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SpaceX launches hefty rocket with 24 satellites, experiments
CAPE CANAVERAL, Fla. (AP) — SpaceX launched its heftiest rocket with 24 research satellites Tuesday, a middle-of-the-night rideshare featuring a deep space atomic clock, solar sail, a clean and green rocket fuel testbed, and even human ashes. It was the third flight of a Falcon Heavy rocket, but the first ordered by the military. The Defense Department mission is expected to provide data to certify the Falcon Heavy — and reused boosters — for future national security launches. It marked the military's first ride on a recycled rocket. Both side boosters landed back at Cape Canaveral several minutes after liftoff, just as they did after launching in April. But the new core booster missed an ocean platform, not unexpected for this especially difficult mission, SpaceX noted. "It was a long shot," tweeted SpaceX founder and chief executive Elon Musk. SpaceX did manage for the first time to catch the fairing, or nose cone, in a giant net on an offshore boat. The California-based company is trying to recover and reuse as many rocket parts as possible — rather than letting the pieces sink in the ocean — to drive down launch costs. NASA signed up for a spot on this Falcon Heavy, along with the National Oceanic and Atmospheric Administration, the Air Force Research Laboratory, the Planetary Society and Celestis Inc., which offers memorial flights into space. An astronaut who flew on NASA's first space station back in the 1970s, Skylab's Bill Pogue, had a bit of his ashes on board, along with more than 150 other deceased people. Pogue died in 2014. Musk said it was "our toughest rocket launch ever." The satellites needed to be placed in three different orbits, requiring multiple upper-stage engine firings. It took several hours to release them all. The Deep Space Atomic Clock by NASA's Jet Propulsion Laboratory is a technology demo aimed at self-flying spacecraft. Barely the size of a toaster oven, the clock is meant to help spacecraft navigate by themselves when far from Earth. NASA also was testing a clean and green alternative to toxic rocket and satellite fuel. Story continues The Planetary Society's LightSail crowd-funded spacecraft will attempt to become the first orbiting spacecraft to be propelled solely by sunlight. It will be released next week from its temporary perch on a spacecraft and opened a week later. "Our #LightSail2 is up and on its way," tweeted Bill Nye, the society's chief executive officer. It's the society's third crack at solar sailing: The first was lost in a Russian rocket failure in 2005, while the second had a successful test flight in 2015. The Air Force Research Laboratory had space weather experiments aboard, while NOAA had six small atmospheric experimental satellites for weather forecasting. The Falcon Heavy is the most powerful rocket in use today. Each first-stage booster has nine engines, for a total of 27 firing simultaneously at liftoff from NASA's Kennedy Space Center. The first Falcon Heavy launch was in February 2018. That test flight put Musk's red Tesla convertible into an orbit stretching past Mars. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute's Department of Science Education. The AP is solely responsible for all content. |
Visa Will Acquire Payments Portfolio From Rambus
Visa Inc(NYSE:V)will acquirethe token services and ticketing businesses, formerly Bell ID and Ecebs LTD, fromRambus(NASDAQ:RMBS) for an undisclosed amount.
“As the way people and businesses pay and get paid continues to evolve, the addition of Rambus’ technology will allow us to deliver greater security beyond the card to support more transactions, payments systems and participants,” said TS Anil, Visa SVP, global head of payment products and platforms.
It was reported recently by the Wall Street Journal thatFacebook Inc.(NASDAQ:FB) signed up more than a dozen companies, including Visa, to back its cryptocurrency that it plans to launch in 2020.
Visa traded around $173 per share at time of publication. Rambus traded higher by 1.6% to $11.74.
Related Links:
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Analyst: Facebook's Libra A 'Benefit' For Bitcoin, Not A Competitor
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• Cramer: Facebook's Expected Crypto A Pivotal Catalyst
• Report: Facebook's Planned Cryptocurrency Has Visa, PayPal, Others On Board
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. |
Prosecutors: Rep. Duncan Hunter used campaign funds to pursue affairs
Federal prosecutors have accused Rep. Duncan Hunter of improperly using campaign funds to pursue numerous romantic affairs with congressional aides and lobbyists, according to a new court filing late Monday night. The Justice Department alleged that Hunter (R-Calif.) and his wife Margaret Hunter illegally diverted $250,000 in campaign funds for personal use, including to fund lavish vacations and their children’s school tuition. Monday’s court filings also spell out allegations that Hunter routinely used campaign funds to pay for Ubers, bar tabs, hotel rooms and other expenses to fund at least five extramarital relationships. “At trial, the United States will seek to admit evidence of defendant Duncan D. Hunter’s expenditure of campaign funds to pay for a host of personal expenses. Among these personal expenses were funds Hunter spent to pursue a series of intimate personal relationships,” the Justice Department said in a motion to admit evidence filed on Tuesday. “This evidence is necessary to establish the personal nature of the expenditures to demonstrate Hunter’s knowledge and intent to break the law, and to establish his motive to embezzle from his campaign.” Prosecutors said they approached the defense to reach an agreement “that would eliminate the need to introduce this potentially sensitive evidence at trial,” but the congressman’s lawyers declined. Hunter’s wife has pleaded guilty and agreed earlier this month to cooperate with prosecutors. Prosecutors also filed motions to permit Margaret Hunter’s testimony to be used at trial, which is slated for Sept. 10. "The marital communications privilege does not protect statements made by spouses who are partners in crime,” the filing read. Pressed on whether any of the allegations were true, Hunter repeatedly accused prosecutors of political bias. “You have criminally political prosecutors in this case on a personal smear campaign,” he told POLITICO. “This is the most political case in the world.” Story continues An attorney for the California congressman did not immediately return a request for comment. The Department of Justice also filed a motion to exclude any evidence of Hunter’s good behavior, including his military service, and other evidence that might suggest his use of campaign funds is routine among members of Congress. The filing comes shortly after Hunter’s legal team asked for the case to be dismissed, alleging that the prosecutors are biased against him because they supported former Democratic presidential candidate Hillary Clinton. In response, the Justice Department asked for any claims of political bias to be excluded. In the filing, prosecutors detail numerous instances in which Hunter allegedly used campaign cash to fund his affairs. In one episode in 2010, Hunter allegedly took a lobbyist on a "double date” road trip to Virginia Beach with a fellow congressman and then charged his campaign for the hotel room and bar tab. Margaret Hunter, center, the wife of Rep. Duncan Hunter, arrives for an arraignment hearing in San Diego on Thursday, Aug. 23, 2018. In another incident in 2015, Hunter allegedly took a House leadership aide out for cocktails and then took an Uber back to his office after they spent the night together. Both expenses were charged to his campaign account, prosecutors say. And Hunter also allegedly became intimately involved with a woman who worked in his congressional office in 2015, regularly paying for their dates with campaign funds. The filing also says Hunter — who has developed a reputation on Capitol Hill for drinking heavily and carousing — used campaign money to pursue “clearly non-work related activity during get-togethers with his close personal friends." But prosecutors declined to elaborate further, saying the sensitive conduct could potentially taint the jury pool. Prosecutors described a couple so mired in debt that they had less than $1,000 in their bank account from 2009 to 2017, and owed money to stores like Macy's and Home Depot. They had begun falling behind on their children's tuition payments and missed numerous mortgage payments. "Evidence of Hunter’s negative bank balances, overdue mortgage payments, credit card debts, and other aspects of their depleted financial condition is relevant to proving his motive, intent, knowledge, and absence of mistake in spending campaign funds for personal use," prosecutors wrote. "It explains why he himself used campaign funds to buy everything from cigarettes to gadgets to groceries to getaways — things he wanted but could not afford to buy with his own money." Prosecutors also pleaded with the judge in Hunter's case to "admonish" Hunter to stop attacking them as politically biased. Hunter, they said, had attempted to connect his case to President Donald Trump's claims of an FBI "witch hunt" against him. However, prosecutors said they were not prepared to seek a formal gag order "at this time." "Hunter may freely proclaim his innocence to the public. He may dispute the validity of the charges against him. He may insist that the jury will acquit after reviewing the evidence. He may discuss matters of public record in the case. But he may not use inadmissible, irrelevant, and inflammatory allegations to inject improper prejudice into the proceedings," prosecutors said, pointing to a slew of news articles in which Hunter is quoted attacking prosecutors as leading a "witch hunt" Prosecutors also raised the prospect that some of Hunter's colleagues in Congress could be called to testify in his trial. "Several of the witnesses called by the United States will be close associates of Hunter who were or remain his friends, family members, employees, or colleagues," they wrote. "Some of these witnesses have understandably expressed their unwillingness or their displeasure at being required to answer questions related to Hunter’s conduct." GOP leaders on Tuesday did not call on Hunter to resign, noting that the lawmaker was already stripped of his committee assignments after Hunter was first indicted. “He has a day in court... So the courts will decide,” House Minority Leader Kevin McCarthy (R-Calif.) told reporters. “You’re always innocent until proven guilty.” McCarthy also expressed doubt that Trump would pardon Hunter, who was one of the first members of Congress to endorse then-candidate Trump in 2016. “I’ve never heard any talk of that,” said McCarthy, a close Trump ally. In another motion filed Monday, Hunter’s defense asked that the upcoming trial be moved out of San Diego. Hunter’s attorneys took an unusual tack, explicitly arguing that their client should be tried in a place where more voters cast ballots for President Donald Trump in 2016. “As President Trump’s first and most arduous supporter, it is hard not to see how a juror would be predisposed to cast their vote based on their politics,” Hunter’s lawyers wrote. “Hillary Clinton beat Donald J. Trump in San Diego County by 56.1% to 38.2%.” The defense says moving the case to sites in the sprawling and more rural Eastern District of California for trial would ensure that “Hunter would get an impartial jury pool of his peers.” Hunter’s legal team proposed holding the trial in the California counties that include Bakersfield and Redding, or taking it to Lassen County, which has a total population of about 31,000 and is a 12-hour drive north of San Diego. The defense gave the judge the presidential vote percentages for each county. Trump beat Clinton 73% to 21% in Lassen, Hunter’s lawyers noted. Some defendants seeking a change of venue commission polls to demonstrate deep-seated revulsion for their client. However, Hunter’s lawyers did not provide the judge with any polling showing how many San Diego residents are aware of the case. The defense’s relatively brief motion instead noted that a Google search about the investigation into Hunter returns 7.5 million results, that the San Diego Union-Tribune has repeatedly editorialized against Hunter and that protesters have hounded Hunter during previous court appearances in the city. Hunter’s lawyers even attached a Union-Tribune newspaper cartoon depicting Hunter opening a gift from his wife containing an orange prison jumpsuit. Hunter’s attorneys have also argued that the case against him should be dismissed because prosecutors violated the immunity he enjoys under the Constitution’s speech or debate clause. Hunter’s defense says searches and subpoena directed to his congressional offices and investigators’ interviews with his Congressional staff about his official activities intruded on his legislative responsibilities. John Bresnahan contributed to this report. |
These commonly prescribed medications may increase your risk of dementia, study finds
A study out of the University of Nottingham in the United Kingdom found there is a link between dementia and certain classes of anticholinergic drugs. The drugs — particularly antidepressants, bladder antimuscarinics, antipsychotics and antiepileptic drugs — resulted in nearly "50% increased odds of dementia," according to the observational study published Monday in the peer-reviewed JAMA Internal Medicine journal. Anticholinergic drugs help contract and relax muscles, according to Mayo Clinic. They can also be used to treat ulcers and prevent nausea. This is done by blocking a neurotransmitter in the brain, acetylcholine, from entering the nervous system. Doctors prescribe these kinds of drugs to treat a variety of conditions, including chronic obstructive pulmonary disease, bladder conditions, allergies, gastrointestinal disorders and symptoms of Parkinson's disease. The risk is only associated with 1,095 daily doses within a 10-year period, which is equivalent to an older adult taking a strong anticholinergic medication daily for at least three years. Advice: Families’ best defense for dementia is early planning "The study is important because it strengthens a growing body of evidence showing that strong anticholinergic drugs have long term associations with dementia risk," said study author Carol Coupland, professor of medical statistics in primary care at the University of Nottingham. "It also highlights which types of anticholinergic drugs have the strongest associations. This is important information for physicians to know when considering whether to prescribe these drugs," she told CNN . "This is an observational study so no firm conclusions can be drawn about whether these anticholinergic drugs cause dementia." The study warns people against stopping any of the medications listed without consulting their doctors. More: Is there a link between hearing and dementia? The researchers found no significant increases in dementia risk associated with antihistamines, skeletal muscle relaxants, gastrointestinal antispasmodics, antiarrhythmics, or antimuscarinic bronchodilators, but associations were found among other classes of anticholinergic drugs. Story continues An estimated 47 million people worldwide were living with dementia in 2015, while in the United States around 5.7 million people have Alzheimer dementia, according to the study. Anticholergenic drugs include, but are not limited to, Artane, Bentyl, Oxytrol, Neosol, Symax and Vesicare. A full list can be found at Mayo Clinic . Follow Elinor Aspegren on Twitter: @elinoraspegren. This article originally appeared on USA TODAY: These commonly prescribed medications may increase your risk of dementia, study finds |
Genies Uses Famous Athletes, and Their Money, to Take On Bitmoji
(Bloomberg) -- Genies Inc. is one of those tech startups that looks to athletes and celebrities for some additional endorsement buzz. But what makes this company different is that it also wants their money. Genies offers superstars a chance to get in on the ground floor of something that might make them richer than they already are. At least, that’s the plan.
First, let’s explain what Genies is. It’s a mobile app, which rolls out Monday, that allows you to build a three-dimensional cartoon version of yourself—one that looks and acts like you. So when you message friends, a mini-you mimics what you say.
Among the Los Angeles-based company’s boosters is 21-year-old YouTube star Jake Paul, who once said he hopes to become social media’s first billionaire. “I see myself being capable of becoming a young Ashton Kutcher,” he said in an interview. “He used his celebrity to get into these deals. I was looking at him and I was, like, ‘Wait, I can do the same thing.’”
Paul said he has more than $1 million invested in 15 companies, including $50,000 in Genies. “I don’t use social media a lot; I’m not your typical 21-year-old in that way,” he said, adding that he doesn’t even have a Bitmoji, the original personalized cartoon avatar. Last year, Bitmoji was the most downloaded iOS application worldwide, followed by Snapchat, which bought Bitmoji's parent company, Bitstrips Inc., in 2016 for $100 million.
Nevertheless, Paul said he’s excited about Genies’s prospects. “With tech, you never know,” Paul said. “With Genies, I’m invested in Akash more so as the leader.”
Akash Nigam is the 26-year-old behind the startup. Genies are much more than just goofy, cute cartoons, he said in an interview. “The next wave of [communication] in this age of internet is through avatars—a digital identity, an extension of you,” he explained. “We want Genies to represent your digital identity.”
If you had asked Nigam two months ago how Genies would make money, he said, he wouldn’t have had an answer. Since then, the phone hasn’t stopped ringing. Companies started calling, asking if they could integrate Genies into their apps and websites. Now, he’s already raised $25 million in its two funding rounds.
“We were just looking at it as exposure, but then they offered to pay,” Nigam said. The company has since sold millions of dollars’ worth of its software development kits, which integrate Genies into other platforms.
Genies has already established brand partnerships, including one with Gucci. People can dress their Genies in Gucci clothing and, if they like the product, buy it via the Genies app. “It’s a great way to digitize the fashion world,” Nigam said. “We’re the only avatar of this caliber that can integrate into third-party services.”
Why did Genies go from not to hot so fast? The involvement of sports stars and celebrities may have had something to do with it. They include professional basketball stars such as Russell Westbrook of the Oklahoma Thunder and Kyrie Irving of the Boston Celtics, pop-star Shawn Mendes, rapper 50 Cent, and professional football players Dez Bryant of the New Orleans Saints and Ndamukong Suh of the Los Angeles Rams.
Suh is one of the highest-paid defensive players in the National Football League—and an avid investor.
“Any free time that I can get, I’m talking to my advisers," Suh said in a telephone interview. “Anytime I have an opportunity, whether it’s in between meetings or during meeting breaks or on my drive home, I take the time to get on calls and make it useful.”
The football star, who said he learned investment strategy from Warren Buffett, put $100,000 into Genies last year and said he plans to put in more. Like Paul, Suh was won over by Akash’s enthusiasm—and he really likes his avatar.
“I think it’s spot-on to what I look like, especially from the sideburns perspective,” Suh said. But he’s also confident that Genies will make money; otherwise, he said he wouldn’t have invested.
“Cash flow is king,” Suh said. “That’s something Mr. Buffett says all the time.”
(Corrects spelling of Warren Buffett’s name in story published Nov. 19.)
To contact the author of this story: Sophie Alexander in New York at salexander82@bloomberg.net
To contact the editor responsible for this story: David Rovella at drovella@bloomberg.net
For more articles like this, please visit us atbloomberg.com
©2019 Bloomberg L.P. |
Estimating The Fair Value Of Five Prime Therapeutics, Inc. (NASDAQ:FPRX)
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How far off is Five Prime Therapeutics, Inc. (NASDAQ:FPRX) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by projecting its future cash flows and then discounting them to today's value. This is done using the Discounted Cash Flow (DCF) model. It may sound complicated, but actually it is quite simple!
Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. Anyone interested in learning a bit more about intrinsic value should have a read of theSimply Wall St analysis model.
Check out our latest analysis for Five Prime Therapeutics
We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value:
[{"": "Levered FCF ($, Millions)", "2019": "$-107.07", "2020": "$-116.60", "2021": "$-134.81", "2022": "$-8.12", "2023": "$22.03", "2024": "$34.10", "2025": "$47.46", "2026": "$60.87", "2027": "$73.41", "2028": "$84.59"}, {"": "Growth Rate Estimate Source", "2019": "Analyst x3", "2020": "Analyst x3", "2021": "Analyst x3", "2022": "Analyst x2", "2023": "Analyst x2", "2024": "Est @ 54.81%", "2025": "Est @ 39.19%", "2026": "Est @ 28.25%", "2027": "Est @ 20.59%", "2028": "Est @ 15.24%"}, {"": "Present Value ($, Millions) Discounted @ 10.97%", "2019": "$-96.48", "2020": "$-94.68", "2021": "$-98.64", "2022": "$-5.35", "2023": "$13.09", "2024": "$18.26", "2025": "$22.90", "2026": "$26.46", "2027": "$28.76", "2028": "$29.86"}]
Present Value of 10-year Cash Flow (PVCF)= $-155.82m
"Est" = FCF growth rate estimated by Simply Wall St
The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 10-year government bond rate of 2.7%. We discount the terminal cash flows to today's value at a cost of equity of 11%.
Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$85m × (1 + 2.7%) ÷ (11% – 2.7%) = US$1.1b
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$1.1b ÷ ( 1 + 11%)10= $372.13m
The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is $216.30m. To get the intrinsic value per share, we divide this by the total number of shares outstanding.This results in an intrinsic value estimate of $6. Compared to the current share price of $6.14, the company appears around fair value at the time of writing. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out.
The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Five Prime Therapeutics as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 11%, which is based on a levered beta of 1.383. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
Although the valuation of a company is important, it shouldn’t be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. For Five Prime Therapeutics, I've put together three important aspects you should look at:
1. Financial Health: Does FPRX have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk.
2. Future Earnings: How does FPRX's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart.
3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of FPRX? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing!
PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the NASDAQ every day. If you want to find the calculation for other stocks justsearch 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. |
FreightWaves Forecast: Severe Storms, Flooding, Wildfires Ahead
Another stormy day for some drivers:Severe thunderstorms producing large hail, gusty winds, and/or flash flooding will be spotty across portions of the Rockies, Great Plains and the Mississippi River Valley. Severe storms will be a bit more common across a swath of the Midwest, especially tonight, in places such as Topeka, Kansas City, Des Moines, Chicago and Milwaukee. Isolated tornadoes could pop up in this region, too.
High water worries:Due to ongoing flooding, several sections ofBNSFandUnion PacificCorporation(NYSE:UNP) subdivisions remain out of service in parts of Iowa, Kansas, Missouri and Nebraska. Also because of ongoing high water levels, one lock remains closed in the St. Louis area where barges have been moored for weeks. However, other locks have been reopened, so the situation is improving a bit.
Tinder box:Because of breezy, very dry conditions, there's an elevated risk for wildfires in portions of the Great Basin. For now, the main areas of concern are the Reno and Lake Tahoe areas, as well as Las Vegas and southwestern Colorado. Any fires that spark could spread quickly, with smoke reducing visibility.
Image Sourced by Pixabay
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© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. |
The Latest: Judges question Alabama minimum wage suit
ATLANTA (AP) — The Latest on a court hearing over an Alabama minimum wage law that critics say is racially discriminatory (all times local): 11:45 a.m. Some federal appeals court judges appeared skeptical of a lawsuit that accuses Alabama lawmakers of racial discrimination for blocking the majority-black city of Birmingham from raising its minimum wage. The judges on the 11th U.S. Circuit Court of Appeals questioned Tuesday whether the lawsuit was properly filed against Alabama's attorney general. Failure to sue the correct party would get the case thrown out. Judges at Tuesday's hearing in Atlanta asked how a court order barring the attorney general from enforcing the state minimum wage law would force employers to pay Birmingham's higher minimum wage. Eric Brown, an attorney for the plaintiffs, said his clients did not have to show that every employer would pay the higher wage. At issue is a 2016 law requiring every city in Alabama to have the same minimum wage. State lawmakers passed it after Birmingham's city council voted to increase the city's minimum wage to $10.10 an hour. ___ 1:15 a.m. A federal appeals court is being asked to toss a lawsuit that had accused Alabama lawmakers of racially discrimination due to a law that blocked the majority-black city of Birmingham from raising its minimum wage. At issue in arguments scheduled Tuesday before the 11th U.S. Circuit Court of Appeals is a 2016 statute requiring every city in Alabama to have the same minimum wage. Lawmakers passed the law after Birmingham's city council voted to increase the city's minimum wage to $10.10 an hour. The state law effectively nullified the planned increase. Fast food workers and civil rights groups accused the Legislature of racial discrimination, arguing that the state law targeted a mostly African American city and would disproportionately impact black workers. State officials say the law is race neutral. |
Canada, U.S. gain as India cuts dependence on Australian coking coal
By Sudarshan Varadhan
NEW DELHI (Reuters) - Shipments of coking coal from the United States and Canada rose to a sixth of all Indian imports of the fuel during the year ended March 2019, as steelmakers in the coal guzzling country look to cut their dependence on Australia.
Australia's share in India's coking coal market fell to 71%, or 36.91 million tonnes, during the year ended March 2019 from about 88% three years ago, India coal ministry data reviewed by Reuters showed. The United States and Canada had a 5.6% share of the market three years ago.
Regular interruptions in India's main supplier over the last few years, including a flood in a major coal producing region in February and a cyclone which tore into Queensland in 2017, have caused worries about major supply disruptions in India.
Overall Indian coking coal imports rose 10.3% to 51.84 milion tonnes, while imports of thermal coal - mostly used by utilities - rose 13.72% during 2018-19.
Higher Indian coal imports are a boon for international miners such as Indonesia's Adaro Energy, Australia's Whitehaven Coal, U.S. coal miner Peabody Energy Corp and global commodity merchants such as Glencore.
India expects its coking coal demand to more than double in 10 years as the country plans to increase its crude steel production to 300 million tonnes by 2030 from current annual production of 132 million tonnes.
Indian steelmakers import the bulk of their coking coal needs due to scarce domestic production.
The country imported 4.29 million tonnes of coking coal from Canada during 2018/19, accounting for 8.27% of overall India-bound shipments of 51.84 million tonnes.
Coking coal imports from the United States were 4.13 million tonnes, or 8% of all shipments to India of the fuel.
Indonesia remained the top supplier of thermal coal in 2018-19, accounting for three-fifths, or 111.6 million tonnes. Imports from South Africa amounted to 31.15 million tonnes, or less than a sixth of all thermal coal imports.
Imports of thermal coal from the United States rose by 24% to 10.84 million tonnes, the largest gain by a country in percentage terms. Indonesian coal imports rose 18%, while imports from South Africa fell 19% during the year.
Rate of growth of thermal coal imports from countries such as Russia and Australia were largely in line with an overall surge in imports, while coal imports from Mozambique outpaced overall growth, up 37.4% to 4.85 million tonnes.
Australian thermal coal exports to India could rise once Adani Enterprises' Carmichael mine starts exporting, which the company expects to do in two years.
(Reporting by Sudarshan Varadhan; editing by Emelia Sithole-Matarise) |
Skydiving plane in Hawaii crash was involved in previous terrifying incident
The skydiving plane that crashed this weekend in Hawaii, killing all 11 on board, was also involved in a frightening midair incident in Northern California three years before. Federal investigators are trying to determine why the twin-engine turboprop plane went down shortly after takeoff Friday, leaving a smoky pile of wreckage near the fence surrounding Dillingham Airfield northwest of Honolulu in the worst civil aviation accident in the U.S. since 2011. National Transportation Safety Board records show that same aircraft, built in 1967, stalled three times and spun another three during a 2016 skydiving flight in the eastern San Francisco Bay Area, forcing 14 skydivers to jump to safety. The NTSBs investigative report blamed the incident on error by the pilot, who managed the land the plane safely, though it lost a piece of the horizontal stabilizer and had the elevator break off. N.J. accident: Skydiver who died in New Jersey accident had more than 1,200 jumps Remnants of an aircraft carrying at least nine people lies on the ground near a fence that surrounds Dillingham Airfield in Mokuleia, just off Farrington Highway. The agency plans to review the plane's repair and inspection records from that incident. We will be looking at the quality of those repairs and whether it was inspected and whether it was airworthy, the NTSBs Jennifer Homendy said Sunday. The plane was equipped to carry 13 people, she said. Weight and balance has a factor in the safety of these operations and thats a calculation that needs to be made before a plane is operated, she said. The NSTB will issue a preliminary report in about two weeks. The final report, which will include the cause of the accident, could take up to two years, but Homendy said the NTSB has at times issued urgent safety recommendations before the final report, if warranted. Witnesses to Fridays accident said the aircraft was flying at low altitude after takeoff when it started to nosedive and flipped twice before hitting the ground nose first, causing a fiery explosion. Steven Tickemyer said he watched the crash from a beach across the street where he was attending a wedding. Tickemyer and his friends called 911 and drove to the accident site on his truck to help but couldnt find any survivors. Story continues Another witness, Wylie Schoonover, saw the plane flying over trees while driving from a nearby YMCA camp, then saw smoke billowing from the airfield and drove over, finding an insane amount of fire, she said. Skydiving at 100: A 100-year-old Iowan and WWII pilot has wanted to skydive since 1942. He finally made the jump. It didnt even look like a plane. A bunch of people were asking, What is this? It was completely gone, Schoonover said. Hawaii officials initially said nine people had perished in the crash, three of them customers of the Oahu Parachute Center skydiving company, but the Hawaii Department of Transportation later tweeted that the number of victims was 11. They have not been officially identified, although the relatives of skydiving videographer Casey Williamson, 29, said Honolulu police confirmed to them he was on the flight. Casey Williamson was one of a kind who lived life to the fullest, the family said in a statement. He was a free-spirited lover of life and people. He was a friend to all he met. His smile and love for life was contagious. Our family will not be the same without our sweet Casey." Contributing: The Associated Press This article originally appeared on USA TODAY: Skydiving plane in Hawaii crash was involved in previous terrifying incident |
What Did Recro Pharma, Inc.'s (NASDAQ:REPH) CEO Take Home Last Year?
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Gerri Henwood has been the CEO of Recro Pharma, Inc. (NASDAQ:REPH) since 2008. This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. 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. The aim of all this is to consider the appropriateness of CEO pay levels.
View our latest analysis for Recro Pharma
According to our data, Recro Pharma, Inc. has a market capitalization of US$215m, and pays its CEO total annual compensation worth US$2.4m. (This number is for the twelve months until December 2018). Notably, that's an increase of 16% over the year before. While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at US$599k. We looked at a group of companies with market capitalizations from US$100m to US$400m, and the median CEO total compensation was US$1.2m.
Thus we can conclude that Gerri Henwood receives more in total compensation than the median of a group of companies in the same market, and of similar size to Recro Pharma, Inc.. However, this doesn't necessarily mean the pay is too high. We can better assess whether the pay is overly generous by looking into the underlying business performance.
You can see a visual representation of the CEO compensation at Recro Pharma, below.
On average over the last three years, Recro Pharma, Inc. has shrunk earnings per share by 45% each year (measured with a line of best fit). Its revenue is up 14% over last year.
Sadly for shareholders, earnings per share are actually down, 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. These factors suggest that the business performance wouldn't really justify a high pay packet for the CEO. It could be important to checkthis free visual depiction ofwhat analysts expectfor the future.
Recro Pharma, Inc. has served shareholders reasonably well, with a total return of 22% over three years. But they probably wouldn't be so happy as to think the CEO should be paid more than is normal, for companies around this size.
We examined the amount Recro Pharma, Inc. 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.
Neither earnings per share nor revenue have been growing sufficiently fast to impress us, over the last three years.
And while shareholder returns have been respectable, they have hardly been superb. We also note that the CEO compensation is well up on last year. So we doubt many shareholders would consider the CEO pay to be particularly modest! CEO compensation is one thing, but it is also interesting tocheck if the CEO is buying or selling Recro Pharma (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. |
'Black Widow' set photo hints Florence Pugh will replace Scarlett Johansson as top spy
PARK CITY, UTAH - JANUARY 28: Actress Florence Pugh poses for a photo at a Sundance special screening of "Fighting with My Family" on January 28, 2019 in Park City, Utah. (Photo by Suzi Pratt/Getty Images for Metro Goldwyn Mayer Pictures) Avengers: Endgame saw Steve Rogers pass the Captain America mantle to Sam WIlson and now the Black Widow solo movie may set up something similar. Scarlett Johasson will be making her final MCU appearance in the new movie, set before the events of Avengers: Infinity War, and the cast includes Florence Pugh. Her character’s name has been kept under wraps for weeks but a set photo taken of a couple of boxes suggests she will play Yelena Belova, as “Yelena” was written on one. Read more: Ray Winstone joins Black Widow cast black widow (2020) set photos pic.twitter.com/ckgiPk1tkc — best of widows (@bestofwidows) June 22, 2019 Belova is a Russian spy who first appeared in the Marvel comics in 1999 as an adversary of Natasha Romanoff's but later becomes an ally. Like Romanoff, Belova was trained under the same spymasters at the Red Room and takes on the mantle of Black Widow. She undertakes a mission to put her at odds with Natasha, believing she is the rightful successor to the codename, but meets her match. Read more: Tom Holland threatens autograph hunters Her Marvel journey has seen her work both with HYDRA and SHIELD as well at the vigilante group, the Vanguard, and if Pugh is playing her in the movie that could mean she is set become Black Widow too. It would certainly make sense given the events of Endgame which saw Natasha sacrifice her life in order for the team to claim the Soul Stone on Vormir. Deadpool and Yelena Belova (Credit: Marvel Comics) As Pugh is just 23, she’s well placed to begin a long-running Marvel career like Johansson who joined the MCU at the same age in 2010’s Iron Man 2 . Black Widow is currently being filmed in Budapest under the guidance of Australian filmmaker Cate Shortland, best known for Nazi drama Lore, She is directing a script penned by Captain Marvel’s Jac Schaeffer. Rachel Weisz and David Harbour are also in the cast as well as Ray Winstone. View comments |
Should You Worry About Recro Pharma, Inc.'s (NASDAQ:REPH) CEO Salary Level?
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Gerri Henwood has been the CEO of Recro Pharma, Inc. (NASDAQ:REPH) since 2008. This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. After that, we will consider the growth in the business. And finally we will reflect on how common stockholders have fared in the last few years, as a secondary measure of performance. The aim of all this is to consider the appropriateness of CEO pay levels.
See our latest analysis for Recro Pharma
At the time of writing our data says that Recro Pharma, Inc. has a market cap of US$215m, and is paying total annual CEO compensation of US$2.4m. (This figure is for the year to December 2018). We note that's an increase of 16% above last year. While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at US$599k. We examined companies with market caps from US$100m to US$400m, and discovered that the median CEO total compensation of that group was US$1.2m.
Thus we can conclude that Gerri Henwood receives more in total compensation than the median of a group of companies in the same market, and of similar size to Recro Pharma, Inc.. However, this doesn't necessarily mean the pay is too high. We can get a better idea of how generous the pay is by looking at the performance of the underlying business.
You can see, below, how CEO compensation at Recro Pharma has changed over time.
On average over the last three years, Recro Pharma, Inc. has shrunk earnings per share by 45% each year (measured with a line of best fit). It achieved revenue growth of 14% over the last year.
Sadly for shareholders, earnings per share are actually down, 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. So given this relatively weak performance, shareholders would probably not want to see high compensation for the CEO. You might want to checkthis free visual report onanalyst forecastsfor future earnings.
Recro Pharma, Inc. has generated a total shareholder return of 22% over three years, so most shareholders would be reasonably content. But they probably wouldn't be so happy as to think the CEO should be paid more than is normal, for companies around this size.
We examined the amount Recro Pharma, Inc. pays its CEO, and compared it to the amount paid by similar sized companies. As discussed above, we discovered that the company pays more than the median of that group.
Earnings per share have not grown in three years, and the revenue growth fails to impress us.
And while shareholder returns have been respectable, they have hardly been superb. We also note that the CEO compensation is well up on last year. So you may want to delve deeper, because we don't think the CEO pay is too low. So you may want tocheck if insiders are buying Recro Pharma shares with their own money (free access).
Important note:Recro Pharma may not be the best stock to buy. You might find somethingbetterinthis list 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. |
The Outlook for Dividends
If cash were grass, it would be up to the third-floor windows on Wall Street. And yet, despite all the money sitting on corporate balance sheets, such noteworthy companies as General Electric (symbol GE ) and Anheuser-Busch InBev ( BUD ) have slashed their dividends in the past 12 months. And dividend growth overall is expected to slow in 2019. See Also: 6 Steps to Snare Higher Yields in Retirement Should income-hungry investors worry? No. The economy is still strong, and companies are flush. But it never hurts to examine your dividend holdings to make sure a dividend cut doesn't catch you by surprise--and to see if there are better dividend opportunities around. Aside from providing income, dividends are an important part of the stock market's total return. Over the past 20 years, Standard & Poor's 500-stock index has gained 3.9% annually without dividends and 5.9% annually with dividends. Without dividends, a $10,000 investment in the index made in May 1999 would be worth $21,494 today. Add in dividends and your account would be worth $31,472, or 46.4% more. IHS Markit estimates that U.S. firms will pay out $628.3 billion in dividends this year, up 8.1% from 2018. Thanks to rising oil prices, the energy industry is likely to see robust dividend growth in 2019, according to the research firm. Some tech companies will be among the most generous. For example, Markit expects software giant Microsoft ( MSFT , $128), yielding 1.4%, to boost its payout roughly 9% this year. (Prices, yields and other data are through May 17.) Still, the expected overall dividend growth rate is below last year's 10.6% pace, which was boosted by the 2017 Tax Cuts and Jobs Act. The legislation cut the average effective tax rate of S&P 500 firms to 13.2% in the fourth quarter of 2018 from 20.4% in the same quarter in 2017, giving companies lots of extra cash, some of which they shared with investors. Off track. Four S&P 500 companies have announced dividend decreases in the first four months of 2019, compared with three in all of 2018. The four: Kraft Heinz ( KHC ), Arconic ( ARNC ), CenturyLink ( CTL ) and L Brands ( LB ). IHS Markit predicts that 11% of more than 9,500 companies worldwide will cut their dividend this year, an increase of about 100 firms from last year. Story continues See Also: 57 Dividend Stocks You Can Count On You lose more than income when a company cuts its dividend. Wall Street often runs the company's stock price through a wood chipper on news of a lowered payout. When Kraft Heinz announced its dividend cut on February 21, the stock plunged 27.5% the next day and has yet to recover. Despite a handful of cuts and slower-growing payouts, however, most income investors should do well this year. "Overall dividend health is better than average," says Kian Salehizadeh, senior analyst at Reality Shares. The company rates stocks with a composite Divcon score, which, like the Department of Defense's Defcon scores, reflect higher risks as the numbers go down. A stock with a Divcon 5 rating is the most likely to increase its dividend; a stock with a 1 rating is most likely to cut its dividend. The rating takes into account seven factors, weighted for importance. A good dividend stock starts with earnings growth, says Salehizadeh. It's hard to increase dividends--and sustain them--if you're not increasing earnings. Next, consider free cash flow. Salehizadeh focuses on an accounting measure called levered free cash flow, which shows how much cash the company has after meeting its financial obligations, such as interest payments. It doesn't hurt to look at how much a company spends on stock buybacks. Buybacks are largely a voluntary use of a company's cash; executives buy when they feel it's appropriate, and buyback programs may or may not be completed. Dividends, however, are much more difficult to cut. Most companies feel an obligation to keep paying a dividend, rather than make a date with Mr. Wood Chipper. A company that can afford to buy $50 million of stock can, in a pinch, use that $50 million to support or increase its dividend instead, Salehizadeh says. Payout alert. The five stocks with the highest and lowest Divcon ratings are in the table. Other noteworthy companies ranked Divcon 5 include Home Depot ( HD , $193) and Texas Instruments ( TXN , $107), yielding 2.8% and 2.9%, respectively. Both are members of the Kiplinger Dividend 15 , the list of our favorite dividend stocks. See Also: 20 of Wall Street's Newest Dividend Stocks Plenty of financial services companies make the top grade; many are still catching up from dividend cuts during the Great Recession. Regions Financial ( RF , $14), Synovus Financial ( SNV , $34) and Comerica ( CMA , $74) yield 3% or more. Other Divcon 5 firms range from old-economy steelmaker Steel Dynamics ( STLD , $30), with a 3.2% yield, to computer-networking leader Broadcom ( AVGO , $290), yielding 3.7%. Two energy dividend payers to consider are Phillips 66 ( PSX , $85), rated Divcon 5 by Reality Shares, and ExxonMobil ( XOM , $76), a Kip Dividend 15 member, rated Divcon 4. Phillips yields 4.2%; ExxonMobil, 4.6%. But choose wisely in the oil patch: The payouts at some companies, such as Murphy Oil ( MUR ) and Noble Energy ( NBL ), have a Divcon rating of 1. Both companies cut their dividends in 2016 and score low on free-cash-flow measures. A key question for investors accustomed to above-average yields is whether a company can keep making those payments. For the answer, you should look at the payout ratio, which shows how much of a company's earnings are going toward dividends. If a company is expected to earn $8 per share and pay out $3 per share in dividends, its payout ratio is 37.5%. The average payout ratio for U.S. stocks is 39%, according to the New York University Stern School of Business. But the ratio varies by industry. Utilities have an average 64% payout ratio; life insurers average 21%. In general, the further above 50% the payout ratio is, the less likely it is that the company can sustain its dividend, particularly in times of economic stress. Mutual funds and exchange-traded funds offer broad diversification among dividend payers and good yields. Schwab US Dividend Equity ETF ( SCHD , $52) invests in the stocks of companies that have paid dividends every year for the past 10 years and have a market value of at least $500 million. It's one of the Kiplinger ETF 20 , the list of our favorite ETFs. Dividend Equity yields 3.3%, and its expense ratio is 0.06%. A higher-yielding--and riskier--choice is SPDR Portfolio S&P 500 High Dividend ETF ( SPYD , $38), which yields 4.4%. The fund invests in the 80 highest-yielding stocks in the S&P 500. Its expense ratio is 0.07%. If you prefer actively managed mutual funds, consider Vanguard Equity Income ( VEIPX ). It looks for value among large, dividend-paying firms. The fund yields 2.8% and has an expense ratio of 0.27%. See Also: 101 Best Dividend Stocks to Buy for 2019 and Beyond EDITOR'S PICKS 33 Ways to Get Higher Yields 12 Dividend Stocks That Hedge Funds Love 14 Stocks With Special Dividends to Watch Copyright 2019 The Kiplinger Washington Editors |
How Does Investing In Five Point Holdings, LLC (NYSE:FPH) Impact The Volatility Of Your Portfolio?
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If you're interested in Five Point Holdings, LLC (NYSE:FPH), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. 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 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 mimic the volatility of the market quite closely, while others demonstrate muted, exagerrated or uncorrelated 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. 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 Five Point Holdings
Looking at the last five years, Five Point Holdings has a beta of 1.11. The fact that this is well above 1 indicates that its share price movements have shown sensitivity to overall market volatility. If this beta value holds true in the future, Five Point Holdings shares are likely to rise more than the market when the market is going up, but fall faster when the market is going down. Beta is worth considering, but it's also important to consider whether Five Point Holdings is growing earnings and revenue. You can take a look for yourself, below.
Five Point Holdings is a small company, but not tiny and little known. It has a market capitalisation of US$1.0b, which means it would be on the radar of intstitutional investors. It's not particularly surprising that it has a higher beta than the overall market. That's because it takes less money to influence the share price of a smaller company, than a bigger company.
Beta only tells us that the Five Point Holdings share price is sensitive to broader market movements. This could indicate that it is a high growth company, or is heavily influenced by sentiment because it is speculative. Alternatively, it could have operating leverage in its business model. Ultimately, beta is an interesting metric, but there's plenty more to learn. In order to fully understand whether FPH is a good investment for you, we also need to consider important company-specific fundamentals such as Five Point Holdings’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 FPH’s future growth? Take a look at ourfree research report of analyst consensusfor FPH’s outlook.
2. Past Track Record: Has FPH 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 FPH's historicalsfor more clarity.
3. Other Interesting Stocks: It's worth checking to see how FPH 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. |
Synthetix Reverses Oracle Error-Caused Misplaced sETH in Exchange for a Bug Bounty
Following a recentoracle issue, asset issuance platform Synthetix will reverse the misplaced 37 million synthetic ether (sETH) in exchange for a bugbounty, Synthetix founder Kain Warwickstatedon June 25.
According to the statement, Synthetix has now resumed trading and transfers after the platform yesterday suffered an oracle error that led to several trades with profits of 1000x, resulting in more than $1 billion in profits in under an hour.
Warwick, who is also CEO ofAustralia-basedpaymentoperator blueshyft, has described the details of the accident, noting that the error, which led one of APIs on the platform to report a 1000x higher price for the actual rate for Korean Won (KRW). According to Warwick, Synthetix’s private price oracle has misreported the price of KRW since the oracle took an average of the only two remaining prices due to an “earlier unrelated outage which had not been caught by our exception reporting.”
Subsequently, one of multiple trading bots on Synthetix exchange managed to detect the price error and exploit it to gain massive profits based on the incorrectly reported price of KRW, Warwick wrote.
The exchange subsequently stopped oracle service, halting all transfers and trading within the system at that time, the post reads. Synthetix further reached out with the owner of the bot, who agreed to reverse the trades in exchange for a bug bounty of unspecified amount, Warwick reported.
Synthetix founder added that the platform has included additional redundancy to its price feeds and a more efficient exception tool to prevent errors of this type.
Ablockchain oracleis a system providing the necessary external data in order to trigger the execution of asmart contractwhen the terms of the contract are met. As such, Synthetix.Exchange implements a private oracle that pulls feeds from multiple credible financial market resources, as the company said on itswebsite, adding that they are currently seeking options for decentralized oracles.
Earlier this year, majorAmericancrypto exchangeandwalletserviceCoinbasegavea $30,000 reward for reporting a critical bug on its system.
• Oxfam Trials Aid Distribution With DAI, Future Use 'Highly Likely'
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• Mt. Gox Founder Knew of Security Risks Years Before Collapse, Lawsuit Claims |
After long delay, U.S. Supreme Court may act on 'Dreamers' immigrants
By Lawrence Hurley
WASHINGTON, June 25 (Reuters) - The U.S. Supreme Court in the coming days will have a last chance before its three-month summer break to decide whether to take up President Donald Trump's long-stalled bid to end a program that shields from deportation hundreds of thousands of immigrants brought to the country illegally as children.
The Trump administration on Nov. 5 asked the conservative-majority court to throw out three lower court rulings that blocked the Republican president's 2017 plan to end the Deferred Action for Childhood Arrivals (DACA) program implemented in 2012 by his Democratic predecessor Barack Obama.
The justices could have acted on the appeals as early as January but did not do so, with no reason given for the delay.
In the meantime, the DACA program remains in effect despite Trump's efforts to terminate it, part of his hard-line immigration policies that have become a hallmark of his presidency and his 2020 re-election campaign.
DACA currently protects roughly 700,000 immigrants - mostly Hispanic young adults - from deportation and provides them work permits, though not a path to citizenship. These immigrants often are called "Dreamers" based on the name of previous failed legislation intended to provide them legal status.
The justices are in the last week of their current term, which began last October, with rulings due in eight remaining cases already argued. These include closely watched disputes over the Trump administration's attempt to add a citizenship question to the 2020 U.S. census and whether limits can be set on partisan gerrymandering, a much-criticized practice in which state lawmakers manipulate electoral maps purely for partisan gain.
After the term's final rulings, the justices have one final private meeting to decide on taking new cases for their next term, starting on Oct. 7. The next such meeting is not scheduled until Oct. 1.
The legal question before the Supreme Court is whether the administration properly followed a federal law called the Administrative Procedure Act in Trump's plan to rescind DACA.
Three federal district court judges have issued orders halting Trump's move to end DACA in lawsuits challenging the move filed by a group of states, people protected by the program, rights groups and others. Trump's administration has argued that Obama exceeded his constitutional powers when he bypassed Congress and created the program.
Since the administration launched its appeal, a second regional federal appeals court ruled against Trump. The Richmond, Virginia-based 4th U.S. Circuit Court of Appeals ruled on May 17 that Trump's rescission of DACA was unlawful.
'DISCRIMINATORY MOTIVATION'
The San Francisco-based 9th U.S. Circuit Court of Appeals on Nov. 8 upheld federal judge William Alsup's January 2018 ruling against Trump, saying the challengers provided evidence of "discriminatory motivation, including the rescission order's disparate impact on Latinos and persons of Mexican heritage."
During the Supreme Court's inaction, Trump and Congress have made no progress toward reaching a deal to safeguard DACA recipients even as Democratic presidential candidates including front-runner Joe Biden pledge actions to protect the Dreamers and offer them citizenship.
If the Supreme Court takes up the matter, arguments and a ruling would come in its term that ends in June 2020, in the contentious months before the November 2020 election. If the court had agreed in January to hear it, a ruling would have been due this week, potentially a full year before a decision is now rendered.
The court could also refuse to hear the appeals or simply take no action, which would leave the lower court rulings in place and let the program remain in effect.
Trump announced his decision to rescind DACA in September 2017, planning for the Dreamers' protections to begin phasing out in March 2018. But courts in California, New York and the District of Columbia directed the administration to continue processing renewals of existing DACA applications while the litigation over the legality of Trump's action was resolved.
(Reporting by Lawrence Hurley; Editing by Will Dunham) |
Italian 'cocaine king,' mob boss escapes from Uruguay prison with 3 others
This Sept. 3, 2017 file photo released by the Italian police shows a man identified by police as longtime fugitive Rocco Morabito Italian organized crime boss Rocco Morabito along with three other inmates escaped from a Uruguayan prison in the middle of the night, the country's interior ministry said Monday. The men were able to get "through the roof" at midnight and robbed a nearby farmer in their escape, the interior ministry's statement read. Morabito, 52, had been awaiting extradition at the Montevideo prison to be brought back to Italy on international drug-trafficking charges. Italian prosecutors say he played a large role in drug-trafficking operations between South America and Milan, and earned the nickname the " cocaine king of Milan " in Italian media. The organized-crime kingpin, believed to be a key figure in the Ndrangheta mob from the Calabria, had been on the run from Italy since 1994 and faced 30 years in prison. In 2017, he was arrested in Montevideo at a hotel after he had been living under an alias and using a Brazilian passport for a decade. The three men who escaped with him were all awaiting extradition to either Argentina or Brazil for various crimes, including murder and theft, Uruguay's interior ministry said. They were identified as Leonardo Abel Sinopoli Azcoaga, Matías Sebastián Acosta González and Bruno Ezequiel Díaz. Italy's Interior Minister Matteo Salvini criticized the Montevideo government for the escape, tweeting , "Its disconcerting and serious that a criminal like Rocco Morabito, a boss of Ndrangheta, has managed to escape from a Uruguay prison while waiting to be extradited to Italy." He said he was seeking an immediate explanation from Uruguay about the escape and pledged to continue to hunt for Morabito. Contributing: The Associated Press. Follow USA TODAY's Ryan Miller on Twitter @RyanW_Miller This article originally appeared on USA TODAY: Italian 'cocaine king,' mob boss escapes from Uruguay prison with 3 others |
Blind woman with autism blows audience away with astonishing singing voice
A blind woman who has autism is wowing social media users around the globe with her beautiful rendition of a classic Disney melody.
Lavender Darcangelo, asingerfrom Fitchburg, Mass., took the stage at a local Pride Month luncheon on June 23 and asked if she could entertain the crowd with a song to honor the LGBTQ community.
Thankfully, Rufus Gifford, the former U.S. Ambassador to Denmark and current congressional candidate, was there with cellphone in hand to capture Darcangelo's performance and share it with the world.
"A young woman comes on stage today in Fitchburg. Introduces herself as Lavender. Tells us that she blind and autistic and wants to sing a song in honor of LGBT Pride," he wrote. "She sings one of my favorite songs and brings us tears."
The clip has already amassed over 380,000 views on Twitter alone, with similar versions shared on Facebook garnering tens of thousands more, along with repeated calls by fans for Darcangelo to audition for "America's Got Talent."
Darcangelo later took toYouTubeto share the powerful reasoning behind her song choice: "Part of Your World" from Disney's "The Little Mermaid."
"I am a person who is both blind and autistic, and sometimes I feel like I don't have a home in either of the communities because I have a foot in more than one world," she wrote. "Diversity is pretty infinite!"
Not shockingly, Darcangelo, who performs with her two fathers — one of whom is a pastor — in a music group calledWil Darcangelo and the Tribesays music came naturally to her at a very young age — even before she was able to find her speaking voice.
"I am an autistic person who is blind," her Facebook profile reads. "I started singing before I could talk, and I didn't talk till I was four years old."
"I am in a band with my two dads, and being a singer is my biggest dream," she continues. "I idolize my favorite country singer Kane Brown. He teaches me that in spite of my challenges, I can be like him someday. I hope one day I can sing with him too."
Judging by her phenomenal talents, that day might not be far off. |
Should You Worry About Twilio Inc.'s (NYSE:TWLO) CEO Pay Cheque?
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Jeff Lawson became the CEO of Twilio Inc. (NYSE:TWLO) in 2008. This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. Next, we'll consider growth that the business demonstrates. Third, we'll reflect on the total return to shareholders over three years, as a second measure of business performance. The aim of all this is to consider the appropriateness of CEO pay levels.
View our latest analysis for Twilio
At the time of writing our data says that Twilio Inc. has a market cap of US$18b, and is paying total annual CEO compensation of US$6.6m. (This is based on the year to December 2018). That's a notable increase of 17% on last year. While we always look at total compensation first, we note that the salary component is less, at US$131k. We looked at a group of companies with market capitalizations over US$8.0b and the median CEO total compensation was US$11m. There aren't very many mega-cap companies, so we had to take a wide range to get a meaningful comparison figure.
A first glance this seems like a real positive for shareholders, since Jeff Lawson is paid less than the average total compensation paid by other large companies. 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 Twilio has changed from year to year.
Twilio Inc. has increased its earnings per share (EPS) by an average of 16% a year, over the last three years (using a line of best fit). In the last year, its revenue is up 71%.
Overall this is a positive result for shareholders, showing that the company has improved in recent years. Most shareholders would be pleased to see strong revenue growth combined with EPS growth. This combo suggests a fast growing business. Shareholders might be interested inthisfreevisualization of analyst forecasts.
I think that the total shareholder return of 363%, over three years, would leave most Twilio Inc. shareholders smiling. As a result, some may believe the CEO should be paid more than is normal for companies of similar size.
It looks like Twilio Inc. pays its CEO less than the average at large companies. Since the business is growing, many would argue this suggests the pay is modest. The pleasing shareholder returns are the cherry on top; you might even consider that Jeff Lawson deserves a raise!
It is relatively rare to see a modestly paid CEO when performance is so impressive. But it is even better if company insiders arealsobuying shares with their own money. If you think CEO compensation levels are interesting you will probably really likethis free visualization of insider trading at Twilio.
Arguably, business quality is much more important than CEO compensation levels. So check out thisfreelist of interesting companies, that have HIGH return on equity 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. |
Breaking: The 2021 Ford Bronco Will Have Spark Plugs
Photo credit: Ford From Road & Track Breaking news from a Canadian Tire store: The upcoming Ford Bronco will use spark plugs. This news comes to from automotive journalist Matthew Guy over at Off-Road.com , who spotted the new Bronco listed on a device used to help shoppers find the correct spark plugs for their cars. Well thats interesting. #bronco pic.twitter.com/z5gZD5whCx Matthew the Car Guy (@DudeDrivesCars) June 22, 2019 On the little tablet, the 2021 Ford Bronco is listed as having a 2.3-liter dual overhead-cam engine. This is likely the same engine as the new Ford Ranger , with which the Bronco will share its platform. The "4-140" designation likely means four cylinders, displacing 140 cubic inches. So, for those hoping the Ranger would be turbine powered, I'm sorry to say you're likely out of luck. In the Ranger, this 2.3-liter four has a twin-scroll turbocharger and puts out 270 horsepower and 310 lb-ft of torque. That horsepower figure matches the optional 2.0-liter turbo four available in the the Jeep Wrangler, the Bronco's main rival, and betters its 295 lb-ft of torque. Currently, the only transmission option for the Ranger is a 10-speed automatic. We know for certain that Ford has a hybrid version of the Bronco in the works, too, though the automaker hasn't confirmed any technical details about that. Last year, Jalopnik reported that the Bronco could get a 2.7-liter twin-turbo V-6 paired with a seven-speed manual as well, which is an intriguing possibility. We'll learn more about the Broncoand, presumably, its spark plugswhen the off-roader finally makes its debut, which should be some time next year. via FullSizeBronco.com ('You Might Also Like',) 16 of the Most Interesting Engine Swaps We've Ever Seen See 70 Years of the Greatest Ferraris Ever Built These Are the 14 Best New Cars for Less Than $45,000 |
Should You Be Excited About Fox Corporation's (NASDAQ:FOXA) 19% Return On Equity?
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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 Fox Corporation (NASDAQ:FOXA).
Our data showsFox has a return on equity of 19%for the last year. That means that for every $1 worth of shareholders' equity, it generated $0.19 in profit.
Check out our latest analysis for Fox
Theformula for return on equityis:
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Fox:
19% = US$1.6b ÷ US$8.7b (Based on the trailing twelve months to March 2019.)
It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. It is all earnings retained by the company, plus any capital paid in by shareholders. The easiest way to calculate shareholders' equity is to subtract the company's total liabilities from the total assets.
ROE measures a company's profitability against the profit it retains, and any outside investments. The 'return' is the profit 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 it can be interesting to compare the ROE of different companies.
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, Fox has a superior ROE than the average (11%) company in the Media 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.
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 case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
While Fox does have some debt, with debt to equity of just 0.77, we wouldn't say debt is excessive. The combination of modest debt and a very respectable ROE suggests this is a business worth watching. 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 useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. 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.
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 check this FREEvisualization of analyst forecasts for the company.
But note:Fox 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. |
Here's What RF Industries, Ltd.'s (NASDAQ:RFIL) P/E Ratio 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 show how you can use RF Industries, Ltd.'s (NASDAQ:RFIL) P/E ratio to inform your assessment of the investment opportunity.RF Industries has a P/E ratio of 17.47, based on the last twelve months. That means that at current prices, buyers pay $17.47 for every $1 in trailing yearly profits.
See our latest analysis for RF Industries
Theformula for price to earningsis:
Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)
Or for RF Industries:
P/E of 17.47 = $8.01 ÷ $0.46 (Based on the year to April 2019.)
A higher P/E ratio means that investors are payinga higher pricefor each $1 of company earnings. All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.'
Generally speaking the rate of earnings growth has a profound impact on a company's P/E multiple. When earnings grow, the 'E' increases, over time. That means unless the share price increases, the P/E will reduce in a few years. So while a stock may look expensive based on past earnings, it could be cheap based on future earnings.
RF Industries saw earnings per share improve by -6.0% last year. And it has bolstered its earnings per share by 6.2% per year over the last five years.
The P/E ratio indicates whether the market has higher or lower expectations of a company. As you can see below RF Industries has a P/E ratio that is fairly close for the average for the electronic industry, which is 17.9.
That indicates that the market expects RF Industries will perform roughly in line with other companies in 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.
One drawback of using a P/E ratio is that it considers market capitalization, but not the balance sheet. That means it doesn't take debt or cash into account. In theory, a company can lower its future P/E ratio by using cash or debt to invest in growth.
Such expenditure might be good or bad, in the long term, but the point here is that the balance sheet is not reflected by this ratio.
With net cash of US$14m, RF Industries has a very strong balance sheet, which may be important for its business. Having said that, at 18% of its market capitalization the cash hoard would contribute towards a higher P/E ratio.
RF Industries's P/E is 17.5 which is about average (17.7) in the US market. Recent earnings growth wasn't bad. And the healthy balance sheet means the company can sustain growth. But the P/E suggests shareholders have some doubts.
Investors have an opportunity when market expectations about a stock are wrong. As value investor Benjamin Graham famously said, 'In the short run, the market is a voting machine but in the long run, it is a weighing machine.' We don't have analyst forecasts, but shareholders might want to examinethis detailed historical graphof earnings, revenue and cash flow.
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. |
2019 FIFA Women's World Cup: Tournament is fun, but FIFA is absent
PARIS — The get-in price for Friday’s Women’s World Cup quarterfinal matchup between the United States and France is hovering around $425. That is a high-rent price that serves as proof of the passion there is for women’s soccer, even if the sport’s signature event feels like it is operating on a shoestring marketing budget. Blame FIFA or blame the French organizing committee or just blame decades of indifference to this sport specifically, and women's athletics in general, that is finally coming awake. Whatever it is, the distance between the on-field product and the off-field promotional efforts is stunning. On Friday night, France and the United States, the world’s top two teams, are set to play in an epic clash that could very well determine the World Cup. There is incredible talent, ferocious competitive spirit and a simmering rivalry built on mutual respect for the quality of the foe. It should represent everything women’s soccer can be – sports in general, really – hence the huge sums that fans are willing to dole out to bear witness inside the 46,000-seat Parc des Princes. The crowd is expected to be near 50-50, the Americans’ strong traveling fan base snuffing out any home-nation advantage. “What a showcase piece,” U.S. coach Jill Ellis said Monday. “I’m sure a lot of people would want it later in the tournament, but it is what it is. … Probably myself and [French coach] Corinne [Diacre] are both like, ‘You know what? We’ve got good players, good teams, good setups. And let’s go for it.” Yet all over Paris, the nation’s largest city, its capital and where the contest will be played, there is little of that “let’s go for it” mindset. You’d be hard-pressed to know the Women’s World Cup, let alone this specific game, is even being staged here. Amandine Henry and the French are one of the favorites to lift the Women's World Cup. So why isn't FIFA advertising that around its own country? (Getty) There are few billboards, signs, banners or pretty much anything else touting the event. Fan festivals are minimal. Restaurants and bars aren’t plastered with signs welcoming fans or saying they are serving the official beverage, or whatever, of the World Cup. Story continues A BBC investigation noted that the advertising on the Paris Metro maps features not the Women’s World Cup, but a rugby tournament that ended weeks ago. It’s no different in smaller host cities, such as Reims, where the U.S. played Monday in front of maybe 15,000 American fans. There is reportedly nothing being spent in other regional cities around Europe with Cup contenders and easy access to the tournament such as London, Berlin and Rome. Seven of the eight quarterfinal participants come from soccer-mad Europe. In contrast, last year’s men’s World Cup in Russia not only saw promotions blanket the country, especially in Moscow, but nearly every major historic site in the city had massive and impossible-to-miss signage hyping up … the 2022 men’s World Cup in Qatar. This time it’s like no one realized, or even cared to realize, that this was a big deal, let alone one with the easy potential of becoming an even bigger deal. That may be the most frustrating part. This isn’t failing because of a lack of marketing. It’s succeeding in spite of it. Not capitalizing on it is just bad business; collective ignorance overwhelming clear reality. It’s particularly striking that this quarterfinal will be the last game of the tournament even held in Paris. Both semifinals and the final are taking place in Lyon, home to powerhouse club Olympique Lyonnais Féminin, yes, but also a rustic city in the southeast portion of the country with a metro population of 2.2 million (and limited hotel space). For an event like this, all roads should lead to Paris, home to 12.5 million people and a global hub of easy travel and tourism. You hold the NCAA tournament subregionals in Boise. Not the Final Four. Everyone running this event should be ashamed, although don’t hold your breath on that occurring. The only way to get a FIFA official to feel shame is to bribe him or her to feel shame. Regardless, FIFA should be both funding its own promotional efforts for the women’s game as well as demanding, contractually, that the host nation spend considerable sums on it as well. When asked about the lack of everything, a FIFA spokesman told the BBC, “One of the main promotional objectives is to maximize the audience – both in front of their screens and in the stadiums. Even though outdoor advertising is a part of that campaign, it is only one of several platforms deployed in this phase. In Paris, the outdoor advertising is centralized around the stadium and around the FIFA fan experience." Fans like this one are excited for the Women's World Cup, but you wouldn't know it based on how FIFA has marketed the tournament. (Getty) Well, when France hosted the 2016 men’s European Championship, public viewing parties were set up across the country, including massive screens surrounding no less than the Eiffel Tower. No such thing exists for the Women’s World Cup. About the only pulse of a soccer tournament going on around the famed tourist destination is the Fox Sports broadcast platform set up in the far distance across the Rhine. At least television understands what it has here. Networks have reported record viewership numbers not just here in France (despite some games being on cable), but in England, the United States and other nations around the world. Women’s soccer has come an astounding distance over the past couple of decades, with the quality of play rising. The competition is tremendous. The fan base is diverse. The storylines are rich. The action and anticipation are capturing attention. This has gone far beyond the empowering message that women’s sports deliver to half the population, where young girls learn the same lessons of teamwork and relentlessness that boys have for centuries. That endures, of course, but mostly this is just a lot of fun. Which is what Friday night here should be – France vs. the United States, a heavyweight clash that everyone has been waiting for and hoping to occur. “Hopefully a complete spectacle, just an absolute media circus,” U.S. forward Megan Rapinoe said. “I hope it’s huge and crazy. That’s what it should be.” “This is the best game,” she continued. “This is what everybody wanted. I think we want it. Seems like they’re up for it. … It’s going to be totally awesome. This is what everybody wants, and these are the biggest games that you kind of dream about as a kid.” If you’ve got $400-$500, you can get into a far corner of the stadium and watch. And FIFA didn’t think this was a big enough deal to merit marketing? More from Yahoo Sports: Trump disagrees with Rapinoe not singing the anthem Bucks superstar Antetokounmpo named MVP over Harden Why an emerging receiver can boost the Cowboys’ offense How winning ugly could be a good thing for the USWNT |
A Closer Look At Fox River Resources Corporation's (CNSX:FOX) Impressive ROE
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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). To keep the lesson grounded in practicality, we'll use ROE to better understand Fox River Resources Corporation (CNSX:FOX).
Our data showsFox River Resources has a return on equity of 26%for the last year. That means that for every CA$1 worth of shareholders' equity, it generated CA$0.26 in profit.
Check out our latest analysis for Fox River Resources
Theformula for ROEis:
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Fox River Resources:
26% = CA$286k ÷ CA$1.1m (Based on the trailing twelve months to January 2019.)
It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. 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.
ROE measures a company's profitability against the profit it retains, and any outside investments. The 'return' is the profit over the last twelve months. That means that the higher the ROE, the more profitable the company is. So, all else equal,investors should like a high ROE. That means it can be interesting to compare the ROE of different companies.
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As you can see in the graphic below, Fox River Resources has a higher ROE than the average (8.2%) in the Metals and Mining industry.
That's clearly a positive. I usually take a closer look when a company has a better ROE than industry peers. For exampleyou might checkif insiders are buying shares.
Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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 required for growth will boost returns, but will not impact the shareholders' equity. That will make the ROE look better than if no debt was used.
Shareholders will be pleased to learn that Fox River Resources has not one iota of net debt! Its high ROE already points to a high quality business, but the lack of debt is a cherry on top. At the end of the day, when a company has zero debt, it is in a better position to take future growth opportunities.
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
But when a business is high quality, the market often bids it up to a price that reflects this. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. You can see how the company has grow in the past by looking at this FREEdetailed graphof past earnings, revenue and cash flow.
Of courseFox River Resources may not be the best stock to buy. So you may wish to see thisfreecollection of other companies that have 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. |
Here's Who Trump Will Be Meeting With At G-20
All eyes on Wall Street this week will be focused on Japan and the G-20 summit. The highlight of the summit for investors will likely be a one-on-one meeting between U.S. President Donald Trump and Chinese President Xi Jinping.
Trump’s Sit-Downs
But while investors hope for positive news on trade war negotiations between the U.S. and China, Trump is also sitting down for one-on-one meetings with leaders from several other nations at the G-20 meeting as well, according to the White House. Here’s a list of names that havebeen confirmedfor personal sit-downs with Trump:
• China’s President Xi Jinping
• Russia’s President Vladimir Putin
• Saudi Arabia’s Crown Prince Mohammed bin Salman
• Turkey’s President Tayyip Erdogan
• Germany’s Chancellor Angela Merkel
• India’s Prime Minister Narendra Modi
• Australia’s Prime Minister Scott Morrison
• Japan’s Prime Minister Shinzo Abe
Topics Of Discussion
In addition to the critical trade talks with Xi, Trump will likely be rallying support for his recent sanctions on Iran after a U.S. drone was shot down last week. However, investors care most about the trade war with China, which has hurt economic growth, disrupted supply chains and generated volatility in international markets.
Hundreds of business leaders and representativeshave metwith U.S. trade officials in the past month to warn that implementing tariffs on another $300 billion of Chinese imports would result in higher prices for U.S. consumers and potential job losses in the economy.
Trump has said he is waiting until after the G-20 meeting with Xi to decide whether or not he will implement tariffs on an additional $300 billion in goods. This week, a senior White House official said Trump if “quite comfortable with any outcome” from the meeting with Xi.
Investors seem optimistic heading into the G-20 meeting, which starts on Friday. In the past week, theSPDR S&P ETF Trust(NYSE:SPY) is up 0.2% and theiShares FTSE/Xinhua China 25 Index(NYSE:FXI) is up 0.9%.
Related Links:
Trump Compares Federal Reserve To 'Stubborn Child'
Federal Reserve Leaves Rates Unchanged; Bullard Dissents
Photo credit: Emily Elconin
See more from Benzinga
• Trump Compares Federal Reserve To 'Stubborn Child'
• What To Expect From The S&P 500 Over The Next 20 Years
• Why Slack's IPO Investor Sentiment Might Be A Good Omen
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. |
Iran: US botched retaliatory cyberattack, faces 'crushing response' to drones
Secretary of State Mike Pompeo met with Saudi Arabia's leaders Monday to consolidate support for U.S. dealings with Iran as President Donald Trump formally signed "hard-hitting" new economic sanctions targeting Iranian leaders. Trump said he hopes the sanctions will bring the Persian Gulf nation back to the bargaining table. “We do not seek conflict with Iran or any other country,” Trump said. “I can only tell you we cannot ever let Iran have a nuclear weapon." Pompeo met with King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman to discuss "ways to counter the malign Iranian influence in the region," the State Department said in a statement. Pompeo also will visit Abu Dhabi in the United Arab Emirates in a bid to strengthen a global coalition against what the U.S. sees as Iranian aggression. The sanctions ordered by Trump are in response to Iran shooting down a U.S. drone last week. The U.S. claims the $100 million, unmanned aircraft was flying over international waters, while Iran says the drone was over its territory. On Monday, a defiant Iranian admiral said his military stands ready to shoot down more drones. “The enemy dispatched its most sophisticated, smartest and most complicated surveillance aircraft to the banned area, and everyone saw the shooting down of the unmanned aerial vehicle," Rear Admiral Hossein Khanzadi said. "We confidently say that this crushing response can be repeated ... and the enemy is aware of this." Secretary of State Mike Pompeo is welcomed by Saudi Foreign Minister Ibrahim Abdulaziz Al-Assaf upon his arrival in the Saudi Red Sea city of Jeddah on June 24, 2019. Also Monday, Iranian Minister of Communication and Information Technology Mohammad Javad Azari Jahromi denied reports in the U.S. media that the U.S. carried out a successful, retaliatory cyberattack that disabled Revolutionary Guard systems that control rocket and missile launches. Jahromi tweeted that the West has attempted millions of cyberattacks against Iran's military, but that none has been successful. Trump said he canceled a retaliatory military strike minutes before it was to take place when military leaders told him about the potential for 150 Iranian deaths. Trump, however, secretly authorized U.S. Cyber Command to carry out the cyberattack, several officials told the Associated Press. All spoke on condition of anonymity because they were not authorized to speak publicly about the operation. Story continues The Pentagon declined to confirm the cyberattack reports. "As a matter of policy and for operational security, we do not discuss cyberspace operations, intelligence or planning," spokeswoman Heather Babb said in a statement. Tensions have been mounting since Trump withdrew the U.S. from a global nuclear deal with Iran a year ago and reinstated economic sanctions. Pompeo is also bound for Abu Dhabi to meet with Crown Prince Mohammed bin Zayed Al Nahyan, who has become wary of Iran's increasingly militaristic influence in the region. On Sunday, U.S. national-security adviser John Bolton warned Iran not to misinterpret Trump's decision against military retaliation as a sign the United States won't use force to protect its interests in the Middle East. Bolton was in Jerusalem for talks with Israeli leader Benjamin Netanyahu. Iranian Foreign Minister Mohammad Javad Zarif rebuffed U.S. warnings, blaming the economic "terrorism" of sanctions for Middle East tensions. Zarif accused Bolton and his so-called "B-team" – Bolton, Netanyahu, Mohammed bin Salman and Mohammed bin Zayed Al Nahyan – of pushing the United States toward war. On the eve of Pompeo’s visit to the kingdom, Yemen’s Iranian-allied rebels attacked a Saudi airport near the Saudi-Yemen border, killing a Syrian resident and wounding 21 other civilians, the Saudi military said. Saudi Arabia has been at war with the rebel Houthis in Yemen for more than four years. The Houthis say the attacks targeting the kingdom are a response to Saudi airstrikes on Yemen that have killed thousands. Contributing: The Associated Press More: Iran's naval chief threatens to down more US drones More: Trump vows more sanctions on Iran, says military action is still 'on the table' More: Bolton to Iran: Don't mistake US 'prudence' for weakness This article originally appeared on USA TODAY: Iran: US botched retaliatory cyberattack, faces 'crushing response' to drones |
Introducing Rafael Holdings (NYSEMKT:RFL), The Stock That Zoomed 155% In The Last Year
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Unless you borrow money to invest, the potential losses are limited. But if you pick the right stock, you can make a lotmorethan 100%. For example, theRafael Holdings, Inc.(NYSEMKT:RFL) share price has soared 155% in the last year. Most would be very happy with that, especially in just one year! Also pleasing for shareholders was the 103% gain in the last three months. This could be related to the recent financial results, released recently - you can catch up on the most recent data by readingour company report. We'll need to follow Rafael Holdings for a while to get a better sense of its share price trend, since it hasn't been listed for particularly long.
See our latest analysis for Rafael Holdings
Rafael Holdings 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. When a company doesn't make profits, we'd generally expect to see good revenue growth. Some companies are willing to postpone profitability to grow revenue faster, but in that case one does expect good top-line growth.
In the last year Rafael Holdings saw its revenue grow by 1.9%. That's not a very high growth rate considering it doesn't make profits. In contrast, the share price took off during the year, gaining 155%. We're happy that investors have made money, though we wonder if the increase will be sustained. We're not so sure that revenue growth is driving the market optimism about the stock.
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.
It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. Dive deeper into the earnings by checking this interactive graph of Rafael Holdings'searnings, revenue and cash flow.
Rafael Holdings shareholders should be happy with thetotalgain of 155% over the last twelve months. And the share price momentum remains respectable, with a gain of 103% in the last three months. Demand for the stock from multiple parties is pushing the price higher; it could be that word is getting out about its virtues as a business. You could get a better understanding of Rafael Holdings's growth by checking outthis more detailed historical graphof 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 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. |
Sony Promotes Maia Eyre To VP Creative Production
EXCLUSIVE: Maia Eyre has been promoted to Vice President, Creative Production, reporting to Sanford Panitch, President of Columbia Pictures. Eyre began her career at Sony Pictures five years ago after getting her MFA from the producers program at UCLA. In her previous post she served as Director, Creative Production working on such Sony franchises as Jumanji: Welcome to the Jungle ($962.1M-plus WW box office), Peter Rabbit ($351.2M) , Escape Room ($155.7M WW B.O.) and Denzel Washingtons sole sequel Equalizer 2 ($190.4M). Eyre also worked on such upcoming Sony features as Greta Gerwigs Little Women; Elizabeth Banks Charlies Angels reboot starring Kristen Stewart, Naomi Scott and Ella Balinska; Peter Rabbit 2; and the Blumhouse productions Fantasy Island and The Craft. Last week, Sony announced that Jon Hookstratten expanded his role on the lot as SPEs EVP Administration and Operations and that Carrie Ferman was promoted to Head of Distribution and Content Services. Up next for the studio is the much-anticipated Marvel sequel Spider-Man: Far From Home on Tuesday, July 2. Related stories Cailee Spaeny In Talks To Topline 'The Craft' Remake From Sony & Blumhouse Sony Exec Changes: Jon Hookstratten Expands Role As EVP Admin & Ops, Carrie Ferman Promoted To Head Of Distribution & Content Services Crackle's New Boss, Chicken Soup For The Soul Entertainment, Sees Sony Deal As Just The Beginning Sign up for Deadline's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . |
Morrissey claims he can’t be racist because “everyone ultimately prefers their own race”
Ever since coming out in support of the anti-Islam For England party, Morrissey has been dogged with accusations of racism. It doesn’t help that he says thing like Halal certifiers support ISIS , of course. In his latest defense against such labeling, however, Moz has claimed that he can’t be racist because “everyone ultimately prefers their own race.” The remark was made in part of a new interview conducted by Morrissey’s nephew, Sam Etsy Rayner, for Moz’s website . Coming just a month after his bizarrely rambling statement defending his support of For England , the directly quoted interview finds the former Smiths frontman spouting some aggressive and rather dumbfounding rhetoric. When asked about his political leanings, for example, Morrissey said he has “never voted for anyone in my life,” and that while he knew “nothing about either” England’s left-wing Liberal Democrats nor Green parties, he threw his support behind For England. “I think [For England leader] Anne Marie Waters is the only British party leader who can unite the left and right. I don’t know any other party leader who even WANTS to do this,” Morrissey said, immediately after admitting he knows nothing of the other parties. “The UK is a dangerously hateful place now, and I think we need someone to put a stop to the lunacy and to speak for everyone. I see Anne Marie Waters as this person.” (Read: Ten ’80s Acts to Check Out on Tour This Summer ) Of course, he immediately contradicts the idea of speaking “for everyone” when he hits on that “race” question: “If you call someone racist in modern Britain you are telling them that you have run out of words. You are shutting the debate down and running off. The word is meaningless now. Everyone ultimately prefers their own race… does this make everyone racist? The people who reduce every conversation down to a matter of race could be said to be the most traditionally ‘racist’ because everything in life is NOT exclusively a question of race, so why make it so? Diversity can’t possibly be a strength if everyone has ideas that will never correspond. If borders are such terrible things then why did they ever exist in the first place? Borders bring order.” Story continues So it seems like Morrissey wants someone to speak for everyone… whose ideas correspond to his own. More proof that he my be missing the point came when Rayner asked about some journalists criticizing the singer’s white privilege. Rayner said it was more like “white disadvantage,” which is itself cringeworthy, but then Moz replied, “But to even slur someone for white privilege is in itself a racist comment! It’s all reached such silly proportions now.” (Read: Ranking: Every Song by The Smiths from Worst to Best ) The rest of the interview features a lot of vilifying of The Guardian newspaper (“When you start arguing with The Guardian you feel as if you’re trying to reason with people who are barely toilet-trained”) and his usual anti-meat propagandizing (“In the USA, most people die because of animal consumption, but it doesn’t ever seem to be a concern to the government because… it’s good for business to keep people on medication”). Read the whole thing at Morrissey’s website . If you can look passed all the vicious opinionating and still appreciate Morrissey’s music for what it is, you can get tickets to his upcoming shows here . Morrissey claims he can’t be racist because “everyone ultimately prefers their own race” Ben Kaye |
A super-short guide to the 24 Democrats running for president
Americans will finally see how a battalion of Democratic presidential candidates stack up head-to-head during this week’s debates. Ten Democrats , headlined by Elizabeth Warren and Beto O’Rourke, will debate on NBC, MSNBC and Telemundo June 26 starting at 9 pm ET. Another 10 , including Joe Biden and Kamala Harris, will lock horns the following night, same Bat-time and same Bat-channels. Four others didn’t make the cut for the debates, but might the next time around. Here’s an abbreviated guide to who stands for what, and how each candidate is doing in the polls: Graphic by David Foster Confidential tip line: rickjnewman@yahoo.com . Encrypted communication available. Click here to get Rick’s stories by email . Read more: Markets are still getting the Trump trade war wrong Trump should stop bragging about the stock market How China could meddle in the 2020 election Elizabeth Warren’s best and worst economic ideas Medicare for all won’t work. This might Rick Newman is the author of four books, including “ Rebounders: How Winners Pivot from Setback to Success .” Follow him on Twitter: @rickjnewman Read the latest financial and business news from Yahoo Finance View comments |
Stock Market News: AbbVie Bets Big; Can Microsoft Stay on Top?
Tuesday morning brought modest declines to the stock market, falling back from near-record levels as investors tried to get a handle on a wide variety of issues. Fears that the U.S. economy could fall into recession if the Federal Reserve doesn't intervene seemed to gain momentum, pushing 10-year Treasury bond yields back below the 2% mark. By 11:30 a.m. EDT, theDow Jones Industrial Average(DJINDICES: ^DJI)was down 40 points to 26,688. TheS&P 500(SNPINDEX: ^GSPC)lost 10 points to 2,935, and theNasdaq Composite(NASDAQINDEX: ^IXIC)was down 52 points to 7,954.
In the gap between earnings seasons, major corporate moves take on greater importance, and today,AbbVie(NYSE: ABBV)announced a huge deal to acquireAllergan(NYSE: AGN)that many investors seemed not to like. Meanwhile,Microsoft(NASDAQ: MSFT)has been the darling among tech giants lately, and some wonder if it'll be able to keep its market capitalization above the $1 trillion mark longer than two of its rivals did.
Shares of AbbVie sank 15% after the pharma giant said that it would buy industry peer Allergan. The deal values the maker of Botox at $63 billion.
Image source: AbbVie.
Under the terms of the merger agreement, AbbVie will pay $120.30 in cash and 0.8660 AbbVie shares for every Allergan share investors own. That amounts to a total of $188.24 per share -- far above the $129.57-per-share price at which Allergan's stock closed Monday afternoon.
It's easy to understand why AbbVie decided to make such an aggressive move. With its blockbuster drug Humira looking ahead at a downward spiral in sales from patent expirations and greater competition, AbbVie had to take steps to bolster its growth prospects. CEO Richard Gonzalez thinks buying Allergan will do just that, calling the deal "a transformational transaction for both companies [that] achieves unique and complementary strategic objectives."
Yet skeptics believe thatAbbVie could have done better elsewhere. Allergan has faced some difficulties recently in finding growth of its own, and althoughBotox has done well, setbacks in areas like its CoolSculpting process and its Restasis eye treatment don't necessarily point to lightning-fast growth.
At their current prices, investors don't have high confidence that the AbbVie-Allergan deal will go through. Based on today's reaction in AbbVie's stock, that might not be such a bad result for the pharma giant.
Meanwhile, shares of Microsoft were down 2% Tuesday morning. That wasn't enough to take away the tech giant's$1 trillion-plus market cap, but it reflected some long-term concerns about the company's prospects for parts of its core business.
Analysts at Jefferies presented a more negative case for Microsoft in light of the stock's huge run higher so far this year. Jefferies kept an underperform rating on Microsoft, arguing that its valuation risen too far even as it continues to face massive competitive pressures. In particular, although Microsoft's Azure cloud computing platform has gained momentum, it's still likely to underperformAmazon.com's Amazon Web Services unit in terms of profit margin. Jefferies did boost its price target on the stock by $10, but that leaves the new figure of $90 per share still roughly a third below its current level.
As the third stock to achieve $1 trillion status, Microsoft is looking to succeed where its rivals have failed. Amazon andApplewere both above that key level for a short time, but they've since lost ground and stand well below that mark. Fans of the Redmond-based Windows maker think that a strong mix of loyal customers for office productivity and operating system software should provide a base of support.
Regardless of what happens in the long run, Microsoft has already proven to be a success story. After a decade in the doldrums, the company reinvented itself in a way while taking full advantage of its stranglehold on key products. As long as it remains the go-to place for those needing office productivity software, Microsoft should be able to hang onto its $1 trillion market cap.
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Instant Pot prices could soon skyrocket — why you should buy one now
If you don't yet believe in miracles, you should get yourself an Instant Pot. The multi-function pressure cooker has been a hot ticket item for the past few years withAmazon reviewerssaying, "I'm impressed" and, "This product is my best friend and I would marry it and grow old with it if I could." A bit dramatic? Maybe, but if you try it, you'll get it.
Here's some unfortunate news: The price of anInstant Potcould soon rise if proposed tariffs on Chinese imports goes into effect next month. In a letter to the U.S. Trade Representative, Instant Pot's parent companyCorelle Brands LLCsaid that the price of the appliance would increase by the full tariff amount of 25 percent, but argued for its cookers to be exempt. (According toBloomberg, they also stated that there are currently no domestic producers of electric multi-cookers and they did not see any "other viable options" for moving production to another country.)
This means that the belovedInstant Pot Duo 8 quartwould increase in price from $139.95 to nearly $175. TheInstant Pot Duo 6 quartwould increase from $99.95 to about $125.
While the decision to implement the tariffs is still up in the air, one thing we know for sure if that now is the best time to buy an Instant Pot. Not only because it's price may go up, but because today on Amazon, the appliance is on sale!
The Instant Pot Duo (anAmazon Best-Sellerand mentioned above) is currently 20 to 30 percent off, depending on size. It's basically seven kitchen appliances in one: pressure cooker, slow cooker, rice cooker, steamer, sauté, yogurt maker and warmer. The3-quart versionis currently priced at $50.99 (down from $79.95) and is great for small spaces, as well as making side dishes and dips. The 6-quart version is priced at $79.95 (originally $99.95) and is your average size for making soups and roasts and feeding a small family. And the8-quart versionis now going for $99.99 (normally $139.95), which is big enough to feed a small party!
The Instant Pot Duo Plus is also on sale and comes with two additional settings for making eggs and sterilizing things (new parents, you can use this for bottles!). The3-quartand6-quart versionsare currently $10 off at $88.84 and $119.95 respectively. The8-quart versionis nearly $30 off, priced at $130.89.
If you're contemplating getting yourself an Instant Pot, now is the time to buy. You don't know what you're missing until you've cooked a beautifully tender, pull-apart-with-your-fork roast in under 2 hours. |
2021 Ford Bronco to Get 2.3-Liter EcoBoost Engine, according to an Online Parts Configurator
Photo credit: Michael Simari - Car and Driver From Car and Driver It appears that the 2021 Ford Bronco will be powered by the turbocharged 2.3-liter inline-four currently in use in the Ford Ranger . The listing was discovered in a parts-lookup configurator at Canadian Tire and was first reported by Off-Road.com . A search for the information on U.S.-based parts retailers came up empty. Aside from a few nonspecific leaks and a handful of camouflaged spy photos , Ford has done a commendable job of keeping a lid on the precise details pertaining to the new Ford Bronco. The latest tidbit to emerge comes by way of the Off-Road.com , which discovered a listing for the 2021 Bronco on the online parts-lookup tool of retailer Canadian Tire . Discovered by first selecting the 2021 model year and then specifying "Ford Trucks," the configurator defaults to the only available model, listed as the 2021 Ford Bronco. Taken at face value, this confirms that at least one of the Bronco's available engines will be a DOHC 2.3-liter inline-four. Specifically, the lookup info for spark plugs, for instance, states "2021 FORD TRUCK BRONCO, 4-140 2.3L DOHC." We probably don’t need to point out that the engine in the current Ford Ranger is also a 2.3-liter inline-four. A turbocharged (EcoBoost) unit, it is rated for 270 horsepower and 310 lb-ft of torque and is mated to a version of Ford's 10-speed automatic transmission. Tangential as it may be, we know the Bronco is going to share much of the Ranger's DNA and that they will be assembled in the same facility, so it's hardly a stretch to figure the powertrains will be similar. We have previously speculated that the Ranger (and, by extension, the Bronco) will get a V-6 as well. We do know that the new Bronco will have a removable roof and doors, and will likely be available in two- and four-door versions. Ford has also indicated there will be a hybrid version of the Bronco. Curious to see if the same Bronco parts info had migrated to the parts-lookup search engines of stateside retailers, we performed a similar search on all of the usual suspects, including Ford's official factory parts site, with nary a hit. Most don't even have the model year 2021 in their dropdown menus yet. Story continues Judging by the sheer amount of excitement generated by each emerging Bronco tidbit, we figured it prudent to share this latest morsel of news to ease the tension while fans await the 2021 Bronco's 2020 arrival. Hey, at least it indicates the Bronco's development is moving forward. ('You Might Also Like',) Unclogging Streets Could Help City Dwellers Save 125 Hours a Year The 10 Cheapest New Cars of 2018 Get Out Early, Get In Late: What to Know About Auto Lease Transfers |
Bitfinex says its 100x margin derivatives product is ‘ready for prime time’
Cryptocurrency exchange Bitfinex is ready to ship a derivatives product with up to 100 times leverage, CTO Paolo Ardoino told The Block.
The product has been in the works and is “now ready for prime time,” he said. It had been expected to go live this month, according to awhitepaperBitfinex published last month for its $1 billion private token sale of LEO tokens.
“Qualified Bitfinex account holders will be able to trade a new hedging product through a derivatives wallet,” the whitepaper stated, adding that the product will have “USDt-based collateral (unavailable in the rest of the market), up to 100x leverage.”
Leverage is a trading strategy of using borrowed money to increase the potential return of an investment, but it also comes with higher risks. Ardoino confirmed to The Block that “only verified” customers will be allowed to use its perpetual swap product.
“It will be an optional instrument, no change to our current margin offering,” ArdoinotweetedMonday. Bitfinexcurrently offersleverage of up to 3.3x as part of its margin trading offering.
Cryptocurrency derivatives exchange BitMEX also offers asimilar productwith up to 100x leverage on its Bitcoin perpetual swap contract. Still, Bitfinex says its product will serve as a hedging tool for its clients, rather than a gambling mechanism.
"There's nothing wrong inherently about 100x," Max Boonen, CEO of trading firm B2C2. "But as a commercial hedger you want lower leverage margin. The larger investor wouldn't want to take the risk of 100X, typically."
"They don't want to go balls to the wall."
The cryptocurrency market has been seeing an increasing number of derivativesofferings.Last week, The Block reported that Mike Novogratz’s cryptocurrency merchant bank, Galaxy Digital, hasexpandedits trading business to offer cryptocurrency options contracts amid rising demand from institutional investors.
Cryptocurrency exchange Binance was alsolooking tolaunch futures trading, among others. “Futures liquidity has been centralized on BitMEX and Deribit. Interesting to see if Binance can steal some of that flow… not sure how easy it will be to take some of that away from BitMEX,” Darius Sit, managing partner at crypto trading firm QCP Capital told The Block at the time.
Binance, in fact, seems to be ready to ship its product too. Its CEO Changpeng Zhaotweetedon Sunday that the exchange had its “first Margin liquidation” and that “it was on a #BTC short.” |
GOP Rep. Duncan Hunter Used Campaign Funds to Pursue Intimate Extramarital Affairs: Feds
REUTERS Rep. Duncan Hunter (R-CA) used campaign funds to pay for intimate encounters with several women, including one skiing rendezvous with a lobbyist in Lake Tahoe, the Justice Department alleged in new court filings. Hunter, 42, and his wife were indicted last August on charges of conspiracy, wire fraud, and falsification of records after allegedly spending $250,000 in campaign funds on personal expenses and falsifying Federal Election Commission reports to cover their tracks. After previously denying any wrongdoing with her husband, Margaret Hunter pleaded guilty in federal court last week, admitting the pair stole a quarter-of-a-million dollars in campaign funds to pay for vacations and credit-card payments. According to a new dismissal motion filed Monday by Hunters defense attorney, however, the congressman has also requested the United States Attorney's Office for the Southern District of California recuse themselves from the investigation, arguing deep state prosecutors are politically biased. It is every Americans constitutional right to have equal protection under the law. It is clear by the prosecutor's actions that they have a political bias that merits the court's attention and consideration, Hunter said in a statement provided to The Daily Beast. Political agendas have no place in our courtrooms, and when lies and their cover-up are exposed, accountable action should be taken. Federal prosecutors fired back by requesting a judges permission to tell jurors about several instances in which the congressman used campaign funds to woo five D.C. women into intimate relationships with Ubers, bar tabs, and expensive getaways. Some of these women, prosecutors allege, include three lobbyists and one aide to a member of the GOP leadership team. All of the women with whom Hunter pursued these relationships were involved in politics in some manner, and Hunter sometimes met or socialized with them in professional settings, the motion states. Evidence of the intimate, entirely personal quality of Hunters specific encounters with these women is essential to demonstrate that his spending to facilitate those encounters was improper. Indicted Rep. Duncan Hunter Threw His Wife Under the Bus. Now He Says Leave My Wife Out of It. In over a dozen response motions filed Monday, the DOJ detailed one long-term relationship the Republican lawmaker had with a lobbyist. After meeting in 2009, the pairs relationship blossomed beyond a mere friendship, while the pair allegedly kept their romance under wraps by finding excuses for occasional outings or getaways together. In Jan. 2010, Hunter flew to Lake Tahoe under the guise of attending an annual convention for a non-profit but with the alleged intention of a planned ski vacation as one of [the pairs] first solo getaways. Story continues Hunters flight landed at 2:10 p.m., and he rented a car from the airport Alamo, using $350 in campaign funds, the DOJs motion said. By 11:39 p.m. he had checked into their room at the Hyatt and visited the hotels Cutthroats Saloon for a Sam Adams (which he paid for with $7 in campaign funds). By the time the two checked out three days later, Hunter had spent $1,008 skiing, ordering room service, and enjoying the amenities of the full-service resort using campaign funds. Three months later, Hunter allegedly took another unidentified lobbyist to Virginia Beach for double date road trip with another congressman. Prosecutors alleged that Hunter used hundreds in campaign funds to pay for a hotel bar tab and room. In 2012, the Republican congressman allegedly used campaign funds to facilitate his intimate personal relationship with an aide to a member of the GOP leadership team, often taking Ubers paid using campaign funds to spend the night at her house. Even after their relationship ended, prosecutors alleged, the two continued to see each other on and off, including one date where Hunter paid $93 for cocktails at a quiet speakeasy-style bar near her home and $21 in campaign funds on an Uber back to the office at 1:40 a.m. that night. In another encounter in 2015, Hunter used campaign funds to engage in intimate personal activities with a lobbyist he knew professionally after the two met up at a political event at the Hamilton Hotel. That night, however, was not about business, prosecutors alleged, adding that the congressman left the womans house that night using a campaign-funded Uber. In addition to intimate personal relationships, federal prosecutors argued in the Monday motion that Hunter improperly used campaign funds to pursue other clearly non-work related activity with close friends, including some sensitive conduct. The majority of the campaign fund misuse, however, was on the alleged trysts the Republican lawmaker had during his six-year tenure in Washington. Carrying out all these affairs did not come cheapHunter spent thousands of dollars treating women to meals, drinks, and vacations, and traveling to and from their homes, prosecutors alleged. Given the pronounced financial difficulties the Hunters were facing, his use of campaign funds to pursue these relationships was necessary for Hunter to satisfy his desire for intimacy. Hunter first came to the attention of investigators in 2016 when the Federal Election Commission questioned over $1,300 spent by his campaign committee on Steam, an online video game portal. Hunter blamed the spending on his son, but in February 2017, federal agents executed a search warrant on the Alexandria, Virginia office of his campaign treasurer. According to the warrant, law enforcement officials searched the office in pursuit of evidence that Hunter had defrauded a bank by making false statements related to video game charges. President Trump referenced Hunters case in a tweet prior to the 2018 midterms, complain ing that Attorney General Jeff Sessions agency investigated two very popular Republican Congressmen and put two easy wins now in doubt. Despite Trumps concerns, Hunter won re-election over a Democratic challenger with 51 percent of the vote. Hunters attorney did not immediately respond to The Daily Beasts request for comment. Read more at The Daily Beast. Got a tip? Send it to The Daily Beast here Get our top stories in your inbox every day. Sign up now! Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more. 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U.S. Congress pushing back at Trump over Saudi arms deals
By Patricia Zengerle WASHINGTON (Reuters) - A U.S. Senate committee approved legislation on Tuesday that would make it more difficult for President Donald Trump to avoid congressional review of arms sales, underscoring lawmakers' anger over his approval of $8 billion in military deals with Saudi Arabia and the United Arab Emirates. The Republican-majority Senate Foreign Relations Committee backed the "Saudi Arabia False Emergencies (SAFE) Act," days after the full Senate approved 22 separate resolutions of disapproval of the transactions. The disapproval resolutions did not garner enough support to overcome Trump's promised veto. But lawmakers pledged not to let the issue go, rejecting Secretary of State Mike Pompeo's insistence that the threat from Iran justified pursuing the sales despite human rights concerns and civilian casualties from the two countries' air campaign in Yemen. The committee approved the measure by voice vote, with only Republican Senator Mitt Romney asking to be recorded as a "no." It was not immediately clear when the act might be considered by the full Senate. "The emergency provisions in the Arms Export Control Act should be used only for real emergencies and as rare exceptions for our closest allies for whom we can vouch," said Senator Bob Menendez, the committee's top Democrat and a lead bill sponsor. The legislation would restrict the emergency authorities in the Arms Control law to use only for the closest U.S. security partners, such as NATO members and Australia, Israel, Japan, South Korea and New Zealand. They would also be available only for arms and military services that directly respond to a physical threat, and only if most of the materiel could be delivered within two months. Much of the equipment going to Saudi Arabia and the UAE will take months or years to be delivered. Earlier on Tuesday, Representative Steny Hoyer, the number two Democrat in the House of Representatives, told reporters the chamber would vote on the resolutions of disapproval of the arms deals after it returns to Washington on July 9 following next week's recess for the U.S. Independence Day holiday. Trump's fellow Republicans control a majority in the Senate, but several joined with Democrats to call for a strong response to Riyadh, more so since the murder at a Saudi consulate in Turkey last year of Saudi journalist and Washington Post columnist Jamal Khashoggi, a U.S. resident. (Additional reporting by Amanda Becker; editing by G Crosse and Phil Berlowitz) |
Burnley: Virtually No Shot At Federal Transportation Funding Bill Before Election
It is highly unlikely that Congress will pass a federal surface transportation reauthorization bill before the 2020 Presidential election, leaving the current five-year law known as the "FAST" Act will expire as scheduled on Sept. 30, 2020, and forcing the federal Highway Trust Fund that pays for road projects to limp along on short-term appropriations extensions, a leading transportation attorney said Monday.
James H Burnley IV, who served as U.S. Secretary of Transportation at the end of President Reagan's tenure and who has spent 40 years in Washington, most of it in private practice, said the toxic climate in the nation's capital virtually precludes any chance of a transportation bill moving forward. Burnley, who spoke at the SMC3 summer meeting in Colorado Springs, Colorado, called the current atmosphere the most dysfunctional he's seen in all his years in Washington.
Neither Congress nor the White House has made any progress in determining how the spending would be paid for, Burnley said. Congressional Republicans and the Trump Administration have no stomach to raise federal motor fuels taxes, which have not been raised since 1993 and were never indexed to the government's official inflation rate. Democratic Congressional leaders met with President Trump in May in an effort to discuss federal infrastructure legislation, but the meeting quickly devolved into a shouting match over other issues and the president abruptly walked out of the meeting.
In mid-June, Acting Chief of Staff Mick Mulvaney was quoted as saying any infrastructure deal brokered by President Trump and House Majority Leader Nancy Pelosi (D-California) was done. Trump and Pelosi have escalated their public warring since the Democrats regained control of the House of Representatives in the November 2018 mid-term elections.
Short-term funding extensions are nothing new in the Trust Fund's history. The Fund has come close several times to running out of money, and has needed transfer payments from the U.S. Treasury Department to remain solvent and to meet its commitments.
The FAST Act, signed into law in 2015, funded highway programs largely through deficit spending. The problem with that approach, according to Burnley, is that motor fuels tax receipts have been dropping as vehicles become ever more fuel-efficient. At the same time, the tab for the deficit spending continues to rise. Over the next five years, the Highway Trust Fund faces a shortfall of between $78 billion and $120 billion, a gap almost impossible to close with a funding mechanism that is bringing in less revenue than ever, Burnley said.
The Obama Administration had ordered significant increases in corporate fuel efficiency standards, known as "CAFE." This made vehicles more efficient but deprived the Trust Fund of fuel tax receipts. The Trump White House rolled back some of those efforts, but with a Democratic majority in the House, there is reason to expect a push not only to return to the Obama plan, but to make the CAFE standards even more rigorous, Burnley said.
Early in his administration, President Trump said he favored the idea of an increase in the federal fuels tax, and went so far as to tell a meeting with lawmakers on both sides of the aisle that he would provide political cover to get it done. However, any hope of bipartisanship effectively ended in January when Democrats officially took control of the House, Burnley said.
While President Trump may see the value in raising the motor fuels tax, he's "not going to jump off the cliff by himself," especially when so many Republicans are opposed to the tax hike, Burnley said.
The most widely endorsed proposal has been a 25 cents per gallon increase in diesel and gasoline taxes, spread out in 5 cent per gallon increments over five years. The federal Highway Trust Fund is paid for almost exclusively out of a 24.4 cents per gallon tax on diesel bought at the pump, and an 18.4 cents per gallon tax on gasoline.
The 2015 law was largely the handiwork of Senator Barbara Boxer (D-California) and Senator James Inhofe (R-Oklahoma), who crossed party lines to get a bill passed. Infrastructure has traditionally been one of the few issues the two parties could agree upon. Boxer has since retired, while Inhofe continues to serve in the Senate.
Image Sourced From Pixabay
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Disney Is Building a Full-Fledged Marvel Land...and Its Coming SOON
Photo credit: MediaNews Group/Orange County Register via Getty Images From House Beautiful Fresh off the heels of Disneylands Star Wars: Galaxys Edge opening, the L.A. Times reports the park fully intends to power through and open Marvel Land in its California Adventure park...next year. The news of Marvel Land isnt new nor is the fact that its expected open date is 2020, but the recent startling progress around it is. The paper continues: The city of Anaheim has approved a handful of building permits for projects such as a bathroom overhaul, a retail outlet, a microbrewery, a character meet-and-greet area, plus improvements to behind-the-scenes buildings. One of the permits, approved Wednesday, allows for a 2,071-square-foot merchandise outlet, with three attached canopies. For comparison, the average home in the Western U.S. is 1,800 square feet, according to census data. Another figure thatll blow you away? The permits approved by the city thus far will yield at least $14 million in construction work. Thats likely (1) the tip of the iceberg with the expansion costs to come and (2) going to be nothing for Disney, seeing as Avengers: Endgame has made around $2 billion worldwide so far. Photo credit: Hearst Owned Thats just about all the info out there for now, although we do also know there are more Marvel Landrelated details to drop this summer. According to ABC 7 , the world can expect to know more come the annual D23 Expo this August in Anaheim. You can read more about the Disneyland expansion over at the L.A. Times . Or you can sit here with me in silence and think about how much quality shawarma is in our future. Follow House Beautiful on Instagram . ('You Might Also Like',) 7 Secrets HomeGoods Employees Won't Tell You 19 Closet Organization Ideas You'll Want to Steal Immediately 15 Styling Tricks That Make A Small Living Room Seem Bigger Than It Is |
Samsung tablet burnt through boy's mattress down to metal springs while he slept
Firefighters in England issued a seriouswarningafter a boy's Samsung tabletburnta hole in his mattress while he slept.
The Staffordshire Fire and Rescue Service said in a press release that it was alerted to the incident after the 11-year-old's father called the Lichfield Community Fire Station early on June 20.
Officials responding to the family's Burntwood, U.K., home found that the electronic device had overheated and burnt a hole through the child's bedding and mattress — right down to the metal springs — while the child was right next to it.
"Fortunately for the family, it did not develop into a full fire but had smoldered throughout the night," the servicewrotein a statement. "When the boy awoke the next morning, he discovered the hole in his bed, and his room was covered in a layer of black soot."
Officials shared photos depicting the aftermath of the incident toencouragetech users to be "mindful when charging tablets and mobile phones."
Photo: Staffordshire Fire and Rescue Service
According to the service, the family purchased the tablet brand new four years ago. It was apparently connected to a Samsung charger and became overheated after it was left plugged in from 9 p.m. the night before the incident.
Community Safety Manager and Firefighter Brad Robins, who is based at the Lichfield Community Fire Station, said the family was "greatly shocked" by what happened.
"It serves as a stark reminder not to leave items charging on materials that could catch fire when hot," he said. "Always place phones and tablets on to a safe surface when charging. Make sure you buy genuine chargers for your items and follow the manufacturer’s instructions. Be sure to register your product in case there is a product recall. Also ensure that your smoke alarms are working correctly by testing them regularly. This building did not have working smoke alarms which may have alerted the family to the incident earlier." |
What You Should Know About Transocean Ltd.'s (NYSE:RIG) Financial Strength
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While small-cap stocks, such as Transocean Ltd. (NYSE:RIG) with its market cap of US$3.8b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. Since RIG is loss-making right now, it’s crucial to understand the current state of its operations and pathway to profitability. The following basic checks can help you get a picture of the company's balance sheet strength. However, potential investors would need to take a closer look, and I’d encourage you todig deeper yourself into RIG here.
RIG has sustained its debt level by about US$10b over the last 12 months which accounts for long term debt. At this stable level of debt, RIG currently has US$1.9b remaining in cash and short-term investments , ready to be used for running the business. On top of this, RIG has generated cash from operations of US$404m during the same period of time, resulting in an operating cash to total debt ratio of 4.0%, signalling that RIG’s debt is not covered by operating cash.
Looking at RIG’s US$1.4b in current liabilities, the company has maintained a safe level of current assets to meet its obligations, with the current ratio last standing at 2.72x. The current ratio is calculated by dividing current assets by current liabilities. Generally, for Energy Services companies, this is a reasonable ratio as there's enough of a cash buffer without holding too much capital in low return investments.
With a debt-to-equity ratio of 77%, RIG can be considered as an above-average leveraged company. This is a bit unusual for a small-cap stock, since they generally have a harder time borrowing than large more established companies. However, since RIG is currently loss-making, 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.
RIG’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 RIG's liquidity needs, this may be its optimal capital structure for the time being. I admit this is a fairly basic analysis for RIG's financial health. Other important fundamentals need to be considered alongside. I recommend you continue to research Transocean to get a more holistic view of the small-cap by looking at:
1. Future Outlook: What are well-informed industry analysts predicting for RIG’s future growth? Take a look at ourfree research report of analyst consensusfor RIG’s outlook.
2. Valuation: What is RIG 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 RIG 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. |
Fed's Bullard says he doesn't see need for half-point rate cut - Bloomberg interview
WASHINGTON, June 25 (Reuters) - St. Louis Federal Reserve Bank President James Bullard said on Tuesday he does not think the U.S. central bank needs to cut interest rates by a half point at its next meeting in July, even though he felt the Fed should have lowered rates last week.
"Just sitting here today, I think 50 basis points would be overdone," Bullard said in an interview with Bloomberg Television. "I don't think the situation really calls for that, but I would be willing to go 25 (basis points)." (Reporting by Susan Heavey and Jason Lange; Writing by Tim Ahmann Editing by Chizu Nomiyama) |
PG&E bondholders propose bankruptcy exit plan worth up to $30 billion
By Jim Christie
SAN FRANCISCO (Reuters) - A committee of bondholders of PG&E Corp's utility unit on Tuesday proposed a bankruptcy reorganization plan that would inject up to $30 billion to help the California power provider emerge from Chapter 11 and pay off its liability from wildfires.
In a filing with the U.S. bankruptcy court in San Francisco, the committee, made up of senior unsecured noteholders of Pacific Gas & Electric Co, also sought to terminate the utility's exclusive period for filing a Chapter 11 reorganization plan so the committee may file its own plan. PG&E has until Sept. 29 to file a plan.
PG&E has been too slow to file its own plan and "the need to exit bankruptcy expeditiously is paramount," the committee said in its filing, adding its plan would provide up to $16 billion to compensate all of PG&E's pre-bankruptcy wildfire claims.
The committee's plan would be funded by $18 billion in cash from bondholders in exchange for new common shares in a reorganized company, as well as $2.2 billion in insurance proceeds owed PG&E for wildfire losses.
Bondholders would also provide $4 billion in cash in exchange for new unsecured notes and $5.5 billion would be raised by selling new secured notes to third-party investors.
San Francisco-based PG&E sought Chapter 11 bankruptcy protection in January in the aftermath of devastating wildfires in Northern California in 2017 and 2018 that left the company anticipating $30 billion in liabilities blamed on its equipment.
The worst of the blazes, November's Camp Fire, leveled the town of Paradise and killed more than 80 people. It was the deadliest and most destructive wildfire of modern times in California.
A spokesman said the committee had no additional comment on the plan beyond its filing.
A spokesman for PG&E in an email to Reuters said the power provider is "committed to working together with our stakeholders through the Chapter 11 process to fairly and expeditiously resolve our liabilities resulting from the 2017 and 2018 Northern California wildfires, develop a more sustainable business model and continue delivering safe and reliable service."
The committee said in its filing that its reorganization plan will provide a "substantial" capital investment to fund improvements in PG&E's electric infrastructure to ensure reliable power service and meet California's renewable energy goals.
The committee also said its plan will provide for a quick exit from bankruptcy for PG&E that maintains an investment-grade rating for the power provider.
The committee's filing did not identify unsecured noteholders that would participate in the plan, but the largest stakeholders in the group include Pacific Investment Management Co LLC, Elliott Management Corp and Davidson Kempner Capital Management.
According to the committee's filing, terms of the plan will not affect PG&E's ratepayers and will provide for a $4 billion contribution to a fund for insuring against utility-related wildfire liabilities that California officials are considering establishing.
Governor Gavin Newsom last week proposed helping utilities create a fund of up to $21 billion to compensate future victims of wildfires sparked by the companies' equipment or employees.
Approval from state lawmakers would be needed to create the fund.
(Reporting by Jonathan Stempel in New York and Jim Christie in San Francisco; Editing by Matthew Lewis and Steve Orlofsky) |
Are Transocean Ltd.'s (NYSE:RIG) Interest Costs Too High?
Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card!
While small-cap stocks, such as Transocean Ltd. (NYSE:RIG) with its market cap of US$3.8b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. Since RIG is loss-making right now, it’s vital to understand the current state of its operations and pathway to profitability. The following basic checks can help you get a picture of the company's balance sheet strength. Nevertheless, potential investors would need to take a closer look, and I’d encourage you todig deeper yourself into RIG here.
RIG has sustained its debt level by about US$10b over the last 12 months – this includes long-term debt. At this constant level of debt, RIG's cash and short-term investments stands at US$1.9b , ready to be used for running the business. Additionally, RIG has produced US$404m in operating cash flow over the same time period, resulting in an operating cash to total debt ratio of 4.0%, signalling that RIG’s operating cash is less than its debt.
With current liabilities at US$1.4b, it appears that the company has maintained a safe level of current assets to meet its obligations, with the current ratio last standing at 2.72x. The current ratio is calculated by dividing current assets by current liabilities. For Energy Services companies, this ratio is within a sensible range since there is a bit of a cash buffer without leaving too much capital in a low-return environment.
With debt reaching 77% of equity, RIG may be thought of as relatively highly levered. This is somewhat unusual for small-caps companies, since lenders are often hesitant to provide attractive interest rates to less-established businesses. However, since RIG is presently loss-making, sustainability of its current state of operations becomes a concern. Running high debt, while not yet making money, can be risky in unexpected downturns as liquidity may dry up, making it hard to operate.
RIG’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. This may mean this is an optimal capital structure for the business, given that it is also meeting its short-term commitment. This is only a rough assessment of financial health, and I'm sure RIG has company-specific issues impacting its capital structure decisions. You should continue to research Transocean to get a more holistic view of the small-cap by looking at:
1. Future Outlook: What are well-informed industry analysts predicting for RIG’s future growth? Take a look at ourfree research report of analyst consensusfor RIG’s outlook.
2. Valuation: What is RIG 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 RIG 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. |
Raptors have had several 'good meetings' with Kawhi Leonard
The Los Angeles Clippers might have a tentative sitdown with free agent Kawhi Leonard planned for July 2, but the Toronto Raptors are already ahead of the game. Raptors president Masai Ujiri has had several “ good meetings ” with the superstar over the past few days, and is confident in him re-signing north of the border. masai says he’s confident in toronto’s chances in re-signing kawhi leonard. he’s had meetings with him the last few days, says those meetings have been positive. — Yahoo Sports Canada (@YahooCASports) June 25, 2019 Ujiri also said he’s been in contact with the Finals MVP over text message, and is in touch with Uncle Dennis , who serves as Leonard’s business strategist. Uncle Dennis is known to have significant pull with his nephew, so keeping him in the loop is a savvy play from Ujiri. Toronto has emerged as betting favourites to land Leonard once free agency opens on June 30, and those odds might increase even more after this latest batch of comments from Ujiri. Then again, with the way Leonard keeps his cards close to the vest, it’s difficult to read into much of the chatter. The Raptors did everything they could to convince Leonard to stay, using the load management approach to keep the 27-year-old healthy for the playoffs. The team also assembled a winning roster around him, culminating with an NBA championship. For someone so focused on a winning environment, it would be impossible for the Raptors to do much more for Leonard, especially since they can offer him the most money. More Raptors coverage from Yahoo Sports |
Ferro (NYSE:FOE) Shareholders Booked A 27% Gain In The Last Three Years
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WhileFerro Corporation(NYSE:FOE) shareholders are probably generally happy, the stock hasn't had particularly good run recently, with the share price falling 19% in the last quarter. On the other hand the share price is higher than it was three years ago. Arguably you'd have been better off buying an index fund, because the gain of 27% in three years isn't amazing.
View our latest analysis for Ferro
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 way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
Over the last three years, Ferro failed to grow earnings per share, which fell 12% (annualized). So we doubt that the market is looking to EPS for its main judge of the company's value. Therefore, we think it's worth considering other metrics as well.
It may well be that Ferro revenue growth rate of 15% over three years has convinced shareholders to believe in a brighter future. If the company is being managed for the long term good, today's shareholders might be right to hold on.
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 we recommend checking out thisfreereport showing consensus forecasts
Investors in Ferro had a tough year, with a total loss of 26%, against a market gain of about 7.2%. 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. Longer term investors wouldn't be so upset, since they would have made 3.7%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. Investors who like to make money usually check up on insider purchases, such as the price paid, and total amount bought.You can find out about the insider purchases of Ferro by clicking this link.
Ferro is not the only stock insiders are buying. So take a peek at thisfreelist of growing companies with insider 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. |
North American CFOs bracing for downturn, but not a recession: Study
The CFOs of North America’s largest companies believe the economy is headed for a downturn, but most don’t think a full-blown recession is imminent, according to a new report published on Tuesday.
According to Deloitte quarterly CFO Signals report, 97% of corporate finance chiefs at 159 “influential” North American conglomerates believe that there will be an economic downturn in the US in the next two years.
Fears of a prolonged trade war between the U.S. and China are raising fears for the global economy, anderoding business and consumer confidence.
“A lot of it is point in time, and a lot of it is maybe overly influenced by the uncertainty we’re in right now with the trade and tariff issues,” Sandy Cockrell, Deloitte’s global CFO program leader, told Yahoo Finance in an interview.
“That’s probably a cloud that’s going to be there until there’s more clarity around it,” he added.
Still, some 80% do not believe the downturn will significantly adversely affect the economy, while 24% of those surveyed believe economic conditions in the U.S. will be better in a year.
Amid aweak jobs reportin May and other data pointing toward adecelerating economy, pessimism about the economy is higher than its been in the last three years among the CFOs surveyed.
Fears of a downturn are up a tick from apreviouslow in the last quarter, when 28 percent of CFOs expected things to get better in a year, Deloitte found.
There’s little doubt about how much of CFO pessimism can be attributed to trade war fears, as well as political gridlock.
As the United States’ relations with trading partners around the world become more uncertain, CFOs are focusing more on growth at home, the survey found.
Finance officers in Canada and Mexico still rank U.S. growth as a high priority, while CFOs in America have become increasingly less concerned about the economic growth of their neighbors to the North and South, according to Deloitte.
Rather than pressure from investors or their budgets being squeezed, though, CFOs’ biggest concern for the future is a dearth of talent. Almost two thirds of those surveyed said that a lack of talent was a constraint.
So, even if clarity comes to the trade war with China, C-suite concerns about the future of work won’t abate any time soon.
“What companies are looking for is the new type of skilled worker who can utilize the tools that exist today in terms of technology that didn’t exist three or four years ago,” said Cockrell. “There’s a tremendous need for more people who have those type of skills in the workplace.”
Calder McHugh is an Associate Editor at Yahoo Finance. Follow him on Twitter:@Calder_McHugh.
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What Kind Of Shareholder Appears On The Falcon Oil & Gas Ltd.'s (CVE:FO) Shareholder Register?
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If you want to know who really controls Falcon Oil & Gas Ltd. (CVE:FO), then you'll have to look at the makeup of its share registry. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. We also tend to see lower insider ownership in companies that were previously publicly owned.
Falcon Oil & Gas is a smaller company with a market capitalization of CA$211m, so it may still be flying under the radar of many institutional investors. Taking a look at our data on the ownership groups (below), it's seems that institutional investors have bought into the company. We can zoom in on the different ownership groups, to learn more about FO.
Check out our latest analysis for Falcon Oil & Gas
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.
As you can see, institutional investors own 5.7% of Falcon Oil & Gas. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Falcon Oil & Gas's earnings history, below. Of course, the future is what really matters.
Hedge funds don't have many shares in Falcon Oil & Gas. There is a little analyst coverage of the stock, but not much. So there is room for it to gain more coverage.
The definition of company insiders can be subjective, and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. 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.
Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.
Our information suggests that Falcon Oil & Gas Ltd. insiders own under 1% of the company. We do note, however, it is possible insiders have an indirect interest through a private company or other corporate structure. It has a market capitalization of just CA$211m, and the board has only CA$878k worth of shares in their own names. Many investors in smaller companies prefer to see the board more heavily invested. You canclick here to see if those insiders have been buying or selling.
The general public -- mostly retail investors -- own 72% of Falcon Oil & Gas . This size of ownership gives retail investors collective power. They can and probably do influence decisions on executive compensation, dividend policies and proposed business acquisitions.
We can see that Private Companies own 22%, of the shares on issue. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research.
It's always worth thinking about the different groups who own shares in a company. But to understand Falcon Oil & Gas better, we need to consider many other factors.
I like to dive deeperinto how a company has performed in the past. You can accessthisinteractive graphof past earnings, revenue and cash flow, for free.
Ultimatelythe future is most important. You can access thisfreereport on analyst forecasts for the company.
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. |
GM to spend $20 mln more on equipment upgrade at Arlington plant
June 25 (Reuters) - General Motors Co said on Tuesday it would invest an additional $20 million to upgrade equipment at the automaker's Arlington Assembly plant in Texas, ahead of the launch of full-size sports utility vehicles (SUVs).
The investment will not add to the plant's production capacity, a GM spokesman said.
The No.1 U.S. automaker has not revealed when the company is going to launch its next generation full-size SUVs such as the Chevrolet Tahoe, Chevrolet Suburban, GMC Yukon, GMC Yukon XL and the Cadillac Escalade.
GM has long been dominated the U.S. full-size SUV segment, which fetches higher margins, but rival Ford Motor Co has been pushing to capture market share. Fiat Chrysler Automobiles NV said earlier this year it would start building a full-size Jeep SUV in late 2020.
The latest equipment upgrade at Arlington plant is expected to be ready next year, the company said.
GM has invested more than $1.4 billion in the Arlington Assembly plant since 2015. (Reporting by Rachit Vats in Bengaluru and Nick Carey in Detroit; Editing by James Emmanuel) |
Comparing Meghan and Harry's Renovation Costs to Kate and William's: Who Spent More?
Meghan Markle and Prince Harry aren’t the only royals who know a thing or two about home renovation. The Royal Household just published its annual financial statement, called the Sovereign Grant Report, to show how the portion of the Queen’s money provided by taxpayers is being used. This year, that money included about $3 million used to renovate the Duke and Duchess of Sussex’s new home , Frogmore Cottage at Windsor Castle. The royal couple renovated the interior of the historic home earlier this year in anticipation of the arrival of Archie Harrison. More recently , they’ve attended to the outside of the property, redecorating the exterior doors, windows and walls and upgrading some of the outbuildings — while also re-landscaping the garden and adding some extra garden lighting too. While the British taxpayer has paid for the overall renovation costs through the Queen’s annual Sovereign Grant, “anything moveable” or in the cottage gardens was paid for by Harry and Meghan themselves. Max Mumby/Indigo/Getty “All fixtures and fittings were paid for by their Royal Highnesses,” says a source. “Curtains, furnishings — all that would be paid separately, paid privately.” Frogmore Cottage | Shutterstock Kate Middleton and Prince William also spent a chuck of the Sovereign Grant on renovations when they moved into their current home at Kensington Palace. It was revealed in 2014 that more than $5 million was spent transforming offices into an apartment for the Cambridges, with work including electrical services, new heating, hot and cold water, the removal of asbestos and a “simple redecoration.” Like Meghan and Harry, Kate and William also dipped into their own pockets for a new kitchen and furnishings. Prince William and Kate Middleton | Samir Hussein/WireImage A source tells PEOPLE, “If a member of the royal family says, ‘We want a better kitchen than you’re prepared to provide with public money,’ then that would fall to them privately and they would have to meet the cost. If they want that higher specification, they have to pay the extra.” Story continues RELATED: Meghan Markle and Prince Harry’s Frogmore Home Upgrades Were Just Revealed (No Yoga Studio!) Kensington Palace | Indigo/Getty Images Over the past six months, Frogmore Cottage was converted from five small dormitory-style units to a five-bedroom home. Outdated heating and electrical systems were replaced, and new gas and water mains were introduced to the property. In addition, “a very large proportion of the ceiling beams and floor joists were defective and had to be replaced,” adds the source about the mid-1800s cottage. (Contrary to past reports, there is no “floating floor” yoga studio.) The end result is that Harry and Meghan now have a cozy — and very private — home to raise Archie. Meghan Markle, Prince Harry and Archie | Dominic Lipinski - WPA Pool/Getty Images Can’t get enough of PEOPLE’s Royals coverage? Sign up for our newsletter to get the latest updates on Kate Middleton, Meghan Markle and more! While the $3 million construction costs may seem high for a newlywed’s first pad, it’s all part of the wider $55 million spent by the Queen to conserve the royal palaces over the past 12 months. This conservation work is largely funded by an annual $63 million Sovereign Grant given to the Queen by the U.K. Government to maintain the royal palaces on behalf of the nation — a role that she and the rest of the royal family take extremely seriously. “The property had not been the subject of work for some years and had already been earmarked for renovation in line with our responsibility to maintain the condition of the occupied Royal Palaces Estate,” Sir Michael Stevens, Keeper of the Privy Purse told reporters at Buckingham Palace on Monday. |
An epic victory celebration, Michelle Wie's tearful goodbye(?), and a caddie blasts his former boss
Welcome to another edition of The Grind where we almost got killed at the Travelers Championship last week. An American golfer who shall remain nameless nearly drilled me with a drive on No. 15. He shall remain nameless because he was only concerned with his lie as he walked right by me and a few others to get to his ball. Meanwhile, European golfers continue to display better manners in these situations. A week after Henrik Stenson laid down on the ground to pose for a selfie with a fan he plunked, Jordan Smith bought his victim (multiple) drinks at the BMW International Open: https://twitter.com/SPORT1/status/1142119638714765314 What’s next, dinner and a movie? Seriously, fans might start trying to get hit by these guys. Anyway, kudos to Smith, Stenson, and others who actually care about the well-being of us little people in the galleries—or, at least yell "Fore!" when they hit an errant shot. And it's good to know karma exists because the player in question. . . never mind. He had a good week. Karma is officially dead, but The Grind lives on! Let's dive into everything else happening in golf. WE'RE BUYING Chez Reavie: Is this the dawn of the Chez Reavie Era?! Probably not, but no one should be shocked by Reavie’s Travelers Championship triumph after his T-3 performance at Pebble Beach the previous week. I just hope the guy who bet on Chez to win the U.S. Open bet on him this past week. Chez Reavie celebrates with wife Amanda Henrichs after winning the 2019 Travelers Championship. Rob Carr/Getty Images And rejoice, short hitters! His average swing speed is only. . . 108! OK, that’s still a lot faster than mine. . . The diminutive Reavie is never going to overpower a golf course like the typical tour winner, but he has always been one of the best iron players in the game. The most puzzling part of his second PGA Tour title is how long he waited for it. First Tiger snaps an 11-year drought in the majors and now Chez ends his 11-year drought in non-majors. What a time to be alive! Story continues Zack Sucher: This was the rare week on the PGA Tour where you could declare two winners. Sure, Sucher blew a five-shot lead on Saturday in stunning fashion, but his rally to finish T-2 was awfully impressive—and important. Consider that in six years as a pro he had earned about $850,000 and had needed "to take out some credit cards” during a seven-month stretch two years ago in which he made no money. Well, he earned $633,600 on Sunday. “It’s life changing, to be honest,” Sucher said. Hannah Green: Also life-changing? How about the 114th-ranked player in the world going wire to wire? In a major? Congrats to this Australian for doing just that, instantly becoming one of the more surprising major champs in golf history. What’s even more surprising is how calm she remained throughout. https://twitter.com/dougferguson405/status/1142864002420236300 Can you imagine Brooks Koepka doing that? Better yet, how about Tiger Woods in his prime? That is wild. Of course, considering the pace of play issues during the event, Green could have read a novella between holes. Andrea Pavan: There was some shaky play from both Pavan and Matthew Fitzpatrick during their playoff at the BMW International Open, but the 30-year-old Italian finished in spectacular fashion with a winning birdie. Even better was his celebration (Check out the 27-second mark) with caddie Alejandro Molina. https://twitter.com/EuropeanTour/status/1142814584669011968 So good. Reminiscent of Yogi Berra jumping into Don Larsen's arms. And this isn't Molina's first epic celebration: https://twitter.com/EuropeanTour/status/1142387473256833024 Also, this dude has some serious soccer skills: OK, so we're buying Molina as much as Pavan. That guy is awesome. WE'RE SELLING Brooks Koepka in non-majors: It was good of Koepka to keep his commitment, but seriously, why bother showing up? Koepka couldn’t have looked more disinterested to be playing at the Travelers and you can’t blame him. That has nothing to do with the tournament itself, but to tee it up at TPC River Highlands just four days after nearly winning the U.S. Open at Pebble Beach? And after a long cross-country flight? Michelle Wie’s career: Sadly, we’re getting to the point of there being no point for Michelle Wie to show up at any tournament—and she knows it. "I'm not entirely sure how much more I have left in me, so even on the bad days I'm just like trying to take time to enjoy it. But it's tough," said an emotional Wie after shooting an opening 84 at the KPMG PGA Championship. To Wie’s credit, she didn’t WD and spoke to the media the following day after an 82. If this is the end of the road (and hopefully, it’s not), Wie has been a pleasure to watch. Well, not during the table-top putting phase, but you get the point. Matthew Wolff’s pro debut: From the winding down of one phenom’s career to the start of another, I drove up to the Travelers Championship on Thursday specifically to see what was being billed as an important moment in golf history. Apparently, I was the only one. Let's just say there wasn’t much of a buzz for the pro debut of this DISRUPTOR, but the Wolffpack will certainly grow. Matthew Wolff hits his first shot as a pro at the 2019 Travelers Championship. And Wolff will continue to improve, although a T-80 by the 20-year-old doesn’t sound so bad when you consider that a 20-year-old Tiger finished T-60 in his pro debut in 1996. . . Holey Moley: I hate to pile on Stephen Curry after he had a tough NBA Finals in which his Golden State dynasty crumbled before our very eyes, but. . . wow, was this bad. Not that we should be too surprised considering most thought the show’s announcement was an April Fool’s joke. But. . . I mean. . . https://twitter.com/ClubProGuy/status/1143328565859160064 Poor Kenny G. I didn’t think his career could dip any lower than appearing in that Valentine’s Day video for Kanye and Kim. I was wrong. ON TAP The PGA Tour heads to Detroit for the inaugural Rocket Mortgage Classic, AKA that event funded by Cleveland Cavaliers owner Dan Gilbert that replaced the Quicken Loans National on the schedule. Gilbert founded Quicken Loans AND Rocket Mortgage (among other things). He has a lot more money than you do. Random tournament fact: The tournament will be played at Detroit Golf Club and Rickie Rocket Mortgage Fowler is in the field. And. . . that’s pretty much all we know at this point. RANDOM PROP BETS OF THE WEEK — LeBron James will support his former NBA owner’s new event: 1 MILLION-to-1 odds — Rickie Fowler will win the Rocket Mortgage Classic: 10-to-1 odds (Actual odds) — You will want to throw your remote control at the TV after seeing that Rickie Fowler-Rocket Mortgage commercial for the 387th time: LOCK PHOTO OF THE WEEK Back to Andrea and Alejandro: https://twitter.com/EuropeanTour/status/1142869422316621827 That’s nice to see, especially on a day where Matt Wallace came under fire for berating his caddie during the final round. VIRAL VIDEO OF THE WEEK Bubba Watson’s son Caleb nearly ended Brandt Snedeker’s season (and ability to have kids) with this line drive: https://twitter.com/bubbawatson/status/1141878452871524352 Kid’s got some pop. ARCHIVE VIRAL VIDEO OF THE WEEK How about this compilation of Gary Woodland high school basketball highlights set to the “Rudy” theme song? https://twitter.com/CoreyRHolloway/status/1140720163211210752 Impressive! Then again, even my high school basketball highlights would seem a lot better accompanied by the “Rudy” theme song. TWEET OF THE WEEK https://twitter.com/KipHenley/status/1142607213623697409 Boom. Roasted. Of course, Vijay has always had the rep as a caddie killer, but Kip added a little more about the experience: https://twitter.com/KipHenley/status/1142621702108647424 https://twitter.com/KipHenley/status/1142623171184660481 Fair enough. THIS WEEK IN CELEBRITY GOLFERS How about Drake hitting the links? We think. . . Rory McIlroy’s “Two Gloves Aubrey” comment was classic. And then there’s Dylan Windler, the Cleveland Cavaliers first-round pick out of Belmont who also maintains a one-handicap and practices trick shots in his spare time from shooting jump-shots. https://twitter.com/Dylan_Windler23/status/1043724603137384448 Have a good rookie season, Dylan, and who knows? You could earn a sponsor exemption from Dan Gilbert into next year’s Rocket Mortgage Classic. THIS WEEK IN DUSTIN JOHNSON-PAULINA GRETZKY PUBLIC DISPLAYS OF AFFECTION While Brooks followed up a stressful week at Pebble Beach by playing in another tournament, Dustin and Paulina went to the Bahamas: Advantage: Dustin. THIS WEEK IN PHIL BEING PHIL Introducing the first "Phireside with Phil": https://twitter.com/PhilMickelson/status/1141077530423824386 Please let this be a weekly thing. THIS AND THAT If you haven’t read Joel Beall’s (latest) great piece on Max Roberts , a high schooler who went from being homeless to state champ, check it out. What a story. . . . Jay Bilas mentioned Louis Oosthuizen multiple times during the NBA Draft. Jay Bilas is officially the world’s biggest Louis O fan. . . . With the British Open heading to Northern Ireland, NBC Sports commissioned a flute version of Yanni’s classic “In Celebration of Man” theme. It’s a nice little touch, but nothing tops the original. Not even the “Rudy” theme song. . . . And finally, we celebrated Father’s Day a week late in my house (Thanks, USGA!) and the highlight was waking up to this delicious bacon-and-egg on a bagel: Well, other than spending quality time with my wife and daughter, of course. But yeah. . . that breakfast sandwich. . . mmm. . . RANDOM QUESTIONS TO PONDER Who is the most difficult tour pro to caddie for? Should I wear a helmet to the next event I cover? How much leftover bacon is in the fridge? WATCH MORE VIDEOS FROM THE LOOP See the video. Originally Appeared on Golf Digest |
Silver Price Forecast – Silver markets go back and forth on Tuesday
Silver marketswent back and forth during trading on Tuesday, showing signs of confusion and exhaustion. This is a market that has been bullish, although not nearly as bullish as the Gold markets have been. But that in mind, it makes sense that we continue to see a lot of choppiness and sideways action as the markets have no idea what they want to do. Machines have taken over and quite frankly we have almost all correlations breaking down at the same time. We are now in the world that has bonds, stocks, and precious metals all going up at the same time.
Because of this, you simply must ignore other markets and focus on the one your trading. Silver is going higher overall, so it makes sense to buy dips going forward. With all that, it’s very likely that this market continues to see buyers on dips, as the 200 day EMA is sitting underneath and providing support. Below there, we have the $15 level so the gap from a couple of days ago should hold as well. The $15.50 level will be resistance as per usual, but if we can break above there it’s likely that we go to the $15.75 level, perhaps followed by the $16.00 level over the longer-term. Look at pullbacks as value unless we break down below the $15.00 level on a daily close. That’s really all you can do in a market that shows no correlations to anything else at this point.
Please let us know what you think in the comments below
Thisarticlewas originally posted on FX Empire
• AUD/USD Price Forecast – Australian dollar hits resistance
• EUR/USD Price Forecast – Euro stagnant on Wednesday
• Gold Price Forecast – Gold markets pulled back rather significantly
• Forex Daily Recap – Kiwi Pair Soared +0.84% after RBNZ’s Rate Decision
• Global Equities Bounce on Hopes of Trade War Resolution
• Mr Mnuchin helps Indices to Trigger a Technical buy Signal |
Acting CBP Chief to Resign amid Backlash over Treatment of Detained Migrants
John Sanders, the acting commissioner of U.S. Customs and Border Protection, will resign in the coming weeks as the public outcry over the treatment of detained migrants at the southern border continues to escalate, the New York Times reported Tuesday. Sanders has served as CBP commissioner since President Trump appointed Kevin McAleenan to serve as acting secretary of homeland security following the departure of Kirstjen Nielsen in April. News of the resignation comes as harrowing reports of unsanitary conditions at CBP holding facilities continue to emerge. More than 300 children were removed from a CBP holding facility outside El Paso, Texas on Tuesday after a group of lawyers visiting the facility said children there hadnt been bathed in days and often went to bed hungry, the Associated Press reported . The attorneys reports added increased urgency to administration officials requests for additional funding to adequately shelter and provide medical care to the record 144,000 asylum-seekers who arrived at the border in the month of May, and those who continue to arrive each day. In response to those calls, Majority Leader Mitch McConnell has announced that the Senate will vote this week on a $4.5 billion aid package designed to allocate more resources to CBP and the Department of Health and Human Services, which assumes responsibility for detained migrants after they are processed by CBP. If passed, the funding will go toward increased manpower, medical care, and courtroom space to facilitate the processing of asylum claims. But the legislations passage has been imperiled by a companion bill, advanced by House Democrats, that places restrictions on allocating funding toward Department of Defense enforcement mechanisms and increased detention beds, and instead calls for more counselors and other humanitarian measures. The White House criticized the House bill on Tuesday, saying it would hamstring enforcement capabilities, thereby increasing the population of asylum-seekers currently overwhelming federal resources. After ignoring the Administrations request for desperately needed funding to address the humanitarian crisis at the border for over a month, and despite the efforts of the House minority, the House majority has put forward a partisan bill that underfunds necessary accounts and seeks to take advantage of the current crisis by inserting policy provisions that would make our country less safe, the White Houses Office of Management and Budget said in a statement. Because this bill does not provide adequate funding to meet the current crisis, and because it contains partisan provisions designed to hamstring the Administrations border enforcement efforts, the Administration opposes its passage. Story continues Update 5:06 p.m. : Mark Morgan, acting director of the U.S. Immigration and Customs and Enforcement, will replace John Sanders as Border Patrol chief, the Washington Post reported Tuesday afternoon. More from National Review Border Patrol Uses Tear Gas to Repel Migrants Nielsen: Illegal Immigration Is Simply Spiraling Out of Control Border Patrol Commissioner Suspends Prosecution of Adults Who Cross Border with Children View comments |
FIFA Women's World Cup: USWNT, France will face off in a match worthy of a final
PARIS — This is where the most anticipated match of the 2019 FIFA Women’s World Cup will go down. Not in Lyon, France’s third-largest city and the site of both semifinals and the championship on July 7, but right here in the City of Light in Friday’s quarterfinal, when the title favorite United States and the host nation and No. 1 contender Les Bleues face off at the Parc des Princes in a battle between the best two teams in the sport. “I truly think this is the world game for women,” U.S. coach Jill Ellis said of Friday’s contest after her team narrowly defeated Spain on Monday in Reims. “I’m sure a lot of people would want it later in the tournament.” No question about that. But in a way, it’s probably fitting that the match will take place in the iconic capital, which will provide an appropriate stage for a meeting of this magnitude. Because there is every reason to believe that this one will live up to the billing. That is the case even though neither the Americans nor the French were convincing in the round of 16. The former advanced only after a controversial late penalty kick , the planet’s top-ranked side failing to generate a single shot on target from the run of play. France, meanwhile, needed extra time to get past Brazil , and might not have moved on at all had defender Griedge Mbock Bathy not raced back to clear what would have been a sure goal away at the last possible moment. However it happened, here we are. The potential for a France-USA encounter in the last eight has been a near-constant talking point since last December’s draw. But while many viewed the matchup as inevitable, it’s rare when things pan out exactly the way everyone expects in sports. Upsets happen all the time. That’s why we watch the games. So as fair as it is to wish that this tilt had been for the right to hoist the trophy, it’s hard to complain too much about the timing. Judging by the soaring ticket prices , fans certainly don’t seem to care. Story continues Alex Morgan (left) and Megan Rapinoe are looking forward to Friday's long-anticipated World Cup quarterfinal against host nation France in Paris. (Reuters/Bernadett Szabo) “This is what everybody wanted,” a downright giddy Megan Rapinoe said when asked about the looming spectacle. “This is one of the biggest games that you could dream about as a kid.” Whoever emerges at Paris Saint-Germain’s famous stadium will surely do so with enough momentum to go on to win it all – that is, if they’re still in one piece when it’s over. For while these are the two most skilled teams in the competition, Friday’s match promises to be a war of attrition as much as an all-out attacking bonanza. Les Bleues no doubt noted how Spain was able to frustrate the Americans by kicking lumps out of them whenever the opportunity arose. The unexpected physicality from what was billed as a technical-but-hardly-imposing foe unnerved the champs. France, on the other hand, is perhaps the only opponent that matches up on even terms with the big, strong and fast United States. That athleticism was on full display during a friendly match in Le Havre back in January, when France beat Ellis’s squad 3-1 to snap its 28-game unbeaten streak. And while it’s true that Ellis didn’t use her strongest possible lineup that day, that lopsided result – the visitors were held scoreless until stoppage time – has to serve as a psychological touchstone for the French. For the U.S., the scare against Spain may have provided a needed reality check. “This was extremely important looking forward now to France,” said star forward Alex Morgan, who was fouled repeatedly by La Roja . “It showed a little bit of what we might see [against] France.” Morgan revealed that she and her teammates had “of course” watched France’s slugfest with Brazil, as they had the hosts’ three group stage games. And despite that early-year upset against them, it also gave the Americans a sense of what to expect when it matters most. “We’ve seen that they’ve struggled at times,” Morgan said of France’s performances this month. “We’re going to have to look at that and pick apart the weaknesses they’ve showed.” By all accounts, the U.S. is relishing the challenge. “So many times when we play in big games, it’s actually when I get more excited,” Ellis said. “It means more, it matters more, there’s more at stake. And that’s why you do this. “What a showcase it is,” she added. “Let’s go for it.” See you in Paris: Imposing central defender Wendy Renard and France will pose a stiff test for the defending champion U.S. (Reuters/Christian Hartmann) More from Yahoo Sports: Trump disagrees with Rapinoe not singing the anthem Bucks superstar Antetokounmpo named MVP over Harden Why an emerging receiver can boost the Cowboys’ offense How winning ugly could be a good thing for the USWNT |
Is Now The Time To Look At Buying FedNat Holding Company (NASDAQ:FNHC)?
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FedNat Holding Company (NASDAQ:FNHC), which is in the insurance business, and is based in United States, saw significant share price movement during recent months on the NASDAQGM, rising to highs of $17.22 and falling to the lows of $13.23. 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 FedNat Holding's current trading price of $14.31 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 FedNat Holding’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 FedNat Holding
FedNat Holding appears to be overvalued according to my relative valuation model. I’ve used the price-to-earnings ratio in this instance because there’s not enough visibility to forecast its cash flows. The stock’s ratio of 50.73x is currently well-above the industry average of 17.67x, meaning that it is trading at a more expensive price relative to its peers. In addition to this, it seems like FedNat Holding’s share price is quite stable, which could mean two things: firstly, it may take the share price a while to fall back down to an attractive buying range, and secondly, there may be less chances to buy low in the future once it reaches that value. This is because the stock is less volatile than the wider market given its low beta.
Investors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. 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. FedNat Holding’s earnings over the next few years are expected to double, indicating a very optimistic future ahead. This should lead to stronger cash flows, feeding into a higher share value.
Are you a shareholder?It seems like the market has well and truly priced in FNHC’s positive outlook, with shares trading above its fair value. At this current price, shareholders may be asking a different question – should I sell? If you believe FNHC should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable. But before you make this decision, take a look at whether its fundamentals have changed.
Are you a potential investor?If you’ve been keeping an eye on FNHC for a while, now may not be the best time to enter into the stock. The price has surpassed its industry peers, which means it is likely that there is no more upside from mispricing. However, the optimistic prospect is encouraging for FNHC, which means it’s worth diving deeper into other factors in order to take advantage of the next price drop.
Price is just the tip of the iceberg. Dig deeper into what truly matters – the fundamentals – before you make a decision on FedNat Holding. You can find everything you need to know about FedNat Holding inthe latest infographic research report. If you are no longer interested in FedNat Holding, 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. |
Longtime Trump aide Stephanie Grisham will succeed Sanders as press secretary
By Steve Holland WASHINGTON (Reuters) - Stephanie Grisham, communications director for first lady Melania Trump and a longtime aide to President Donald Trump, will succeed Sarah Sanders as White House press secretary, Mrs. Trump announced on Tuesday. Melania Trump announced the development in a tweet to conclude the president's search for a press secretary after Sanders decided to resign and go back home to Arkansas earlier this month. Grisham, 42, a fixture in the Arizona Republican Party, was one of Trump's first hires for his presidential campaign - as a press aide in 2015. She served as a deputy press secretary in the White House when he took office in January 2017 and eventually moved over to the first lady's operation, and she has been fiercely loyal to the Trumps. A clue that the president was leaning toward Grisham for the job came when aides said she had been added to the White House team going with Trump to the G20 summit in Osaka, Japan, and Seoul, South Korea, this week. The fact that Mrs. Trump announced the appointment, instead of the president himself, showed that the first lady was willing to part with Grisham. Grisham will have the dual role of press secretary and communications director. Sanders had essentially been doing both roles as well, without the communications director title. Melania Trump's tweet said: "I am pleased to announce @StephGrisham45 will be the next @PressSec & Comms Director! She has been with us since 2015 - @potus & I can think of no better person to serve the Administration & our country. Excited to have Stephanie working for both sides of the @WhiteHouse. #BeBest" Grisham was viewed internally as the candidate with the best rapport with President Trump, a key requirement. Trump told reporters he offered Grisham the job on Tuesday morning. "I think she's going to do a great job," he said. "It's a big job. It's a very big job." Story continues With his tweets and multiple exchanges with reporters, Trump is in many ways his own press secretary and communications director, and Sanders' role grew to being a senior adviser. There have been some internal discussions about bringing back the daily press briefing but whether Trump would allow it remained unclear. He all but ended the practice and it has been more than three months since the last one. The other top candidate had been Sanders' principal deputy press secretary, Hogan Gidley. The president said Gidley had recommended Grisham for the job, and that Gidley will be staying in his deputy role. Tony Sayegh, a former Treasury Department spokesman, had been considered as well but was in the midst of a move home to New York. Former State Department spokeswoman Heather Nauert withdrew herself from consideration. Michael Anton, former spokesman at the National Security Council, had also been under consideration. Gidley tweeted his congratulations to Grisham. "Amazing announcement! So proud and blessed to have my good friend @StephGrisham45 working with our team. She is a rockstar and perfect to fill Sarah’s shoes!" he said. Sanders is contemplating a political future in Arkansas, considering a 2022 run for state governor, a position once held by her father, Republican Mike Huckabee. The New York Times said Grisham in 2013 was charged with driving under the influence, speeding and driving with an invalid license, charges that were reduced in 2014. The Times said Grisham was pulled over again in Arizona in December 2015 and charged with driving under the influence, and pleaded guilty, was fined and ordered into a treatment program. Grisham told The Times she had completed what she described as a safety class and paid the fines, and that she disclosed the episodes to the White House before going to work there. (Reporting by Steve Holland in Washington; editing by Jonathan Oatis and James Dalgleish) |
Today's Pickup: UPS Seeks To Kick Open Doors To Global Trade For Women-Owned Businesses
Good day,
In the U.S., there are nearly 12 million women-owned small businesses, yet they comprise only 12 percent of U.S. exporters, according toUPS Inc.(NYSE:UPS). To try and change that and open up more opportunities for women, the company is launching the Women Exporters Program workshops.
"As a leading global logistics company, we have deep insights into how businesses move across borders and grow," said Eduardo Martinez, UPS chief diversity and inclusion officer and president of The UPS Foundation. "Delivering this knowledge and expertise to women entrepreneurs to help expand their business opportunities is just one of the ways we're helping to catalyze economic prosperity and inclusion across our value chain of customers, suppliers and communities."
UPS will hold a series of workshops at theWomen's Business Enterprise National Council (WBENC) National Conference& Business Fair. Those workshops will focus on:
• Insights and training on export strategies
• Tools and resources to enter new markets
• Insights on how to build an export-friendly digital presence
• Guidance on package flow and preparing an export shipment
The company plans additional workshops in the future. The U.S. launch is part of aglobal deployment of the program, which began in May 2019 in Mexico, Nigeria, Turkey and Vietnam, with planned expansion to the United Arab Emirates in September 2019 in collaboration with the International Trade Centre (ITC) as part of the SheTrades initiative.
"No matter where I have traveled this year, from the UAE at a SheTrade event, to [Washington,] D.C. with the National Association of Women Business Owners, to the Women Presidents' Organization national conference in Charlotte, to the WBENC Women Exporters Program lab, I am so encouraged by the energy, commitment and innovation coming from these women-owned and women-run businesses," Kathleen Marran, Vice President of Diverse Market Segments at UPS, said. "Sharing UPS tools, approaches and expertise to help them achieve their objectives is not only worthwhile because it's smart business, it is meaningful because of the progress we're able to create."
Did you know?
For June, the latest SONAR data shows outbound tender volumes in San Diego (OTVIY.SAN) are way up compared to last year. Currently, volume is up 20.55 percent. On June 4, outbound tender volume was up over 70 percent compared to last year.
Quotable:
"May's Pricing Index was the fourth consecutive negative, after 30 straight months of expansion. This confirms our expectation that the annual bid season is not going well for truckers. We continue to believe rates are under pressure from weak freight volumes and strong capacity growth."
-Tim Denoyer, ACT Research vice president and senior analyst
In other news:
Fuso remodels New Jersey facility for electric trucks
Mitsubishi Fuso has renovated its Logan Township, New Jersey, facility to provide hands-on electric vehicle training for dealers. (Refrigerated Transporter)
The dual threats pushing FedEx
FedEx Corporation(NYSE:FDX) not only faces competition from rivalUPS Inc.(NYSE:UPS), but the company is increasingly feeling pressure fromAmazon.com, Inc.(NASDAQ:AMZN) and startups like Uber Freight. (CNBC)
UK businesses troubled by Brexit
UK freight businesses are struggling to fund necessary preparations for Brexit as revenues decline, compressing margins. (Air Cargo News)
Tariffs impact Asia Pacific air freight
Air cargo demand fell 6.5 percent in the Asia Pacific region in May as tariffs hurt demand. (Air Cargo News)
Proposed freight rail faces environmental test
A proposed freight railroad in Utah that would connect the Uinta Basin with common carrier rail networks is facing an environmental review that could determine its fate. (Global Railway Review)
Final Thoughts
More evidence that the freight economy has turned was presented this week when ACT Research noted its Pricing Index dropped to 38.8 in May, down from 45.4 in April. It was the fourth consecutive month of decline. For shippers, the news was a bit better as conditions improved a bit with capacity increasing to a reading of 54.6 in May, up from 54.3 in April. FTR's Shippers Conditions Index fell in April to a reading of 1.9, a full point below March. While the economy may not be in negative territory, there is definitely a slowdown happening.
Hammer down everyone!
Image Sourced by Pixabay
See more from Benzinga
• Burnley: Virtually No Shot At Federal Transportation Funding Bill Before Election
• Transport Executives See Better Picture In Second Half-Maybe
• 91 Percent Of Small Carriers Still Using AOBRDs Plan To Wait Until The Fourth Quarter To Switch To ELDs
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. |
Boris Johnson fails to answer questions on private quarrel
LONDON (AP) Boris Johnson failed to shut down questions about his private life Tuesday as a round of media appearances served only to bog him down further in questions about character and trust. Johnson, who is running to be the next leader for both the Conservative Party and the nation, has refused to address personal questions despite an ongoing clamor to face public scrutiny after a reported quarrel with his girlfriend last week prompted a police visit. In break from his previous strategy, the front-runner took part in three interviews in less than 24 hours, responding to challenger Jeremy Hunt's criticism that he was a "coward" and needed to face greater public scrutiny if he is to become prime minister. Johnson toughened his stance on Britain's pending departure from the European Union, promising he would take the country out of the bloc by Halloween "do or die." He challenged Hunt to do the same. But the personal issues were never far away. Speaking on LBC radio, Johnson was questioned over a picture showing him and girlfriend Carrie Symonds in the leafy Sussex countryside amid speculation that it was staged and released by his campaign. Symonds, a former Conservative Party press officer, has remained firmly out of the public eye since the reported quarrel Friday when a neighbor hear shouting, screaming and banging at the home the couple shares. "The difficulty is that the minute you say one thing, you obviously are bringing people, your loved ones, your family, into the public domain in a way that is not fair," Johnson said. Asked where the photograph had come from and when it was taken, Johnson said "the longer we spend on things extraneous to what I want to do ... the bigger the waste of time." LBC host Nick Ferrari pressed on. He said the picture showed Johnson with a hairstyle he no longer wears and suggested it was an old image. Johnson simply refused to answer. "This conversation is now descending into farce," Johnson declared. Story continues Johnson is the favorite in the runoff against Hunt but has refused to appear at some debates and shunned the media before changing tack. He granted the BBC an interview that was broadcast Monday evening and took on two other appearances by midmorning Tuesday. In all the interviews, the former mayor of London sought to turn the conversation back to his wish to bring Britain out of the EU by Oct. 31 with or without a deal. He told talkRADIO that he would succeed where Prime Minister Theresa May had failed. "I think a bit of positive energy would help, frankly. I've never seen such morosity and gloom from a government," he said. "For three years, we've been sitting around wrapped in defeatism, telling the British public that they can't do this or that. It is pathetic. It's absolutely pathetic." The winner of the contest will replace May, who stepped down as party leader after failing to secure Parliament's approval for her Brexit deal. What the public makes of the Johnson's personal life remains unclear. While chatting with supporters during a campaign visit Tuesday to the Royal Horticultural Society's gardens at Wisley, one supporter was caught by a BBC camera telling Johnson "we thought you were the best from the word go" before adding jokingly: "Just don't have any more rows." Johnson replied: "No more rows. No, no, no. All quiet, all quiet." ___ Follow AP's full coverage of Brexit and the Conservative Party leadership race at: https://www.apnews.com/Brexit |
Should You Be Holding Realogy Holdings Corp. (NYSE:RLGY)?
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Attractive stocks have exceptional fundamentals. In the case of Realogy Holdings Corp. (NYSE:RLGY), there's is a highly-regarded dividend payer that has been a rockstar for income investors, currently trading at an attractive share price. Below is a brief commentary on these key aspects. For those interested in understanding where the figures come from and want to see the analysis, take a look at thereport on Realogy Holdings here.
RLGY is currently trading below its true value, which means the market is undervaluing the company's expected cash flow going forward. This mispricing gives investors the opportunity to buy into the stock at a cheap price compared to the value they will be receiving, should analysts' consensus forecast growth be correct. Also, relative to the rest of its peers with similar levels of earnings, RLGY's share price is trading below the group's average. This bolsters the proposition that RLGY's price is currently discounted.
RLGY's high dividend payments make it one of the best dividend stocks on the market, and its profitability ensures that dividends are well-covered by its net income.
For Realogy Holdings, there are three relevant factors you should further examine:
1. Future Outlook: What are well-informed industry analysts predicting for RLGY’s future growth? Take a look at ourfree research report of analyst consensusfor RLGY’s outlook.
2. Historical Performance: What has RLGY's returns been like over the past? Go into more detail in the past track record analysis and take a look atthe free visual representations of our analysisfor more clarity.
3. Other Attractive Alternatives: Are there other well-rounded stocks you could be holding instead of RLGY? Exploreour interactive list of stocks with large 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. |
Powell: Fed is 'insulated' from short-term political pressure
Federal ReserveChairman Jerome Powell said Tuesday afternoon that the Fed is “insulated” from short-term political pressure, warning that huge policy mistakes can happen when the Fed is influenced by the White House.
“Congress chose to insulate the Fed this way because it had seen the damage that often arises when policy bends to short-term political interests,” Powell said at a speech in New York.
Powell later added that central banks across the world have experienced episodes of lacking political independence, which lead to “bad things” happening.
“That includes experiences here in theUnited States,” Powell said.
Powell’s remarks come amid President Donald Trump’sopen criticism of Fed policy in recent weeks. Leading up to the Fed’s June meeting, Trump lamented that the central bank had not lowered rates, speculating that the stock market would be 10,000 points higher if the Fed had an eased monetary policy.
More recently, Trumpfired off a tweetstormsuggesting that the Fed should match the European Central Bank’s policy if ECB President Mario Draghi follows through ondelivering “additional stimulus.”
Last Wednesday the Federal Open Market Committee opted tohold rates steadyat the current target range of 2.25% to 2.5%, and Powell said in the press conference that the “law is clear” that he has a four-year term.
“I fully intend to serve it,” Powell said June 19.
On Tuesday morning,Trump told The Hillthat he has the power to remove Powell “if I wanted to, but I have no plans to do anything.”
The Federal Reserve Act says the president can only remove a sitting chair “for cause,” but no president has formally attempted to do so in the past — meaning there’s no precedent laying out why a chair could be legally removed.
On Tuesday, Powell delivered a brief update on the economic outlook, reiterating that the central bank will “act as appropriate to sustain the expansion.” Powell used the same language in the June 19 meeting, where some market participants read the new wording as teeing up a rate cut as early as July.
But Powell said the baseline outlook for the economy “remains favorable,” noting though, that risks to that outlook have grown amid trade tensions and slower global growth.
Those remarks took some air out of hopes for a 50 basis point rate cut, as did an Bloomberg interview with St. Louis Fed President James Bullard, in which the FOMC votersaid he does not see a need for a 50 basis point cutat the moment..
Powell’s remarks are his first in public since the June 19 meeting, and new data have already come in showing a darker outlook. The Dallas Fed’s manufacturing survey showed Texas companieshaving the gloomiest outlook on the economy in three years, and have held back on capital expenditures as a result.
Powell said trade developments are leading to a drop in business confidence. During questioning at the event, Powell said concerns have heightened “quite substantially” over the past few weeks, but said the “mechanical effects” on demand have been “meaningful but not large.”
But the picture on the consumer side may be darkening, as well. On Tuesday morning, consumer confidencedropped to the lowest level since September 2017.
Powell said consumer data still appears “very solid.” Earlier in his appearance Powell maintained that the Fed would not “overreact to any individual data point or short-term swing in sentiment.”
The Fed’s next policy-setting meeting will take place July 30-31.
Brian Cheung is a reporter covering the banking industry and the intersection of finance and policy for Yahoo Finance. You can follow him on Twitter@bcheungz.
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Fed pushes back on aggressive U.S. rate cut views
By Trevor Hunnicutt
NEW YORK (Reuters) - Federal Reserve officials on Tuesday pushed back on market expectations and presidential pressure for the central bank to deliver a significant U.S. interest rate cut of half a percentage point as soon as its next meeting.
Chairman Jerome Powell defended the central bank's independence from President Donald Trump and financial markets, both of which seem to be pushing for aggressive rate cuts, in remarks at the Council on Foreign Relations in New York.
"The Fed is insulated from short-term political pressures," said Powell. Asked later about the possibility of disappointing markets by not delivering a cut, Powell added, "We're not in the business, really, of trying to work through short-term movements in financial conditions. We have to look through that."
But he said he and his colleagues are currently grappling with whether uncertainties around U.S. tariffs, Washington's conflict with trading partners and tame inflation require a rate cut.
St. Louis Federal Reserve Bank President James Bullard on Tuesday said he does not think the U.S. economic situation is dire enough to warrant cutting rates by a half-percentage point at its next meeting in July, even though he pushed to lower rates last week.
"Just sitting here today, I think 50 basis points would be overdone," Bullard said in an interview with Bloomberg Television. "I don't think the situation really calls for that, but I would be willing to go 25 (basis points)."
At a meeting last Wednesday, the central bank left interest rates on hold but signaled reductions beginning as early as July.
Bullard dissented, arguing that weak inflation and uncertainties about the outlook for economic growth warranted a rate cut.
"You had a one-two punch," with Powell warning against policy bending to short-term political pressures and Bullard saying half a percentage point would be too much, said Art Hogan, chief market strategist at National Securities in New York. "Everyone felt like the June meeting was so dovish that the July meeting is a lock and it's not."
Richmond Federal Reserve President Thomas Barkin said there was a risk of recession for the United States but when asked if a rate cut might be needed this year, he said: "I don't know."
Investors have long been anticipating rate cuts this year even as Fed policymakers had once suggested such a move would have been premature or even irresponsible in light of a strong labor market and lofty asset prices.
U.S. stock indexes dropped following Powell's remarks, while yields on U.S. Treasury bonds ticked higher. The dollar got a brief boost against a basket of other currencies.
Investors still appear to be predicting a cut next month but on Tuesday they scaled back more aggressive bets that the cut would be half a percentage point.
The Fed's rate-setting committee next gathers on July 30-31. In the meantime, policymakers will be closely watching data on U.S. economic growth and jobs as well as the G20 summit in Osaka, Japan, at the end of the week, where Trump is due to meet one-on-one with at least eight world leaders, including Chinese President Xi Jinping, for discussions on trade. The two leaders have been at odds on the terms of a trade deal that could resolve months of disagreements that have led to tit-for-tat tariffs.
Powell said that, while the tariffs themselves have not yet been catastrophic for the U.S. economy, whose growth prospects remains strong, trade tensions could hurt markets and confidence going forward. The central bank has also been worried that inflation currently shy of its 2%-a-year goal could become embedded in people's expectations. That could restrain spending and make it more likely rates will have to fall back to zero from their current 2.25-2.50% level.
INCREASING ANGER
Powell is facing increasing anger from Trump, who nominated him for the job in late 2017.
The U.S. president, who has said as recently as this weekend that he has the power to demote Powell, said on Twitter on Monday that the Fed "doesn't know what it is doing," adding that it "raised rates far too fast" and "blew it" given low inflation and slowing global growth.
Trump believes the U.S. dollar is too strong, and the euro too weak, and feels the situation could be eased if the Fed lowered rates, a senior administration official said on Tuesday.
The official also said the White House had no plans to demote Powell. Some legal experts say it would be hard or impossible for Trump to remove Powell.
The U.S. Congress chose to insulate the Fed from political pressure "because it had seen the damage that often arises when policy bends to short-term political interests," Powell said in his speech.
"We're human. We'll make mistakes. I hope not frequently, but we'll make mistakes. But we won't make mistakes of integrity or character."
(Reporting by Trevor Hunnicutt; additional reporting by Chuck Mikolajczak and Richard Leong in New York, Jeff Mason in Washington, David Ljungren in Ottawa and Jason Lange in Washington; Editing by Lisa Shumaker) |
FactSet Keeps Riding the Bull
A rising stock market lifts many companies, andFactSet Research Systems(NYSE: FDS)is particularly sensitive to the ups and downs of major stock indexes. Whenmarkets plunged last December, FactSet felt the pinch, but a nice recovery to start 2019 quelled many fears and stoked new optimism among those following the financial information provider.
Coming into Tuesday's fiscal third-quarter financial report, FactSet shareholders wanted the company to sustain its growth rates in revenue and earnings in order to prove that it could take advantage of the rally as long as it lasts. FactSet's numbers were better than many had expected, and the data provider is working hard to make the most of favorable conditions while preparing for inevitable pullbacks when they come.
Image source: FactSet Research Systems.
FactSet's fiscal third-quarter results showed progress in building up momentum. Revenue came in at $364.5 million, up 7.2% from year-ago levels. That was better than the 6% growth that most investors were prepared to see. Similarly, adjusted net income jumped almost 20% to $102.1 million, and the resulting $2.62 per share in adjusted earnings came in well ahead of the $2.36-per-share consensus forecast among those following the company.
FactSet pointed to a number of factors supporting its business. Higher sales of analytics, content, and technology solutions helped lift revenue, as did strength in wealth management solutions. Organic revenue growth of 7.3% accelerated from past quarters, and annual subscription value plus professional services rose to $1.45 billion, despite a negative impact from factors like acquisitions and dispositions as well as adverse foreign currency movements.
Among its customers, FactSet got a relatively even contribution from various groups. Sell-side customers had slightly faster growth in annual subscription value, coming in at 6.8% versus the corresponding 5.2% growth for buy-side clients. Domestic growth also slightly outpaced gains in what FactSet brings in internationally by a 5.2% to 4.4% margin. That's consistent with the relative performance of financial markets, where U.S. returns have largely outpaced what investors have seen elsewhere.
Key metrics showed FactSet's strengths. The company brought on 50 new clients to climb above the 5,450 mark, and user counts are now approaching the 123,000 level. Retention as a percentage of total clients came in at 90%, and those staying with FactSet are skewed toward the higher end of the subscription value spectrum.
CEO Phil Snow was pleased with the results. "FactSet's ability to perform well this year amid sector and industry headwinds," Snow said, "serves as a proof point that our long-term strategy is working." The CEO also noted that clients have high demand for the connected data and technology solutions that are on the cutting edge of the industry.
FactSet sees itself finishing the fiscal year on a positive note. As CFO Helen Shan noted, "We are on track to finish the year on a strong note for revenue, margin, and [earnings per share], and our dedication to cost discipline and process improvement continues to yield results." Shan also remarked on the 12.5% dividend boost that shareholders got in their quarterly payout in June.
Those views got reflected in the company's guidance. FactSet narrowed its previous range for revenue to between $1.42 billion and $1.44 billion, which didn't change the midpoint. However, the company now expects adjusted earnings of between $9.80 and $9.90 per share. That's higher by $0.25 to $0.30 per share from itsguidance three months ago, and it represents roughly a 15% rise over fiscal 2018 levels.
FactSet shareholders initially seemed pleased with the results, but after a 1% rise near the open, the stock was down between 1% and 2% at midday following the report. Despite the short-term fluctuations in its stock price, though, FactSet looks like it's doing what it can to keep its business moving forward and to ensure that it's positioned well to prosper in whatever environment the markets bring for the future.
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Dan Caplingerhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends FactSet Research Systems. The Motley Fool has adisclosure policy. |
Police 'arrest' grandmother, 93, and her family is over the moon
Greater Manchester Police 'arrested' 93-year-old Josie Birds as she said she always wanted to be arrested but had never fallen foul of the law. (Twitter) One of the UKs biggest police forces has been praised after arrested a 93-year-old grandmother. Greater Manchester Police carried out the arrest on Josie Birds as the pensioner had always wanted to be arrested but had never fallen foul of the law. In a tweet that has received more than 1,000 likes, her granddaughter Pam Smith shared pictures of the incident and thanked the force. She said: A big thank you to @ gmpolice for arresting my Gran Josie today. She is 93 years old and her health is failing, and she wanted to be arrested for something before its too late. She has a heart of gold and thoroughly enjoyed it today. Thank you for granting her wishes. Greater Manchester Police 'arrested' 93-year-old Josie Birds as she said she always wanted to be arrested but had never fallen foul of the law. (Twitter) Ms Bird waits in an interview room. (Twitter) The police force responded: Im glad our officers could help out, looks like she got the full experience! Give our best to Josie and Ill try and pass your message back to the officers who kindly helped out. Read more from Yahoo News UK: Man who shot dead his best friend cleared of murder Boris Johnson fumbles answers as hes quizzed on Brexit Bill Gates reveals Microsofts biggest ever mistake Ms Smith said the force had made an old lady very happy by arresting her grandmother, adding: She is quite poorly and wanted to do something like this while she still has the strength to enjoy it. Shes been good all her life (she says....) and wanted to have an experience to remember! Shes a star. Earlier this year, Anne Brokenbrow, 104, was arrested after her care home contacted Avon and Somerset Police. Watch the latest videos on Yahoo UK View comments |
Here's What You Should Know About Realogy Holdings Corp.'s (NYSE:RLGY) 5.4% Dividend Yield
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Is Realogy Holdings Corp. (NYSE:RLGY) a good dividend stock? How would you know? Dividend paying companies with growing earnings can be highly rewarding in the long term. Unfortunately, it's common for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments.
Realogy Holdings yields a solid 5.4%, although it has only been paying for three years. A 5.4% yield does look good. Could the short payment history hint at future dividend growth? The company also bought back stock equivalent to around 44% of market capitalisation this year. Remember though, given the recent drop in its share price, Realogy Holdings's yield will look higher, even though the market may now be expecting a decline in its long-term prospects. Some simple analysis can offer a lot of insights when buying a company for its dividend, and we'll go through this below.
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. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. In the last year, Realogy Holdings paid out 41% of its profit as dividends. This is medium payout level that leaves enough capital in the business to fund opportunities that might arise, while also rewarding shareholders. Besides, if reinvestment opportunities dry up, the company has room to increase the dividend.
In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Realogy Holdings's cash payout ratio last year was 14%. Cash flows are typically lumpy, but this looks like an appropriately conservative payout. 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.
As Realogy Holdings has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. Net debt to EBITDA is a measure of a company's total debt. Net interest cover measures the ability to meet interest payments on debt. Essentially we check that a) a company does not have too much debt, and b) that it can afford to pay the interest. With net debt of more than 5x EBITDA, Realogy Holdings could be described as a highly leveraged company. While some companies can handle this level of leverage, we'd be concerned about the dividend sustainability if there was any risk of an earnings downturn.
We calculated its interest cover by measuring its earnings before interest and tax (EBIT), and dividing this by the company's net interest expense. Interest cover of less than 5x its interest expense is starting to become a concern for Realogy Holdings, and be aware that lenders may place additional restrictions on the company as well. Low interest cover and high debt can create problems right when the investor least needs them. We're generally reluctant to rely on the dividend of companies with these traits.
Remember, you can always get a snapshot of Realogy Holdings'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. The dividend has not fluctuated much, but with a relatively short payment history, we can't be sure this is sustainable across a full market cycle. Its most recent annual dividend was US$0.36 per share, effectively flat on its first payment three years ago.
Modest dividend growth is good to see, especially with the payments being relatively stable. However, the payment history is relatively short and we wouldn't want to rely on this dividend too much.
The other half of the dividend investing equation is evaluating whether earnings per share (EPS) are growing. Over the long term, dividends need to grow at or above the rate of inflation, in order to maintain the recipient's purchasing power. Over the past five years, it looks as though Realogy Holdings's EPS have declined at around 22% a year. Declining earnings per share over a number of years is not a great sign for the dividend investor. Without some improvement, this does not bode well for the long term value of a company's dividend.
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. It's great to see that Realogy Holdings is paying out a low percentage of its earnings and cash flow. Earnings per share are down, and to our mind Realogy Holdings has not been paying a dividend long enough to demonstrate its resilience across economic cycles. Ultimately, Realogy Holdings comes up short on our dividend analysis. It's not that we think it is a bad company - just that there are likely more appealing dividend prospects out there on this analysis.
Given that earnings are not growing, the dividend does not look nearly so attractive. Businesses can change though, and we think it would make sense to see whatanalysts are forecasting 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. |
Caravaggio painting found in French attic sold to mystery foreign buyer
TOULOUSE, France, June 25 (Reuters) - A mystery foreign buyer has snapped up a painting by Italian master Caravaggio that was discovered five years ago in a French attic before it could be sold at auction, the auction house said on Tuesday. The painting, which had been estimated at up to 150 million euros ($170 million), dates from 1607 and depicts biblical heroine Judith beheading the Assyrian general Holofernes. "Judith and Holofernes" had been scheduled to be sold at an auction in the French city of Toulouse on June 27. It was found in 2014 by the owners of a house in Toulouse as they investigated a leak in their attic. "The painting was sold privately to a foreign buyer," the Marc Labarbe auction house and art expert Turquin said in a statement. "This sale is covered by a confidentiality agreement concerning the price and identity of the buyer." It will leave French soil and be displayed in an unnamed "great museum", the auctioneers said. The painting, which had been kept in the attic "for at least 100 years", has undergone exhaustive, and initially secret, analysis to establish its authenticity and is in surprisingly good condition, Turquin said earlier this year. The painting is the second by Caravaggio to depict the decapitation of the drunken Holofernes by Judith. The first, dating from around 1600, is on display at the Barberini Palace in Rome. ($1 = 0.8783 euros) (Reporting by Johanna Decorse in Toulouse; writing by Michel Rose in Paris Editing by Gareth Jones) |
Should You Investigate Farmers National Banc Corp. (NASDAQ:FMNB) At US$13.91?
Want to participate in a short research study ? Help shape the future of investing tools and you could win a $250 gift card! Farmers National Banc Corp. ( NASDAQ:FMNB ), operating in the financial services industry based in United States, saw significant share price movement during recent months on the NASDAQCM, rising to highs of $14.91 and falling to the lows of $12.83. 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 Farmers National Banc's current trading price of $13.91 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 Farmers National Banc’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. View our latest analysis for Farmers National Banc What's the opportunity in Farmers National Banc? Great news for investors – Farmers National Banc is still trading at a fairly cheap price. According to my valuation, the intrinsic value for the stock is $21.54, but it is currently trading at US$13.91 on the share market, meaning that there is still an opportunity to buy now. Another thing to keep in mind is that Farmers National Banc’s share price may be quite stable relative to the rest of the market, as indicated by its low beta. This means that if you believe the current share price should move towards its intrinsic value over time, a low beta could suggest it is not likely to reach that level anytime soon, and once it’s there, it may be hard to fall back down into an attractive buying range again. What kind of growth will Farmers National Banc generate? NasdaqCM:FMNB Past and Future Earnings, June 25th 2019 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. Though in the case of Farmers National Banc, it is expected to deliver a relatively unexciting earnings growth of 6.3%, which doesn’t help build up its investment thesis. Growth doesn’t appear to be a main reason for a buy decision for Farmers National Banc, at least in the near term. Story continues What this means for you: Are you a shareholder? Even though growth is relatively muted, since FMNB is currently undervalued, it may be a great time to accumulate more of your holdings in the stock. However, there are also other factors such as financial health to consider, which could explain the current undervaluation. Are you a potential investor? If you’ve been keeping an eye on FMNB for a while, now might be the time to enter the stock. Its future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy FMNB. 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 Farmers National Banc. You can find everything you need to know about Farmers National Banc in the latest infographic research report . If you are no longer interested in Farmers National Banc, you can use our free platform to see my list of over 50 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 at editorial-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. |
Fed's Bullard says he doesn't see need for half-point rate cut: Bloomberg interview
WASHINGTON (Reuters) - St. Louis Federal Reserve Bank President James Bullard said on Tuesday he does not think the U.S. central bank needs to cut interest rates by a half-percentage point at its next meeting in July, even though he pushed to lower rates last week.
"Just sitting here today, I think 50 basis points would be overdone," Bullard said in an interview with Bloomberg Television. "I don't think the situation really calls for that, but I would be willing to go 25 (basis points)."
At a meeting last Wednesday, the central bank left interest rates on hold but signaled reductions beginning as early as July.
Bullard dissented, arguing that weak inflation and uncertainties about the outlook for economic growth warranted a rate cut.
Asked why he was not now advocating for a bigger cut in July, the regional Fed bank chief said the economic situation was not so dire as to need such a dramatic move.
"I don't think we have to take huge action," he said. "This is more in the realm of insurance, in the realm of ordinary adjustments to monetary policy that you should be making to be sensitive to market developments."
Indeed, Bullard said he saw only a cumulative half-point cut in the Fed's benchmark rate by year end.
(Reporting by Susan Heavey and Jason Lange; Writing by Tim Ahmann; Editing by Chizu Nomiyama) |
Have Insiders Been Buying RLJ Lodging Trust (NYSE:RLJ) Shares This Year?
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It is not uncommon to see companies perform well in the years after insiders buy shares. The flip side of that is that there are more than a few examples of insiders dumping stock prior to a period of weak performance. So before you buy or sellRLJ Lodging Trust(NYSE:RLJ), you may well want to know whether insiders have been buying or selling.
It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, such insiders must disclose their trading activities, and not trade on inside information.
Insider transactions are not the most important thing when it comes to long-term investing. But equally, we would consider it foolish to ignore insider transactions altogether. 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'.
Check out our latest analysis for RLJ Lodging Trust
Over the last year, we can see that the biggest insider purchase was by Robert La Forgia for US$85k worth of shares, at about US$17.05 per share. That implies that an insider found the current price of US$17.57 per share to be enticing. While their view may have changed since the purchase was made, this does at least suggest they have had confidence in the company's future. While we always like to see insider buying, it's less meaningful if the purchases were made at much lower prices, as the opportunity they saw may have passed. Happily, the RLJ Lodging Trust insider decided to buy shares at close to current prices. The only individual insider to buy over the last year was Robert La Forgia.
The chart below shows insider transactions (by individuals) over the last year. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
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.
I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. I reckon it's a good sign if insiders own a significant number of shares in the company. Insiders own 1.6% of RLJ Lodging Trust shares, worth about US$48m. While this is a strong but not outstanding level of insider ownership, it's enough to indicate some alignment between management and smaller shareholders.
The recent insider purchase is heartening. And the longer term insider transactions also give us confidence. When combined with notable insider ownership, these factors suggest RLJ Lodging Trust insiders are well aligned, and that they may think the share price is too low. Therefore, you should should definitely take a look at thisFREEreport showing analyst forecasts for RLJ Lodging Trust.
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
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. |
Robocall 'crackdown': FTC blocks more than a billion illegal calls, but problem festers
The Federal Trade Commission said Tuesday that it had blocked more than a billionillegal robocallsin a "crackdown" coordinated with the Justice Department as well as state and local law enforcement agencies.
The agencies collectively took 94 actions against robocallers touting bogus services such as credit card interest rate reduction and medical alerts. The actions included seven new FTC cases, including four settlements.
Consumers get "tens of billions" of illegal robocalls annually, according to the FTC.
So, the latest enforcement action is admittedly a "drop in the bucket," said Andrew Smith, the FTC's Consumer Protection Bureau director.
But the agency will continue its "coordinated effort to stem the scourge of illegal robocalls" by pursuing individual cases and coordinating with policymakers, he said.
In 2018 alone, the agency received 3.8 million complaints about unwanted robocalls, which have proliferated in part because technology advancements have enabled perpetrators to impersonate other phone numbers.
"Nearly all" robocalls are illegal, Smith said.
How to stop robocalls:Block numbers on your iPhone, Android and even landline
Learn more:3 reasons robocalls are hard to stop and 5 things to do about them
If you receive a robocall, the FTC's advice is:
1. Hang up.
2. Block the number. (Tips on how to do that.)
3. Report it atFTC.gov/complaint.
Examples of the latest attempt to combat robocalls:
• The FTC filed a complaint in a Florida federal court against First Choice Horizon LLC and three individuals working for the company for allegedly concocting a "maze" of operations to target callers, including many seniors. They allegedly offered dubious credit card interest rate reduction services. The FTC is seeking a temporary restraining order, asset freeze and the appointment of a receiver.
• The FTC filed a complaint in a California federal court alleging that a company operating as 8 Figure Dream Lifestyle, Online Entrepreneur Academy and four related individuals used robocalls and other illegal marketing to lure people into bogus money-making opportunities. The FTC is seeking an asset freeze and temporary restraining order.
• The Department of Justice filed a complaint seeking to enforce a settlement that would ban Florida resident Derek Jason Bartoli from calling phone numbers listed on the federal government's Do Not Call Registry or engaging in deceptive caller ID practices known as "spoofing." The case also imposes a $2.1 million civil penalty on Bartoli, though it will be suspended because he cannot pay the fine.
Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.
This article originally appeared on USA TODAY:Robocall 'crackdown': FTC blocks more than a billion illegal calls, but problem festers |
Stephanie Grisham Named New White House Press Secretary
First Lady Melania Trump announced on Twitter Tuesday that her communications director, Stephanie Grisham will serve as the newest White House press secretary. Grisham replaces Sarah Huckabee Sanders, who will resign from her post at the end of June. The political landscape takes center stage this week as investors will be focused on Japan and the G-20 summit, where U.S. President Donald Trump is expected to meet with Chinese President Xi Jinping. Related Links: Trump Compares Federal Reserve To 'Stubborn Child' Here's Who Trump Will Be Meeting With At G-20 See more from Benzinga Vislink Technologies Shares Higher After Patent Approval Sealed Air CFO Terminated For Cause Amid SEC Investigation Xencor To Replace HFF In The S&P SmallCap 600, Shares Rise © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. |
UPS will not join FedEx lawsuit against U.S. government
(Reuters) - United Parcel Service Inc said on Tuesday it would not join a lawsuit FedEx Corp filed against the U.S. government that argues FedEx should not be held liable if it inadvertently shipped products in violation of an export ban.
FedEx's announcement of its suit on Monday came shortly after the U.S. parcel delivery firm reignited Chinese ire over its business practices. A package containing a Huawei phone sent to the United States was returned last week to its sender in Britain, in what FedEx said was an "operational error."
Chinese telecoms company Huawei Technologies Co in May was added to a blacklist of people and companies the U.S. government said posed a security risk, barring it from buying, without special approval, U.S. technology upon which it was heavily reliant. A number of other Chinese firms have also been banned from buying sensitive U.S. technology.
In its lawsuit, FedEx said it should not be expected to enforce the export ban, and could not reasonably be held liable for shipping products that it did not know about.
Commerce Secretary Wilbur Ross said in a statement that the regulation stated that carriers must not knowingly ship items in contravention of the rules. "It does not require a common carrier to be a policeman or to know what's in every package," he said.
UPS said in Tuesday's statement it would continue to follow government directives across the markets where it operates.
Last month, China said it would launch an investigation after two parcels sent via FedEx destined for Huawei addresses in Asia were diverted to the United States. FedEx said the packages were "misrouted in error."
In the latest incident, technology news outlet PCMag said that its writer in Britain had attempted to send a Huawei P30 handset to a colleague in the United States. FedEx returned the phone and told the sender that it could not deliver the package because of a "U.S. government issue" with Huawei and the Chinese government, PCMag reported.
FedEx's lawsuit and Chinese anger over the deliveries come against a backdrop of increasing tension between the world's two biggest economies.
Eric Hirschhorn, a former U.S. undersecretary of Commerce, said the lawsuit suggests "the company is caught in the middle between China and the U.S. They're being squeezed by two governments that are annoyed at each other and they're trying to do their business."
(Reporting by Rachit Vats in Bengaluru, Chris Sanders in Washington and Karen Freifeld in New York; Editing by Maju Samuel and Rosalba O'Brien) |
Have Insiders Been Selling FMC Corporation (NYSE:FMC) Shares This Year?
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We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. So we'll take a look at whether insiders have been buying or selling shares inFMC Corporation(NYSE:FMC).
Most investors know that it is quite permissible for company leaders, such as directors of the board, to buy and sell stock on the market. 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 equally, we would consider it foolish to ignore insider transactions altogether. 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 FMC
In the last twelve months, the biggest single sale by an insider was when the Chairman & CEO, Pierre Brondeau, sold US$2.4m worth of shares at a price of US$73.22 per share. That means that even when the share price was below the current price of US$81.81, an insider wanted to cash in some shares. We generally consider it a negative if insiders have been selling on market, especially if they did so below the current price, because it implies that they considered a lower price to be reasonable. While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign. It is worth noting that this sale was only 7.7% of Pierre Brondeau's holding.
Over the last year, we can see that insiders have bought 8923 shares worth US$719k. But insiders sold 97092 shares worth US$7.7m. All up, insiders sold more shares in FMC than they bought, over the last year. You can see a visual depiction of insider transactions (by individuals) over the last 12 months, below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
I will like FMC better if I see some big insider buys. While we wait, check out thisfreelist of growing companies with considerable, recent, insider buying.
The last three months saw significant insider selling at FMC. In total, insiders sold US$3.8m worth of shares in that time, and we didn't record any purchases whatsoever. In light of this it's hard to argue that all the insiders think that the shares are a bargain.
I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. FMC insiders own about US$75m worth of shares. That equates to 0.7% 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.
Insiders sold stock recently, but they haven't been buying. Despite some insider buying, the longer term picture doesn't make us feel much more positive. But since FMC is profitable and growing, we're not too worried by this. Insiders own shares, but we're still pretty cautious, given the history of sales. We're in no rush to buy! Of course,the future is what matters most. So if you are interested in FMC, 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. |
JPMorgan's Jamie Dimon: Student lending in the U.S. is a 'disgrace' and it's 'hurting America'
JPMorgan Chase (JPM) CEO Jamie Dimon says student lending in the U.S. has been "a disgrace" and it's "hurting America."
"Is there an issue with student debt? There is, but you’ve got to stop the creation of bad debt," Dimon told Yahoo Finance's Andy Serwer in an exclusive interview at the unveiling of JPMorgan’snew flagship bank branch in Midtown Manhattan.
Dimon added that the government has "irresponsibly" lent more than $1 trillion since taking over in 2010.
“And now they want to forgive it,” he said.
[See Also:Jamie Dimon describes the bank branch of the future: Fewer tellers, more advisors]
Student loan forgiveness has become a focal point of the 2020 election, with Democratic contenders rolling out plans. This week, Sen. Bernie Sanders (I-VT)unveiled a sweeping cancellation planthat proposed taxing financial transactions.
“I think they should look at all parts of student lending, fix the broken parts, and then forgive those people need forgiveness, and then help people get into school, and then make sure the schools are responsible in getting the kids out,” Dimon said. “And what we've done is a disgrace, and it's hurting America.”
He pointed out that a tax on financial transactions would be paid by investors.
"How they go about taxing, I'll leave that to the politicians to figure that out,” he said.
Dimon also called out universities for not ensuring better graduation rates.
"Universities should feel more responsibility,” he said. “So if you're going to make loans, make good loans that people need to get them to where they're going and get them good jobs at the end.”
[See Also:Jamie Dimon: If we're lucky, we'll get a trade deal by the 'end of the year']
In his annual letter released in April, Dimon criticized the "irrational" student lending that has become a "significant issue" impacting the economy.
"The impact of student debt is now affecting mortgage credit, and household formation — a $1,000 increase in student debt reduces subsequent homeownership rates by 1.8%. Recent research shows that the burdens of student debt are now starting to affect the economy," Dimon wrote at the time.
—
Julia La Roche is a finance reporter at Yahoo Finance. Follow her onTwitter.
• Dimon: If we are lucky, we’ll get a trade deal by the end of the yearJamie Dimon: The U.S. economy should have grown 40% in the last decade, not 20%
• Dimon: Cyber security threats may be the ‘biggest threat to the U.S. financial services system’
• 11 problems that are holding the U.S. back
• Read the latest financial and business news from Yahoo Finance
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Gold Price Prediction – Gold Rallies Hitting Fresh 6-year Highs
Gold prices continue to rally, despite a consolidating in the US dollar and sideways price action in US yields. The dollar was mixed against most major currencies as geopolitics continued to weigh on riskier assets. Gold prices continue to benefit from safe-haven flows, as President Trump responded to Iran’s comments that sanctions on its supreme leader created an embargo on future negotiations.
Gold prices surged higher on Monday and tested 6-year highs near the May 2013 peak at 1,439. Support on the yellow metal is seen near the 10-day moving average at 1,369. Momentum remains positive as the MACD (moving average convergence divergence) histogram prints in the black with an upward sloping trajectory which points to higher prices. Prices are overbought. The relative strength index (RSI) surged higher reflecting accelerating positive momentum. The current reading on the RSI is 87, well above the overbought trigger level of 70 which could foreshadow a correction. Prices can remain overbought for an extended period when a breakout such as this one occurs. This is the second higher reading on the RSI in the past 10-years, which shows how quickly the market has accelerated. Short term momentum is decelerating. The fast stochastic generated a crossover sell signal in overbought territory. The currency reading on the fast stochastic is 91, well above the overbought trigger level of 80 which also foreshadows a correction.
cal
Federal Reserve Chairman Jerome Powell was on the tape and stressed the central bank’s independence in a speech Tuesday. His message was for the markets and for the President saying that the Fed will not be influenced for short term political gains. He spoke during an event at the Council on Foreign Relations in New York. His remarks mirrored those from last week’s Fed meeting, and he emphasized that policy is under review. President Trump has been criticizing Powell for higher rates. Trump ahead of the 2020 elections wants rates lower to boost the economy ahead of the campaign season. No president wants to campaign during a contraction in economic growth.
Thisarticlewas originally posted on FX Empire
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A Look At The Intrinsic Value Of Rambus Inc. (NASDAQ:RMBS)
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Does the June share price for Rambus Inc. (NASDAQ:RMBS) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value. I will be using the Discounted Cash Flow (DCF) model. It may sound complicated, but actually it is quite simple!
Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in theSimply Wall St analysis model.
View our latest analysis for Rambus
We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:
[{"": "Levered FCF ($, Millions)", "2019": "$91.40", "2020": "$90.45", "2021": "$104.90", "2022": "$109.13", "2023": "$113.10", "2024": "$116.91", "2025": "$120.63", "2026": "$124.30", "2027": "$127.96", "2028": "$131.65"}, {"": "Growth Rate Estimate Source", "2019": "Analyst x2", "2020": "Analyst x2", "2021": "Analyst x1", "2022": "Est @ 4.03%", "2023": "Est @ 3.64%", "2024": "Est @ 3.37%", "2025": "Est @ 3.18%", "2026": "Est @ 3.04%", "2027": "Est @ 2.95%", "2028": "Est @ 2.88%"}, {"": "Present Value ($, Millions) Discounted @ 10.1%", "2019": "$83.01", "2020": "$74.61", "2021": "$78.59", "2022": "$74.26", "2023": "$69.90", "2024": "$65.62", "2025": "$61.50", "2026": "$57.55", "2027": "$53.81", "2028": "$50.28"}]
Present Value of 10-year Cash Flow (PVCF)= $669.14m
"Est" = FCF growth rate estimated by Simply Wall St
The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 10-year government bond rate (2.7%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 10.1%.
Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$132m × (1 + 2.7%) ÷ (10.1% – 2.7%) = US$1.8b
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$1.8b ÷ ( 1 + 10.1%)10= $700.58m
The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $1.37b. In the final step we divide the equity value by the number of shares outstanding.This results in an intrinsic value estimate of $12.45. Relative to the current share price of $11.55, the company appears about fair value at a 7.2% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.
We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Rambus as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 10.1%, which is based on a levered beta of 1.237. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
Whilst important, DCF calculation shouldn’t be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. For Rambus, I've compiled three relevant factors you should further research:
1. Financial Health: Does RMBS have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk.
2. Future Earnings: How does RMBS's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart.
3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of RMBS? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing!
PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the NASDAQ every day. If you want to find the calculation for other stocks justsearch 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. |
Canada's pain Japan's gain, as Mitsubishi buys CRJ jet
By Tim Hepher and Allison Lampert
PARIS/MONTREAL (Reuters) - Japan's Mitsubishi, which agreed on Tuesday to buy Bombardier's loss-making regional jet program, plans to exploit the Canadian company's support network and global customer list to rejuvenate its delayed efforts to conquer the jet market.
Japan's return to the aircraft market for the first time in 50 years had run into trouble as the Mitsubishi Regional Jet hit seven years of delays; but Bombardier's withdrawal from the cut-throat commercial aerospace sector gives Japan a second chance.
The deal comes days after Mitsubishi announced a redesigned 65-88-seat regional jet at the Paris Airshow and gave the MRJ a facelift and new brand: Spacejet, promoting high cabins which it says will allow passengers to store rollerbags in overhead bins.
"One of the strongest barriers to entry is the ability to build the relationships with customers and the support network to keep those relationships moving," Alex Bellamy, chief development officer of Mitsubishi Aircraft, told Reuters.
"We know that (manufacturers) succeed or fail based on the support they give the product," the former Bombardier executive said in an interview at last week's show.
That's especially true in regional markets which rely on sweating assets as hard as possible, with planes flying up to 10 times a day.
Bristling with Japanese and Canadian designs, the Paris Airshow illustrated big industry bets succeeding or failing.
Japan and Canada each make up 3 percent of the $900 billion aerospace industry, says Mitsubishi, but Bombardier was forced out by the cost of its effort to enter the industry's main battleground between Airbus and Boeing.
Its 110-130-seat CSeries won plaudits for design but failed in the market until Airbus took it over for one dollar and starting pulling in hefty orders at last week's show.
Now Bombardier has completed its exit by selling its mature CRJ regional jet program to Mitsubishi, whose own new development is billions of dollars over budget.
"The Japanese were able to play a longer game; Mitsubishi has more cash than Bombardier," a senior industry source said.
U.S. PILOT CLAUSES
Mitsubishi's assault on a segment of the market dominated by Canada's Bombardier and Brazil's Embraer dates back to 2003.
It developed two sizes for roughly 70-90 passengers. Like others, it hoped important pilot union agreements that cap at 76 seats the capacity of planes flown by regional airline contractors in the make-or-break U.S. market would be relaxed.
But the so-called scope agreements have stuck, meaning the larger model could only be offered outside the U.S. while the smaller 70-seater was too small to compete. Some of the agreements set the seating limit even lower at 65 seats.
Complicating matters, the U.S. regional deals ban aircraft weighing over 86,000 pounds, which is a particularly tough hurdle for jets with newer but larger engines like the Japanese regional line-up and the latest version of Embraer's E175.
Mitsubishi therefore went back to the drawing board with the MRJ 70 by stretching the cabin to allow 65-76 seats in three classes in the U.S. and up to 88 single-class seats in Europe.
The makeover is called the M100 Spacejet, even though it is smaller than the M90 now undergoing flight tests. Although bigger than before, it saves weight by using new materials.
"It will be a new and optimized aircraft," Bellamy said.
Mitsubishi is also looking at a larger model with just under 100 seats called the M200, competing with the Embraer 190.
Embraer declined to comment, but its executives have said it is tackling the U.S. market with planes that meet scope limits and is ready to offer the re-engined E175 if those rules ease.
(Reporting by Tim Hepher, Allison Lampert; editing by David Evans) |
Pay BTC, ETH and More with Apple Pay or Samsung Pay with Zeux - The World’s First Crypto Mobile-Payment App
PALO ALTO, CA / ACCESSWIRE / June 25, 2019 /Mobile phones give us power to do almost anything. As well as making and receiving calls, through our phones we can access the Internet, play games, listen to music, book an Uber and pay for things in almost all stores.
But the competition is fierce in the mobile space, with many business models being designed purely with one function and accessibility in mind - an app.
Apps allow businesses to be customer-focused and provide personalisation services to meet their needs. And one in particular, Zeux, has caught a lot of attention recently setting itself apart by integrating payments, banking and investments.
Zeux has launched its product at the right time. In a seamingly saturated market where we have the likes of Monzo, Revolut and Starling Bank widely used, Zeux has managed to address a real pain-point for everyday crypto users. So what makes this London-based fintech stand out from other competitors in the industry? It's capability to simplify financial services and provide fast and easy crypto payments.
Simplifying financial services
Similar to a digital bank, Zeux provides payments and banking services in both traditional and digital currencies - combining the best of both worlds.
Zeux has a fresh and integrated approach that gives its customers the ability to access the best traditional and digital investment opportunities, getting competitive returns, while being able to manage all their financial accounts with ease. Zeux offers 6% deposit interest rate for customers' crypto deposits in both BTC and USDT with no fixed term, so customers can take their money out at anytime. What's more, the product will be available for all customers around the world so everyone can take advantage of maximizing their assets from an FCA regulatory entity.
Fast and Easy Crypto Payments
Zeux has also revolutionised crypto payments for everyone. Rather than wait years for merchants to accept cryptocurrency, Zeux has put the consumer at the heart of its product and operations, and created a solution to allow them to pay with crypto in all stores that accept Apple Pay or Samsung Pay - and in just one click.
They have simplified the concept to allow customers to spend their cryptocurrencies - such as Bitcoin, Ethereum and other crypto tokens - like they would any traditional currency - such as GBP or USD.
So when the value of crypto is on the rise, it allows customers to take advantage, at any given moment, to make real-world purchases from their gains. Game changer.
Zeux has also signed with Coinbase, a crypto trading venue currently valued at $8 billion that generated $1.3 billion in revenue in 2018. This collaboration is a significant upgrade as Coinbase will function as a crypto-fiat gateway for Zeux's crypto payments.
What's more, Zeux charges no fees for payments, crypto-conversion or transfers giving maximum benefits for the consumer.
So in a world where mobiles are used for nearly every single aspect of life, Zeux has provided an innovative solution to multiple everyday issues. And with this new found accessibility, mass adoption of cryptocurrency is highly likely. Want to be on top of your game and master your financial future? Zeux has an app for that.
About Zeux
Zeux has just completed the presale of their token ZeuxCoin (ZUC) at the end of May, which gives holders cashback on crypto payments and reduced investment transaction fees, which raised 5000 ETH in less than 2 full days. Their token sale is live now on their website from 7 June - 5 July 2019.
Zeux is available in the UK oniOSandAndroid, launching across the rest of Europe later this year and the wider-world in 2020.
Website:www.zeux.techWhitepaper:Read their whitepaperTelegram Group:Join our communityTwitter:@ZeuxAppFacebook:Like and Follow Zeux's FB pageYouTube :View our channel
CEO : Frank ZhouEmail :frank.zhou@zeux.com
SOURCE:Zeux
View source version on accesswire.com:https://www.accesswire.com/549844/Pay-BTC-ETH-and-More-with-Apple-Pay-or-Samsung-Pay-with-Zeux--The-Worlds-First-Crypto-Mobile-Payment-App |
Microsoft debuts Personal Vault for OneDrive, offers more storage
Microsoft (MSFT) is adding a new level of security to its OneDrive cloud storage service. Called Personal Vault, the new feature is available to Office 365 users, and creates a secondary portion of your cloud storage drive that lives behind an additional layer of security to prevent anyone from seeing or stealing your files.
The rollout of Personal Vault comes as Microsoft says attacks on cloud-based user accounts have increased in recent years. In other words, criminals are trying to break into your online storage and work services more often.
So what makes Personal Vault different from your usual version of OneDrive? Microsoft says that beyond using your standard username and password to log into OneDrive, you'll need an additional login method to access your Personal Vault, whether that’s biometrics via your fingerprint or facial recognition technology on your phone, or a text message or secondary app to generate a one-time passcode.
Seth Patton, Microsoft's GM of Office 365 Product Marketing, says the feature is meant to help differentiate Microsoft's OneDrive from competitors like Google (GOOG,GOOGL) Drive and Apple's (AAPL) iCloud, which don't yet offer an individual folder that can be locked down in such a way.
Patton says the idea behind Personal Vault is to give users a section of their online storage where they know their most sensitive documents are as safe as possible. We're talking about things like photos of your license or passport, important billing information, and more.
For times when you access your OneDrive on a friends' PC or a communal computer, Patton says that Personal Vault will automatically log you out after three minutes of inactivity. The idea is to ensure you don't leave your most important data open to prying eyes.
Personal Vault is rolling out to users in Australia, New Zealand, and Canada first, with the rest of the world getting access to the service later this year.
In addition to its new Personal Vault feature, Microsoft has announced that it's upping the amount of storage you can purchase from 50GB for $1.99 per month to 100GB. That puts Microsoft's OneDrive on the same playing field as Google Drive, which also offers 100GB of storage for $1.99 per month.
Apple's iCloud is available with 50GB of storage for $0.99 per month, but then jumps to 200GB for $2.99 per month. Dropbox (DBX) offers 2GB of storage for free, then zips all the way to 2TB of storage for $11.99 per month.
More from Dan:
• Breaking up Google isn’t the answer
• Lenovo’s and Google's Smart Alarm Clock might make you hate mornings less
• Tim Cook on tech: ‘If you built a chaos factory, you can’t dodge responsibility for the chaos.’
• How Huawei’s loss could be Apple’s gain
Email Daniel Howley at dhowley@yahoofinance.com; follow him on Twitter at@DanielHowley.
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit. |
The Apple Watch Series 3 Is On Sale Right Now For Its Lowest Price Before Prime Day
Photo credit: Amazon/Jewelyn Butron From Women's Health As far as I'm concerned, Amazon Prime Day is like the Super Bowl for avid online shoppers. With thousands-if not, hundreds of thousands-of impressive deals, you can save big on virtually anything. (FYI: Amazon Prime Day will occur on July 15th and 16th this year!!) Problem is, with so many sales and so little time to shop, scrolling through tons of listings can feel overwhelming. But if you want to get Amazon Prime Day prices without the stress, Amazon is currently offering $80 dollars off Apple's 38 mm Series 3 GPS watch. In other words, you can currently score one of the best fitness watches for under $200. So what makes this smart watch so special, anyways? I'm glad you asked. Apple's model features a GPS and barometric altimeter tracker (to help read elevation changes), which can track all your daily activity. Whether you're pounding the treadmill at the gym or enjoying a leisurely bike ride outside, this model can help you keep track of your fitness goals and motivate you to achieve them. If you want to make the most of your Apple Watch outside of your workout, you can use it to measure your heart rate to keep stress at bay, or download an app to track your sleep. Plus, this model is available in two versatile, high-performance fluoroelastomer bands, so it'll look great with any outfit. The catch? This iteration only has GPS capabilities, so you can't use it to receive calls or texts. But, on the plus side, you won't be notified every single time your boss texts you after hours. Available for under $200, this is the best deal I've seen for an Apple Watch in a long time. In fact, I highly doubt you'll see a better discount before Amazon Prime Day. ('You Might Also Like',) 14 Keto Breakfast Recipes That Make Waking Up So Much Easier 13 MS Symptoms In Women That Shouldn't Be Ignored Love Carbs? We Created This 21-Day Keto Diet Plan Just for You |
Why politicians should not savage the $63 billion Abbvie-Allergan deal
Big drug hating politicians may want to think twice before hopping on the boob tube or working behind the scenes to attack and prevent a fresh wave of pharma industry consolidation.
In some respects, the need to cost effectively develop the next blockbuster drug for an aging population has caused big drug companies to consider joining forces as seen inTuesday’s news of Abbvie buying Allergan. So while tempting, politicians seeking re-election should consider leaving their usual whipping boy — Big Pharma — alone for now say people Yahoo Finance has chatted up.
“When all is said and done, you need pharmaceutical companies to do research and development. The fact is look who needs these drugs, it’s Baby Boomers. Baby Boomers vote. Baby Boomers want to look good and they want to be healthy,” explained Prudential Financial Chief Markets Strategist Quincy Krosby on Yahoo Finance’sThe First Trade.
“If you start to see the inability to do research and development or you can’t buy a new product, there will be a price to pay politically,” Krosby added.
Others on Wall Street agree on the premise for the latest pharma deal activity.
“With Abbvie now the key R&D decision maker, advantages of the deal will likely include accelerated investment behind Botox therapeutic as well as simply better pipeline decision making than what Allergan (AGN) management has demonstrated in the past,” points out Raymond James analyst Elliot Wilbur.
Despite the merits of bulking up R&D capabilities, the two whale deals out there in Big Pharma are still likely to be heavily scrutinized in Washington. And boy are they big deals.
Botox maker Allergan said Tuesday it will be boughtby Abbvie in a cash and stock deal valued at about $63 billion. The purchase price represents a 45% premium to Allergan’s closing price on Monday. A source close to the matter told Yahoo Finance the talks between the two companies began six to seven weeks ago and were initiated by Abbvie (ABBV).
The deal brings Allergan’s popular Botox under the same roof as Abbvie’s drugs for cancer and arthritis (namely the blockbuster Humira).
Allergan’s stock popped 25% to $162 on the news, below the $188 a share offer price perhaps on worries about regulatory approval. Recall both companies have been savaged by lawmakers for raising prices on many of their most popular drugs.
Raymond James’ Wilbur doesn’t think regulators will take issue with the transaction.
Meanwhile, Abbvie’s stock cratered 15% Tuesday, likely on fears that it’s overpaying for the struggling Allergan.
"This deal will help alleviate concerns on our reliance on Humira," said Richard Gonzalez, Abbvie CEO, on a conference call with analysts. Gonzalez is expected to run the combined company through 2023, which is when Humira loses exclusivity in the U.S.
On a conference call with analysts, Gonzalez hyped the potential for the combined company to bring drugs to market quicker.
Similar hype was spewed by management at Bristol-Myers (BMY) when it revealed its massive deal for Celgene back in January.
Unfortunately for Bristol-Myers, it’s now smack in the middle of getting ripped apart by lawmakers for its $74 billion deal for Celgene (CELG). Bristol-Myers’ stock tanked 7% on Monday after it said its splashy transaction will close later than expected. It will also involve a divesture of Celgene’s psoriasis drug Otezla in an effort to address antitrust concerns by the Federal Trade Commission (FTC).
Even still, most market observers believe the deal will get approved. And similar to Abbvie-Allergan, a Bristol-Myers-Celgene deal could combine R&D efforts to improve drug discovery.
Brian Sozzi is an editor-at-large and co-host of ‘The First Trade’ at Yahoo Finance. Follow Brian Sozzi him on Twitter@BrianSozzi
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Medtronic to Extinguish Up to $4.17 Billion in Debt
Medical devices manufacturer retires outstanding senior notes through 2 cash tender offers |
3 Low-Volatility Stocks & ETFs to Buy
U.S. markets may be in great shape right now, thanks to dovish Fed comments, but this has not removed the spotlight from low-volatility products. These apparently safe products, which normally do not surge in a bull market but offer protection in troubled times, are steady this year.
SPDR SSGA US Large Cap Low Volatility Index ETFLGLV is up 21.4% in 2019 versus 17.5% gains in the S&P 500. The fund LGLV has mainly breezed past (up 9.4%) the S&P 500 (up 5.3%) in the trade-tension-ridden second quarter.
Why Low-Volatility Products Are Set to Rule
Of late, geopolitical tensions between Iran and the United States flared up after officials from both countries said Iran downed a U.S. military drone near the Strait of Hormuz. In any case, both parties have been at loggerheads for about a year (read: Iran Downs U.S. Drone: Sector ETFs & Stocks to Gain).
Most recently, President Donald Trump announced that the United States will levy "major" incremental sanctions on Iran in order to prevent it from procuring nuclear weapons. It followed the announcement by Iran that it would surpass internationally agreed limits on its nuclear program.
U.S.-China relations are also sour. Just before the G-20 meet where Trump and China’s premiere Xi are supposed to talk about trade, five additional Chinese companies are barred from purchasing U.S.-made components. Analysts believe that chances of a more comprehensive deal appear far-off.
Investors should also note that stocks are near record highs amid dovish Fed comments. So, if anything negative comes out of the upcoming U.S.-China meeting and U.S.-Iran relations, global equities may skid due to overvaluation and low-volatility, defensive plays may win again in the second half of the year.
Investors should also note that the Fed has indicated policy easing this year. Traders now see at least 100% probability of minimum 25-bps rate cut next month, according to the CME FedWatch tool. According to Goldman Sachs, low-volatility stocks have historically delivered great performance in the 12 months following the beginning of the Fed rate cut cycles.
Stock & ETF Bets
Against this backdrop, below we highlight a few low-volatility ETFs and stocks that could be great buys ahead. The stock picks are Goldman’s favorites also.
Stock Picks
Kimberly-Clark CorporationKMB
Kimberly-Clark Corporation and its well-known global brands are an indispensable part of life in more than 175 countries. The stock has a Zacks Rank #2 (Buy).
Honeywell International Inc. HON
Honeywell is a Fortune 100 software-industrial company that delivers industry specific solutions including aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. The stock has a Zacks Rank #2.
Chevron Corporation CVX
Chevron is one of the world's leading integrated energy companies. The stock has a Zacks Rank #2 and yields 3.81% annually.
ETF Picks
Franklin Liberty U.S. Low Volatility ETF FLLV
The actively-managed fund seeks capital appreciation with an emphasis on lower volatility than the broader equity market, as measured by the Russell 1000 Index. No stock accounts for more than 1.53% of the portfolio. Technology, healthcare, financials and consumer discretionary have a double-digit weight in the fund. It charges 50 bps.
SPDR SSGA US Large Cap Low Volatility Index ETFLGLV
The underlying index of the fund is designed to track the performance of U.S. large capitalization companies that exhibit low volatility. No stock makes up about 1.93% of the portfolio. Financials, technology and industrials have a double-digit weight in the fund. The fund charges 12 bps in fees.
Invesco S&P 500 Low Volatility ETFSPLV
The underlying S&P 500 Low Volatility Index consists of 100 stocks from the S&P 500 Index with the lowest-realized volatility over the past 12 months. Utilities, financials and real estate have a double-digit weight in the fund. No stock makes up about 1.22% of the fund, which charges 25 bps in fees.
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Click to get this free reportKimberly-Clark Corporation (KMB) : Free Stock Analysis ReportHoneywell International Inc. (HON) : Free Stock Analysis ReportFranklin Liberty U.S. Low Volatility ETF (FLLV): ETF Research ReportsInvesco S&P 500 Low Volatility ETF (SPLV): ETF Research ReportsChevron Corporation (CVX) : Free Stock Analysis ReportSPDR SSgA US Large Cap Low Volatility Index ETF (LGLV): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report |
What Kind Of Shareholders Own Drone Delivery Canada Corp. (CVE:FLT)?
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A look at the shareholders of Drone Delivery Canada Corp. (CVE:FLT) can tell us which group is most powerful. Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. I generally like to see some degree of insider ownership, even if only a little. As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'
Drone Delivery Canada is not a large company by global standards. It has a market capitalization of CA$206m, 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 FLT.
See our latest analysis for Drone Delivery Canada
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.
Drone Delivery Canada already has institutions on the share registry. Indeed, they own 15% of the company. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Drone Delivery Canada, (below). Of course, keep in mind that there are other factors to consider, too.
Hedge funds don't have many shares in Drone Delivery Canada. There is some analyst coverage of the stock, but it could still become more well known, with time.
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. 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.
Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.
Shareholders would probably be interested to learn that insiders own shares in Drone Delivery Canada Corp.. In their own names, insiders own CA$14m worth of stock in the CA$206m company. Some would say this shows alignment of interests between shareholders and the board, though I generally prefer to see bigger insider holdings. But it might be worth checkingif those insiders have been selling.
The general public -- mostly retail investors -- own 77% of Drone Delivery Canada . This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and the dividend payout ratio.
While it is well worth considering the different groups that own a company, there are other factors that are even more important.
Many find it usefulto take an in depth look at how a company has performed in the past. You can accessthisdetailed graphof past earnings, revenue and cash flow.
Ultimatelythe future is most important. You can access thisfreereport on analyst forecasts for the company.
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. |
Should You Investigate Fluor Corporation (NYSE:FLR) At US$31.11?
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Fluor Corporation (NYSE:FLR), which is in the construction business, and is based in United States, saw a decent share price growth in the teens level on the NYSE over the last few months. As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock. However, could the stock still be trading at a relatively cheap price? Today I will analyse the most recent data on Fluor’s outlook and valuation to see if the opportunity still exists.
Check out our latest analysis for Fluor
Great news for investors – Fluor is still trading at a fairly cheap price. According to my valuation, the intrinsic value for the stock is $60.27, which is above what the market is valuing the company at the moment. This indicates a potential opportunity to buy low. However, given that Fluor’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us another chance to buy in the future. This is based on its high beta, which is a good indicator for share price volatility.
Investors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. 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. With profit expected to more than double over the next couple of years, the future seems bright for Fluor. It looks like higher cash flow is on the cards for the stock, which should feed into a higher share valuation.
Are you a shareholder?Since FLR is currently undervalued, it may be a great time to accumulate more of your holdings in the stock. With an optimistic 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 FLR for a while, now might be the time to make a leap. Its buoyant future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy FLR. 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 buy.
Price is just the tip of the iceberg. Dig deeper into what truly matters – the fundamentals – before you make a decision on Fluor. You can find everything you need to know about Fluor inthe latest infographic research report. If you are no longer interested in Fluor, 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. |
Treasury's watchdog to look into Tubman bill delay
The U.S. Treasury's watchdog says it will look into why the redesign of the $20 bill featuring abolitionist Harriet Tubman was delayed. The Office of the Inspector General said in a letter on Friday to Sen. Chuck Schumer, D-N.Y., that it will consider the matter as part of an audit that is about to begin. The Senate minority leader had asked the inspector general's office earlier this month to investigate the circumstances surrounding the decision to delay the redesign "including any involvement by the White House." The Tubman redesign was initially scheduled to coincide with the 100th anniversary in 2020 of passage of the 19th amendment giving women the right to vote. But Treasury Secretary Steven Mnuchin said last month that it would be delayed so the $10 bill and the $50 bill could be redesigned first for security reasons to make it harder for the bills to be counterfeited. He said those bills will now be introduced before a redesigned $20 bill. The decision to put Tubman on the $20 bill had been made by Mnuchin's predecessor, former Treasury Secretary Jacob Lew, who had served in the Obama administration. The Office of the Inspector General said it will be looking into whether security measures are properly being implemented into currency, among other measures. As part of that audit it will specifically include a review of the process with the $20 bill. The effort is expected to take 10 months, according to the letter. Schumer said he is pleased the matter will be reviewed quickly. "There are no women, there are no people of color on our paper currency today, even though they make up a significant majority of our population ... the $20 note was a long overdue way to recognize that disparity, and rectify it," he said in a statement. Schumer said the Trump administration's decision to delay the new note "has not been credibly explained, and the inspector general's review must get to the bottom of this." The Treasury did not respond to a request for further comment. ____ Mike Balsamo contributed to this report from Washington, D.C. |
Why did the media downplay the latest sexual assault allegation against Trump?
Photograph: Craig Ruttle/AP The leader of the world’s most powerful nation is accused by a prominent writer with an impeccable career in journalism of having sexually assaulted her in an act amounting to rape. Pretty big news story, you might think. Related: Donald Trump says sexual assault accuser E Jean Carroll 'not my type' Not so in the US, it seems. When the news broke last Friday that E Jean Carroll, a revered advice columnist, had accused Donald Trump of sexually attacking her in late 1995 or early 1996, alleging he slammed her against a wall inside a dressing room in the Bergdorf Goodman store in New York then penetrated her without consent, the response from many top media titles was strangely restrained. The president himself has denied the claims , saying: “I’ll say it with great respect: number one, she’s not my type; number two, it never happened.” However, for a variety of reasons – some apparently blatantly political, some technical, some as yet unexplained – news outlets decided to downplay the story or even excise it altogether. The most startling example was at the New York Post, where the tabloid ran an account of Carroll’s allegations drawn from an extract from her new book published by New York magazine , only to take the story down a few hours later. Oliver Darcy , the eagle-eyed senior media correspondent of CNN, spotted that not only did the Post’s own story on the alleged assault vanish but so too did Associated Press copy on the same issue published by the Post. Darcy later reported that Col Allan, the Post’s pugnacious former editor who is now an “adviser” to the newspaper, had made the call to pull the stories. This is extremely worrying and I really can’t understand how we ended up here Barbara Davis As Darcy and his CNN colleague Marianne Garvey pointed out , Allan is a firm Trump supporter who was photographed during the 2016 presidential race sporting a Make America Great Again hat in the Post newsroom. Allan was given an oversight role at the tabloid by his boss, Rupert Murdoch, another keen Trump admirer. Story continues That a major newspaper should apparently suppress for political reasons a story about a sitting US president facing allegations of a sex crime was shocking enough. But some observers were even more dismayed by the generally low-energy (to use a Trumpism) approach displayed by a raft of less partisan outlets in both print and television. The question of Trump’s sexual conduct was hardly raised among the flagship Sunday political talk shows, though MSNBC and CNN did call Carroll in for on-camera interviews within their normal run of scheduling. On the print side, Media Matters highlighted the absence or relative diminution of the charges on the Saturday front pages of many of the most august newspapers in the country, including the New York Times, Washington Post, Wall Street Journal, Chicago Tribune and others. The most peculiar editorial decision was that of the Times to locate the story on its books pages (a nod at What Do We Need Men For?, Carroll’s forthcoming book in which she lays out the allegations). Quizzed by the paper’s readers’ editor on this peculiar placement, executive editor Dean Baquet conceded “we were overly cautious” and said the basic details of the story “should’ve compelled us to play it bigger”. Baquet went on to say that in retrospect guidelines laid down for #MeToo reporting of sexual assault allegations relating to the New York Times’s own investigations of Harvey Weinstein and others had been misapplied to a major statement by a well-known individual made in a different media outlet. But whatever the finer details of the editorial choices made by top newspaper and TV outlets, the collective appearance of lack of enthusiasm for the story left many observers rattled. “This is extremely worrying and I really can’t understand how we ended up here,” Barbara Davis, a best-selling women’s fiction writer, told the Guardian. “We seem to be experiencing in the entire country a desensitization towards cruelty, lawlessness and bad behavior – we are becoming numb when we should be taking to the streets.” Trump has repeatedly and vociferously denied that he assaulted Carroll, stating that he has never even met her though a photograph of them together in a social setting has resurfaced. Related: Trump sexual assault accuser E Jean Carroll considers police complaint More than 20 women have accused Trump of sexual misconduct. Carroll is the second to allege an attack amounting to rape, the first having been his former wife Ivana Trump who is reported to have made the rape claim in a sworn divorce deposition though she later backtracked and said she had not used the word in a “literal or criminal sense”. Trump has admitted to sexual misconduct. He was recorded in the notorious Access Hollywood tape , released shortly before the 2016 election, bragging about forcibly kissing women and using his celebrity power to “grab ’em by the pussy”. That he was caught expressing such repugnant attitudes towards women yet went on within weeks to win the presidency is a sign of Trump’s singular ability to survive revelations that have floored many other men in the #MeToo era. The events of the past few days will only increase speculation around the media’s role in affording him a metaphorical – and perhaps even literal – get out of jail pass. |
Princess Beatrice Attended Karlie Kloss's Second Wedding in Wyoming
Photo credit: Ilya S. Savenok - Getty Images From Town & Country This past weekend, Karlie Kloss and Joshua Kushner tied the knot for a second time . After a small ceremony in upstate New York this past fall , the couple headed to Wyoming for wedding number two-and they brought their famous friends with them, including none other than Princess Beatrice . In a series of Instagram stories, Karlie Kloss posted photos from her wedding at Brush Creek Ranch in Saratoga, Wyoming, and among a sea of guests-including Katy Perry, Orlando Bloom, and Ashton Kutcher-was Beatrice. Photo credit: Instagram/@karliekloss The princess appears to have worn a floral dress with a blue head-wrap for the big day, and brought along a chambray shirt for another, more casual event that weekend: karaoke. While, unfortunately, there are no photos of Beatrice herself at the mic, she's clearly visible in the crowd, enjoying others' tunes. Photo credit: Instagram/@karliekloss As the Daily Mail notes, this was something of a reunion for Kloss, Kushner, Princess Beatrice, and a group of other friends who'd traveled to Jordan in April of 2018. Among them were Meghan Markle's fashion designer pal Misha Nonoo, Ellie Goulding, Nora Kirkpatrick, and her husband Bryn Mooser. The wedding party took advantage of the ranch, going on horseback rides, hopping on ATVs, and playing some paintball. Perhaps the whole event gave Princess Beatrice some wedding inspiration to chew on, as she's reportedly growing closer and closer to her current beau, Edoardo Mapelli Mozzi . A source reported to People that Beatrice was "completely head over heels" for her boyfriend , and paparazzi have spotted the couple hanging out with Beatrice's family-both on a recent double-date with Princess Eugenie and Jack Brooksbank, and with the whole York crew in Bahrain. ('You Might Also Like',) 12 Weekend Getaway Spas For Every Type of Occasion What Your Favorite Champagne Brand Says About You Beauty Gurus Share Their Makeup Secrets for Older Women View comments |
Apple's Latest Defense Against Spotify Criticisms Again Misses the Point
This week,Apple(NASDAQ: AAPL)filed a formal response to the antitrust complaint thatSpotify(NYSE: SPOT)lodged with European regulatorsearlier this year. The Swedish music-streaming leader argues that Apple undermines competition by taking a 15% to 30% cut of sales while also inhibiting the user experience in various technical ways. Scrutiny of Apple's App Store practices has intensified recently, and the tech titan went on the defense earlier this month.
Appleidentifies ample competitionacross numerous categories where it competes with third-party developers. However, that argument misses the point, as the issue ishowApple competes, notwhetherApple competes. Its latest defense does likewise.
Image source: Spotify.
Der Spiegelreports that in its response, Apple is essentially saying that Spotify is making a big fuss out of a relatively small amount of money and using misleading figures to do so. Spotify CEO Daniel Ek noted in hisblog postthat Apple takes a 30% cut of subscriptions, without acknowledging that Apple's cut on subscriptions drops to 15% after the first year, a changeimplemented back in 2016.
Apple says that just 680,000 Spotify premium subscribers are being billed through the App Store, and that all of those subscriptions have aged to the 15% tier at this point. Spotify used to offer in-app subscriptions but discontinued them in 2016. Users now need to sign up for Spotify Premium outside of the app, and then can use the app to access the service. That means Apple's 15% tax only applies to 0.7% of Spotify's100 million premium subscribers. So what's the big deal?
The statistic that Apple provides is hardly relevant to the actual issue at hand. The fact that so few subscribers are billed through the App Store is a direct consequence of Apple's tax being too high in the first place, which is what led to Spotify discontinuing in-app subscriptions.
Image source: Spotify.
In fact, Spotify directly appealed to subscribers to switch their billing method in 2015, even providing step-by-step instructions. For a while, Spotify passed along the costs to consumers, charging $13 per month for in-app subscriptions compared to the standard cost of $10 per month. Subscribers could save $3 per month by ditching the App Store and signing up directly, Spotify pitched.
Between discontinuing in-app subscriptions and calling on subscribers to switch billing methods,of coursethere are limited subscribers billing through the App Store, but Spotify's concerns still stand. If Spotify were to reactivate in-app subscriptions, it would indeed have to pay the full 30% on new subscriptions for the first year.
Furthermore, even beyond the money, Apple has along historyof giving its first-party apps various types of preferential treatment. Many of the App Store's guidelines don't apply to Apple, it seems, and that makes competing with the richest company on Earth even harder.
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Evan Niu, CFAowns shares of Apple and Spotify Technology. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. |
Could The Homology Medicines, Inc. (NASDAQ:FIXX) Ownership Structure Tell Us Something Useful?
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The big shareholder groups in Homology Medicines, Inc. (NASDAQ:FIXX) have power over the company. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. Companies that used to be publicly owned tend to have lower insider ownership.
Homology Medicines is a smaller company with a market capitalization of US$798m, so it may still be flying under the radar of many institutional investors. Our analysis of the ownership of the company, below, shows that institutions are noticeable on the share registry. We can zoom in on the different ownership groups, to learn more about FIXX.
View our latest analysis for Homology Medicines
Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.
As you can see, institutional investors own 33% of Homology Medicines. 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. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Homology Medicines's earnings history, below. Of course, the future is what really matters.
It looks like hedge funds own 13% of Homology Medicines shares. That worth noting, since hedge funds are often quite active investors, who may try to influence management. Many want to see value creation (and a higher share price) in the short term or medium term. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. 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.
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.
Shareholders would probably be interested to learn that insiders own shares in Homology Medicines, Inc.. In their own names, insiders own US$20m worth of stock in the US$798m company. Some would say this shows alignment of interests between shareholders and the board. But it might be worth checkingif those insiders have been selling.
The general public holds a 13% stake in FIXX. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.
With an ownership of 26%, private equity firms are in a position to play a role in shaping corporate strategy with a focus on value creation. Sometimes we see private equity stick around for the long term, but generally speaking they have a shorter investment horizon and -- as the name suggests -- don't invest in public companies much. After some time they may look to sell and redeploy capital elsewhere.
We can see that public companies hold 4.6%, of the FIXX shares on issue. We can't be certain, but this is quite possible this is a strategic stake. The businesses may be similar, or work together.
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.
Many find it usefulto take an in depth look at how a company has performed in the past. You can accessthisdetailed graphof past earnings, revenue and cash flow.
Ultimatelythe future is most important. You can access thisfreereport on analyst forecasts for the company.
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. |
Trump thinks dollar is too strong, blames Fed policy - official
WASHINGTON (Reuters) - President Donald Trump believes the U.S. dollar is too strong, and the euro is too weak, and feels the situation could be eased if the Federal Reserve lowered interest rates, a senior administration official said on Tuesday.
The official also said the White House had no plans to demote Fed Chairman Jerome Powell, adding that there were different views within the White House counsel's office regarding the president's authority to do so.
Trump, who is expected to underline U.S. economic gains in his 2020 re-election bid, has frequently blasted Fed policy and said other countries are using monetary polity to manipulate their currency and gain advantage in the global markets.
The Republican president had tapped Powell to lead the U.S. central bank, but has repeatedly and publicly criticized him and sought to remove him from his post.
But there are differing opinions on whether Trump has the authority to remove Powell, the official said, speaking on condition of anonymity.
The official added that Trump is expected to interview several candidates for other open seats on the Fed after the president returns from his upcoming trip to Japan.
(Reporting by Jeff Mason; Writing by Tim Ahmann and Susan Heavey; Editing by David Gregorio and Alistair Bell) |
Synthetix suffers oracle attack, more than 37 million synthetic ether exposed
Synthetix, a synthetic asset issuance platform built on Ethereum, experienced an oracle attack which netted the attacker over 37 million sETH, according toEtherscan. However, the true dollar value is difficult to calculate at this time given the relative illiquidity of sETH on secondary markets.
In a statement made in the Synthetix Discord channel, CEO and Co-Founder Kain Warwick noted, "There has been an incident with the price feed of sKRW, we are currently investigating the root cause, but during the time when the price feed was returning the wrong value we believe an automated arb bot converted into sKRW and then into sETH."
Warwick said that he believes this was done automatically by an arbitrage bot, and asked for the owner of the bot to contact Synthetix to help resolve the issue, offering a bug bounty as a reward. According to its Discord channel, the Synthetix team has complete control over its smart contracts, and until the issue is resolved has disabled transfers within the system.
Synthetixis the latest synthetic asset platform to gain attention within the decentralized finance ecosystem. Structured as a multi-tier issuance platform, collateral type, and exchange, Synthetix permits any user to mint synthetic assets, from cryptocurrencies to fiat currencies to derivatives.
Earlier this month, The Block's Teo Leibowitzpublished a reporton Synthetix noting that despite its increasing popularity and seamless user experience, the mechanisms used to guarantee the value of minted synthetic products are largely deficient, exposing holders to significant risk.
"The irony of this situation is that the currently suboptimal design of the Synthetix platform makes it actually very difficult to realize gains from this kind of attack," said Leibowitz. |
U.S. aims to restart China trade talks, will not accept conditions on tariff use
By Jeff Mason
WASHINGTON (Reuters) - The United States hopes to re-launch trade talks with China after President Donald Trump and President Xi Jinping meet in Japan on Saturday, but Washington will not accept any conditions around the U.S. use of tariffs in the dispute, a senior administration official said on Tuesday.
Trump has threatened to impose tariffs on another $325 billion of goods, covering nearly all the remaining Chinese imports into the United States - including consumer products such as cellphones, computers and clothing - if the meeting with Xi produces no progress in resolving a host of U.S. complaints around the way China does business.
The two sides could agree not to impose new tariffs as a goodwill gesture to get negotiations going, the official said, but he said it was unclear if that would happen.
The United States was not willing to come to the Xi meeting with concessions, said the official, who spoke on the condition of anonymity. Washington wants Beijing to come back the table with the promises it withdrew before talks broke down, he said.
China has shown no softening in its position and said on Monday that both sides should make compromises in the trade talks and that a trade deal has to be beneficial for both countries.
The back-and-forth set up what could prove to be a tricky meeting between Trump and Xi at the Group of 20 summit meeting in Osaka. The session will be the first time they have met since trade talks between the world's two largest economies broke down in May, when the United States accused China of reneging on reform pledges it made.
Chinese Vice Premier Liu He, who has led trade talks for Beijing, held a phone conversation with his counterparts, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, on Monday, according to China's Ministry of Commerce. The three men are helping to pave the way for talks between the leaders later this week.
Expectations for that meeting so far appear to be low. The best-case scenario would be a resumption of official talks, which could ease fears in financial markets that the already long trade dispute might continue indefinitely. The fears have pummeled global markets and hurt the world economy.
Trump advisers have said no trade deal is expected at the meeting but they hope to create a path forward for talks. Once negotiations resume, they could take months or even years to complete, the senior Trump administration official said, with some parts agreed early and others needing more time.
A resumption of negotiations could put that threat of further tariffs on hold, at least for now.
But if Trump sees no progress and decides to raise tariffs, the relationship between the world’s two largest economies would deteriorate further.
“I think if they go with the tariffs, the trade talks are dead. Period," said one person familiar with the talks.
The United States has made clear it wants China to go back to the position it held in a draft trade agreement that was nearly completed before Beijing balked at some of its terms, particularly requirements to change its laws on key issues.
Beijing wants the United States to lift tariffs, while Washington wants China to change a series of practices including on intellectual property and requirements that U.S. companies share their technology with Chinese companies in order to do business there.
As part of the trade war, Washington has already imposed 25% tariffs on $250 billion of Chinese goods, ranging from semi-conductors to furniture, that are imported to the United States.
PRESSURE BUILDING
The president has spoken optimistically about the chances of a deal.
The administration official said rounds of meetings between top trade officials from both countries likely would begin again after the G20 summit. He noted that although the vice premier still led China's trade delegation, new names had been added to the list who could be hard-liners.
The official said Trump and Xi were unlikely to get into the fine details of the draft trade pact, although the case of Chinese tech giant Huawei Technologies Co may come up during talks.
Pressure on Huawei, which the U.S. government has labeled a security threat, has increased in recent days.
About a dozen rural U.S. telecom carriers that depend on Huawei for network gear are in discussions with its biggest rivals, Ericsson and Nokia, to replace their Chinese equipment, sources familiar with the matter said.
And the U.S.-based research arm of Huawei, Futurewei Technologies Inc, has moved to separate its operations from its corporate parent since the U.S government in May put Huawei on a trade blacklist, according to two people familiar with the matter.
Trump has indicated a willingness to include the Huawei issue in a trade deal, despite the national security implications cited by his advisers about the company. Meanwhile, U.S. parcel delivery firm FedEx Corp on Monday sued the U.S. government, saying it should not be held liable if it inadvertently shipped products that violated a Trump administration ban on exports to some Chinese companies.
The move came after FedEx reignited Chinese ire over its business practices when a package containing a Huawei phone sent to the United States was returned last week to its sender in Britain, in what FedEx said was an "operational error."
(Reporting by Jeff Mason; additional reporting by Alexandra Alper, Jane Lanhee Lee, Tarmo Vikri, Andrew Galbraith and Angela Moon; editing by Simon Webb and Cynthia Osterman) |
U.S. hopes to re-launch China trade talks, will not accept conditions on tariffs
By Jeff Mason
WASHINGTON (Reuters) - The United States hopes to re-launch trade talks with China after President Donald Trump and President Xi Jinping meet in Japan on Saturday but Washington will not accept any conditions on tariffs, a senior administration official said on Tuesday.
The two sides could agree not to impose new tariffs as a goodwill gesture to get negotiations going, the official said, but it was unclear if that would happen.
The United States was not willing to come to the Xi meeting with concessions, said the official, who spoke on the condition of anonymity.
The remarks set up what could prove to be a tricky meeting between Trump and Xi, who will sit down together at the Group of 20 summit meeting in Osaka, the first time they have done so since trade talks between the world's two largest economies broke down in May.
Chinese Vice Premier Liu He, who has led trade talks for Beijing, spoke on the phone with his counterparts, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin on Monday, according to China's Ministry of Commerce. The three men are helping to pave the way for talks between the leaders later this week.
Expectations for that meeting so far appear to be low, with the best-case scenario a resumption of official talks that could ease fears in financial markets that the already long trade dispute would continue indefinitely.
China said on Monday that both sides should make compromises in the trade talks and that a trade deal has to be beneficial for both countries.
Trump advisers have said no broad trade deal is expected to be made at the meeting but they hope to create a path forward for talks. Once negotiations resume, they could take months or even years to complete, the senior Trump administration official said.
Washington has imposed 25% tariffs on $250 billion of Chinese goods, ranging from semi-conductors to furniture, that are imported to the United States, as part of the trade war.
Trump has threatened to put tariffs on $325 billion more of goods, covering nearly all the remaining Chinese imports into the United States, including consumer products such as cellphones, computers and clothing.
A resumption of negotiations could put that threat on hold, at least for now. But neither side has shown a great appetite for changing positions, despite a willingness to meet.
"I think if they go with the tariffs, the trade talks are dead. Period," said one person familiar with the talks.
The United States has made clear it wants China to go back to the position it held in a draft trade agreement that was nearly completed before Beijing balked at some of its terms, particularly requirements to change its laws on some issues.
Beijing wants the United States to lift tariffs, while Washington wants China to change a series of practices including on intellectual property and requirements that U.S. companies share their technology with Chinese companies in order to do business there.
Taoran Notes, an influential account on Chinese messaging app WeChat published by China's Economic Daily, said in a post late on Tuesday that "certain people" in the United States did not understand China's determination to uphold its position, and had "illusions" about forcing China to submit.
“If the US side doesn’t change its thinking, doesn’t change its methods, then all that will happen on the China-U.S. trade issue is that an 'exchange of views and maintenance of communication’ will persist, and there won’t be more substantive progress,” the author wrote.
PRESSURE BUILDING
The president has spoken optimistically about the chances of a deal. The administration official said rounds of meetings between top trade officials from both countries likely would begin again after the G20 summit.
He noted that although the vice premier still led China's trade delegation, new names had been added to the list who could be hard-liners.
The official said Trump and Xi were unlikely to get into the fine details of the draft trade pact, although the case of Chinese tech giant Huawei Technologies Co may come up during talks.
Pressure on Huawei, which the U.S. government has labeled a security threat, has increased in recent days.
About a dozen rural U.S. telecom carriers that depend on Huawei for network gear are in discussions with its biggest rivals, Ericsson and Nokia, to replace their Chinese equipment, sources familiar with the matter said.
And the U.S.-based research arm of Huawei - Futurewei Technologies Inc - has moved to separate its operations from its corporate parent since the U.S government in May put Huawei on a trade blacklist, according to two people familiar with the matter.
Trump has indicated a willingness to include the Huawei issue in a trade deal, despite the national security implications cited by his advisers about the company.
Meanwhile, U.S. parcel delivery firm FedEx Corp on Monday sued the U.S. government, saying it should not be held liable if it inadvertently shipped products that violated a Trump administration ban on exports to some Chinese companies.
FedEx reignited Chinese ire over its business practices when a package containing a Huawei phone sent to the United States was returned last week to its sender in Britain, in what FedEx said was an "operational error."
(Corrects attribution in advisory line to Taoran Notes WeChat account, not The Economic Daily)
(Reporting by Jeff Mason; additional reporting by Alexandra Alper, Jane Lanhee Lee, Tarmo Vikri, Andrew Galbraith, Ben Blanchard and Angela Moon; editing by Grant McCool and Michael Perry) |
The 23 Most Outrageous Fireworks Displays in America — and How To See Them
If you’re ready to celebrate Independence Day in grand style, don’t miss out on some of the nation’s biggest fireworks displays and Fourth of July parties. From waterfront light shows to a lineup of concerts, head to one of these cities to see a spectacular July Fourth celebration.
For the first time in over 50 years, the president will be taking charge of Washington, D.C.’s fireworks display, which has long been run by the National Park Service. The new event, now called “A Salute to America,” will include fireworks launched from West Potomac Park, a shift from its usual launch point near the Washington Monument. In addition to fireworks, there is expected to be an address from President Donald Trump and two stages with entertainers, according to The Washington Post.
Catch the fireworks — and the concert before — on your local PBS station. It will also stream live on PBS.org, PBS’ YouTube page and the Capitol Fourth Facebook page.
Head to Chicago’s Navy Pier for a fireworks display along the lakefront. And for even more all-American fun, get a ticket for the Grant Park Orchestra’s “Independence Day Salute,” happening earlier in the night from 6:30 p.m. to 8:30 p.m. As part of the Grant Park Music Festival, the orchestra will be performing patriotic marches and anthems, such as “From Sea to Shining Sea” and “Stars and Stripes Forever.” If you don’t want to spring for a ticket, you can enjoy a live broadcast of the concert on 98.7WFMT or wfmt.com.
This one is still the country’s largest Fourth of July fireworks display, lighting up the New York City skyline over the East River. The event is broadcast on national television.
The festivities start at 8 p.m., and you’ll find some of the best viewing locations at elevated areas along the FDR Drive and near the Manhattan Bridge. You can also catch musical performances before the fireworks kick off. Tune in to NBC at 8 p.m. to watch the fireworks over the New York skyline.
Make your way to the Castillo de San Marcos for this grand, 20-minute fireworks display. It’s one of the biggest fireworks displays on the East Coast.
Head here early to catch the All-Star Orchestra performance before the show. The two-hour music event includes swing music and patriotic tunes to get everyone ready for the fireworks display at 9:30 p.m.
Watch the fireworks display on the Mississippi River in New Orleans. The “Dueling Barges” fireworks for the Go 4th on the River celebration can be seen from both banks of the river. Festivities start with free live performances in Crescent Park in the French Market District at 5:30 p.m., which continue until 9 p.m. when the fireworks show begins.
Fireworks are just one part of the festivities you can enjoy aboard the Queen Mary on the Fourth of July. The family-friendly celebration runs from 3 p.m. to 10 p.m., with live entertainment, games, arts and crafts, historic tours and more. The fireworks spectacular begins at 9 p.m. off the stern of the ship and patriotic music plays there while docked at the Long Beach Harbor. Tickets for the all-day event start at $49 for adults.
It’s Not Too Late:A Dream Destination for Every Month in 2019
Atlanta’s big fireworks show has attracted more than 30,000 spectators in years past. This year’s free celebration at Centennial Olympic Park will include food trucks and a special set by DJ Yvonne Monet at 7:30 p.m. Doors open at 7 p.m. and the fireworks will start at 9:45 p.m.
Philadelphia’s epic 2019 Fourth of July event will include live performances by Jennifer Hudson and Meghan Trainor, followed by a fireworks show. This year’s display will be set off to a live performance by the United States Army Field Band on the steps of the Philadelphia Museum of Art. The public can view the Wawa Welcome America festivities for free along the Benjamin Franklin Parkway from Eakin’s Oval to 20th Street. Performances kick off at 7 p.m. The events will be televised on NBC10, Telemundo62, Cozi TV, NBC Sports Philadelphia and TeleXitos.
Head to the DCR Hatch Shell on the Esplanade to watch the free concert and fireworks show, followed by the Boston Pops Fireworks Spectacular. The Boston Pops Orchestra has been performing at the Esplanade since July 4, 1929, and their concerts are a summer tradition.
The 2019 program includes appearances and performances by Queen Latifah, Arlo Guthrie and more. There is a rehearsal night with all guest artists — but no fireworks display — on July 3. You can tune in to the live concert stream on the Bloomberg website, Boston.com, BostonGlobe.com, BostonPopsJuly4.org and on the Boston Pops Fireworks Spectacular app for Apple and Android, or watch it on Bloomberg Television or 7News WHDH Boston in the Boston area. You can also tune into the audio of the performances on the Bloomberg Radio app, 106.1 FM, 1330 AM, 1450 AM, 92.9-HD2, 99.1WPLM-FM and SiriusXM channel 119.
Music City might be your best bet for the biggest Fourth of July parties and a grand fireworks display over the water. Nashville hosts several bands for free concerts on July 4, including the Nashville Symphony and Brett Eldredge for this year’s celebration. The 2019 event will have games and family-friendly activities including climbing walls, waterslides and more. The event will be broadcast live on CMT.
Enjoy a classic American celebration with a picnic on Lake Eola and a fun-filled evening of games, local music and family activities. The celebration ends with a 30-minute fireworks show over Lake Eola.
You’ll need to make your way to Lake Eola Park as early as 4 p.m. to secure your spot on the grass and participate in Independence Day festivities. The fireworks will be broadcast live on WKMG News 6.
Head to the beach for a night of live music, entertainment and a spectacular fireworks display. The free event takes place on Fort Lauderdale Beach at A1A and Las Olas Boulevard. Get there early to participate in beach games and contests, get your face painted and ride the waterslide.
The fireworks show is scheduled for 9 p.m. and will be simulcast with music on radio station 101.5 LITE FM.
Celebrate the red, white and blue at Fisherman’s Wharf for an unforgettable Independence Day event. You can explore the exhibits near the Pier 39 Entrance Plaza all day before catching the band performance from 3 p.m. to 6 p.m. The fireworks display begins at around 9:30 p.m. over the pier, weather permitting.
Las Vegas will be kicking off Fourth of July celebrations as early as the Wednesday prior to Independence Day, with revelries taking place through Saturday, according to Trip Savvy. You don’t have to pay a single dollar to see the fireworks over Caesars Palace, which will take place on July 6 this year. Fireworks go off at 9:15 p.m., and you can see the spectacle from the fountains out front. Other good viewing spots include the patio at Cabo Wabo Cantina, Paris’ Eiffel Tower and the suites at The Cosmopolitan. Mandalay Bay will have a smaller fireworks display on July 6.
Head to Seattle’s biggest fireworks show, visible from both Gas Works Park and South Lake Union Park. At Gas Works Park, guests can enjoy local food vendors, live entertainment, exhibits, a beer garden, a pie-eating contest and more. Admission to Gas Works Park is free, but reserved seating with the best views of the fireworks requires a ticket purchase. Lake Union Park will only be open to guests who are age 21 and older and will have an expansive beer garden. Tickets to Lake Union Park start at $40.
The Waterfront Blues Festival includes blues music all day at Tom McCall Waterfront Park and fireworks show starting around 10 p.m. You have to pay a $20 to $25 admission fee to attend the event, but you can watch the waterfront fireworks show free of charge at Portland bridges around the Willamette River. Make your way to the Hawthorne Bridge or Ross Island Bridge later in the evening to claim your viewing spot.
A free, all-day event at historic Fair Park will give you plenty of opportunities to celebrate. The park is home to several attractions, including the Texas Star Ferris Wheel and the Texas Discovery Gardens. Enjoy live music, games and other activities throughout the day at the Midway for $5, or just explore the grounds free of charge. Catch the fireworks display starting at approximately 9:30 p.m.
Patriotic celebrations run until 11 p.m. on July 4 at CityCentre, with a 15-minute fireworks show at 9:30 p.m. The entire event is free and you can enjoy a live performance from the People’s Choice Band, which will be playing country and pop, beginning at 7 p.m.
The biggest community celebration for the Fourth of July in Denver is held on July 3 and can be a great way to kick off your patriotic revelry. Independence Eve includes a concert with Chris Daniels & The Kings along with the Colorado Symphony, followed by a light show and fireworks show from the top of the Denver City and County Building.
Get there early with lawn chairs to claim your spot, and enjoy food from local food trucks, as well as craft beer and wine, on-site.
Kick off Independence Day with the Red, White & Boom! Twin Cities Half Marathon, Relay and 5K at 6:30 a.m. Enjoy music performances, movies and other family-friendly events throughout the day along the Minneapolis Riverfront.
This annual event attracts more than 75,000 people each year and ends with a grand finale fireworks show at 10 p.m. Catch free family activities at Father Hennepin Bluff Park and live music at Mills Ruins Park. The fireworks are shot from Water Power Park.
Each year, the USS Midway Museum hosts “A Family Fun July 4th Celebration” aboard the ship, which draws thousands of attendees and usually sells out. The event runs from 6 p.m. to 10 p.m. and includes a USO show and other live performances. The night culminates with the “Big Bay Fireworks” show, where attendees get unparalleled views of the four barge locations that launch fireworks. According to the USS Midway Museum, this fireworks display is the largest on the West Coast. Tickets for these year’s event are sold out, but costs ranged from $15 to $20.
There’s no fee to watch downtown Gatlinburg’s 20-minute fireworks show, which, according to Gatlinburg’s official website, has been recognized as a top 20 event by the Southeast Tourism Society. The best places to catch the show are around the city’s No. 3 and No. 5 traffic lights. The fireworks go off at 10 p.m.
Those looking for a VIP fireworks experience can find it aboard the USS Yorktown for the Fourth of July Fireworks Blast celebration. The Patriots Point Naval & Maritime Museum sells $125 VIP tickets to the event, which include an open bar, a catered barbecue meal and the best seats in the house — or on the ship in this case — to see the fireworks display. There are also general admission tickets to watch aboard the ship that sell for $50. Or, if you prefer, you can watch the fireworks for free onshore and enjoy live music, entertainment and children’s activities starting at 4 p.m. at Patriots Point. Fireworks are expected to begin between 9 p.m. and 9:15 p.m.
Click through todiscover the best hidden gem destinations in every state.
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Gabrielle Olyacontributed to the reporting for this article.
All event times are in the city’s local time.
This article originally appeared onGOBankingRates.com:The 23 Most Outrageous Fireworks Displays in America — and How To See Them |
New Pentagon chief hopes to win NATO allies' support on Iran
BRUSSELS, June 25 (Reuters) - Acting U.S. Defense Secretary Mark Esper said on Tuesday he hoped to recruit support from NATO allies this week for U.S. efforts to deter conflict with Iran and "open the door to diplomacy," as he made his first trip as Pentagon chief.
"Express with us the concern, outrage ... with regard to Iran's activities in the region. That would be a good first step," Esper said, when asked during his flight to Brussels what he wanted to see from allies in the North Atlantic Treaty Organization.
"And then secondly, to support any range of activities we may think merit participation to help, again, deter conflict and show that we're resolute. What we're trying to do, what we want to do, to close the door to conflict and open the door to diplomacy."
(Reporting by Phil Stewart; Editing by Richard Chang) |
Buy Shopify (SHOP) Stock Amid Analyst Optimism?
Shopify SHOP has been making noise as a possible Amazon AMZN alternative, and analysts are giving the Canada-based company a fighting chance against the ecommerce giant. Shopify unveiled its “shopper fulfillment network” last week that will allow third party merchants to better compete with Amazon’s delivery times. Analysts received the news of Shopify’s latest endeavor with open arms and the stock spiked 7% last week, adding to an already successful year of growth for the company. Through this latest venture, the company is acquiring new warehouses in various parts in the U.S and Canada. In addition, Shopify is also utilizing AI technology in order to get consumers their goods at a faster and more efficient rate.
Analyst Hype
Consumer packaged goods is one area where analysts at Rosenblatt believe that Shopify can thrive. This allows a business to take its product directly to the consumer and avoid competition from the likes of Amazon or Walmart WMT. Analysts at the firm went on to say “Consumer packaged brands have long been squeezed on the margin (pun intended) by Amazon and Walmart,” furthering the notion of an underlying opportunity for a business such as Shopify. This untapped facet of the industry could catapult Shopify into a position where it can actually compete with the likes of Amazon for a significant portion of the market.
Additionally, Summit Insights pointed out that Shopify’s new network can also appeal to merchants who are wary of Amazon’s white labeling practices. White labeling is a product or service produced by one company that other companies rebrand to make it appear as if they had made it. The firm commented “Merchants have expressed reservations when doing business on Amazon’s platform including concerns of Amazon white labeling their own product to compete,” displaying the existential precautious sentiment towards the Amazon practice. Summit went on to say that Shopify provides an appealing alternative to Amazon.
Bottom Line
Shopify is currently listed at a Zacks Rank #3 (Hold) with a Style Score of A in Growth. Our Zacks Consensus Estimates are currently calling for 100% earnings growth on top of a 42.9% revenue increase for the current quarter. This colossal triple digit earnings growth is expected to continue through the next fiscal quarter and decelerate to double digit growth for the remainder of this year and through the next.
Shopify also has a strong earnings history, boasting an average earnings surprise of 176%. And just last quarter, the company was able to beat our consensus estimate by 280%.
Furthermore, Shopify has been able to leave the broader Computer Software-Services industry in the rear-view mirror, outpacing its peers since 2016.
While Shopify’s growth has been undeniably remarkable, the stock does face some valuation issues. Shopify has a Zacks Style Score of F in Value, as it is currently trading at 546X its forward earnings to go along with a PEG ratio of 23.08. Both metrics are substantially higher than the industry averages. While potential investors will be paying for the stock’s growth up front, Shopify has the potential to sustain its incredible growth if they can continue to create innovative initiatives that can put them into serious competition with the likes of Amazon.
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Do Institutions Own Rubicon Minerals Corporation (TSE:RMX) Shares?
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The big shareholder groups in Rubicon Minerals Corporation (TSE:RMX) have power over the company. Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. We also tend to see lower insider ownership in companies that were previously publicly owned.
Rubicon Minerals is a smaller company with a market capitalization of CA$56m, so it may still be flying under the radar of many institutional investors. Taking a look at our data on the ownership groups (below), it's seems that institutions are noticeable on the share registry. We can zoom in on the different ownership groups, to learn more about RMX.
See our latest analysis for Rubicon Minerals
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.
As you can see, institutional investors own 22% of Rubicon Minerals. 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. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Rubicon Minerals, (below). Of course, keep in mind that there are other factors to consider, too.
We note that hedge funds don't have a meaningful investment in Rubicon Minerals. While there is some analyst coverage, the company is probably not widely covered. So it could gain more attention, down the track.
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.
Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.
Our information suggests that Rubicon Minerals Corporation insiders own under 1% of the company. It appears that the board holds about CA$431k worth of stock. This compares to a market capitalization of CA$56m. Many investors in smaller companies prefer to see the board more heavily invested. You canclick here to see if those insiders have been buying or selling.
The general public, who are mostly retail investors, collectively hold 77% of Rubicon Minerals shares. This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and the dividend payout ratio.
It's always worth thinking about the different groups who own shares in a company. But to understand Rubicon Minerals better, we need to consider many other factors.
I like to dive deeperinto how a company has performed in the past. You can accessthisinteractive graphof past earnings, revenue and cash flow, for free.
If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can checkthis free report showing analyst forecasts for its future.
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. |
Nevada utility announces three major solar projects with battery storage
June 25 (Reuters) - Nevada's largest utility NV Energy will procure 1,200 megawatts (MW) of solar electricity paired with batteries, or enough to power about 228,000 homes, as it seeks to double its renewable energy resources and move away from fossil fuels.
The addition of energy storage to all three projects underscores how important - and cheap - batteries have become as utilities seek to extend the working hours of their solar facilities.
"The energy during the day time when the solar panels without a battery produce power, though valuable, is not as valuable as the energy when the sun goes down in the summer when air conditioners are running at full capacity," Tom Buttgenbach, chief executive of 8minute Solar Energy LLC, which is developing one of three new solar and storage projects for Berkshire Hathaway Inc unit NV Energy, said in an interview on Tuesday.
The three solar projects will more than double the utility's renewable energy by 2023, NV Energy said in a statement late on Monday.
The projects include a 690 MW array with a 380 MW battery storage system on federal land near Las Vegas. The Gemini Solar project is being developed by Quinbrook Infrastructure Partners and Arevia Power, NV Energy said.
The Southern Bighorn Solar & Storage Center, developed by 8minute, will combine a 300 MW solar facility with a 135 MW lithium ion battery and will be located on the Moapa River Indian Reservation. The battery will provide 4 hours of storage to extend the power plant's effectiveness into the evenings.
8minute said the project will deliver power for about $35 per megawatt-hour, less than the cost of electricity generated by natural gas or coal.
The final project is a 200 MW plant with a 75 MW battery storage system on the Moapa Band of Paiutes Indian Reservation. It is being developed by EDF Renewables North America.
In April, Nevada passed a law requiring utilities to source 50 percent of their power from renewable sources by 2030. NV Energy said it has a long-term goal of serving customers with 100 percent renewable energy. (Reporting by Nichola Groom, editing by G Crosse) |
Should You Worry About NZME Limited's (NZSE:NZM) CEO Pay Cheque?
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In 2016 Michael Boggs was appointed CEO of NZME Limited (NZSE:NZM). 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. The aim of all this is to consider the appropriateness of CEO pay levels.
See our latest analysis for NZME
According to our data, NZME Limited has a market capitalization of NZ$98m, and pays its CEO total annual compensation worth NZ$1.2m. (This number is for the twelve months until December 2017). While we always look at total compensation first, we note that the salary component is less, at NZ$806k. We looked at a group of companies with market capitalizations under NZ$304m, and the median CEO total compensation was NZ$27k.
Thus we can conclude that Michael Boggs receives more in total compensation than the median of a group of companies in the same market, and of similar size to NZME Limited. However, this doesn't necessarily mean the pay is too high. We can better assess whether the pay is overly generous by looking into the underlying business performance.
The graphic below shows how CEO compensation at NZME has changed from year to year.
On average over the last three years, NZME Limited has grown earnings per share (EPS) by 94% each year (using a line of best fit). The trailing twelve months of revenue was pretty much the same as the prior period.
This demonstrates that the company has been improving recently. A good result. While it would be good to see revenue growth, profits matter more in the end. It could be important to checkthis free visual depiction ofwhat analysts expectfor the future.
Since shareholders would have lost about 13% over three years, some NZME Limited shareholders would surely be feeling negative emotions. So shareholders would probably think the company shouldn't be too generous with CEO compensation.
We compared the total CEO remuneration paid by NZME Limited, and compared it to remuneration at a group of similar sized companies. We found that it pays well over the median amount paid in the benchmark group.
Importantly, though, the company has impressed with its earnings per share growth, over three years. However, the returns to investors are far less impressive, over the same period. While EPS is positive, we'd say shareholders would want better returns before the CEO is paid much more. If you think CEO compensation levels are interesting you will probably really likethis free visualization of insider trading at NZME.
If you want to buy a stock that is better than NZME, 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. |
Stephen Moore, who was in consideration for the Fed, is considering joining a 'crypto central bank'
Who needs the Fed?
Economist Stephen Moore won't have a seat on the Federal Reserve afterwithdrawing his name from consideration. But in an email to Yahoo Finance on Tuesday, Moore confirms that he is in negotiations to join the team at Decentral. The story was first reported byFox Business Network.
“I've been just in the last few months really starting to study up on these cryptocurrencies, and what impact those will have on the government currencies,"Moore saidrecently onYahoo Finance's The Final Round.
According to Fox Business Network, Decentral is a “crypto central bank,” guided by group of entrepreneurs led by Sam Kazemian. They’re hoping to create a way to help stabilize cryptocurrencies.
Bitcoinhad more than doubled this year, even before Facebook(FB)and its partners unveiled thewhite paperfor Libra coin. Since the announcement, bitcoin is up another 22%.
Bitcoin's comeback has evenFed Chair Jay Powell answering crypto questionsat FOMC press conferences.
“Digital currencies are in their infancy,” Powell warned. “There are potential benefits here, there are also potential risks.”
Regarding the threat of crypto currencies replacing currencies backed by central banks, Powell said, “I think we’re a long way from that.”
Like Powell, Moore sees the risks and the benefits for crypto and central banks.
"This represents a new challenge for central bankers that they now have competition from private currencies,” Moore said. “And I think on balance, it's a good thing. And the big question now will be whether the Fed and whether this SEC that come out of these futures trading corporation, whether they will start regulating these cryptocurrencies.”
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Follow Jen on Twitter@jensaiditor Instagram@jenrogershere.
Read the latest financial and business news from Yahoo Finance
More Jen:
• ‘Unbreakable Kimmy Schmidt’ star Ellie Kemper explains why it’s okay to be a quitter
• Star Comedian Nick Kroll has ‘a major opinion about Facebook as a stock’
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