Yankton Mall Yankton SD
Greeneville Commons Greeneville TN
Knoxville Center Knoxville TN
County Market Place Union City TN
Athens Village Shopping Center Athens TX
Borger Shopping Plaza Borger TX
Heartland Mall Early TX
El Paso Downtown El Paso TX
Marshall Mall Marshall TX
McAllen Downtown McAllen TX
University Mall Nacogdoches TX
King Plaza Shopping Center Seguin TX
Bosque River Center Stephenville TX
New River Valley Mall Christiansburg VA
Tanglewood Mall Roanoke VA
Pilchuck Landing Snohomish WA
Pine Tree Mall Marinette WI
Marshfield Mall Marshfield WI
Richland Square Shopping Center Richland Center WI
Rapids Mall Wisconsin Rapids WI
Foxcroft Towne Center Martinsburg WV
Downtown Sheridan Sheridan WY
Read more: Retail, AMZN, ANF, JCP, M, SHLD, featured | msmarco_doc_00_18439712 |
http://247wallst.com/special-report/2012/04/10/100-best-small-companies-in-america/ | 100 Best Small Companies in America – 24/7 Wall St. | 100 Best Small Companies in America
100 Best Small Companies in America
Brian Zajac
Read the 100 Best Small Companies in America
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| 100 Best Small Companies in America – 24/7 Wall St.
Special Report
100 Best Small Companies in America
Brian Zajac
April 10, 2012 12:22 pm
Last Updated: March 20, 2020 12:51 pm
For the first time, 24/7 Wall St. presents the 100 Best Small Companies in America. To be considered, companies had to be publicly traded with more than $5 million and less than $1 billion in revenue. 24/7 Wall St.’s inaugural 100 Best Small Companies in America is comprised of America’s best publicly traded companies marked by outsized revenue, growth and innovation. Data for the analysis was provided by S&P Capital IQ.
Read the 100 Best Small Companies in America
The initial list based on the universe of public corporations with less than $1 billion in revenue. These companies are among the best for their size because they have increased revenue over the period covered by our analysis. Their relatively small sizes and robust sales expansion rates also makes it likely many will continue to grow even further, if the record of public company expansion is any example. Past growth does not mean all of these firms will prosper, but most on this list have been consistently profitable, which adds to the chances of future progress.
Small companies, our research shows, usually have one or two specialized divisions and are focused on one core market. For instance, Steve Madden, True Religion and rue 21 have all carved out a niche segment in the apparel and footwear market. Their lack of diversity could be a drawback because the companies rely completely on one set of products, but it can also mean that management can be laser focused on a single opportunity.
Another industry which is well represented on this list is niche healthcare. Once again, most of the firms in this sector which made the list are in only one business. Mesa Labs makes manufacturing quality control products for medical devices. It is a narrow market, and there is no guarantee that a large device manufacturer might not attack the same sector. Bio-Reference Laboratories provides testing services. Cantel Medical provides infection prevention and control devices. This infection prevention business appears to be a relatively small one, but the overall medical industry in the US is expanding at such a rapid rate and regulations are changing so quickly that some of these companies will prosper because of these changes. Given the state of American healthcare costs, not many people would be surprised to see healthcare firms on a list of fast growing companies
These corporations are also often willing to take calculated risks, in some case, as they strive to expand their bases. Retailers are a good example. Steve Madden, one of our companies, was started in 1990 with $1,100. The company has consistently added lines of apparel since then to increase revenue
Another reason to create this list is that 24/7 Wall St. recognizes that smaller companies continue to be a backbone of job growth. Corporations that are highly successful are roadmaps for the sort of industries, managements, and products and services which have done well recently. As recent access to capital has improved compared with access during the recession, well targeted and well run smaller businesses stand a much better chance of doing extremely well because they can tap pools of funding. Methodology: We ranked these companies largely based on their growth rates as well as on how they have performed financially in the recent past. The pace of these growth rates allowed us to make a final selection and rank the companies when growth was combined with eight other categories. The 100 companies on our list had a median 20% sales growth and 30% earnings per share growth over the last 12 months. Similarly, the median stock price return for the latest year for this group was 16%, which is double the return of the S&P 500 index over the same time.
While stock market performance is one of our ranking criteria, we did not remove companies for poor performance because smaller companies tend to have greater price swings than the overall market. We should point out that this is not an investment list for value seekers. Maintaining these lofty growth rates is not an easy task.
S&P Capital IQ provided us with corporate information, financial data and rankings based on a series of metrics. We started with a universe of 1,200 publicly traded, small companies, which we defined as having between $5 million and $1 billion in revenue over the last 12 months. To narrow this group down, we required that sales growth, earnings per share growth and return on equity to be greater than zero for both the latest 12 months and over the companies’ last five fiscal years. We also excluded companies whose stock price is lower than $5.This brought the size of the list to 164
The criteria we used to allow us to winnow the list to 100 companies based on a few items which included stock price. We then assigned a rank based on all of the above growth metrics and stock price returns over one and five years. For companies whose shares were not traded for five years, we used annualized figures from their first trade date. From these category rankings, each company was given an overall score that was used to produce the list.
Brian Zajac
The financial data below is from the latest available reporting period and price change is as of March 21, 2012.
Rank
Company
Sales
Sales Growth
EPS Growth
Price Change
Quotes
1
Bridgepoint Education Inc
$933m
31%
41%
36%
( NYSE: BPI)
2
SolarWinds Inc
$198m
30%
38%
73%
( NYSE: SWI)
3
Sturm Ruger & Co Inc.
$329m
29%
43%
100%
( NYSE: RGR)
4
Steven Madden Ltd
$987m
50%
26%
50%
( NASDAQ: SHOO)
5
Accretive Health Inc
$826m
36%
107%
-4%
( NYSE: AH)
6
IPG Photonics Corp
$474m
59%
113%
1%
( NASDAQ: IPGP)
7
Buffalo Wild Wings Inc
$784m
28%
30%
68%
( NASDAQ: BWLD)
8
Grand Canyon Education Inc
$427m
11%
47%
20%
( NASDAQ: LOPE)
9
LSB Industries Inc
$805m
32%
170%
5%
( NYSE: LXU)
10
Winmark Corp
$51m
25%
36%
48%
( NASDAQ: WINA)
11
Vera Bradley Inc
$461m
26%
25%
-19%
( NASDAQ: VRA)
12
Gordmans Stores Inc
$558m
7%
57%
20%
( NASDAQ: GMAN)
13
Wright Express Corp
$553m
42%
52%
27%
( NYSE: WXS)
14
rue21 Inc
$760m
20%
28%
-2%
( NASDAQ: RUE)
15
American Public Education Inc
$260m
31%
40%
-4%
( NASDAQ: APEI)
16
FleetCor Technologies Inc
$520m
20%
28%
18%
( NYSE: FLT)
17
Quality Systems Inc
$418m
25%
40%
8%
( NASDAQ: QSII)
18
Boston Beer Co Inc. (The)
$513m
11%
37%
15%
( NYSE: SAM)
19
IEC Electronics Corp
$139m
29%
25%
-37%
( AMEX: IEC)
20
Ebix Inc
$169m
28%
16%
-20%
( NASDAQ: EBIX)
21
America’s Car-Mart Inc
$378m
15%
28%
88%
( NASDAQ: CRMT)
22
Vitamin Shoppe Inc
$857m
14%
48%
33%
( NYSE: VSI)
23
Middleby Corp (The)
$856m
19%
30%
18%
( NASDAQ: MIDD)
24
Jos. A. Bank Clothiers Inc
$952m
16%
17%
17%
( NASDAQ: JOSB)
25
Mesa Laboratories Inc
$37m
29%
42%
62%
( NASDAQ: MLAB)
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http://247wallst.com/special-report/2012/04/18/the-worlds-most-resource-rich-countries/ | The World’s Most Resource-Rich Countries – 24/7 Wall St. | The World's Most Resource-Rich Countries
The World's Most Resource-Rich Countries
Michael B. Sauter
Read the ten most resource-rich countries in the world
These are the 10 most resource-rich countries in the world.
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| The World’s Most Resource-Rich Countries – 24/7 Wall St.
Special Report
The World's Most Resource-Rich Countries
Michael B. Sauter
April 18, 2012 6:48 am
Last Updated: March 30, 2020 8:15 pm
24/7 Wall St. performed a detailed analysis of the 10 most plentiful and valuable natural resources on earth. Using estimates of each country’s total reserves and the market value of these resources, we determined the 10 countries that have the most valuable supplies of natural resources.
Some of these commodities, including uranium, silver and phosphate, are not as valuable as others because of low demand or because they are too rare. However, in the cases of oil, natural gas, timber and coal, reserves can be worth tens of trillions of dollars in some countries, because demand is high and resources are relatively plentiful.
Read the ten most resource-rich countries in the world
Since the beginning of the year, rising prices at the pump have focused attention on crude oil and the global economic recovery. Crude oil remains the largest source of transportation fuel in the world. Because it remains expensive to recover the oil we know about and to find new undiscovered oil, rising pump prices reflect the scarcity or, at least, the potential scarcity of crude.
The value of oil as a scarce natural resource is clear, based on its effect on these countries’ total resource values. Six of the 10 countries with the most valuable overall reserves in the 10 categories combined have among the top 10 oil reserves. For some countries, including Saudi Arabia, Iraq and Iran, oil represents more than 85% of the nation’s natural resource worth. In the case of Kuwait, which has the 12th most valuable natural resources overall, oil is its only commodity that falls among the top 10 for reserves.
The supply of oil in contrast to the supply of natural gas, especially in the domestic U.S. market, could not be more stark. New drilling techniques have taken over the industry in the past few years, leading to a supply glut and a corresponding drop in price. It is difficult to predict how long these low prices will last, but it is worth keeping in mind that hydraulically fractured wells produce gas quicker and taper off faster than conventional gas wells. At some point, probably a decade or two away, shale gas production also will decline.
For the time being, gas plays a major role in the world’s resource markets. Six of the 10 countries that have the most valuable natural resource reserves in the world are also within the top 10 that have the most natural gas. Combined, Russia and Iran account for more than 40% of the world’s natural gas.
Lumber prices are recovering after bottoming at just above $200 per contract (110,000 board feet). That’s after falling from as high as around $450 in 2005. The world’s forests, while arguably renewable, are inarguably the world’s most valuable resource after fresh water. Their value here is computed by assuming all the timber is cut and sold for sale. One could make a good argument that as a filter for carbon dioxide emissions and as a producer of fresh water, the world’s timberlands are even more valuable untouched than they are when cut down and sold.
Six of the countries with the most timber are featured on this list. Russia, which tops the list, has the most lumber in the world. Brazil and Canada, which hold the second and third spots for timber, are also on the overall list.
Coal’s big problem is that it’s dirty and there is no cheap way to clean it up. Proposals to cut carbon dioxide emissions add billions to the cost of new coal-fired electricity generation plants and at least hundreds of millions to retrofits. Of the two main types of coal, metallurgical and thermal, demand for the more costly metallurgical coal is determined primarily by demand for steel, which in turn depends on an expanding economy. Lower priced thermal coal has a limited future, but, like crude oil, that limit could be decades away.
Coal is one of the most plentiful and valuable resources for some of the countries on this list, most notably the United States. The U.S.’s total combined resource value is $45 trillion. The estimated value of the country’s coal reserves is approximately two-thirds of that — just shy of $30 trillion. Russia, China and Australia also have ample and valuable quantities of this commodity.
Using the most recent uniformly available data on reserves and global market prices, 24/7 Wall St. calculated the total value of the proved reserves of 10 of the most valuable resources, by country. They include oil, natural gas, coal, timber, gold, silver, copper, uranium, iron ore and phosphate. Using sources, which include the U.S. Geological Survey, the U.S. Energy Information Administration, Bloomberg and Financial Visualizations, 24/7 Wall St. identified the current market price of the 10 resources, as well as the reserves available for those resources. In many cases, including coal, oil and natural gas, prices vary based on type. In these cases, 24/7 Wall st. used the price for what is widely considered the benchmark commodity. When there was no established benchmark, we used an average of the most common types sold.
These are the 10 most resource-rich countries in the world.
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http://247wallst.com/special-report/2012/06/07/the-12-companies-with-the-highest-paid-boards-of-directors/ | The 12 Companies with the Highest-Paid Boards of Directors – 24/7 Wall St. | The 12 Companies with the Highest-Paid Boards of Directors
The 12 Companies with the Highest-Paid Boards of Directors
Douglas A. McIntyre
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Special Report
The 12 Companies with the Highest-Paid Boards of Directors
Douglas A. McIntyre
June 7, 2012 6:19 am
Often, the media discusses the issue of high CEO pay, but what about high pay for members of the board? More than a dozen public company boards had directors whose compensation averaged more than $500,000 in 2011. That is greater than the compensation of some S&P 500 CEOs — CEOs who work full-time while board members do not.
Can these directors really be worth so much to the companies they govern? 24/7 Wall St. examined the issue and found that many of these highly paid boards share several traits, offering a clue to what differentiates them from boards that are paid modestly.
The debate over board governance practices and the value of boards as an important part of large company management has been prominent in the news recently. A multibillion trade at JP Morgan ( NYSE: JPM) raised the question of whether board risk-management practices are effective at this and other banks.
The CEO of Chesapeake Energy ( NYSE: CHK ), Aubrey McClendon, took out hundreds of millions of dollars in loans to buy into many of the company’s drilling operations. McClendon stood to make several times his annual compensation if these investments paid off. The board of Chesapeake did not question this conflict — a decision that contributed to the board’s restructuring by outside investors, including corporate raider Carl Icahn. At least five current Chesapeake directors lost their positions. Coincidentally, the Chesapeake board pay level is high enough to make this 24/7 Wall St. list.
Many of the boards on this list govern corporations in which the current CEO is also the founder, including Amazon.com ( NASDAQ: AMZN ), Oracle ( NASDAQ: ORCL ), Chesapeake Energy and Salesforce.com ( NYSE: CRM ). At Tyson Foods ( NYSE: TSN ), the CEO and directors are members of the founding family. So it could be that CEOs who control their companies’ management also control their boards and how these boards are treated.
In many other cases, the companies on this list have one board member who received an extremely large compensation in 2011. Often, these are former CEOs or other high-ranking executives who now serve as chairman, do part-time consulting work with their former employer or both.
However, just because a company pays its board a lot does not necessarily mean it is excelling financially. Of the top 12 companies, six have lower stock prices compared to two years ago (as of June 4). Seven of the companies had lower profits in 2011 compared to the year earlier.
In order to identify the highest-paid boards of directors, 24/7 Wall St. relied on a special screen generated by GMI Ratings, a corporate governance ratings firm. GMI ranked the top 50 companies with the highest average board of director compensation. The screen also included the number of directors, the company’s position in Fortune 500 and whether the company is on the Russell 1000 and/or S&P 500 stock indices.
24/7 Wall St. then took the compensation of the top 12 companies, verified the company data through their proxy statements, vetted directors who deviated from the trends and considered director backgrounds to gain insight into pay practices. We also noted each companies’ change in share price over the past two years, along with the net earnings in 2010 and 2011.
These are the 12 companies with the highest-paid board of directors.
12. Chesapeake Energy
> Average Compensation: $533,163
> 2-Year Stock Change: -26.05%
> Net Earnings FY 2011: -$28 million
> Net Earnings FY 2010: $472 million
It has been a rough go for Chesapeake Energy. The company lost $28 million in 2011. The company continues to flounder following the reports that in the past three years CEO Aubrey McClendon took out more than $1 billion in loans using his stake in the company’s wells as collateral. This raised a host of questions regarding conflict of interest and corporate governance. Nevertheless, all but two directors were paid more than $500,000 during 2011.
After intense pressure from shareholders, the board will soon be revamped. The Oklahoma City-based company announced Monday that four of the eight nonexecutive board members will resign later this month and be replaced by a new slate of directors selected by the company’s two largest shareholders, Southeastern Asset Management and Carl Icahn. McClendon also will step down from his role as chairman, and a new independent director will take his place.
11. Freeport-McMoRan Copper & Gold
> Average Compensation: $541,836
> 2-Year Stock Change: -7.68%
> Net Earnings FY 2011: $4.56 billion
> Net Earnings FY 2010: $4.34 billion
Although Freeport-McMoRan ( NYSE: FCX) had no one who deviated tenfold from the median pay, Vice Chairman B. M. Rankin, cofounder of the company, managed to rake in $1,274,903 in 2011. Unlike other directors, the 82-year old former executive was paid $816,000 in consulting fees, although the specifics of his consulting contract were not disclosed.
Even without Rankin’s hefty director pay, the members of the board are still handsomely paid, even though the company share price has sagged. The lowest-paid director, former KPMG CEO Jon Madonna, still received $418,403 in 2011.
10. Tyson Foods
> Average Compensation: $542,013
> 2-Year Stock Change: +5.75%
> Net Earnings FY 2011: $750 million
> Net Earnings FY 2010: $780 million
At Tyson Foods, the average board member compensation was significantly skewed because of the payments to John and Don Tyson. John Tyson, the current chairman, was paid $3,295,168 in 2011. In return for working up to 20 hours a month, he is entitled to $500,000 in cash annually through a consulting contract until Oct. 2020. The other payments included health care and pension payments, use of the company aircraft and security services, among other expenses.
Meanwhile, John Tyson’s father, Don Tyson, received a pay package of $1,274,588 in 2011. This included cash compensation, use of the company-owned aircraft, life insurance premiums, tax reimbursement and tax and estate planning. Following Don Tyson’s death in January 2011, the cash compensation portion of $319,048 will be paid to his three surviving children.
9. Alpha Natural Resources
> Average Compensation: $549,445
> 2-Year Stock Change: -73.65%
> Net Earnings FY 2011: -$677.39 million
> Net Earnings FY 2010: $95.55 million
Alpha Natural Resources ( NYSE: ANR) is the result of two mergers: one with Foundation Coal in 2009 and the other with Massey Energy in 2011. The mergers resulted in a host of executive and director changes.
The average director compensation is high because Michael Quillen, the former CEO of Alpha, was paid out $2,610,776 in 2011 as part of an outpayment agreement following the Foundation Coal merger. Once Quillen ended his service as Alpha’s CEO in July 2009, he became entitled to certain benefits for up to 24 months after termination. Since this deal ended last year, Alpha probably will not make next year’s list.
8. Ball
> Average Compensation: $563,954
> 2-Year Stock Change: +60.6%
> Net Earnings FY 2011: $444 million
> Net Earnings FY 2010: $468 million
The former CEO of Ball Corporation ( NYSE: BLL ), R. David Hoover, was paid both for both his services to the day-to-day operations and to the board. Hoover, who retired as CEO in Jan. 2011, continued to serve as chairman. He was paid $3,532,234 in 2011. The company’s proxy statement also indicated that he received payment for Jan. 2011, when he was still CEO. Other company directors earned between $200,000 and $300,000 in 2011.
7. Occidental Petroleum
> Average Compensation:$645,242
> 2-Year Stock Change: -2.85%
> Net Earnings FY 2011: $6.64 billion
> Net Earnings FY 2010: $4.59 billion
For years, former Occidental Petroleum ( NYSE: OXY) CEO Ray Irani was one of the highest-paid CEOs in the United States, garnering approximately $857 million between 2000 and 2010, according to a 2010 analysis by the Wall Street Journal. Irani may have been pushed out as CEO and to the chairman post, but his pay package remained large. The highest-paid director at Occidental was Aziz Syriani, who made $1,052,265 in 2011. He has served on the board longer than Irani, joining in 1983.
The average could have been significantly higher, but John Chalsty (joined in 1996) and Irvin Maloney (joined in 1994) only served as directors until the annual shareholder meeting in June 2011. They were only paid $65,151 and $29,908 that year, respectively.
6. Salesforce.com
> Average Compensation: $690,053
> 2-Year Stock Change: +51.65%
> Net Earnings FY 2011: $64.5 million
> Net Earnings FY 2010: $80.7 million
Compared to some companies on this list, Salesforce.com is a rather small company, generating less than $2.3 billion in revenue for 2011. Nevertheless, the company shelled out nearly $700,000 on average to its directors last year.
Founder and CEO Marc Benioff left Oracle, which shows up later on this list, to start Salesforce.com in 1999. He currently owns 7.8% of the common stock, giving him a fair amount of clout to determine the shape and remuneration of the board. Another connection to another company on this list is Lawrence Tomlinson, who has served as a director since May 2003. Tomlinson retired from Hewlett-Packard ( NYSE: HPQ) in June of that year.
5. Northrop Grumman
> Average Compensation: $696,717
> 2-Year Stock Change: -5.59%
> Net Earnings FY 2011: $2.12 billion
> Net Earnings FY 2010: $2.05 billion
Unlike many other companies on the list, the outlier at Northrop Grumman ( NYSE: NOC) is not a current or former executive. Rather, the average compensation figure is skewed because of the compensation of the lead independent director, Lewis Coleman, who was paid $5,652,356 in 2011. Most of his payment was not in cash or stock. The company shelled out a whopping $5,203,559 in costs “related to security protection related to Mr. Coleman.” This included $1,515,536 for “personal and family member travel on company aircraft” and a $174,953 “tax-gross up.” That’s a pretty good deal, given that he probably gets paid a pretty penny to serve as president and chief financial officer of DreamWorks Animation ( NASDAQ: DWA ).
4. Oracle
> Average Compensation: $725,589
> 2-Year Stock Change: +16.08%
> Net Earnings FY 2011: $8.55 billion
> Net Earnings FY 2010: $6.14 billion
Oracle’s cofounder and CEO, Larry Ellison, has significant power to shape the board due to his large ownership of common stock (22.4%). Donald Lucas, the highest paid-director, made $1,023,231 from Oracle in fiscal year 2011. He has served on the board of directors since March 1980. He was chairman of the board from Oct. 1980 through May 1990, and served as chairman of the executive committee from Dec. 1985 through June 2008, when the position was eliminated. Oracle has a board beefed up with insiders. The chairman is a former CFO, and both co-presidents, including former HP CEO Mark Hurd, serve on the board.
3. Fidelity National Information Services
> Average Compensation: $849,691
> 2-Year Stock Change: +13.52%
> Net Earnings FY 2011: $469.6 million
> Net Earnings FY 2010: $404.5 million
Fidelity National Information Services ( NYSE: FIS ), is the surviving entity of a 2005 merger between Certegy and Fidelity National Financial, or “Old Fidelity.” The board is composed of members from both Old Fidelity and Certegy.
The clear outlier in this case is William Foley, who made $3,488,791. He is currently the vice chairman of the board and was executive chairman of the board until Feb. 2011 and chairman until March 2012. Still, even without Foley in the mix, the average director compensation would be well over $300,000, a sizable pay package for a part-time job.
2. Amazon.com
> Average Compensation: $898,993
> 2-Year Stock Change: +71.03%
> Net Earnings FY 2011: $631 million
> Net Earnings FY 2010: $1.15 billion
The CEO and founder of Amazon, Jeff Bezos, is also its largest shareholder (19.5% of common stock), which gives him considerable leeway in determining the compensation of the board members. Amazon directors are not paid in cash but do receive restricted stock and options awards exclusively, which is unusual for a publicly traded company.
Three independent directors did not receive compensation for their board services in 2011: John Seely Brown, Alain Monie and Jonathan Rubinstein. However, Brown and Monie received 3,600 restricted shares in Feb. 2012. Meanwhile, Rubinstein was the only director paid in 2010, receiving $883,350. The only paid director not to receive $927,100 was Blake Kirkorian, who joined the board of directors in Sept. 2011. He was paid $786,564.
1. Hewlett-Packard
> Average Compensation: $941,802
> 2-Year Stock Change: -54.23%
> Net Earnings FY 2011: $7.07 billion
> Net Earnings FY 2010: $8.76 billion
Hewlett-Packard is an unlikely company to be at the top of companies with highest-board pay. HP shares plummeted more than 50% in the past two years. Part of the company’s woes stem from a decline in demand for many of HP’s products, notably its PCs. Furthermore, the company has struggled to keep a permanent slate of executive and board members. Former HP CEO Mark Hurd was fired in Aug. 2010, following discrepancies in his expense accounts. Former CEO Leo Apotheker served less than a year in his position before being terminated by the board in Sept. 2011.
Board members have shifted just as quickly as the CEOs have. Four members resigned shortly after the Hurd scandal, while directors Lawrence Babbio and Sari Baldauf both departed earlier this year. The average compensation is greatly inflated due to Executive Chairman Ray Lane’s payment of $10,648,366 in fiscal year 2011.
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http://247wallst.com/special-report/2012/08/03/states-that-get-the-most-federal-money/ | States That Get The Most Federal Money – 24/7 Wall St. | States That Get The Most Federal Money
States That Get The Most Federal Money
Michael B. Sauter
Read: States Receiving the Most Federal Money
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States That Get The Most Federal Money
Michael B. Sauter
August 3, 2012 11:45 am
Last Updated: March 30, 2020 7:47 pm
In 2010, the federal government took the hundreds of billions of dollars it received in corporate, income and property taxes from each state and respent that money — and then some — on programs in each state. A review of federal data indicates that some states, considering their size and the taxes they paid, received a disproportionate amount of funding relative to the amount they put in each year.
Read: States Receiving the Most Federal Money
The states that receive the most money from the federal government each year are, generally, the most populous ones. In 2010, eight of the 10 states with the highest population received the most. California, the most populous state in the country, receives the largest share — more than a third of a trillion dollars. However, when accounting for population and the amount states pay in federal taxes, the breakdown looks very different.
The states that received the most money from the federal government were identified using the most recent data from the U.S. Census Bureau’s Consolidated Federal Funds report, which breaks out how much the federal government spent on various programs, grants and public employee salaries by state. We relied on data from the Internal Revenue Service to calculate the amount that states pay in income tax to the federal government. Based on these reports, 24/7 Wall St. identified the 10 states that received the most money from the federal government, relative to how much they paid in income tax.
Some states, including Alaska and Virginia, received more than $15,000 per person from the federal government, even after subtracting the billions the state spent on income tax. This figure is nearly two-and-a-half times the amount received per person after taxes in states like Nevada, one of the poorest states in the country.
It would be expected that states that receive more money from the federal government are in greater need. However, most of the 10 states with the highest federal spending per capita had a higher median household income than the United States average. In fact, the first-, third-, fourth- and fifth-wealthiest by this measure all received the most money from the government. Because of their wealth, these states spent the most per capita in income tax, but it is negligible compared to the vast amounts they received.
A review of the data shows that some very large programs, including defense spending, Medicare and Medicaid, Social Security, and farm subsidies, had major effects on how much money each state received, to the extent that individuals get far more per person than in other states. In some cases, it was several programs that affected the total amount the government spent on the state per capita, but in others, it may have been just one program.
Often that program was defense spending. States like Virginia, Alaska, Maryland and New Mexico received the most money per capita in federal procurement spending, which includes things like Medicaid and NASA, but the majority of which goes to the Department of Defense. To give an idea of the amount of money the federal government poured into military bases and research centers in these states, the government spent approximately $7,300 per person on all programs in Nevada. It also spent approximately $5,000 per person on defense spending alone in Virginia.
Another program that requires a great deal of funding is the direct payments outside of retirement and disability. Within this category is Medicare. A couple of the states that received the most federal funds also received an extraordinarily large amount of money for medical prescription drug coverage under Medicare. More than 25% of all the funds that Connecticut received from the federal government were for drug benefits under Medicare.
Expenditures on Salaries and Wages is another category in which these states lead the country in spending per capita. This category includes the salaries and wages of defense workers and non-defense workers alike. All five of the top 10 states receiving the most in this category are represented on our list.
Also Read: Eight States Slashing Local Funding
24/7 Wall St. identified the states that get the most money from the federal government by taking the figures for federal expenditures in each state from the 2010 Consolidated Federal Funds report and subtracting from it the income taxes retained, net of refunds, by the federal government for each state for the same year. The values obtained were then divided by state population figures for 2010 from the census bureau to arrive at a per capita figure for each state.
These are the states that get the most federal money.
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States That Get The Most Federal Money
Michael B. Sauter
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| States That Get The Most Federal Money – Page 2 – 24/7 Wall St.
Investing
States That Get The Most Federal Money
Michael B. Sauter
August 3, 2012 11:45 am
Last Updated: March 30, 2020 7:47 pm
10) North Dakota
> Federal spending per capita net of income taxes: $10,438
> Total federal spending per capita: $12,930
> Federal income taxes per capita: $2,492
With the third-smallest population in the U.S., North Dakota’s federal spending per capita was understandably larger than more populous states. North Dakota ranked third in the country for receiving Direct payments other than retirement and disability. What is unusual is the large amount of money that North Dakota farmers received from the federal government — the state ranked second in agricultural assistance in the nation, behind only Texas, which has a population more than 37 times that of North Dakota.
9) Connecticut
> Federal spending per capita net of income taxes: $10,506
> Total federal spending per capita: $15,662
> Federal income taxes per capita: $5,156
Connecticut received almost 50% more government funding per capita than the national average. In 2010, Connecticut was awarded $11.1 billion in military procurement contracts, giving the state the fourth-highest per capita federal defense expenditure — $3,351.88. The Constitution State ranked first for the amount of spending for direct payments other than retirement and disability on a per capita basis. A significant chunk of this amount — almost 60% — was spent solely on medical prescription drug coverage. At $14.1 billion, the amount of federal government expenditures on prescription drugs in Connecticut was more than any other state and over $5 billion more than Florida, the state receiving the second-most federal funds in this category. Connecticut also ranked fifth in per capita federal funding from procurement spending.
8) West Virginia
> Federal spending per capita net of income taxes: $10,568
> Total federal spending per capita: $11,609
> Federal income taxes per capita: $1,041
West Virginia is the only state in the top 10 where federal spending on defense was not a significant contributor to the total amount of money this state received. In fact, West Virginia ranked 48th for federal defense spending — $609 per capita. A large portion of federal spending in West Virginia, almost 16%, was for Medicare benefits, slightly more than the national rate of 15.6%. West Virginia ranked first in the country for the percentage of people using this benefit at nearly 20%. West Virginians also received more federal spending per capita on retirement and disability benefits — which includes Social Security payments, federal retirement and disability benefits, and veterans benefits — than any other state.
Also Read: Ten States Dying for Health Coverage
7) Alabama
> Federal spending per capita net of income taxes: $10,656
> Total federal spending per capita: $11,820
> Federal income taxes per capita: $1,164
Alabama comes in second for the amount of spending per capita — $3,761 — on retirement and disability. The Cotton State also ranks seventh for procurement spending per capita, 78% of which was defense spending, and large parts of which also included the Department of Health and Human Services and the Department of Agriculture. Most of this procurement spending falls under the section of Department of Defense spending. Aside from Virginia and Kentucky, Alabama is the only state on this list that is in the bottom half of states for the amount of grant spending per capita. Grant spending encompasses a vast number of federal agencies and departments within each state.
6) Kentucky
> Federal spending per capita net of income taxes: $12,129
> Total federal spending per capita: $13,198
> Federal income taxes per capita: $1,069
The federal government gave Kentucky more than $7,000 per person on direct payments, which included retirement and disability benefits, unemployment benefits and student assistance — all large programs. Medicare benefits accounted for nearly 57% of such payments. This was partially due to the high amount of government money going toward prescription drug coverage in the state — $5.46 billion in 2010. Kentucky received almost $1.5 billion more for prescription drug coverage than California, a state with almost nine times its population.
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http://247wallst.com/special-report/2012/09/14/the-10-poorest-countries-in-the-world/ | The 10 Poorest Countries in the World – 24/7 Wall St. | The 10 Poorest Countries in the World
The 10 Poorest Countries in the World
Douglas A. McIntyre
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| The 10 Poorest Countries in the World – 24/7 Wall St.
Economy
The 10 Poorest Countries in the World
Douglas A. McIntyre
September 14, 2012 6:32 am
Last Updated: March 18, 2020 2:19 pm
According to 2011 data released on Wednesday by the U.S. Census Bureau, 15% of individuals in the United States live below the poverty line. While down from 15.1% last year, it remains statistically unchanged and near a record high. Today, more than 46 million people live in poverty in America, more than at any point in the country’s history.
Read: The 10 Poorest Countries in the World
However, compared to the poorest countries in the world, the poverty rate in the U.S. is relatively modest. In some countries, the poverty rate is more than five times the U.S. current figures. In Haiti, the highest in the world, 77% of residents live in poverty. Based on data from the World Bank, 24/7 Wall St. identified the 10 countries with the highest poverty rates.
The presence of extreme poverty usually coincides with significant obstacles, including limited resources, disease, famine and war. 24/7 Wall St. analyzed how the most impoverished nations ranked in several key areas ranging from level of peace to economic stability, health and education. The poorest countries consistently performed poorly in nearly every case.
Educational attainment and literacy rates are particularly low in these countries. While adult literacy figures were unavailable for many of these nations, those that have reported data were among the worst in the world. In several cases, less than half of eligible children were enrolled in primary education (the equivalent of elementary and middle school). In the Democratic Republic of the Congo, among the poorest countries, less than a third of the relevant population was enrolled in primary education. By comparison, in the United States, nearly 95% were.
Health and healthy decisions are often ignored in these countries. In the 10 nations with the highest poverty rates, HIV prevalence is extremely high. Five of the eight countries for which data are available were in the top 25 (out of more than 200 countries) for HIV cases among people 15 to 49. These include Zimbabwe, which has the fifth-highest HIV/AIDS prevalence rate at 14.3%, and Swaziland, which has the highest recorded rate at 25.9%. In the U.S., the rate is just 0.78%.
Life expectancy, not surprising, is also very low. In the U.S., a person born today is projected to live to the age of 78.2. In each of these countries, life expectancy is less than 60 years. In four of these countries, the average resident will not live to see 50.
24/7 Wall St. relied on World Bank data for the percentage of residents who are living below their national poverty lines. Data was only available for 112 developing nations. In addition, we considered GDP per capita, gross domestic product, HIV/AIDS prevalence, life expectancy, unemployment, infant mortality and primary school enrollment — all from the World Bank. Where current data was not available, data from the most recent available year was used. We also relied on the U.S. Department of State and the Central Intelligence Agency’s World Factbook for additional information on these countries, including the presence of armed conflict and recent natural disasters.
These are the 10 poorest countries in the world.
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http://247wallst.com/special-report/2012/10/17/the-worst-business-decisions-of-all-time/ | The Worst Business Decisions of All Time – 24/7 Wall St. | The Worst Business Decisions of All Time
The Worst Business Decisions of All Time
Douglas A. McIntyre
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The Worst Business Decisions of All Time
Douglas A. McIntyre
October 17, 2012 6:38 am
Last Updated: March 26, 2020 10:59 pm
In the long history of poor management decisions made at major American companies, only a few proved to be fatal. It is hard to ruin a company with a single decision. That is especially true when the company has the advantages of huge market share, large and rising revenue, and a history of success. But not all bad decisions are created equal. 24/7 Wall St. set out to identify the worst business decisions of all time. These decisions cost these companies billions of dollars and, eventually, their independence.
Read: The Worst Business Decisions of All Time
Bad business decisions result in financial loss. The worst business decisions lose companies billions in revenue. Our editors relied on Fortune magazine’s annual list of the largest 500 companies ranked by revenue to identify the companies that were the biggest in America and, as a result, capable of losing the most money.
To make the initial cut, companies had to be on the Fortune 100 list for at least 10 consecutive years and then drop off the top 100 ranking for good. We then looked for the companies that made a single identifiable decision that cost them significant revenue and ultimately led to their decline. Based on this cut, 24/7 Wall St. identified the eight companies that suffered from the worst business decisions of all time.
Inclusion at the top of the Fortune 500 is hard to get, but, once won, it is also hard to lose. Nearly three-quarters of 2012’s 100 largest companies have been in the top 100 for at least a decade. This includes 23 that have been there for a quarter century, as well as 13 companies that have been on the list since it debuted in 1955. Even if a company falls out of the top 100, it usually remains a large company for a long time. Seventy companies from the original Fortune 100 are still somewhere on the Fortune 500 list.
Most bad business decisions are not fatal. General Motors Co. ( NYSE: GM) has made several mistakes, none as harmful as the decision to continue to manufacture large vehicles when the market was trending toward smaller cars. These poor judgment calls led to GM’s bankruptcy in 2009, but with the help of a government bailout it remains in the Fortune 100 today. This is not the case with the companies on this list. The decisions made at these companies eventually ruined each of them.
The worst bad decisions fall into three categories. The managements of Lehman Brothers and Firestone were simply reckless. Leading up to the housing collapse, Lehman executives overleveraged the investment bank, far more than any other large financial institution. Firestone hastily tried to expand into production of a new kind of tire. Both companies ignored internal warnings that their decisions were highly risky.
In the case of Kodak and Motorola, management missed tectonic shifts in their industries until it was too late. Motorola held on to its old cellphone business too long, failing to leverage its Razr brand or couple it with a smartphone until the brand had lost its relevance. Kodak, which actually held a patent for digital cameras well before they were mass produced, eventually was left behind by other digital camera manufacturers like Fuji and Sony Corp. ( NYSE: SNE) that moved quickly to establish market dominance.
Kmart, meanwhile, showed a general lack of foresight. The retailer failed to create modern supply chain management that could support an increase in customers, something it should have expected following its price war with Wal-Mart Stores Inc. ( NYSE: WMT) and aggressive advertising.
To identify the worst business decisions of all time, 24/7 Wall St. reviewed all Fortune 500 companies since 1955 that have, at any point, been in the top 100 for at least 10 years, but were no longer among them in 2012. A company needed to have either filed for bankruptcy protection or been acquired. The declines in the company’s fortunes also had to have been traced to one identifiable bad decision. For each of these companies, 24/7 Wall St. reviewed revenue and sales data, obtained from Capital IQ, as well as stock price performance.
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http://247wallst.com/special-report/2013/01/07/americas-busiest-border-towns/ | America’s Busiest Border Towns – 24/7 Wall St. | America's Busiest Border Towns
America's Busiest Border Towns
Samuel Weigley
Click here to see America’s Busiest Border Towns
| America’s Busiest Border Towns – 24/7 Wall St.
Special Report
America's Busiest Border Towns
Samuel Weigley
January 7, 2013 4:35 am
Last Updated: March 27, 2020 1:45 am
Source: Thinkstock
Each year, millions of trucks and trains transport $1 trillion in goods into and out of the U.S. through the largest ports of entry across the borders with Mexico and Canada. Of the $580 billion worth of good imported in the U.S., $320 billion went through just 10 ports. Similarly, of the 10.4 million trucks that crossed into the U.S. in 2011, 7.6 million went through just 10 ports. Based on data provided by the Department of Transportation’s Bureau of Transportation Statistics, 24/7 Wall st. reviewed the 10 busiest border towns in the country.
Click here to see America’s Busiest Border Towns
By far, the largest import into the country in 2011 was mineral fuels like oil, which accounted for $147 billion, or a full quarter, of the total national imports. In addition to fuels, other top imports include computers and computer parts, cars and other vehicles, and electrical machinery. Together, the four account for more than half of all U.S. imports.
The importance of the international ports to these towns is seen in the employment breakdown in these areas. In the El Paso and Laredo metro regions, 7.4% and 12.4% of workers respectively were employed in the transportation and warehousing sector in 2011. Only 14 cities of the more than 350 U.S. metro areas have a higher proportion of workers employed in this sector.
While the presence of a major border crossing comprises a large part of many of these regional economies, this does not mean they are booming. For example, in Laredo, Texas, where more than 15% of all truck traffic into the U.S. in 2011 took place, just shy of a third of all residents live below the poverty line. This is the third-highest rate of any major metropolitan area in the country. Hidalgo, Texas, another high-traffic border city, is part of the McAllen metropolitan statistical area — the poorest area in the country.
Part of the reason for the high poverty rate in some of these border towns, particularly the southern ones, is likely the proximity to Mexico and the large number of recent immigrants in these cities. More than a quarter of residents in McAllen, Laredo, and El Paso are foreign-born, and most of these are relatively poor immigrants from Mexico. In McAllen, more than 30% of the population are non-native citizens. In the U.S. as a whole, that number is just 13%.
Based on data from the Department of Transportation’s Bureau of Transportation Statistics covering border crossings and the method of entry used, 24/7 Wall St. determined the busiest borders in the nation based on the number of trucks entering the U.S. via that town’s port. We also used BTS figures to analyze exports and imports and commodities trade across these border areas. Other figures relating to income, poverty and residents’ citizenship are from the U.S. Census Bureau’s 2011 American Community Survey.
These are America’s busiest border towns.
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http://247wallst.com/special-report/2013/01/28/the-most-valuable-actors-of-all-time/ | The Most Valuable Actors of All Time – 24/7 Wall St. | The Most Valuable Actors of All Time
The Most Valuable Actors of All Time
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Media
The Most Valuable Actors of All Time
Michael B. Sauter, Alexander E.M. Hess, Samuel Weigley
January 28, 2013 6:36 am
Last Updated: March 30, 2020 8:06 pm
There are movie stars, and then there are actors whose involvement appears more important than the movie itself. Some are so critical to success that studios will pay them tens of millions of dollars to be in their pictures. Johnny Depp just signed a contract to make a fifth Pirates of the Caribbean, and some members of the press are speculating that Depp could earn as much as $95 million. That’s a big paycheck when the most recent Pirates movie grossed roughly $1 billion worldwide.
Click here to see the 10 most valuable actors of all time
There are a small number of actors whose involvement in movies has resulted in billions of dollars in tickets sales. Because of their continued popularity and success, some careers have stretched over decades. Based on a review of films’ gross box office sales, adjusted for ticket price inflation, from online movie data resource Box Office Mojo, 24/7 Wall St. identified the most valuable actors of all time.
In order to make this list, an actor needed to star in multiple hits, and not just a single powerful franchise. For example, Daniel Radcliffe and Emma Watson, who starred in all eight installments of the extremely successful Harry Potter series, are both among the top 20 actors based on the gross sales of films in which they have starred. However, they have only appeared in five other movies between the two of them. At this point, they may be typecast as one-franchise wonders, unable to break out of the role they have gained their fame through.
Nearly all the actors that made our list have starred in several high-grossing franchises. Harrison Ford, who is among the most valuable actors according to our measure, was in two, the Star Wars trilogy and the four Indiana Jones movies. However, all of these actors were also in multiple standalone films, showing their versatility by playing very different characters.
Sean Connery, for example, starred in seven different James Bond films, all of which grossed more than $100 million adjusted for ticket inflation. This would alone be enough to put him top 100 grossing actors, but Connery also starred in such hits as “The Rock” and “The Hunt for Red October,” each of which grossed well over $200 million adjusted for inflation.
Success in the box office is not the same as success with the critics. A look at the top actors on this list makes that clear. While a few are decorated actors, such as Tom Hanks who has won two Academy Awards for acting, most on this list have received little positive attention from critics. Harrison Ford, among the highest grossing actors of all time, has never won an Oscar for acting. Meryl Streep, who is the 43rd highest-grossing actor of all time, has won three.
To identify the most valuable actors of all time, 24/7 Wall St. ranked nearly 700 leading actors in Box Office Mojo’s database. Actors ranked higher if they starred in more films, if the films they starred in averaged high ticket sales, and if they had among the highest combined box office gross adjusted for ticket price inflation. This last component was weighted more heavily. All film gross numbers are based on U.S. ticket sales only, and, unless otherwise noted, are adjusted for ticket price inflation, as calculated by Box Office Mojo. Awards, such as Oscar wins and nominations, came from the Internet Movie Database (IMDb).
These are the most valuable actors of all time.
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http://247wallst.com/special-report/2013/05/09/workers-who-take-the-most-sick-days/ | Workers Taking the Most Sick Days – 24/7 Wall St. | Workers Taking the Most Sick Days
Workers Taking the Most Sick Days
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Special Report
Workers Taking the Most Sick Days
Michael B. Sauter, Samuel Weigley, Alexander E.M. Hess
May 9, 2013 6:21 am
Last Updated: March 27, 2020 1:10 am
Source: Thinkstock
Sick days are estimated to cost the U.S. economy $84 billion each year. According to the latest data released in a joint study by Gallup and Healthways, some professions miss substantially more time each month due to sickness than others.
Doctors miss roughly one day every four months due to illness. Those working in the service industry, on the other hand, miss almost one day every two months. These are the jobs in which workers take the most and least sick days.
Click here to see who takes the most (and fewest) sick days
It would make sense that Americans miss work days because they are sick. And to some extent that is true. Physicians, who miss by far the least amount of work due to sickness, are by far the healthiest. However, doctors appear to be an exception.
In fact, some of the professions that rarely call in sick are among the least healthy. More people working in the farming, forestry and fishing industry have health problems preventing them from doing things appropriate for their age group than any other occupation, according to the study. Despite their poor health, they miss an average of just one day every four months, the second least among the 14 job categories measured. Meanwhile, nurses, clerical workers and service workers report average or above average health but miss the most days from work due to illness.
Unreliable salary also makes it less likely that workers will take time off. Many professions that miss relatively more days, such as nurses and office workers, are often salaried positions with allotted sick days. Workers in installation and repair jobs, who miss relatively little time, are much more likely to be paid per service roles. “If you’re in a low income situation that is coupled with a job that requires punching in,” Gallup’s Dan Witters suggested, “you’re going to be highly motivated to show up for work whether you’re in good physical health or not.”
Based on data provided by Gallup-Healthways as part of their Well-Being Index survey, 24/7 Wall St. reviewed the average number of days per month missed because of poor health in each of 14 major professional categories. We reviewed a variety of other data provided by the group as part of its 2012 Well-Being Index. The data are based on a survey of 94,000 Americans between January 2 and September 10, 2012. All responses are for those who worked 30 hours or more per week.
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http://247wallst.com/special-report/2013/06/27/countries-spending-the-most-on-the-military/ | Countries Spending the Most on War – 24/7 Wall St. | Countries Spending the Most on War
Countries Spending the Most on War
Michael B. Sauter
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Special Report
Countries Spending the Most on War
Michael B. Sauter
April 29, 2019 1:01 pm
Last Updated: March 13, 2020 4:54 pm
According to a new report, total global military expenditure rose to $1.8 trillion in 2018, a 2.6% increase from the previous year.
Military spending in China rose for the 24th year in a row. While overall military spending in the U.S. is down compared to a decade prior, due largely to the conclusion and de-escalation of two of the most expensive wars in its history, but military spending in the United States increased for the first time in seven years. These two countries account for such a substantial share of total global arms expenditure that their two increases in military spending alone largely explain the global increase.
The United States and China are by no means the only world powers that spend billions each year on the military. The top 14 military spenders, after the United States, can be found on five continents, and each has its own vast web of military and political alliances. Some are allies; others bitter enemies.
Many of these countries buy a large share of their weapons from the United States, the largest supplier of arms in the world.
Based on annual military spending estimates from the Stockholm International Peace Research Institute’s “Trends in Military Expenditure 2018” report, 24/7 Wall St. reviewed the 15 countries with the largest military expenditures in 2018.
Click here to see the countries spending the most on war
Click here to read our methodology
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http://247wallst.com/special-report/2013/07/17/nine-states-with-the-most-expensive-gas/ | Nine States with the Most Expensive Gas – 24/7 Wall St. | Nine States with the Most Expensive Gas
Nine States with the Most Expensive Gas
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Nine States with the Most Expensive Gas
Samuel Weigley, Alexander E.M. Hess, Michael B. Sauter
July 17, 2013 6:17 am
Last Updated: December 19, 2013 10:27 am
Source: Thinkstock
U.S. gasoline prices have fluctuated between $3.40 and $3.60 for the past few months. As of Tuesday, the average fuel price nationwide was $3.63 per gallon, up from $3.48 per gallon a week ago. This recent spike has some drivers wondering if the price of gas will reach $4.00 by the end of the summer.
In some states, the price of gas is already above $4.00, and others are very close to crossing that mark. Gas prices in nine states were at least $3.80 a gallon as of Tuesday. In some cases, prices are higher because of the difficulty of transporting oil there. In other cases, high gas taxes are the culprit. Based on AAA’s Daily Fuel Gauge Report, which monitors gas prices nationwide, these are the states with the most expensive gas.
Click here to see the states with expensive gas
Gas prices increased nearly 5% in the past week as the price of crude oil has risen over $100 per barrel. Crude prices have shot up partially as a result of the political unrest in Egypt. While the country is not a major producer, there is concern that serious violence could result in the Suez Canal — an important route for oil shipping — being closed off. The effects of investors unwinding speculative trades in oil also may be driving prices up.
When it comes to high gas prices in some states, one consideration is where the gas is coming from. Some states with high gas prices, such as New York and Connecticut for example, have to transport in a large portion of their refined gasoline from far away. Connecticut, which has no operating refineries of its own, has to import all of its fuel. California, which also has among the most expensive gas, still imports a great deal of refined fuel, despite the fact that it has refineries. Transportation is mostly via tanker, which can be expensive.
The price at the pump is often heavily influenced by the amount tacked on by the state’s gas tax. Of the nine states with the highest gas prices, seven have among the 10 highest gas taxes in the country. This includes California, Hawaii, New York, Connecticut and Michigan, which have the highest total taxes in the nation — in that order. California’s total state and federal gas tax amounts to 71.9 cents per gallon, higher than the national average of 49.5 cents.
To find the states with the highest gas prices, 24/7 Wall St. reviewed average fuel prices as of July 16 from AAA’s Daily Fuel Gauge Report. We also reviewed the U.S. Energy Information Administration’s 2013 Refinery Capacity Report, which breaks out production capacity and the number of operable refineries by state. Capacity figures cited reflect the number of barrels of oil that can be produced at operable refineries in a calendar date within a state. Finally, we looked at gas taxes per state from the American Petroleum Institute.
These are the nine states with the most expensive gas.
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http://247wallst.com/special-report/2013/09/13/the-worlds-largest-automakers/ | The World’s Largest Automakers – 24/7 Wall St. | The World's Largest Automakers
The World's Largest Automakers
Click here to see the world’s largest automakers
| The World’s Largest Automakers – 24/7 Wall St.
Autos
The World's Largest Automakers
Douglas A. McIntyre, Thomas C. Frohlich, Alexander E.M. Hess
September 13, 2013 6:24 pm
Last Updated: October 30, 2013 12:12 pm
Source: Courtesy Toyota Motor Corp.
After being third behind GM and Volkswagen in 2011, Toyota regained the top spot in 2012 as the largest auto manufacturer in the world, according to a recent report. Toyota Motor Corp. (NYSE: TM) and General Motors Co. (NYSE: GM) have vied for the top spot for years.
The lead position will be challenged in the next several years by several companies, including Volkswagen, as it tries to make good on its promise to become the number one company in the industry. Meanwhile, a resurgent Ford Motor Co. (NYSE: F) and South Korea’s Hyundai also are expanding their model lines and manufacturing facilities around the globe. In the not too distant future, five companies may be competing for the top spot as the world’s largest carmaker.
Click here to see the world’s largest automakers
Global vehicle production can be counted in several different ways. By cars built alone, Volkswagen actually is the number one manufacturer, Toyota is second and GM is number four. However, including light vehicles such as SUVs and pickups, Toyota is first, GM moves up to second and VW drops to third.
Some manufacturers make a great deal of their sales from heavy trucks as well. These are sold almost exclusively to businesses. Toyota produced well over a quarter million heavy trucks in 2012, pushing it further into the lead over GM, which built fewer than 8,000.
24/7 Wall St. reviewed the world’s largest manufacturers based on production of cars, light trucks and heavy vehicles. This is a better measure of each company’s global footprint in the industry than just cars. Heavy trucks are a large part of sales at some of these companies and a much smaller one at others. Either way, truck production can be more profitable than car production. GM recently released its light truck models for 2015. It made it clear that the trucks were important because they are such a profitable part of GM’s line.
Auto sales in China are now a major factor for carmakers that dominate globally. America was the largest car market for decades. That has changed in the past 10 years. While car ownership per household has been relatively high in America, Europe and Japan, privately owned cars are a recent development in China. With more than 1.3 billion people, compared to just over 300 million in the United States, the potential car market in the country is huge.
The only factor that stands in the way of rapid expansion in the People’s Republic is concern about the tremendous air pollution, which exists in almost all big cities. One of the reasons GM and VW have done so well in global sales is that they are the sales leaders in the Chinese market. The other large manufacturers have begun to add more production facilities in China in the hopes they can take some of VW and GM’s market share.
To identify the world’s largest automakers, 24/7 Wall St. reviewed global auto production numbers from 2012 from Organisation Internationale des Constructeurs d’Automobiles, or OICA.
These are the world’s largest automakers.
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http://247wallst.com/special-report/2013/09/27/10-states-with-the-worst-health-coverage/ | 10 States With The Worst Health Coverage – 24/7 Wall St. | 10 States With The Worst Health Coverage
10 States With The Worst Health Coverage
Alexander E.M. Hess, Michael B. Sauter, Thomas C. Frohlich
September 27, 2013 12:45 pm
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Healthcare Economy
10 States With The Worst Health Coverage
Alexander E.M. Hess, Michael B. Sauter, Thomas C. Frohlich
September 27, 2013 12:45 pm
Last Updated: February 4, 2014 1:39 pm
Source: ThinkStock
Last year, just under 15% of the U.S. population did not have health insurance coverage. But as the different stages of the Affordable Care Act roll out over the next few years — and more Americans become insured — this rate is likely to fall.
For now though, health insurance remains out of reach for many Americans. In states like Florida and Alaska, more than one in five residents are without insurance. And an estimated 22.5% of Texans didn’t have health insurance last year. Based on data recently released by the U.S. Census Bureau, 24/7 Wall St. reviewed the 10 states with the lowest rates of health insurance coverage in the U.S in 2012.
Click here to see 10 States
People 65 and older are automatically eligible for Medicare. Nationally, 15.5% of the population is covered by this program. Several of the states with lower overall coverage rates have disproportionately fewer residents over 65, and as a result they have lower rates of Medicare coverage.
The opposite is also true. In Florida, where 20.1% of the population is without health insurance, has the the second-highest proportion of residents covered by Medicare.
The other large public health insurance program, Medicaid, covers Americans who cannot afford coverage. Roughly 18% of the population is covered under the program. Many of the states with the lowest health insurance coverage have relatively low median household income and high poverty rates. But, like Medicare, there does not appear to be a strong relationship between high Medicaid coverage and lower overall rates of uninsured residents.
In an interview with 24/7 Wall St., Peter Cunningham, senior fellow at Center for Studying Health System Change, explained that while Medicare and Medicaid can impact a state’s health insurance coverage rate. While Medicaid plays a small roll, “It’s really the variation in the rates of employer-provided private insurance coverage that drives the variation in uninsured rates,” Cunningham said.
Indeed, over 65% of the U.S. population is covered through private health insurance, and the vast majority of that is through employers. All of the 10 states with the lowest overall health insurance coverage rates had among the lowest rates of employer-provided insurance.
These states have low rates of employer-provided insurance, Cunningham explained, because of the industries that are common in these states. Most of these states have lower proportions of higher paying jobs or unionized manufacturing jobs, in which employers tend to provide insurance. In fact, all but one of these states had below the national average manufacturing employment. “We all talk about the decline of American manufacturing, but it’s still the case that in a lot of states, the traditional manufacturing jobs still play a pretty big role.”
Cunningham also explained that states with high uninsurance rates are typically poorer because lower-wage jobs are much less likely to provide health insurance coverage. Cunningham gave the example of Florida. “The economy in Florida is based on tourism. A lot of the service and hospitality sector jobs don’t pay a lot and don’t offer health benefits. It’s a very different economy than states that have much lower uninsured rates.” Florida had the lowest rate of employer-provided health insurance in the country.
Based on the Census Bureau’s 2012 American Community Survey, 24/7 Wall St. reviewed the 10 states with the lowest percentage of the population covered by a health insurance plan. We also reviewed a variety of additional data from the ACS for 2012, including age distribution, poverty, income, and the proportion of residents covered by private insurance, Medicaid and Medicare. We also reviewed 2012 average unemployment rates from the U.S. Bureau of Labor Statistics.
These are the ten states with the worst health coverage.
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http://247wallst.com/special-report/2013/10/04/the-most-dangerous-states-in-america/2/ | The Most Dangerous States in America – 24/7 Wall St. | The Most Dangerous States in America
The Most Dangerous States in America
Thomas C. Frohlich
Click here to see the 10 most dangerous states.
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The Most Dangerous States in America
Thomas C. Frohlich
November 14, 2016 6:00 am
Last Updated: August 14, 2020 1:57 pm
Violence in the United States has steadily declined for several decades. While the violent crime rate has fallen considerably — from 685 incidents reported per 100,000 Americans in 1995 to the current rate of 383 incidents per 100,000 — the national violent crime rate rose 3.0% last year.
24/7 Wall St. reviewed violent crime rates in each state from data collected through the FBI’s 2015 Uniform Crime Report Program. Violent crime includes all offenses involving force or threat of force and are broken into four categories: murder and nonnegligent manslaughter, rape, robbery, and aggravated assault. These crimes are more common in some states than in others.
Alaska is the most dangerous state in the country with a violent crime rate of 730 incidents per 100,000 state residents.
Click here to see the 10 most dangerous states.
Click here to see the 10 safest states.
In an interview with 24/7 Wall St., Nancy G. La Vigne, director of the Justice Policy Center at public policy research organization Urban Institute, said, “crime clusters not just within major metropolitan areas but even within cities.” For this reason, La Vigne noted, it is very difficult to draw conclusions from statewide trends alone.
Violent crime is considerably more common in urban centers than in rural regions. While it is not always the case, violent crime rates across the 10 states on this list can be largely attributed to high crime levels in the states’ cities. Of the dozens of cities tracked by the FBI in the nation’s most dangerous states, only a handful report crime rates lower than the national rate. Notably, three cities in Missouri — St. Louis, Kansas City, and Springfield — as well as Memphis, Tennessee; Little Rock, Arkansas; and Anchorage, Alaska all reported violent crime rates greater than 1,000 incidents per 100,000 people.
Poverty and lack of job opportunity in communities can lead to crime at the local level, and the states with the highest violent crime rates tend to also have worse social and economic conditions than safer states. The poverty rate meets or exceeds the national rate of 14.7% in eight of the 10 states with the highest violent crime rates. Similarly, the annual unemployment rate is greater than the national 2015 rate of 5.3% in seven of the 10 states.
While the relationship is somewhat tenuous and complicated, there appears to be a connection between socioeconomic factors and crime levels. As La Vigne said, “People who engage in criminal behavior often may do so because of an absence of opportunity.”
Local factors are perhaps better drivers and predictors of violence. By seeking to address some of the roots of crime, state policies can help reduce a state’s crime levels. La Vigne noted sets of reforms that focus on reducing recidivism as one example of policies that can improve public safety. According to a federally funded 2014 study by the Council of State Governments Justice Center, “Reducing Recidivism: States Deliver Results,” some states have had success lowering recidivism with state-level policies.
The violent crime rate increased in all of the nation’s most dangerous states. In seven of the 10 states, the violent crime rate increased faster than the nationwide uptick of 3.0% between 2014 and 2015. In Alaska, Missouri, and Alabama, the increase exceeded 10%.
To identify the 10 most dangerous states, 24/7 Wall St. reviewed the number of violent crimes reported per 100,000 people (the violent crime rate) in each state from the FBI’s 2015 Uniform Crime Report. The total number and rates of murder, nonnegligent manslaughter, rape, robbery, and aggravated assault, which are included in the violent crime rate, as well as burglaries, larceny, motor vehicle theft, and arson — all classified as property crime — also came from the FBI’s report. We considered these data for each year from 2011 through 2015. Annual unemployment rates for 2015 came from the Bureau of Labor Statistics (BLS). Median household income, poverty rates, the percentage of adults with at least a bachelor’s degree, population, and the percentage of adults with at least a high school diploma came from the U.S. Census Bureau’s 2015 American Community Survey.
These are the most dangerous states in America.
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http://247wallst.com/special-report/2013/10/28/the-states-with-the-most-and-least-affordable-schools/ | The States with the Most (and Least) Affordable Colleges – 24/7 Wall St. | The States with the Most (and Least) Affordable Colleges
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Special Report
The States with the Most (and Least) Affordable Colleges
Michael B. Sauter, Alexander E.M. Hess, Thomas C. Frohlich
October 28, 2013 3:25 pm
Last Updated: October 28, 2013 6:18 pm
Source: Thinkstock
Average in-state tuition at public four-year universities rose by just 2.9% this year, the smallest increase in more than three decades, according to data released last week by College Board. When adjusted for inflation, it has barely increased at all.
In the current school year, the average cost of tuition and fees at a public, four-year institution for an in-state student is $8,093. At a private four-year university, tuition and fees are more than $30,000. With the cost of tuition for private universities still astronomically high, more students may be opting to attend a public school within their home state.
Not all school systems offer the same discount relative to private education. A student attending a public university in his native Wyoming pays an average of just $4,404 in tuition and fees. Meanwhile, a New Hampshire native would spend $14,665 to attend a public university at home. 24/7 Wall St. reviewed the 10 colleges with the highest and lowest average in-state tuition and fees.
It might be assumed that the states with the highest tuition and fees would have the best colleges, but that doesn’t appear to be the case. Based on the U.S. News & World Report’s ranking of the best public four-year institutions, only four of the states with the highest tuitions have a school in the top 20-ranked universities. Meanwhile, North Carolina and Florida, both of which have among the lowest tuitions have colleges in the top 20.
Some states invest much more in their public institutions than others, and it appears that this translates into lower costs for their students. The two cheapest state university systems, Alaska and Wyoming, each had more than $15,000 in state appropriations per student. By comparison, only two of the 10 most expensive college systems are in the top half, nationally, for per-student appropriations for higher education. In New Hampshire, the most expensive state, appropriations amounted to just $2,482, the lowest spending in the country.
Usually, the cost of in-state tuition at the state’s best-known public institution is a good indicator of how much all of its colleges cost. The three most expensive states for in-state tuition also have the three most expensive flagship universities — New Hampshire’s UNH, Vermont’s UVM, and Pennsylvania’s Penn State – University Park. Penn State has an average in-state tuition of $17,926. In contrast, at the 10 least expensive state school systems, only one has a flagship school with in-state tuition and fees of more than $8,000.
One factor that may affect the higher tuition in many of these states is their relative cost of living. It follows that because the states have to pay more in salary and supplies, they would charge students more. In seven of the 10 most expensive public university systems, the relative cost of goods are among the highest in the country. In the states with the least expensive universities, the cost of goods is generally lower, but does not appear to be as much of a factor as it is with the most expensive states.
Some of these states also may charge in-state students less because they levy a high premium on out-of-state undergraduates. In seven of the 10 least expensive states, students from out of state spend more than three times what natives pay in tuition and fees. In North Carolina, out-of-state tuition and fees are $21,352 per year, compared to just $6,514 for in-state residents.
24/7 Wall St. reviewed College Board’s 2013 Trends In College Pricing’s list of average tuition and fees for in-state students of public colleges and universities for the 2013-2014 school year. We also reviewed from the report current average and historical inflation-adjusted tuition and fees for public two-year and private two- and four-year universities. College Board also provided these figures for each state’s flagship university, which is considered the most prestigious public university within the state. From the U.S. Census Bureau’s 2012 American Community Survey, we reviewed household income data, as well as the proportion of state adults with a bachelor’s degrees. From the Bureau of Economic Analysis, we reviewed the relative cost of consumer goods and services, by state, for 2011. Figures on student debt for the class of 2011 are from The Institute for College Access & Success (TICAS), while 2-year default rates for the 2011 fiscal year from the Department of Education.
These are the states with the most (and least) affordable colleges
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http://247wallst.com/special-report/2013/11/21/the-best-and-worst-run-states-in-america-a-survey-of-all-50-2/ | The Best- and Worst-Run States in America: A Survey of All 50 – 24/7 Wall St. | The Best- and Worst-Run States in America: A Survey of All 50
The Best- and Worst-Run States in America: A Survey of All 50
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Special Report
The Best- and Worst-Run States in America: A Survey of All 50
Samuel Stebbins, Evan Comen
December 6, 2017 2:25 pm
Last Updated: March 13, 2020 8:17 pm
In the United States, the federal government is the ultimate legislative authority — wielding the power to regulate commerce, declare war, as well as establish and maintain a currency. Beyond that, however, the U.S. Constitution grants states considerable leverage in the management of their own internal affairs.
Social and economic outcomes in a given state are often the product of a range of historic circumstances, including — but not limited to — the presence of major companies or universities, natural resources, and prevailing political ideology. While some of these conditions are outside the government’s control, states have the power to plan and react to economic and social conditions through carefully crafted fiscal policies and budgetary priorities.
There is no one-size-fits-all formula for effective state governance, and in this way, no two states are exactly alike. Still, some states are managed far more proficiently than others.
For the eighth year in a row, 24/7 Wall St. reviewed economic indicators, budget allocations, and balance sheets, in addition to a range of social measures to rank how well each state is run. These are the best and worst run states in the country.
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http://247wallst.com/special-report/2013/11/26/ten-classic-american-brands-that-are-foreign-owned/ | Ten Classic American Brands That Are Foreign-Owned – 24/7 Wall St. | Ten Classic American Brands That Are Foreign-Owned
Ten Classic American Brands That Are Foreign-Owned
Thomas C. Frohlich, Michael B. Sauter
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Special Report
Ten Classic American Brands That Are Foreign-Owned
Thomas C. Frohlich, Michael B. Sauter
November 26, 2013 6:10 pm
Last Updated: April 16, 2014 2:20 pm
In September, major U.S. pork producer Smithfield Foods was purchased by Chinese holding company Shanghui International Holdings, Ltd for $4.7 billion. The deal represents the largest purchase of a U.S. company by a Chinese entity. Of course, this is certainly not the first time that a major U.S. brand has been acquired by a foreign operation.
Established American brands are extremely valuable to foreign companies. Building a reputation in this country, which is one of the largest consumer markets in the world, can take decades, if it can be done at all. Many of America’s most well-known names have been around since the 19th century. 24/7 Wall St. examined 10 famous brands founded in the U.S. that are no longer owned by American companies.
Click here to see the Ten Classic American Brands That Are Foreign-Owned
Many of these brands are not just iconic American names because they were founded and developed in the U.S., but also because they marketed themselves over the years as American. Budweiser beer, introduced by Anheuser-Busch in St. Louis in 1876, is the most widely-known American beer brand. In 2008, Anheuser-Busch was purchased by Belgian-Brazilian conglomerate InBev. The company continued to market Budweiser as American, and even introduced an “American Ale” the same year, although that line has been discontinued.
Nearly all of these brands were purchased by an international conglomerate with large and diversified brand portfolios. Notably, Anglo-Dutch giant Unilever has purchased several of the iconic brands on this list, including Hellmann’s and Good Humor.
These are ten great American brands that are foreign-owned.
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http://247wallst.com/special-report/2014/01/08/companies-paying-the-most-taxes/ | Companies Paying the Most (and Least) Taxes – 24/7 Wall St. | Companies Paying the Most (and Least) Taxes
Companies Paying the Most (and Least) Taxes
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Special Report
Companies Paying the Most (and Least) Taxes
Alexander E.M. Hess, Michael B. Sauter
January 8, 2014 12:45 pm
Last Updated: January 8, 2014 1:19 pm
Source: Thinkstock
The U.S. has the highest corporate tax rate in the developed world. After Japan lowered its tax rate last year, the combined federal and average state tax rate of 39.2% in the U.S. was the highest of any nation in the Organization for Economic Co-operation and Development.
Click here to see the companies paying the most in taxes
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Some mega-corporations pay billions of dollars every year in federal and state taxes. In its most recent fiscal year, Exxon Mobil reported $31 billion in corporate income tax expenses. Some large corporations, on the other hand, paid no taxes at all and even received tax benefits. General Motors, which had annual revenue of more than $150 billion, received a tax benefit of $28.6 billion. 24/7 Wall St. examined the 10 U.S.-based, publicly traded companies with tax expenses of more than $5 billion in their most recently reported fiscal year, and the 10 companies that received a benefit of at least $5 million.
The single biggest factor determining how much a company pays in income taxes is simply the size of its profits. The 10 publicly traded companies that recorded the largest tax expenses had the nation’s 11 highest pre-tax incomes. Exxon Mobil earned more than $78 billion before taxes, or more than $28 billion more than any other company.
The amount companies pay in taxes, however, is not just a product of their sheer size. Certain industries are more likely to face a higher tax expense due to the nature of their business. According to Martin Sullivan, chief economist at Tax Analysts, companies producing oil abroad cannot easily avoid taxes imposed by foreign governments, which often tax oil production at a higher rate than the U.S. As a result, such companies are “sitting ducks for high taxes.” ConocoPhillips faced an effective tax rate of more than 50% of pre-tax earnings in 2012.
Of course, one way to avoid paying any taxes is to simply not make any money. AMR, The Hartford, and General Motors — three of America’s largest companies and among the largest tax benefit recipients — all posted pre-tax losses in their most recent fiscal year. In the case of GM, the carmaker lost nearly $28.7 billion.
Retailers also often face higher taxes than other companies. This, Sullivan added, is due to the fact that “of the major tax benefits in the law … nothing really applies to them.” Even Wal-Mart, with its large global presence, was able to cut its effective tax rate only slightly below the federal corporate income tax rate of 35% through a combination of paying taxes abroad and repatriating international earnings.
When it comes to how much companies pay in taxes, Sullivan told 24/7 Wall St., “by far the major factor that separates the winners from the losers is the ability to shift profit into tax havens.” Retail and oil companies, he noted, often lack the ability to do this. Companies with a great deal of intangible assets, such as software and pharmaceutical companies, fit the bill, he added. Technology companies Microsoft, IBM, and Apple, although among the 10 largest taxpayers, had effective tax rates of just 19%, 24% and 26%, respectively.
To determine the 10 companies paying the most in taxes and the 10 companies paying the least, 24/7 Wall St. reviewed the 150 largest U.S. publicly traded companies by revenue. We then selected companies with the highest income tax expense and the lowest income tax expense in their most recent fiscal year. Income tax expense includes tax liabilities and assets that may be deferred the year they are reported. Data on factors that affected tax expenses, as well as effective tax rates, are from tax disclosures in SEC filings. All data are for the most recent fiscal year reported by each company.
These are the companies paying the most and least taxes.
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http://247wallst.com/special-report/2014/01/24/states-doling-out-the-best-and-worst-benefits/ | States With the Most (and Least) Government Benefits – 24/7 Wall St. | States With the Most (and Least) Government Benefits
States With the Most (and Least) Government Benefits
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Economy
States With the Most (and Least) Government Benefits
Michael B. Sauter, Alexander E.M. Hess, Thomas C. Frohlich
January 24, 2014 5:25 pm
Last Updated: April 16, 2014 2:13 pm
Source: thinkstock
Politicians Marco Rubio and Paul Ryan recently introduced a plan to fight poverty by transferring more responsibility to the states. While the federal government offers various assistance programs to U.S. residents in need — anything from unemployment benefits to food stamps — the states provide additional services and benefits.
Right now, the states already bear a substantial burden. They pay for public pension plans, unemployment insurance, education, Medicaid, and the Temporary Assistance for Needy Families program (TANF), among other benefits. However, while most states fund many of these social programs, the amounts and levels they spend vary widely. 24/7 Wall St. identified the states that guaranteed the most benefits in these five categories, and the states that guaranteed the least.
Click here to see the states with the most government benefits
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For the most part, states that spent the most in one program tend to spent the most overall. Rhode Island, which ranked as the top-spending state this year, spent in the top 15 in all five measures we considered. Similarly, states that were close to the bottom of our list for doling out benefits and services spent less than average in nearly every spending category.
However, this was not always the case. States like New York, which spent the most in the country on education per pupil and second-most in the country on Medicaid per enrollee, paid the fourth-lowest weekly unemployment benefits relative to lost wages.
The reasons some states spend more than others on benefits and programs is complicated. One factor that seems to be consistently true across the top and bottom spenders is the political climate. Of the 10 states that ranked as the most generous, nine voted Democratic in the last presidential election, with Alaska as the exceptions. Of the 10 states that spent the least on their social programs, all but one — Florida — voted Republican.
The political climate can also influence how much a state collects in taxes, with Democratic states collecting more than Republican states. States that spent more on benefits were also more likely to have higher median incomes, which mean that tax bases were also higher. In fact, all five of the states with the highest median income are among the top spenders on social programs. Most of the least generous states have among the lowest median incomes in the country.
There does not appear to be a relationship between the relative needs of a state’s residents for social programs and the state’s spending. Of the states that spent the most on weekly Temporary Assistance for Needy Families (TANF) cash assistance, for example, the vast majority had among the lowest poverty rates in the country.
In an interview with 24/7 Wall St, Michael Leachman, director of state fiscal research at the Center on Budget and Policy Priorities, explained that it’s hard to explain why states that have a greater need for public assistance spend less, while states with better-off populations spend more on benefits. “You wonder if it isn’t to some extent a case of chicken-and-egg,” he said. “In the states that have urban, higher income populations… there’s money there, and the politics have evolved to encourage spending on public programs. But it is a difficult question to answer.”
In order to assess how much or how little a state guarantees in benefits and services, 24/7 Wall St. examined spending by each state on a number of different programs. We considered average pension benefit payments per beneficiary as well as per pupil spending, both published by the U.S. Census Bureau for the 2011 fiscal year. Pension benefits include both state and local pensions, while per pupil spending reflects the total from all sources of funding. The U.S. Department of Labor’s Employment & Training Administration provided unemployment insurance figures, calculated over a 12-month period ending in the third quarter of 2013. Information on Temporary Assistance for Needy Families figures is from the Center on Budget and Policy Priorities (CBPP). Medicaid payments per enrollee for fiscal 2010 are from the Kaiser Family Foundation. While states receive partial federal funding for TANF and Medicaid, they have considerable discretion over how to implement these programs. All data used were for the most recent available year.
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http://247wallst.com/special-report/2014/02/11/ten-u-s-cities-where-violent-crime-is-soaring/ | Ten U.S. Cities Where Violent Crime Is Soaring – 24/7 Wall St. | Ten U.S. Cities Where Violent Crime Is Soaring
Ten U.S. Cities Where Violent Crime Is Soaring
Alexander E.M. Hess, Thomas C. Frohlich
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Ten U.S. Cities Where Violent Crime Is Soaring
Alexander E.M. Hess, Thomas C. Frohlich
February 11, 2014 2:09 pm
Last Updated: February 12, 2014 9:52 am
Source: Thinkstock
According to data released by the Federal Bureau of Investigations, the United States is becoming safer nearly every year. In the 20 years through 2012, the U.S. violent crime rate has been almost cut in half. Just since 2007, the nation’s violent crime rate has declined from 471.8 to 386.9 incidents per 100,000 people.
While the prevalence of violent crime — which includes murder, rape, robbery, and aggravated assault — has declined in many of the nation’s metropolitan areas, in some regions it has increased. In Bismarck, North Dakota, the violent crime rate more-than doubled — from 167.5 cases per 100,000 people in 2007 to 354.3 in 2013. Based on figures published by the FBI, these are the metropolitan areas with the greatest increases in violent crime rate.
Click here to see the cities where violent crime is soaring
Not all measures of crime produce the same results. While reported offenses of violent crimes were down slightly on a per capita basis in 2012, the most recent year for which data is available, estimates that include non-reported offenses indicate that the violent crime rate actually rose in 2012. According to the Bureau of Justice Statistics, “Crime not reported to police and simple assault accounted for the majority of this increase.”
Although it remains difficult to precisely determine the violent crime rate, the exact relationship between crime and the economy is similarly unclear . Some experts believe that people are more likely to commit crimes as the economy stumbles, while others suggest this relationship is unresolved and that more opportunities to commit crime may arise as the economy improves.
“As you just sort of think through the mechanics of a crime, it makes total sense,” John Roman, senior fellow at the Urban Institute, told 24/7 Wall St. “Your car is much less likely to be stolen if its in your garage than if its in the mall parking lot…and your home is much less likely to be burglarized if you’re in it than if you’re somewhere else spending money.”
In many of the metro areas where crime rose the most, the economy has been especially strong. This is the case with Odessa, Texas, an oil boom town that has experienced rapid economic growth and large inflows of people. Two other metro areas, Columbus, Indiana, and Sioux Falls, South Dakota, have also experienced strong growth in recent years.
One of the hidden factors that could be driving up crime rates in areas with thriving economies may be shifting local demographics, Roman explained. “The biggest predictor of committing a criminal act is being young, male, and relatively low-skilled. And when you have these big natural resource booms you’re attracting lots and lots of those people to your community.” As a result, it is not organized criminals driving up crime rates as much as it is likely younger men looking for work, Roman said.
Generally, aggravated assault was the most reported violent crime in 2012, accounting for more than 62% of incidents. This was especially the case in many of the areas that led the nation in rising violent crime rates. Even as most of these areas had dramatic increases in assault rates, most had declining murder rates, and some even had decreases in property crime.
Aside from changing demographics, another factor that may affect crime statistics may be the area’s reporting trends. According to Roman, if police signal they are cracking down on crimes such as domestic violence, they may be able to encourage more people to report a crime.
Drug use, too, may play a role in promoting crime in some areas. Heroin use is on the rise in a number of metro areas because crackdowns on prescription pill abuse “drives people into the black market for heroin,” Roman said. While heroin users are no more likely to be violent, the environment in which drugs are bought and sold is often more dangerous, leading to potentially higher crime rates.
Based on figures published by the FBI’s Uniform Crime Report, 24/7 Wall St. determined the 10 metropolitan statistical areas where crime rates rose the most between 2007 and 2012. In order to be considered, areas had to retain the same geographic boundaries during the period covered, and they had to retain a consistent reporting practices. For some MSAs, less than all areas reported offenses. For these areas, FBI estimates totals based on offenses from areas actually reporting. Additionally, we also reviewed unemployment figures from the Bureau of Labor Statistics (BLS), as well as the BLS’s “Economy At A Glance” tables.
These are the 10 U.S. cities where violent crime is soaring.
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http://247wallst.com/special-report/2014/02/13/the-ten-richest-u-s-presidents-2/ | The 10 Richest U.S. Presidents – 24/7 Wall St. | The 10 Richest U.S. Presidents
The 10 Richest U.S. Presidents
Ashley C. Allen
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| The 10 Richest U.S. Presidents – 24/7 Wall St.
Special Report
The 10 Richest U.S. Presidents
Ashley C. Allen
February 13, 2014 3:36 am
Last Updated: February 14, 2014 5:48 pm
Source: Thinkstock
Former Secretary of State Hillary Clinton is the front-runner for the 2016 Democratic presidential ticket, according to most political pundits. The presidential hopeful’s husband, former President Bill Clinton, has made millions on lucrative book deals and more than $100 million on the speaking circuit. Secretary Clinton has recently begun to earn that kind of money as well.
Secretary Clinton received an estimated $14 million advance on her new book last year, and she has earned hundreds of thousands of dollars for each speaking engagement, figures that rival her husband’s. In all, the couple’s net worth is estimated by 24/7 Wall St. to be $55 million, making it one of the wealthiest presidential estates in history.
Click here to see the ten richest U.S. presidents
Four years ago, 24/7 Wall St. published “ The Net worth of Every American President, from Washington to Obama. ” Each year, we have updated our figures to reflect the earnings of the still-living presidents. One thing remains clear: these days, it pays to be president, especially after leaving office.
Like last year, the only currently living president who is counted among of the wealthiest of all time is President Clinton.
President Barack Obama is not one of the richest presidents. The president receives a salary of $400,000 a year as president, which, while generous, isn’t even close to today’s top executives salaries. The President’s annual income has actually dropped steadily since he entered office. In 2009, the President’s adjusted gross income was $5.5 million. That figure fell to less than $1 million in 2012. This is primarily due to a drop-off in revenue from his prior book deals. 24/7 Wall St. estimates the President’s net worth to be $7.5 million.
The net worth of the presidents varies widely. George Washington’s estate was worth more than half a billion in today’s dollars. On the other hand, several presidents went bankrupt.
The fortunes of America’s presidents are often tied to the economy of their time. As the focus of the economy has changed, so has the way the presidents made their money.
It is not surprising then to find that the first few presidents — from Washington’s election to about 75 years later — were large landowners. They generally made money from land, crops, and commodity speculation. Of course, this left them highly vulnerable to poor crop yields, and they could lose most or all of their properties because of a few bad years.
By 1850, the financial history of the presidency entered a new era. Beginning with Millard Fillmore, most presidents were lawyers who spent years in public service. They rarely amassed large fortunes and their incomes often came almost entirely from their salaries.
These American presidents were distinctly middle class and often retired without the means to support themselves in anyway resembling the presidential lifestyle. Buchanan, Lincoln, Johnson, Grant, Hayes, and Garfield had modest net worths when they died.
At the end of the 19th century and beginning of the 20th, there was another significant change to the economy. Large, professionally organized corporations in the oil, mining, financial, and railroad sectors allowed individuals to amass large fortunes.
The Kennedys were wealthy because of the financial empire built by Joseph Kennedy. Herbert Hoover made millions of dollars as the owner of mining companies. Indeed, since the early 20th century, the fortunes of many presidents, including Theodore Roosevelt, Franklin D. Roosevelt, John F. Kennedy, and both of the Bushes were driven by inherited wealth.
The net worth figures for the 10 wealthiest presidents are in 2010 dollars. Because several of the presidents, particularly in the early 19th century, made and lost huge fortunes in a matter of a few years, the net worth of each president is for the peak time. The exception to the 2010 rule are the presidents who are still living and have more recent earnings. In the case of each president, we have taken into account hard assets such as land, estimated lifetime savings based on work history, inheritance, and homes. Wages considered were earned for services as varied as collector of customs at the Port of New York to royalties on books, as well as ownership of companies and yields from family estates.
This is 24/7 Wall St.’s list of the richest U.S. presidents.
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http://247wallst.com/special-report/2014/03/08/the-10-most-expensive-concert-tickets/ | The 10 Most Expensive Concert Tickets – 24/7 Wall St. | The 10 Most Expensive Concert Tickets
The 10 Most Expensive Concert Tickets
Vince Calio
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| The 10 Most Expensive Concert Tickets – 24/7 Wall St.
Special Report
The 10 Most Expensive Concert Tickets
Vince Calio
March 8, 2014 10:11 am
Last Updated: April 16, 2014 2:08 pm
Source: Thinkstock
Iconic rock bands are in demand more than ever and are commanding ticket prices at least as expensive as the hottest current artists. Five of the top 10 bands with the most expensive average concert ticket prices in 2013 were older bands.
According to TiqIQ, classic rock bands such as The Rolling Stones, The Eagles and Fleetwood Mac commanded ticket prices ranging from $624 to $241 in 2013. Among these aging artists, fans paid the most to see The Rolling Stones and the least to see one of the last remaining Beatles, Sir Paul McCartney.
The remaining artists with the highest ticket prices were relatively newer artists, such as Justin Timberlake and One Direction. Seeing these performers live on stage last year would have set a fan back some $241 to $461.
TiqIQ CEO Jesse Lawrence told 24/7 Wall St. that the newer bands are seeking to monetize their current popularity. “One Direction has been touring for three years straight, and their strategy is to ‘monetize while you can,’ because their star power may have faded during the year.”
Lawrence added that another factor that could hike up concert ticket prices for the older bands, such as The Eagles, is that they could be touring for the last time. “The Eagles obviously haven’t recorded an album for a while, but they have new-found popularity that they are trying to monetize,” Lawrence said. This tour might be their last, and “that could have a more profound impact on their concert ticket prices.”
Six of the top 10 performers were also among the richest in 2013, in terms of gross revenue, according to Forbes. Three of the top five newer bands released top-selling albums in 2013, and also had three top songs that year.
Unlike last year’s top artists, which included many classic rock performers, this year is shaping up to be very different. For the 2014 concert schedule, there are only three “classic” performers whose ticket prices make the top 10 — Bruce Springsteen, George Strait and, for a second year in a row, The Eagles. Instead, more contemporary performers — like Jason Aldean, Bruno Mars, and Katy Perry — are dominating the 2014 list.
To identify the 10 most expensive concert ticket prices in 2013, 24/7 Wall St. reviewed data supplied by secondary market ticket resource TiqIQ. The average concert price includes the premium paid for purchasing a ticket in the secondary market. We also examined how much money each artist made based on data from Forbes. Data on total records sold was taken from the Record Industry Association of America. We also looked at each artist’s last albums and downloads using data from Billboard and, when applicable, where each album ranked in terms of sales in 2013
These are America’s most expensive concert tickets.
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http://247wallst.com/special-report/2014/03/18/the-15-highest-paying-companies-in-america/ | The 15 Highest-Paying Companies in America – 24/7 Wall St. | The 15 Highest-Paying Companies in America
The 15 Highest-Paying Companies in America
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Special Report
The 15 Highest-Paying Companies in America
Douglas A. McIntyre, Alexander E.M. Hess, Thomas C. Frohlich, Vince Calio
March 18, 2014 7:00 am
Last Updated: March 18, 2014 11:59 am
Source: Thinkstock
Median income for Americans was $34,750 in 2012. At some companies, however, the median is more than five times the national number. Based on figures provided by Glassdoor, 24/7 Wall St. examined the highest-paying companies in America.
The companies that pay their employees the most fall primarily into two industries: management consulting firms and tech companies. These companies employ graduates of elite schools who have skills that are in high demand and have high salary expectations to match.
Click here to see the 15 Highest-Paying Companies in America
Consultancies can afford to pay high salaries. Generally, they are high-margin businesses, relying on a relatively small workforce to generate revenues. McKinsey & Co. and Boston Consulting Group, two consultancies that pay big salaries, continue to draw interest from business school students as they compete with some of the nation’s largest public companies to recruit top performers. According to Forbes, 2013 revenue at McKinsey & Co. was $7.8 billion, generated by only 17,000 employees.
For tech companies, maintaining the talent pool requires paying very high salaries to bring in software developers and engineers. According to a study by Glassdoor published last year, the six companies that paid engineers the most included Juniper Networks, LinkedIn, Yahoo!, Google, Twitter and Apple — all of which were among the top 15 highest-paying companies overall.
Many of the highest-paying companies in America are also listed in Glassdoor’s 2014 Best Places to Work. Most notably, LinkedIn, Twitter and Google are all among the top 15 paying companies, as well as among the top 10 places to work based on employee reviews. Apple, Salesforce.com, Chevron, Riverbed Technology and eBay are also among the 30 best-paying companies and the top 50 places to work.
Many of the companies paying the highest salaries are headquartered in some of the wealthiest metro areas in the country. Boston, the fifth-wealthiest metro area by median income, is home to Boston Consulting Group. San Francisco, the nation’s fourth-wealthiest such area, is home to four of the top payers, including both design and engineering software-maker Autodesk and social networking company Twitter.
But no metro area is home to more top-paying companies than the San Jose area, where Apple, Google, LinkedIn, Yahoo! and Juniper Networks are all headquartered. San Jose topped the nation with a median household income of $79,841 in 2012.
To identify the companies paying employees the most, 24/7 Wall St. reviewed data from Glassdoor on median annual salaries by company, as well as job reviews and average salaries for specific positions. We also examined Glassdoor’s 2014 study on the Best Places to Work. In addition, we reviewed 2012 median salaries by occupation from the Bureau of Labor Statistics (BLS).
These are the 15 highest-paying companies in America.
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http://247wallst.com/special-report/2014/04/02/states-with-the-highest-and-lowest-taxes/ | States With the Highest and Lowest Taxes – 24/7 Wall St. | States With the Highest and Lowest Taxes
States With the Highest and Lowest Taxes
Samuel Stebbins
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| States With the Highest and Lowest Taxes – 24/7 Wall St.
Special Report
States With the Highest and Lowest Taxes
Samuel Stebbins
April 2, 2018 8:31 pm
Last Updated: January 12, 2020 1:50 am
Taxes are used to fund government services, infrastructure, and public works projects and are an unavoidable cost of citizenship. While all Americans are subject to the same federal tax rates, the taxes they pay to their state and local governments varies depending on where they live — and these different taxes and tax rates can mean widely different tax burdens.
In some parts of the country, Americans pay as little as 6.5% of the state’s income per capita in taxes, while in others the average state and local tax burden is nearly double — as high as 12.7%.
Tax structure policy is one of the most powerful tools state and local governments have a their disposal. Certain tax structures incentivize certain behaviors and disincentivize others, often to achieve some defined outcome.
States and local municipalities can adjust tax policy in a variety of ways to boost economic activity, attract families and new residents, and take advantage of certain entrenched industries. In addition, states and local governments have certain budgetary obligations to take into account, such as road maintenance, school funding, and administrative costs, among others. All of these factors influence tax policy and the resulting share of income residents of a given region pay in taxes every year.
24/7 Wall St. reviewed each state’s tax burden — the portion of income that goes to state and local governments taxes per capita — from the report, “ Facts & Figures 2018: How Does Your State Compare? ” provided by tax policy research organization Tax Foundation.
Click here to see the states with the highest taxes.
Click here to see the states with the lowest taxes.
Click here to see our detailed findings and methodology.
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http://247wallst.com/special-report/2014/04/02/states-with-the-highest-and-lowest-taxes/2/ | States With the Highest and Lowest Taxes – 24/7 Wall St. | States With the Highest and Lowest Taxes
States With the Highest and Lowest Taxes
Samuel Stebbins
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| States With the Highest and Lowest Taxes – 24/7 Wall St.
Special Report
States With the Highest and Lowest Taxes
Samuel Stebbins
April 2, 2018 8:31 pm
Last Updated: January 12, 2020 1:50 am
Taxes are used to fund government services, infrastructure, and public works projects and are an unavoidable cost of citizenship. While all Americans are subject to the same federal tax rates, the taxes they pay to their state and local governments varies depending on where they live — and these different taxes and tax rates can mean widely different tax burdens.
In some parts of the country, Americans pay as little as 6.5% of the state’s income per capita in taxes, while in others the average state and local tax burden is nearly double — as high as 12.7%.
Tax structure policy is one of the most powerful tools state and local governments have a their disposal. Certain tax structures incentivize certain behaviors and disincentivize others, often to achieve some defined outcome.
States and local municipalities can adjust tax policy in a variety of ways to boost economic activity, attract families and new residents, and take advantage of certain entrenched industries. In addition, states and local governments have certain budgetary obligations to take into account, such as road maintenance, school funding, and administrative costs, among others. All of these factors influence tax policy and the resulting share of income residents of a given region pay in taxes every year.
24/7 Wall St. reviewed each state’s tax burden — the portion of income that goes to state and local governments taxes per capita — from the report, “ Facts & Figures 2018: How Does Your State Compare? ” provided by tax policy research organization Tax Foundation.
Click here to see the states with the highest taxes.
Click here to see the states with the lowest taxes.
Click here to see our detailed findings and methodology.
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http://247wallst.com/special-report/2014/04/02/states-with-the-highest-and-lowest-taxes/3/ | States With the Highest and Lowest Taxes – 24/7 Wall St. | States With the Highest and Lowest Taxes
States With the Highest and Lowest Taxes
Samuel Stebbins
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| States With the Highest and Lowest Taxes – 24/7 Wall St.
Special Report
States With the Highest and Lowest Taxes
Samuel Stebbins
April 2, 2018 8:31 pm
Last Updated: January 12, 2020 1:50 am
Taxes are used to fund government services, infrastructure, and public works projects and are an unavoidable cost of citizenship. While all Americans are subject to the same federal tax rates, the taxes they pay to their state and local governments varies depending on where they live — and these different taxes and tax rates can mean widely different tax burdens.
In some parts of the country, Americans pay as little as 6.5% of the state’s income per capita in taxes, while in others the average state and local tax burden is nearly double — as high as 12.7%.
Tax structure policy is one of the most powerful tools state and local governments have a their disposal. Certain tax structures incentivize certain behaviors and disincentivize others, often to achieve some defined outcome.
States and local municipalities can adjust tax policy in a variety of ways to boost economic activity, attract families and new residents, and take advantage of certain entrenched industries. In addition, states and local governments have certain budgetary obligations to take into account, such as road maintenance, school funding, and administrative costs, among others. All of these factors influence tax policy and the resulting share of income residents of a given region pay in taxes every year.
24/7 Wall St. reviewed each state’s tax burden — the portion of income that goes to state and local governments taxes per capita — from the report, “ Facts & Figures 2018: How Does Your State Compare? ” provided by tax policy research organization Tax Foundation.
Click here to see the states with the highest taxes.
Click here to see the states with the lowest taxes.
Click here to see our detailed findings and methodology.
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http://247wallst.com/special-report/2014/04/25/states-with-the-most-drunk-driving/ | States With the Most Drunk Driving – 24/7 Wall St. | States With the Most Drunk Driving
States With the Most Drunk Driving
Vince Calio
Click here to see the states with the most drunk driving
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| States With the Most Drunk Driving – 24/7 Wall St.
Special Report
States With the Most Drunk Driving
Vince Calio
April 25, 2014 7:01 pm
Last Updated: April 29, 2014 6:39 am
Source: Thinkstock
Drunk driving deaths fell by 23% between 2002 and 2012. But for much of the United States, drunk driving is still a problem. According to a report by the Foundation for Advancing Alcohol Responsibility, a research organization funded by the nation’s largest distillers, there were more than 10,000 deaths caused by drunk driving in 2012.
In some states, the problem of alcohol impaired driving is far worse. In 10 states there were at least 5 deaths per 100,000 residents in 2012. In North Dakota 10.3 people died in drunk driving accidents for every 100,000 residents, the highest rate in the country. Based on the number of drunk driving deaths per 100,000 people, 24/7 Wall St. reviewed the 10 states with the worst drunk driving problems.
Many of the 10 states with the most drunk driving fatalities also had a relatively high number of underage residents who were involved in drunk driving accidents. Seven of these states were among the top 10 in total underage deaths related to drunk driving.
Click here to see the states with the most drunk driving
Most drunk driving fatalities involved perpetrators who had blood alcohol concentrations (BAC) of at least twice the legal limit, which is 0.08% in most states. In 2012, 61% of offenders in fatal drunk driving accidents had been drinking heavily, with BACs of 0.15% or more. In Oklahoma and North Dakota, 78.6% and 78.3% of drunk driving perpetrators that resulted in fatalities had BACs of at least 0.15%.
Perhaps not surprising, each of the 10 states with the most drunk driving fatalities also had higher per capita consumption of beer, than the U.S. overall, according to figures from industry trade group the Beer Institute. North Dakota ranked first with a per capita beer consumption rate of 45.8 gallons, while Montana, South Dakota and Texas also ranked in the top 10.
In some of the states with the highest fatalities, there were a relatively small number of drunk driving arrests relative to the number of deaths. In Alabama, for example, only 286 arrests were made for drunk driving in 2012 despite its high number of drunk driving fatalities per 100,000 people. Yet in other states, such as North Dakota, South Dakota and Wyoming, there were a relatively high number of arrests, especially considering the small populations of these states.
One reason for the relatively few arrests could be that many of the states have among the most miles of public roads, thereby making drunk drivers that much harder to police. Texas has 313,210 miles of public roads — the most of any state — including nearly 100,000 miles of roads in sparsely populated rural areas. Oklahoma and Alabama also ranked high with 111,821 miles and 101,811 miles of public roads, respectively.
Also contributing to the distances drunk drivers cover, many of these states are sparsely populated. Seven of the 10 states with the most drunk driving deaths had a lower population density than the U.S. as a whole, according to figures from the 2010 U.S. Census. These include North Dakota, South Dakota, and Montana, which were among the most sparsely populated states in the country. This would suggest that the distance
24/7 Wall St. used data compiled by the Foundation for the Advancement of Alcohol Responsibilit y, which, in turn, derived much of its data from the National Highway Safety Traffic Administration’s (NHTSA) National Center for Statistics and Analysis . The NHTSA gathered data from state and local law enforcement agencies, as well as through both landline and cell phone interviews. The Beer Institute provided per capita consumption of malt liquor, referred to herein as beer, for drinking age adults in each state. UnitedHealth provided binge drinking percentages gathered from the U.S. Centers for Disease Control and Prevention (CDC). Binge drinking is defined by the UnitedHealth Foundation as consuming five or more alcoholic beverages on a single occasion. 24/7 Wall St. also used state population figures from the U.S. Census Bureau data for 2012.
These are the 10 states with the most drunk drivers.
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http://247wallst.com/special-report/2014/05/09/americas-most-unusual-public-companies/ | America’s Most Unusual Public Companies – 24/7 Wall St. | America's Most Unusual Public Companies
America's Most Unusual Public Companies
Jon C. Ogg, Alexander E.M. Hess, Vince Calio
Click here to see America’s Most Unusual Public Companies
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Special Report
America's Most Unusual Public Companies
Jon C. Ogg, Alexander E.M. Hess, Vince Calio
May 9, 2014 4:42 am
Last Updated: May 12, 2014 4:07 pm
Source: Thinkstock
Being publicly traded allows companies to fund expansions, compensate employees and bring attention to their products and services. It also places obligations on companies to be transparent, produce consistent returns and serve a broader set of investors.
Many of the most prominent publicly traded companies have familiar business models. They operate stores, provide financial services, produce and distribute energy, and drive innovation in technology, medicine and other fields. There are others, however, that operate unique, even bizarre, businesses, with few or even no publicly traded competitors.
Click here to see America’s Most Unusual Public Companies
Unusual companies operate niche businesses because they perceive opportunities for growth and — in the long-run — substantial profit. Oftentimes, this includes providing products and services in an underdeveloped sector of an established industry. For example, Clean Energy Fuels operates natural gas fueling stations throughout the United States and Canada, a unique business within the massive energy industry. GW Pharmaceuticals is the only publicly traded pharmaceutical company focusing on cannabinoid-based medications.
Other companies operate businesses that are usually privately held and closely guarded. Madison Square Garden owns NBA, NHL, WNBA and other sports franchises, as well as the television networks that broadcast most of their games. It also owns the arena in which the teams play. Similarly, Rick’s Cabaret operates adult clubs, venues that are typically privately owned.
Still, there are some businesses that are truly one of a kind. RPX Corp. specializes in pooling customer funds to buy patents, helping to protect its subscribers from aggressive patent litigation. Odyssey Marine searches the ocean floor for shipwrecks, acting as a publicly traded treasure hunter.
Unique companies can also range wildly in size. World Wrestling Entertainment operates a global wrestling empire watched by hundreds of millions of viewers worldwide. It has a market capitalization of approximately $1.3 billion. Madison Square Garden, with a market capitalization of $3.8 billion, is even larger. Premier Exhibitions, which operates exhibitions such as Bodies: The Exhibition and Titanic: The Experience, is considerably smaller than both — with a market capitalization of only $43 million.
These are the 10 most unusual public companies.
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http://247wallst.com/special-report/2014/06/03/states-spending-the-most-and-least-on-education/ | States Spending the Most (and Least) on Education – 24/7 Wall St. | States Spending the Most (and Least) on Education
States Spending the Most (and Least) on Education
Thomas C. Frohlich
Click here to see the states spending the most on education
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| States Spending the Most (and Least) on Education – 24/7 Wall St.
Special Report
States Spending the Most (and Least) on Education
Thomas C. Frohlich
June 3, 2014 5:42 am
Last Updated: June 10, 2014 1:52 pm
Source: Thinkstock
For the third consecutive year, total spending on public elementary and secondary education fell nationwide, according to a recent release from the U.S. Census Bureau. Spending per student totaled $10,608, roughly the same as the year before.
Due to a number of factors, however, spending per student ranged widely among the 50 states. New York was the nation’s top spender, at $19,552 per pupil. Utah, on the other hand, spent just $6,206 for every student. Based on the U.S. Census Bureau’s latest release on education spending, 24/7 Wall St. reviewed the states that spent the most and least on education per student.
Click here to see the states spending the most on education
Click here to see the states spending the least on education
The nation’s highest spenders on education were disproportionately in the Northeast, while the states spending the least tended to be in the Southern or Western U.S. Michael Leachman, director of state fiscal research at the Center on Budget and Policy Priorities, explained that spending can be driven by a range of factors, including state size, labor costs, and geography, noting that rural schools can often incur higher transportation costs.
Household earnings appear to play a major role in determining statewide school spending. The states that spent the most per student also had some of the wealthiest households. Median household income in all of the 10 top spending states was higher than the U.S. median. Among the states spending the least, only Utah households earned more than the national median of $51,371 in 2012.
Schools are funded primarily by property tax revenue. As a result, “high-income districts get a lot more money because of the difference in property tax wealth,” Leachman said. To compensate for inequality, states’ school funding formulas tend to distribute more money to low-income districts where property values are likely to be much lower. However, as Leachman explained, this is not always the case, and some formulas can actually award less to poorer areas.
Nationally, 10% of school revenue came from the federal government, and roughly the same came from state sources and local sources. In the nation’s highest spending states, local sources were more likely to account for high portions of expenditures, with little coming from the federal government. For instance, in Connecticut, one of the top spenders, 57% of funds came from local sources and just 5% from federal sources.
The opposite was also typically the case with the nation’s lowest spenders, all of which received at least 10% of their funds from the federal government and in some cases much more. Nearly 18% of school funding in Mississippi, one of the lowest-spending states, came from federal coffers.
High education spending often pays off, at least as measured by standardized tests. Based on a recent Education Week report, four of the top spending states were among the top five states in K-12 achievement. Among the states spending the least per pupil, only Florida earned a higher grade than the U.S. overall on the National Assessment for Educational Progress (NAEP).
However, pouring money into school systems by no means guarantees success. Students in Delaware and Alaska, two of the top spenders, had below-average NAEP scores.
Educational attainment rates among adults were also higher in the states that spent more per student. Students in these states were much more likely to complete high school and go on to complete college. More than 30% of adults in the majority of the top spending states had at least a bachelor’s degree, compared to the U.S rate of 29.1%.
Based on the latest data from the U.S. Census Bureau, 24/7 Wall St. reviewed the 10 states that spent the most and the least per student in fiscal year 2012. We reviewed a variety of Census data related to education spending and revenue, including the proportion of state education revenue from federal, state and local sources, as well as the proportion of state spending that went to teaching costs or support services, all for fiscal year 2012. We also reviewed additional data on income, poverty and educational attainment from the Census’ 2012 American Community Survey. We considered state proficiency scores in the 2013 National Assessment of Educational Progress, provided by Education Week. These scores cover proficiency in math and reading for students in the fourth and eighth grades.
These are the states spending the most (and least) on education.
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http://247wallst.com/special-report/2014/06/12/10-states-with-the-fastest-growing-economies/ | Ten States With the Fastest Growing Economies – 24/7 Wall St. | Ten States With the Fastest Growing Economies
Ten States With the Fastest Growing Economies
Alexander E.M. Hess, Thomas C. Frohlich
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Special Report
Ten States With the Fastest Growing Economies
Alexander E.M. Hess, Thomas C. Frohlich
June 12, 2014 4:48 am
Last Updated: June 13, 2014 2:39 pm
The United States economy grew 1.9% in 2013, down from the 2.8% growth rate in 2012, as growth in the world’s largest economy remained inconsistent. The largest contributors to the national economy were nondurable goods manufacturing, real estate and leasing, as well as agriculture and related industries.
While the U.S. economy grew less than 2%, the output of a number of states grew well in excess of 3% last year. North Dakota continued its torrid growth pace, leading the nation with a state GDP growth rate of nearly 10%. This year, Wyoming and West Virginia were the second- and third-fastest growing states, respectively, rebounding from slow growth in 2012. Based on data released this week by the Bureau of Economic Analysis (BEA), these are the 10 states with the highest real GDP growth rates for 2013.
Click here to see the ten states with the fastest growing economies
Click here to see the 10 slowest growing state economies
There were considerable differences in what drove national growth and what drove output in the fastest growing states, according to Cliff Woodruff, an economist at the BEA. “For the nation, it was nondurable goods manufacturing and agriculture, forestry, fishing and hunting [that] were the top two contributors to national growth,” Woodruff said.
On the other hand, in “five of the top states, [growth] was primarily a result of mining,” which includes oil, natural gas and coal production. Among these was Wyoming, the nation’s second-fastest growing state, where mining accounted for 6.1 percentage points of the state’s 7.6% growth rate.
All of the top four states for GDP growth were among the top four nationwide in terms of the mining sector’s share of growth. Additionally, three other top states were among the top 10 for GDP growth contributions from the mining sector.
Outside of those states that benefited from mining activity, a few of the nation’s fastest growing states did follow the national trend, deriving a significant share of their growth from agriculture. Among these were Idaho, Nebraska, North Dakota and South Dakota, where agriculture and related industries added at least one percentage point to growth. These states were all among the top five nationwide for the contribution of agriculture to the states’ growth rate.
Outside the mining and agriculture sectors, however, these states often shared little in common. For example, nondurable goods manufacturing contributed 1.2 percentage points to Texas’ 3.7% GDP growth, a larger contribution than in most states. However, the sector contributed far less in most other fast growing states.
Similarly, Colorado, Oklahoma, North Dakota, and Texas were all among the top states for construction’s relative contribution to output growth. However, construction output was a large drag on growth in both Wyoming and West Virginia, lowering GDP growth by 0.2 and 0.3 percentage points, respectively.
One common trait among a number of the fastest growing states, however, was a resilient government sector. According to Woodruff, “government was the largest detractor — if you will — from growth in most states.” While the government sector directly pulled down GDP nationwide, and served as a drag on output in all but 11 states, this was not the case in the fastest growing states. In fact, six of the top 10 growing states did not experience a drop in output from the government sector.
Strong GDP growth was also reflected in state job markets. The unemployment rate in all of the 10 fastest growing states was below the national rate of 7.4% in 2013. Each of the four states with the lowest annual average unemployment rates was among the 10 fastest growing states in 2013. This includes North Dakota, the nation’s fastest growing state, where the unemployment rate was just 2.9% in 2013. South Dakota and Nebraska, also among the fastest growing states, had unemployment rates below 4% last year.
Since having more people means more spending on goods and services, population growth often coincides with GDP growth. In fact, while the U.S. population rose just 0.7% between July 2012 and July 2013, the population growth in most of the states with the fastest growing economies was well above that. Five of the six states with the fastest population growth rates were also among the top 10 for GDP growth.
Based on figures published by the BEA, 24/7 Wall St. reviewed the 10 states with the fastest growing economies. The BEA’s state growth figures and the industries’ contributions to growth are measured by real gross domestic product, which accounts for the effects of inflation on growth. GDP figures published by the BEA for 2013 are preliminary and subject to annual revision. Real GDP figures for past years have already been revised. Population figures are from the U.S. Census Bureau and reflect estimated growth between the July 1, 2012, and July 1, 2013. We also used median household income from the U.S. Census Bureau. Last year’s unemployment rates are annual averages and from the Bureau of Labor Statistics. Home price data are from the Federal Housing Finance Agency. Information from the Energy Information Administration was also utilized.
These are the 10 states with the fastest growing economies.
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http://247wallst.com/special-report/2014/07/10/10-countries-spending-the-most-on-the-military/ | 10 Countries Spending the Most on the Military – 24/7 Wall St. | 10 Countries Spending the Most on the Military
10 Countries Spending the Most on the Military
Click here to see the countries that spend the most on the military
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| 10 Countries Spending the Most on the Military – 24/7 Wall St.
Special Report
10 Countries Spending the Most on the Military
Thomas C. Frohlich, Alexander Kent
July 10, 2014 6:23 am
Last Updated: July 10, 2014 11:37 am
Global military spending continued to decline last year. Although arms expenditure has actually increased in much of the world, military spending in the United States — which still accounted for 37% of total global military spending in 2013 — has declined in recent years.
The Stockholm International Peace Research Institute (SIPRI) measures annual military spending for most of the world’s armed countries. According to SIPRI, the U.S. spent $618 billion on its military last year, more than three times the $171 billion budget of second place China. Based on SIPRI’s 2013 data, these are the countries with the largest military budgets.
Click here to see the countries that spend the most on the military
According to Dr. Sam Perlo-Freeman, senior researcher and head of the SIPRI Project on Military Expenditure, austerity measures account for the majority of the declines in military spending, particularly in Western Europe.
In the U.S., lower military spending was partly the result of efforts to reduce the deficit, but mostly due to the withdrawal from Iraq and Afghanistan. Since the peak of U.S. military expenditure in 2010, military spending has fallen 14% amidst growing concerns about the national debt. Similarly, the United Kingdom has dramatically reduced military expenditures following Prime Minister David Cameron’s call for financial responsibility.
In other countries — especially those where military spending was on the rise — military budgets were dependent on a number of factors. A country’s economy, for example, often mirrors military spending. “You need to have GDP growth to be able to afford higher military spending,” Perlo-Freeman said.
This was evident in China, where military spending has grown in proportion to the country’s economic growth. According to Perlo-Freeman, because personnel expenditure often accounts for the bulk of military spending, “when you see an economy growing, it’s entirely natural that [spending] would increase.”
Regional conflicts have also caused countries to increase the size of their military. Algeria, where the Arab Spring began in 2010, also became the first country in Africa with a military budget that exceeded $10 billion last year, likely due to instability within the country and unrest in the region. Similarly, mounting tension between Pakistan and India may have contributed to India becoming the world’s largest arms importer last year.
China’s significant military budget and the modernization of its armed forces have contributed to tensions in Southeast Asia and the East Asian Sea. Territorial disputes, combined with high spending, as Perlo-Freeman explained, have induced countries to expand the size of their military expenditures. Japan, for example, increased its military budget for the first time in 10 years due to recent territorial disputes with China.
Some countries fund military spending through oil revenues because it is a direct source of revenue for the government that avoids increasing taxes. Military spending depends on “the government to actually be able to collect some of the proceeds of [economic] growth,” mostly through taxation, Perlo-Freeman explained. However, increasing taxes for military spending is especially unpopular. “This is one of the reasons we often see such high shares of GDP devoted to spending in big-oil producers,” Perlo-Freeman said. Brazil, Saudi Arabia and Russia are all large oil-producing nations, as well as some of the world’s top military spenders.
To determine the top 10 countries that spent the most on their military in 2013, 24/7 Wall St. examined SIPRI data on military expenditure in over 170 countries. We reviewed SIPRI data on military exports, imports and military expenditure as a percentage of gross domestic product. We also reviewed GDP and GDP growth figures from the International Monetary Fund.
These are the countries with the highest military expenditures.
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http://247wallst.com/special-report/2014/07/28/the-10-most-oil-rich-states/ | The 10 Most Oil-Rich States – 24/7 Wall St. | The 10 Most Oil-Rich States
The 10 Most Oil-Rich States
Alexander Kent
Click here to see the 10 most oil-rich states.
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| The 10 Most Oil-Rich States – 24/7 Wall St.
Special Report
The 10 Most Oil-Rich States
Alexander Kent
July 13, 2015 6:34 am
Source: Thinkstock
Oil futures fell last week, the biggest weekly decline since March, after the U.S. Energy Information Administration (EIA) said that U.S. oil and gas inventories unexpectedly rose the week before. Further, even as the EIA raised U.S. crude oil production forecasts for 2015 and 2016, the International Energy Agency warned that an oversaturated market may drive oil prices down further. The weakness in prices could have a profound effect on some states that rely on oil production.
Based on data from the EIA, the 10 states with the most proven oil reserves accounted for more than 80% of total U.S. reserves in 2013. Texas, the state with the most proven reserves, had nearly 10.5 billion barrels, nearly double the reserves of North Dakota, the state with the second most reserves. These are the most oil rich states in the country.
Click here to see the 10 most oil-rich states.
Unsurprisingly, the states with the highest totals of proven reserves are also among the largest oil producing states. Together, these 10 states produced nearly 2.5 billion barrels of oil in 2014, or 77% of the nation’s total production that year. Offshore drilling, not attributable to any state, accounted for much of the rest of the production.
Technological advancements in horizontal drilling and hydraulic fracturing, commonly called fracking, have allowed oil companies to access shale formations that were previously unreachable. The Permian Basin in Texas, for example, was believed to have run dry in the early 2000s. New technologies, however, have revived the region and the Permian Basin is now the country’s leading oil producing region.
Extensions — or newly accessible reserves that are attributed to previously existing oil fields — are one way to increase proven reserves. In 2013, extensions contained roughly 4.4 billion barrels of oil across the country, nearly all of which located in the 10 most oil-rich states. Additionally, nearly the entire increase in proven reserves in 2013 was from extensions.
As a result of the oil boom in these states, jobs in the mining and logging sector, which includes oil and gas extraction, have increased. In six of these states, employment in the sector grew by more than 60% from 2005 through 2014, higher than the 42% increase in sector employment across the country.
GDP growth is another way to measure the vitality of a state’s economy. While the U.S. economy grew by 2.2% in 2013, the GDP of seven of the states with the most reserves grew by more than 2.5%, largely driven by the mining industry. In Wyoming, for example, 3.5 percentage points of the state’s 5.1% GDP growth came from the mining sector. Texas, North Dakota, Oklahoma, and Colorado received a similar boost from the booming oil industry.
The existence of oil in a state does not guarantee economic success, however. Alaska and California both had among the highest unemployment rates in the country despite having the nation’s third and fourth most proven reserves, respectively.
To identify the most oil-rich states, 24/7 Wall St. reviewed data on proved oil reserves from the Energy Information Administration (EIA). Reserves figures are as of December 31, 2013, the most recent date for which data are available. We also looked at the changes in proved reserves since 2000. Also from the EIA, we considered extensions to existing oil fields, new field discoveries, the number of refineries, and total crude oil production. We examined trends in each data point beginning in 2000. We also looked at unemployment rates, and employment and labor force levels from the Bureau of Labor Statistics. GDP growth and industry contribution to growth came from the Bureau of Economic Analysis and are for 2013.
These are the 10 most oil-rich states.
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http://247wallst.com/special-report/2014/07/31/11-countries-near-bankruptcy/ | 11 Countries Near Bankruptcy – 24/7 Wall St. | 11 Countries Near Bankruptcy
11 Countries Near Bankruptcy
Click here to see the countries most likely to default
| 11 Countries Near Bankruptcy – 24/7 Wall St.
Special Report
11 Countries Near Bankruptcy
Alexander E.M. Hess, Alexander Kent
July 31, 2014 6:33 pm
Last Updated: February 13, 2015 10:23 am
After years of bitter court battles with creditors, Argentina has defaulted on its debt, according to rating agency Standard & Poor’s. After failing to come to an agreement with creditors from its previous default in 2001, the country missed necessary bond payments on July 31, triggering the default announcement. As of publication, other organizations, most notably the rating agency Moody’s Investors Service and the International Swaps and Derivatives Association, a derivatives trade group, have yet to release public statements confirming the default.
Argentina is not the only country that has struggled, or even failed, to pay its debt in recent years. It is hardly the only country with a severely impaired credit rating either. Alongside Argentina, Moody’s currently lists 10 other countries with a rating of Caa1 or worse. A Caa1 rating is several notches below Ba1, which still carries substantial credit risk. Based on ratings from Moody’s Investors Service, these are the 11 countries at risk of default.
Click here to see the countries most likely to default
The countries with the lowest credit ratings significantly differ from one another. They span the globe, ranging from Greece and Ukraine in Europe, to Pakistan in Asia, to Ecuador, Venezuela, and Belize in South America.
These nations also suffer from vastly different problems. Some nations, such as Ukraine and Egypt, owe their recent downgrades to political conditions. Others, such as Belize and Ecuador, have actually been upgraded in recent years based on their improved financial positions.
When a government has a great deal of debt relative to the size of its economy, its credit rating may also be lower. Three of the nations potentially at risk of default had among the world’s highest debt levels, at 120% of GDP or more based on 2014 estimates. According to the International Monetary Fund (IMF), Greece’s debt is projected to hit nearly 175% of GDP by the end of this year, more than that of any other nation in the world except for Japan.
However, not all countries with low ratings necessarily have a large amount of outstanding government debt. For example, Ecuador’s government debt, according to the IMF, was forecast to total just 24.8% of GDP in 2014 — an exceptionally low amount. In many cases, these countries simply do not regularly access international bond markets, either because of small financial sectors or because of debt-restructuring agreements.
Borrowing funds in the international bond market can be quite expensive for countries with poor credit ratings. Countries have to pay high interest rates on their debt because because investors require greater returns on what they perceive to be riskier investments. For example, a 10-year U.S. Treasury Note pays an annual coupon of just 2.5%. By contrast, a comparable bond recently issued by Jamaica pays out 7.65% a year. In Greece, yields on 10-year government bonds reached 29% in early 2012, right before the country defaulted.
Often, countries that tap into international bond markets do so in other currencies. For example, nations such as Argentina, Jamaica, Belize, and Ukraine have all issued bonds in other nations’ currencies. The main reason to use common currencies — such as the dollar, yen, and euro — is that their inflation rates are typically far lower than the currencies of the issuing countries. This means that investors do not need to worry as much about their investment losing value.
In fact, inflation is a major problem in several of the countries with the worst credit ratings. In one such nation, Venezuela, inflation is expected to exceed 50% in 2014, according to the IMF. Argentina’s inflation rates are likely much higher than reported by government statistics on consumer prices, which were long considered highly unreliable.
Based on credit ratings provided by Moody’s Investors Service, 24/7 Wall St. reviewed the 11 countries with credit ratings of Caa1 or worse. A rating of this level indicates considerable credit risk. Because many of these nations have significant debt in other currencies or have otherwise weak currencies, we used foreign currency ratings and outlooks for these nations. Figures on GDP growth, inflation, unemployment, population and debt levels are estimates for 2014 from the IMF’s World Economic Outlook.
These are the 11 countries at risk of default.
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