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Could The Vaswani Industries Limited (NSE:VASWANI) Ownership Structure Tell Us Something Useful?
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The big shareholder groups in Vaswani Industries Limited (NSE:VASWANI) have power over the company. Generally speaking, as a company grows, institutions will increase their ownership. Conversely, insiders often decrease their ownership over time. I quite like to see at least a little bit of insider ownership. As Charlie Munger said 'Show me the incentive and I will show you the outcome.'
Vaswani Industries is not a large company by global standards. It has a market capitalization of ₹263m, which means it wouldn't have the attention of many institutional investors. In the chart below below, we can see that institutions don't own many shares in the company. We can zoom in on the different ownership groups, to learn more about VASWANI.
Check out our latest analysis for Vaswani Industries
Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.
Since institutions own under 5% of Vaswani Industries, many may not have spent much time considering the stock. But it's clear that some have; and they liked it enough to buy in. If the business gets stronger from here, we could see a situation where more institutions are keen to buy. We sometimes see a rising share price when a few big institutions want to buy a certain stock at the same time. The history of earnings and revenue, which you can see below, could be helpful in considering if more institutional investors will want the stock. Of course, there are plenty of other factors to consider, too.
We note that hedge funds don't have a meaningful investment in Vaswani Industries. Our information suggests that there isn't any analyst coverage of the stock, so it is probably little known.
The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
Our information suggests that insiders own more than half of Vaswani Industries Limited. This gives them effective control of the company. So they have a ₹155m stake in this ₹263m business. It is good to see this level of investment. You cancheck here to see if those insiders have been buying recently.
The general public holds a 32% stake in VASWANI. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.
We can see that Private Companies own 6.7%, of the shares on issue. It's hard to draw any conclusions from this fact alone, so its worth looking into who owns those private companies. Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too.
I like to dive deeperinto how a company has performed in the past. You can findhistoric revenue and earnings in thisdetailed graph.
Of coursethis may not be the best stock to buy. Therefore, you may wish to see ourfreecollection of interesting prospects boasting favorable financials.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Oil price jumps after Iran shoots down US drone
The price of oil spiked on Thursday after Iranian military forces shot down a US drone. Iran’s Islamic Revolution Guards Corps (IRGC) said it had shot down the drone near Iranian airspace, the BBC reported. US officials have confirmed that it was a US drone, according to the same report. Iranian news agency Fars said that the vehicle shot down was a “US-made Global Hawk spy drone” but an unnamed US official told Reuters it was “a U.S. Navy MQ-4C Triton.” IRGC said that the drone was in Iranian air space, while the US official told Reuters it was in international airspace. Crude oil ( CL=F ) was trading up by 2.8% to $55.29 shortly after the incident was reported early on Thursday. Brent ( BZ=F ) was up by 2.3% to $63.26. The price of oil jumped on Thursday morning after the drone downing was reported. Photo: Yahoo Finance UK The drone downing comes amid heightened tensions between the US and Iran in the region. Last week two oil tankers were attacked in the Gulf of Oman near Iranian waters. The US accused Iran of being responsible for the attack, an accusation Iran denies. The US deployed 1,000 extra troops to the region earlier this week in response to what it called “hostile behaviour.” Iran warned this week that it will breach uranium stockpile limits agreed under the Obama-era nuclear deal within days. Two MQ-4C Triton drones. US officials say this is the model shot down by Iran. Photo: U.S. Navy photo courtesy of Northrop Grumman/Chad Slattery/Handout via Reuters “This will only stoke tensions in the region and produce short-term support for oil prices,” Neil Wilson, the chief market analyst at Markets.com, said on Thursday morning in response to the drone attack. “We await to see whether this escalates further – the response from the White House will be important.” Oil is spiking in response to rising tensions because of the Strait of Hormuz. This narrow sea passage between Iran and Oman is the only route to the open ocean from the Persian Gulf and is one of the most important shipping routes for oil in the world. Traders fear that rising tensions could disrupt oil shipments and restrict supply. “We know that geopolitical tensions in the region are worsening and raise supply-side concerns in terms of short-term outages etc,” Wilson said, “but with OPEC already curbing output and US production at a record high, we still think the market is far less susceptible to a shock than in years gone by.” |
Cool weather hits UK retail sales in May in gloomy sign for economy
By Andy Bruce and William Schomberg
LONDON (Reuters) - Cold weather in May prompted the biggest drop in British retail sales this year as shoppers delayed buying summer clothes, adding to signs that the economy, struggling for momentum ahead of Brexit, is set for a weak second quarter.
Monthly retail sales volumes contracted 0.5%, the Office for National Statistics said, as expected in a Reuters poll of economists and following a 0.1% fall in April.
Compared with May 2018, sales rose by the least since October last year, up 2.3%. The Reuters poll had pointed to growth of 2.7%.
The second consecutive monthly slide in retail sales does not bode well for overall growth in the second quarter for an economy which is struggling with Britain's Brexit crisis as well as a slowdown in growth globally.
Official data has shown the economy contracted sharply in April, adding to reasons why the Bank of England is likely to keep interest rates on hold when it announces its June policy decision at 1100 GMT.
Sterling and British government bonds showed little reaction to the retail sales data.
"Although earnings continue to outstrip inflation, a second stutter in as many months will serve as a stark reminder that the retail sector's recent growth should not be taken for granted," Philipp Gutzwiller, head of retail at Lloyds Bank Commercial Banking, said.
Until now, consumers have largely taken Brexit in their stride, helped by stable inflation and stronger growth in wages.
That has helped the world's fifth-biggest economy at a time when many companies have been cutting back on investment because of uncertainty about Brexit.
The ONS said unseasonably cold weather hit demand for clothing and footwear sales, which fell 4.5% on the month -- the biggest drop since July 2015.
"We see quite a mixed picture across the rest of the sector as the decline in department store sales continued (in the three months to May), with no growth since September of last year," ONS statistician Rhian Murphy said.
Underlining the squeeze on retailers' profit margins, sales in value terms rose only 2.7% in the year to May, the smallest rise in nearly three years.
Retailers themselves have reported mixed fortunes of late.
Earlier on Thursday, Dixons Carphone, Britain's biggest seller of electricals and mobile phones, reported a 22% fall in full-year profit, reflecting falling mobile sales in a tough market, and warned of another big decline in the current year.
Fashion brand Ted Baker this month reported an "extremely difficult" start to the year, although online fashion group Boohoo bucked a tough retail market with robust sales growth.
(Editing by Jane Merriman) |
'Love Island' leads tributes to Sophie Gradon one year after tragic death
Love Island has said Sophie Gradon will be “never forgotten” as it marked the anniversary of her death. The model - who appeared on the ITV2 reality show in 2016 - tragically took her own life on June 20th 2018 aged 32. Love Island posed a picture of Gradon on Instagram and wrote: “In loving memory of Sophie Gradon (1985 - 2018), missed but never forgotten.” View this post on Instagram A post shared by Love Island (@loveisland) on Jun 19, 2019 at 11:00pm PDT Zara Holland, who appeared on the show in the same series as Gradon also posted a tribute on social media, writing: “Your always in my thoughts gorgeous girl, Sophie I can’t believe it’s been a year since you went to heaven. We all love and miss you so much. [sic]” Read more: Caroline Flack: It's not fair to blame 'Love Island' for contestant deaths Former Islander Malin Andersson wrote: “RIP to the most beautiful soul and friend Sophie Gradon. Miss you so much. Please all look after each other up there.” Gradon’s boyfriend Aaron Armstrong also died by suicide 20 days after she ended her life. Your always in my thoughts gorgeous girl, Sophie 💞 I can’t believe it’s been a year since you went to heaven. We all love and miss you so much. RIP baby girl x pic.twitter.com/IWBKhoqFFX — Zara Holland (@zaraholland11) June 20, 2019 RIP to the most beautiful soul and friend Sophie Gradon.. miss you so much. Please all look after each other up there ✨✨✨✨🙏🏽🙏🏽🙏🏽 — Malin Andersson (@MissMalinSara) June 20, 2019 Following the suicides of Gradon and 2017 Love Island contestant Mike Thalalssitis in March this year, producers of the dating show announced they were enhancing their aftercare process for contestants. Story continues Among the key changes are enhanced psychological support, more detailed discussions with contestants around the potential impact of the programme on their lives, and bespoke training for all Islanders on social media and financial management. Read more: 'Love Island': ITV to offer enhanced psychological support to contestants ITV have said this year’s contestants will be given at least eight therapy sessions upon returning home, and contact with each Islander would last for 14 months after the series in which they appeared had ended. Joe Garratt, who has just been voted off the show, has reportedly kept in a safe house since he left the villa after being accused by some viewers of abusive and controlling behaviour in his relationship with fellow contestant Lucie Donlan. |
Investors Who Bought Viking Line ABP (HEL:VIK1V) Shares Three Years Ago Are Now Down 21%
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As an investor its worth striving to ensure your overall portfolio beats the market average. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. We regret to report that long termViking Line ABP(HEL:VIK1V) shareholders have had that experience, with the share price dropping 21% in three years, versus a market return of about 35%.
View our latest analysis for Viking Line ABP
In his essayThe Superinvestors of Graham-and-DoddsvilleWarren Buffett described how share prices do not always rationally reflect the value of a business. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
During the three years that the share price fell, Viking Line ABP's earnings per share (EPS) dropped by 28% each year. This fall in the EPS is worse than the 7.7% compound annual share price fall. This suggests that the market retains some optimism around long term earnings stability, despite past EPS declines.
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
Dive deeper into Viking Line ABP's key metrics by checking this interactive graph of Viking Line ABP'searnings, revenue and cash flow.
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Viking Line ABP's TSR for the last 3 years was -18%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted thetotalshareholder return.
It's good to see that Viking Line ABP has rewarded shareholders with a total shareholder return of 8.3% in the last twelve months. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 2.7% per year), it would seem that the stock's performance has improved in recent times. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. Before deciding if you like the current share price, check how Viking Line ABP scores on these3 valuation metrics.
For those who like to findwinning investmentsthisfreelist of growing companies with recent insider purchasing, could be just the ticket.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on FI exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Do Institutions Own Vast Resources plc (LON:VAST) Shares?
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Every investor in Vast Resources plc (LON:VAST) should be aware of the most powerful shareholder groups. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. I quite like to see at least a little bit of insider ownership. As Charlie Munger said 'Show me the incentive and I will show you the outcome.'
Vast Resources is not a large company by global standards. It has a market capitalization of UK£9.5m, which means it wouldn't have the attention of many institutional investors. In the chart below below, we can see that institutional investors have bought into the company. We can zoom in on the different ownership groups, to learn more about VAST.
Check out our latest analysis for Vast Resources
Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.
As you can see, institutional investors own 68% of Vast Resources. This suggests some credibility amongst professional investors. But we can't rely on that fact alone, since institutions make bad investments sometimes, just like everyone does. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Vast Resources's historic earnings and revenue, below, but keep in mind there's always more to the story.
Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. We note that hedge funds don't have a meaningful investment in Vast Resources. As far I can tell there isn't analyst coverage of the company, so it is probably flying under the radar.
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. The company management answer to the board; and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board, themselves.
I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.
Our most recent data indicates that insiders own some shares in Vast Resources plc. It has a market capitalization of just UK£9.5m, and insiders have UK£496k worth of shares, in their own names. This shows at least some alignment, but I usually like to see larger insider holdings. You canclick here to see if those insiders have been buying or selling.
The general public holds a 26% stake in VAST. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.
It's always worth thinking about the different groups who own shares in a company. But to understand Vast Resources better, we need to consider many other factors.
I always like to check for ahistory of revenue growth. You can too, by accessing this free chart ofhistoric revenue and earnings in thisdetailed graph.
Of coursethis may not be the best stock to buy. Therefore, you may wish to see ourfreecollection of interesting prospects boasting favorable financials.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Facebook unveils details of its cryptocurrency project: Tech
Wednesday, June 12, 2019
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Facebook's cryptocurrency project is called Calibra, will launch in 2020:Facebook (FB) on Tuesday announced the details of its widely-rumored cryptocurrency project: a financial services offering called Calibra.Calibrais a “newly formed Facebook subsidiary” and its first product, launching in 2020, will be a digital wallet to store and send Libra, a new cryptocurrency. The digital wallet will initially be available inside WhatsApp and Facebook Messenger, and eventually as a standalone app for iOS and Android.
More
Why politicians and regulators are already going after Facebook's Libra
Facebook's Libra cryptocurrency isn't a bad thing: former FTC chief
Facebook's Libra could spark 'mass adoption' of crypto
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Exclusive: Labour looking at delaying Britain's 5G rollout over Huawei
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Lenovo’s and Google's Smart Alarm Clock might make you hate mornings less
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit. |
Why Vinny Overseas Limited (NSE:VINNY) Looks Like A Quality Company
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While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine Vinny Overseas Limited (NSE:VINNY), by way of a worked example.
Vinny Overseas has a ROE of 11%, based on the last twelve months. That means that for every ₹1 worth of shareholders' equity, it generated ₹0.11 in profit.
See our latest analysis for Vinny Overseas
Theformula for return on equityis:
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Vinny Overseas:
11% = ₹32m ÷ ₹292m (Based on the trailing twelve months to March 2019.)
Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. It is all earnings retained by the company, plus any capital paid in by shareholders. Shareholders' equity can be calculated by subtracting the total liabilities of the company from the total assets of the company.
Return on Equity measures a company's profitability against the profit it has kept for the business (plus any capital injections). The 'return' is the profit over the last twelve months. The higher the ROE, the more profit the company is making. So, all else equal,investors should like a high ROE. That means ROE can be used to compare two businesses.
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, Vinny Overseas has a higher ROE than the average (7.9%) in the Luxury industry.
That's clearly a positive. In my book, a high ROE almost always warrants a closer look. For example,I often check if insiders have been buying shares.
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
While Vinny Overseas does have some debt, with debt to equity of just 0.87, we wouldn't say debt is excessive. Although the ROE isn't overly impressive, the debt load is modest, suggesting the business has potential. Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises.
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. Check the past profit growth by Vinny Overseas by looking at thisvisualization of past earnings, revenue and cash flow.
But note:Vinny Overseas may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with high ROE and low debt.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Vectron Systems AG (ETR:V3S): Time For A Financial Health Check
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While small-cap stocks, such as Vectron Systems AG (ETR:V3S) with its market cap of €73m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. Given that V3S is not presently profitable, it’s crucial to assess the current state of its operations and pathway to profitability. We'll look at some basic checks that can form a snapshot the company’s financial strength. However, this is just a partial view of the stock, and I’d encourage you todig deeper yourself into V3S here.
Over the past year, V3S has ramped up its debt from €3.8m to €13m – this includes long-term debt. With this growth in debt, V3S's cash and short-term investments stands at €12m to keep the business going. Its negative operating cash flow means calculating cash-to-debt wouldn't be useful. For this article’s sake, I won’t be looking at this today, but you can take a look at some of V3S’soperating efficiency ratios such as ROA here.
Looking at V3S’s €4.3m in current liabilities, it seems that the business has been able to meet these obligations given the level of current assets of €21m, with a current ratio of 4.78x. The current ratio is the number you get when you divide current assets by current liabilities. However, a ratio above 3x may be considered excessive by some investors.
With total debt exceeding equity, V3S is considered a highly levered company. This is somewhat unusual for small-caps companies, since lenders are often hesitant to provide attractive interest rates to less-established businesses. Though, since V3S is presently unprofitable, sustainability of its current state of operations becomes a concern. Maintaining a high level of debt, while revenues are still below costs, can be dangerous as liquidity tends to dry up in unexpected downturns.
V3S’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow. Since there is also no concerns around V3S's liquidity needs, this may be its optimal capital structure for the time being. This is only a rough assessment of financial health, and I'm sure V3S has company-specific issues impacting its capital structure decisions. I suggest you continue to research Vectron Systems to get a more holistic view of the small-cap by looking at:
1. Future Outlook: What are well-informed industry analysts predicting for V3S’s future growth? Take a look at ourfree research report of analyst consensusfor V3S’s outlook.
2. Valuation: What is V3S worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether V3S is currently mispriced by the market.
3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Bitcoin Price Storms 151% YTD as Facebook’s Libra Boosts 2019 Rally
ByCCN Markets: Bitcoin is up more than 151 percent against the U.S. dollar year-to-date at $9,300, surpassing most assets and stock indices in the likes of Nasdaq 100 and S&P 500 with ease in six-month performance.
The bitcoin price is up nearly $1,200 in the past week (source: coinmarketcap.com)
With the block reward halving of bitcoin on the horizon and the inflow of institutional capital consistently on the rise, the sentiment around the crypto market remains positive.
Libra, a crypto asset developed by the Libra Association, a consortium based in Switzerland founded by major conglomerates including Facebook, Visa, Mastercard, Lyft, Uber, Booking Holdings, and more, dominated the headlines in the financial sector in the past two days.
Read the full story on CCN.com. |
Lamictal Withdrawal Approach Announces 95% Success Rate At New Start 4U
The Houston-based center offers information on the Thomas Recipe for Opiate Withdrawals. The Lamictal withdrawal approach has achieved a 95percent success rate at the New Start 4U center
HOUSTON, TX / ACCESSWIRE / June 20, 2019 /New Start 4U and Thomas Ouch are pleased to announce that the New Start 4U center has achieved a 95 percent success rate for relieving the withdrawal symptoms which are linked to opiates. Lamictal (Lamotrigine) is a drug used in the medical industry to help with bipolar disorder and epilepsy symptoms. Most patients can tolerate it fairly well, but over time some people find that the side effects are brutal. 5%-10% of users experience rashes or unbearable side effects such as aseptic meningitis, fever, fatigue, nausea, anxiety, or seizures. In most cases, the side effects outrank the benefits of taking it.
For more information click herehttps://thomasrecipeopiatewithdrawals.com/lamictal
With side effects like this, people find themselves wanting to stop taking Lamotrigine. However, there are Lamictal withdrawal symptoms associated with that as well. The Thomas Recipe for opiate withdrawal is comprised of a group of drugs that are used to get patients as comfortable as possible while going through withdrawal. It helps overcome many symptoms such as insomnia. These drugs can be used in the effort to get patients through the worst of the withdrawal and back to reality. These are drugs that are not habit forming and some are even vitamins, but, they will help with relaxation while going through the withdrawal process.
A spokesperson forNew Start 4Uexplained, "What to expect when you stop taking Lamictal can be determined by a few factors. These include how long you have taken the drug, the dosage at which you took it and whether you quit cold turkey or not. The dosage has a big factor in how hard it will be to get off the Lamictal. Most people typically are on 200 mg to 400 mg a day. The longer you have been taking the drug, the harder it may be to eliminate the dependency."
"Some people experience severe Lamictal withdrawal symptoms" he continued, "while others experience very few. Your surroundings and the right support system will help you complete this withdrawal journey successfully as you won't be doing it alone."
Location details are available atNew Start 4U
Contact Info:Name: Thomas OuchEmail:Send EmailOrganization: New Start 4UAddress: 12613 Seattle Slew Dr #3227, Houston, TX 77065, USAPhone: (844) 284-4817Website:https://thomasrecipeopiatewithdrawals.com
Video URL:https://www.youtube.com/watch?v=6ofgSCkwTjg
SOURCE:New Start 4U
View source version on accesswire.com:https://www.accesswire.com/549341/Lamictal-Withdrawal-Approach-Announces-95-Success-Rate-At-New-Start-4U |
'Love Island' star Joe Garratt refuses to apologise for 'gaslighting' Lucie Donlan
'Love Island' star Joe Garratt has defended himself against 'abuse' allegations (ITV) Love Island star Joe Garratt has defended himself against ‘gaslighting’ accusations, claiming he “didn’t manipulate or abuse” fellow contestant Lucie Donlan and that he has “nothing to be sorry for.” In an exclusive interview with The Sun , the 22-year-old - who was dumped from the villa in Tuesday night’s episode - clapped back against the criticism, saying he’s “gutted that it has been perceived in that way, because it wasn’t like that at all.” Garratt’s behaviour on the ITV2 reality show came under scrutiny last week, when he told her to stop spending so much time with the other male contestants - in particular Tyson Fury’s brother, Tommy. Read more: 'Love Island' bosses deny Lucie Donlan has quit after Joe Garratt booted off show His “possessive” attitude reportedly saw over 300 complaints filed to TV watchdog Ofcom . When Women’s Aid issued a public statement condemning his treatment of Donlan, several viewers took to social media to urge show bosses to intervene. Garratt’s comments left Donlan, 21, in tears. And her misery didn’t stop there either, as other contestants started pressuring her to hang out with the girls more from then on. “I always had Lucie’s best interests at heart and I promise you I would do everything and anything to help her because she had a hard time in there and didn’t get on with the girls,” Garratt told the publication. “I was trying to help her and make her experience as amazing as possible. I thought I did right. I am not going to say sorry.” The 22-year-old blamed his age and “inexperience” with relationships, as well as the round-the-clock filming of the show. “I may have worded things wrong and the cameras are on you 24/7. I may have slipped up a bit but I am only human. Read more: 'Love Island' bias against men and people of colour, says axed contestant Sherif Lanre “Maybe some things have come out differently to what they are. I just hope people can see me for who I genuinely am and what I genuinely am. I am not that person.” Story continues He went on to discuss how different it is when you start dating someone in the real world compared to beginning a relationship inside the villa. 'Love Island' star Joe Garratt was accused of 'abusing' Lucie Donlan after he suggested she stop hanging out with the show's male contestants (ITV) “I think the intense nature of it all and when fellow Islanders said stuff to me – it would never bother me normally - but because you are in there and you get told things constantly you are like ‘am I OK with these things?’ “I generally was but you feel that heightened pressure and you have these conversations and you have to address things.” Referencing former contestant Sherif Lanre’s removal , Garratt added that “if it was how people said it was, [he] would have been removed. “They do take precautions in there.” Love Island continues on ITV2 at 9pm. Tonight’s episode will see the arrival of a new Islander, 28-year-old model Arabella Chi. |
GLOBAL MARKETS-Stocks up, dollar, bond yields down on Fed rate cut signal
* MSCI world index up 0.4% on Fed rate cut signal * European shares gain 0.6% * Oil jumps 3% after Iran shoots down U.S. drone * Dollar falls to six-month lows against the yen * Norges Bank raises rates * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh By Tom Wilson LONDON, June 20 (Reuters) - World stock markets rose on Thursday after the U.S. Federal Reserve signalled it was likely to cut interest rates next month, and the dollar and benchmark bond yields fell to multi-year lows. The Fed on Wednesday suggested rate cuts might start as soon as next month, saying it was ready to take action in the face of growing economic risks. The MSCI world equity index, which tracks shares in 47 countries, gained 0.4% on the prospects of further stimulus, heading for a third day of gains. The Euro STOXX 600 rose 0.66% in early trading and Wall Street futures indicated U.S. stocks were set to open higher. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.2%, led by gains in China. The dollar fell and benchmark U.S. and euro zone government bonds fell after the Fed's move. The dollar was on course for its biggest two-day drop against a basket of other currencies in 14 months and dropped 0.5% to a half-year low against the Japanese yen. The Fed's rate signal came before meetings at major central banks in Asia and Europe that were expected to flag similar moves. The European Central Bank and the Australian central bank had earlier signalled this week more policy stimulus was needed. "It becomes a race to the bottom for global rates markets, a race to the bottom for FX," said Peter Chatwell, head of rates at Mizuho. The Bank of Japan left rates unchanged on Thursday but stressed that global risks were rising, suggesting it was leaning towards boosting monetary support. But Norway's central bank raised rates, as expected, sending the Norwegian crown up 1.6% against the dollar and 1% against the euro. Story continues The Bank of England was due to announce its policy decision at 1100 GMT. It looked set to stick to its message that it was likely to raise rates. Elsewhere, oil prices jumped 3% after Iran shot down a U.S. drone that its Revolutionary Guards said was flying over southern Iran, raising fears that a military confrontation could erupt between Tehran and Washington. TRADE TALKS Geopolitical risks elsewhere persisted, although hopes grew for progress in U.S.-China trade talks. The world's two biggest economies have imposed increasingly severe tariffs on each other's imports. Chinese and U.S. officials will hold trade talks following instructions from their leaders, the Chinese commerce ministry said on Thursday, adding that Beijing hoped Washington would create the necessary conditions for dialogue. Christophe Barraud, chief economist at Market Securities in Paris, said stock markets had so far mostly dodged fallout from the trade war. He warned they could suffer if economic indicators worsen in the second half of the year. "Equities are mainly benefiting from the easy money policy, without too much damage on the economic front," he said. "That may change in H2 ... metrics will likely weaken through the world because of the impact of ongoing tariffs." BOND YIELDS DROP The Fed's dovish tone caused the 10-year U.S. Treasury's yield to fall as low as 1.974%, its lowest since November 2016. It reached 2.8% in January. Government bonds elsewhere also fell, some to near record lows. Germany's 10-year government bond yield, a benchmark for sovereign debt in the euro zone, was down 3 basis points at -0.316%, testing this week's record low of -0.327%. Japanese 10-year bond yields fell to a three-year low of minus 0.160%, a drop of 2 basis points. The comparable Australian yield fell to a record low below 1.30%. Brent crude futures were up $1.39, or 2.25%, at $63.28 a barrel around 0815 GMT on the tensions in the Middle East and signs of improving demand in the United States. For Reuters Live Markets blog on European and UK stock markets, please click on: (Reporting by Tom Wilson, additional reporting by Abhinav Ramnarayan, editing by Larry King) |
Iran Says It Shot Down a U.S. Drone Amid Escalating Tensions in the Oil Region
Iran said it shot down a U.S. drone near the mouth of the Persian Gulf, escalating already fierce tensions in an oil-exporting region that’s been on the brink of a military confrontation for weeks. Oil prices surged.
“We will defend Iran’s airspace and maritime boundaries with all our might,” Ali Shamkhani, secretary-general for the Supreme National Security Council was quoted as saying by state-run Islamic Students’ News Agency. “It doesn’t matter which country’s aircraft cross our airspace.”
Iranian media described it as a spy drone and said it was in Iranian airspace and was hit near Kuh Mobarak, on Iran’s southern coast.
Citing an unidentified U.S. official, Fox News reported that a U.S. Navy high-altitude drone was shot down in international airspace by an Iranian surface-to-air missile over the Strait of Hormuz, an oil shipment chokepoint.
The downing of the drone fanned fears that a military clash between the U.S. and Iran is just a matter of time. Tensions spiked after the U.S. tightened sanctions on Iranian oil sales in early May, sent military reinforcements to the region and provoked an increasingly squeezed Iranian government to pull back on some of its commitments under the 2015 deal that was meant to prevent it from developing a nuclear bomb. Washington quit the deal a year ago and reimposed sanctions to force Iran to rein back regional proxy militias.
Frictions flared further last week after an attack on two oil tankers outside the entrance to the Gulf. The U.S. blamed Iran, which has denied involvement. Iran on Monday warned European signatories that it would breach the nuclear accord, which had traded some sanctions relief for limits on Tehran’s nuclear program, as soon as June 27 unless they find a way to circumvent U.S. penalties.
Oil futuresclimbedas much as 3.3.% in New York. It spiked as much as 4.5% last week when the tankers were hit.
The reported drone downing followed a missile strike by Iranian-backed Yemeni rebels overnight on Saudi Arabia. President Donald Trump was briefed on that incident, and was “closely monitoring the situation,” White House Press Secretary Sarah Huckabee Sanders said on Wednesday night.
She did not provide further details, but a news agency operated by Iran-backed Houthi rebels in Yemen said that they had hit a power station in Jazan, on the southwestern coast of Saudi Arabia, with a cruise missile.
That report could not be independently confirmed. The Houthis have repeatedly attacked Saudi targets using drones and rockets since a Saudi-led military coalition backed by the U.S. entered the Yemeni civil war in 2015 on the side of President Abd Rabbuh Mansur Hadi.
Jazan province, which borders Yemen, has proven to be an easy target, in closer range than the capital and other major cities further inside the oil-exporting kingdom.
There were no indications from residents of Jazan that a catastrophic incident had taken place. Electricity and water supplies didn’t appear to have been affected and it wasn’t clear what, if anything, set the incident apart. |
Close friend Dave Clark unarchives stunning, previously unreleased version of Freddie Mercury’s ‘Time Waits for No One’: Listen
In October 1985, mere months after Queen’s iconic performance at Live Aid, Freddie Mercury was recruited by his dear friend, British Invasion pioneer Dave Clark, to record the track “ In My Defence ” for a star-studded concept album based on Clark's sci-fi/rock musical Time . The session at London’s Abbey Road Studios went so swimmingly that, Clark tells Yahoo Entertainment, Mercury asked him, “‘Have you got any other songs?’ I said, ‘Well, I have got the title track.’ And that was called ‘Time.’ I played it to him. He was totally committed, which is where this all came from. He was amazing.” So, three months later, Mercury returned to Abbey Road to record that second song (which Clark co-wrote with John Christie), and Clark describes the day as absolutely magical. “Before any musicians came in, it was just Freddie and [session musician Mike Moran playing] piano. He sang, and it gave me goosebumps. Nobody was there. It was just amazing. I can't even explain it. Then of course, when everybody came in, we ended up with 48 tracks of backing vocals. … And the end result, with all the musicians and production, ended up at 96 tracks.” Read more: Freddie Mercury's night out clubbing with Princess Diana subject of new Sky Arts comedy But now, for the first time ever, Mercury’s original, pared-down “Time” — captured that day in January 1986 when Mercury was, as Clark puts it, still “buzzing” from his Live Aid triumph — is being released under the song’s full title, “Time Waits for No One,” stripping back those 96 tracks to a version with just one: Freddie Mercury. Clark never forgot that moment, and he spent a decade trying to unearth Mercury’s lost vocal track. “I thought, ‘I'd love to hear the original performance,’ but I couldn't find it. It's because we did so many tracks. I sent my engineer down, and we went through [the vaults]. Couldn't find it. So I let it go. A few years later, I said, ‘Go on. Go through all the banks again.’” Clark finally retrieved the audio from his tape archive last year and restored it at Moran’s studio in Buckinghamshire, England — though he sat on it for while longer, because he though it would be “wrong” to release it while the publicity campaign for the Queen biopic Bohemian Rhapsody was still in overdrive. Eventually, when the time was right, he surprised Queen manager Jim Beach with the track. “He came over to my house, and before we started talking, I said, ‘I've got something I'd like to show you that might make you smile.’ I didn't say what it was. He loved it.” Read more: Brian May Shares Photos from 'Pilgrimage' to Freddie Mercury's Childhood Home in Zanzibar Story continues Clark also commissioned a brand-new video for the recording, cut from original negatives and unused, unprocessed 35mm film footage from the 1986 “Time” video shoot . Listening back to the recording and watching the new clip, Clark still gets goosebumps. “Even more so now,” he stresses. “Yeah, I think ‘time waits for no one,’ it applies to all of us, on whatever level. You could go and win the lottery tomorrow, or we don't know what's around the corner. It's not heavy in any way, it's just that we've all got to enjoy ourselves. The world's not in a great state. It's sad. You’ve just got to enjoy every moment.” Clark first met Mercury about a decade before the Time sessions, and enjoyed every moment of the friendship that ensued. “I went to [Queen’s] first major concert in Hyde Park, in London [in 1976], which was huge. I stood in the wings. He came on in a leotard with black nail varnish and I thought, ‘What's this? Liza Minnelli?’ Then he opened his mouth and sang, and I went, ‘ Wow .’ He was unbelievable, just unbelievable,” Clark recalls. “An incredible performer. Then, after the show, we all went with Elton [John] to Mr. Chow's, which was a big restaurant in London. We were just mates. And that was it.” Their friendship truly blossomed later at Abbey Road, after Mercury eventually agreed to travel from Germany, where he was living at the time, to London to work on “In My Defence” and, later, “Time Waits for No One” — despite music-biz naysayers claiming that this would never happen.“The record company said, ‘No, you'll never get him.’ His management said, ‘You won't get him.’ But I'm a firm believer of going to the source,” Clark chuckles. “I knew Freddie's girlfriend, Mary Austin. She gave me his number in Munich. I phoned him up and said, ‘Look, Freddie, I've got a track I'd love you to hear.’ He said, ‘Well, I've read all about Time .’ We [already] had Stevie Wonder, Laurence Olivier, you name it; everybody was on the album. He said, ‘You've come a bit late!’ — which was typical Freddie. He said, ‘I'm quite happy to listen to it.’ I said, ‘Well, I'll fly over [to Munich]. If you don't like it, don't feel embarrassed. I wouldn't want you to do it. It's got to be something you're really passionate to do. I'll fly over, and we can have a drink or a bite to eat, and I'll fly back.’ That was it. He bit the bullet, as they say. “It was amazing, because everybody said he would be a nightmare to work with. I'm very focused on what I want to do, and it's got to be right; Freddie is the same. The amazing thing was, I didn't agree with certain things, and he gave into it. He came up with things that I wasn't sure of, but we were working to make the best possible record. There was never any arguments or anything like that. He was amazing. It worked . …The friendship really developed then.” Two years later, in April 1988, Clark staged a benefit concert, Give Time for AIDS, at London’s Dominion Theatre — the same West End stage where the “Time Waits for No One” video was shot — and Mercury participated. (“It was in the days when people didn't understand [AIDS]. They knocked it. It was like a leprosy, in a way,” Clark recalls.) It turned out to be one of Mercury’s last live performances. Three and a half years later, in November 1991, Mercury himself succumbed to AIDS. And Clark was at the bedside vigil. “I did see him right at the end,” Clark says softly, though he doesn’t “really want to get into that,” explaining, “I've done this [“Time Waits for No One”] for a tribute to Freddie. I don't want to get into [talking about] the end, because I think we're talking about Freddie when he's alive and the amazing contribution he made.” Freddie Mercury, Dave Clark, and John Christie. (Photo: Dave Clark International) However, Clark is willing to discuss the “horrific” way the tabloid press hounded Mercury in his final days. “All the nasty press, writing terrible things, they weren’t thinking about his loved ones and his family. They couldn't care less,” he grumbles. “But the thing about the press is, with all that bad press, he still had multimillion-selling records, because people loved him. That's what it's all about. … And I've got an opinion: It doesn't matter who you love or how you love, it's that you love. Freddie loved life. I think that was wonderful. “There's one little thing when he passed away that really moved me,” Clark continues. “What really blew me away was, when Freddie died, all the taxis that went past his house turned their lights off. Now, these were really working-class, Cockney-type people, you know? I found that very moving. Also, when they were doing all the press and the television cameras were outside his house, I always remember there was this Cockney couple, a young guy and his girlfriend. And he said, ‘What do you think about him? He's gay.’ She said, ‘We love him!’ And so did the guy. He said, ‘We couldn't care less. He made us feel good. He made us happy.’ I think that's the important thing. … Music is as an emotion to move you. Either makes you feel happy, or sad, or whatever. With Freddie's music, it was always to make you feel good.” Reflecting on the recent resurgence of love for Queen since the massive box-office success of Bohemian Rhapsody — perhaps the best revenge against all those vicious paparazzi and trolling reporters — Clark laughs, “When they got the Oscar and the BAFTA and everything else, I thought, ‘Freddie will be up there, smiling.’ I know what he'd say. … He would say, ‘F*** 'em all!’ That's what he would say.” Clark has no doubt that if Mercury had lived, he and the Queen legend would have worked on more music together. In fact, they even recorded a demo of another Time tune, “Born to Rock'n'Roll,” but the album spot had already been promised to Time star Cliff Richard. Sadly, Clark can’t find the Mercury demo now, although rough audio of a live duet version of the song between Mercury and Richard, from the above-mentioned Give Time for AIDS charity gala, exists online . “Cliff wanted to do [“Born to Rock'n'Roll”]; I didn't tell him that Freddie wanted to do it, so I couldn't renege on it. Freddie said to me, ‘Leave it for a year or so, Dave. I'll come in and rerecord it,’ because we did a demo for it, and it was amazing,” Clark reveals. “We would have done it. Yeah, we would have done a lot more things if the time had been on our side. … There was all the time in the world to do it, at that stage. But that was it. That's life.” Freddie Mercury’s “Time Waits for No One” can be streamed and downloaded here . By Lyndsey Parker, Editor-in-Chief, Yahoo Music View comments |
Singapore's Pavilion Energy to pay $130 million for Iberdrola's LNG assets
By Jessica Jaganathan
SINGAPORE (Reuters) - Singapore's Pavilion Energy said on Thursday its wholly owned subsidiary has agreed to buy Spanish energy company Iberdrola's portfolio of liquefied natural gas (LNG) assets.
The portfolio comprises about 4 million tonnes per annum (mtpa) of Iberdrola's long-term LNG sale and supply contracts, Pavilion said in a statement.
The portfolio also includes long-term regasification capacity of about 2 mtpa at Britain's Grain LNG terminal, access to regasification capacity in Spain and on a pipeline between Spain and France, as well as the time-charter of a newly built LNG vessel.
In a related transaction, both companies have concluded a gas sales agreement for Pavilion Energy to supply natural gas to Spain for Iberdrola Generacion Espana, Pavilion said.
Iberdrola said separately that Pavilion will pay 115 million euros ($129.65 million) for the assets.
"This acquisition brings us a portfolio of prime assets primarily in Europe and the Atlantic Basin," said Frederic Barnaud, group chief executive, Pavilion Energy. Barnaud was previously with Gazprom's trading arm before being appointed to Pavilion in early 2018.
The portfolio acquisition by Pavilion's Trading and Supply unit will be completed by Jan. 1, 2020.
"Today is a critical step towards our vision to be a leading global LNG player, leveraging our LNG portfolio with deep access to strategic gas markets in Singapore, Spain, and the UK, combined with sophisticated optimisation and risk management skills," he added.
Pavilion supplies natural gas for one-third of Singapore's industrial requirements, including the power generation, petrochemical, biotechnology, pharmaceutical and manufacturing sectors.
Pavilion was launched in 2013 by Singapore's sovereign wealth fund Temasek Holdings and is focused on LNG-related investments.
Iberdrola supplies energy to more than 30 million people in countries including Spain, the United States and Britain.
($1 = 0.8870 euros)
(Reporting by Jessica Jaganathan, Editing by Sherry Jacob-Phillips and Christian Schmollinger) |
Worried by trade tensions, ECB considering new stimulus - Rehn
BRUSSELS (Reuters) - The European Central Bank could use any of the policy instruments at its disposal unless there is improvement in the euro zone economy, ECB Governing Council member Olli Rehn said on Thursday, saying trade tensions were the greatest worry they faced.
Rehn, who is seen as a possible successor to Mario Draghi as head of the ECB, said he was "concerned" by the current economic situation in the euro zone, which is currently battling with low inflation and weak growth.
"We in the Governing Council are ready to act as appropriate unless there is improvement in the economic conditions," Rehn told a conference in Brussels.
Asked whether the ECB should proceed with rate cuts or resuming asset purchases, Rehn said: "The whole range of instruments is on the table."
He said the greatest worry to the economic outlook came from trade tensions between the United States and China, and urged Germany and France to better cooperate to strengthen the euro zone.
(Reporting by Francesco Guarascio; Editing by Toby Chopra) |
10 wireless chargers on sale to help keep your devices powered
As any screenshot you've taken on your smartphone will tell you, most of us are in dire need of charging our phones. And since apps are only going to get more useful, and phones more advanced, it’s safe to assume this problem is only going to get worse over time.
The solution? More innovative phone chargers that slip seamlessly into your life. Use these cool gadgets to charge your phone at the office, at the gym — wherever.
Here are a few on sale now in the Mashable Shop:
The QiStone2 has 8,000mAh of power, features USB Type-C connectivity for faster charging, and has enough stored energy to keep your phone rolling all day. It’ll even let you charge two devices at the same time, if you’re kind enough to share the love with a friend.Read more...
More aboutTech,Wireless Charging,Charging,Smartphone Accessories, andMashable Shopping |
3 Social Security Strategies That Might Fail You
Social Securityis a key income source for millions of retired seniors. If you're entitled to benefits, you no doubt want to get the most out of them. But if you adopt these three strategies, you could end up losing out financially.
Your Social Security benefits are calculated based on your 35 highest-paid years of earnings, and you're entitled to those benefits in full upon reachingfull retirement age. That age is either 66, 67, or somewhere in between, depending on the year you were born. You're allowed to file earlier, though -- as early asage 62-- but by claiming benefits ahead of full retirement age, you'll reduce them in the process.
Still, some people are willing to face that reduction if it means getting their money sooner. If you're still working, however, you may not reap that benefit.
IMAGE SOURCE: GETTY IMAGES.
Once you reach full retirement age, the Social Security Administration will allow you to work without it impacting your benefits. But if you claim benefits before full retirement age while also collecting a paycheck, you'll risk having a portion of your benefits withheld if your earnings are too high.
The threshold of what's considered too high changes from year to year, but right now, it's $17,640. After that, you'll have $1 in benefits withheld for every $2 you earn. If you'll be reaching full retirement age later this year, your first $46,920 in earnings won't impact your Social Security income, but past that point, you'll have $1 in benefits withheld for each $3 you earn.
Now once you reach full retirement age, the amount previously withheld from your benefits due to working will be added back in, so that money isn't lost forever. But if your point in claiming Social Security before full retirement age is to get your money sooner, consider that you may have some of it withheld,andthat you'll reduce your benefits by jumping the gun.
While you have the option to file for Social Security before full retirement age, you can alsodelay benefitspast that point and grow them in the process. Specifically, you'll boost your benefits by 8% for each year you hold off, up until age 70. If your health is poor, however, waiting to file for benefits could cause you to lose out on lifetime income, even if youdomanage to boost yourmonthlyincome.
Imagine you're entitled to a $1,600 monthly benefit at your full retirement age of 67. Waiting until age 70 to file will increase each of your monthly payments to $1,984, but you'll collect 36 fewer payments. This means that you'll need to live until age 82 1/2 to break even. If your health is in bad shape, and you're unlikely to live past that point, then it doesn't pay to delay Social Security. In fact, in this example, you'd lose out on over $34,000 in lifetime income if you were to claim benefits at age 70 but only live until age 75.
Even if you never worked and aren't entitled to Social Security based on your own earnings record, you may be entitled tospousal benefitsworth up to 50% of what your spouse collects. This means that if your spouse gets a monthly benefit of $2,000, you'd get $1,000.
But if you're thinking of delaying your Social Security filing to grow your spousal benefit, don't do it. Unlike regular benefits, spousal benefits aren't eligible for delayed retirement credits, so the most you can collect is half of your spouse's total. If you wait to claim your spousal benefits past your full retirement age, you'll only end up losing out on money that otherwise could have been yours sooner.
The last thing you want to do is shortchange yourself on the Social Security front. Be sure to rethink these strategies if you were initially counting on them, because chances are, they'll backfire on you in a very big way.
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9 résumé-boosting skills you can learn online for cheap
Summer has a reputation for being the most relaxing time of year. School's out, vacations begin, and you basically shut off your brain for a few months. Even when you are working, you're daydreaming of being on a beach. Probably. It's chill, sure, but it's definitely not the most productive season.
Turns out there's another option for how to spend your time this summer: learning. Rather than shutting down your brain, why not fuel it instead? That way, while everyone else is daydreaming, you can climb up the career ladder and eventually take over the world.
Check out these nine massively-discounted online training bundles that will help you stuff some new knowledge into that big ol' brain of yours and help you get ahead. They're all on sale for a limited time.Read more...
More aboutTech,Coding,Online Learning,Mashable Shopping, andShopping Onlinelearning |
MIT’s ‘Fiat Cryptography’ System Automates the Process of Securing Almost Anything
The Computer Science and Artificial Intelligence Laboratory (CSAIL) at MITdesigned a systemto run complex mathematical algorithms to secure online communication. “Fiat Cryptography,” as the code is called, currently secures about 90 percent of Google Chrome communications.
Researchers presented theirpaperat theEEE Symposiumon Security and Privacy in May, though the technology was originally theorized and deployed in MIT labs in 2018.
Fiat Cryptography is designed to automatically generate — and simultaneously verify — optimized cryptographic algorithms for all hardware platforms, a process which used to be done by hand.
Related:MPC Explained: The Bold New Vision for Securing Crypto Money
You heard that right: as recently as a year ago the internet’s data encryption was achieved by a gaggle of cryptographers who would write and rewrite algorithms, manually weighing various mathematical techniques and chip architectures to optimize for performance.
Apart from the obvious issue of human-introduced bugs and nonoptimal algorithms, overtime, the maths or chip architecture the algorithms were written for would become obsolete, meaning pen would have to scratch paper again.
Researchers looked for a solution first in C programming and assembly languages, and transferred those techniques to their code library — a list of best-performing algorithms for each architecture.
Using a compiler to convert programming languages into code the algorithms are then automatically proofed with Coq, a mathematical theorem prover. Each iteration is tested before the best-performing one is selected for a particular chip architecture.
Related:MIT’s Christian Catalini Said to Be Working on Facebook’s Cryptocurrency
During the process researchers leveraged the body of human written code already in existence, and found that the automated process of generating keys and certificates for data encryption matches the performance of the best handwritten code, but completes it much faster.
“It’s basically like taking a process that ran in human brains and understanding it well enough to write code that mimics that process,” said Adam Chlipala, a CSAIL researcher who worked on the project, in an interview with MIT News.
Fiat Cryptography has since been deployed by Google’s BoringSSL, an open-source cryptographic library used by Google Chrome, Android apps, and other programs.
Chlipala was joined by CSAIL graduate students Andres Erbsen as first author and Jade Philipoom and Jason Gross as co-authors, as well as Robert Sloan, an engineering graduate student.
The researchers are currently working on ways to make their compiler run even faster in searching for optimized algorithms.
Image via ShutterStock
• Cypherpunk Legend Timothy May Has Passed Away
• Hyperledger Launches Cryptography Toolbox for Blockchain Developers |
Corrected: Flows into Asian money market funds jump on trade, growth worries
(Corrects company name in fifth paragraph to BNP Paribas Asset Management, from BNP Paribas)
By Patturaja Murugaboopathy and Gaurav Dogra
(Reuters) - More money is flowing into safer assets such as money markets and bonds in Asia, data shows, as investors worry over slowing global growth, trade frictions and easier monetary policies.
Data from Refinitiv Lipper showed investors bought $30 billion of Asian money market funds and $10 billion of the region's bond funds in the past two months. However, they sold $3 billion of equity funds.
Their investments in money market funds in the first five months of this year stood at $34.7 billion, the highest in four years, the data showed.
Higher investment flows into such safer assets point to growing caution as the protracted Sino-U.S. trade war takes its toll on the region's growth, even as some of Asia's central banks adopt more expansionary policies this year.
Graphic: Funds' monthly flows into Asian hard currency bonds https://fingfx.thomsonreuters.com/gfx/mkt/12/2013/1988/Funds%20monthly%20flows%20into%20Asian%20hard%20currency%20bonds.jpg
"We have seen a lot of investors in a wait-and-see mode pushing into cash and short-term deposits, while they wait to see what happens with the trade war talks right now," said Paul Sandhu, Head of Multi-Assets Quant Solutions at BNP Paribas Asset Management in Hong Kong.
China and the United States said this week they were reviving talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, raising expectations of a new phase in negotiations. Talks had broken down in May after Washington raised some tariffs and proposed new ones covering nearly all of the remaining Chinese imports into the United States.
"If these tariffs stay in place for 4-6 months, the resulting sharp tightening of financial conditions and shock to corporate confidence will push the global economy towards recession," Morgan Stanley analysts said in a note.
A fund manager survey by BofA Merrill Lynch conducted this month showed global funds' average cash balance soared to 5.6% from 4.6% for each of the last 3 months, marking the biggest jump in cash since the U.S. debt ceiling crisis in 2011.
"We hold more cash than we have in a while, even though the growth assets we do own are predicated on working our way through," said Michael Kelly, Global Head of Multi-Asset for PineBridge.
Kelly said he had liquidated some of his holdings in China-A shares and Indian equities this year, but still has exposure in the two markets.
MSCI's broadest index of Asia-Pacific shares outside Japan has fallen more than 5% since May, however, it is still up about 7% so far this year.
Meanwhile, most Asian central banks are likely to cut their policy rates this year to boost their economies, and the hopes are drawing investors to regional bonds.
Indonesia's central bank held its policy interest rate unchanged on Thursday, but cut the reserve requirement for banks and said it was now appeared a "matter of timing and magnitude" before it made its first cut in rates since September 2017.
Policymakers in the Philippines also kept rates steady but said there was room to ease
Graphic: Foreign flows into Asian bonds https://fingfx.thomsonreuters.com/gfx/mkt/12/1733/1708/Foreign%20flows%20into%20Asian%20bonds.jpg
Recent data from regional banks and bond market associations in Malaysia, Thailand, Indonesia, South Korea and India showed foreigners bought a net $4.61 billion of regional bonds in May, while they sold $6.4 billion in equities.
BNP Paribas's Sandhu said he prefers switching to high yielding dollar emerging market bonds from equities this year.
"I think that Asian bonds, especially hard currency denominated bonds, have good yield. They have further attraction, as it takes some of the currency risks out of play," he said.
Graphic: Investments into Asian mutual funds https://fingfx.thomsonreuters.com/gfx/mkt/12/2078/2053/Investments%20into%20Asian%20mutual%20funds.jpg
(Editing by Vidya Ranganathan and Kim Coghill) |
Slack Is Going Public Without an IPO. Here's How a Direct Listing Works
Ten years after it was founded, Slack Technologies willlist its shareson the New York Stock Exchange on Thursday. The ticker symbol? WORK. And the NYSE has setSlack’s stock reference price, which may help determine where it starts trading, at $26 a share, valuing the company around $15.6 billion.
But in contrast to the vast majority of tech companies that go public using an initial public offering, or IPO, Slack will use a direct offering.
Slack’s workplace collaboration software is used by 600,000 companies and organizations, and is considered by many to be an indispensable alternative to older means of communications like email. For small investors anxious to own a piece of the company that plays a big role in their workdays, Slack’s stock debut presents an intriguing opportunity. Here’s how the direct offering will work.
Slack is going public through a direct public offering, also known as adirect listing. It’s a more obscure alternative to IPOs that few large companies considered before Spotifystaged its direct offeringin April 2018.
In an IPO, a company works with a group of underwriters, typically several Wall Street investment banks. Underwriting a financial asset guards against financial risk. (Theterm“underwriting” comes from the archaic practice of writing one’s name under the amount of risk taken on marine insurance policies.) In the case of a stock offering, underwriters agree to hold any shares they aren’t able to sell to investors through the offering.
Slack, like Spotify, is working withGoldman Sachs,Morgan Stanley, and Allen & Co. to list its shares directly on the NYSE, but not as underwriters.
Before an IPO, underwriters stage a roadshow with institutional investors to discuss a company’s financials and outlook. In the process, they assess demand and determine an initial price for the stock once it begins trading on an exchange. In contrast, direct offerings are priced by the stock market itself.
Before the stock begins trading, the stock exchange determines an “initial reference price.” Spotify’s reference price, for example, was $132.50 a share, at the high end of its trading range during the previous three months on private secondary markets. Slack’s reference price will be $26 a share, the NYSEsaidlate Wednesday, which is right in the middle of its $21 a share-to-$31.50 a share range on private markets during the last three months, according to Slack’sS-1registration statement.
Although a reference price may be the direct offering’s equivalent of an offering price, it’s different from the opening price of the stock. That will be determined Thursday morning by market makers who balance buy and sell orders at the start of the trading day. It can be a dicey proposition, but if managed right it can go smoothly.
The key benefit of an IPO is to help a company raise money by selling new shares. In a direct offering, most existing shareholders are given the option to sell their shares directly into the stock market. These shareholders may include venture capital firms, employees who received stock as compensation, or accredited investors who bought shares in the private secondary markets. No new shares are offered.
In an IPO,SEC rulestypically restrict shareholders from selling shares until six months after the offering. A direct offering makes it much easier for employees and early investors to cash out as soon as the first day of trading. This can be a big help for investors in companies that have waited to go public, which many of the best-known tech companies have been doing for years.
A direct offering also offers a few other benefits. It avoids underwriting fees, which generallyrun between 4% and 7%of the total proceeds raised in IPO. It obviates the lengthy roadshow, provided that most institutional investors are already familiar with the company. And it offers less risk of trading volatility. Underwriters often underprice IPOs to create the first-day “pop,” only to see the price slump after the six-month lock-up period expires and insiders sell shares.
Most companies heading for the public market will still work with underwriters on IPOs, but a select few may opt for direct listings. Airbnb issometimes mentionedas a potential DPO candidate.
IPOs still offer benefits for companies, mainly the ability to raise new capital and to generate publicity and attention, not just to potential shareholders but to customers as well. Direct offerings can involve more risk—although that risk is lessened if a company doesn’t need to raise more cash, is a household name known to retail investors, and has a group of employees and investors clamoring to sell their shares in the stock market.
“The success of Spotify’s direct listing was due in part to Spotify being a well-capitalized company with no immediate need to raise additional capital, while also having a large and diverse shareholder base that could provide sufficient supply-side liquidity on the first day of trading, as well as a well-recognized brand name and an easily understood business model,” Latham & Watkins, a law firm that worked with Spotify on its offering, wrote in a subsequentcase study. “Companies that do not share these traits may not be the right fit for a direct listing.”
The number of companies that pursue direct offerings may increase in coming years, but only slightly. IPOs will remain the main onramp to the stock market though Spotify’s direct listing set a template that seemed to work. If Slack’s offering goes smoothly, a few larger, well-known companies may follow its direct path into the public market.
For most small investors, Slack going public via a direct offering rather than an IPO won’t change much. There may be some initial volatility as the initial price is set, but Slack is still required to disclose its financial information as IPO candidates do. Still, having a handle on the process Slack is taking to go public is part of the due diligence that all investors need to perform.
—4 things investors need to knowabout Slack’s direct listing
—What, exactly, is Slack?And more FAQ.
—Slack’s CEO was raised in a log cabin—andnow he’s worth $1.3 billion
—When thenext recession hits, four good things could happen
—Listen to our new audio briefing,Fortune500 Daily
Don’t miss the dailyTerm Sheet,Fortune‘s newsletter on deals and dealmakers. |
What Does NORMA Group SE's (FRA:NOEJ) Share Price Indicate?
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NORMA Group SE (FRA:NOEJ), which is in the machinery business, and is based in Germany, received a lot of attention from a substantial price movement on the DB over the last few months, increasing to €46.62 at one point, and dropping to the lows of €34.46. Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. A question to answer is whether NORMA Group's current trading price of €36.48 reflective of the actual value of the small-cap? Or is it currently undervalued, providing us with the opportunity to buy? Let’s take a look at NORMA Group’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change.
See our latest analysis for NORMA Group
Good news, investors! NORMA Group is still a bargain right now. According to my valuation, the intrinsic value for the stock is €54.26, which is above what the market is valuing the company at the moment. This indicates a potential opportunity to buy low. What’s more interesting is that, NORMA Group’s share price is quite volatile, which gives us more chances to buy since the share price could sink lower (or rise higher) in the future. This is based on its high beta, which is a good indicator for how much the stock moves relative to the rest of the market.
Future outlook is an important aspect when you’re looking at buying a stock, especially if you are an investor looking for growth in your portfolio. Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. NORMA Group’s earnings over the next few years are expected to increase by 23%, indicating a highly optimistic future ahead. This should lead to more robust cash flows, feeding into a higher share value.
Are you a shareholder?Since NOEJ is currently undervalued, it may be a great time to increase your holdings in the stock. With a positive outlook on the horizon, it seems like this growth has not yet been fully factored into the share price. However, there are also other factors such as capital structure to consider, which could explain the current undervaluation.
Are you a potential investor?If you’ve been keeping an eye on NOEJ for a while, now might be the time to enter the stock. Its buoyant future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy NOEJ. But before you make any investment decisions, consider other factors such as the strength of its balance sheet, in order to make a well-informed investment decision.
Price is just the tip of the iceberg. Dig deeper into what truly matters – the fundamentals – before you make a decision on NORMA Group. You can find everything you need to know about NORMA Group inthe latest infographic research report. If you are no longer interested in NORMA Group, you can use our free platform to see my list of over50 other stocks with a high growth potential.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
World Meat Free Week: A sneak-peek inside the UK's first vegan butchers
The UK’s first vegan butchers is opening its doors to the public this week. Launched by Sainsbury’s to coincide with World Meat Free Week which ends on 23 June, the three-day pop up in Bethnal Green , London , will look just like a conventional meat butchers at first glance. However, the "meaty" cuts, joints and strings of sausages found in the shop will in fact be made from the likes of mushroom, jackfruit and even pea protein. Customers who visit the East-End butchers from Friday 21 June will be able to choose from more than a dozen high quality fresh foods, including Cumberland Shroomdogs and Veggie Ribz. The animal-free products will then be weighed and wrapped, ready for hungry shoppers to take home just like in a traditional store. The in-store butcher will be specially trained for plant-based cooking, sharing recipe advice and tips to help customers get involved in World Meat Free Week, which encourages people to try more plant-based foods. Among the vegan offerings, people will find Sweet & Smoky BBQ Pulled Jackfruit, Moroccon Vegbabs, Meat-Free Mince and Shroomballs – all of which will be sold at a discounted price. Sainsbury’s decided to open the vegan butchers after it reported a 65 per cent increase in sales of plant-based products year-on-year. (Sainsbury's) The retailer hopes the store will highlight how far vegan food has come over the years and convince those who have never tried meat alternatives to get involved. James Hamilton, a buyer for Sainsburys, said: "Whilst we’re seeing a huge climb in sales of our plant-based foods, we know from conversations with customers that there is a sense of trepidation about cooking with them. (Sainsbury's) "So, our Meat-Free Butchers has been launched to encourage people to get up close to the products, try what they like and take home some valuable cooking advice and recipe inspiration." The launch follows a recent report which found that the majority of meat people eat will not come from dead animals by the year 2040. Story continues (Sainsbury's) Global consultancy firm AT Kearney conducted the report based on interviews with industry experts, who predict that 60 per cent of the meat products we consume in 2040 will either be plant-based replacements or cultured alternatives grown in vats. The report suggests that the transition will be the result of a growing awareness of the environmental consequences of conventional meat farming methods and the rising demand for vegan alternatives. Earlier this year, supermarket Iceland launched an in-store greengrocers that sold packaging-free fruit and vegetables as part of its efforts to eliminate plastic entirely by 2023. The trial, which launched in The Food Warehouse in North Liverpool, sold 35 loose items and 27 lines in plastic-free packaging such as compostable punnets, paper bags and cellulose nets. The Meat-Free Butchers, by Sainsbury’s, will be located at 146 Bethnal Green Rd, London E2 6DG from 21 - 23 June, from 11am – 8pm on Friday, and 10am – 8pm on Saturday and Sunday. |
US Fed Chair: Facebook's Libra Carries Both Benefits and Risks
Jerome Powell, the head of theUnited StatesFederal Reserve, has said that he recognizes both potential benefits and risks toFacebook’s recently-unveiled Libracryptocurrencyproject . Powell made his remarks duringa press conferencebroadcast on PBS news hour on June 19.
During the conference, the Fed chair was asked whether he was concerned as to whether Facebook’s libra cryptocurrency could undermine the Fed and erode its power to influence the economy.
In response, Powell said he believed that society remains a long way from digital currencies replacing central bank currencies, and that the central bank was not too concerned about no longer being able to implement monetary policy because of them given the infancy of the digital asset class.
Powellconfirmedthat Facebook had reached out to discuss its project with the Fed, noting that the company has ostensibly:
“Made quite broad rounds around the world with regulators, supervisors and lots of people to discuss their plans and that certainly includes us. It’s something we’re looking at, we meet with a broad range of private sector firms all the time on financial technology and there’s just a tremendous amount of innovation going on out there.”
In addition, Powell said he believed there to be both potential benefits and risks particularly of a digital currency such as Facebook’s, which would have a prospectively large application.
He said he echoed thesentimentsof Bank of England (BoE) governor Mark Carney in that he believes “we will wind up having quite high expectations from a safety and soundness and regulatory standpoint if they do decide to go forward with something.”
As to whether libra should come under any formal regulation as such, Powell clarified that:
“We don’t have plenary authority over cryptocurrencies as such. They play into our world through consumer protection and money laundering […] but I would say that through international forums we have significant input into the payment system and [...] play an important role in the payment system here in the United States.”
Governmentofficials worldwide have expressed a range of opinions on Facebook’s new token, which could havepotential exposureto a combined 2.7 billion users each month.
Soon after the libra white paper was published, the chairwoman of the U.S. Financial Services Committeerequestedthat Facebook halt development of the project. U.S. Senate’s Banking Committee is set toheartestimony about the project on July 16.
French Minister of the Economy and Finance Bruno Le Maire hassaidthat the government intends to “ask for guarantees” from Facebook in regard to Libra.
Cointelegraph has alsoreportedthat the Chairman of theRussianState Duma Committee on Financial Market Anatoly Aksakov said that the country would not legalize the use of the token.
• France Creates G7 Taskforce to Examine Facebook’s Libra, Crypto Regulation
• Facebook Has Not Applied for RBI Approval to Operate Libra in India: Report
• CME: Open Interest in Bitcoin Futures Contracts Hit All-Time High
• Senate Banking Committee Sets Hearing on Facebook’s Crypto for July 16 |
Introducing Voluntis (EPA:VTX), The Stock That Tanked 85%
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Even the best investor on earth makes unsuccessful investments. But it would be foolish to simply accept every extremely large loss as an inevitable part of the game. We wouldn't blameVoluntis S.A.(EPA:VTX) shareholders if they were still in shock after the stock dropped like a lead balloon, down 85% in just one year. While some investors are willing to stomach this sort of loss, they are usually professionals who spread their bets thinly. Because Voluntis hasn't been listed for many years, the market is still learning about how the business performs. The falls have accelerated recently, with the share price down 68% in the last three months.
We really hope anyone holding through that price crash has a diversified portfolio. Even when you lose money, you don't have to lose the lesson.
See our latest analysis for Voluntis
Voluntis isn't currently profitable, so most analysts would look to revenue growth to get an idea of how fast the underlying business is growing. Shareholders of unprofitable companies usually expect strong revenue growth. That's because fast revenue growth can be easily extrapolated to forecast profits, often of considerable size.
In just one year Voluntis saw its revenue fall by 38%. That's not what investors generally want to see. The market obviously agrees, since the share price tanked 85%. That's a stern reminder that profitless companies need to grow the top line, at the very least. Of course, extreme share price falls can be an opportunity for those who are willing to really dig deeper to understand a high risk company like this.
Depicted in the graphic below, you'll see revenue and earnings over time. If you want more detail, you can click on the chart itself.
Thisfreeinteractive report on Voluntis'sbalance sheet strengthis a great place to start, if you want to investigate the stock further.
While Voluntis shareholders are down 85% for the year, the market itself is up 5.9%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. The share price decline has continued throughout the most recent three months, down 68%, suggesting an absence of enthusiasm from investors. Given the relatively short history of this stock, we'd remain pretty wary until we see some strong business performance. Shareholders might want to examinethis detailed historical graphof past earnings, revenue and cash flow.
If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on FR exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
House Dems on brink of minimum wage victory
House Democratic leaders are on the cusp of a long-awaited victory on the partys signature $15-an-hour minimum wage bill, overcoming months of sharp resistance from many of the caucus' moderates. Top Democrats are saying privately theyre confident that they are close enough to the 218 votes needed to pass it to bring the bill to the floor within weeks, according to multiple sources. It would mark a major political victory at the six-month mark of the Democrats majority. Several one-time holdouts including Rep. Terri Sewell (D-Ala.), who has championed a competing approach that would create a regional minimum wage now say they will vote for the bill on the floor, though they are still looking for additional assistance for small businesses that may be hurt by the minimum wage increase. The vote, which is expected shortly after the House returns from its Fourth of July recess, will put an end to a frenzied lobbying blitz by top Democrats to win over the caucuss remaining skeptics, which had become a glaring example of the tensions between moderates and progressives. House Majority Whip Jim Clyburn (D-S.C.) said in a closed-door leadership meeting Tuesday night that he secured roughly 213 votes, according to aides. Democrats believe the pressure of the roll call vote will be enough to squeeze the few remaining holdouts. I dont have any doubt that were going to have the votes, House Majority Leader Steny Hoyer (D-Md.) told reporters Wednesday, though he stopped short of committing to a timeframe for the floor vote. There are some folks who would like to see us do something to make sure the small business fears are allayed. The one lingering concern, according to people familiar with the discussions, is how to deflect potentially disastrous GOP attacks on the bill when it comes up for a vote. Republicans are expected to use their procedural powers on the floor to force Democrats to vote on tricky issues related to the minimum wage like protections for small businesses that could further expose the caucus ideological divide. Story continues It could also tank the entire bill. If Republicans successfully force any changes into the bill, scores of Democrats would likely flee, because progressive leaders have refused to support anything less than their hallmark $15-an-hour proposal. The lead author of the bill, House Education and Labor Chairman Bobby Scott (D-Va.), had struggled for months to rally enough moderate Democrats behind the bill, with some members privately complaining of a tone-deaf approach. Congressman Bobby Scott, D-Va, gestures during an election party in Falls Church, Va., Tuesday, Nov. 6, 2018. Scott was unopposed in his election. But momentum began to shift in recent weeks, with leaders of the Blue Dog Coalition, Rep. Tom OHalleran (D-Ariz.) and Stephanie Murphy (D-Fla.), helping to deliver votes from red-state Democrats in exchange for their own provision in the bill. That compromise amendment, from OHalleran, Murphy and TJ Cox (D-Calif.), will be included in the final bill, according to multiple aides. It would require the Government Accountability Office to conduct a study on the policys economic effects after roughly two years which moderates see as a potential way to revisit the issue if economic conditions deteriorate. Scott and his team also helped win over individual members with district-by-district data that showed the number of people who would get a raise, offering a counterpoint to the objections from some local businesses. Top Democrats, including Hoyer, have vowed to hold a vote on the minimum wage bill before the August recess, under intense pressure from outside groups to deliver on a key plank of the progressive platform. Scott and other Education and Labor members have argued behind the scenes for weeks that they have enough votes to bring the bill to the floor. Theyve said that some holdouts would only come out in favor of the bill if they were facing a roll call a process that one Democratic aide described as a game of chicken. Heather Caygle contributed to this story. |
The 'Star Wars: Empire Strikes Back' Mistake Hiding In Plain Sight For 39 years
The “ Star Wars ” saga takes place a long time ago, in a galaxy far, far away. But one goof that’s been hiding in plain sight for decades is of much more recent ― and far, far more local ― vintage. If you take a close look at Luke’s lightsaber in the wampa cave on the icy planet of Hoth in 1980s “Empire Strikes Back,” you’ll see “NEW YORK” stamped into the bottom. The error was spotted by Pablo Hidalgo of the Lucasfilm Story Group, who works to ensure continuity throughout the “Star Wars” franchise: I've noted this before, but every time I watch a Star Wars movie, there's something new to notice. Especially if I'm fortunate to catch it on the big screen. This latest discovery? that 'NEW YORK' is visible on the bottom of Luke's lightsaber in EMPIRE. pic.twitter.com/Z85NPvgcVR — Pablo Hidalgo (@pablohidalgo) June 19, 2019 Given that there aren’t many people in any galaxy who know as much about “Star Wars” as Hidalgo, it’s a safe bet that few have noticed the error. But good luck NOT seeing it in subsequent viewings. It’s even visible in the YouTube clip: Hidalgo explained in subsequent tweets that the lightsaber was made from a Graflex flash holder for a camera: Graflex made the old camera flash holder that the lightsaber was built out of. pic.twitter.com/PqaGkzXAVi — Pablo Hidalgo (@pablohidalgo) June 19, 2019 When it was repurposed as a lightsaber, most of the text on the bottom was hidden. But much of “New York” was unobscured, and for the most part unnoticed. Until now. Love HuffPost? Become a founding member of HuffPost Plus today. Also on HuffPost Black-and-white concept treatment for "Star Wars" style "A" theatrical one-sheet, 1977 Full-color painted concept treatment for "Star Wars" novelization rerelease cover, c. 1977 Attack Position, 2010 (Limited-edition Mondo screen print) Final mixed-media/digital artwork for "The Phantom Menace" theatrical advance poster, 1998 Full-color painted concept treatment for "Caravan of Courage: An Ewok Adventure" style “B” poster, 1984 Final photomosaic for "The Phantom Menace" poster, 1999 Cruise the Galaxy, 2011 (Limited-edition giclee print for Acme Archives) This article originally appeared on HuffPost . View comments |
Did Biocorp Production's (EPA:ALCOR) Share Price Deserve to Gain 37%?
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If you want to compound wealth in the stock market, you can do so by buying an index fund. But if you pick the right individual stocks, you could make more than that. To wit, theBiocorp Production(EPA:ALCOR) share price is 37% higher than it was a year ago, much better than the market return of around 2.4% (not including dividends) in the same period. If it can keep that out-performance up over the long term, investors will do very well! The longer term returns have not been as good, with the stock price only 20% higher than it was three years ago.
Check out our latest analysis for Biocorp Production
Given that Biocorp Production didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. Shareholders of unprofitable companies usually expect strong revenue growth. Some companies are willing to postpone profitability to grow revenue faster, but in that case one does expect good top-line growth.
Over the last twelve months, Biocorp Production's revenue grew by 67%. That's well above most other pre-profit companies. While the share price gain of 37% over twelve months is pretty tasty, you might argue it doesn't fully reflect the strong revenue growth. If that's the case, now might be the time to take a close look at Biocorp Production. Since we evolved from monkeys, we think in linear terms by nature. So if growth goes exponential, opportunity may exist for the enlightened.
The graphic below shows how revenue and earnings have changed as management guided the business forward. If you want to see cashflow, you can click on the chart.
Thisfreeinteractive report on Biocorp Production'sbalance sheet strengthis a great place to start, if you want to investigate the stock further.
Pleasingly, Biocorp Production's total shareholder return last year was 37%. That gain actually surpasses the 6.2% TSR it generated (per year) over three years. Given the track record of solid returns over varying time frames, it might be worth putting Biocorp Production on your watchlist. You might want to assessthis data-rich visualizationof its earnings, revenue and cash flow.
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss thisfreelist of companies that have proven they can grow earnings.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on FR exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
John Worboys admits to four more sexual assaults
Black cab rapist John Worboys has pleaded guilty to drugging four more women as he appeared at an Old Bailey hearing by video link. The 62-year-old, who now goes by the name John Derek Radford, targeted women who hailed his cab and drugged them in order to sexually assault them. He was jailed in 2009 for sex assaults on 12 women and at an Old Bailey hearing on Thursday, pleaded guilty to a string of further offences relating to four more women. Appearing via video link from Wakefield prison, Worboys, wearing spectacles and a light grey and green shirt, pleaded guilty to two counts of administering a stupefying or overpowering drug with intent to commit rape or indecent assault. He also admitted two counts of administering a substance with intent to commit a sexual offence under the Sexual Offences Act. The first victim was picked up in Worboys' taxi after leaving a bar. John Worboys has pleaded guilty to drugging four more women (PA) All the women made their allegations to police in early 2018, but the offences dated back to between 2000 and 2008 in London. Grey-haired Worboys spoke only to confirm his identity and enter his guilty pleas. The court heard the maximum sentence faced by Worboys was life in prison. Read more from Yahoo News UK: Couple forced to flee Norfolk Broads cottage that started to sink US confirms spy drone shot down by Iran in international airspace Man, 52, dies after bar brawl at Butlin's holiday camp Mrs Justice McGowan adjourned sentencing to September 2 for a report to be prepared on Worboys' history of offending and dangerousness. She said: "This is a case on which the public interest is better represented by the probation service putting forward a complete history.” She ordered the defendant to be produced in court at the next hearing, saying: "This is a case where the public might expect the defendant to be sitting in the dock.” Property seized from John Worboys during his original court case (PA) At his first trial at Croydon Crown Court in 2009, jurors were told Worboys picked up his victims in London's West End and plied them with champagne laced with sedatives on the pretext of celebrating a lottery or casino win. Story continues Worboys, originally from Enfield, was convicted of 19 offences including one count of rape, five sexual assaults, one attempted assault and 12 drugging charges. He was jailed for at least eight years but was told he would be held in custody as long as he was deemed a danger to the public. Last year, the Parole Board ruled he should remain in prison citing his "sense of sexual entitlement" and a need to control women. Police believe Worboys may have carried out more than 100 rapes and sexual assaults on women in London between 2002 and 2008. Undated Metropolitan Police handout photo of John Worboys' cab (PA) At an earlier hearing in the latest case, prosecutor Jonathan Polnay said: "The allegation is that in 2000 or 2001 (the first victim) left a bar in Dover Street and hailed a taxi. The prosecution case is the driver of that black cab was this defendant. "He told her he had won money on the horses and was celebrating and claimed he had been a stripper with the Chippendales. "He offered champagne and invited her to celebrate. She agreed. "This defendant pulled over on a side road off the A40 served an alcoholic drink in a plastic cup, which she drank. That is her last memory that evening. "She woke up the next day naked with her clothes left in a trail on the way to her bed.” The Parole Board last year ruled Worboys should remain in prison citing his "sense of sexual entitlement" and a need to control women (PA) The prosecutor continued: "In the late 2000s when there was considerable publicity about this defendant when he stood trial for a number of sexual offences she recognised the defendant as the taxi driver who had picked her up and in due course on December 13 2018 she picked him out in an identity parade. "It is therefore the prosecution case this defendant did in fact administer a drug of sorts that caused her to lose consciousness. "All his previous convictions relate to a very particular, identical modus operandi - picking up women in taxis, claiming he had won money gambling, offered alcohol laced with a form of sedative.” Mr Polnay added the second complainant was a university student in London in 2003 when she was targeted after leaving a nightclub on New Oxford Street in what was "an identical method not only to the first count but a number of previous convictions and allegations three and four". ---Watch the latest videos from Yahoo UK--- |
Does Wavestone SA (EPA:WAVE) Have A Place In Your Dividend Portfolio?
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Is Wavestone SA (EPA:WAVE) a good dividend stock? How would you know? Dividend paying companies with growing earnings can be highly rewarding in the long term. Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments.
A 1.0% yield is nothing to get excited about, but investors probably think the long payment history suggests Wavestone has some staying power. The company also bought back stock during the year, equivalent to approximately 1.7% of the company's market capitalisation at the time. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. We'll run through some checks below to help with this.
Explore this interactive chart for our latest analysis on Wavestone!
Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. As a result, we should always investigate whether a company can afford its dividend, measured as a percentage of a company's net income after tax. Wavestone paid out 15% of its profit as dividends, over the trailing twelve month period. Given the low payout ratio, it is hard to envision the dividend coming under threat, barring a catastrophe.
In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Wavestone's cash payout ratio last year was 13%, which is quite low and suggests that the dividend was thoroughly covered by cash flow. It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously.
Remember, you can always get a snapshot of Wavestone's latest financial position,by checking our visualisation of its financial health.
Before buying a stock for its income, we want to see if the dividends have been stable in the past, and if the company has a track record of maintaining its dividend. Wavestone has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. During this period the dividend has been stable, which could imply the business could have relatively consistent earnings power. During the past ten-year period, the first annual payment was €0.048 in 2009, compared to €0.23 last year. Dividends per share have grown at approximately 17% per year over this time.
With rapid dividend growth and no notable cuts to the dividend over a lengthy period of time, we think this company has a lot going for it.
While dividend payments have been relatively reliable, it would also be nice if earnings per share (EPS) were growing, as this is essential to maintaining the dividend's purchasing power over the long term. It's good to see Wavestone has been growing its earnings per share at 23% a year over the past 5 years. The company is only paying out a fraction of its earnings as dividends, and in the past been able to use the retained earnings to grow its profits rapidly - an ideal combination.
Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. First, we like that the company's dividend payments appear well covered, although the retained capital also needs to be effectively reinvested. Next, growing earnings per share and steady dividend payments is a great combination. All these things considered, we think this organisation has a lot going for it from a dividend perspective.
Companies that are growing earnings tend to be the best dividend stocks over the long term. See what the 3 analysts we track are forecasting for Wavestonefor freewith publicanalyst estimates for the company.
If you are a dividend investor, you might also want to look at ourcurated list of dividend stocks yielding above 3%.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
9 ways UK millennials are worse off than older generations
Young people have faced a squeeze on their incomes. Photo: REUTERS/Clodagh Kilcoyne A new study lays bare the unprecedented squeeze on young peoples incomes and living standards over the past decade in the UK. The Resolution Foundations first intergenerational audit" spells out the stark challenges facing millennials in the UK, compared to both previous generations of young people and older baby boomers. The think tank says it should be a wake-up call to policymakers, urging them to focus on how income growth can be rebooted for younger generations. Steep decline in wages The think tank says the past decade has seen wages take an unprecedented battering as Britains economy endured the financial crisis and its aftermath. The foundations report published on Thursday says younger workers have been hit particularly hard, with real hourly pay for workers in their 20s dropping a staggering 9.2% between 2009 and 2014. The share of 18-29-year-olds working in lower-paid jobs has soared from under 30% in the early 1990s to almost 40% today. It has remained flat across older age groups. Stuck in temporary and part-time work The number of young people working part-time or in a temporary job through necessity rather than choice has remained stubbornly flat over the past few years. Meanwhile the number of workers in older age groups trapped in such work has continued to drop as employment rates have picked up to record levels in the UK. Graduates in low-paid jobs READ MORE: Study destroys the myth millennials are wasting their money Young people leaving university at the height of the financial crisis were far more likely to go into low-paid work than before and after the crash. Britain saw a 30% rise in graduates in lower-paid work when the crisis began, and the rate remained high for seven more years as the British economy struggled to recover. This matters because time spent in low-paying occupations reduces someones future earnings prospects, not just because pay progression and training are weaker in these occupations but also because moving to higher-paying occupations is relatively rare, the think tank notes. Story continues Stark rise in housing costs People born in the early 1940s had to fork out around 10% of their incomes for housing costs when they were young workers. For people born generations later in the early 1980s, housing costs had more than doubled as a proportion of income to 24%. Housing costs for todays 20-somethings are a result of increases in ongoing housing costs across tenures since the 1980s, and a shift towards the highest-cost private-rented sector, according to the study. Lower home ownership Young people are struggling to get on the housing ladder. Photo: Press Association READ MORE: Half of UK workers fear they could be jobless by end of 2019 Home ownership rates have been falling for young adults since the late 1980s. Six in 10 families with breadwinners born in the early 1950s owned their own homes by the age of 33. For earners born in the early 1980s, the number is around 33% lower at just four in 10 families. The report highlights high house prices and the associated deposit barrier as the key challenges for younger would-be buyers. Children in rented homes The study says more members of Generation X are becoming parents while living in the typically more insecure private rental sector than in the past, rather than as homeowners or social housing tenants. The share of children starting school while living in privately rented homes has soared from 10% in 2003 to 25% today. Living with parents The share of people in their late 20s living with their parents has also increased, reflecting rising housing costs and the squeeze on wages. It has increased from 24% in 2007 to 32% in 2018. Today we publish our inaugural Intergenerational audit - an in-depth examination of the big intergenerational living standards challenges facing Britain today , supported by @NuffieldFound - https://t.co/XnGJwP7WsM Here's a rundown from RF Research Director @lauracgardiner pic.twitter.com/SL4sb6lLSf ResolutionFoundation (@resfoundation) June 20, 2019 Higher taxes, lower benefits The average 30-45-year-old will be around £385 worse off by 2024 because of tax and benefit changes introduced since the Conservatives returned to power in 2015. By contrast the average household headed by an over-65 will see a £100 gain to their finances as austerity cuts take a heavier toll on the younger generation. Less money for going out Millennials are now forced to spend a far larger share of their income on essentials like bills and education, leaving them with 7% less disposable income in real terms. People aged 18-29 and even 30-49 today now use a smaller share of their non-housing spending for recreation, culture, restaurants and hotels than those aged 65 plus. READ MORE: Boris Johnson and his Tory leadership rivals could take UK on a borrowing spree |
Does The Budget Telecom S.A. (EPA:ALBUD) Share Price Tend To Follow The Market?
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If you own shares in Budget Telecom S.A. (EPA:ALBUD) then it's worth thinking about how it contributes to the volatility of your portfolio, overall. In finance, Beta is a measure of volatility. Volatility is considered to be a measure of risk in modern finance theory. Investors may think of volatility as falling into two main categories. First, we have company specific volatility, which is the price gyrations of an individual stock. Holding at least 8 stocks can reduce this kind of risk across a portfolio. The second sort is caused by the natural volatility of markets, overall. For example, certain macroeconomic events will impact (virtually) all stocks on the market.
Some stocks are more sensitive to general market forces than others. Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). However, Warren Buffett said 'volatility is far from synonymous with risk' in his 2014 letter to investors. So, while useful, beta is not the only metric to consider. To use beta as an investor, you must first understand that the overall market has a beta of one. Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.
See our latest analysis for Budget Telecom
Zooming in on Budget Telecom, we see it has a five year beta of 0.82. This is below 1, so historically its share price has been rather independent from the market. If history is a good guide, owning the stock should help ensure that your portfolio is not overly sensitive to market volatility. Share price volatility is well worth considering, but most long term investors consider the history of revenue and earnings growth to be more important. Take a look at how Budget Telecom fares in that regard, below.
Budget Telecom is a noticeably small company, with a market capitalisation of €15m. Most companies this size are not always actively traded. Very small companies often have a low beta value because their share prices are not well correlated with market volatility. This could be because the price is reacting to company specific events. Alternatively, the shares may not be actively traded.
The Budget Telecom doesn't usually show much sensitivity to the broader market. This could be for a variety of reasons. Typically, smaller companies have a low beta if their share price tends to move a lot due to company specific developments. Alternatively, an strong dividend payer might move less than the market because investors are valuing it for its income stream. In order to fully understand whether ALBUD is a good investment for you, we also need to consider important company-specific fundamentals such as Budget Telecom’s financial health and performance track record. I highly recommend you dive deeper by considering the following:
1. Future Outlook: What are well-informed industry analysts predicting for ALBUD’s future growth? Take a look at ourfree research report of analyst consensusfor ALBUD’s outlook.
2. Past Track Record: Has ALBUD been consistently performing well irrespective of the ups and downs in the market? Go into more detail in the past performance analysis and take a look atthe free visual representations of ALBUD's historicalsfor more clarity.
3. Other Interesting Stocks: It's worth checking to see how ALBUD measures up against other companies on valuation. You could start with thisfree list of prospective options.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
The Walliser Kantonalbank (VTX:WKBN) Share Price Is Up 42% And Shareholders Are Holding On
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By buying an index fund, investors can approximate the average market return. But if you buy good businesses at attractive prices, your portfolio returns could exceed the average market return. For example,Walliser Kantonalbank(VTX:WKBN) shareholders have seen the share price rise 42% over three years, well in excess of the market return (18%, not including dividends). On the other hand, the returns haven't been quite so good recently, with shareholders up just 1.4%, including dividends.
See our latest analysis for Walliser Kantonalbank
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
During the three years of share price growth, Walliser Kantonalbank actually saw its earnings per share (EPS) drop 2.8% per year. Companies are not always focussed on EPS growth in the short term, and looking at how the share price has reacted, we don't think EPS is the most important metric for Walliser Kantonalbank at the moment. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
We severely doubt anyone is particularly impressed with the modest 2.9% three-year revenue growth rate. So truth be told we can't see an easy explanation for the share price action, but perhaps you can...
You can see how revenue and earnings have changed over time in the image below, (click on the chart to see cashflow).
If you are thinking of buying or selling Walliser Kantonalbank stock, you should check out thisFREEdetailed report on its balance sheet.
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Walliser Kantonalbank, it has a TSR of 56% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted thetotalshareholder return.
Over the last year Walliser Kantonalbank shareholders have received a TSR of 1.4%. While you don't go broke making a profit, this return was actually lower than the average market return of about 15%. But the (superior) three-year TSR of 16% per year is some consolation. We prefer focus on longer term returns, as they are usually a more meaningful indication of the underlying business. Keeping this in mind, a solid next step might be to take a look at Walliser Kantonalbank's dividend track record. Thisfreeinteractive graphis a great place to start.
But note:Walliser Kantonalbank may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with past earnings growth (and further growth forecast).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on CH exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Britain acted unlawfully on Saudi arms exports, court rules
LONDON, June 20 (Reuters) - A British court on Thursday ruled that the British government had acted unlawfully in allowing arms exports to Saudi Arabia that might have been used in the conflict in Yemen.
"The Court of Appeal has concluded that the process of decision-making by the government was wrong in law in one significant respect," judge said as he handed down the ruling.
He added that the government made "no concluded assessments of whether the Saudi-led coalition had committed violations of international humanitarian law in the past, during the Yemen conflict."
"The decision of the court today does not mean that licenses to export arms to Saudi Arabia must immediately be suspended," he said.
"It does mean that the UK government must reconsider the matter, must make the necessary assessments about past episodes of concern, allowing for the fact that, in some cases, it will not be possible to reach a conclusion."
The case was brought by the Campaign Against the Arms Trade against the British government. (Reporting by Paul Sandle and Guy Faulconbridge; editing by Alistair Smout) |
Monsoon hits drought-hit Maharashtra: weather department official
MUMBAI (Reuters) - India's annual monsoon has covered some parts of the western state of Maharashtra and conditions are becoming favourable for further advancement into the southern part of the country, a weather department official said on Thursday.
Monsoon has covered southern parts of Maharashtra and drought hit regions of the state are likely to get good rainfall in the next few days, K.S. Hosalikar, a senior official of the state-run India Meteorological Department, told Reuters.
"In the next 2-3 days, monsoon is likely to cover some more parts of Maharashtra," he said.
Maharashtra is the country's second biggest producer of cotton, sugar cane and soybeans, and top producer of onions and summer-sown pulses.
(Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu) |
How to Make Your Washer and Dryer Last Longer
Consumer Reports has no financial relationship with advertisers on this site. Consumer Reports has no financial relationship with advertisers on this site. How long do you expect your washer and dryer to last? Some CR readers are frustrated, reporting that their machine needed repair within the first three years, while others are thrilled that their washer is still going strong after 28 years. "After reading so many horror stories with the new machines, I'm OK keeping my 20-plus-year-old Frigidaire set that I have had serviced 2 times," wrote one reader recently on our washing machine buying guide . "We will expire together." If only life were so neat and tidy. CR members expect a washer and dryer to last 10 years, on average, according to our 2018 survey. Most major manufacturers say you can expect at least that. Speed Queen is unusual in that it claims its machines can last roughly 25 years. Even so, our survey found that around 30 percent of all newly purchased washers are likely to develop problems or break within the first five years. Dryers are less complicated machines, and that statistic drops to about 20 percent. Those figures are based on CR members' experiences with more than 71,000 washers and more than 57,000 electric and gas dryers purchased between 2008 and 2018. Here are eight things you can do to help your washer and dryer reach the 10-year mark. Washing Machines 1. Keep it level. The drums on modern washers can spin up to 1,600 rpm. To keep the machine from vibrating excessively and damaging itself, the washer needs to sit dead level, with its feet firmly on the floor. “If your washer is unsteady, extend one foot at a time,” says Richard Handel, who runs CR’s laundry appliances test lab. “Once the washer feels stable, use a level to check it front to back and side to side, adjust as necessary, then tighten the lock nuts on the feet.” 2. Don’t overdo it on detergent. A surplus of suds makes the washer work harder and could trigger extra rinse cycles, extending wash time and wasting energy and life span. Use the correct type of detergent in the amount recommended by your washer’s manual. Newer washers use a lot less water than those made 15 years ago, and high-efficiency (HE) detergents, which produce less suds, are formulated to work with water-saving front-loaders, HE top-loaders, and even certain agitator top-loaders. Story continues 3. Clean the dispenser drawer. Remove it and clean it on a routine basis. When detergent builds up in the dispenser, it can cause suds galore, making the washer work harder. 4. Try to prevent mold. It thrives when it has food and water, and washers provide plenty of both, with detergent and fabric softener residue serving as food sources. Run the tub-clean feature regularly—the recommended frequency varies by machine, from once a month to every 50 cycles. If your washer doesn’t have it, run an empty load on the hottest setting with a cup of bleach. When the front-loader has done its job, wipe away moisture inside the door and on the rubber gasket, and gently pull back the gasket to clean away any residue and dry the surface. Between loads, keep a front-loader’s door ajar—as long as young children aren’t afoot—or a top-loader’s lid open, and open the dispensers to give them an opportunity to dry. 5. Inspect the water-fill hoses. Replace when cracked or brittle. If a hose bursts, the flood can damage your appliances and your floor , for starters. Dryers 1. Clean the lint trap. It may seem obvious, but this is something to do before every load to ensure that the air flows freely. A blocked lint trap requires the dryer to run longer, adding to wear and tear on the machine. 2. Replace an accordion-style duct. Plastic or foil accordion-style ducts can sag, enabling lint to accumulate in low points and in the ridges. If lint builds up to the point where it restricts airflow, your clothes won't dry and conditions are ripe for a dryer fire . Replace the duct with one that's rigid metal. It has smooth walls, allowing the air to flow and reducing the buildup of lint (a flexible metal duct should be your second choice). Use duct connectors and metal clamps or foil tape to joins sections of duct, and pass on sheet-metal screws. They can catch lint and cause buildup inside the duct. 3. Keep the duct clear. Once you have the right type of duct in place, be sure to clean it at least once a year. Disconnect the duct from the dryer, then vacuum the dryer vent with a long-handled attachment. Next, use a special brush made for cleaning dryer ducts: Feed it into the duct, vacuuming up chunks of lint as you move it back and forth. “Where possible, separate the duct into shorter sections for better access,” says CR's Handel. Reassemble and attach the duct to the dryer, ensuring that all joints in the duct are properly connected and held with clamps or foil tape. “If you don’t feel comfortable doing it yourself, you can call a dryer vent cleaning service," Handel says. Editor's Note: A version of this article also appeared in the August 2019 issue of Consumer Reports magazine. The Problem of Pet Hair You can’t imagine life without your furry friend, but how do you deal with all that pet hair? CR expert Emilio Gonzalez shows " Consumer 101 " TV show host Jack Rico how to remove the hair—and save your washing machine in the process. More from Consumer Reports: Top pick tires for 2016 Best used cars for $25,000 and less 7 best mattresses for couples Consumer Reports is an independent, nonprofit organization that works side by side with consumers to create a fairer, safer, and healthier world. CR does not endorse products or services, and does not accept advertising. Copyright © 2019, Consumer Reports, Inc. |
Oracle Rises 7%
Investing.com - Oracle (NYSE:ORCL) rose by 6.91% to trade at $56.32 by 09:30 (13:30 GMT) on Thursday on the NYSE exchange.
The volume of Oracle shares traded since the start of the session was 2.11M. Oracle has traded in a range of $55.58 to $56.42 on the day.
The stock has traded at $56.3400 at its highest and $52.2500 at its lowest during the past seven days.
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1.5 million questions submitted to Putin for call-in show
Vladimir Putin enters the state television studio for his annual call-in show on Thursday - Pool Sputnik Kremlin More than 1.5 million questions have been submitted to president Vladimir Putin for his traditional television call-in show, a rare chance for Russians to have local issues solved in one stroke. This was more than a million fewer than last year, suggesting Russians may be tiring of the carefully choreographed show despite a state pollster's finding that three-fourths of the population would follow the show. While people can make queries of Mr Putin live on state television, the questions are screened in advance. The 17th annual call-in show shortly after noon on Thursday. The first question came from a firefighter in the Kaliningrad region who asked how he could be expected to live on £125 a month. The president responded that such a salary was lower than the minimum wage and should not have occurred. State television correspondents then began speaking with patients and workers in three hospitals in far-flung parts of the country. Among the topics Mr Putin was expected to address was a plan to ship rubbish from Moscow to the Arctic Arkhangelsk region, an idea that sparked months of protests. Hundreds of activists in Shiyes, the town where a tip is being built for waste from the capital, had recorded a video appeal to Mr Putin and expected to be given a chance to go on air with him. But authorities at the last minute moved the place of the live filming from Shiyes to a town 40 kilometres away in a possible attempt to reduce the number of activists taking part. A controversial tip outside Moscow was closed after Mr Putin criticised it during his 2017 call-in show. While the call-in show typically focuses on domestic issues, the Netherlands will want to see if Mr Putin addresses the shoot down of Malaysia Airlines flight 17 during the separatist conflict in eastern Ukraine in 2014. On Wednesday, the Dutch-led investigation charged three Russian fighters with murder, displaying intercepted phone calls in which they asked Russian officials for anti-aircraft weapons and discussed deploying a missile delivered from Russia. Another looming question is the fate of US investor Michael Calvey, who was arrested after tangling with a businessman linked to top Russian officials. The US ambassador boycotted the St Petersburg economic forum over the case, which has further spooked foreign investors. View comments |
Capt. 'Sully' Sullenberger Slams Boeing for Inadequate Pilot Training on the Troubled 737 Max
Airline union leaders and a famed former pilot said Wednesday thatBoeingmade mistakes while developing the 737 Max, and the biggest was not telling anybody about new flight-control software so pilots could train for it.
Chesley “Sully” Sullenberger, who landed a crippled airliner safely on the Hudson River in 2009, said he doubted that any U.S. pilots practiced handling a specific malfunction until it happened on two Max jets that crashed, killing 346 people. Max pilots should train for such emergencies in simulators—not just on computers, as Boeing proposes, he said.
“We should all want pilots to experience these challenging situations for the first time in a simulator, not in flight, with passengers and crew on board,” Sullenberger said, adding that “reading about it on an iPad is not even close to sufficient.”
Sullenberger’s comments to the House aviation subcommittee came during the third congressional hearing on Boeing’s troubled plane, which has been grounded for three months.
Daniel Carey, the president of the pilots’ union atAmerican Airlines, said Boeing’s zeal to minimize pilot-training costs for airlines buying the 737 Max jet contributed to design errors and inadequate training. That has left a “crisis of trust” around aviation safety, he said.
Former Federal Aviation Administration chief Randy Babbitt said his old agency too readily accepted Boeing’s design changes on the Max, and pilots should have been better trained. Sara Nelson, president of the largest flight attendants’ union, joined in hammering Boeing and the FAA, although she acknowledged she has recently noticed “a chastened tone” from the company.
As the hearing unfolded in Washington, the head of the pilots’ union atSouthwest Airlinesin Dallas said his group will seek compensation from Boeing for lost flying assignments and the costs of complying with a Justice Department subpoena for its records, which are part of the government’s criminal investigation into Boeing.
All of the comments underscore the challenges Boeing faces convincing pilots they can be confident the Max can be made safe. Those pilots, in turn, are key to convincing reluctant passengers to fly on the plane.
“That bond between the passenger and the pilot is one that is critical,” Boeing CEO Dennis Muilenburg said during an investor presentation in April.
Pilots complain that Boeing did not tell them about flight software called MCAS until after the October crash of a Lion Air jet in Indonesia. That same software, which could misfire on the failure of a single sensor, was implicated in a second crash five months later of an Ethiopian Airlines jet.
The MCAS software was designed to make the Max feel like previous 737 models to pilots despite engines that were larger and placed more forward on the wings and changed the plane’s aerodynamics.
“This was a fatal design flaw built into the aircraft at the factory,” Carey said in an interview before the hearing.
After the Lion Air crash, Boeing sent pilots and airlines a checklist of steps to take if MCAS malfunctioned, including disabling the software and hand-cranking a wheel to manually rotate part of the plane’s tail and point the nose up. The Ethiopian Airlines pilots tried that, but they couldn’t physically move the tail part because the jet was flying too fast.
“We not only have to devise checklists, we have to make sure those checklists are able to be performed by a flight crew,” Carey told the lawmakers.
Carey said video training for pilots on the MCAS updates would be enough to get the planes back into the air, but he advocated simulator training during each pilot’s training updates.
Boeing engineers have finished making fixes to the software and expect to soon demonstrate their work to government safety officials on test flights in hopes that the FAA will certify the plane as safe.
The changes will be accompanied by additional pilot training. FAA technical experts endorsed Boeing’s conclusion that simulator time is not immediately needed for pilots who know how to fly older 737 models. Acting FAA Administrator Daniel Elwell said recently the agency has not made a final decision.
Carey and Sullenberger also questioned the FAA’s independence from Boeing and other companies it regulates. Sullenberger criticized an FAA program that relies on industry employees to perform some safety tests and inspections, and he urged lawmakers to give FAA more money so it can do the work itself.
No one from Boeing Co. testified at Wednesday’s hearing. Rep. Peter DeFazio, an Oregon Democrat and chairman of the full House Transportation Committee, said his panel has received “a substantial number” of the documents it has requested from Boeing and the FAA about development and approval of the Max, and he will summon the company to a future hearing.
In a statement, Boeing spokesman Peter Pedraza said Boeing was providing information to regulators, airlines and pilots “to re-earn their trust and know we must be more transparent going forward.”
Boeing’s path to regaining trust still looks bumpy. Jon Weaks, president of the pilots’ union at Southwest — which owns 34 Max jets, more than any other carrier, and is the world’s biggest 737 operator — faulted Boeing for many missteps during the crisis.
“Boeing seems to receive more bad news with every passing week and still needs to learn how to rebuild trust as well as the airplane,” Weaks wrote in a memo to his pilots on Wednesday. |
Time to Chain Up: Is Blockchain About to Change the Gaming Industry?
The gaming industry has grown dramatically in recent years, partially because the world of video games is keeping up with the latest technological advances and even tries to get ahead of them. As such, it couldn’t bypass theblockchain. It’s not surprising that, from time to time, gaming companies announce the development of games based on this technology. So, the French gaming giantUbisoft, known for the Assassin's Creed and Far Cry franchises, hasannouncedthat a blockchain will be integrated into its games. So, what can a blockchain give to the world of games and does it even need to be included at all?
The video game industry is currently alluring for any entrepreneur. So, it is no wonder that initial coin offerings (ICOs) are very popular among video games developers. But why exactly is the blockchain so useful that it is now becoming so attractive to the gaming industry?
Gaming apps that use blockchain began to emerge back in 2014, when players started to earn money withHunterCoinorCryptoKitties, the latter of which managed to become extremely popular in its first year. Their popularity was due to the main component of blockchain: the immutable ledger, in which players are unable to change the data. This means there is an established trust between all industry participants, from developers to players.
Related:Video Games and Blockchain: New Experience for Players or More Profit for Developers?
In addition, this trust has also been monetized. Using a blockchain in a video game implies issuing and supportingcryptocurrencies. A game token is a single currency used to express the value of all items traded within the game and smoothes out the problems of transaction systems with multiple currencies. The purchase and sale of in-game items in cryptocurrencies is secured by a smart contract, which significantly increases its transaction reliability and security.
On the back of the success of such minigames, developers and companies that develop bigger games began to pay attention to the new technology. In early 2017, online store Gamefliplauncheda platform on which anyone could buy and sell digital goods. This platform gives players true ownership and flexibility to trade their goods in the ecosystem without any fraud.
At the end of October 2017, OPSkins, which developed the world's largest centralized marketplace of virtual goods for computer games, announced the creation of a decentralized platform called WAX for exchanging in-game items. The platform is a repository of virtual values containing a catalog of all items available for sale that is updated in real time. It is based on a blockchain protocol that allows the use of an unlimited number of scalable trading platforms.
And in the end of October, Brian Fargo, the CEO of inXile Entertainment — one of the creators of Fallout, Wasteland and Baldur's Gate —announcedthe launch of Robot Cache, a platform for video game distribution. The platform uses its own cryptocurrency, called IRON, which is based on the ERC-20 standard. IRON can be directly issued, bought or sold on the Robot Cache platform. Users can spend the cryptocurrency on games or exchange them forfiat money.
Related:Cash, Coins and Casinos: Japan Struggles to Regulate Online Gambling
Some companies that offer not only an in-game exchange but also a separate intra-game cryptocurrency have begun to make use of the blockchain as well. In October 2018, the gaming platform MobileGO, in collaboration with Xsolla,presentedits ownaltcointhat is available to all players on the platform. According to the company, it intends to increase the level of honesty so that players at esports competitions are guaranteed to receive their prize money.
The giants of the gaming industry are not standing on the sidelines but neither are they rushing in to launch blockchain-based projects, as they continue studying the possibility of using the technology in their development.
In 2018, there was news that Ubisoft, one of the world's largest game developers, had been considering ways to use blockchain technology in its gaming strategy. In February 2018, Blockchain Initiative Manager Nicolas Pouard and Senior R&D Programmer Robert Falce at Ubisoftannouncedthat they were working on a blockchain-based game called HashCraft in the company’s Strategic Innovation Lab and evenexplainedwhat it means for Ubisoft:
“The mission of the lab is to explore social, technical and business trends that will shape the future of entertainment. On this basis, we are trying to help Ubisoft to be prepared to these changes. We strongly believe that blockchain is a huge thing, something that will change the gaming industry.”
The game will allow players to develop quests and tasks, the details of which are to be stored in a public blockchain. HashCraft will be built on the private blockchain MultiChain. Each player will fulfill the role of a miner in the network — all the player’s actions will be visually represented as an island. This island is generated by the player’s computer and, after its creation, the island is stored in the blockchain. The island will be represented as a property that the player owns and can change or reshape by their own will. With the help of blockchain, each player will acquire the true ownership of the characters. But Ubisoft has not yet announced the release date of the game.
In the fall of 2018, Ubisoft took another step closer to the blockchain industry by becoming a member of theBlockchain Game Alliance, which promotes a universal standard in the blockchain gaming space. Among the participants of the alliance are such major industry players as Fig, the company that created the platform for players and has launched its own cryptocurrency Enjin; Alto, the developer of tools for integrating blockchain into games based on Ultra blockchain platform; and EverdreamSoft, the developer of one of the earliest blockchain-based games called Spells of Genesis.
There are a few reasons why some might be sceptical about utilizing blockchains, such as slow processes and long verification times — claims that are often made by those against the use of blockchain technology — and not to mention the complicated keys for cryptocurrency wallets that can easily be lost.
The next arguable weakness of blockchain is that, in the scenarios in which it is used to establish a marketplace, it has to rely on a cryptocurrency, which may be highly volatile. Periods of unbridled pricegrowthare replaced by the same sharp falls,which results in investors showing great restraint from investing in crypto assets.
Related:Gaming Firm Unitopia Raises $5 Million to Create Blockchain Equivalent of Steam
In addition, the leading providers of fiat payments — such as PayPal and Apple Pay — are strong in the gaming industry. Whether it is a big game or a low-budget phone app, the payment methods that exist today, in many ways, are focused on impulsive shopping and small transactions that characterize modern players. And of course, no one in gaming is completely protected from hacking attacks, but blockchain can help to solve this problem.
Also, according to the CEO and game producer of Blockchain Cuties, Vladimir Tomko, the lack of regulation in this sphere and the risk to image are the main barriers for companies such as Ubisoft:
“Cryptocurrencies are not fully regulated, there is a lot of ‘unofficial’ cryptocurrencies and this simultaneously carries strong reputational and legal risks. For big companies like Ubisoft, these are serious limiting factors. If they make a mistake somewhere or they are accused of accepting money that was later turned out unofficial, it will affect their PR position and the price of their shares.”
But Vladimir is optimistic about the joint future of blockchain and gaming:
“The fact that large companies are on blockchain market and participate in everything, communicate with everyone, gives them an important strategic position. They know the actual ins and outs of the market, and if necessary, will be able to react faster than competitors. Moreover, the ‘react’ means not only developing their own titles — Ubisoft will be able to become one of the first big companies to start making M&A deals as soon as they realize that the market has become interesting enough to enter it seriously. I expect the first deals at the end of this — the middle of next year.”
Thus, if developers manage to find a way around the weak points of blockchain technology, then gamers all over the world will likely soon receive a completely unique gaming product.
The founder of the Crypto Games Conference, Andriy Sharanevyc, believes that big gaming companies think, first of all, about monetizing blockchain:
“Speaking of big developers and publishers, it all depends on money that can be earned from using blockchain. Now everyone is in the process of experimenting and trying to figure out what to do with it and how. Just like in 2008 when everybody was sceptical about iOS platform. So small developers are checking this path.The big ones stand by and watch. As soon as they see the worthiness of blockchain and understand how to make money on it, they will immediately break in and start dividing the market.”
The increasing tendency to use blockchain in gaming is becoming apparent, regardless of whether it is a way to promote a game developer’s own content or a desire to protect the rights of consumers. More and more, makers of big-title games are thinking about integrating this technology, and this interest is not only coming from game developers, but also global brands such as Sony, whichpatenteda digital gaming access system in the spring of 2018. Sony’s blockchain platform will allow users to monitor their digital rights and reduce the amount of “pirated” content.
Will blockchain bring big gaming companies the opportunity to develop their capabilities or set up a whole new direction in the gaming industry? The answer could come in the nearest future. But the fact is that this technology has already been applicable in gaming and is encouraging for the blockchain industry. The other issue is, will it be applicable just for facilitating currency transfers or will it add to the gameplay experience?
• Russia Is Getting Serious About Blockchain, but Remains on the Fence About Cryptocurrencies
• Report: Facebook Secures Support From Dozens of New Firms for Its Crypto Project
• Facebook’s Crypto Project Will Be A Milestone According to RBC
• Swedish Bitcoin-Powered Mobile Refill Service Bitrefill Raises $2M to Expand Services |
Speedboat killer Jack Shepherd loses appeal against Charlotte Brown manslaughter conviction
British Jack Shepherd, center, arrives for a court session in Tbilisi, Georgia, Friday, Jan. 25, 2019. (AP/PA) Speedboat killer Jack Shepherd has lost a Court of Appeal challenge against his conviction for the manslaughter of 24-year-old Charlotte Brown. He was jailed for six years over the death of Ms Brown, who was thrown from his boat when it capsized on the River Thames during their first date in December 2015. The 31-year-old web developer challenged his conviction for manslaughter by gross negligence at the court in London last week. His lawyers argued the conviction was unsafe because some of the evidence at his trial came from an interview during which he was not cautioned or offered a solicitor because of a “mistake” by police. Victim Charlotte Brown (PA) But his appeal was dismissed by Sir Brian Leveson and two other senior judges on Thursday. “When granting leave (to appeal), the single judge made the point that the appellant should not be overoptimistic as to the outcome,” said the judge. “That warning was prescient. The appeal against conviction is dismissed.” Shepherd was criticised by Charlotte Brown’s family after the appeal hearing. Ms Brown's sister Katie said Shepherd had “not once shown any remorse or respect to our family, or to the legal system or to even Charlie". Shepherd, originally from Exeter, went on the run ahead of his Old Bailey manslaughter trial and was convicted in his absence in July 2018. He was later extradited to the UK after being captured in the former Soviet Republic of Georgia after handing himself in to police in the capital Tbilisi in January this year. Jack Shepherd fled to Georgia before being arrested (Photo by Vano Shlamov / AFP) Jurors at his trial heard that he and Ms Brown, 24, from Clacton-on-Sea, Essex, had been drinking champagne and went on a late-night trip in his boat past the Houses of Parliament. It was claimed that Shepherd handed the controls to Ms Brown just before it struck a submerged tree and overturned, tipping both of them into the water. He was plucked from the Thames alive, but Ms Brown was found unconscious and unresponsive. |
Here's What Wärtsilä Oyj Abp's (HEL:WRT1V) P/E Is Telling Us
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This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll apply a basic P/E ratio analysis to Wärtsilä Oyj Abp's (HEL:WRT1V), to help you decide if the stock is worth further research.Wärtsilä Oyj Abp has a P/E ratio of 20.34, based on the last twelve months. That corresponds to an earnings yield of approximately 4.9%.
View our latest analysis for Wärtsilä Oyj Abp
Theformula for P/Eis:
Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)
Or for Wärtsilä Oyj Abp:
P/E of 20.34 = €13.3 ÷ €0.65 (Based on the trailing twelve months to March 2019.)
A higher P/E ratio means that buyers have to paya higher pricefor each €1 the company has earned over the last year. That is not a good or a bad thingper se, but a high P/E does imply buyers are optimistic about the future.
If earnings fall then in the future the 'E' will be lower. Therefore, even if you pay a low multiple of earnings now, that multiple will become higher in the future. A higher P/E should indicate the stock is expensive relative to others -- and that may encourage shareholders to sell.
Wärtsilä Oyj Abp's earnings per share were pretty steady over the last year. And over the longer term (5 years) earnings per share have decreased 1.4% annually. So you wouldn't expect a very high P/E.
We can get an indication of market expectations by looking at the P/E ratio. The image below shows that Wärtsilä Oyj Abp has a P/E ratio that is roughly in line with the machinery industry average (20.4).
Wärtsilä Oyj Abp's P/E tells us that market participants think its prospects are roughly in line with its industry. If the company has better than average prospects, then the market might be underestimating it. Further research into factors such asmanagement tenure, could help you form your own view on whether that is likely.
Don't forget that the P/E ratio considers market capitalization. In other words, it does not consider any debt or cash that the company may have on the balance sheet. Hypothetically, a company could reduce its future P/E ratio by spending its cash (or taking on debt) to achieve higher earnings.
Spending on growth might be good or bad a few years later, but the point is that the P/E ratio does not account for the option (or lack thereof).
Wärtsilä Oyj Abp has net debt worth just 5.8% of its market capitalization. So it doesn't have as many options as it would with net cash, but its debt would not have much of an impact on its P/E ratio.
Wärtsilä Oyj Abp has a P/E of 20.3. That's around the same as the average in the FI market, which is 20.5. With modest debt and some recent earnings growth, it seems likely the market expects a steady performance going forward.
Investors should be looking to buy stocks that the market is wrong about. If it is underestimating a company, investors can make money by buying and holding the shares until the market corrects itself. So thisfreevisualization of the analyst consensus on future earningscould help you make theright decisionabout whether to buy, sell, or hold.
Of course,you might find a fantastic investment by looking at a few good candidates.So take a peek at thisfreelist of companies with modest (or no) debt, trading on a P/E below 20.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Asia Coffee: Vietnam prices little changed from last week; brisk trade in Indonesia
By Khanh Vu and Mas Alina Arifin HANOI/BANDAR LAMPUNG (Reuters) - Coffee prices in Vietnam remained little changed on Thursday from a week ago with supplies from farmers running low, while brisk trading activity was seen in Indonesia where a major harvest was peaking. Farmers in the Central Highlands, Vietnam's largest coffee growing area, sold coffee at 33,000-34,000 dong ($1.42-$1.46) per kg on Thursday, compared with 33,400-33,700 dong a week earlier. "Farmers have sold around 95% of their 2018/19 output and are not willing to sell the remaining 5% at the current prices," a trader based in Ho Chi Minh City said. Another trader based in the Central Highlands said some of the farmers won't sell below 35,000 dong per kg. Traders in Vietnam offered 5% black and broken grade 2 robusta at a $100 per tonne premium to the September contract, compared with a $60-$90 premium a week ago. September robusta coffee settled unchanged from the previous session at $1,372 per tonne on Wednesday, after falling from a recent peak of $1,504 on June 4. "Shipments from Vietnam will likely fall significantly until the next harvest that will begin in October," the first trader said, adding that the decline in global prices have also kept exporters from clinching new deals. Meanwhile, in Indonesia, grade 4 defect 80 robusta beans were being offered with $150 to $180 premium to September contract this week, said a trader in Sumatran province of Lampung. The premium was $170-$200 to July contract last week. "Supply is increasing and we are expecting the harvest to last until August," said another trader in Lampung. ($1 = 23,307 dong) (Reporting by Khanh Vu in HANOI and Mas Alina Arifin in BANDAR LAMPUNG; editing by Gopakumar Warrier) |
London to close 12 miles of roads on biggest car-free day to date
Drivers in a London traffic jam (DANIEL LEAL-OLIVAS/AFP/Getty Images) More than 12 miles of London’s roads will be closed during the capital’s biggest car-free day to date. Roads will be closed for the event around London Bridge, Tower Bridge and much of the City of London on September 22. The event is meant to tackle London’s air pollution crisis . It is the first time a London mayor has closed down large sections of roads in the city centre. A map of the closed streets released by the Mayor’s office on Thursday, showed that roads around St Paul’s, Monument and Bank will also be closed in September. Traffic jam line of red London buses on Waterloo Bridge (Mike Kemp/In Pictures via Getty Images) Boroughs across the city will also hold events promoting walking, cycling and public transport. There will also be “Play Streets” opened on the day for children. It is hoped that 150,000 Londoners will take part. It is estimated that London’s air pollution kills thousands of people each year and leaves two million – including 400,000 children – living in areas with illegally dirty air. A map of the proposed road closures (TfL) “I encourage as many Londoners as possible to join in the fun and see the city from a different perspective,” said London mayor, Sadiq Khan. “This will be a great opportunity for us all to leave our cars behind and explore our streets by foot, or by bike.” Read more from Yahoo News UK: United States confirms spy drone shot down by Iran First victim of listeria outbreak in British hospitals named Couple forced to flee Norfolk Broads cottage that started to sink The move has been backed by green groups including Greenpeace, who called the planned road closures “exciting”. Similar annual closures have taken place in other cities around the world, including Paris. The move is part of the global World Car Free Day. Last year, MPs described air pollution as a national emergency crisis. It is estimated that 9,000 people each year die in the capital because of air pollution. Half of the toxic air in the capital is caused by traffic. ---Watch the latest videos from Yahoo UK--- |
Have Insiders Been Buying XMReality AB (publ) (STO:XMR) Shares?
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It is not uncommon to see companies perform well in the years after insiders buy shares. Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. So shareholders might well want to know whether insiders have been buying or selling shares inXMReality AB (publ)(STO:XMR).
It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, rules govern insider transactions, and certain disclosures are required.
Insider transactions are not the most important thing when it comes to long-term investing. But logic dictates you should pay some attention to whether insiders are buying or selling shares. For example, a Columbia Universitystudyfound that 'insiders are more likely to engage in open market purchases of their own company’s stock when the firm is about to reveal new agreements with customers and suppliers'.
See our latest analysis for XMReality
While no particular insider transaction stood out, we can still look at the overall trading.
You can see the insider transactions (by individuals) over the last year depicted in the chart below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date!
There are always plenty of stocks that insiders are buying. So if that suits your style you could check each stock one by one or you could take a look at thisfreelist of companies. (Hint: insiders have been buying them).
Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. We usually like to see fairly high levels of insider ownership. Insiders own 14% of XMReality shares, worth about kr14m, according to our data. However, it's possible that insiders might have an indirect interest through a more complex structure. We do generally prefer see higher levels of insider ownership.
It's certainly positive to see the recent insider purchase. And the longer term insider transactions also give us confidence. However, we note that the company didn't make a profit over the last twelve months, which makes us cautious. Insiders likely see value in XMReality shares, given these transactions (along with notable insider ownership of the company). Of course,the future is what matters most. So if you are interested in XMReality, you should check out thisfreereport on analyst forecasts for the company.
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss thisfreelist of interesting companies, that have HIGH return on equity and low debt.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Is ADA Société Anonyme's (EPA:ALADA) 9.6% Dividend Sustainable?
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Could ADA Société Anonyme (EPA:ALADA) be an attractive dividend share to own for the long haul? Investors are often drawn to strong companies with the idea of reinvesting the dividends. If you are hoping to live on your dividends, it's important to be more stringent with your investments than the average punter. Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful.
With a eight-year payment history and a 9.6% yield, many investors probably find ADA Société Anonyme intriguing. We'd agree the yield does look enticing. When buying stocks for their dividends, you should always run through the checks below, to see if the dividend looks sustainable.
Explore this interactive chart for our latest analysis on ADA Société Anonyme!
Dividends are typically paid from company earnings. If a company pays more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. Looking at the data, we can see that 98% of ADA Société Anonyme's profits were paid out as dividends in the last 12 months. This is quite a high payout ratio that suggests the dividend is not well covered by earnings.
We update our data on ADA Société Anonyme every 24 hours, so you can always getour latest analysis of its financial health, here.
From the perspective of an income investor who wants to earn dividends for many years, there is not much point buying a stock if its dividend is regularly cut or is not reliable. Looking at the last decade of data, we can see that ADA Société Anonyme paid its first dividend at least eight years ago. It's good to see that ADA Société Anonyme has been paying a dividend for a number of years. However, the dividend has been cut at least once in the past, and we're concerned that what has been cut once, could be cut again. During the past eight-year period, the first annual payment was €0.10 in 2011, compared to €1.00 last year. This works out to be a compound annual growth rate (CAGR) of approximately 33% a year over that time. The growth in dividends has not been linear, but the CAGR is a decent approximation of the rate of change over this time frame.
So, its dividends have grown at a rapid rate over this time, but payments have been cut in the past. The stock may still be worth considering as part of a diversified dividend portfolio.
With a relatively unstable dividend, it's even more important to see if earnings per share (EPS) are growing. Why take the risk of a dividend getting cut, unless there's a good chance of bigger dividends in future? ADA Société Anonyme has grown its earnings per share at 4.3% per annum over the past five years. Still, the company has struggled to grow its EPS, and currently pays out 98% of its earnings. Limited recent earnings growth and a high payout ratio makes it hard for us to envision strong future dividend growth, unless the company should have substantial pricing power or some form of competitive advantage.
To summarise, shareholders should always check that ADA Société Anonyme's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. We're a bit uncomfortable with its high payout ratio, although at least the dividend was covered by free cash flow. Second, earnings growth has been ordinary, and its history of dividend payments is chequered - having cut its dividend at least once in the past. In sum, we find it hard to get excited about ADA Société Anonyme from a dividend perspective. It's not that we think it's a bad business; just that there are other companies that perform better on these criteria.
Now, if you want to look closer, it would be worth checking out ourfreeresearch on ADA Société Anonymemanagement tenure, salary, and performance.
Looking for more high-yielding dividend ideas? Try ourcurated list of dividend stocks with a yield above 3%.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Our Take On Xpro India Limited's (NSE:XPROINDIA) CEO Salary
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C. Bhaskar became the CEO of Xpro India Limited (NSE:XPROINDIA) in 2006. This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. Then we'll look at a snap shot of the business growth. And finally we will reflect on how common stockholders have fared in the last few years, as a secondary measure of performance. This method should give us information to assess how appropriately the company pays the CEO.
View our latest analysis for Xpro India
At the time of writing our data says that Xpro India Limited has a market cap of ₹369m, and is paying total annual CEO compensation of ₹11m. (This figure is for the year to March 2018). While we always look at total compensation first, we note that the salary component is less, at ₹10m. We examined a group of similar sized companies, with market capitalizations of below ₹14b. The median CEO total compensation in that group is ₹1.3m.
Thus we can conclude that C. Bhaskar receives more in total compensation than the median of a group of companies in the same market, and of similar size to Xpro India Limited. However, this doesn't necessarily mean the pay is too high. A closer look at the performance of the underlying business will give us a better idea about whether the pay is particularly generous.
The graphic below shows how CEO compensation at Xpro India has changed from year to year.
On average over the last three years, Xpro India Limited has grown earnings per share (EPS) by 90% each year (using a line of best fit). It achieved revenue growth of 13% over the last year.
This shows that the company has improved itself over the last few years. Good news for shareholders. It's also good to see decent revenue growth in the last year, suggesting the business is healthy and growing. We don't have analyst forecasts, but shareholders might want to examinethis detailed historical graphof earnings, revenue and cash flow.
With a three year total loss of 25%, Xpro India Limited would certainly have some dissatisfied shareholders. This suggests it would be unwise for the company to pay the CEO too generously.
We examined the amount Xpro India Limited pays its CEO, and compared it to the amount paid by similar sized companies. Our data suggests that it pays above the median CEO pay within that group.
However, the earnings per share growth over three years is certainly impressive. On the other hand returns to investors over the same period have probably disappointed many. Considering the per share profit growth, but keeping in mind the weak returns, we'd need more time to form a view on CEO compensation. CEO compensation is one thing, but it is also interesting tocheck if the CEO is buying or selling Xpro India (free visualization of insider trades).
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
UPDATE 5-Britain broke law in allowing arms exports to Saudis -court
(Adds comment from U.S. official, U.S. Senate action)
* Government stops new arms licenses after ruling
* UK says it will appeal the decision
* S.Arabia says stopping arms exports helps Iran (.)
By Paul Sandle and Guy Faulconbridge
LONDON, June 20 (Reuters) - Britain broke the law by allowing arms sales to Saudi Arabia that might have been deployed in the war in Yemen, an English court ruled on Thursday after activists said there was evidence the weapons had been used in violation of human rights statutes.
While the court's decision does not mean Britain must immediately halt arms exports to Saudi Arabia, it does mean that there is a stay on the granting of new export licenses to sell arms to the kingdom - Britain's biggest weapons purchaser.
The United Nations has described the conflict in Yemen, which has killed tens of thousands of people including thousands of civilians, as the world's worst humanitarian crisis.
"The Court of Appeal has concluded that the process of decision-making by the government was wrong in law in one significant respect," said Terence Etherton, England's second most senior judge.
Handing down the ruling, Etherton said the government made "no concluded assessments of whether the Saudi-led coalition had committed violations of international humanitarian law in the past, during the Yemen conflict".
International Trade Minister Liam Fox said he disagreed with the judgment and would seek permission to appeal.
"Alongside this we are carefully considering the implications of the judgment for decision making," Fox said.
"While we do this we will not grant any new licenses for export to Saudi Arabia and its coalition partners which might be used in the conflict in Yemen."
Britain is the world's sixth largest seller of arms, after the United States, Russia, France, Germany and China, according to the Stockholm International Peace Research Institute (SIPRI).
A senior U.S. State Department official declined to comment on the court ruling, but said both the United States and Britain had long-standing, deeply rooted security ties to Saudi Arabia, despite what he called certain "difficult situations."
"They are carrying a significant amount of equity to protect U.S. interests and U.S. persons, and it is incumbent upon us to stand shoulder to shoulder with our partners, especially when they are on the front line for our interests," he said.
The U.S. Senate also voted to back two resolutions opposing President Donald Trump's plan to complete weapons sales to Saudi Arabia and other countries.
Saudi Arabia accounted for 43 percent of Britain's global arms sales in the past decade. BAE Systems, Britain's biggest defence company, generates 14 percent, or around 2.6 billion pounds ($3.3 billion), of its group sales from Saudi.
"We continue to support the UK Government in providing equipment, support and training under government-to-government agreements between the United Kingdom and Saudi Arabia," a spokesman for BAE Systems said in a statement.
The British government is negotiating a multi-billion-pound deal to sell Saudi Arabia 48 new Typhoon fighter jets, but the deal has been held up by an embargo imposed by Germany, whose firms account for about a third of the content on the aircraft.
YEMEN WAR
The legal action against the British government was brought by the Campaign Against the Arms Trade, which wants to end the global arms trade and argued that British weapons were likely to have been used in Yemen in violation of human rights law.
A Western-backed alliance led by Saudi Arabia and the United Arab Emirates intervened in Yemen in 2015 to try to restore the internationally-recognised government to power after the Iran-aligned Houthis seized the capital, claiming to fight graft.
Saudi Arabia's minister of state for foreign affairs, Adel al-Jubeir, said Iran would be the only beneficiary of cutting off arms exports to the kingdom or its regional allies.
"The coalition is fighting a legitimate war at the behest of a legitimate government to stop Iran and its proxies from taking over a strategically important country - so the only beneficiary of a cut-off of weapons to the coalition is going to be Iran," Jubeir told reporters in London.
The war has left tens of thousands of people including civilians and children dead, and has put 10 million people at risk of famine and the world's worst cholera epidemic.
"The decision of the court today does not mean that license to export arms to Saudi Arabia must immediately be suspended," said Etherton, the British judge.
"It does mean that the UK government must reconsider the matter, must make the necessary assessments about past episodes of concern, allowing for the fact that, in some cases, it will not be possible to reach a conclusion."
Rights groups and Britain's opposition Labour Party welcomed the judgment.
Labour said British ministers had wilfully disregarded evidence that Saudi Arabia was violating international humanitarian law in Yemen, while nevertheless continuing to supply Riyadh with weapons.
"UK advice, assistance and arms supplies to Saudi's war in Yemen is a moral stain on our country," Labour leader Jeremy Corbyn said. "Arms sales to Saudi must stop now."
Fox, the trade minister, said Britain had always taken its export control obligations very seriously and would continue to do so. "Our whole assessment has been infused with IHL (international humanitarian law) considerations, indeed everything was looked at through the prism of IHL," he said. ($1 = 0.7881 pounds) (Editing by Alistair Smout and William Maclean/Mark Heinrich) |
Want To Invest In ageas SA/NV (EBR:AGS)? Here's How It Performed Lately
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For long term investors, improvement in profitability and outperformance against the industry can be important characteristics in a stock. In this article, I will take a look at ageas SA/NV's (EBR:AGS) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers.
See our latest analysis for ageas
AGS's trailing twelve-month earnings (from 31 December 2018) of €809m has jumped 30% compared to the previous year.
Furthermore, this one-year growth rate has exceeded its 5-year annual growth average of 12%, indicating the rate at which AGS is growing has accelerated. What's enabled this growth? Well, let’s take a look at whether it is only a result of industry tailwinds, or if ageas has experienced some company-specific growth.
In terms of returns from investment, ageas has fallen short of achieving a 20% return on equity (ROE), recording 8.7% instead. Furthermore, its return on assets (ROA) of 0.9% is below the BE Insurance industry of 1.2%, indicating ageas's are utilized less efficiently. However, its return on capital (ROC), which also accounts for ageas’s debt level, has increased over the past 3 years from 1.4% to 1.5%. This correlates with a decrease in debt holding, with debt-to-equity ratio declining from 48% to 39% over the past 5 years.
ageas's track record can be a valuable insight into its earnings performance, but it certainly doesn't tell the whole story. Positive growth and profitability are what investors like to see in a company’s track record, but how do we properly assess sustainability? I recommend you continue to research ageas to get a better picture of the stock by looking at:
1. Future Outlook: What are well-informed industry analysts predicting for AGS’s future growth? Take a look at ourfree research report of analyst consensusfor AGS’s outlook.
2. Financial Health: Are AGS’s operations financially sustainable? Balance sheets can be hard to analyze, which is why we’ve done it for you. Check out ourfinancial health checks here.
3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
NB: Figures in this article are calculated using data from the trailing twelve months from 31 December 2018. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Iran's IRGC says downed drone had turned off its "tracking equipment" - IRIB
DUBAI, June 20 (Reuters) - Iran's elite Revolutionary Guards said that a U.S. drone shot down on Thursday had turned off its identification transponder, the state broadcaster IRIB reported. "The drone took off from a U.S. base in the southern Persian Gulf ... It had turned off all its identifying equipment in violation of aviation rules and was moving in full secrecy," IRIB quoted a Guards statement as saying. Tehran said earlier that the Guards had downed a U.S. drone flying over southern Iran, raising fears of military confrontation with the United States. Washington said a U.S. drone had been shot down in international airspace. (Reporting by Dubai newsroom; Writing by Parisa Hafezi; Editing by Kevin Liffey) |
Is Ap67 Socimi, S.A.'s (BME:YAP67) 10% ROE Strong Compared To Its Industry?
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Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). We'll use ROE to examine Ap67 Socimi, S.A. (BME:YAP67), by way of a worked example.
Ap67 Socimi has a ROE of 10%, based on the last twelve months. One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.10 in profit.
View our latest analysis for Ap67 Socimi
Theformula for ROEis:
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Ap67 Socimi:
10% = €636k ÷ €6.3m (Based on the trailing twelve months to December 2018.)
It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. It is all the money paid into the company from shareholders, plus any earnings retained. Shareholders' equity can be calculated by subtracting the total liabilities of the company from the total assets of the company.
ROE measures a company's profitability against the profit it retains, and any outside investments. The 'return' is the amount earned after tax over the last twelve months. That means that the higher the ROE, the more profitable the company is. So, all else being equal,a high ROE is better than a low one. That means ROE can be used to compare two businesses.
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. The image below shows that Ap67 Socimi has an ROE that is roughly in line with the REITs industry average (9.2%).
That's not overly surprising. ROE doesn't tell us if the share price is low, but it can inform us to the nature of the business. For those looking for a bargain, other factors may be more important. For those who like to findwinning investmentsthisfreelist of growing companies with recent insider purchasing, could be just the ticket.
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
It seems that Ap67 Socimi uses a lot of debt to fund the business, since it has a high debt to equity ratio of 3.50. Its ROE is decent, but once I consider all the debt, I'm not really impressed.
Return on equity is useful for comparing the quality of different businesses. In my book the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking thisfreethisdetailed graphof past earnings, revenue and cash flow.
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
'Stressed' Facebook moderator dies of heart-attack after viewing hundreds of child abuse videos
A moderator scouring Facebook was subjected to hundreds if child abuse videos and other horrific content (GETTY) A Facebook moderator died of a heart attack after being subjected to hundreds of horrific videos on the social media site. Keith Utley, 42, worked the overnight shift at a Facebook content moderation site in Tampa, FL, operated by Cognizant, a professional service contractor. But the company had fallen short of accuracy targets relating to banning offensive content on the platform. Facebook now has 30,000 global employees enforcing safety and security on content posted to the site (GETTY) Mr Utley had spoken out about how the grotesque videos were affecting his mental health as he was struggling with the content he was seen. On March 9, 2018, Mr Utley died of a heart attack sat his desk. Co-workers noticed that he was unwell when they saw him sliding out of his chair. A recent expose by a group of ex-Facebook employees claimed the stressful conditions that workers endured (GETTY) Two colleagues performed CPR, but no defibrillator was available in the building. A manager called for an ambulance. Mr Utley died in Hospital but the exact circumstances of his death have not been released. By the time paramedics arrived, one worker said that Keith had already begun to turn blue. Read more on Yahoo News UK: Inside Facebook: Whistleblowers lift the lid on 'cult-like' social media giant Facebook to ban white nationalist hate speech following Christchurch attack Mother held in Dubai over Facebook posts says she 'wanted to die' Speaking to moderators at the company, The Verge heard how Mr Utley faced 'relentless pressure' from bosses to enforce community rules. One of the other employees said: “The stress they put on him — it’s unworldly. I did a lot of coaching. "I spent some time talking with him about things he was having issues seeing. And he was always worried about getting fired.” Employees at Cognizant told of the daily stress as the company failed to reach accuracy targets set by Facebook (Flickr) Another said that managers at the site had instructed employees not to discuss the death. The employee said: "Everyone at leadership was telling people he was fine. "They wanted to play it down. I think they were worried about people quitting with the emotional impact it would have." The Verge also hear how employees at Cognizant alleged the company was “a sweatshop in America”. One worker allegedly threatened to “shoot up the building” in a group chat, while another made a video of himself issuing death threats to his boss. Facebook unveiled measures to contract around 30,000 cyber-security employees around the world to scour the site and uphold security.. But in January, a group of ex-Facebook employees accused the company of having a ‘cult-like’ workplace culture. |
Waymo Teams Up with Renault and Nissan for Robotaxis in France and Japan
Self-driving car pioneer Waymo is teaming up with automakers Renault and Nissan to make its first journey outside the U.S. with a ride-hailing service that will dispatch a fleet of robotaxis in France and Japan. The partnership announced late Wednesday underscores Waymo’s ambition to deploy its driverless technology throughout the world in an attempt to revolutionize the way people get around. The Mountain View, California, company can afford to try because it’s backed by one of the world’s richest companies, Google , which secretly began working on driverless technology a decade ago before spinning off that project into what is now known as Waymo. After launching its ride-hailing service in France and Japan, Waymo intends to explore other European and Asian markets with Renault and Nissan. “This is an ideal opportunity for Waymo to bring our autonomous technology to a global stage,” Waymo CEO John Krafcik said. Waymo, Renault and Nissan didn’t set a timetable for when their ride-hailing service will launch. They left most other details vague. It seems likely it will still be several years before Waymo will be in a position to pose a serious challenge to Uber, the world’s largest ride-hailing service. Although Waymo’s self-driving technology is widely considered to be the world’s most advanced, it still isn’t adept enough to be trusted without a human poised to take control in case something goes awry with the robot. Waymo had hoped to launch a fully autonomous ride-hailing service last year in the Phoenix area, but instead is still keeping human safety drivers in those vehicles more than six months after it rolled out. That service, known as Waymo One, is still only offering rides to a few hundred passengers that previously participated in a test program. Krafcik told the German newspaper Handelsblatt last year that Waymo will likely use a different brand for its ride-hailing services outside the U.S. That could be one reason Waymo is working with France-based Renault and Japan-based Nissan, household names in their home countries. Story continues Waymo has previously struck deals with two automakers, Fiat Chrysler and Jaguar, but those involved ordering tens of thousands of vehicles to be equipped with self-driving technology for services in the U.S. So far, Waymo is only using Fiat Chrysler minivans for its Phoenix service. The partnership with Renault and Nissan also involves a long-time alliance they formed with Mitsubishi. But the fate of that alliance has been in limbo since Carlos Ghosn, the former CEO of both Renault and Nissan, was arrested late last year on charges that included falsifying financial reports. More must-read stories from Fortune : — Manufacturers are leaving China —for reasons beyond the trade war — Cruises to Cuba are banned , but the ships sail on —This is the one subject in the U.K. that’s as toxic as Brexit —German security chiefs say Alexa should provide evidence in court —Listen to our new audio briefing, Fortune 500 Daily Catch up with Data Sheet , Fortune ‘s daily digest on the business of tech. |
What Are Analysts Saying About The Future Of Paylocity Holding Corporation's (NASDAQ:PCTY)?
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In March 2019, Paylocity Holding Corporation (NASDAQ:PCTY) announced its earnings update. Overall, it seems that analyst forecasts are fairly optimistic, with earnings expected to grow by 46% in the upcoming year, though this is relatively lower than the past 5-year average earnings growth of 76%. With trailing-twelve-month net income at current levels of US$39m, we should see this rise to US$56m in 2020. Below is a brief commentary on the longer term outlook the market has for Paylocity Holding. For those interested in more of an analysis of the company, you canresearch its fundamentals here.
Check out our latest analysis for Paylocity Holding
The 17 analysts covering PCTY view its longer term outlook with a positive sentiment. Broker analysts tend to forecast up to three years ahead due to a lack of clarity around the business trajectory beyond this. To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line.
From the current net income level of US$39m and the final forecast of US$87m by 2022, the annual rate of growth for PCTY’s earnings is 21%. This leads to an EPS of $1.56 in the final year of projections relative to the current EPS of $0.74. In 2022, PCTY's profit margin will have expanded from 10% to 13%.
Future outlook is only one aspect when you're building an investment case for a stock. For Paylocity Holding, there are three pertinent aspects you should further research:
1. Financial Health: Does it have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk.
2. Valuation: What is Paylocity Holding worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether Paylocity Holding is currently mispriced by the market.
3. Other High-Growth Alternatives: Are there other high-growth stocks you could be holding instead of Paylocity Holding? Exploreour interactive list of stocks with large growth potentialto get an idea of what else is out there you may be missing!
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Legalize Cannabis Nationally Effort By Amending U.S. Constitution Started By 2020 Presidential Candidate, U.S. Senator Mike Gravel
Cannabis Legalization Through Descheduling It As A Schedule 1 Drug Promoted by Gravel's Non-Profit, Amendit.us
SEASIDE, CA / ACCESSWIRE / June 20, 2019 /An effort to legalize cannabis nationally has been started by 2020 Presidential Candidate andU.S. Senator Mike Gravel(D-Alaska), in conjunction with the Amendit.us organization (www.Amendit.us). The initiative is the most sensible pathway towards legalizing cannabis nationally and descheduling cannabis as a Schedule 1 drug. The solution, based on the historically provenconstitutional methodthat ended prohibition in the 1930s, provides the most secure and sustainable solution to end the War on Cannabis in the United States.
Senator Gravel, who served as Speaker of the Alaska House of Representatives and two terms in the U.S. Senate (1969-1981), and is well known for reading the "Pentagon Papers" into the Congressional Record in 1972, created Amendit.us, a non-profit 501c4 public benefit organization acting as the foundation for a nationwide campaign to de-schedule and legalize cannabis.
"With my deep knowledge of the Constitution and the current cannabis industry, I believe an amendment to repeal the War on Cannabis could easily secure the two-thirds vote needed in the House," stated Senator Gravel. "If the Senate fails to pass the legislation, we would use the power of ratification by individual states to achieve the goal, just as was done to repeal alcohol prohibition 85 years ago," added the Senator.
Article V of the U.S. Constitution describes how the Constriction can be amended. The first time it was used was to repeal the 18th Amendment of 1919, which instituted prohibition. Presidential candidate Franklin Roosevelt called for the repeal of prohibition and on Feb. 20, 1933, two-thirds of both Houses of Congress voted to repeal. The resolution was submitted to ratifying conventions in three-fourths of the state legislatures. A little more than 8 months later, the Amendment was ratified by the requisite number of state conventions.
"California legislators led the nation in the effort to legalize cannabis in 1996 withProposition215and can take the lead again in securing ratification of an amendment to remove cannabis from Schedule 1," continued Senator Gravel. "I am convinced the current will of the U.S. people supports ratification of such an amendment to legalize cannabis within a year."
Amendit.us is reaching out to every U.S. state and territory for support. The organization has all the necessary tools in place to help educate, contribute and provide the public with the opportunity to be a direct participant in the most dynamic effort in the last 100 years to protect the rights of U.S. citizens at our highest level, by amending the U.S. Constitution.
The language of the proposed amendment, resolutions, methods of participation, media kits, social media tools, crowdfunding access and more can be viewed on theAmendit.us websiteand on the following links:
Change.org:https://www.change.org/p/legalize-cannabis-by-amending-the-us-constitutionGoFundMe:https://www.gofundme.com/legalize-cannabis-by-amending-the-us-constitution
Join the team,sign thepetitionand be one of the first todonateto this historical solution to the end of the War on Cannabis.
Follow us on social media:
Facebook:https://facebook.com/amenditusInstagram:https://instagram.com/amenditusTwitter:https://twitter.com/amenditusLinkedIn:https://www.linkedin.com/company/amenditus
LET'S LEGALIZE CANNABIS AMERICA! #AMENDIT #AMENDITUS #LETSLEGALIZEIT #SIGNTHEPETITION
AboutAmendit.us
Amendit.usis a 501c4 non-profit public benefit organization founded by 2020 Presidentialcandidate and U.S. Senator Mike Gravel (D-Alaska) to deschedule cannabis as aSchedule 1 drug on the national level. More information can be found athttps://www.Amendit.US. Email the organization atinfo@Amendit.us.
Media Contact
Erika Taylor MontgomeryThree Girls Media Inc.408-218-2391Erika@ThreeGirlsMedia.com
SOURCE:Amendit.us
View source version on accesswire.com:https://www.accesswire.com/549334/Legalize-Cannabis-Nationally-Effort-By-Amending-US-Constitution-Started-By-2020-Presidential-Candidate-US-Senator-Mike-Gravel |
The Deciders: Meet the voters defining America's politics
By Letitia Stein June 20 (Reuters) - A retiree worried about his granddaughter's future in Pinellas County, Florida. A factory worker in Racine County, Wisconsin, who doubts politicians will improve her life as a single mother. A Boy Scout leader willing to cross party lines to revive his blue-collar town in Northampton County, Pennsylvania. A gay, Latino college student in Maricopa County, Arizona, preparing to cast his first presidential ballot. These voters live in some of the most competitive counties in America's presidential battleground states, places set to play an outsized role in the 2020 presidential election. All four counties were decided by four percentage points or less in 2016 and ultimately won by Donald Trump. Trump's path to a second term will test an electoral map he realigned. He must hold the strong support of the white, working-class voters who helped him capture Florida and Pennsylvania. He will aim to build on his narrow victory in Wisconsin, which saw a decline in turnout among predominately Democratic black voters. And he is fighting to keep the onetime Republican stronghold of Arizona in his column as population shifts have put the state in play for Democrats. Reuters will report from four critical counties in these states through the election for a better understanding of the people and places defining the presidential race. The series starts with the stories of four people whose voting decisions - often driven by personal experiences, they said, rather than by party affiliation - continue to upend politics as usual. (For an interactive version of this story: https://tmsnrt.rs/2IrnBXR) JOHN LENGES IN PINELLAS COUNTY, FLORIDA: "I'D LIKE TO GIVE HIM AT LEAST ANOTHER FOUR YEARS." John Lenges held four fingers in the air, cheering as a Florida crowd chanted "four more years" at this month's opening rally for Trump's 2020 re-election campaign. Four years earlier, when Trump announced his presidential bid, Lenges was a Democrat. He mostly tuned out politics. He had never voted for a Republican president. Trump was different - a businessman and political outsider. "It was a wakeup call," said Lenges, 65, a retired maintenance supervisor. "Our country needed a turn." Lenges worries about his granddaughter's future as he hears daily news reports of violence. He hates seeing the removal of statues honoring Confederate soldiers who fought in the U.S. Civil War, saying it trashes history. Trump may not solve every problem, Lenges said, "but I think he's a start." Friends called him crazy when he started waving handmade Trump signs around Pinellas County, where retirees, suburbanites and urban hipsters share sugar-sand beaches, and the electorate swings between the two major political parties in presidential contests. He collects Trump memorabilia. His framed ticket to Trump's inauguration hangs on a home office wall once dedicated to auto racing. Lenges joined the Democratic Party when his father's job as an assistant fire chief in Indiana depended on the party's patronage. He remained loyal after moving to Florida and throughout his years raising his two sons to appreciate American eagles, motorcycles and the proper technique for skinning hogs. To support Trump, Lenges became a Republican. He continues to root for the president's agenda. On a recent vacation to the Grand Canyon, he added a day to visit the U.S.-Mexico border and the wall Trump has vowed to finish. Posing for a photo, Lenges held a poster that read: "The silent majority stands with Trump." STACY BAUGH IN RACINE COUNTY, WISCONSIN: "IT'S GOING TO TAKE A LOT OF THOUGHT AND A LOT OF PERSUASION THIS TIME." Stacy Baugh would like a president attuned to the goals she sketched out in a planner in the three-bedroom apartment she shares with her cousin and their six children. She wants job options. Ones that pay a wage she can live on, not the $13 per hour she has been earning on a hot factory line making air fresheners. She wants better schools for her children. She wants steady employment for their father despite his criminal record. In 2016, she did not trust Trump or Democrat Hillary Clinton to deliver. So the 31-year-old Democrat skipped the presidential contest even as she cast her ballot in other races. "Either one of them in office, there wouldn't have been any change," Baugh said. "So why?" Baugh was part of an unexpected drop-off in Democratic votes in heavily African-American wards of Racine, the beleaguered Rust Best city where she is raising her four young children. Black, bisexual and too often broke, she knows the statistics on discrimination that have some experts calling her region one of the nation's worst for African-Americans. She has nightmares about her two sons ending up in a place like the youth prison built on a shuttered factory site near her home. Baugh is behind on her rent. She is focused on paying her bills, interviewing for jobs, securing daycare. For now, she says, these priorities leave little time to parse the policy positions of two dozen Democrats vying to oppose Trump. Looking for a career path, she plans to complete an information technology support program. She attended a jobs training boot camp promising decent pay at the Foxconn technology plant under construction nearby. Those jobs have not materialized, she says, leaving her to question Trump's plan to revive American manufacturing. Baugh cannot see herself supporting Trump in next year's election, calling his language and actions "classless." An activist with get-out-the-vote groups that advocate for workers, she had more faith in politics when Barack Obama was elected America's first black president. He disappointed her by not pardoning more non-violent offenders. She feared worse from Clinton in 2016 given the harsh criminal sentencing law signed by her husband, former President Bill Clinton. In 2020, she hopes to go door-to-door rallying votes for a Democrat she can believe in. "I always go with the candidate who reaches me and touches me the most," Baugh said. "But then nothing changes." KURT ZUHLKE IN NORTHAMPTON COUNTY, PENNSYLVANIA: "TRUMP LOOKS LIKE HE'S HOLDING HIS OWN." Kurt Zuhlke keeps an open mind about presidential politics. He gave Obama two chances to make good on his promise to bring hope and change to America. When neither reached Zuhlke's small town in Pennsylvania, the businessman switched allegiances to Trump. "I wanted to throw the wrench into the gears and make sure that everybody realized that something is really wrong in this country," Zuhlke said. He remains inclined to vote for Trump again, describing the 2020 Democratic candidates as "too old" or "too socialist." A Boy Scout leader, Zuhlke, 63, wishes the president would tone down his brash comments. But he gives Trump high marks for his willingness to upset the ways of Washington. He is pleased with Trump's touch on a national economy seeing unemployment at 50-year lows. And he admires how Trump has executed his pledges to reduce industry regulations. He wants to see people employed and making things again in Northampton County's Slate Belt, a swath of white, working-class towns that never recovered from the demise of slate quarries and textile mills. When Zuhlke moved here three decades ago, local Italian immigrant families welcomed him and his young family at their Sunday spaghetti dinners. "Everybody knew everybody and took care of everybody," he said. "Not anymore." Zuhlke, a Republican, has come to view Washington politicians from both parties as "ambulance chasers" who have lost touch with his community. In 2016, he said, Clinton epitomized that conceit when she called Trump's supporters an offensive "basket of deplorables." Zuhlke respects the value of hard work. At age 13, he started cutting lawns. As a young adult, he washed dishes and sold insurance. He quit college upon learning he made more money than his economics professor. He built a family-owned company into a global supplier of produce containers. He employs nine people locally, and has no interest in getting too big to keep up his golf game. A sign with Zuhlke's name is taped to a bunk bed in the cabin for Boy Scout Troop 36, where he volunteers as a way to guide the next generation. He said he will keep voting for those who offer the strong representation his community needs. "I can go either way," Zuhlke said. "I wanted somebody in there that could shake things up." ALEXIS RODRIGUEZ IN MARICOPA COUNTY, ARIZONA: "I FEEL EMPOWERED." When he casts his first presidential ballot next year, Alexis Rodriguez will be thinking about his Mexican mother, who works two custodial shifts a day without a vote in the country she has called home for decades. Rodriguez was too young to participate in 2016. Now 19, he came of age politically as Trump's conservative presidency seemed to take aim at his identities as young, gay and Latino. "It scares me to this day, just knowing that I may be under attack," he said. Rodriguez has never known a home beyond Phoenix, the diverse anchor of Maricopa County and population center of historically Republican Arizona. Democratic expectations for the state are rising alongside the new homes and condos remaking its desert landscape. In 2016, Trump won Maricopa by the smallest margins of any Republican presidential candidate in years. Voters at the same time ousted their longtime sheriff, Joe Arpaio, whose anti-immigration rhetoric became a national platform for Trump. Rodriguez, then in high school, joined classroom political discussions. He became an intern at Promise Arizona, a local nonprofit, where he helped immigrants apply for citizenship and voting rights. Last year, he registered to vote as a Democrat, drawn to the party's inclusive message, and cast his first ballot in the midterm congressional elections. Emboldened by his "I voted" sticker, Rodriguez came home and rallied his older brothers to the polls, filling the household car with voters who had skipped the 2016 election. Their votes helped narrowly elect Kyrsten Sinema, a bisexual woman, as the first Arizona Democrat to win a U.S. Senate contest in three decades. Rodriguez has now finished his freshman year studying social justice and human rights at Arizona State University, the first in his family to go to college. On election night, he wants to watch the results arrive at home with his father, a Mexican-American veteran who shares his son's enthusiasm for voting. "We're going to make sure that this country is for us," he said. "Our voice matters." (Additional reporting by Grant Smith, Chris Kahn and Brian Snyder Editing by Colleen Jenkins and Paul Thomasch) |
Lightning Labs launches mainnet Lightning Network mobile app
Lightning Labs has released the alpha version of its Lightning mobile app for iOS and Android platforms. With the release of the new mobile application, users can now send Bitcoin instantly around the world using their mobile phone, with full control over their own funds and data. We've released the mainnet alpha of our Lightning Mobile App for iOS & Android, the first on all major platforms! ⚡️📲 Send money instantly around the world. Control your own funds and data with Neutrino and Autopilot. Read more and try it out here: https://t.co/d9V6P2dkzf pic.twitter.com/OnGNI8qik6 — Lightning Labs⚡️ (@lightning) June 19, 2019 Following the recent release of the firm’s Lightning app on desktop, the alpha release on mobile means the app is now available across the full platform suite of iOS, Android, Windows, macOS, and Linux. In the announcement blog post , the team said that they had “designed the mobile app to be approachable for a wide range of users”, with “a clean user interface and a goal to hide complexity” for new users. The team also confirmed that as with the desktop app, “the mobile app integrates a fully functional Lightning Network node using our very own LND”. Includes Neutrino and Autopilot features The new mobile app also includes the same two core technologies that power the desktop app. The first, Neutrino , is a “light client specification that allows non-custodial Lightning wallets to verify Bitcoin transactions”, giving improved privacy without needing to sync the full Bitcoin blockchain (which is about 225 GB). The second feature is Autopilot, which helps users select which node to open a channel with (as the team think this is something many users will not be equipped to do). Story continues Commenting on the launch , the CEO of Lightning Labs, Elizabeth Stark – seemingly in a nod to the great infrastructure vs service provider debate – said: “When it comes to AOL vs the internet, I’m betting on the internet every time.” It’s still early days, but with the technology-focused company now completing the release of its full suite of interoperable tools for Bitcoin’s most prominent layer-two scaling solution, the project is taking another small step closer to its goal of delivering instant digital micropayments for all. For more news, guides, and cryptocurrency analysis, click here . The post Lightning Labs launches mainnet Lightning Network mobile app appeared first on Coin Rivet . |
Oregon's Republican senators flee capitol to delay vote on emissions reduction plan
Photograph: Sarah Zimmerman/AP Oregon is poised to become the second US state after California to impose a cap and trade program aimed at reducing industrial carbon emissions. But ahead of a vote on the legislation Thursday, all 11 Republican state senators fled the capitol in a bid to delay the process. Several claimed to have left the state, beyond the reach of state troopers dispatched by the governor in order to get the legislative session back on track. Senate Republican leader Herman Baertschiger Jr wrote in a statement that the walk-out was exactly how we should be doing our job. In a speech on the Senate floor, a visibly frustrated Senate president Peter Courtney begged his colleagues to return. This is the saddest day of my legislative life, he said. If passed into law, the clean energy jobs bill would place a cap on emissions from power, transportation and other industries in the state, and establish a system to auction and trade them. Related: California moves towards 100% carbon-free electricity after landmark vote The program would begin in 2021, with the goal of reducing greenhouse gas emissions to 45% of 1990 carbon levels by 2035, and 20% of 1990 levels by 2050. Not unlike the principles of the Green New Deal, Oregons cap and invest program would earmark funds generated by the program for clean energy, climate-related upgrades to infrastructure in order to better retrofit the state for increasing extreme weather events and green jobs training. Supporters say Oregons program would be the most progressive of its kind in the country, as funds would be guaranteed for low-income people and communities of color, Native tribes and places hit first and worst by the impacts of climate change. Weve been fighting like crazy to make sure this is the strongest and most equitable environmental bill, said Brad Reed of the environmental advocacy coalition Renew Oregon. The provisions in the bill for equity are some of the strongest in the country. Story continues Oregon can be the log that breaks the jam nationally on progressive carbon emissions regulation and green investment, said Governor Kate Brown in a statement . Redirecting the cost of climate change California in 2013 became the first US state to establish its cap and trade program. The biggest share of those revenues so far has gone to high speed rail construction. Oregons carbon market would join Californias in the Western Climate Initiative, which also includes Quebec carbon credits could be auctioned across borders. Carbon pricing essentially redirects the costs of climate change back to industry, by putting a price on carbon emissions and placing climate costs on company balance sheets. The logic behind creating a carbon market assumes that if it costs companies to pollute, companies will not pollute as much. A cap and trade policy is one approach to the scheme, as opposed to creating an actual tax on emissions by the ton. The Union of Concerned Scientists says robust carbon pricing schemes are an integral economic policy tool in reducing emissions in order to limit some of the worst impacts of climate change. While cap and trade schemes enjoy broad and in many cases passionate support among Democrats, carbon pricing has critics on the left and the right. Oregon Republicans claim the program is still essentially a tax, and thus would need to pass by a three-fifths majority in both the state house and senate, according to law. Some environmental activists say carbon pricing isnt just an inadequate tool for addressing climate change, but a potentially destructive one. Cap and trade critics argue a market-based strategy to influence corporate behavior shirks regulatory responsibility and disproportionately impacts low-income communities, by creating pollution hot spots exacerbated by companies buying the right to emit, raising fuel prices that poor rural drivers will struggle to pay. Its our position that cap and trade systems dont work and that they actually harm frontline communities, said Shawn Fleek of Opal Environmental Justice Oregon. Were really witnessing a stark divide in the environmental and environmental justice communities with this process. If the bill is passed, the entire west coast could soon be capping and trading carbon emissions together. While three attempts at implementing carbon pricing in Washington state have so far failed since 2016, legislators introduced another bill this March to implement a cap and trade program in that state. That bill is currently in committee. This article was amended on 21 June 2019 to correct the number of Republican senators who fled the building. An earlier version said 12; this has been corrected to 11. |
Trumps military ban keeps transgender troops on edge
The Trump administrations controversial policy banning open transgender military service has been repeatedly exposed for what critics call its discriminatory and baseless premise. Yet, it still stands. As the Defense Department contradicts the latest misinformation spread by President Trump about transgender troops, efforts endure to repeal the policy considered unconstitutional by many medical professionals and LGBTQ+ organizations. Although transgender Americans proudly serving their country, and aspiring to do so, have had their livelihoods and futures thrown into uncertainty, many remain steadfast in their desire to protect and serve. U.S. Air Force Lt. Col. Bree Fram tells Yahoo News: The usual arguments against transgender people serving in the military are that we are a disruption to unit cohesion and morale, we cost too much and a whole host of other reasons. The same arguments were made against African-Americans, women, lesbians, gays and bisexuals and every time proven wrong. The American Medical Association says: There is no medically valid reason to exclude transgender individuals from military service. According to a 2016 study from Rand , a nonprofit research institution, the impact of transgender troops in the U.S. military on readiness and health care costs would be small. Potential health care cost increase was estimated as 0.13 percent and any effect on readiness considered negligible. The Obama administration used this insight from the Rand study to inform its decision to lift the ban on open service for transgender men and women on June 30, 2016. Fram came out as transgender on the day the Pentagon lifted the ban. I was so nervous of what the reaction was going to be. One by one, the people that I worked with came over to me, shook my hand and said it's an honor to serve with you. Lt Col Bree Fram Only a year passed after the Pentagon lifted the ban on open service when Trump sparked panic with his July, 26 2017, tweets : Story continues After consultation with my Generals and military experts, please be advised that the United States Government will not accept or allow Transgender individuals to serve in any capacity in the U.S. Military. Our military must be focused on decisive and overwhelming victory and cannot be burdened with the tremendous medical costs and disruption that transgender in the military would entail. Thank you Says Fram: We'd had the four service chiefs talk about the fact that there were no problems with people being trans in the services and the president had said during the campaign that he was going to be a great friend to the LGBT community . So, it truly was just a shocking moment of what does this mean? As the communications director for SPART*A , an organization that advocates for and educates about transgender military service, Fram had to reassure service members that they would not immediately lose their jobs. Tweet is not policy. Jon W. Davidson, the legal director and the Eden/Rushing chair at Lambda Legal, replied to the tweets in a statement: Transgender people have served our country honorably for years, making our military stronger and more inclusive. President Trump has shown that no one is safe from his administrations attacks on LGBT people, not even those who risk their lives to defend our country. If this disgraceful tweet actually becomes policy, we will sue in a heartbeat. And they did just that. Lambda Legal and the Modern Military Association of America (formerly known as OutServe-SLDN and the American Military Partners Association) filed suit in August 2017 on behalf of transgender plaintiffs, including active service members and those who wanted to enlist, and LGBTQ+ advocacy organizations. On Jan. 22, 2019, the U.S. Supreme Court lifted a lower courts injunction that had stopped the ban from going into effect. The court also agreed to hear arguments on transgender service in the military, although such action would occur while the ban was in effect. By March 12, the Defense Department released a memorandum outlining the policy that the military was ordered to adopt and that was scheduled to be enacted 30 days later. Transgender troops actively serving were told that if they acquired a doctors diagnosis of gender dysphoria before the April 12 deadline, they would be grandfathered in and allowed to continue or start hormone treatments and plans for gender transition. Anyone actively serving who received the diagnosis after April 12 would not be permitted to take hormone treatments or get transition surgery. Those troops would be forced to serve in their birth gender. A race against time was started. Some troops were compelled to out themselves as transgender before they might have been ready to just so they could obtain the gender dysphoria diagnosis to secure their jobs and future medical care. Lt Col Bree Fram, Peg Fram and daughters Kathryn and Alivya Fram and her wife, Peg, had many difficult conversations about whether or not to get the diagnosis. I had the really difficult decision leading up to that implementation of should I get this on my record. And it's something I had always fought passionately against because a portion of the diagnostic criteria for having gender dysphoria says you must have clinically significant distress. And that's something I didn't feel, says Fram. Ultimately, the need to protect the future for their family made the decision for them and she moved forward with getting the diagnosis. Although it was the best decision they could make at the time, Peg still has misgivings. It's terrifying because it was put out as if you do this, you're safe, your family is safe, you can continue getting medical care. You can continue to serve and keep your career. But in the back of my mind, there's always that fear that they're going to use that against them. Many transgender service members suffered in silence not knowing whether the careers they had invested time and energy in would be ruined or the sacrifices they had made for their country would be in vain. I was in shock and my heart started to race; it was extremely disheartening, says Natalie*, an Air Force second lieutenant (*name changed to preserve anonymity). Like many others, Natalie was confused by the policy and about what she should do. She was, and still is, in the closet. Coming out as a transgender woman was not something she was ready to do, but would she need to in order to get the gender dysphoria diagnosis and protect her future career? She reached out to SPART*A for advice and it was recommended not to get the diagnosis. Natalie learned that if she came out as transgender and got the diagnosis, she would be grounded by the Air Force. Fram says: There are a lot of people in the service that either the diagnosis, or the treatment, affects in one way or another. The biggest class of those are pilots and aircrew. In the Air Force with a diagnosis of gender dysphoria, flight crew are immediately grounded. In other services, it usually is with hormone replacement therapy those aircrew become grounded. It's something that is not in line with how the FAA handles it for pilots. If our doctor says we're qualified and capable, we should be able to do the jobs that we've trained so long and hard to do. The ban put Natalie in the position of making an impossible decision. Choosing to stay [in the Air Force] and continue to repress and stagnate the growth that I so desperately need to be my authentic self and my happiest and most productive and most everything do I put that on hold until I finally can start that transition? Or do I find a way to break the contracts I have and get out while I can? Although the U.S. Department of Defense still asserts that the policy does not ban transgender individuals from service, transgender Americans are experiencing restrictions on their ability to enlist or serve openly without fear of repercussions based on their gender identity. Natalie calls into question the need to define a ban, saying, Bans prohibit things and currently there is a population that is prohibited from being who they are and doing what they want to do. Even though the president says he wants to grow the American military , this ban seems at odds with that endeavor. ROTC National Scholarship recipient Map Pesqueira says, In 2018, the Army didn't even reach its recruiting goal and now they're going to have a harder time reaching the 2019 goal because they have to turn away transgender people who are fully capable of meeting the standards and criteria to become a soldier and serve their country. For as long as he can remember, Pesqueira had an affinity with the military and dreams of joining. Growing up, he believed himself to be a boy and not until attending school and being bullied did he realize he was not living up to the female gender representation society expected of him. I was in the box of conforming to society's expectations of who I should be since I was born female. Map Pesqueira By the time Pesqueira was a high school senior, he had come out to his parents as transgender with a plan and research in hand explaining how he would start his transition. I got a three-year ROTC national scholarship for my academics. I had my scholarship in hand, I had my college admission and I felt like I was on top of the world. I was graduating high school and it was a great time for me and I was out. I had an accepting family. I was very grateful for that and so everything was going the way I had planned it to go. Pesqueiras ROTC experience at college was short-lived. When the tweets came out, he held on to the belief that there was no way Trump could enact a ban on transgender troops. It's idiotic. It's a discrimination against transgender people who are fully capable of serving, he says. The ban landed a devastating blow to his future. In January 2019, the Supreme Court lifted an injunction placed on the ban by a lower court, allowing the ban to go into effect. Once that implementation date came out of April 12, I didn't know what to do. Nobody told me you're being held to the old policy or you're being held the new policy until April 12. My adviser told me you're not medically qualified under the new policy, it's been a pleasure working with you and thanks, bye. My scholarship had been ripped away from me because of this new policy. Even in the face of evidence contradicting the necessity and constitutionality of the ban, Trump makes false claims. On ITVs Good Morning Britain, the president recently said this about transgender troops: They take massive amounts of drugs, they have to and, also, youre not allowed to take drugs in the military, and they have to after the operation. They have to. They have no choice. And you would actually have to break rules and regulations in order to have that. Defense Dept. spokeswoman Jessica Maxwell contradicted the presidents claims in her reply to a question from the Washington Post : The Military Health System covers all approved medically necessary treatments and prescription medications. If a service member has a hormone deficiency for any reason (such as hypogonadism, hypothyroidism, menopause, etc.), he or she would be prescribed hormones. Maxwell said troops serving who received the gender dysphoria diagnosis before the April 12 deadline will continue to receive all medically necessary treatment. SPART*A President Lt. Cmdr. Blake Dremann responded to Trumps latest fabrication. The interview showed the president's lack of understanding regarding transgender service members and he shared misinformation regarding the medical care they need and the cost of that care. He concluded that there are standards and service members must meet those standards. We are in complete agreement on that point. Transgender members of the military serving around the world do just that: meet the standard and accomplish the mission." Accomplishing the mission of a return to open transgender military service is exactly what Fram and her colleagues plan to do. The president said he was doing the military a favor by implementing this policy and in a strange way, I think he did do us a favor. Because when he tweeted, public opinion was roughly split on whether transgender people should serve in the military. Todays release of a Gallup Poll conducted this past May shows 71% of Americans now support transgender men and women being able to serve openly in the military. Fram says: "The three best things an ally can do are sharing the stories of our honorable service, calling or writing your elected representatives to express your support of open transgender service, and donating to national and local organizations that fight for civil rights. We should not turn away anyone just because they happen to be something we're a little bit afraid of. |
Social network LinkedIn to add 800 jobs in Ireland
DUBLIN, June 20 (Reuters) - Microsoft's Linkedin, a social network for professionals, on Thursday said it would add 800 new jobs to its European headquaters in Dublin, the latest technology company to boost its presence in Ireland. The move underscores signs that hiring in Ireland remains robust despite neighbouring Britain's planned departure from the Europe Union and a slowdown in global economic growth. Foreign companies account for around one in 10 jobs among Ireland's more than two million workers, benefiting from a corporate tax rate of just 12.5%. The European Commission in August 2016 ordered Ireland to recover 13 billion euros from Apple because of an illegal tax deal which gave the company an unfair advantage in breach of the bloc's state aid rules. But the ruling has done little to slow the flow of multinational jobs into Ireland, with the amount of new roles growing at a record pace last year. Facebook said in January that it would hire 1,000 more people in Dublin this year. U.S. cloud software maker Salesforce has also said it planned to add 1,500 jobs over the next five years, one of the largest job commitments in the 70-year history of the state's foreign investment agency. Sunnyvale, Calif.-based Linkedin, which has more than 630 million members around the world, said the new employees will be based at a new 150,000 square foot development in central Dublin due for completion towards the end of next year. (Reporting by Graham Fahy, editing by Deepa Babington) |
If You Had Bought Mid Penn Bancorp (NASDAQ:MPB) Stock Five Years Ago, You Could Pocket A 69% Gain Today
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When we invest, we're generally looking for stocks that outperform the market average. And in our experience, buying the right stocks can give your wealth a significant boost. For example, long termMid Penn Bancorp, Inc.(NASDAQ:MPB) shareholders have enjoyed a 69% share price rise over the last half decade, well in excess of the market return of around 40% (not including dividends).
View our latest analysis for Mid Penn Bancorp
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
Over half a decade, Mid Penn Bancorp managed to grow its earnings per share at 2.6% a year. This EPS growth is lower than the 11% average annual increase in the share price. This suggests that market participants hold the company in higher regard, these days. And that's hardly shocking given the track record of growth.
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. Before buying or selling a stock, we always recommend a close examination ofhistoric growth trends, available here..
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Mid Penn Bancorp the TSR over the last 5 years was 96%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted thetotalshareholder return.
While the broader market gained around 5.0% in the last year, Mid Penn Bancorp shareholders lost 24% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 14%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. If you want to research this stock further, the data on insider buying is an obvious place to start. You canclick here to see who has been buying shares - and the price they paid.
If you like to buy stocks alongside management, then you might just love thisfreelist of companies. (Hint: insiders have been buying them).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Teen has jaw shattered and loses teeth after vape pen explodes in his mouth
A doctor who treated Adams said he had never seen a similar incident An American teenager has had his jaw shattered and lost several teeth after the vape pen he was using exploded in his mouth. Austin Adams, 17, had to be driven by his mother, Kailani Burton, for more than five hours to reach the nearest hospital which could treat him. Burton told NBC News that Austin came in with his hand up to his mouth. He was in shock and unable to speak. The 45-year-old had bought the vape for her son after he had indicated that he wanted to quit smoking. Adams had specifically chosen the model that exploded - which was manufactured by a company called VGOD. They drove from Ely, Nevada, to a hospital in Salt Lake City in the neighbouring state of Utah - a journey of more than 240 miles. This child had a blast injury to his lower jaw, as well as burns around his lip, said Dr Katie Russell, a trauma surgeon who treated Adams at Primary Childrens Hospital, where the pair ended up. The accident was totally unexpected," Russell told NBC News. [Adams] didnt recall doing anything wrong with the device beforehand, and it just exploded." Another doctor, Dr Jonathan Skirko, who treated Adams said that it was the first time he had ever seen such an injury. His injury was fairly extensive where he had lost several teeth. There was not really much tissue along his gum line where the teeth sit either, Skirko said. Austin Adams lost several teeth after the vape pen exploded in his mouth I deal with lots of jaw fractures and have seen lots of really exotic trauma, like grizzly bear attack or riding a motorcycle ... Ive seen all kinds of crazy stuff, he added. [But] Ive never seen an e-cigarette explode. The US Food and Drink Administration (FDA) has recently completed guidance for companies making electronic cigarettes. It suggests that batteries should be redesigned to make them less likely to overheat. "The FDA encourages manufacturers interested in making modifications to address battery safety issues to contact the agency to discuss options on how they can do so in a timely fashion and the FDA will consider each situation on a case-by-case basis," an FDA spokesman told NBC News. View comments |
I Ran A Stock Scan For Earnings Growth And CorEnergy Infrastructure Trust (NYSE:CORR) Passed With Ease
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Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling short, can easily find investors. Unfortunately, high risk investments often have little probability of ever paying off, and many investors pay a price to learn their lesson.
If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested inCorEnergy Infrastructure Trust(NYSE:CORR). While profit is not necessarily a social good, it's easy to admire a business than can consistently produce it. Loss-making companies are always racing against time to reach financial sustainability, but time is often a friend of the profitable company, especially if it is growing.
View our latest analysis for CorEnergy Infrastructure Trust
If you believe that markets are even vaguely efficient, then over the long term you'd expect a company's share price to follow its earnings per share (EPS). Therefore, there are plenty of investors who like to buy shares in companies that are growing EPS. Who among us would not applaud CorEnergy Infrastructure Trust's stratospheric annual EPS growth of 56%, compound, over the last three years? Growth that fast may well be fleeting, but like a lotus blooming from a murky pond, it sparks joy for the wary stock pickers.
I like to see top-line growth as an indication that growth is sustainable, and I look for a high earnings before interest and taxation (EBIT) margin to point to a competitive moat (though some companies with low margins also have moats). I note that CorEnergy Infrastructure Trust's revenuefrom operationswas lower than its revenue in the last twelve months, so that could distort my analysis of its margins. While CorEnergy Infrastructure Trust's EBIT margins are down, it's not all bad news as revenues are, at least, stable. Does that sound particularly bullish? No, it does not.
In the chart below, you can see how the company has grown earnings, and revenue, over time. To see the actual numbers, click on the chart.
While profitability drives the upside, prudent investors alwayscheck the balance sheet, too.
Like standing at the lookout, surveying the horizon at sunrise, insider buying, for some investors, sparks joy. That's because insider buying often indicates that those closest to the company have confidence that the share price will perform well. However, insiders are sometimes wrong, and we don't know the exact thinking behind their acquisitions.
Not only did CorEnergy Infrastructure Trust insiders refrain from selling stock during the year, but they also spent US$89k buying it. That's nice to see, because it suggests insiders are optimistic.
CorEnergy Infrastructure Trust's earnings per share growth has been so hot recently that thinking about it is making me blush. If you're like me, you'll find it hard to ignore that sort of explosive EPS growth. And indeed, it could be a sign that the business is at an inflection point. For me, this situation certainly piques my interest. While we've looked at the quality of the earnings, we haven't yet done any work to value the stock. So if you like to buy cheap, you may want tocheck if CorEnergy Infrastructure Trust is trading on a high P/E or a low P/E, relative to its industry.
The good news is that CorEnergy Infrastructure Trust is not the only growth stock with insider buying. Here'sa a list of them... with insider buying in the last three months!
Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Emily Atack opens up about fertility worries: 'I don’t want to be a lonely old person'
Emily Atack has admitted she sometimes worries she won't ever have children (Stuart C. Wilson/Getty Images) Emily Atack is set to address her fertility worries in an upcoming episode of her new documentary series. As part of Emily Atack: Adulting , the former I’m A Celebrity... Get Me Out of Here! contestant underwent a medical test, while admitting that she often worries she may never have children. “My whole life I have assumed if I met someone I could have babies straight away,” she said on the show. “But what if I can’t? I have got to be honest, if they come back and say something is wrong, I will be absolutely devastated.” Read more: Emily Atack tells fat-shaming trolls to ‘go f*** yourself’ Fans of The Inbetweeners star will have to tune in to find out the results. Describing herself as “a member of the quarter-life crisis club,” the 29-year-old discussed how important having a family is to her. “I’m worrying that I’ll get to 32, still not anywhere close to having kids. View this post on Instagram A post shared by Emily Atack (@emilyatackofficial) on Jun 18, 2019 at 2:08pm PDT “I used to look at my Grandma Betty when she was alive and think, ‘God, she’s surrounded with all of us”. She’s got so many grandkids... so many kids. That’s what I want. “I don’t want to be a lonely old person,” she added. Atack - who is currently dating film producer Rob Jowers - told Metro that she’s been doing a bit of “soul-searching” recently. “I feel like I’m getting to a point where I’m becoming a little bit more stable with who I am,” she said. “I’m hoping to get just a little bit more self-acceptance.” Emily Atack: Adulting premieres on 26 June at 9pm on Channel W. Each episode is set to focus on different subjects from dating and body image issues to parenthood and reliance on social media. Ahead of the show’s debut, Federico Ruiz, Head of Factual Entertainment at Firecracker Films said: “We are beyond excited to be working with the talented rising star that is Emily and to be teaming up once again with the fantastic team at W. Read more: Emily Atack reveals 'Inbetweeners' co-star got erection filming sex scene “The show is tailored to Emily's unique personality and will see her embark on a deeply personal journey with humour, emotion and plenty of rosé along the way. “Working with top talent is Firecracker's area of expertise and we are looking forward to boosting the great celeb line-up on W this summer.” View comments |
LinkedIn jobs boost caps record FDI period for Ireland
By Graham Fahy
DUBLIN (Reuters) - Microsoft's LinkedIn on Thursday said it would add 800 new roles to its European headquarters in Dublin, the latest major jobs announcement that capped off a record six months for foreign direct investment (FDI) into Ireland.
Similar boosts at Facebook and Salesforce contributed to a 19% year-on-year jump in the number of jobs announced so far in 2019, the state agency competing to win foreign business said, attributing the surge to Ireland's "stable political and economic environment."
The strong performance underscores the strength of Ireland's economic recovery, with a robust jobs market approaching full employment despite risks from a slowdown in global growth and neighboring Britain's planned exit from the European Union.
"Ireland's position for companies going forward is that we will be in Europe and at the center of Europe, and I think that resonates," IDA Ireland CEO Martin Shanahan told a news conference as it also launched an international advertising campaign to highlight the country's continued EU membership.
"Our stability and sure-footedness and our consistent pro-enterprise policies are standing Ireland in good stead," said Shanahan, who on Thursday committed to leading the agency for another five years.
Foreign companies account for around one in 10 jobs among Ireland's more than two million workers, benefiting from a corporate tax rate of just 12.5%.
Three years ago the European Commission ordered Ireland to recover 13 billion euros from Apple, saying the iPhone maker had received unfair tax incentives in breach of its state aid rules. Apple and Dublin dispute the ruling and are appealing.
But it has done little to slow the flow of multinational jobs into Ireland, with the amount of new roles growing at a record pace last year. The 13,500 jobs announced to date in 2019 represented more than FDI firms added in the whole of 2013, when Ireland's economic recovery took off.
The jobs at LinkedIn, a social network for professionals, will increase its Irish-based workforce to 2,000 over the next year. The company's new 150,000 square foot head office in the capital will be completed by the end of 2020.
Facebook, which is building a 14-acre campus in the city, said in January that it would hire 1,000 more people in Dublin this year. U.S. cloud software maker Salesforce has also said it planned to add 1,500 jobs over the next five years, one of the largest job commitments in the 70-year history of the IDA.
(Reporting by Graham Fahy, editing by Deepa Babington and Alexandra Hudson) |
Is Envision Solar International, Inc.'s (NASDAQ:EVSI) CEO Pay Justified?
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Desmond Wheatley has been the CEO of Envision Solar International, Inc. (NASDAQ:EVSI) since 2011. This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. Next, we'll consider growth that the business demonstrates. And finally - as a second measure of performance - we will look at the returns shareholders have received over the last few years. This process should give us an idea about how appropriately the CEO is paid.
See our latest analysis for Envision Solar International
According to our data, Envision Solar International, Inc. has a market capitalization of US$29m, and pays its CEO total annual compensation worth US$250k. (This number is for the twelve months until December 2018). That's below the compensation, last year. While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at US$200k. We looked at a group of companies with market capitalizations under US$200m, and the median CEO total compensation was US$452k.
This would give shareholders a good impression of the company, since most similar size companies have to pay more, leaving less for shareholders. While this is a good thing, you'll need to understand the business better before you can form an opinion.
The graphic below shows how CEO compensation at Envision Solar International has changed from year to year.
Over the last three years Envision Solar International, Inc. has shrunk its earnings per share by an average of 8.4% per year (measured with a line of best fit). It achieved revenue growth of 14% over the last year.
Few shareholders would be pleased to read that earnings per share are lower over three years. There's no doubt that the silver lining is that revenue is up. But it isn't sufficiently fast growth to overlook the fact that earnings per share has gone backwards over three years. It's hard to argue the company is firing on all cylinders, so shareholders might be averse to high CEO remuneration. We don't have analyst forecasts, but shareholders might want to examinethis detailed historical graphof earnings, revenue and cash flow.
With a three year total loss of 20%, Envision Solar International, Inc. would certainly have some dissatisfied shareholders. This suggests it would be unwise for the company to pay the CEO too generously.
Envision Solar International, Inc. is currently paying its CEO below what is normal for companies of its size.
The compensation paid to Desmond Wheatley is lower than is usual at similar sized companies, but the eps growth is lacking, just like the returns (over three years). Considering all these factors, we'd stop short of saying the CEO pay is too high, but we don't think shareholders would want to see a pay rise before business performance improves. Shareholders may want tocheck for free if Envision Solar International insiders are buying or selling shares.
If you want to buy a stock that is better than Envision Solar International, thisfreelist of high return, low debt companies is a great place to look.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Airbus: did not get chance to bid for the MAX order IAG gave to Boeing
PARIS (Reuters) - Airbus confirmed on Thursday that it had not been offered a chance to bid for a surprise aircraft order announced by British Airways owner IAG at the Paris Airshow, involving 200 of the grounded 737 MAX.
Airbus said that it nevertheless wanted a chance to bid for business at that airline company.
The company's sales chief, Christian Scherer, made the comment at a news conference after announcing a total of 363 orders and commitments so far at the Paris Airshow, including 226 for the newly launched A321XLR. Airbus is in negotiations for further orders, he added.
Earlier this week, Boeing won a major vote of confidence at the Paris Airshow as British Airways owner IAG signed a letter of intent to buy 200 of its 737 MAX aircraft that have been grounded since March after two deadly crashes.
IAG had earlier declined to comment on details of the negotiations.
(Reporting by Tim Hepher and Alistair Smout; Editing by Sudip Kar-Gupta) |
Want To Invest In Vigil Health Solutions Inc. (CVE:VGL)? Here's How It Performed Lately
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After looking at Vigil Health Solutions Inc.'s (CVE:VGL) latest earnings update (31 March 2019), I found it helpful to revisit the company's performance in the past couple of years and compare this against the latest numbers. As a long-term investor I tend to focus on earnings trend, rather than a single number at one point in time. Also, comparing it against an industry benchmark to understand whether it outperformed, or is simply riding an industry wave, is an important aspect. In this article I briefly touch on my key findings.
View our latest analysis for Vigil Health Solutions
VGL's trailing twelve-month earnings (from 31 March 2019) of CA$268k has declined by -11% compared to the previous year.
Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 23%, indicating the rate at which VGL is growing has slowed down. What could be happening here? Well, let’s take a look at what’s going on with margins and if the whole industry is facing the same headwind.
In terms of returns from investment, Vigil Health Solutions has fallen short of achieving a 20% return on equity (ROE), recording 5.7% instead. Furthermore, its return on assets (ROA) of 3.9% is below the CA Healthcare Services industry of 5.9%, indicating Vigil Health Solutions's are utilized less efficiently. And finally, its return on capital (ROC), which also accounts for Vigil Health Solutions’s debt level, has declined over the past 3 years from 10% to 8.0%.
While past data is useful, it doesn’t tell the whole story. Usually companies that experience an extended period of diminishing earnings are going through some sort of reinvestment phase in order to keep up with the recent industry growth and disruption. You should continue to research Vigil Health Solutions to get a more holistic view of the stock by looking at:
1. Future Outlook: What are well-informed industry analysts predicting for VGL’s future growth? Take a look at ourfree research report of analyst consensusfor VGL’s outlook.
2. Financial Health: Are VGL’s operations financially sustainable? Balance sheets can be hard to analyze, which is why we’ve done it for you. Check out ourfinancial health checks here.
3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
NB: Figures in this article are calculated using data from the trailing twelve months from 31 March 2019. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Slack will make its public debut on the NYSE: Morning Brief
Thursday, June 20, 2019
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Slack will finally make its public debut today on the New York Stock Exchange (NYSE) under the ticker “WORK.” On Wednesday evening, theNYSE set a reference price of $26 per share.
Slack’s direct listing is the first since Spotify’s successful debut last year. According to the New York Stock Exchange, Spotify (SPOT) was the fifth largest opening trade on record in the U.S. Thus, investors will be paying close attention to how Slack’s debut fares.
Meanwhile, on the corporate earnings front, Darden Restaurants (DRI) and Kroger (KR) will report ahead of the opening bell, while Canopy Growth (CGC) and Red Hat (RHT) will report after the market close
Read more
Oil prices jump after Iran shoots down US drone: The price of oil spiked on Thursday after Iranian military forces shot down a US drone. Iran’s Islamic Revolution Guards Corps (IRGC) said it had shot down the drone near Iranian airspace, the BBC reported. US officials have confirmed that it was a US drone, according to the same report. [Yahoo Finance UK]
Fed remains unchanged on rates, pledges to 'sustain the expansion': The Federal Reserve did not move on rates at the conclusion of its policy-setting meeting June 19, but committed itself to acting “as appropriate to sustain the expansion.” The Fed elected to keep the benchmark interest rate within its target range of 2.25% to 2.5%, but new economic projections show more Fed officials seeing the case for a rate cut — or two — by the end of 2020. [Yahoo Finance]
Also:The next rate cut is unlikely to be caused by weak growth, economist explains[Yahoo Finance]
Facebook discussed their plans for Libra with the Fed: Tech giant Facebook (FB) consulted the Federal Reserve ahead of the launch of its cryptocurrency Libra, according to Fed Chairman Jerome Powell. “Facebook has made quite broad rounds around the world, with regulators, supervisors, and lots of people to discuss their plans. That certainly includes us, and it’s something that we’re looking at,” Powell said Wednesday at a press conference. [Yahoo Finance]
Global wealth grew by slowest rate in 5 years in 2018, says study: Last year’s steep drop in markets was a substantial drag on global wealth, which grew at its slowest rate in five years, according to a new report. The Boston Consulting Group’s annual global wealth report found that the world’s wealth rose by a slim 1.6% to $205.9 trillion in 2018, far below the 7.5% rate seen in 2017. [Yahoo Finance]
Bank of America CEO: 'We want a cashless society': Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has “more to gain than anybody” from the booming trend of non-cash transactions. [Yahoo Finance]
Markets are still getting the Trump trade war wrong
The opioid crisis is hitting one industry particularly hard
Minimum wage hasn't been raised for the longest time in history
Taco Bell is testing plant-based proteins
Captain 'Sully' Sullenberger has a message for Boeing about its 737 Max
Barbie maker Mattel 'is insolvent' and can't be 'salvaged': Bratz doll creator
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Can Biosynex SA (EPA:ALBIO) Improve Its Returns?
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While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. To keep the lesson grounded in practicality, we'll use ROE to better understand Biosynex SA (EPA:ALBIO).
Our data showsBiosynex has a return on equity of 1.9%for the last year. One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.019 in profit.
Check out our latest analysis for Biosynex
Theformula for return on equityis:
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Biosynex:
1.9% = €543k ÷ €29m (Based on the trailing twelve months to December 2018.)
It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. It is the capital paid in by shareholders, plus any retained earnings. Shareholders' equity can be calculated by subtracting the total liabilities of the company from the total assets of the company.
ROE looks at the amount a company earns relative to the money it has kept within the business. The 'return' is the amount earned after tax over the last twelve months. That means that the higher the ROE, the more profitable the company is. So, all else being equal,a high ROE is better than a low one. That means ROE can be used to compare two businesses.
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As shown in the graphic below, Biosynex has a lower ROE than the average (13%) in the Medical Equipment industry classification.
Unfortunately, that's sub-optimal. We'd prefer see an ROE above the industry average, but it might not matter if the company is undervalued. Nonetheless, it might be wise tocheck if insiders have been selling.
Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
Biosynex has a debt to equity ratio of 0.18, which is far from excessive. Its ROE is certainly on the low side, and since it already uses debt, we're not too excited about the company. Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises.
Return on equity is one way we can compare the business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking thisfreethisdetailed graphof past earnings, revenue and cash flow.
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Para Resources Provides a Corporate Update
Company Also Announces Appointment of New Mine Manager at Gold Road Mine
Vancouver, British Columbia--(Newsfile Corp. - June 20, 2019) - Para Resources, Inc. (TSXV: PBR) (WKN: A14YF1) (OTC Pink: PRSRF) (the "Company" or "Para") is pleased to provide an update on operations as follows:
Gold Road
• Gold Road received approval from Mine Safety and Health Administration ("MSHA") for a new secondary escape route from the lowest levels of the mine.
• In Q2 of F2019 development advanced 614 ft in mineralized rock and waste with 425 tons of rock containing 39.5 ounces of gold brought to the surface and an additional 2,040 tons of rock containing 170 ounces of gold were stored in an underground stockpile.
• Plan for Q3 2019 is to complete development work accessing the 900-Level, advancing 1,548 ft and mining 6,386 tons of mineralized rock containing 994 ounces of gold
• The plan for Q4 2019 contemplates the production of 34,724 tons of mineralized rock containing 5,926 ounces of gold.
• Additional funding will be required for the construction of the modifications required by MSHA. During this time, the mineralized rock will be stockpiled.
• The modified plan will allow the mine and the mill to re-start in November at full capacity of 500 TPD with a stockpile already in place.
• The target total number of ounces to be produced in 2020 is unchanged at 35,000.
• Management is in discussions with the major shareholders and others to provide financing to bridge the working capital and capex requirements of the new plan.
• Manpower at the mine will be ramped up as development provides access to additional headings.
• The new surface vent drift has been completed and the fan installation will be completed by mid-July.
• The underground portable refuge chamber was installed and commissioned at the end of May.
• The exploration drilling program on the adjacent Tr-Ue vein is underway with completion and results anticipated for the end of June.
• Effective immediately, Mark Bren has been appointed Mine Manager at Gold Road. Mark has over 25 years of mining experience including senior management positions in both technical and operational roles, with strong experience in underground mining focusing on narrow vein projects, with companies such as U.S. Silver & Gold, Coeur Mining, and ASARCO.
El Limon
• El Limon mine production is on plan and will grow by 50% by the end of June to over 300 ounces per month.
• Cash flow break-even occurs at production of 300 ounces per month representing 25% of capacity.
• For the current year to May, El Limon processed 7,166.4 metric tonnes ("mt") of rock, producing 778.8 oz of gold. In May of this year, 1,571.7 mt of rock was processed yielding 194.8 oz of gold.
• The production plan for full 2019 contemplates 6,000 ounces of gold production. Target for 2020 is 10,000 ounces.
• Three new mine portals on the El Limon vein are under development with completion and the start of production slated in the second half of the year. These three new mines will supply 70% of the mineralized rock and ounces in the plan for 2020.
• El Limon alone is targeting production of approximately 40,000 tons of rock containing 7,000 ounces of gold in 2020.
• Company crews have completed access to Level 9 in the El Limon mine and are currently completing development drifting past the El Limon fault to where the vein is projected to continue. Several major projects have now been completed under both schedule and budget and are presently operating as planned including the new tailings dam, the truck scale, and the mobile crushing and sampling system.
• An "in house" designed and engineered recovery system was implemented in April to process and recover old (low grade) tailings. The preliminary results show high metallurgical potential and a treatment cost of US$ 3 per metric ton. Commissioning and optimization are expected to be completed in June. The system uses hydraulic classification and has the potential to increase planned gold production by up to 20% in 2020.
• The formalization of the small miners operating on Para's property in Colombia has been slower than anticipated. A new task force team has been created in order to focus and increase efforts towards speeding up the formalization process. This additional feed material has not yet been included in the 2020 production plan and could increase production by 2,000 + ounces per year.
• A new drilling program to support the development of the El Limon mine and the three new mine mouths is expected to be completed by the middle of July.
Geoff Hampson, Para's CEO, states, "The previous escape and evacuation plan at Gold Road, which had initially been approved by MSHA, was subsequently rejected by a new inspector. Unfortunately, the changes needed to address the new MSHA issues means that we cannot mine existing developed inventory from the 800 Level until a new secondary escape route is established from the 900 Level. We had anticipated being able to mine from the 800 Level during the development phase to the 900 Level which would have offset the development costs. Our new plan now contemplates the stockpiling of mineralized rock and increasing the available mineable inventory underground during the development of the entire mining block from the 900 Level. The total number of ounces of gold developed in 2019 is unchanged. The new plan effectively eliminates the ramp-up period from start-up to full capacity and creates more production flexibility." Mr. Hampson further states, "We expect a very strong year in 2020 with both our Colombian and Arizona operations running at full capacity."
ABOUT PARA RESOURCES:
Para Resources Inc. ("Para") is a junior gold mining and exploration company. The Company owns two projects that couple areas of highly prospective exploration potential with an existing mining and milling operation that generate cash flow to support an exploration program. Purchasing existing and fully permitted mines and facilities dramatically reduces the exploration risk as the small mining operations are profitable and provide excellent returns as a stand-alone entity. This is a unique approach to developing "world class" assets. In addition, Para is unique in that the Insiders have invested more than $25 million of their own capital and own approximately 70% of the equity.
Para's management team is seasoned and proven, having discovered, built, managed and sold several different mines over the last 40 years. The Company has two major projects: The Gold Road Mine in Arizona, USA and the El Limon Mine in Zaragoza, Colombia.
On behalf of the Board of Directors
"C. Geoffrey Hampson"
________________________________________C. Geoffrey Hampson, Chairman, Chief Executive Officer and Director
For further information, please contact Andrea Laird, telephone: +1-604-259-0302
Cautionary Notes:
This press release contains forward-looking information under Canadian securities legislation. Forward-looking information. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Para to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in Para's public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Para has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Para does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Para's Readers should also review the risks and uncertainties sections of Para's annual and interim MD&As.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/45759 |
How Asure Software, Inc. (NASDAQ:ASUR) Can Impact Your Portfolio Volatility
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If you own shares in Asure Software, Inc. (NASDAQ:ASUR) then it's worth thinking about how it contributes to the volatility of your portfolio, overall. In finance, Beta is a measure of volatility. Volatility is considered to be a measure of risk in modern finance theory. Investors may think of volatility as falling into two main categories. The first type is company specific volatility. Investors use diversification across uncorrelated stocks to reduce this kind of price volatility across the portfolio. The other type, which cannot be diversified away, is the volatility of the entire market. Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market.
Some stocks see their prices move in concert with the market. Others tend towards stronger, gentler or unrelated price movements. Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). However, Warren Buffett said 'volatility is far from synonymous with risk' in his 2014 letter to investors. So, while useful, beta is not the only metric to consider. To use beta as an investor, you must first understand that the overall market has a beta of one. A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.
View our latest analysis for Asure Software
Asure Software has a five-year beta of 0.98. This is reasonably close to the market beta of 1, so the stock has in the past displayed similar levels of volatility to the overall market. While history does not always repeat, this may indicate that the stock price will continue to be exposed to market risk, albeit not overly so. Share price volatility is well worth considering, but most long term investors consider the history of revenue and earnings growth to be more important. Take a look at how Asure Software fares in that regard, below.
Asure Software is a rather small company. It has a market capitalisation of US$116m, which means it is probably under the radar of most investors. Companies this small are usually more volatile than the market, whether or not that volatility is correlated. Therefore, it's a bit surprising to see that this stock has a beta value so close to the overall market.
Asure Software has a beta value quite close to that of the overall market. That doesn't tell us much on its own, so it is probably worth considering whether the company is growing, if you're looking for stocks that will go up more than the overall market. In order to fully understand whether ASUR is a good investment for you, we also need to consider important company-specific fundamentals such as Asure Software’s financial health and performance track record. I urge you to continue your research by taking a look at the following:
1. Future Outlook: What are well-informed industry analysts predicting for ASUR’s future growth? Take a look at ourfree research report of analyst consensusfor ASUR’s outlook.
2. Past Track Record: Has ASUR been consistently performing well irrespective of the ups and downs in the market? Go into more detail in the past performance analysis and take a look atthe free visual representations of ASUR's historicalsfor more clarity.
3. Other Interesting Stocks: It's worth checking to see how ASUR measures up against other companies on valuation. You could start with thisfree list of prospective options.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Martha Stewart distances herself from 'cannabis' ahead of CBD product launch
Martha Stewart commands a massive audience when she cooks, decorates, gardens and appears on television with Snoop Dogg. But the 77-year-old food and lifestyle guru has been tight-lipped about her personal use of cannabis.
That took on greater meaning after Canopy Growth Corp. (WEED.TO,CGC) announced in February that Stewart was taking an advisory role at the company to explore the wellness potential of non-psychoactive CBD for people and pets.
Speaking at the World Cannabis Congress in Saint John, N.B., on Tuesday, she revealed her new product line will span animal care, cosmetics and food products.
While Stewart’s work with Canopy Growth is the product of her close ties to noted weed aficionado Snoop, a pairing that spawned a cooking show hosted by the duo, she insists she does not share his love of smoking the chronic.
“I don’t smoke. I don't ingest smoke. Anyway, I try not to,” Stewart said in an interview withYahoo Finance Canada. (She does, however, recall smoke from a certain rapper’s blunt travelling her way while they were seated next to one another during the four-hour taping of Justin Bieber’s televised roast.)
“I've used various (CBD) creams and patches to try to see if it makes any difference for an aching tendon,” Stewart said. “They seem to sometimes be really effective. It's not like medicine to me. It's more like an additive to a daily routine.”
CBD, or cannabidiol, has surged in popularity in recent years based on the perceived wellness benefits. These days, the cannabinoid compound commonly derived from hemp is being added to everything from bath bombs to coffee.
The United States legalized CBD derived from hemp in December. Unlike forms of cannabis with THC, CBD extract has no psychoactive effect and can reportedly be used to counteract elements of the high THC users experience.
Despite her gig at the world’s largest cannabis company, and the tongue-in-cheek pot humour on her VH1 show with Snoop, Stewart is reluctant to fully associate her brand with cannabis.
“We're not really working in the cannabis industry. We're working in the CBD industry,” she explained. “I think that people are paying attention and learning the difference between THC and CBD. They really want to figure it out.”
Canopy Growth co-CEO Bruce Linton said he and Stewart have selected a brand name for their new line of products, but that won’t be made public until later this year.
When it comes to infused food, Stewart said her Martha Stewart Living brand has as many as 35,000 original recipes to inspire edible products.
“Those can be adapted with cannabis or CBD or whatever we’re going to use,” she told attendees at the conference.
Cannabis edibles, vapes, topicals and drinks are set to be legalized for recreational sales in Canada in October. The government expects sales to begin in December. A recent study by Deloitte pegged the Canadian market for products in that category at $2.7 billion annually.
On the pets front, Stewart said one of her dogs is benefiting from CBD. She predicts it won’t be long until major pet food brands start rolling out infused products.
“I have been experimenting a little bit with one of my dogs. She seems to be responding nicely to a very modest dosage of drops of CBD. She’s a little nervous dog,” Stewart said.
Canopy has several clinical trials underway to explore potential health applications for cannabis compounds, including CBD, for both humans and animals.
‘A walking rolodex of connections’
While Stewart is decidedly less willing to endorse the psychoactive side of cannabis than Canopy’s other celebrity partners – Snoop and actor Seth Rogan – Linton is grateful to have the powerhouse businesswoman on his team.
“She is like a walking rolodex of connections,” he toldYahoo Finance Canadaon the sidelines of the conference. “Her network is unbelievable. When we were talking about doing a cosmetic line, she was like, 'You should call this guy, this guy, this guy.’”
Linton hopes to see Canadian regulators adjust strict rules around celebrities and cannabis branding. He said the fact that his company’s Leafs By Snoop cannabis line had to rebrand to LBS to comply with the rules was a “kind of odd” situation.
Stewart said she has been shocked and pleased by the adoption of cannabis products, adding that her friends are showing up to visit her with “baggies of gummy bears” these days.
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Have Insiders Been Buying Cobalt Blockchain Inc. (CVE:COBC) Shares This Year?
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It is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be remiss not to mention that insider sales have been known to precede tough periods for a business. So we'll take a look at whether insiders have been buying or selling shares inCobalt Blockchain Inc.(CVE:COBC).
It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, rules govern insider transactions, and certain disclosures are required.
We don't think shareholders should simply follow insider transactions. But equally, we would consider it foolish to ignore insider transactions altogether. For example, a Harvard Universitystudyfound that 'insider purchases earn abnormal returns of more than 6% per year.'
See our latest analysis for Cobalt Blockchain
William White made the biggest insider purchase in the last 12 months. That single transaction was for CA$322k worth of shares at a price of CA$0.15 each. So it's clear an insider wanted to buy, even at a higher price than the current share price (being CA$0.085). It's very possible they regret the purchase, but it's more likely they are bullish about the company. In our view, the price an insider pays for shares is very important. It is encouraging to see an insider paid above the current price for shares, as it suggests they saw value, even at higher levels. William White was the only individual insider to buy shares in the last twelve months.
You can see the insider transactions (by individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
Cobalt Blockchain is not the only stock that insiders are buying. For those who like to findwinning investmentsthisfreelist of growing companies with recent insider purchasing, could be just the ticket.
Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. Cobalt Blockchain insiders own about CA$3.9m worth of shares. That equates to 26% of the company. We've certainly seen higher levels of insider ownership elsewhere, but these holdings are enough to suggest alignment between insiders and the other shareholders.
There haven't been any insider transactions in the last three months -- that doesn't mean much. On a brighter note, the transactions over the last year are encouraging. Insiders do have a stake in Cobalt Blockchain and their transactions don't cause us concern.I like to dive deeperinto how a company has performed in the past. You can findhistoric revenue and earnings in thisdetailed graph.
But note:Cobalt Blockchain may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with high ROE and low debt.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Dove Cameron calls on Whoopi Goldberg to 'support women' over Bella Thorne nude photo leak
Dove Cameron arrives at the 75th annual Golden Globe Awards at the Beverly Hilton Hotel on Sunday, Jan. 7, 2018, in Beverly Hills, Calif. (Photo by Jordan Strauss/Invision/AP) Dove Cameron has called upon Whoopi Goldberg to rethink her judgement of Bella Thorne for leaking her own nude photos. The View host, 63, criticised Thorne’s decision to publish topless photos of herself in response to being blackmailed by a hacker, saying she should not have taken the pictures in the first place. Cameron, 23, has come out in support of her fellow Disney child star saying: “Whoopi Goldberg don’t be ugly. You are not spreading a positive message for young developing women, or men, for that matter... Slut shaming is old. please. just be better than this. It’s really not that hard.” (Credit: Twitter) Thorne revealed 22-year-old singer and actress Zendaya was also among those who had sent her messages of support. Thorne added: “We talked a lot about this generation, the one before us as well, and how as women we shouldn’t feel bad about ourselves our bodies. Slut shaming is one of the biggest topics of this generation but yet we still keep going some how. It’s really really sad.” Read more: Bella Thorne calls Whoopi Goldberg 'disgusting' for nude photo leak reaction The 21-year-old had posted a tearful video on her Instagram account after Goldberg stated Thorne was in part responsible for taking the photos in the first place. Thorne had posted semi-nude photos of herself online at the weekend claiming she had been hacked. View this post on Instagram A post shared by ♡DOVE♡ (@dovecameron) on Jun 19, 2019 at 9:45am PDT Read more: Whoopi Goldberg seemingly blames Bella Thorne over nude photo leak Thorne hit back at Goldberg: “Blaming girls for taking photo in the first place? Is sick and honestly disgusting... “Ur view on this matter is honestly awful and I hope u change ur mind set as u are on a show talking to young girls. [sic]” Read more: Bella Thorne Posts Nude Photos to Twitter in Retaliation Against Alleged Hacker Thorne chose to publish the pictures herself after they were hacked, stating she was taking “my power back” by making them public. She revealed a hacker had sent her topless pictures of herself which they had stolen from her and were threatening to release them if she did not pay a ransom. Goldberg, 63, said on The View: “If you’re famous, I don’t care how old you are. You don’t take nude pictures of yourself.” |
What Investors Should Know About Brown-Forman Corporation's (NYSE:BF.B) Financial Strength
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Investors pursuing a solid, dependable stock investment can often be led to Brown-Forman Corporation (NYSE:BF.B), a large-cap worth US$26b. Doing business globally, large caps tend to have diversified revenue streams and attractive capital returns, making them desirable investments for risk-averse portfolios. But, the health of the financials determines whether the company continues to succeed. Today we will look at Brown-Forman’s financial liquidity and debt levels, which are strong indicators for whether the company can weather economic downturns or fund strategic acquisitions for future growth. Note that this information is centred entirely on financial health and is a high-level overview, so I encourage you to look furtherinto BF.B here.
Check out our latest analysis for Brown-Forman
BF.B's debt level has been constant at around US$2.4b over the previous year which accounts for long term debt. At this current level of debt, the current cash and short-term investment levels stands at US$307m to keep the business going. On top of this, BF.B has produced US$800m in operating cash flow in the last twelve months, leading to an operating cash to total debt ratio of 33%, meaning that BF.B’s operating cash is sufficient to cover its debt.
Looking at BF.B’s US$703m in current liabilities, the company has been able to meet these commitments with a current assets level of US$2.7b, leading to a 3.87x current account ratio. The current ratio is calculated by dividing current assets by current liabilities. Having said that, a ratio above 3x may be considered excessive by some investors, yet this is not usually a major negative for a company.
Considering Brown-Forman’s total debt outweighs its equity, the company is deemed highly levered. This isn’t surprising for large-caps, as equity can often be more expensive to issue than debt, plus interest payments are tax deductible. Accordingly, large companies often have lower cost of capital due to easily obtained financing, providing an advantage over smaller companies. We can check to see whether BF.B is able to meet its debt obligations by looking at the net interest coverage ratio. Net interest should be covered by earnings before interest and tax (EBIT) by at least three times to be safe. For BF.B, the ratio of 13.84x suggests that interest is amply covered. High interest coverage is seen as a responsible and safe practice, which highlights why most investors believe large-caps such as BF.B is a safe investment.
BF.B’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow. Since there is also no concerns around BF.B's liquidity needs, this may be its optimal capital structure for the time being. Keep in mind I haven't considered other factors such as how BF.B has been performing in the past. You should continue to research Brown-Forman to get a more holistic view of the large-cap by looking at:
1. Future Outlook: What are well-informed industry analysts predicting for BF.B’s future growth? Take a look at ourfree research report of analyst consensusfor BF.B’s outlook.
2. Valuation: What is BF.B worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether BF.B is currently mispriced by the market.
3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Is Duke Energy Corporation's (NYSE:DUK) ROE Of 6.4% Concerning?
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Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Duke Energy Corporation (NYSE:DUK).
Our data showsDuke Energy has a return on equity of 6.4%for the last year. Another way to think of that is that for every $1 worth of equity in the company, it was able to earn $0.064.
Check out our latest analysis for Duke Energy
Theformula for ROEis:
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Duke Energy:
6.4% = US$2.9b ÷ US$45b (Based on the trailing twelve months to March 2019.)
Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. It is all earnings retained by the company, plus any capital paid in by shareholders. You can calculate shareholders' equity by subtracting the company's total liabilities from its total assets.
Return on Equity measures a company's profitability against the profit it has kept for the business (plus any capital injections). The 'return' is the yearly profit. The higher the ROE, the more profit the company is making. So, all else being equal,a high ROE is better than a low one. Clearly, then, one can use ROE to compare different companies.
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Duke Energy has a lower ROE than the average (10%) in the Electric Utilities industry.
Unfortunately, that's sub-optimal. We'd prefer see an ROE above the industry average, but it might not matter if the company is undervalued. Nonetheless, it might be wise tocheck if insiders have been selling.
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
Duke Energy does use a significant amount of debt to increase returns. It has a debt to equity ratio of 1.31. While the ROE isn't too bad, it would probably be a lot lower if the company was forced to reduce debt. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
Return on equity is useful for comparing the quality of different businesses. In my book the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at thisdata-rich interactive graph of forecasts for the company.
But note:Duke Energy may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with high ROE and low debt.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
India creates new ministry to tackle growing water crisis
NEW DELHI (AP) — India's government has created a new ministry to respond to a growing water crisis, with more than 60% of the country's 1.3 billion people dependent on farming and favorable monsoon rains. Indian President Ram Nath Kovind told Parliament on Thursday that the new Ministry of Water Power will tackle water conservation and management. Kovind said traditional water conservation practices are disappearing as ponds and lakes are filled to build houses and other developments, and that vanishing water sources have worsened the crisis for the poor. Millions of people have been forced to rely on water from tank trucks in the southern Tamil Nadu state, which had a 62% shortfall in monsoon rains last year. Kovind said water shortages are one of the biggest challenges of the 21st century and are likely to be worsened by climate change. He said the creation of the new ministry "is a decisive step in this direction, which will have far-reaching benefits." The government is assessing the possibility of connecting rivers in various states to help with regional water shortages. Several Indian states have disputes over the sharing of water carried by rivers and have petitioned the Supreme Court to obtain larger shares. Experts recommend the restoration of open areas to recharge groundwater, the prevention of polluted water from entering groundwater, and the collection of rainwater from roofs. Kovind, whose position is largely ceremonial, addressed both houses of Parliament at the start of Prime Minister Narendra Modi's second term after his party's massive victory in elections last month. View comments |
Investors Who Bought Endologix (NASDAQ:ELGX) Shares Five Years Ago Are Now Down 95%
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Endologix, Inc.(NASDAQ:ELGX) shareholders should be happy to see the share price up 15% in the last month. But that doesn't change the fact that the returns over the last half decade have been stomach churning. In fact, the share price has tumbled down a mountain to land 95% lower after that period. The recent bounce might mean the long decline is over, but we are not confident. The fundamental business performance will ultimately determine if the turnaround can be sustained.
While a drop like that is definitely a body blow, money isn't as important as health and happiness.
Check out our latest analysis for Endologix
Endologix isn't a profitable company, so it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). Arguably revenue is our next best option. Shareholders of unprofitable companies usually expect strong revenue growth. That's because it's hard to be confident a company will be sustainable if revenue growth is negligible, and it never makes a profit.
In the last half decade, Endologix saw its revenue increase by 4.2% per year. That's far from impressive given all the money it is losing. It's not so sure that share price crash of 44% per year is completely deserved, but the market is doubtless disappointed. We'd be pretty cautious about this one, although the sell-off may be too severe. We'd recommend focussing any further research on the likelihood of profitability in the foreseeable future, given the muted revenue growth.
The graphic below shows how revenue and earnings have changed as management guided the business forward. If you want to see cashflow, you can click on the chart.
It's probably worth noting we've seen significant insider buying in the last quarter, which we consider a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. So it makes a lot of sense to check out what analysts think Endologix willearn in the future (free profit forecasts).
While the broader market gained around 5.0% in the last year, Endologix shareholders lost 88%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 44% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. It is all well and good that insiders have been buying shares, but we suggest youcheck here to see what price insiders were buying at.
There are plenty of other companies that have insiders buying up shares. You probably donotwant to miss thisfreelist of growing companies that insiders are buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
How to Teach Your Kids the Right Financial Lessons
With a few helpful pointers, your kids will be on track for financial success.
Image source: Getty Images
It’s safe to say that parenting comes with a whole slew of responsibilities. You have to keep your kids happy and healthy. You have to ensure they get a good education. And, if you want to avoid hearing them ask you for gas money until they’re 30, you have to teach them about money.
Giving your kids financial advice can be tough. It’s very easy to bore them and have your advice go in one ear and out the other. After all, there aren’t a lot of middle schoolers who want to learn about 401(k)s.
The key to teaching your kids financial lessons that they remember is to tailor your advice to their age group. With the lesson plan below, your kids will know the ins and outs of personal finance by the time they leave home.
When your kids are barely past their toddler years, you need to stick to the basics. At about four to five years old, it’s a good time to introduce them to the concept of money and how money is used.
Studies have shown that children can grasp the idea of exchanging money for goods at this point, but they might have trouble understanding the values of different pieces of money.
Here are some simple ways to start teaching your kids about money:
• Show them different coins and bills.
• Explain that you use money to buy things you need.
• Demonstrate how this works when you go to the store. Pick out a product and show them the money you’ll use to buy it or have them give the money to the cashier.
By the time your kids are seven or eight years old, they’ll have some understanding that adults work for their money, so you can introduce how earning money works.
A popular way to do this is to give them money when they do their chores. You could even make a chart with the chores they can do and how much you’ll pay them for each one.
This age range is also when children can comprehend the value of money and when they develop the ability to plan ahead, which makes it perfect for their first lessons on saving.
Encourage them to set savings goals for the things they want. For example, if they want to buy a game, explain how they’ll need to set aside some of their chore money for the next two weeks instead of spending it all.
Once your kids are in middle school, they’ll be ready for more advanced financial concepts. They’ll probably be doing more challenging chores and earning more as a result, and they’ll have a few years of experience with saving money.
With more pocket money and more knowledge about saving, setting them up with their own bank account is a logical next step.
You may want to take them to your own bank, or you can check out thebest bank accountsto find one that won’t charge any maintenance fees, even for accounts that don’t have large balances.
After opening a bank account, make sure you go over:
• how to check their balance online or through the bank’s app,
• using their debit card for purchases and withdrawals and the dangers ofexpensive overdraft feesif they don’t keep track of their balance, and
• how their balance will grow through interest.
These could be the last years of you and your kids living together before they set out on their own, so this is where you get them ready for “the real world.” There are two key concepts they’ll need to understand: making a budget and borrowing money.
Teenagers tend to have more expenses than younger kids, and they also earn more money, whether that’s still from chores or from a job. That means you’ll have the opportunity to draw up a budget with them. Here’s how:
• Calculate how much they’ll earn every month.
• Figure out what their typical monthly costs are, such as gas and food. You could determine this by reviewing their most recent bank statements with them.
• Compare what they spend to what they earn to see if they need to cut back.
• Stress the importance of paying themselves first by always saving a portion of what they earn immediately after they get paid.
High school is also when you can explain how borrowing money works, and that when you borrow money, the lender will charge you interest. From there, you can go into the subject of credit scores, explaininghow credit scores are calculatedand how your score affects the amount of interest you pay.
Since credit cards are one of the first ways many young adults borrow money, you should make sure to cover the dangers of carrying a balance on a credit card. One smart way to teach your kids about responsible credit card use is tomake them authorized users on your own cardto show them exactly how it works.
Sooner or later, your kids will be ready to move out and start their own lives. At this stage, it’s wise to go over a few things with them to ensure that they’re prepared:
• Confirm that they’ve made a budget and that they’re going to be able to afford all their expenses, ideally with those expenses amounting to 50% of their income or less.
• Check that they have anemergency fund. While they may not have three to six months of expenses saved yet, they should have at least $500 to $1,000 in case they ever need some extra money.
• Advise them to get a credit card of their own to build their credit and consider being their cosigner to help them get approved.
• Recommend that they save for retirement as soon as possible. Most young adults don’t think about this much, but starting early can help grow a retirement nest egg much more quickly.
The Motley Fool owns and recommends MasterCard and Visa, and recommends American Express. We’re firm believers in the Golden Rule. If we wouldn’t recommend an offer to a close family member, we wouldn’t recommend it on The Ascent either. Our number one goal is helping people find the best offers to improve their finances. That is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. |
New Age Signs Agreement To Expand Marley+CBD Globally
DENVER, CO / ACCESSWIRE / June 20, 2019 / NEW AGE BEVERAGES CORPORATION (NASDAQ:NBEV), the Colorado and Utah-based organic and natural beverage company intending to become the world's leading healthy beverages and lifestyles company, today expanded its Marley brand licensing agreements with companies owned by the family of Bob Marley and Docklight Brands, Inc., to include expansion to new global markets and the addition of new product types, including cannabidiol (CBD) infused shots.
KEY HIGHLIGHTS:
• New Age and Docklight Brands agreement expanded to now included all markets within the United States, Japan, Mexico, Hungary, and Uruguay
• Docklight Agreement expanded to now include CBD-infused shots, with other product forms and beverage types to follow
New Age and the Marley companies recently extended the licensing agreement on the Marley brand for an additional 10 years, and emplaced a new advisory agreement with the family to help promote and build awareness of the entire Marley portfolio. In light of rapidly opening global opportunities with CBD, New Age has now also expanded their previous agreement with Docklight Brands. The expanded Docklight agreement extends to four additional countries, the current geographies in which New Age is working with major distributors and retailers to effectuate launch of Marley+CBD ready to drink beverages. The newly expanded agreement also covers all of the United States with products to be launched concurrent with the easing of the regulatory landscape, while also opening up expanded market access in the initial international markets.
The expanded agreement also now includes the extension into ready-to-drink (RTD) shots, to accompany the Marley Mellow Mood+CBD drinks in 15.5oz cans. The CBD-infused RTD products under the Marley brand complement New Age's recent launch under other brands of CBD creams, lotions, and topicals via the first ever omni-channel approach, across e-commerce, traditional retail, medical, and the direct-to-consumer channel.
Damian Marano, CEO for Docklight Brands, commented, "Since forming the partnership with New Age in January, we have been all systems go for launch of the Marley Mellow Mood + CBD brand. We believe we have an outstanding product that retailers and consumers will love. We are thrilled to expand our relationship with New Age to take on the world."
About Docklight Brands, Inc.
Docklight Brands is a pioneering consumer brand company crafting the futures of the rapidly-emerging, legal cannabis and cannabinoid industries. Docklight's focus is on building lasting cannabis and hemp-derived brands that consumers crave. Docklight uses their deep understanding of consumer needs states and category trends, to create brands that resonate with consumers and are among the bestselling cannabis and hemp-derived brands on the market.
Docklight's portfolio of brands include Marley Natural, The Goodship, Irisa, Dutchy and Headlight. Docklight deploys an asset-light business model to scale brands and IP quickly across the world. Docklight was founded by Privateer Holdings, Inc., a Seattle-based private equity firm that invests exclusively in the emerging legal cannabis industry.
About New Age Beverages Corporation (NASDAQ:NBEV)
New Age Beverages Corporation is a Colorado and Utah-based healthy products company dedicated to inspiring and educating consumers to "live healthy." The Company is the only omni-channel company with access to traditional retail, e-commerce, direct-to-consumer, and medical channels across 60 countries around the world. New Age is also the only one-stop-shop of healthy beverages and includes the brands Tahitian Noni, TeMana, Búcha Live Kombucha, XingTea, Coco-Libre, Marley, and others. New Age competes in the growth segments of the >$1 trillion-dollar non-alcoholic beverage industry and has become one of the 40 largest non-alcoholic beverage companies, one of the largest healthy beverage companies, and the fastest growing in the world over the past three years. The Company's brands are sold across all 50 states within the US and in more than 60 countries internationally across all channels via a hybrid of direct-to-consumer and traditional distribution and route-to-market systems.
The Company operates the websiteswww.newagebev.com,www.newagebev.us,www.morinda.com,www.mybucha.com,www.xingtea.com,www.drinkmarley.com,www.nhancedcbd.com,andwww.cocolibre.com.
New Age has exclusively partnered with the world's 5th largest water charity, WATERisLIFE, to end the world water crisis with the most innovative technologies available. Donate at WATERisLIFE.com to help us #EnditToday.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of the Company including statements regarding New Age Beverage's expectation to see continued growth. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and actual results may differ materially. New Age Beverages competes in a rapidly growing and transforming industry, and other factors disclosed in the Company's filings with the Securities and Exchange Commission might affect the Company's operations. Unless required by applicable law, NBEV undertakes no obligation to update or revise any forward-looking statements.
For investor inquiries aboutNew Age Beverages Corporationplease contact:
Media:Desiree RosaMULTIPLYTel: 202-292-4566NewAgeBev@wearemultip.lyInvestor Relations Counsel:Cody Slach, GatewayTel 949-574-3860NBEV@GatewayIR.com
New Age Beverages Corporation:Gregory A. GouldChief Financial OfficerTel 303-566-3030GGould@NewAgeBev.com
SOURCE:New Age Beverages Corporation
View source version on accesswire.com:https://www.accesswire.com/549344/New-Age-Signs-Agreement-To-Expand-MarleyCBD-Globally |
Follow the Money for the Truth About Tech, From Valuations to VR
At the end of May, when Uber filedits first earnings report as a public company, the ride-hailing titan revealed it had an impressive $3 billion in revenue for the quarter. Trouble is, it had spent just over $4 billion to produce it.
Earlier in that month, Uber’s road rival Lyft, which also went public this year, revealed an even bigger splotch of red ink—$1.1 billion worth, on $776 million in revenue—in its debut quarterly report. That net loss, as it happens, was nearly five times the size of the $234 million hole it had dug in the same period of 2018. (Progress.) And then there’s Tesla, which has lost a cumulative $6.6 billion since 2006. Investors, for their part, are currently rewarding it with a $40 billion market cap.
It has become all but axiomatic that to succeed in the new economy, companies have to spend with abandon; in burgeoning marketplaces that quickly morph into winner-take-most, startups have no choice but to grab whatever share they can, as fast as they can, and box out the competition. They have to triple down on technology, on marketing, on top-tier talent because, after all, that’s whatAppledid. AndAmazon. AndGoogle.
Except, dear readers, it wasn’t.
That’s whatFortune’sShawn Tully discoveredwhen he went back through years of financial statements for Apple, Amazon, Google (now Alphabet), andFacebook. “It turns out the assumption that successful tech companies burned lots of cash in their youth isn’t merely wrong—it’s staggeringly wrong,” he writes.
Shawn calculated the free cash flow (cash generated from operating activities minus capital expenditures) of these giants back to their pre-behemoth days and found that Google—quite strikingly—had apparentlyneverbeen cash-flow negative. Apple and Facebook, meanwhile, had just fleeting periods when they lived beyond their means. And Amazon, which is most-often cited as the exemplar of “spend money to make money,” was also far more frugal than today’s unicorn-chasers realize. Even in the periods when its free cash flow was negative, the burn rate was modest compared with total sales.
In business, as Shawn’s terrific analysis proves out, nothing bursts the conventional wisdom quite like math does. And Exhibit B in this maxim is this issue’s cover story—Aric Jenkins’s wonderful taleof the rise and fall and … could it be? … rise anew of virtual reality. Five years ago, when Facebook shoveled out $3 billion to buy VR headset maker Oculus, it seemed to many of the technoscenti that virtual reality would be the next dimension for global recreation. Venture capitalists rushed to finance VR startups—investing more than $850 million in 2016—only to see the market fizzle for lack of consumer interest.
Again, here’s some math: Last year, Oculus shipped just 354,000 units of its flagship headset, according to one industry watcher—which is equivalent to about 2% of the 17 million or so PlayStation 4 consoles Sony sold during the same period.
Why the fizzle? The clunky gear and the lofty price points played a part, Aric explains. But the real limiting factor was the lack of a good reason to wear that clunky gear and pay those prices: The applications just weren’t engaging enough to absorb players day in and day out.
That may at last be changing, however. As Aric reports, VR has upped its game—and a number of developers have found some compelling enterprise-related uses for the tech, too.
It just may be that virtual reality is the real thing, after all. But I’d suggest you read Aric’s feature before you take that first plunge.
A version of this article appears in the July 2019 issue of Fortune with the headline “Follow the Money.”
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Don’t miss the dailyTerm Sheet,Fortune‘s newsletter on deals and dealmakers. |
The Fall and Rise of VR: The Struggle to Make Virtual Reality Get Real
Paul McCartney made his modest contributionto the future of virtual reality with a little help from a bike mechanic.
The unlikely union of the Beatles great, a bike-shop employee in Palo Alto, and a promising if underachieving technology is the accomplishment of Scott Broock, once an enterprising executive with a fledgling camera company called Jaunt VR. In 2014, Broock offered to pay the mechanic $50 to ride around a skate park on a BMX bike while being filmed with a specialized camera rig that could shoot video and record sound in 360 degrees—all around and up and down. Broock hoped the bike’s chain clanging around the fishbowl would be ideal for something called ambisonic audio, surround sound hearable above, below, and around the listener.
A few months later, Broock managed to show a clip of the video to McCartney, who was so impressed that he invited Jaunt to film his concert the very next night at San Francisco’s historic Candlestick Park, the same venue where the Fab Four had performed their final show 48 years earlier. The startup company quickly mobilized and recorded one of the first videos of its kind, an immersive stadium concert film that would give a viewer the sensation of being among the pulsating crowd. Broock left Jaunt in 2016 and subsequently served a yearlong stint as a “global VR evangelist” for YouTube. But he still looks back at the concert video as a breakthrough achievement. “There’s a moment recorded in time of Paul McCartney playing in front of people captured in a way that, maybe 100 years from now, seems like black-and-white films”—primitive but pioneering. “That’s a powerful thing.”
The vintage film comparison—think: grainy footage of silent passersby shuffling around in top hats among horse-drawn carriages and Model T–esque cars—is standard fare for virtual reality’s boosters. Just as movies showed viewers places they’d never go, VR would transport them directly into those same filmed environments. That was the promise that ledFacebookto pay $3 billion for headset maker Oculus VR in 2014, and every year since, evangelists have proclaimed virtual reality the next new thing. Consumer tech players includingGoogle, HTC, Samsung, and Sony joined Facebook in a race to bring consumer-ready headsets to market. Venture capitalists poured billions into content development and hardware applications.Timemagazine put the then-22-year-old founder of Oculus, Palmer Luckey, on its cover and announced the technology was “about to change the world.” Mark Zuckerberg in 2017 famously said he wanted a billion people to be using Oculus headsets—though he conspicuously didn’t say by when.
That omission is understandable. Because for all the hype-filled promises, virtual reality remains, well, virtually absent from everyday American life. Oculus in 2018, for example, shipped just 354,000 units of its flagship VR headset, the Oculus Rift, according to estimates from SuperData, a gaming-focused research unit of Nielsen. Contrast that with the more than 17 million PlayStation 4 game consoles Sony moved in the same period or global smartphone sales that year of 1.4 billion, according to IDC. Consumers are finding that VR is typically too expensive, too clunky, or too uncomfortable, and lacking in content that is worth trying more than once or twice. Skeptics compare the experience to the short-lived 3D-TV fad of the early 2010s.
The sluggish adoption has claimed multiple victims. Cinema operator IMAX, which used $50 million in venture capital funding to open virtual reality arcades in cities from New York to Bangkok, shuttered all the locations after just two years. Google’s in-house VR film studio, Spotlight Stories, folded earlier this year. And CCP Games, a popular Icelandic video game developer, laid off 100 people and ceased its development of new VR projects in 2017. “We saw in our own data that this is gonna take a while to get to the place it needs to be,” says CEO Hilmar Veigar Pétursson, adding that the wait will be “years, not months.” Even Jaunt, despite the boost from McCartney and more than $100 million of funding, including fromDisney, couldn’t make a go of VR. Last year it shifted its attention to a related technology, augmented reality, which adds visual cues to real-life settings rather than trying to immerse users in distinct worlds. “We were focused on driving consumer adoption and understanding what consumers want to watch in VR,” says CEO Mitzi Reaugh, who oversaw a mass layoff at the Silicon Valley company. “It just wasn’t moving on the timeline that made sense for our company.”
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It is tempting to write off virtual reality as yet another overhyped fad. Yet that would ignore the technology industry’s long history of fallen pioneers paving the way for someone else’s breakthroughs. TheAppleNewton and the Polaroid Polavision died, after all, so that the iPad and camcorder might live. It took a decade for smartphones to become ubiquitous. Early VR headsets themselves date back to the 1960s, while Nintendo and Sega in the 1990s forayed into the consumer market with the ill-fated Virtual Boy and Sega VR systems, respectively. And even if VR has been a disappointment for the entertainment industry—the McCartney VR concert video will never go platinum—the technology is proving useful in sensible business applications, like workforce training, and yet new entertainment concepts. After all, when a technology is so exceedingly cool that it attracts a legion of true believers, it is extremely difficult to kill.
Inside a buildingon Facebook’s sprawling Menlo Park, Calif., campus, past a literal Facebook wall scribbled with employees’ handwriting and motivational quotes like “If you never try, you’ll never know,” a spacious gray room is set up to demonstrate the highly anticipated Oculus Quest. This is the device VR enthusiasts believe can change everything. Released in May, the Quest is Oculus’s first all-in-one headset built for high-powered gaming. It requires no wires or connection to a PC and can operate with a full six degrees of freedom that allows users to look around and walk in all directions, unlike last year’s similarly wireless but less immersive Oculus Go. At a starting price of $399, it’s on par with mainstream consoles like Sony’s PS4 and Microsoft’s Xbox One.
Being placed into a VR device by another person is an awkward experience. Once the headset snugly fits over your face, the person who was just assisting you could be giving you the middle finger for all you know because you are now staring at, yes, another reality. In my case, it’s a very satisfying one, in which my Oculus Home, or the home screen, looks as if it were designed by Frank Lloyd Wright, complete with a maple wood interior and a domed glass roof peering up at the Northern Lights.
But the Quest is not about architecture; it’s about games. More than 50 of them launched with the device, none more popular than the colorful rhythmic sensationBeat Saber, developed and published by indie Czech studio Beat Games. Best described asDance Dance RevolutionmeetsStar Wars,Beat Saberin March became the first VR game to claim to surpass 1 million copies sold, and it shows no signs of slowing down. That’s thanks to an active fan community on YouTube, generating millions of hits from videos showcasing standout players. In April, it was featured on aTonight Showsegment with the host Jimmy Fallon and actress Brie Larson each playing the game on national television. VR enthusiasts nearly hyperventilated in their praise. “This is huge!” tweeted popular VR YouTuber Nathaniël “Nathie” de Jong. “True killer marketing for the entire VR industry.”
After 15 minutes of playing the game, I am sweating. You’re “exercising without knowing you are,” says Beat Games CEO Jaroslav Beck. “You are feeling the music in the most powerful way because you are physically experiencing it.” People across the industry, from developers to investors to company executives, say that this is, right now, the closest thing VR has to a “killer app”—a piece of content so good that it’s possible consumers will buy VR headsets just to play the game. It’s exactly the kind of outcome Facebook hoped for when it started Oculus Studios, a division that gives funding and technical advice to third-party game developers like Beat Games.
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Facebook’s initial vision for VR was far grander than games. It thought cinematic virtual reality would be a breakthrough application and that Facebook itself, rather than third-party developers, would create the masterpieces. Facebook established the Oculus Story Studio in 2015 as an in-house film department dedicated to making movies for virtual reality. Yet despite winning an Emmy for its animated short “Henry,” Facebook shuttered the studio in 2017. Yelena Rachitsky, a Facebook executive producer who’d been with the defunct studio, says Facebook realized its clout was better deployed encouraging an ecosystem approach. “I think there is just a reality that a lot of the creativity doesn’t necessarily happen within a big corporation,” she explains. “It’s the creators out there who aren’t limited or confined by specific corporate structures [who] I think have the innovative and creative thoughts that are going to continue to push the boundaries in VR.”
Hollywood also figured prominently in Facebook’s VR dreams. Edward Saatchi, whose father, Maurice, cofounded the ad agency Saatchi & Saatchi, was a founding member of the Oculus Story Studio. He says the goal was to create VR content that could “inspire an industry.” Five or so years ago, Hollywood directors approached then Oculus CEO Brendan Iribe, intrigued by the technology’s prospects, says Saatchi, who now heads a “virtual beings” company called Fable. “They were super excited and said, ‘Let’s make a VR movie.’ But he was like, ‘I have no idea how to do that.’ ” The Story Studio was Oculus’s attempt to find out how. “Our goal was to get film schools teaching VR movies, to have film festivals accepting VR movies, to have famous directors do VR movies,” Saatchi explains, noting that director Alejandro González Iñárritu, whoseBirdmanwon an Academy Award for Best Picture in 2014, took home another Oscar for his 2017 VR short,Carne y Arena. “So, in that sense, we succeeded. Except it didn’t become a mainstream thing. There just isn’t any evidence that anyone is willing to pay for narrative VR content outside of a theme park.”
In retrospect, Mark Zuckerberg was so enamored with the theoretical potential of VR that it appears he spent billions without having thought through how to make a business of it. “It was a platform play,” says Blake Harris, author of the optimistically titledThe History of the Future: Oculus, Facebook, and the Revolution That Swept Virtual Reality. “He had a popular app. But in his mind there’s always going to be this problem of living on other people’s platforms. You’re beholden toMicrosoft, Google, and Apple.”
Indeed, Zuckerberg and his minions have described VR as the logical next step in the social experience Facebook itself created for billions of people. Just as it digitized the analog behavior of keeping up with one’s friends, now Facebook wants people inside a virtual reality to “span geographical boundaries,” as Facebook director of VR product management Sean Liu says. “We’re really thinking and pushing the notion of how we bring you and your avatar into VR. How do we allow you to emote and have social expression to really connect together and do different activities?”
In the reality we live in today, VR isn’t a prevalent tool of communication. But that hasn’t dampened Facebook’s enthusiasm for it. “I don’t know exactly when it’s going to be a big deal,” Zuckerberg said in a call with investors last year. “When we started talking about this, I said that I thought that this is going to be a 10-year journey before this was really a very mainstream and major platform.” Just about halfway down the road, the futuristic technology is nowhere near realizing Zuckerberg’s vision.
The masked robberpoints a gun in my face and shuffles me and a sobbing woman into a back room. “Take this fucking bag, pick it up, and fill it up!” he screams. “Everything!” Now he’s motioning toward a white wall lined with packaged phones and accessories. Before we can react, a flash, a whirring noise, and then time cuts forward. The woman is now stuffing electronics into the bag, panicked. “Hurry the fuck up!” the robber’s accomplice shouts. “Let’s go!” And then black.
As I remove my Oculus Go headset, all is bright and peaceful in an empty classroom inside an unassuming office building in Manhattan’s Flatiron District. Jeremy Bailenson, a Stanford professor and founding director of the university’s Virtual Human Interaction Lab, stands beside me. He begins explaining what I have just witnessed: a VR training module forVerizonstore employees to learn how to deal with armed robberies. “If you work at a Verizon store, there’s so much expensive material that’s right near the door,” he says. “They have dozens of robberies at gunpoint each year. They want to train their employees to be safe.” Verizon had been offering traditional training procedures for years, utilizing classroom instruction and hiring actors to simulate robberies. But the company found it minimally effective. “Despite having been trained, [our employees] weren’t necessarily equipped to manage through the robbery,” says Lou Tedrick, Verizon’s vice president of global learning. “We thought VR would be a good use case because it would help the muscle memory of what it had felt like to be robbed. You want to be able to feel it in a safe environment and be able to talk about it.”
To improve its safety training, Verizon approached Strivr, a VR software training company Bailenson cofounded in 2015. Impressed by the startup’s work with other large corporate partners likeWalmart, Verizon tasked Strivr with developing modules to train store managers in high-fidelity heist scenarios. Since late 2018, roughly 1,500 of these managers have undergone Strivr’s training experiences. When surveyed, 95% said they better understood the factors they would need to consider during an actual burglary attempt. Asked about the ethical concerns of purposefully traumatizing employees, Tedrick says that professional trainers walk employees through every step of the way. “In fact, we had many people thank us for creating an incredibly realistic experience versus trying to sanitize the experience,” she adds. Verizon now plans to have store managers at all its retail locations trained in these VR simulations.
It turns out that while VR movies or virtual hangouts may not be ready for prime time, the technology is ideal for certain practical applications. VR is gaining traction in fields like surgical training, STEM education, industrial design, architecture, real estate, and more. At Facebook’s F8 developer conference in April, Oculus announced an expanded Oculus for Business program slated to begin in the fall. It includes access to enterprise-grade headsets, such as the new Oculus Quest, and “a dedicated software suite offering device setup and management tools, enterprise-grade service and support, and a new user experience customized for business use cases.” Microsoft and HTC, meanwhile, have pushed heavily into industrial enterprise with the mixed-reality HoloLens headset and the HTC Vive, respectively. “Our bigger market is on the consumer side,” says HTC’s Dan O’Brien, general manager of the Americas for the Vive product line. “But our more aggressive growth area is enterprise.”
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Strivr, the Verizon vendor, is solely focused on business-to-business VR applications. In addition to the giant phone company, it counts Chipotle, Jet Blue, Fidelity Investments, andTyson Foodsas clients. It has distributed 17,000 Oculus Go headsets embedded with Strivr’s software in Walmart superstores and smaller stores across the country, all for internal use. From there, the startup says it can provide analytics that track performance and eye movement. ���When a company tells us, ‘I need to know that the trainee looked at that bucket on the floor,’ we can tell you that they did not look at it,” says Strivr CEO and cofounder Derek Belch, a former graduate student of Bailenson’s. “That means they’re not going to look at it in the real world. Like, unequivocally.”
It isn’t unusual for business technology applications to find commercial success before their consumer versions do. Belch of Strivr says he doesn’t own a headset at home. One of Strivr’s backers, Zaw Thet of Signia Venture Partners in Menlo Park, Calif., is clearly pleased with his firm’s bet on an enterprise application. “There isn’t a killer app here on the consumer side,” he says. “Yeah, in 10 minutes you can get scared in a zombie house, and my 4-year-old likes to go look at the solar system for five minutes. But it’s not something he’s in every day.”
Why don’t morepeople use virtual reality—besides the issues of price, discomfort, and lack of good content? Because VR requires you to completely abandon reality. And, honestly, who has time for that? “You’re inside of a walled garden, you’re inside of a headset where you don’t have access to the real world,” says Jacob Mullins, a partner at Shasta Ventures, an early backer of the technology.
In fact, where VR has found limited success is by tweaking its approach, especially with augmented reality. AR shares similar properties with VR, but rather than completely immersing a viewer in another reality, it adds digital elements to the real world, typically through a smartphone. Think ofPokémon Goor the Ikea app that enables users to place and visualize new furniture within their homes. As confidence in virtual reality falters, AR is now experiencing levels of hype similar to the VR wave of five years ago, with startups like Magic Leap raising close to $2.5 billion to develop AR glasses and related content. Even Facebook is hedging its bets. Earlier this year, it moved hundreds of employees from its Facebook Reality Labs research division to a team dedicated to AR hardware projects. “In the future, our AR glasses will merge the physical and digital worlds, blending what’s real with what’s possible, resulting in the next mainstream, must-have, wearable consumer technology,” promises a Facebook Research web page.
The thought for some is that perhaps it’s more compelling to enhance our world than to replace it or create a new one. While stand-alone consumer AR glasses are still a ways away because the technology is less developed than VR, AR is already widely available on smartphones, thanks to Apple’s release of a set of software development tools enabling easy-to-use applications. The tech has proved popular with retailers, for example, includingTarget, Walmart, andBed Bath & Beyond, each of which has incorporated AR features into its iPhone app to help shoppers visualize purchases.
The pivot from VR to AR is particularly noticeable in venture capital trends. “I’m equally interested in both, but as an investor, I’m forced to have to pay attention to where the customer and market opportunity and demand is,” Mullins says. “Two years ago, VR appeared to have more excitement and scale behind it. But then Apple essentially enabled 300 million–plus devices and growing.” Indeed, in 2016, VR’s peak venture year, VCs pumped $857 million into VR startups, according to SuperData; AR and MR, or mixed reality—which allows virtual imagery to actually interact with the real world—received just $455 million combined. But in 2018, the equation had flipped: VR funding was down to $280 million, while AR/MR jumped to $859 million.
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Another burgeoning approach has found its way back to the original promise of VR: entertainment. This compelling commercial application is called “location-based entertainment,” or LBE. A crop of companies are operating what is essentially a cross between an arcade and a movie theater, with a dash of theme park. These are brick-and-mortar venues where participants use virtual reality in custom-designed spaces, freely moving alongside a small group of fellow participants who appear to each other as avatars when wearing VR headsets manufactured by Oculus, HTC, and others. Some of these experiences play out more like games, with participants wielding plastic-model guns. Others are more like a narrative film that viewers interact with. LBE experiences offer another advantage over headset-bound, individual VR uses. They further immerse users by having them strap on haptic equipment that vibrates. Some venues even feature fans, sprinklers, and heaters to simulate conditions such as wind, water, or heat.
Dreamscape Immersive is a Los Angeles–based LBE “exhibitor” that’s raised $36 million from the likes of 21st Century Fox, Warner Bros., and AMC. It hopes to entice customers with immersive narratives, a kind of interactive moviegoing experience, says Hollywood veteran Walter Parkes, a Dreamscape cochairman. Parkes says he finds LBE more compelling than typical in-home VR—in other words, a single user wearing a headset—because users are an “actual character in a real, rendered world with other people able to be in touch with all of [their] senses.”
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The hope among VR adherents is that concepts like LBE will act as a gateway to overall VR (and AR and MR) adoption, in the same way cinemas begot additional ways to watch movies. Dreamscape charges $20 for its experiences, not too far off the average price of a movie ticket, though its run times are much shorter, at around 20 minutes. The Void, the most expansive of a burgeoning collection of LBE companies, with 11 locations in four countries including the U.S. and Canada, charges about $35 for its 30-minuteSecrets of the Empireexperience, in which you get to infiltrate an Imperial base and shoot Stormtroopers on a molten-lava planet. (The firm has rights toStar Warsand other blockbuster Disney intellectual property.) Businesses like The Void also move VR forward because they make it possible for consumers to experience the technology without spending serious money. “It takes down that investment barrier to entry,” says Tuong Nguyen, an analyst at Gartner research.
I have triedmany virtual reality products by now. Oculus’s and HTC’s and Google’s and films and video games and job-training simulations. Someone was always there to strap me into the headsets, to prepare me for the experience. And then they were always gone when it started. And I was always alone, even if I saw other people, or things, inside the new reality, even if I could still hear people outside in the old reality.
When I enter the Alien Zoo at Dreamscape, inside a Westfield mall in Los Angeles, I’m thinking about how people typically describe their VR experiences. They fly over the Manhattan skyline or dive into the Pacific or head for outer space. And they always use the word “I.” I, too, am now in space. But there’s a significant difference: It’s not “I”, it’s “we.” Moments ago, my partners and I strapped blue-lit haptic sensors around our hands and feet and slung computer-stuffed backpacks around our shoulders. We stepped into a dark, bare room; slid the headsets over our faces; and watched one another’s bodies transform into human avatars. Our Dreamscape minder instructed us to shake hands to confirm this astonishing mix of the physical and fake, and then we set off for a safari on a vibrant planet occupied by brontosaurus-giraffes and gigantic praying mantises that make Jurassic Park seem positively Neanderthal. It’s a mind-blowing experience—and absolutely worth paying for. Now all virtual reality needs to do is to persuade hundreds of millions of people to arrive at the same conclusion.
A version of this article appears in the July 2019 issue of Fortune with the headline “The Fall and Rise of VR.”
Editor’s note: This story has been revised to more clearly reflect the status of CCP Games’ VR operations.
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Tech's 4 Biggest Cash Burners Have Torn Through $23.9 Billion Combined
Editor’s note: Anearlier versionof this story published on May 20.
“You’ve got to spend moneyto make money” is one of the most widely accepted business adages of all time. And nowhere is that belief more innate than in Silicon Valley, where companies like Tesla, Uber, Lyft, and Snap command dizzying valuations based on the belief that one day, they will indeed make money. Raising fresh billions to fund operations, boosters of these companies would have us believe, is a regular rite of passage. After all, didn’t giants likeAmazon,Apple,Facebook, andGooglealso burn through tons of cash on their path to profitability?
Fortunedecided to find out: How much money did Amazon, Apple, Facebook, and Google spend in their early years? And how does that compare with what today’s hot names are spending? To get the numbers, we went back to each company’s earliest published financial reports, starting with the offering statements for its IPO.
It turns out the assumption that successful tech companies burned lots of cash in their youth isn’t merely wrong—it’s staggeringly wrong. Look closely at the early days of the giants—the Fab Four, as we’ll call Amazon, Apple, Facebook, and Google (now Alphabet), and you’ll see that they were models of frugality compared with the new wave (which we’ll dub the Breakneck Burners: Tesla, Uber, Lyft, and Snap).
It’s true that in the dotcom frenzy of the early 2000s, many tech companies posted losses while devouring new funding. But the ones that burned piles of cash were such failures as Webvan and eToys.com, not winners like Google. Today, says accounting expert Jack Ciesielski, “you’ve got these companies chewing through mountains of cash, and investors are comparing them not with the failures of the dotcom era but with the survivors.”
For this analysis, the crucial measure isn’t net profit but “free cash flow” (FCF), calculated by taking “cash generated by operating activities” minus capital expenditures (capex). In other words, business income minus money you spent to grow your business.
The differences are stark. Let’s start with Google. Amazingly, the company appears never to have been significantly cash flow negative. Similarly, Apple never showed negative free cash flow starting with its first full year in business and weathered only short-lived deficits as a mature player. Facebook showed just two years of negative FCF (in 2007 and 2008, when it burned $143 million).
At Amazon, long the poster child for taking losses today to earn profits tomorrow, the numbers seem almost quaint. The new venture had negative FCF of $10.6 million from 1994 to 1997, but that was just a fraction of total sales. The only major underwater span in its history came from 1999 to 2001, when negative FCF totaled $813 million. But by 2002, Amazon’s FCF turned positive. All told, the Fab Four had total negative free cash flow in their early years of almost exactly $1 billion.
By contrast, the Burners have already torn through $23.9 billion, encompassing 22 years of FCF deficits and outspending the Fab Four by around 20 to 1. At this pace, will they ever reward investors? Here’s the outlook for each.
Cash burn (total negative FCF):$10.9 billion over 12 years.
Outlook:Negative FCF ballooned to $4.1 billion in 2017 but narrowed the following year to a (comparatively) modest $222 million. The reprieve was short-lived, as Tesla began to spend heavily to ramp up production of its mass-market Model 3. In the first quarter of this year, sales tumbled, and FCF fell to minus $945 million, forcing Tesla to raise $2.4 billion in equity and debt funding. Morgan Stanley’s Adam Jonas shocked the markets by lowering his previous “bear case” for Tesla’s stock price from $97 to $10, citing dangers of slowing sales in China. Jonas warned that declining overall demand is pushing back the date when Tesla will be able to fund itself from operations.
Jonas’s price target (all targets are for 12 months from now):$230
Current price:$216
Cash burn:$8.9 billion over three years (not including losses from earliest years).
Outlook:In the offering statement to its long-awaited IPO in May, Uber revealed FCF numbers from 2016 through 2018. In 2016, Uber posted negative cash from operations of $2.9 billion and spent $1.6 billion in capex, for a negative FCF of $4.5 billion. Since then, the shortfalls have been shrinking, although they have remained substantial as the company has offered price promotions to customers and spent heavily on the launch of its Uber Eats food-delivery service, raising sales and marketing expenses by 25% in 2018 and 54% in Q1 of 2019. Tom White of brokerage D.A. Davidson tellsFortune, “Uber has bought itself some time with good recent performance on revenue and bookings. But by the end of this year, investors will start thinking of 2020 as hopefully the year where meaningful progress is made toward profitability.” If quarters keep slipping by without concrete progress, he adds, investors “will get discouraged or impatient.”
White’s price target:$46
Current price:$42.33
Cash burn:$1.36 billion over three years and one quarter (not including losses from earliest years, which were not specified in the IPO prospectus).
Outlook:In 2016, Lyft burned $496 million in FCF, and since then, the trajectory has improved only slightly. The shortfall shrank a bit to $350 million in 2018, but in Q1 of this year, it stood at $110 million. Lyft is asset-light, but it’s still spending so heavily on such basics as driver pay, insurance, R&D, and marketing that operating losses have continued to mount. Dan Galves of Wolfe Research points out that Lyft depends on dense urban markets for nearly 60% of its business, despite those areas making up only 5% of U.S. households. And annual growth in those metro areas, he reckons, has slowed to 24%, half the rate in early 2018. Galves also cites high driver costs that “are taking almost all the revenue” and doubts that Lyft will win broad appeal outside the big cities.
Galves’s price target:$52
Current price:$58.32
Cash burn:$2.72 billion over four years (not including losses from earliest years, which were not in IPO filings).
Outlook:Snap is still burdened by big research expenses, equal to one-third of its total costs, and R&D needed to expand its photo-sharing platform is expected to jump to over $900 million this year. Additionally, it’s instructive to look at how much cash Snap is burning in relation to all the money it collects marketing its service. From the start of 2017 through Q1 of this year, Snap had $2.33 billion in revenues and churned through 73% of that amount, $1.71 billion in cash. Michael Pachter of Wedbush notes that although user and revenue growth is impressive, “the road to profitability appears to have gotten longer.” He’s concerned that big spending on infrastructure and R&D has pushed back the date when Snap will show positive Ebitda to at least Q4 of 2020.
Pachter’s price target:$12.25
Current price:$13.62
A version of this article appears in the July 2019 issue of Fortune with the headline “The Biggest Burners.”
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Josh Hawleys Internet Censorship Bill Is an Unwise, Unconstitutional Mess
I ts often the case in Washington that the title of a bill communicates the exact opposite of its content or effect. Think, for example of the Affordable Care Act a title that seemed almost laughable in the face of skyrocketing insurance premiums. Now we have the Republican version of a deceptively named bill, Missouri senator Josh Hawleys Ending Support for Internet Censorship Act. In reality, its a bill that would inject the federal government directly into the private social-media business and grant it enormous power over social-media content. It would enable public censorship in the name of limiting private control. The mechanism is pretty simple, it would require a large provider of an interactive computer service to obtain a certification from the Federal Trade Commission that it does not moderate information provided by other information content providers in a manner that is biased against a political party, political candidate, or political viewpoint before it could enjoy the benefits of Section 230 of the Communications Act . Section 230 contains two key provisions. First, it states, No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider. This means that neither Facebook nor my local newspaper is liable for the content I direct-post on their sites on a news feed (Facebook) or a comment board (newspaper.) Critically, this provision was not drafted for the purpose of protecting interactive computer services only so long as access to their platforms was free and unregulated. The second key provision says, No provider or user of an interactive computer service shall be held liable on account of any action voluntarily taken in good faith to restrict access to or availability of material that the provider or user considers to be obscene , lewd, lascivious, filthy, excessively violent, harassing, or otherwise objectionable, whether or not such material is constitutionally protected. Story continues In other words, it specifically protects the ability of websites such as Facebook or Twitter or your local newspaper to moderate user content without abandoning the safe harbor. Section 230 codifies online a concept we easily understand in the offline world. For example, if you attend a congressmans town-hall meeting, and he instructs his audience that their comments are limited in time, that they cannot use profanity, and they should remain on topic (moderating the platform), does that transform their speech into his speech? If Im in a public university classroom, where the professor can rule discourse with an iron fist, are my comments his comments even if he shuts down students he doesnt like or imposes strict rules of civility and decency? But theres a difference between student-classroom comments and a college newspaper publishing a student symposium, where it selects, edits, and fact-checks the submissions. These distinctions have become so obvious over time that we scarcely discuss them, and these distinctions exist online as well. In many ways, Section 230 far from creating a special break for computer services codifies common sense. My Facebook comment is fundamentally my speech. Hawley wants to replace common sense with a legal fiction, making Facebook responsible for user comments unless it can satisfy an extraordinary condition it has to prove to the Federal Trade Commission by clear and convincing evidence that it doesnt moderate content in a manner designed to negatively affect a political party, political candidate, or political viewpoint and that its moderation doesnt disproportionately restrict or promote access to, or the availability of, information from a political party, political candidate, or political viewpoint. Hawleys standard is most assuredly not the viewpoint-neutrality standard seen in First Amendment case law. Its a carnival funhouse version that would invite an enormous amount of bureaucratic meddling. For example, conservative sites and posts often do very well on Facebook , in part because of its older user base and partly because conservative Facebook users have gotten quite good at creating viral content. Will a Kamala Harris administration decide that disproportionate conservative success violates political neutrality? Laws that purport to regulate First Amendmentprotected speech bear a special burden of precision and clarity. They have to clearly explain what is prohibited and permitted. Vague or overbroad laws violate the Constitution in part by failing to provide fair notice of government standards. Hawleys bill, as written, is extraordinarily vague. Terms such as disproportionate are very hard to define. Disproportionate to what? User percentages? Population percentages? User engagement? The standard is extraordinarily malleable. I have long urged social-media companies to voluntarily adopt First Amendmentbased moderation standards. The reasons that it should be voluntary are both constitutional and pragmatic. The First Amendment grants private organizations wide birth in formulating their content creation and moderation rules. Pragmatically, a First Amendment standard not only helps protect viewpoint neutrality on matters far beyond politics, it also draws on centuries of American experience in protecting free expression while also protecting individuals from concrete harm (see, for example, the recent Oberlin verdict). And the voluntary nature of the program would allow each social-media company to tailor its framework to the companys specific needs. Not all platforms have the same customer base or business model. But this requires persuasion, not coercion. And when coercion locks in especially when that coercion is tied to constitutionally suspect broad and vague policies that delegate immense powers to the federal government conservatives should sound the alarm. One of the best ways to evaluate the merits of legislation is to ask yourself whether the bill would still seem wise if the power you give the government were to end up in the hands of your political opponents. Is Hawley striking a blow for freedom if he ends up handing oversight of Facebooks political content to Bernie Sanders? I think not. Defending social-media companies from government overreach is not the same thing as defending the merits of their moderation choices. Social-media companies have created vague standards, applied them in sometimes-biased fashion, and have struggled time and again to maintain any real consistency. There is need for reconsideration and reform, but not every reform has to come from Washington. Sometimes you have to convince people to change. More from National Review The Social Media Censorship Dumpster Fire Social-Media Censorship Is the Product of Culture and Commerce The Supreme Court Delivers Another Stinging Rebuke to Anti-Free-Speech Authoritarians |
What Investors Should Know About Vonage Holdings Corp.'s (NYSE:VG) Financial Strength
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Stocks with market capitalization between $2B and $10B, such as Vonage Holdings Corp. (NYSE:VG) with a size of US$2.9b, do not attract as much attention from the investing community as do the small-caps and large-caps. While they are less talked about as an investment category, mid-cap risk-adjusted returns have generally been better than more commonly focused stocks that fall into the small- or large-cap categories. Let’s take a look at VG’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysisinto VG here.
View our latest analysis for Vonage Holdings
VG's debt levels surged from US$233m to US$619m over the last 12 months , which includes long-term debt. With this increase in debt, the current cash and short-term investment levels stands at US$18m , ready to be used for running the business. Additionally, VG has generated cash from operations of US$102m in the last twelve months, leading to an operating cash to total debt ratio of 17%, indicating that VG’s operating cash is less than its debt.
At the current liabilities level of US$207m, the company may not have an easy time meeting these commitments with a current assets level of US$138m, leading to a current ratio of 0.66x. The current ratio is calculated by dividing current assets by current liabilities.
VG is a highly-leveraged company with debt exceeding equity by over 100%. This is not uncommon for a mid-cap company given that debt tends to be lower-cost and at times, more accessible. No matter how high the company’s debt, if it can easily cover the interest payments, it’s considered to be efficient with its use of excess leverage. A company generating earnings after interest and tax at least three times its net interest payments is considered financially sound. In VG's case, the ratio of 2.34x suggests that interest is not strongly covered, which means that debtors may be less inclined to loan the company more money, reducing its headroom for growth through debt.
Although VG’s debt level is towards the higher end of the spectrum, its cash flow coverage seems adequate to meet debt obligations which means its debt is being efficiently utilised. But, its low liquidity raises concerns over whether current asset management practices are properly implemented for the mid-cap. Keep in mind I haven't considered other factors such as how VG has been performing in the past. I recommend you continue to research Vonage Holdings to get a better picture of the stock by looking at:
1. Future Outlook: What are well-informed industry analysts predicting for VG’s future growth? Take a look at ourfree research report of analyst consensusfor VG’s outlook.
2. Valuation: What is VG worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? Theintrinsic value infographic in our free research reporthelps visualize whether VG is currently mispriced by the market.
3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Here's What IMAX Corporation's (NYSE:IMAX) P/E Is Telling Us
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Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll apply a basic P/E ratio analysis to IMAX Corporation's (NYSE:IMAX), to help you decide if the stock is worth further research.IMAX has a price to earnings ratio of 56.26, based on the last twelve months. That corresponds to an earnings yield of approximately 1.8%.
Check out our latest analysis for IMAX
Theformula for price to earningsis:
Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)
Or for IMAX:
P/E of 56.26 = $20.42 ÷ $0.36 (Based on the year to March 2019.)
The higher the P/E ratio, the higher the price tag of a business, relative to its trailing earnings. That isn't necessarily good or bad, but a high P/E implies relatively high expectations of what a company can achieve in the future.
If earnings fall then in the future the 'E' will be lower. Therefore, even if you pay a low multiple of earnings now, that multiple will become higher in the future. So while a stock may look cheap based on past earnings, it could be expensive based on future earnings.
In the last year, IMAX grew EPS like Taylor Swift grew her fan base back in 2010; the 119% gain was both fast and well deserved. On the other hand, the longer term performance is poor, with EPS down 10% per year over 5 years.
The P/E ratio indicates whether the market has higher or lower expectations of a company. You can see in the image below that the average P/E (29.7) for companies in the entertainment industry is lower than IMAX's P/E.
Its relatively high P/E ratio indicates that IMAX shareholders think it will perform better than other companies in its industry classification. Clearly the market expects growth, but it isn't guaranteed. So further research is always essential. I often monitordirector buying and selling.
It's important to note that the P/E ratio considers the market capitalization, not the enterprise value. Thus, the metric does not reflect cash or debt held by the company. In theory, a company can lower its future P/E ratio by using cash or debt to invest in growth.
While growth expenditure doesn't always pay off, the point is that it is a good option to have; but one that the P/E ratio ignores.
IMAX has net cash of US$65m. That should lead to a higher P/E than if it did have debt, because its strong balance sheets gives it more options.
IMAX's P/E is 56.3 which suggests the market is more focussed on the future opportunity rather than the current level of earnings. Its net cash position is the cherry on top of its superb EPS growth. So based on this analysis we'd expect IMAX to have a high P/E ratio.
Investors should be looking to buy stocks that the market is wrong about. People often underestimate remarkable growth -- so investors can make money when fast growth is not fully appreciated. So thisfreereport on the analyst consensus forecastscould help you make amaster moveon this stock.
Of course,you might find a fantastic investment by looking at a few good candidates.So take a peek at thisfreelist of companies with modest (or no) debt, trading on a P/E below 20.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Gilead (GILD) Teams Up With Nurix for Cancer and Other Drugs
Biotech majorGilead Sciences, Inc. GILD collaborates with San Francisco-based Nurix Therapeutics, Inc. to discover, develop and commercialize a pipeline of innovative targeted protein degradation drugs for patients with cancer and other challenging diseases.
Per the deal, Nurix will receive an upfront payment of $45 million, and is also entitled to milestone payments of $2.3 billion and up to low-double-digit-tiered royalties on net sales. For those programs that Nurix opts in to co-develop and co-detail, the parties will split development costs as well as profits and losses equally in the United States. Nurix will be eligible to receive royalties on ex-U.S. sales and reduced milestone payments.
While Nurix will utilize its proprietary drug discovery platform to identify novel agents that utilize E3 ligases to induce degradation of specified drug targets, Gilead will have an option to license drug candidates directed to up to five targets resulting from this discovery. Nurix will retain the option to co-develop and co-detail for up to two programs in the United States. However, the collaboration excludes its lead degradation program, for which Nurix retains all rights.
Earlier, Gilead had also collaborated with Agneus AGEN for the development and commercialization of up to five novel immuno-oncology therapies.
Given the persistent decline in HCV sales, the company is looking to HIV and newer avenues to boost its top line. Gilead has made quite a few collaborations, of late, to strengthen and diversify its pipeline.
However, Gilead will have to generate substantial revenues from its HIV franchise to offset the HCV sales decline. This will be a challenging task for the company with stiff competition from the likes of GlaxoSmithKline GSK in the HIV market and pricing issues.
Meanwhile, the company is intending to foray into the non-alcoholic steatohepatitis (NASH) and inflammation markets with late-stage candidates, selonsertib and filgotinib, respectively. It has collaborated with big pharma companies like Novo Nordisk NVO for the same.
Gilead’s stock has gained 9.1% in the year so far compared with the industry's growth of 5.2%.
The deal bodes well for Nurix as it gets a strong partner in Gilead along with infusion of cash.
Zacks Rank
Gilead currently carries a Zacks Rank #2 (Buy). You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportNovo Nordisk A/S (NVO) : Free Stock Analysis ReportGlaxoSmithKline plc (GSK) : Free Stock Analysis ReportGilead Sciences, Inc. (GILD) : Free Stock Analysis ReportAgenus Inc. (AGEN) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research |
Finance Is on the Cusp of Huge Change: CEO Daily
Good morning.
It was a rainy day in Montauk yesterday, but that turned out to be a good thing. The conversation inside theFortuneBrainstorm Finance tent deserved no distractions.
What made the event uniquely interesting was the mixing of would-be disrupters with the would-be disrupted. The former said this week’sFacebooknews proved finance is on the cusp of huge change:
“This is a massive inflection point,”said Circle CEO Jeremy Allaire.Google,Amazon,Apple“are all going to have to respond in some way. And so are the banks.”
“The CEOs of the banks… need to realize the intellectual capital being poured into this is the best of the best,”agreed Digital Currency Group CEO Barry Silbert.“It is going to change banking as we know it”.
Not surprisingly, the legacy bankers were somewhat more cautious about the speed of disruption. On the death of bricks and mortar banks,Bank of AmericaCEO Brian Moynihan noted:
“Between now and 24 hours from now, 800,000 people will walk into one of our branches”
And on the death of credit cards, Synchrony CEO Margaret Keane said:
“Habit is hard to break. I think it is going to be longer than people think.”
But even they acknowledged the tsunami coming. AsCharles SchwabCEO Walt Bettinger put it:
“The world is changing, and if you aren’t changing your business model, you will be challenged.”
A few other outtakes. Andy Rachleff, CEO of Wealthfront, which caters to millennials, said:
“Millennials are not all sitting in their basement smoking weed. The oldest ones are almost 40 years old…They are saving, they are investing.”
And Patrick Gauthier, who runs Amazon Pay, when asked about this week’sFacebook news, responded:
“It’s fresh, it’s speculative. At Amazon we don’t really deal in speculation….At Amazon, we deal in data.”
More from the conferencehere. And more news below.
Alan Murray@alansmurrayalan.murray@fortune.com
1. Top NewsVirtual RealityVirtual reality’s promises appear to remain unfulfilled, despite an initial hype phase. But, as Aric Jenkins writes in the latest issue ofFortune, “when a technology is so exceedingly cool that it attracts a legion of true believers, it is extremely difficult to kill.” His piece is a fascinating read, particularly the part about how VR is helping Verizon train employees to deal with armed robberies.FortuneFed RatesThe Federal Reserve yesterday maintained current interest rates (as did Japan’s central banktoday) but said cuts could come depending on the economic outlook. President Trump famously wants to see cuts immediately, and at least one Fed policymaker voted for that outcome. As for Fed Chair Jerome Powell’s future under Trump, who has reportedly considered demoting him: “I think the law is clear that I have a four year term, and I fully intend to serve it.”Wall Street JournalSlack IPOSlack is today set to take the Spotify approach to flotation: a direct listing, which avoids valuing the company according to the reference price ($26). The idea is not to go for a big stock pop at the start, but rather to steer clear of volatility—though some say volatility could indeed be the result if there’s a lot less demand for Slack’s shares than there is supply.BloombergWaymo DealAlphabet subsidiary Waymo has struck its first deal to supply self-driving car technology to automakers that are building their own autonomous vehicles and services. The deal is with Renault and Nissan, for their cars and trucks in France and Japan, and maybe other other Asian countries including China.CNBC
2. Around the Water CoolerGoogle VoteGoogle’s board rejected a raft of shareholder proposals for fighting sexual harassment and boosting diversity at the company. Another rejected proposal called for contract workers not to be denied the privileges afforded to employees. Hundreds of employees protested outside the event.GuardianDeutsche BankDeutsche Bank is the subject of a partly Trump-related money-laundering probe in the U.S. A whistleblowing compliance officer in the bank’s Jacksonville, Florida office alleged that executives ignored her flagging-up of potentially suspicious transactions involving Trump and Kushner-controlled entities. Now Deutsche Bank’s handling of such reports is being investigated by federal authorities.New York TimesIran TensionsIran’s Revolutionary Guard claims to have shot down a U.S. drone flying over its airspace. The U.S. initiallyclaimedits drones weren’t flying there today, but then said the drone was indeed American, but in international airspace. Meanwhile, Iran-backed Houthi rebels in Yemen have been accused of firing a missile into Saudi Arabia.ReutersAge ChecksThe U.K. was scheduled to next month introduce mandatory age checks for people visiting pornographic websites, but Sky is reporting that the scheme has been indefinitely delayed—not because of the privacy and security concerns that many have expressed over the idea of databases of porn users, but because the U.K. failed to formally notify the European Commission about the plans. Under EU laws designed to stimulate the digital economy, national laws affecting online services are supposed to be cleared by the Commission.Sky NewsThis edition of CEO Daily was edited by David Meyer. Findprevious editions here, andsign up for other Fortune newsletters here. |
The IAMGOLD (TSE:IMG) Share Price Is Down 48% So Some Shareholders Are Getting Worried
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IAMGOLD Corporation(TSE:IMG) shareholders should be happy to see the share price up 15% in the last month. But that is minimal compensation for the share price under-performance over the last year. In fact the stock is down 48% in the last year, well below the market return.
View our latest analysis for IAMGOLD
IAMGOLD isn't a profitable company, so it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). Arguably revenue is our next best option. Generally speaking, companies without profits are expected to grow revenue every year, and at a good clip. That's because it's hard to be confident a company will be sustainable if revenue growth is negligible, and it never makes a profit.
IAMGOLD's revenue didn't grow at all in the last year. In fact, it fell 8.8%. That's not what investors generally want to see. Shareholders have seen the share price drop 48% in that time. That seems pretty reasonable given the lack of both profits and revenue growth. We think most holders must believe revenue growth will improve, or else costs will decline.
The graphic below shows how revenue and earnings have changed as management guided the business forward. If you want to see cashflow, you can click on the chart.
IAMGOLD is a well known stock, with plenty of analyst coverage, suggesting some visibility into future growth. You can see what analysts are predicting for IAMGOLD in thisinteractivegraph of future profit estimates.
While the broader market gained around 1.0% in the last year, IAMGOLD shareholders lost 48%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 1.3% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. Before spending more time on IAMGOLDit might be wise to click here to see if insiders have been buying or selling shares.
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss thisfreelist of companies that have proven they can grow earnings.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on CA exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Mila Kunis and Ashton Kutcher mock split rumors
It’s been years since they costarred on That ‘70s Show , but real-life husband-and-wife Ashton Kutcher and Mila Kunis still know how to share their comedic chops. The couple found a clever way to shut down an In Touch Weekly report announcing that their four-year marriage is “over.” Kutcher, 41, posted a video of him and Kunis, who have a 4-year-old daughter and 2-year-old son, reading about their split in the car. View this post on Instagram A post shared by Ashton Kutcher (@aplusk) on Jun 19, 2019 at 6:52pm PDT “It’s over between us,” the 35-year-old Kunis, who started dating her former costar in 2012, tells Kutcher in the video, holding up her phone to show the In Touch Weekly cover story broadcasting their so-called breakup. “It’s over between us?” a dumbstruck Kutcher responds. “Oh my God, what are we going to do?” When a deadpan Kunis tells him, “I felt suffocated,” he asks, “You felt suffocated by me? I was just so overbearing, wasn’t I?” Kunis follows that up with “I took the kids,” adding, “You had a very dark secret exposed.” “Must have been really dark,” he says. Kutcher and Kunis began dating in 2012, and got married in 2015. (Photo: Allen Berezovsky/Getty Images) The actor tagged the gossip magazine in his caption and joked about the other rumors they might drum up about him and his wife. “I guess it’s over @intouchweekly ,” he wrote. “Have fun selling magazines this week. Maybe next week my wife will be having twins. For the third time. But who’s counting.” The video may be hurting the magazine’s credibility, but it’s getting rave reviews for the couple. “This is amazing,” wrote Demi Lovato. “Miss y’all.” “I knew it,” joked Modern Family ’s Sarah Hyland.” “It was the mustache for sure,” added NFL star J.J. Watt, taking a jab at Kutcher’s facial hair. “DAMNIT!!! I was gonna take a run at MK!!! I want a refund!” Dax Shephard quipped. Even Kutcher’s former stepdaughter, ex-wife Demi Moore ’s daughter Rumer Willis, approved, commenting, “Fake news.” Read more on Yahoo Entertainment: George Takei says U.S. border camps are concentration camps: 'Yes, we are operating such camps again' Maren Morris says she lost 5,000 social media followers after sharing photo of Parkland shooting survivor: 'Not many country artists speak up' Make Keanu Reeves Time's Person of the Year, fans demand Want daily pop culture news delivered to your inbox? Sign up here for Yahoo Entertainment & Lifestyle’s newsletter. |
Does HP Inc. (NYSE:HPQ) Have A Place In Your Dividend Portfolio?
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Is HP Inc. (NYSE:HPQ) a good dividend stock? How would you know? Dividend paying companies with growing earnings can be highly rewarding in the long term. If you are hoping to live on your dividends, it's important to be more stringent with your investments than the average punter. Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful.
With HP yielding 3.1% and having paid a dividend for over 10 years, many investors likely find the company quite interesting. We'd guess that plenty of investors have purchased it for the income. The company also bought back stock equivalent to around 8.5% of market capitalisation this year. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. We'll run through some checks below to help with this.
Click the interactive chart for our full dividend analysis
Dividends are typically paid from company earnings. If a company pays more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. So we need to form a view on if a company's dividend is sustainable, relative to its net profit after tax. Looking at the data, we can see that 24% of HP's profits were paid out as dividends in the last 12 months. We like this low payout ratio, because it implies the dividend is well covered and leaves ample opportunity for reinvestment.
In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Of the free cash flow it generated last year, HP paid out 26% as dividends, suggesting the dividend is affordable. It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously.
Remember, you can always get a snapshot of HP's latest financial position,by checking our visualisation of its financial health.
One of the major risks of relying on dividend income, is the potential for a company to struggle financially and cut its dividend. Not only is your income cut, but the value of your investment declines as well - nasty. HP has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. The dividend has been cut by more than 20% on at least one occasion historically. During the past ten-year period, the first annual payment was US$0.32 in 2009, compared to US$0.64 last year. This works out to be a compound annual growth rate (CAGR) of approximately 7.2% a year over that time. The dividends haven't grown at precisely 7.2% every year, but this is a useful way to average out the historical rate of growth.
A reasonable rate of dividend growth is good to see, but we're wary that the dividend history is not as solid as we'd like, having been cut at least once.
Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. While there may be fluctuations in the past , HP's earnings per share have basically not grown from where they were five years ago. Over the long term, steady earnings per share is a risk as the value of the dividends can be reduced by inflation.
When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. Firstly, we like that HP has low and conservative payout ratios. Second, earnings per share have been in decline, and its dividend has been cut at least once in the past. While we're not hugely bearish on it, overall we think there are potentially better dividend stocks than HP out there.
Given that earnings are not growing, the dividend does not look nearly so attractive. See if the 15 analysts are forecasting a turnaround in ourfree collection of analyst estimates here.
If you are a dividend investor, you might also want to look at ourcurated list of dividend stocks yielding above 3%.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Court rules UK must reconsider arms sales to Saudi Arabia
LONDON (AP) — A British court has ruled that the U.K. government must reconsider its decision to sell weapons to Saudi Arabia for use in the Yemen war. The Court of Appeal ruled Thursday in favor of anti-weapons campaigners, who argued that the sales should not have been allowed because there was a risk that the weapons might be used in violation of international humanitarian law. Campaign Against Arms Trade says British bombs and fighter jets are fueling violence in Yemen, where a Saudi-led war against Iran-backed rebels has raged since 2015. Three judges said the British government had "made no attempt" to find out whether the Saudi-led coalition had breached international law. But the court's ruling does not mean arms-sales licenses must be suspended, only that the government "must reconsider the matter." |
Bear of the Day: Monarch Casino and Resort (MCRI)
Today’s Bull of the day is the gaming giant that parlayed its reputation as the most famous horseracing venues in the world – and the home of the Kentucky Derby. In addition to having premium product offerings, that company is ideally positioned to take advantage of its presence in the online gaming market.
The gaming market continues to evolve
It’s exactly that type of pressure that makesMonarch Casino and Resort (MCRI)our Bear of the Day. The company operates two more traditional casino properties in markets that not only aren’t growing, they’re losing market share to more innovative competitors.
With the Atlantis Casino in Reno Nevada and the Monarch Casino in Blackhawk, CO (40 miles west of Denver in a former mining town), Monarch Casino & Resorts is positioned at the low-end of the spectrum of gambling options.
Nevada Gaming operations used to enjoy a built-in competitive advantage because they were really the only state that widely allowed casinos and people from all over the country traveled to wager and stay at those properties.
The widespread proliferation of other options across the country – including Native-American owned casinos as well as riverboat gaming operations means that most Americans have access to Casino gambling without the long trip to Nevada.
The high profile Las Vegas resorts reinvented themselves as eclectic entertainment centers that included gambling, but also offered other entertainment options like waterparks, live entertainment and spas. They’ve kept up the number of tourist visits by offering more reasons to come.
The best gaming companies are also building and maintaining a strong internet presence – which will be especially valuable as regulations regarding sports wagering continue to relax.
Smaller gaming properties tend to be more economically sensitive, with results fluctuating with the financial situation of their local audiences. When people are feeling relatively wealthy, they tend to enjoy luxuries like gaming. When things are tighter, trips to the casino are an easy recreational option to jettison.
Monarch Casino & Resort has been showing anemic, single-digit growth in revenues lately and declining net earnings, even in an economic climate that includes record-low unemployment and interest rates and rising wages and GDP.
These should be the best possible times for a casino operator, and Monarch’s unimpressive results show that the company could be in real trouble in an economic downturn.
Recent net earnings estimates have been falling, with the Zacks Consensus Estimate for the current quarter dipping 10% in the last 90 days to $0.43/share. Full year estimates have fallen by a similar amount, from $2.08/share to $1.89.
Those net earnings still leave MCRI at a forward P/E valuation of 22.5X, well in excess of the industry average and the S&P 500.
Thanks largely to those reduced estimates, Monarch Casino & Resorts is currently a Zacks Rank #5 (Strong Sell).
The gaming industry is constantly evolving, providing opportunities to the companies that can reinvent themselves and leaving others in the dust. Investors in the space should carefully consider companies that continue to offer customers more of the experiences that they demand, likeChurchill Downs (CHDN)and steer clear of stagnant operations like Monarch Casino & Resort.
This Could Be the Fastest Way to Grow Wealth in 2019Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities. These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated+98%,+119%and+164%gains in as little as 1 month.Click here to see these breakthrough stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportMonarch Casino & Resort, Inc. (MCRI) : Free Stock Analysis ReportChurchill Downs, Incorporated (CHDN) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research |
'That will not stand': Democrats plan next steps after ex-Trump aide Hope Hicks didn't answer key questions in testimony
WASHINGTON Democratic lawmakers accused President Donald Trump's former aide Hope Hicks of rejecting questions about her time in the White House during a marathon hearing on Wednesday. While Democrats aimed to unearth new aspects of Hicks' role in the White House, which spanned some of the most controversial moments of Trump's presidency, both sides of the aisle seemed to agree that very little, if anything, was learned from the all-day testimony. But despite the roadblock, Democrats vowed that their fight was only beginning, one that would likely go to court, so key officials may testify before lawmakers. Hicks, Trumps former White House communication director and campaign spokeswoman, is the first senior administration official mentioned in special counsel Robert Muellers report to testify before Congress. The House Judiciary Committee subpoenaed Hicks because of her proximity to Trump during several episodes that Muellers report described as attempts to thwart the investigation of Russian interference in the 2016 election. The incidents include Trump helping draft the explanation about a Trump Tower meeting between top campaign officials and Russians and his firing of Attorney General Jeff Sessions and FBI Director James Comey. Muellers report found no conspiracy between Trumps campaign and Russia, despite repeated foreign attempts to influence the election on Trumps behalf. Mueller said he didn't have the option to charge Trump with obstruction of justice despite 10 episodes of potential illegalities listed in the report. 'I will never ever let you down': Trump launches reelection bid Former White House communications director Hope Hicks arrives for a closed-door interview with the House Judiciary Committee in Washington, D.C., on Wednesday, June 19, 2019. Congressional Democrats on the committee said Hicks appearance amounted to her not complying with the subpoena. They claimed she did not answer questions about her time in the White House or the findings outlined in the Mueller report. Lawyers for the administration, who were at Hicks' side during her testimony, objected to question after question, claiming she was immune from answering anything related to her time in the White House, Democrats said. Story continues But she did answer some questions about her time on the Trump campaign, and Democrats said every piece of information was helpful for their investigations into the president. Hicks did not answer questions from reporters as she left the hearing after about eight hours testifying. Judiciary Chairman Jerrold Nadler said he was satisfied in "some ways" with Hicks' testimony but said the blanket objection to answering questions about her time in the White House would "not stand." "She answered some of our questions. We learned considerable information," said Nadler, D-N.Y. "The White House pleaded a non-existent, absolute immunity and that will not stand." Some Democrats said her testimony felt more like a roadblock that only pushed them further down the path toward impeachment proceedings. This is an obstruction of Congress ability to do our job and uphold our oath. Its unacceptable. We have to begin an inquiry soon, said Rep. Veronica Escobar, D-Texas. Theyre not even allowing her to comment on whats in a publicly available report, the Mueller report. Its unbelievable. Shanahan out: Acting Defense Secretary Patrick Shanahan to resign after scrutiny over 2010 domestic fight The next step for Democrats, some committee members said, is going to court and forcing Hicks and others to fully comply with subpoenas and answer questions, though Nadler did not say that was the next step for the committee. Rep. Ted Lieu, D-Calif., tweeted some of the questions that attorneys objected to, including where Hicks' office was and what the weather was like on her first day of work. He said he's ready for a court battle. She is basically relying on the Department of Justice to assert objections every single time its related to anything during her tenure in the White House, he said. There is no such thing as absolute immunity. The White House is just making stuff up. Rep. Eric Swalwell, D-Calif., said Wednesdays hearing amounted to another witness failing to comply. We have more lawlessness when it comes to witnesses refusing to testify. Its frustrating, said Swalwell, who is running for the Democratic nomination for the White House. All this does is just take us back to the court and just waste the taxpayers dollars. Rep. Sheila Jackson Lee, D-Texas, said Hicks was only "one peg on the board" and the committee needs testimony from Mueller and Don McGahn, the former White House counsel who defied a subpoena from the committee to appear. Central Park Five: Trump doesn't apologize to Central Park Five: 'You have people on both sides of that' Trump complained in a tweet that Democrats put Hicks "through hell, for 3 years now, after total exoneration by Robert Mueller." So sad that the Democrats are putting wonderful Hope Hicks through hell, for 3 years now, after total exoneration by Robert Mueller & the Mueller Report. They were unhappy with result so they want a Do Over. Very unfair & costly to her. Will it ever end? Why arent they....... Donald J. Trump (@realDonaldTrump) June 19, 2019 Republicans on the committee agreed. "It's unfortunate that Hope Hicks has been dragged down here and forced to go through this," said Rep. Louie Gohmert, R-Texas. "I'm amazed that people would be willing to serve in any administration when they're harassed like this for just doing their jobs." Rep. Doug Collins, the top Republican on the committee, said the hearing was a waste of time, an effort by Democrats to just redo the work of Mueller and his team. Theres nothing new here, said Collins, R-Ga. Democrats continue to try to relitigate the Mueller investigation. Other Republicans said there are other priorities that the committee should be investigating and holding hearings on. Rep. John Ratcliffe, R-Texas, questioned why House Democrats believed they would learn anything new that Muellers team didnt already outline. I dont know why were on a path to try and interview all of the witnesses that Bob Mueller has already interviewed, he said, adding that the hearing was a futile effort. 2020: Biden remembers 'civility' with segregationist senators, draws backlash Hicks left the White House in March 2018 and is chief communication officer and executive vice president at Fox, the parent company of Fox News and other networks. Committee Chairman Jerry Nadler, D-N.Y., said a transcript of her testimony will be made public within the next two days. Nadler has dismissed claims of executive privilege or immunity for Trump administration witnesses by arguing that the president waived immunity by allowing top aides to speak with Mueller's team. White House departures: Who's been fired and who resigned Hicks' appearance stands in contrast to McGahn, who defied the committees subpoena . McGahn cited administration reservations that his testimony is protected by executive privilege, to ensure that presidents get candid advice from aides. Attorney General William Barr, who redacted portions of the Mueller report dealing with grand jury testimony and evidence in pending cases, also defied a committee subpoena to provide Congress the full Mueller report and millions of pages of underlying evidence. The committee found him in contempt but negotiated a compromise to receive documents . The full House authorized litigation to enforce the subpoenas against Barr and McGahn. Hicks name appears more than 180 times in the Mueller reports text and footnotes. She described meetings and dealing with the aftermath of incidents, including: Trump helping draft a response to media questions about the meeting June 9, 2016, at Trump Tower, when Donald Trump Jr. and Jared Kushner met with Russians offering damaging information about Democratic rival Hillary Clinton. On June 28, 2017, at Kushner's lawyer's office, Hicks reviewed emails setting up the meeting. She said they looked really bad and that media coverage would be massive when the story broke, the report said. During a foreign trip, Trump helped draft a statement July 8, 2017, for his son to provide The New York Times that said the meeting was "primarily" about adoptions and didnt mention disparaging information about Clinton. Sessions recusing himself from the Russia inquiry because he worked on Trumps campaign. Trump scolded Sessions in Hicks presence. Trump, who was "extremely upset" about Mueller's appointment in May 2017, told Sessions he should resign. Hicks said she had only seen the president like that one other time, after the 'Access Hollywood' tape came out during the campaign, the report said, referring to a televised recording of Trump saying he grabbed womens genitals. Trump pocketed Sessions' resignation letter for a year and a half but fired him the day after the midterm election in November 2018. Trump telling Russian Foreign Minister Sergey Lavrov and Russian Ambassador Sergey Kislyak on May 10, 2017, in the Oval Office that he fired Comey. He was crazy, a real nut job, Trump told the Russians, according to the report. I faced great pressure because of Russia. Thats taken off.
Im not under investigation. When Hicks told Trump about news stories about the meeting, Trump didnt look concerned and said Comey is crazy, the report said. More about Hope Hicks and congressional investigations of President Trump: Congress and White House fight over subpoenas for former aides Hope Hicks and Annie Donaldson House votes to ease approval for wide-ranging lawsuits to gather evidence about President Trump White House says Congress has no 'legitimate role' in investigating Trump, rejects document demands This article originally appeared on USA TODAY: 'That will not stand': Democrats plan next steps after ex-Trump aide Hope Hicks didn't answer key questions in testimony |
Slack Hustles to Avoid Day One Pop as Next Unicorn to List
(Bloomberg) -- As 2019’s bumper crop of initial public offerings either languishes or wildly exceeds expectations, Slack Technologies Inc. is taking a route to the trading floor that it hopes will yield a much more boring outcome.
Following in the footsteps of music-streaming service Spotify Technology SA last year, the workplace messaging application is set to start trading on the New York Stock Exchange Thursday via a direct listing. It’s just the second large company to test the unusual method and will be closely watched by other potential candidates to see how successfully the company and its advisers pull it off.
Investors got their first hint of how things are going when Slack’s reference price was set at $26 per share on Wednesday. Unlike the offering price paid by investors in a traditional IPO, the reference price doesn’t establish the valuation, though it’s partly based on recent trading in private markets. Its main purpose is to provide a starting point to allow trading to begin under New York Stock Exchange rules.
Slack gained its first buy rating on Thursday, ahead of its debut, as Atlantic Equities said the adoption of the company’s messaging technology within businesses is proving as viral as WhatsApp has been for consumers.
With IPO heavyweight advisers from Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. helping to steer Slack through its listing alongside market maker Citadel Securities, all eyes will be on how the first day of trading plays out. But the company and its investors aren’t looking for a meaningful stock pop -- and want to avoid the volatility -- that often accompanies high-profile share sales, according to a person familiar with the process.
On Wednesday, Slack said that its investors had converted additional Class B stock to Class A shares, increasing the number that could be sold to 194 million from 181 million, out of a total of 504.4 million. Especially because there’s no lock-up period, there’s a risk of too few investors wanting to buy or too many wanting to sell.
“A direct listing can be considered risky for a variety of reasons," Alejandro Ortiz, an analyst at SharesPost, said in a note. “There is an increased chance of substantially more supply than demand for Slack’s shares. All of this could result in heightened volatility in the early hours and days of trading.”
Reference Price
Fifteen months after its own direct listing, Spotify trades about 12% above its reference price of $132, at about $148 a share on Wednesday. That’s well below where the stock opened on its first day of trading in April 2018, though, at $165.90 apiece.
On Thursday, much of the attention at the exchange will be focused on one man. Pete Giacchi, a longtime market maker at the NYSE for Citadel Securities, will be tasked with opening the stock –- just as he was for Uber Technologies Inc.’s listing in May, people with knowledge of the matter said. It could be a long wait: Spotify’s shares took more than three hours to start trading, and it will take a while to make sure that the pricing and trading volumes coming in are at levels that Slack and its advisers are comfortable with.
Supply, Demand
Morgan Stanley, as the named adviser to the designated market maker, will be constantly trying to get a sense of supply and demand for the shares to advise on that opening price. The bank’s team includes global head of technology capital markets, Colin Stewart, as well as David Chen, who leads software banking. John Paci, the co-head of U.S. equities trading, will help advise the designated market maker on where the stock should open based on buying and selling interest gleaned from investors, according to people familiar with the details.
At Goldman Sachs, the work will be led by Nick Giovanni, co-head of the global technology, media and telecommunications group, equity capital markets head David Ludwig and Will Connolly, co-head of the West Coast financing group and head of technology ECM.
One thing Slack’s listing will have in common with an IPO: executives including Chief Executive Officer Stewart Butterfield and finance chief Allen Shim are expected to be pacing the floor of the NYSE for the open. They may not stick around all day, though. They will likely spend some time at the offices of their advisers before celebrating with employees and customers, according to a person with knowledge of the matter.
Representatives for Slack, Goldman Sachs, Morgan Stanley and Citadel Securities declined to comment.
Private Funds
Slack’s decision to bypass a traditional IPO -- and the opportunity it brings to raise funds -- is yet another sign of how benevolent private markets have been to tech startups in recent years. Slack’s earliest major investor, venture capital firm Accel, has directed a fire hose of money at the messaging company over the years, investing from several of its funds to accumulate a 23.8% stake.
In addition to Accel, Slack captured the imagination of elite investors such as Andreessen Horowitz and Social Capital. But it was SoftBank Group Corp.’s behemoth Vision Fund, which also owns stakes in Uber and WeWork Cos., that accelerated Slack’s fundraising when it led a $250 million investment in 2017.
One of the main reasons that Slack has remained well capitalized, however, is that it burns through less cash than some of SoftBank’s other investments. Uber, for instance, accumulated more than $10 billion in operating losses in three years. While Slack expects higher-than-usual losses in the second quarter, that still amounts to only about $75 million to $77 million for the three months, even including expenses related to the listing.
Growth vs. Profitability
The high demand for IPOs by the likes of money-losing companies including Uber, Lyft Inc. and Beyond Meat Inc. proves that investors remain focused on growth prospects over profitability –- in the short term at least.
With Uber leading the pack with its $8.1 billion offering, 79 companies have raised $28.88 billion in U.S. IPOs this year, according to data compiled by Bloomberg. That includes five other listings topping $1 billion, including the $2.34 billion IPO by Uber’s ride-hailing rival Lyft.
With no lock-up period for a direct listing, Slack investors could be jittery about any updates from the company, perceived competitive threats or other risks.
Tiny Speck
In its filings, Slack has warned investors that it’s a relatively new business, launching only in 2014 after existing for several years as a gaming company called Tiny Speck. Its rocket-ship ascent has attracted plenty of investors, but gives new potential shareholders only a limited trajectory to study.
Another challenge for Slack is one that fellow mega startups like Uber have grappled with, namely whether they can move beyond the core offering that their early years of success were built on. While Slack has improved its product so that it can serve larger companies, many customers still consider it an easy-to-use, aesthetically pleasing workplace messaging platform, despite speculation that it could evolve into a catch-all portal for business applications.
One thing that could make Slack’s debut more unpredictable than Spotify’s is its investor base. Because the company’s ownership is more concentrated among fewer, larger shareholders, it could be more difficult to gauge the supply of shares that are likely to be traded, one person with knowledge of the process said. Both buyers and sellers may also hang back on day one to see how trading goes before getting involved: Just 30 million of Spotify shares changed hands in its trading debut, less than a third of the total available.
(Updates with Atlantic in fourth paragraph.)
--With assistance from Crystal Tse and William Hobbs.
To contact the reporters on this story: Eric Newcomer in San Francisco at enewcomer@bloomberg.net;Sonali Basak in New York at sbasak7@bloomberg.net;Ellen Huet in San Francisco at ehuet4@bloomberg.net
To contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, ;Michael J. Moore at mmoore55@bloomberg.net, Elizabeth Fournier, Michael Hytha
For more articles like this, please visit us atbloomberg.com
©2019 Bloomberg L.P. |
How Do Itron, Inc.’s (NASDAQ:ITRI) Returns Compare To Its Industry?
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Today we'll look at Itron, Inc. (NASDAQ:ITRI) and reflect on its potential as an investment. Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires.
First of all, we'll work out how to calculate ROCE. Then we'll compare its ROCE to similar companies. Finally, we'll look at how its current liabilities affect its ROCE.
ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. All else being equal, a better business will have a higher ROCE. In brief, it is a useful tool, but it is not without drawbacks. Renowned investment researcher Michael Mauboussinhas suggestedthat a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'.
The formula for calculating the return on capital employed is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
Or for Itron:
0.072 = US$146m ÷ (US$2.7b - US$666m) (Based on the trailing twelve months to March 2019.)
So,Itron has an ROCE of 7.2%.
See our latest analysis for Itron
ROCE can be useful when making comparisons, such as between similar companies. In this analysis, Itron's ROCE appears meaningfully below the 12% average reported by the Electronic industry. This could be seen as a negative, as it suggests some competitors may be employing their capital more efficiently. Setting aside the industry comparison for now, Itron's ROCE is mediocre in absolute terms, considering the risk of investing in stocks versus the safety of a bank account. Investors may wish to consider higher-performing investments.
As we can see, Itron currently has an ROCE of 7.2% compared to its ROCE 3 years ago, which was 4.6%. This makes us think about whether the company has been reinvesting shrewdly.
When considering this metric, keep in mind that it is backwards looking, and not necessarily predictive. Companies in cyclical industries can be difficult to understand using ROCE, as returns typically look high during boom times, and low during busts. ROCE is, after all, simply a snap shot of a single year. What happens in the future is pretty important for investors, so we have prepared afreereport on analyst forecasts for Itron.
Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months. Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. To counteract this, we check if a company has high current liabilities, relative to its total assets.
Itron has total liabilities of US$666m and total assets of US$2.7b. Therefore its current liabilities are equivalent to approximately 25% of its total assets. It is good to see a restrained amount of current liabilities, as this limits the effect on ROCE.
That said, Itron's ROCE is mediocre, there may be more attractive investments around. Of course,you might also be able to find a better stock than Itron. So you may wish to see thisfreecollection of other companies that have grown earnings strongly.
If you are like me, then you willnotwant to miss thisfreelist of growing companies that insiders are buying.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
'EastEnders' star Patsy Palmer reveals real name is Julie and admits even she gets confused
Patsy Palmer arriving for the 2014 National Television Awards at the O2 Arena, London. Patsy Palmer has revealed she is known as Julie-Patsy to her friends in Hollywood. The EastEnders star left This Morning hosts Holly Willoughby and Phillip Scofield baffled when she revealed that Patsy is not her real name. The 47-year-old actress - who has been living in Los Angeles since 2014 - revealed: "In Malibu they call me Julie Patsy." Palmer, who was born Julie Anne Harris explained: "My name's Julie really so I'm going to get back to calling myself my real name. Julie Harris was my maiden name and then Julie Merkell is my married name. Sometimes I say Patsy, sometimes I call myself Julie. And a lot of people think of me as Bianca. I confuse myself! She joked: Who am I? Schofield said: Youll always be Bianca to us. Palmer has recently moved back to the UK as she is set to return to the BBC soap as her much-loved character Bianca Jackson later this year. Read more: Olivia Colman's real name is NOT Olivia Colman so what do her friends call her? Olivia Colman shocked the nation earlier this month when it was revealed that her name is not actually Olivia Colman. As the 45-year-old Peep Show actress was named in the Queens birthday honours list as receiving a CBE for her services to drama it was revealed her actual name is Sarah Sinclair. The Favourite star - born Sarah Caroline Colman - changed her name from to Olivia when she launched her acting career as Sarah Colman was already registered with the Actors Equity Association. She then married husband Ed Sinclair, making her Sarah Sinclair. Palmer rose to fame as Albert Squares Bianca Jackson, first appearing in EastEnders in 1993. This will be her third return to the soap since Bianca first left Walford in 1999. In 2002 she appeared in a two-part special Ricky & Bianca and she then returned to the soap from 2008-2014. View comments |
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