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Baseus power banks recalled after dozens of fires, 13 burn injuries 2024-06-27 18:36:00+00:00 - About 132,000 Baseus Magnetic Wireless Charging Power Banks sold online are being recalled after 171 reports of the lithium-ion batteries inside overheating. Those reports include 132 incidents of bulging or swelling batteries and 39 involving fires, resulting in 13 burn injuries and about $20,000 in property damage, according to a notice posted Thursday by the U.S. Consumer Product Safety Commission. The recalled power banks came in white, black, light blue and light pink, and have magnetic sides that attach to mobile phones. The recalled units have model numbers PPCXM06 or PPCXW06 on their magnetic side, and 20W on the non-magnetic side. Baseus Magnetic Wireless Charging Power Banks are being recalled after 171 reports of the lithium-ion batteries inside overheating. U.S. Consumer Product Safety Commission Made in China and imported by Shenzhen Baseus Technology Co., the recalled units were sold by AliExpress.com, Amazon.com and Baseus.com from April 2022 through April 2024 for between $18 and $55. Consumers are urged to stop using the recalled power banks and to contact Baseus for a full refund with proof of purchase, or to receive $36 without proof of purchase. Baseus and Amazon are notifying known purchasers directly, the notice said. People should not throw the recalled battery in the trash, but should instead follow the rules established by their local recycling center for damaged, defective or recalled lithium batteries, as they need to be handled differently. Refund requests can be submitted here. Those with questions can call Baseus at (855) 215-5824 Monday through Friday from 8 a.m. to 5 p.m. Eastern, the company said.
Tesla Bay Area plant ordered to stop spewing toxic emissions after repeated violations 2024-06-27 18:27:00+00:00 - Tesla on autopilot ends up on train tracks in Yolo County Tesla on autopilot ends up on train tracks in Yolo County 02:28 Tesla must fix air quality problems at its electric vehicle manufacturing facility in the San Francisco Bay Area after racking up more than 100 violations for allegedly releasing toxic emissions into the atmosphere over the last five years, an air quality board said Tuesday. The Bay Area Air Quality Management District planned to issue a written abatement order later this week after Tuesday's announcement. Each of the 112 violations can emit hundreds of pounds of illegal air pollution, the board said. The plant is in the city of Fremont, in the East Bay, and the agency's independent hearing board pointed to the facility's paint shop operations as a specific problem. The board has ordered Tesla to hire an independent consultant and develop a proposed implementation plan for approval, which it then must execute to stop the toxic emissions. "Tesla's ongoing violations at their Fremont facility pose a risk to public health and air quality in the surrounding community," Philip Fine, executive officer of the Bay Area Air Quality Management District, said in a news release. "This order is crucial to ensure that Tesla takes prompt and effective action to stop harmful emissions and comply with all air quality regulations to protect the health of those living near the facility." Tesla's public relations department did not immediately respond to a request for comment Wednesday. The board's announcement came as Tesla is recalling its futuristic new Cybertruck pickup for the fourth time in the U.S. to fix problems with trim pieces that can come loose and front windshield wipers that can fail. In February, a California judge ordered the company to pay $1.5 million as part of a settlement of a civil case alleging the company mishandled hazardous waste at its car service centers, energy centers and a factory. The complaint filed in San Joaquin County alleged illegal disposal of hazardous waste and violation of laws involving the storage and management of the waste. Prosecutors said Tesla cooperated with the investigation and acted to improve compliance with laws that were brought to its attention by the prosecutors.
Justice Department charges nearly 200 people in $2.7 billion health care fraud schemes crackdown 2024-06-27 18:04:30+00:00 - WASHINGTON (AP) — Nearly 200 people have been charged in a sweeping nationwide crackdown on health care fraud schemes with false claims topping $2.7 billion, the Justice Department said on Thursday. Attorney General Merrick Garland announced the charges against doctors, nurse practitioners and others across the U.S. accused of a variety of scams, including a $900 million scheme in Arizona targeting dying patients. “It does not matter if you are a trafficker in a drug cartel or a corporate executive or medical professional employed by a health care company,” Garland told reporters. “If you profit from the unlawful distribution of controlled substances, you will be held accountable.” In the Arizona case, prosecutors have accused two owners of wound care companies of accepting more than $330 million in kickbacks as part of a scheme to fraudulently bill Medicare for amniotic wound grafts, which are dressings to help heal wounds. Nurse practitioners were pressured to apply the wound grafts to elderly patients who didn’t need them, including people in hospice care, the Justice Department said. Some patients died the day they received the grafts or within days, court papers say. In less than two years, more than $900 million in bogus claims were submitted to Medicare for grafts that were used on fewer than 500 patients, prosecutors said. The owners of the wound care companies, Alexandra Gehrke and Jeffrey King, were arrested this month at the Phoenix airport as they were boarding a flight to London, according to court papers urging a judge to keep them behind bars while they await trial. An attorney for Gehrke declined to comment, and a lawyer for King didn’t immediately respond to an email from The Associated Press. Authorities allege Gehrke and King, who got married this year, knew charges were coming and had been preparing to flee. At their home, authorities found a book titled “How To Disappear: Erase Your Digital Footprint, Leave False Trails, and Vanish Without a Trace,” according to court papers. In one of their bags packed for their flight, there was a book titled “Criminal Law Handbook: Know Your Rights, Survive The System,” the papers say. Gehrke and King lived lavishly off the scheme, prosecutors allege, citing luxury cars, a nearly $6 million home and more than $520,000 in gold bars, coins and jewelry. Officials seized more than $52 million from Gehrke’s personal and business bank accounts after her arrest, prosecutors say. In total, 193 people — including 76 doctors, nurse practitioners, and other licensed medical professionals — were charged in a series of separate cases brought over about two weeks in the nationwide health care fraud sweep. Authorities seized more than $230 million in cash, luxury cars and other assets. The Justice Department carries out these sweeping health care fraud efforts periodically to help deter other potential wrongdoers. In another scheme targeting Native Americans, phony sober living homes were set up promising addiction treatment. Claims were then submitted for services that were never actually performed, officials said. Another case alleges a scheme in Florida to distribute misbranded HIV drugs. Prosecutors say drugs were bought on the black market and resold to unsuspecting pharmacies, which then provided the medications to patients. Some patients were given bottles that contained different drugs than the label showed. One patient ended up unconscious for 24 hours after taking what he was led to believe was his HIV medication but was actually an anti-psychotic drug, prosecutors say. ___ Follow the AP’s coverage of the U.S. Department of Justice at https://apnews.com/hub/us-department-of-justice.
Missouri governor says new public aid plan in the works for Chiefs, Royals stadiums 2024-06-27 18:04:29+00:00 - JEFFERSON CITY, Mo. (AP) — Missouri Gov. Mike Parson said Thursday that he expects the state to put together an aid plan by the end of the year to try to keep the Kansas City Chiefs and Royals from being lured across state lines to new stadiums in Kansas. Missouri’s renewed efforts come after Kansas approved a plan last week that would finance up to 70% of the cost of new stadiums for the professional football and baseball teams. “We’re going to make sure that we put the best business deal we can on the line,” Parson told reporters while hosting the Chiefs’ two most recent Super Bowl trophies at the Capitol, where fans lined up for photos. “Look, I can’t blame Kansas for trying,” Parson added. “You know, if I was probably sitting there, I’d be doing the same thing. But at the end of the day, we’re going to be competitive.” The Chiefs and Royals have played for over 50 years in side-by-side stadiums built in eastern Kansas City, drawing fans from both states in the split metropolitan area. Their stadium leases run until 2031. But Royals owner John Sherman has said the team won’t play at Kauffman Stadium beyond the 2030 season, expressing preference for a new downtown stadium. Questions about the teams’ future intensified after Jackson County, Missouri, voters in April rejected a sales tax that would have helped fund a more than $2 billion downtown ballpark district for the Royals and an $800 million renovation of the Chiefs’ Arrowhead Stadium. The tax plan faced several headwinds. Some Royals fans preferred the teams’ current site. Others opposed the tax. And still others had concerns about the new stadium plans, which changed just weeks ahead of the vote. The emergence of Kansas as an alternative raised the stakes for Missouri officials and repeated a common pattern among professional sports teams, which often leverage one site against another in an effort to get the greatest public subsidies for new or improved stadiums. Sports teams are pushing a new wave of stadium construction across the U.S., going beyond basic repairs to derive fresh revenue from luxury suites, dining, shopping and other developments surrounding their stadiums. On Tuesday, the city of Jacksonville, Florida, approved a $1.25 billion stadium renovation plan for the NFL’s Jaguars that splits the cost between the city and team. Many economists assert that while stadiums may boost tax revenue in their immediate area, they tend to shift consumer spending away from other entertainment and seldom generate enough new economic activity to offset all the public subsidies. Parson said “the Kansas City Chiefs and Royals are big business,” comparing them to large companies that have received public aid such as Boeing, Ford and General Motors. But he added that any deal “has to work out on paper, where it’s going to be beneficial to the taxpayers of Missouri.” “I think by the end of this year, we’re going to have something in place” to propose for the stadiums, Parson said. Missouri’s still undefined plan likely would require legislative approval, but Parson said he doesn’t anticipate calling a special legislative session before his term ends in January. That means any plan developed by Parson’s administration in partnership with Kansas City area officials also would need the support of the next governor and a new slate of lawmakers. Now that Kansas has enacted a financing law, discussions between the sports teams and the Kansas Department of Commerce could start at any time, but the agency has no timeline for finishing a deal, spokesperson Patrick Lowry said Thursday. ___ Associated Press writer John Hanna in Topeka, Kansas, contributed to this report.
Cellphone Outage in Europe Leaves Many U.S. Travelers Disconnected 2024-06-27 17:49:04+00:00 - Verizon told some of its customers on social media that it was also aware of the issue and that its teams were working with local providers to resolve it. A T-Mobile representative said the carrier was one of “several providers impacted by a third-party vendor’s issue that is intermittently affecting some international roaming service” and was also working to resolve it. George Lagos, a 70-year-old real estate developer from Dunedin, Fla., who is visiting the Greek island of Crete with his family, noticed on Wednesday that his T-Mobile cellular data was not working. For about 24 hours, he said, he was not able to reach the people he had made plans with, though luckily, they had already gone over the details together. “You know it’s an inconvenience, but it wasn’t a disaster,” said Mr. Lagos, whose service appeared to be restored by Thursday evening. “I didn’t miss a flight. I didn’t have a taxicab looking for me or anything.” But there was a more serious concern: His wife’s mother has been sick and Mr. Lagos’s wife could not reach the person who was helping take care of her.
Ex-Fujitsu engineer apologises at Post Office inquiry over ‘bandwagon’ claim 2024-06-27 17:43:00+00:00 - A former Fujitsu engineer has apologised for emails in which he accused Seema Misra, a high-profile victim of the Post Office’s Horizon IT scandal, of “jumping on the bandwagon” in questioning the reliability of the organisation’s computer system. Gareth Jenkins, a former senior engineer at Fujitsu, which developed the Horizon system, was giving evidence for a third day to a public inquiry examining why the Post Office wrongly prosecuted hundreds of branch operators for financial discrepancies before it emerged that the system was unreliable. Jenkins was questioned about the criminal prosecution of Misra, a post office operator who was pregnant with her second child in 2010 when she was convicted of theft and sentenced to 15 months in prison. Her conviction was overturned by the court of appeal in 2021. Jenkins was an expert witness for the Post Office at her trial. Jenkins told the inquiry that her prosecution by Post Office management had been “fairly chaotic” and agreed that he felt “uncomfortable” and put under pressure by Post Office management over the case. The inquiry was shown an email dated 1 March 2010 from Jenkins to a Post Office executive in which he wrote that Misra had “decided to jump on the bandwagon” and blame Horizon in her court case. Jenkins told the inquiry of his choice of words: “It was totally inappropriate on my part and I apologise.” He sent another email to a Post Office manager in February 2010 in which he wrote: “Please see email trail below. This is another example of postmasters trying to get away with ‘Horizon has taken my money’.” Jason Beer KC, counsel to the inquiry, asked: “Does that reveal what your mindset was in February 2010 when you were conducting investigations into Seema Misra’s case and providing witness statements?” Jenkins replied: “No. That is me, very poorly, trying to summarise what I thought was being laid out in the email trail below and I apologise for the wording that I used there.” Beer continued: “Did you believe that there were many examples of postmasters trying to get away with ‘Horizon has taken my money’?” Jenkins replied: “I can’t remember what I believed … I was trying to summarise the email trail below. I didn’t believe there were any problems with Horizon that were causing Horizon to lose money.” Jenkins was asked why he had not felt the need to take legal advice about whether to include details in his witness statement about an IT bug found in a Derby branch. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion “You were stepping out of the computer lab and walking into a court, weren’t you?” said Beer. Jenkins said: “I didn’t realise there was that difference I needed to worry about and no one advised me as to that.” Jenkins was asked about whether he was now “untroubled” or “happy” with his witness evidence at Misra’s trial. He replied: “At the time, I was. I clearly appreciate now that it was not as good as it should have been. But at the time, I felt happy with it.” The inquiry heard that he was told in an email by a colleague after Misra’s trial: “Nice one Gareth. Looks like you now have a sideline of resident expert witness in future Post Office fraud cases.” The inquiry heard that Jenkins was used as a witness in a number of prosecutions after 2010. He said he now realised that “he didn’t understand what an expert witness was” or its “legal niceties”. The inquiry continues.
Giant sinkhole swallows the center of a soccer field built on top of a limestone mine 2024-06-27 17:09:29+00:00 - ALTON, Ill. (AP) — A giant sinkhole has swallowed the center of a soccer complex that was built over an operating limestone mine in southern Illinois, taking down a large light pole and leaving a gaping chasm where squads of kids often play. But no injuries were reported after the sinkhole opened Wednesday morning. “No one was on the field at the time and no one was hurt, and that’s the most important thing,” Alton Mayor David Goins told The (Alton) Telegraph. Security video that captured the hole’s sudden formation shows a soccer field light pole disappearing into the ground, along with benches and artificial turf at the city’s Gordon Moore Park. The hole is estimated to be at least 100 feet (30.5 meters) wide and up to 50 feet (15.2 meters) deep, said Michael Haynes, the city’s parks and recreation director. “It was surreal. Kind of like a movie where the ground just falls out from underneath you,” Haynes told KMOV-TV. The park and roads around it are now closed indefinitely. New Frontier Materials Bluff City said the sinkhole resulted from “surface subsidence” at its underground mine in city, located about 25 miles (40 kilometers) north of St. Louis along the Mississippi River. The collapse was reported to the federal Mine Safety and Health Administration, as required, company spokesman Matt Barkett said. He told The Associated Press the limestone mine is located about 170 feet (52 meters) below ground and it’s his understanding that it runs under the city park where the sinkhole appeared. “The impacted area has been secured and will remain off limits for the foreseeable future while inspectors and experts examine the mine and conduct repairs,” Barkett said in a statement. “We will work with the city to remediate this issue as quickly and safely as possible to ensure minimal impact on the community.” Haynes said he doesn’t know how the sinkhole will be fixed but that engineers and geologists will most likely be involved in determining the stability of the ground and surrounding areas.
Pro-Russian propagandists are sure happy that Julian Assange is free. We should be worried. 2024-06-27 16:51:53+00:00 - The grouping of pro-Russian propagandists and far-right political figures cheering WikiLeaks founder Julian Assange’s release from custody makes me feel like we should be spending much more time discussing the potential national security implications. My colleague Rachel Maddow did a great job on Monday giving background on Assange — from his exposure of secrets about the United States’ war in Afghanistan to his role, wittingly or not, in a plot to disseminate hacked documents Russian agents stole from the Democratic National Committee in 2016. Maddow’s segment explains why some people, like some journalists, view Assange as a hero of the free press, while others, like Donald Trump and his allies, have openly praised Assange or WikiLeaks for their complicity in what was ultimately found to be Russia’s pro-Trump attack on the 2016 election. And then there are folks like me who don’t trust Assange as far as I can throw him. With that in mind, The Washington Post’s report on Assange’s “far-left” and “far-right” supporters hyping his release piqued my interest. It mentions Georgia Republican Rep. Marjorie Taylor Greene and independent presidential candidate Cornel West as two people with ostensibly opposing worldviews who’ve touted Assange’s release. But one clear through line connecting Greene and West is their promotion of pro-Russia propaganda. And the same can be said for many others cited in the Post’s report: The curious mix of Assange’s most vocal supporters included independent presidential candidate Robert F. Kennedy Jr., who said he was ‘overjoyed’ at the news, and former Fox News personality Tucker Carlson, who called Assange ‘a good man.’ The Green Party, former Republican presidential candidate Vivek Ramaswamy, former libertarian lawmaker Justin Amash and former Democratic presidential candidate-turned-Republican booster Tulsi Gabbard all celebrated Assange’s release. Amash is the only one in that group not known for promoting pro-Kremlin talking points or receiving the Kremlin’s political support. Similarly, the Daily Beast also published an article on the “Kremlin mouthpieces” who have hyped Assange’s release while, without irony, portraying the U.S. legal system as an unlawful “deep state.” From the Daily Beast: Kremlin propagandists certainly were thrilled to see Assange walking free Tuesday. In addition to [Russia Today editor-in-chief Margarita] Simonyan, former Vladimir Putin adviser Sergei Markov hailed Assange’s release as a win in the ongoing battle against the ‘deep state.’ Assange, he said, is a ‘symbol of the uncovering of secret crimes of the U.S. deep state.’ One popular pro-Kremlin Telegram channel even went so far as to liken Assange to two Russian figures convicted in the U.S., respectively, of arms dealing and drug smuggling — arguing that they were all victims of an out-of-control U.S. justice system: ‘The case of Julian Assange is on par with the cases of Russians Viktor Bout and Konstantin Yaroshenko.’ At this point, none of us knows with certainty what Assange has planned for his life as a free man. Maybe he plans to go home, binge Netflix and leave geopolitics alone. But none of us should take that for granted, and we should be on alert. Because it’s starting to feel a lot like 2016 again with regard to national security. The United States’ ability to guard against foreign manipulation campaigns appears weakened compared to 2020. Social media platforms are rife with right-wing propaganda and misinformation. And counterintelligence threats who aided the Kremlin’s pro-Trump manipulation efforts, such as Paul Manafort and Julian Assange, are walking free, all to the delight of their Russophilic supporters.
Walgreens Plans ‘Significant’ Store Closures, Citing Weak Consumer Spending 2024-06-27 16:33:09+00:00 - Walgreens is planning to close more of its roughly 8,700 stores in the United States, its parent company said on Thursday, after the retail pharmacy giant reported third-quarter earnings that fell short of analyst expectations. The pharmacy chain also cut its profit outlook for the year, citing worse-than-expected consumer spending. “We witness continued pressure on the U.S. consumer,” Tim Wentworth, the chief executive of Walgreens Boots Alliance, told investors during an earnings call on Thursday. “Our customers have become increasingly selective and price-sensitive in their purchases.” As of February, Walgreens has closed 625 U.S. stores. The company did not specify how many additional stores it would close as part of its “significant multiyear” program to cut back on costs. But roughly a quarter of the pharmacy chain’s U.S. stores — those that the company doesn’t see as crucial to its long-term strategy — could be affected, Mr. Wentworth said.
GOP’s McCarthy changes his mind (again) about Biden’s acuity 2024-06-27 16:25:42+00:00 - While presidential hopefuls routinely try to raise expectations for their rivals ahead of debates, Donald Trump has done largely the opposite, telling the public that President Joe Biden “can’t put two sentences together” and is “the WORST debater“ the former president has seen. Complicating matters is the fact that the Republican and his allies have pushed similar messages throughout Biden’s term, eagerly trying to convince the electorate that the Democratic incumbent is borderline comatose. In May 2022, for example, Sen. Rick Scott declared, “Let’s be honest here: Joe Biden is unwell.” The right-wing Floridian went on to say at the time, “He’s unfit for office. He’s incoherent, incapacitated, and confused. He doesn’t know where he is half the time.” The problem for Republicans isn’t just that such rhetoric is ugly and offensive. What’s more, the problem isn’t just that the attacks are wrong and contradicted by officials — from both parties — who’ve interacted with the incumbent president. The politically salient problem is that the GOP has lowered expectations so low for Biden that he’s likely to pleasantly surprise viewers to tonight’s debate if the Democrat manages to stay awake for the entire event. With this in mind, some Republicans, just over the last few days, have decided to start pushing back in the opposite direction — claiming that the president might not be in such bad shape after all. Take former House Speaker Kevin McCarthy, for example. Media Matters noted: On the eve of the first presidential debate, McCarthy took to Fox News to urge the pro-Trump network not to lower expectations for Biden, highlighting instances where he previously found the president “really engaging.” ... McCarthy also told Watters he was “concerned” about how “serious” Biden was treating his rigorous debate prep and recounted an anecdote in which he said the president was “fully engaged” after attending the 2023 G7 summit. Hmm. When then-House Speaker Kevin McCarthy launched a debt ceiling crisis last year, the California Republican offered to bring “soft food” to the White House, suggesting that Biden was too old to eat anything else. Politico reported, however, that McCarthy made entirely different comments in private, “telling allies that he found the president sharp and substantive in their conversations.” Earlier this month, the former House speaker nevertheless served as a key source to The Wall Street Journal for a report about Biden showing “signs of slipping.” Last night on Fox News, McCarthy went in the opposite direction once more, talking up instances in which he was impressed with the incumbent president’s acuity. Stepping back, it appears McCarthy — who’s eyeing a job on Trump’s team in a possible second term — will apparently say that Biden is sharp as a tack or falling apart, depending on what suits the former speaker’s interests at the moment. But McCarthy’s contradictions are also emblematic of a larger truth: As the president and his immediate predecessor prepare to share a stage, Biden’s GOP detractors are struggling mightily to keep their stories straight.
US supreme court blocks Purdue Pharma’s bankruptcy settlement that would shield Sacklers from lawsuits 2024-06-27 16:21:00+00:00 - Conservative bloc Alito – Majority Barrett – Majority Gorsuch – Majority Kavanaugh – Minority Roberts – Minority Thomas – Majority Liberal bloc Jackson – Majority Kagan – Minority Sotomayor – Minority The US supreme court has rejected painkiller maker Purdue Pharma’s bankruptcy settlement plan that included an extraordinary measure to protect its Sackler family owners from further liability over the American opioid epidemic, in exchange for providing funds for compensation and rehabilitation treatment. The 5-4 decision, written by Justice Neil M Gorsuch, was backed by Justices Clarence Thomas, Samuel A Alito Jr, Amy Coney Barrett and Ketanji Brown Jackson. “The Sacklers seek greater relief than a bankruptcy discharge normally affords, for they hope to extinguish even claims for wrongful death and fraud, and they seek to do so without putting anything close to all their assets on the table,” Gorsuch wrote in the opinion. “Describe the relief the Sacklers seek how you will, nothing in the bankruptcy code contemplates (much less authorizes) it.” Justice Brett M Kavanaugh, Chief Justice John G Roberts Jr and Justices Sonia Sotomayor and Elena Kagan dissented. Kavanaugh wrote in his dissent that he felt the “decision is wrong on the law and devastating for more than 100,000 opioid victims and their families”. The ruling in the case of Harrington v Purdue Pharma blocks a controversial deal approved by a federal bankruptcy court in New York that was first knocked down by a district court, then upheld on appeal before being put on hold while the US Department of Justice challenged it at the supreme court. Oral arguments were heard last December. The deal was constructed to allow Purdue, the Connecticut company behind the prescription opioid OxyContin, to restructure and also shield the relevant Sackler billionaires without them having to declare personal bankruptcy. The family agreed to contribute $6bn to the settlement from the vast fortune they made from OxyContin and give up ownership. The company wanted to use the bankruptcy agreement to resolve thousands of lawsuits, many filed by state and local governments across the US, alleging that Purdue Pharma fueled a crisis that ultimately killed half a million Americans by claiming its flagship drug was non-addictive while incentivizing massive over-prescribing. US solicitor general Elizabeth Prelogar had argued that the release of the Sacklers from future liability is not authorized by the bankruptcy code and constitutes an “abuse of the bankruptcy system.” After years of litigation and scandal, court filings showed that 95% of creditors in the Purdue bankruptcy case had agreed to sign on to the plan, although many reluctantly, partly seeing it as the only way to finally get some recompense. But several states, Canadian municipalities and Indigenous tribes, and more than 2,600 individuals, including high-profile activists, were opposed. The US government argued that a settlement could be forged without resorting to the protections of chapter 11 bankruptcy law or releasing the billionaire Sacklers behind the company from liability. The supreme court ruling now leaves matters between the company and plaintiffs unresolved. The case is seen as having consequences for other corporate bankruptcies where company owners or officials want immunity from liability. “This is a victory for all Americans – a victory for everybody that wealthy wrong-doers don’t have the right to receive liability and write the law, that anybody can stand up against them and protect their rights under the constitution,” said Mike Quinn, who represents Ellen Isaacs, whose son Ryan died after becoming dependent on Oxycontin and who filed a brief in support of the plaintiffs in the supreme court case. “And it shows us that Miss Isaacs’s son didn’t die in vain.” Quinn has also been closely involved in opposing the Purdue-Sackler bankruptcy deal with PAIN, an activist group fronted by photographer Nan Goldin that conducted public protests at international art museums that were financially supported by the Sackler family. His clients, he said, were now “considering their options” as the bankruptcy deal is likely to be sent back to the court.
Number of UK income tax payers leaps by 4.4m in three years due to threshold freeze 2024-06-27 16:08:00+00:00 - The number of people dragged into paying income tax in the UK has leapt by an estimated 4.4 million in three years because of the government’s freeze on thresholds, official data shows, a statistic likely to reignite the election debate on tax. The figures show that a continuing freeze on income tax thresholds, seen as a stealth tax by some, has pulled an extra 1.77 million pensioners into the income tax bracket. The Conservative party has said it would keep the thresholds unchanged until 2028, although it has promised to increase personal tax allowances for pensioners. HM Revenue and Customs (HMRC) data shows that in 2024-25 there are an estimated 37.4 million income tax payers, up from 33 million when personal income tax thresholds were frozen in the 2021-22 tax year. That includes 8.5 million taxpayers above state pension age, 26% more than the figure of 6.7 million recorded in 2021-22. The Conservatives are likely to use this statistic to tout their tax offer to pensioners, known as the “triple lock plus”. This would tie an annual rise in personal allowances for pensioners to the increase in pensions under the so-called triple lock, which equates to whichever is the highest from average earnings growth, inflation, or 2.5%. Labour has not committed to this policy. It has also said it would stick to the current plan for tax thresholds to remain the same to 2028. Tax has been one of the main battlegrounds of the election campaign, with Rishi Sunak repeatedly claiming people would pay higher taxes under Labour. Keir Starmer and his team say they will not raise income tax, national insurance or VAT, and argue that the Conservative manifesto is not properly funded. There has been criticism that both main parties are being opaque over tax and spending plans, with the Institute for Fiscal Studies thinktank saying this week it was deliberately not focusing on the hard fiscal choices to be made, whoever wins. Commentators have repeatedly said the tax threshold freeze is dragging more low-income households into paying basic-rate tax, which starts at income of £12,570 a year. Increasing numbers of people are also pulled into the higher 40% rate of tax, which in England, Wales and Northern Ireland begins at £50,270 a year (the higher tax rate and income band are different in Scotland). This phenomenon, called “fiscal drag”, raises billions for the Treasury and has been called a stealth tax by critics and tax experts. Overall, the figures show that in 2024-25 there are an estimated 29.5 million basic rate taxpayers, up 2.1 million since 2021-22. The number of UK higher-rate taxpayers has increased to 6.31 million from just over 4.4 million over the same period. Sarah Coles, head of personal finance at the investment firm Hargreaves Lansdown, said: “The agonising pain inflicted by fiscal drag and cuts to dividend allowances has been laid bare, with millions more people paying tax, and billions of pounds more being raked in.” On the figures relating to older people, the former pensions minister Steve Webb said the data showed the frozen tax thresholds, combined with significant increases in the state pension, meant the number of pensioners paying tax had “continued to soar”. It is the continuation of a long-term trend under which the number of over-65s paying tax has increased by about 4 million since 2010-11, said Webb, now a partner at the actuarial business LCP. “For a pensioner in Britain, being an income tax payer is now the norm rather than the exception,” he said. Just under 2.5 million pensioners now receive state pensions which, on their own, are in excess of the personal tax allowance, according to a recent LCP analysis. Most of these were older pensioners on the old basic state pension who also qualified for the “additional state pension” – also known as the state earnings-related pension scheme (Serps) or state second pension – it said. Rachael Griffin, tax and financial planning expert at the wealth management firm Quilter, said: “This morning’s statistics from HMRC reveal the continued impact of the Conservative government’s stealth tax agenda, as the number of people being pulled into the higher and additional rate tax brackets has continued to soar as a result of frozen tax thresholds and the ongoing impact of fiscal drag.”
Purdue Opioid Settlement on Verge of Collapse After Supreme Court Ruling 2024-06-27 16:06:03+00:00 - The hard-fought settlement of thousands of lawsuits against Purdue Pharma was close to capsizing on Thursday, after the Supreme Court rejected liability protections for the company’s owners, members of the billionaire Sackler family. The ruling effectively prevents the release of billions of dollars that could help alleviate the ravages of opioid addiction. The future of the cases, some of which are a decade old, is now in limbo, as states, local governments, tribes and more than 100,000 individuals who sued the company, best-known for its prescription painkiller OxyContin, figure out next moves. The court struck down a condition that the Sacklers had long insisted upon: immunity from all current and future opioid lawsuits in return for payments of up to $6 billion to plaintiffs. In a statement, Purdue called the decision “heart-crushing,” because the settlement had been agreed to by an overwhelming majority of plaintiffs.
BlackBerry Stock: Strong Earnings, Profitability Challenges Ahead 2024-06-27 15:48:00+00:00 - BlackBerry NYSE: BB, one of the many companies that was once part of the “meme stocks” craze, is a technology firm that has transitioned its business from its handheld devices of the 2000s. The firm's operations now revolve around cybersecurity and Internet of Things (IoT) solutions. With a market capitalization of $1.5 billion, it's still a somewhat large firm but has experienced dreadful performance recently. BlackBerry Today BB BlackBerry $2.45 +0.24 (+10.86%) 52-Week Range $2.20 ▼ $5.75 Price Target $3.45 Add to Watchlist The share price is down nearly 54% over the last 12 months as of Jun. 26. This isn't surprising given it has reported negative to barely positive earnings over the last several quarters. The firm released its fiscal year 2025 first-quarter earnings on Jun. 26, 2024. Shares have been increasing since the earnings release as the firm nears closer to consistent profitability. Let’s dive into the company’s products and services, recent earnings report, and outlook for the future to understand how investors should think about the firm. Get BlackBerry alerts: Sign Up BlackBerry’s Business Lines: AI Cybersecurity and Internet of Things Solutions BlackBerry has two main cybersecurity solutions: Cylance and Unified Endpoint Management (UEM). Cylance utilizes AI to detect and prevent cybersecurity threats directed at endpoint devices such as smartphones, computers, and tablets. 24/7 threat monitoring and providing secure access to applications to prevent the loss of data are other essential features. It also provides intelligence tools to analyze trends in cyberattacks and help businesses find preventative solutions. Unified Endpoint Management works to secure information on mobile devices. This includes secure file sharing, voice and text messaging, and protecting information stored within apps. Two notable products in BlackBerry’s Internet of Things business are BlackBerry QNX and BlackBerry IVY. QNX provides real-time operating systems for connected devices in the automotive, medical, and industrial industries. These precise operating systems enable many custom-built machines, like those in a car, to converse seamlessly. BlackBerry IVY, developed with Amazon Web Services, uses AI to securely deliver data and insights to automakers. Automakers use this information to improve customer experiences. It's compatible with a wide variety of vehicle models and brands. BlackBerry monetizes these products through licensing agreements. Some competitors in the cybersecurity space include Broadcom NASDAQ: AVGO, CrowdStrike NASDAQ: CRWD, and SentinelOne NYSE: S. BlackBerry's Earnings Report: Solid Results Highlight IoT Growth But Cybersecurity Decline BlackBerry beat earnings per share (EPS) estimates by one cent, reporting a loss of $0.03 versus a $0.04 expected loss. It also beat on revenue, reporting $144 million versus $132 million expected. There were differing results for the cybersecurity and IoT segments. Cybersecurity revenue fell by $8 million from the previous year, while IoT revenue rose by $8 million. This equates to a decline of 9% for cybersecurity and a growth of 18% for IoT. BlackBerry Limited (BB) Price Chart for Thursday, June, 27, 2024 This has positives and negatives. Cybersecurity is the more significant segment, accounting for 59% of total revenue. Seeing the most critical segment of the firm's business contracting is a red flag. Yet, the IoT segment has significantly higher gross margins at 81% versus 59% for cybersecurity. Growth in the firm's higher-margin segment will go a long way in helping it achieve profitability. BlackBerry did well in increasing its overall gross margins to 67% from 48% last year, but revenue was down 61%. This contributed to an adjusted EPS of negative $0.03 versus positive EPS of $0.06 last year. BlackBerry needs to find a way to increase its gross margins and get back to its higher revenue levels if it's hoping to be consistently profitable. BlackBerry's Outlook: Challenges to Profitability Amidst Automotive Royalty Backlogs BlackBerry MarketRank™ Stock Analysis Overall MarketRank™ 2.01 out of 5 Analyst Rating Hold Upside/Downside 40.8% Upside Short Interest Bearish Dividend Strength N/A Sustainability N/A News Sentiment 0.38 Insider Trading N/A Projected Earnings Growth Growing See Full Details It seems unlikely that Blackberry will be able to achieve profitability this year. Its guidance shows a midpoint revenue of $602 million for the full year. This means, on average, it predicts quarterly revenue of $150 million. The firm had operating expenses of $135 million last quarter, a 29% drop from last year. It's hard to see how the company will be able to further reduce its operating costs to allow an overall profit once it accounts for costs of goods sold (COGS). COGS came in at $48 million last quarter. One source of hope for near-term profitability is the firm’s $815 million in royalty backlogs associated with systems it provides to automakers. These are payments the firm expects to receive that haven't been paid due to backlogs in automotive production. If automotive production picks up, it'll be a big boost for BlackBerry. The average updated analyst price target comes in at $2.90, implying a moderate upside. Before you consider BlackBerry, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and BlackBerry wasn't on the list. While BlackBerry currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Boeing blasted by US regulator for revealing panel blowout details to media 2024-06-27 15:46:00+00:00 - Boeing has been sanctioned by the top US accident investigator for having “blatantly violated” regulations by revealing private information to the media and speculating about what caused January’s cabin panel blowout on a brand-new airplane operated by Alaska Airlines. The National Transportation Safety Board (NTSB) said it is cooperating with the Department of Justice, which is deciding whether to prosecute Boeing after declaring it had breached a settlement over two fatal crashes in 2018 and 2019. After a door plug blew off a 737 Max 9 shortly after it took off from Portland, Oregon, forcing an Alaska Airlines crew to engineer an emergency landing, the NTSB launched an investigation. The panel appeared to be missing four key bolts, it found. In an excoriating statement on Thursday, the NTSB said Boeing violated its regulations and a signed agreement the agency has with the company by providing “non-public investigative information” and “speculating about possible causes” of January’s incident during a media briefing. “As a party to many NTSB investigations over the past decades, few entities know the rules better than Boeing,” the NTSB said. Under new restrictions and sanctions imposed by the agency, Boeing will no longer have access to information the agency produces as it continues its investigation. Boeing organized the media briefing, which took place on Tuesday, as it scrambled to tackle the concerns of regulators, airlines and passengers about quality and safety on its production line. But an executive at the company “provided investigative information and gave an analysis of factual information previously released”, the NTSB said. Both actions are banned under Boeing’s agreement with the agency, signed at the start of the Alaska investigation. The NTSB said Boeing had painted the agency’s investigation “as a search to locate the individual responsible for the door plug work” during the briefing. This is not the case, it clarified: “The NTSB is instead focused on the probable cause of the accident, not placing blame on any individual or assessing liability.” After hearing about the briefing, the NTSB demanded additional information from Boeing, which provided a transcript that the agency said showed the disclosure of unverified and unauthorized information. “In addition, Boeing offered opinions and analysis on factors it suggested were causal to the accident.” The NTSB said it plans to “provide details” of the incident to the justice department’s fraud division. skip past newsletter promotion Sign up to First Thing Free daily newsletter Our US morning briefing breaks down the key stories of the day, telling you what’s happening and why it matters Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion A spokesman for Boeing said: “As we continue to take responsibility and work transparently, we conducted an in-depth briefing on our safety and quality plan and shared context on the lessons we have learned from the 5 January accident. “We deeply regret that some of our comments, intended to make clear our responsibility in the accident and explain the actions we are taking, overstepped the NTSB’s role as the source of investigative information. We apologize to the NTSB and stand ready to answer any questions as the agency continues its investigation.”
Second Stage Becomes First Broadway Nonprofit in Decades to Name New Leader 2024-06-27 15:30:08+00:00 - Second Stage Theater, one of the four nonprofit organizations with Broadway houses, on Thursday named a new artistic director as the sector braces for a wave of leadership turnover. Founded in 1979 and distinguished by its commitment to presenting work by living American writers, Second Stage said that its board had chosen Evan Cabnet as its next artistic director. Cabnet is currently the artistic director of LCT3, Lincoln Center Theater’s program for emerging writers, directors and designers. Cabnet will succeed Carole Rothman, one of the theater’s founders, who led the organization for 45 years and is stepping down in August. Second Stage has a proud history of presenting acclaimed work, including the Pulitzer-winning shows “Between Riverside and Crazy,” “Water by the Spoonful” and “Next to Normal.” Its plays and musicals have won multiple other honors; most recently, the organization’s production of “Appropriate” won this year’s Tony Award for best play revival. Second Stage owns Broadway’s smallest house, the 600-seat Hayes Theater. Like many nonprofit theaters, Second Stage has reduced its footprint since the pandemic — it let go of its Off Off Broadway space on the Upper West Side, and at the end of this year is letting go of its Off Broadway venue in Times Square, although it plans to continue to produce such work in other spaces, starting next spring at the Pershing Square Signature Center. The organization currently has 47 staffers and an annual budget of $27 million; this season it is planning to stage two Broadway shows, two Off Broadway shows and a Next Stage Festival for early-career work.
Progress Software Stock Back in the Green After Beating Forecasts 2024-06-27 15:18:00+00:00 - Progress Software Today PRGS Progress Software $54.24 -0.70 (-1.27%) 52-Week Range $48.00 ▼ $62.34 Dividend Yield 1.29% P/E Ratio 33.07 Price Target $63.14 Add to Watchlist Progress Software NASDAQ: PRGS is a technology company within the systems software sub-industry. The stock reached its 2024 low on Jun. 20, when it was down nearly 11% year to date. The firm reported its second-quarter financial results on Jun. 25, 2024, and is back in the green, now up almost 2% on the year. The firm's results impressed the market, with the stock shooting up nearly 13% on the day following the release. Let's explore Progress Software's products, recent financial results, and outlook to understand whether this is a name to consider adding. Get Oracle alerts: Sign Up Explore Progress Software's Product Lineup: AI-Powered Solutions for Developers The firm's 2023 annual financial report, or Form 10-K, provides descriptions of 12 different software products the firm offers. The firm's main products allow software developers to create, deploy, and manage their applications more efficiently. It also provides software that enables secure file transfer and a solution that enables data sharing between different applications. Some of the most notable products include Progress OpenEdge, Progress Chef, and Progress Developer Tools. Many of these products are AI-powered. The firm monetizes these products mainly through perpetual licenses, which allow the use of the software indefinitely. It also offers renewable term licenses on some products and a subscription model for its cloud-based offerings. Along with its licenses, the firm also provides product maintenance that gives access to software updates and technical support. Purchasers of perpetual licenses have the option, but not the requirement, to add maintenance support. The firm actually makes the majority of its revenues from its maintenance services. 58% of total revenue came from this stream in 2023. Progress does not identify any direct competitors in its annual filing, but some companies that offer similar products include Amazon (NASDAQ: AMZN), Microsoft NASDAQ: MSFT, and Oracle NYSE: ORCL. Progress Software's Impressive Financial Results: Surpassing Expectations Results surpassed expectations on many fronts. Second-quarter revenues were $175 million, beating out the $170 million guidance midpoint and the $169 million consensus estimate. Earnings per share (EPS) also beat expectations, coming in at $1.09, well above the guidance midpoint and consensus estimate of $0.95. Other essential measures shined as well. Annual recurring revenue (ARR) was $579 million. This measures the value of all contractually binding agreements the firm has in place. Contracts provide a reliable source of revenue, ensured by their legal binding. About 83% of the firm’s total revenue comes from annually recurring sources. The Net Retention Rate was 99%, which measures the firm’s ability to renew or replace annual recurring revenue. Progress Software Co. (PRGS) Price Chart for Thursday, June, 27, 2024 Days Sales Outstanding (DSO) has also been consistently improving. DSO measures how many days it takes to convert sales purchased on credit into cash. DSO was at 50 days in Q2 2023 and dropped to 44 days in Q1 2024. It fell again to 41 days in Q2 2024. This shows the firm is getting paid by customers faster and is consistently becoming more capable in that area. Lastly, adjusted free cash flow grew by 33% from Q2 2023. Overall, this was an impressive report from Progress. Progress Software’s Guidance and Outlook: Increased 2024 Revenue and EPS Projections Not only did Progress show impressive backward-looking results, but it also raised its future expectations. The company raised its fiscal year 2024 revenue guidance by $3 million and increased its EPS by 5 cents. Analysts are bullish on the stock, with five buy ratings and two holds. The average price forecast sits at $63.14, implying a 15% upside. The firm has a projected earnings growth rate of 9%, on the low side relative to its industry. Progress Software MarketRank™ Stock Analysis Overall MarketRank™ 3.96 out of 5 Analyst Rating Moderate Buy Upside/Downside 16.4% Upside Short Interest Bearish Dividend Strength Moderate Sustainability -0.67 News Sentiment 0.56 Insider Trading Selling Shares Projected Earnings Growth 9.09% See Full Details In the firm’s quarterly earnings conference call, executives detailed the initiatives the firm is pursuing going forward. These include further integrating generative AI into its products and using AI internally to optimize the company's operations. The firm is also actively involved in M&A activity. It is currently conducting due diligence on the potential acquisition of Irish software company MariaDB. Lastly, the firm is dealing with the aftermath of a data breach that involved one of its products. At the end of May, the Spanish Data Protection Agency informed Progress that it would not take regulatory action against the firm. Progress Software’s recent earnings report was impressive, but the modest implied upside and projected growth are concerning. However, the firm has made a habit of consistently beating its estimates, so it's possible it can do much better than analysts expect over the long term. Before you consider Oracle, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Oracle wasn't on the list. While Oracle currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Goldman Sachs Raises Stock Target for Affirm: Key Insights 2024-06-27 15:02:00+00:00 - Despite what most market investors may believe, the new business model taking over the consumer discretionary sector and even the financial industry is here to stay much longer. Known as buy now, pay later (BNPL), this business model is precisely what today’s consumer needs as the U.S. economy remains somewhat directionless. Affirm Today AFRM Affirm $30.46 -0.95 (-3.02%) 52-Week Range $12.81 ▼ $52.48 Price Target $32.66 Add to Watchlist Inflation-choked consumers have had to resort to credit, which is not working today. According to reports by banks like Bank of America and other financial institutions, credit card delinquencies have been rising lately. Investors can check this trend inside the Federal Reserve’s economic data website and notice how delinquencies are now back to levels not seen since the fourth quarter of 2011. Get Affirm alerts: Sign Up Because credit cards are becoming a less viable option for consumers, this BNPL service brings consumers a lifeline. There is one major company in the space, with few competitors, that stock is Affirm Holdings Inc. NASDAQ: AFRM, and its path to help today’s consumer has earned it some of Wall Street’s love; here’s how. Keeping Up with Affirm: The Main Drivers Fueling Stock Growth Shares of Affirm are now trading at 60% of their 52-week high prices, which would be synonymous with the term ‘beaten down.’ However, investors will find many reasons why this price level is unjustified, all within the company’s third quarter 2024 quarterly earnings release. Starting with some of Affirm’s key performance indicators (KPIs), here’s what investors will immediately notice. Gross merchandise volume grew to $6.3 billion, or 36% over the year. This roughly translates into $576 million in revenue, which also jumped by an attractive 51% over the year. Gross profits finished the quarter at $231 million, advancing by 38% annually. When it comes to net income and earnings, investors should watch out for what some call ‘creative accounting’ or other tactics used by management to make it seem like the company made more money than it actually did. A more accurate proxy for earnings can be found in a company’s cash flow statement, specifically in the operating cash flow total. For Affirm, $208.1 million made it to the operating cash flow line item, compared to a net operating outflow of $54.2 million. Affirm Holdings, Inc. (AFRM) Price Chart for Thursday, June, 27, 2024 To keep this trend up, investors may wonder what needs to happen behind the scenes. The answer is more of the same. Affirm reports 18.1 million active consumers, which grew by 9.6% over the year. More than just customers, Affirm needs merchants to start adopting its services and trust that it will work with its products. Total active merchants grew to 292,300 from 254,100 a year prior, or 15% growth. Such high adoption rates from consumers and merchants could bring the company to continued profitability. Here’s how management feels about the future. Insiders' 2024 guidance shows that Affirm's gross merchandise value will be $6.7 billion to $6.9 billion, much higher than today's. Revenue guidance also indicates expected growth of roughly $20 to $30 million. No Need to Worry: Analysts Are Positive on the Company Despite national credit card delinquencies rising, Affirm's customers seem to be doing okay. Affirm does not report to the leading credit agencies, so if an account is delinquent, it does not affect a customer's FICO score. Customers seem more responsible than otherwise. Affirm MarketRank™ Stock Analysis Overall MarketRank™ 0.73 out of 5 Analyst Rating Hold Upside/Downside 7.2% Upside Short Interest Bearish Dividend Strength N/A Sustainability N/A News Sentiment 0.62 Insider Trading Selling Shares Projected Earnings Growth Growing See Full Details Affirm’s shareholder letter will show investors that 30+ day delinquencies have declined annually for its customers, unlike delinquencies seen across the nation’s commercial banks. This quality of credit, coupled with double-digit KPI growth, led analysts at Goldman Sachs to place a buy rating on the stock alongside a price target of $42 a share. Considering where the stock trades today, that valuation would present an upside of up to 33.7%. But these analysts weren’t the only ones on Wall Street who became bullish on Affirm stock lately. The Vanguard Group boosted its stake in the stock by 4.1% as of March 2024, bringing its net position up to $958.6 million today. Moreover, Affirm stock’s price-to-sales (P/S) ratio of 6.1x stands at a premium above the personal credit institutions industry’s average P/S valuation of 2.0x. There must be a good reason markets are willing to pay a premium to gain exposure to Affirm’s future sales, especially in today’s economy. Before you consider Affirm, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Affirm wasn't on the list. While Affirm currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
For Atlanta entrepreneurs, how to vote comes down to more than 'How's business?' 2024-06-27 15:00:00+00:00 - Ryan Wilson is having a good year. After having wrested back control of his members-only networking space in December, he said the Gathering Spot’s revenue has hit $20 million and keeps growing. The Atlanta-based company is now looking to open a fourth location, in Houston, by next year. But like many small-business owners in Georgia’s capital, where President Joe Biden and Donald Trump will meet Thursday for their first debate of the 2024 race, Wilson said his priorities as a voter go beyond his bottom line. He applauds the Biden administration’s efforts to extend federal student loan relief and access to capital to entrepreneurs, for example. “Those are the sorts of things that move the needle” for the business community overall, said Wilson, who’s hosting a debate watch party at the Gathering Spot on Thursday night. Ryan Wilson, co-founder and CEO of the Gathering Spot, worries about disinformation affecting the 2024 vote. Ari Skin for NBC News Today, Trump leads Biden in Georgia by 43% to 38%, according to a new Atlanta Journal-Constitution survey of likely voters, an edge just outside its 3.1% margin of error. The swing state’s robust but uneven economic recovery makes it a Rorschach test for residents heading to the polls this fall — creating an opening for both campaigns’ messaging. Georgia is in the midst of a startup boom. Business formation peaked at 320,000 new filings in 2021, during the depths of the pandemic, and it has held at near-record levels since. The state’s business climate, with its generous tax breaks for the entertainment industry and a corporate ecosystem anchored by Atlanta stalwarts Coca-Cola and Home Depot, has been ranked first in the country by Area Development magazine each of the last 10 years. Wilson, 34, plans to vote for Biden, but he thinks the president should do more to tout entrepreneurial provisions in the Inflation Reduction Act, among other policies. “The legislation happened. It’s meaningful,” he said.
Micron Stock Alert: Seize the Opportunity Before It Skyrockets 2024-06-27 14:28:00+00:00 - Micron NASDAQ: MU shares fell a significant 5% in after-market trading due to its Q3 results and guidance for Q4. However, nothing in the report gives cause to sell and every reason to buy. The results were better than expected; the company revealed market share gains in the critical data center/AI market, and the guidance is solid. The worst that can be said is that the guidance wasn’t a blowout, but that is compared to the expectations. The takeaway is that guidance is robust, the company has momentum, outperformance should be expected, and the uptrend in MU stock will continue. Get Micron Technology alerts: Sign Up Micron Has Impressive Quarter, but Market Fatigue Sends Shares Lower Micron Technology Today MU Micron Technology $132.23 -10.13 (-7.12%) 52-Week Range $60.50 ▼ $157.54 Dividend Yield 0.35% Price Target $153.00 Add to Watchlist Micron had a solid quarter, with results and guidance outpacing the MarketBeat.com consensus. The cause for the stock price decline is likely caused by market fatigue following the 70% rally this year and the 200% rally since last year. The report details are impressive, with revenue growing to $6.81 billion or nearly 82% compared to the previous year. Strength was centered in the data center and high-bandwidth markets, but market normalization or growth was seen in all segments. The data center strength is notable because Micron counts NVIDIA NASDAQ: NVDA and Advanced Micro Devices NASDAQ: AMD among its leading customers; each GPU and accelerator they sell equals a win for Micron. The margin news is more impressive. The combination of ramping business, sales leverage, internal efficiencies, and lapping comps from last year resulted in a significant margin and cash flow improvement. Due to inventory normalization, the cash flow improved by 100% sequentially and roughly 100x compared to last year. The company logged billions in inventory write-downs last year that won’t be repeated this year. The takeaway is that GAAP and adjusted earnings reverse losses in the prior year, and the adjusted $0.62 is 1500 basis points better than expected. Guidance is also solid but did not deliver the expected blowout. Regardless, the forecasted $7.60 billion in revenue and $1.08 in adjusted earrings are above the consensus estimates with a margin of error that can produce significant outperformance. The salient detail is that revenue will grow 10% sequentially to $7.60 billion or better to accelerate the YoY increase to 90% or greater. The guidance could be cautious because the ramp in the HBM memory market is still in its early phases, the company is already testing its next-gen HBM products, and an AI-driven PC/device upgrade cycle is just starting. Highly-Valued Micron is a Cheap Stock to Own Micron Technology MarketRank™ Stock Analysis Overall MarketRank™ 4.43 out of 5 Analyst Rating Moderate Buy Upside/Downside 19.7% Upside Short Interest Healthy Dividend Strength Weak Sustainability -2.35 News Sentiment 0.65 Insider Trading Selling Shares Projected Earnings Growth 1,917.14% See Full Details Micron’s valuation relative to this year’s earnings is a concern. At 135x, it is more than twice as valuable as NVIDIA, but there is growth to consider. The analysts forecast revenue to double over the next year and for margins to expand. The consensus for earnings is a 700% increase, providing ample capital for reinvestment, balance sheet improvements, and capital returns. Given the earnings outlook, the dividend is small but positioned for a distribution increase, and share buybacks may also reenter the picture. The analysts' response to the Q3 results is favorable. MarketBeat is tracking six revisions from 26 analysts showing high conviction. The field rates Micron as a Moderate Buy and sees it advancing at least 15% from the $135 level. The six fresh targets led to the high end of the analysts' range, near $175, and the highest target of $225 was reiterated. That target was set by Rosenblatt, which pegged the stock firmly at Buy. Micron stock is in an uptrend but entered a consolidation phase that could keep it moving sideways for the next few weeks to several months. The outlook is bullish, but the market may want to see more before moving to a new high. In this scenario, the critical resistance is near $150, and support is at the 30-day EMA. If that level fails, Micron shares could slip another $5 to $15 before finding firm support. Before you consider Micron Technology, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Micron Technology wasn't on the list. While Micron Technology currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here