Latest News
See the latest news and get GPT analysis of articles
Nurses in Oregon take to the picket lines to demand better staffing, higher pay 2024-06-19 21:02:32+00:00 - More than 3,000 nurses at six Oregon hospitals spent a second day on the picket lines Wednesday carrying signs that say, “Patients over profits” and “We’re out to ensure it’s safe in there,” as they continued to demand fair wages and better staffing levels. Nurses are striking at six Providence medical facilities across the state — from St. Vincent Medical Center in Portland in the north down to the Medford Medical Center in the south. Organizers say it’s the largest nurses strike in the state’s history, while Providence emphasized that no patient’s health is being put at risk, since it has hired contract workers to temporarily fill the void. Scott Palmer, chief of staff with the Oregon Nurses Association, said nurses have been in negotiations since December but they “have not been able to get Providence to come to a fair contract.” She said the focus of negotiations is on “recruitment and retention issues,” including wages, benefits and sufficient staffing standards. Jennifer Gentry, chief nursing officer for Providence, said they’ve contracted with a company to provide replacement workers to ensure patient care does not suffer. Gary Walker, a spokesperson for the company, said the strike has not affected their facilities. They treated about 800 people in their Emergency Departments on Tuesday and no elective surgeries have been postponed. Palmer said the striking nurses want people to get the care they need, but they want the caregivers to be supported. “It’s really important for people to know from the nurses and from the American Nurses Association that if you’re sick, don’t delay getting medical care,” Palmer told The Associated Press. “Patients should seek hospital care immediately if they need it. Obviously, our nurses would rather be the ones providing that care, but Providence forced our hands and instead we find ourselves out on the picket line advocating for those patients.” Staffing and competitive wages are the focus of their demands, Palmer said. When staffing levels are low, nurses can’t take lunch, there are delays in answering patient calls, and it’s even difficult to find time to go to the bathroom, he said. That constant stress is causing record levels of burnout among nurses, Palmer said. “We know that nurses are choosing to leave the profession in droves and there’s a moral injury that nurses experience from being unable to provide the quality care that patients deserve, because at least in Oregon, the primary reason for that is unsafe staffing levels,” he said. Providence nursing officer Gentry said Oregon has passed a “safe staffing” law and the company follows the law’s staffing mandates. Palmer said the nurses want Providence to put those staffing levels in the contracts, but Gentry said they offered to put in the contract that they’ll follow the law, instead of including specific numbers in case the law changes. The strike is scheduled to run through Thursday.
'Can't Wait For OpenAI To Have Access To My Phone' Says Musk As Former NSA Chief Joins OpenAI Board 2024-06-19 20:26:00+00:00 - OpenAI recently announced that retired U.S. Army General Paul M. Nakasone, the former Chief of the National Security Agency (NSA) and former leader of the U.S. Cyber Command, has joined their Board of Directors. The company introduced Nakasone as a "leading expert in cybersecurity" to reinforce its commitment to safety and security. However, as AI technology seeps into almost all pores of society, this decision wasn’t received lightly and has sparked significant controversy and backlash. Don't Miss: Edward Snowden, the former NSA employee and whistleblower, strongly criticized the decision. He tweeted, "They’ve gone full mask-off: do not ever trust @OpenAI or its products (ChatGPT etc). There is only one reason for appointing an @NSAGov Director to your board. This is a willful, calculated betrayal of the rights of every person on Earth. You have been warned." Elon Musk also commented sarcastically with a tweet, "Can't wait for OpenAI to have access to my phone." Musk is no stranger to criticizing OpenAI and its products, and this comment is just one in a series of tweets that fit into a larger pattern of Musk’s ongoing criticisms of OpenAI, the company he cofounded in 2015. Trending: Executives and founders of Uber, Facebook and Apple are bullish on this wellness app that you can coinvest in at $1.15 per share. Matthew Green, a cryptography professor at Johns Hopkins University, also expressed his concerns on Twitter. He wrote, "I do think that the biggest application of AI is going to be mass population surveillance, so bringing the former head of the NSA into OpenAI has some solid logic behind it." Nakasone’s appointment comes amid a series of high-profile departures from OpenAI, including safety researchers like Daniel Kokotajlo and William Saunders. The AI company also completely disbanded the "Superalignment" safety team, which has added to the skepticism surrounding the new board member’s role and the future direction of OpenAI. When he announced his departure, Jan Leike, who worked on OpenAI’s long-term safety initiatives and was part of the "Superalignment" team, criticized the company for not supporting his team's work. Policy researcher Gretchen Krueger, who also left recently, echoed some of Leike’s concerns and mentioned additional issues she observed. Keep Reading:
More than half of banking jobs could be automated by AI — but banks will be slow to adopt, Citi report says 2024-06-19 20:15:16+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview AI has already been thought to have the potential to change jobs in every industry profoundly. But, according to a new report from Citigroup researchers, "finance will be at the forefront of the changes." "What a bank or financial firm looks like in the mid-2020s, be it retail or wholesale finance, looks very different to the mid-1980s, or the mid-1940s," the report said. "AI will repeat this cycle, possibly speeding it up." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. While general-purpose technologies, or GPTs, create new opportunities for innovation and can improve quality of life, "they also destroy existing ways of doing things," the report added. "And as such, they also create losers, especially in the short term." With data pulled from Accenture Research and the World Economic Forum, Citi's researchers said that about 67% of banking jobs have "higher potential" to be automated or augmented by AI. That means "banking jobs" (which the report didn't narrowly define) have the highest potential for AI-led job displacement. Advertisement However, according to Citi, a decline in head count may be partially or completely offset by an increase in AI-related compliance managers and ethics and governance staff. Related stories One upside Citi pointed out, however, is that they estimate the profit pool for the 2023 global banking sector "could increase 9% or $170 billion from the adoption of AI, rising from just over $1.7 trillion to close to $2 trillion." Part of page 22 of Citi's report. Citi's AI in FInance report. AI adoption in finance will be slow The Citi researchers believe the "pace of implementing modern AI tools in financial services, in particular, GenAI, will be relatively slow when compared to other sectors," they said in the report, in part because of the "highly regulated nature of the sector and lack of 'ready to go globally aligned rules.'" "A regulatory landscape is evolving in some jurisdictions, but it is a challenging road ahead for financial services firms when it comes to implementation because countries are moving to different speeds, taking different approaches towards regulation and in some cases changing their position on whether to regulate," it said. Advertisement In an interview featured in the report, Shameek Kundu, the head of financial services and chief strategy officer at TruEra, weighed in on the same point. "I would describe traditional AI adoption in financial services as: widespread, shallow, and inconsequential," said Kundu. Kundu explains that there are "a large number of enterprises experimenting with AI across different use cases," yet "limited scale of AI adoption across use cases" and a "limited perceived impact of AI system failures on critical business operations." He cited a 2022 Bank of England survey, which found that "72% of firms reported using or developing machine learning applications," yet the "median number of ML applications for mainstream UK financial institutions to be just 20-30" and "less than 20% of the already few AI use cases were critical to business."
Relatives of people killed in 2 Boeing Max crashes ask the US to fine the company $24.8 billion 2024-06-19 19:59:13+00:00 - Families of some of the people who died in two Boeing 737 Max crashes are asking federal officials to fine Boeing $24.8 billion and move quickly to prosecute the company on a criminal charge that was set aside three years ago. A lawyer for the families said in a letter Wednesday to the Justice Department that a large fine is justified “because Boeing’s crime is the deadliest corporate crime in U.S. history.” The lawyer, Paul Cassell, also wrote that the government should prosecute officials who were leading Boeing at the time of the crashes in 2018 and 2019, including then-CEO Dennis Muilenburg. In all, 346 people were killed in the crashes. The first crash occurred when a Boeing 737 Max 8 operated by Indonesia’s Lion Air plunged into the Java Sea in October 2018 — and the second in March 2019, when an Ethiopian Airlines 737 Max 8 crashed nearly straight down into a field six minutes after takeoff from Addis Ababa. The push by the families comes as the Justice Department considers whether to revive a dormant criminal charge of fraud against Boeing. Last month, prosecutors determined that the company violated a 2021 settlement that protected the company from being prosecuted for allegedly misleading regulators who approved the Max. The Justice Department has until July 7 to tell a federal judge in Texas whether it will revive the case. During a hearing Tuesday, Sen. Richard Blumenthal, D-Conn., said there is “mounting evidence” that the company should be prosecuted. Boeing did not immediately respond to a request for comment. The company previously has said it met its obligations under the 2021 settlement. The Justice Department opened an investigation into Boeing after a door plug blew off a 737 Max during an Alaska Airlines flight in January. That incident led to increased scrutiny of the company and outgoing CEO David Calhoun, who defended Boeing’s safety record during Tuesday’s Senate hearing.
Americans are just about failing when it comes to nutrition, says a food-as-medicine researcher. A few simple diet tweaks could help. 2024-06-19 19:44:45+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Americans are eating healthier than in previous years, but they still have a long way to go, according to a researcher who studies food as medicine. Dr. Dariush Mozaffarian, director of the Food is Medicine Institute at Tufts University in Boston, co-authored a study on the quality of nearly 52,000 American adults' diets between 1999 and 2020. The results were published online Tuesday in the Annals of Internal Medicine. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Mozaffarian and his co-author, Junxiu Liu, examined data from the National Health and Nutrition Examination Survey and found that the American diet has remained nearly the same over the past two decades. Between 1999 and 2020, 10.5% of study participants transitioned from "poor" diets to healthier diets with more fruits, vegetables, and whole grains and less sodium, processed meat, and saturated fat. Advertisement But only 1% of study participants ate an "ideal" diet — 4 to 5 cups of fruits and vegetables daily, plus beans, whole grains, and nuts — during that same time period. "People often ask me, 'Well, if the diet's slowly improving, why is obesity and diabetes still going up?' It's still going up because only 1.58% of Americans have an ideal diet. We still have a long way to go," Mozaffarian told CNN. Related stories "We have stalled as a nation — and that does not bode well for our health. If I was grading America on its diet, I'd give it a D—just up from an F," Mozaffarian said. Why are Americans failing in the diet department? Typically, the American diet consists of ultra-processed foods and foods high in salt and sugar. These foods can increase a person's risk of cancer, heart disease, stroke, and early deathAccordingng to Heidi Silver, a registered dietitian and director of the Vanderbilt Diet, Body Composition, and Human Metabolism Core at Vanderbilt University Medical Center in Nashvil, factors like food insecurity and poverty have contributed to the overall lack of improvement in peoples' diets over the last two decadesle. Advertisement "Food insecurity affects diet quality via lower consumption of healthier foods, especially those that are more expensive, don't have a long shelf life and don't provide enough volume to fill a hungry child," Silver told Yahoo. These systemic limitations can make it difficult for food-insecure populations like Black people, older people, and low-income people to make lasting diet changes. Simple diet tweaks could help reduce health risks For those seeking simple and inexpensive ways to improve their diets, removing sugary drinks is a good first step, according to Dr. Gregory Katz, a cardiologist at NYU Langone. "Drinking calories and drinking alcohol are the biggest modifiable risk factors. The number of people I see drinking 500 calories a day blows my mind," Katz told Business Insider's Gabby Landsverk. "Just because it's simple doesn't make it easy." Advertisement Katz suggested doing away with soda, juice, sugar-laden coffee drinks, and cocktails and replacing them with unsweetened tea or water flavored with a splash of juice or flavored with citrus. Aiming to swap out two servings of processed foods each week is another strategy that doesn't involve overhauling your entire diet, according to Dr. W. Taylor Kimberly. Kimberly, a professor of neurology at Harvard Medical School and the senior author of a recent study linking ultra-processed foods to health risks like dementia and stroke. You could, for example, swap French fries for a baked sweet potato or nosh on nuts and carrots instead of cookies and crackers. Kimberly said that a good rule of thumb is to prepare meals at home as much as possible. Advertisement "If you look at it and think, that could be made in my kitchen, that's a good indicator," he said.
Ferrari has plans to sell an electric vehicle. The cost? More than $500,000. 2024-06-19 19:11:00+00:00 - Hybrid vehicle production and sales increase as people seem to turn away from EV's Ferrari, the luxury Italian car manufacturer, is planning to make an electric vehicle that will cost more than $500,000, according to a Reuters report. The carmaker's foray into the EV space comes as many consumers are eschewing fully electric vehicles in favor of cheaper hybrid or diesel cars, with an AAA survey finding 63% of consumers say they're unlikely to buy an EV due to their higher prices and the lack of reliable charging infrastructure. But Ferrari may be betting there will be sufficient demand among the world's wealthiest consumers for its pricey, clean energy vehicles. And priced at 500,000 euros ($535,000), the EV will also be considerably more expensive than Ferrari's average first-quarter sale price of 350,000 euros ($376,000). So far, most purchasers of EVs tend to be higher-income consumers, with one study finding that the majority are men with incomes of more than $100,000. The automaker is preparing to open a plant in Maranello, Italy, dedicated to manufacturing the electric model, according to the report, which cited a source familiar with the matter. The plant will reportedly manufacture other Ferrari vehicles, including petrol and hybrid models. Ferrari did not immediately respond to CBS MoneyWatch's request for comment. In April, Ferrari CEO Benedetto Vigna told shareholders that the "state of the art plant will assure us of flexibility and technical capacity in excess of our needs for years to come." Vigna had previously told CNBC that the company's forthcoming EVs would offer customers the same unique experience Ferrari afficionados have become accustomed to. The new vehicle is expected to hit the market toward the end of 2025, according to the Reuters report. While Ferrari is preparing an EV that's pricier than its gas-engined models, other automakers are taking a different tack, with some cutting EV prices in an effort to boost wavering demand.
Balancing act: Swimmers Harting and Fink hold full-time jobs while chasing their Olympic dreams 2024-06-19 18:59:52+00:00 - INDIANAPOLIS (AP) — Zach Harting had a practical reason for getting a job away from the pool. He was approaching his 26th birthday. He needed health insurance. “I’m not on my parents’ (plan) anymore,” Harting said. An Olympian at the Tokyo Games, Harting is attempting to make the team for Paris at this week’s U.S. swimming trials. No matter what happens, he’s already lined up a pretty solid side hustle as a project engineer for Buffalo Construction in Louisville, Kentucky. “So 9 to 5, I’m not thinking about swimming,” said Harting, who is attempting to make the Olympics in the butterfly. He isn’t alone at these trials when it comes to balancing two full-time jobs. Nic Fink, who joined Harting on the 2021 Olympic team and already qualified for the Paris Games in the 100-meter breaststroke, works for Quanta Utility Engineering Services, clocking in remotely from his home in Dallas. Some major multitasking skills are required, but Fink and those around him — from his coaches at SMU to his engineering colleagues — make it work. “It’s kind of a group effort in the pool,” said Fink, the reigning world champion in the 100 breast. “And then obviously in work, they know that I’ll get my stuff done, and my hours may be a little different than other people’s. I’ve definitely answered texts like, ‘Hey, can I get this back to you in like an hour or so?’ And they are like, ‘No rush, you do you.’ They let me know when things need to get done by and I work around that schedule.” Fink’s life will soon be getting even more hectic. His wife, former Olympic swimmer Melanie Margalis Fink, is expecting the couple’s first child in September. After Nic Fink, who turns 31 next month, qualified for his second Olympics, he made a rocking motion toward his wife in the stands. For Harting, having a job outside of swimming has provided some much-needed balance in his life. “It’s something different to think about,” he said. “Through 2022, I was all swimming all the time. I was getting a little burned out on that because I had nothing to do on the outside.” He works out of the company’s office when he’s home in Louisville, which provides a welcome respite from all that time he still spends at the pool. “When 3 o’clock rolls around, I’m not in the pool practicing,” Harting said, joking that “3 o’clock is snack o’clock in the workforce.” Harting, who graduated from Louisville with a master’s degree in engineering management, already has worked on jobs ranging from hotels to gas stations to restaurants. “I get the construction plans, the blueprints basically,” he said. “Then I’m calling a bunch of different contractors, getting the pricing, then checking and seeing that what they have priced matches what the plans say it needs to be priced. That whole process takes about three weeks, sometimes a month or so.” While training at Georgia Tech after the Tokyo Olympics, Fink earned a master’s in electrical and computer engineering. He finds it amusing when people say he has a 9-to-5 job. “It’s actually kind of anything but that,” Fink said. “I have three separate work sessions throughout a day.” He wakes up early, usually by 6:30 a.m., and tries to get in an hour or two of work before heading to practice. After finishing at the pool, he returns to his engineering job for several hours. On days when he’s doing double training sessions, it’s back to the pool in the afternoon, then more engineering in the evening. He also has to work around weightlifting sessions and dry-land workouts. “It’s pretty streamlined in that I eat at my desk and everything,” Fink said. “Flexibility-wise, it’s been great because they kind of expect me to get stuff done, but not at a certain time.” Even at the trials, he’s still checking in on his other job. “I try to get 30 to 40 hours in,” Fink said. “A little less coming into this week but, you know, still trying to do as much as I can because they are doing me a solid.” He is so appreciative to have an employer that understands how much work is needed to pursue his Olympic dreams. “I can’t thank them enough for giving me that opportunity and something to balance me out,” Fink said. “When it comes to the flexibility they have given me, it’s been better than I could have hoped for and I owe a lot to that.” Harting is excited to get a head start on his life away from the pool. He hasn’t decided if he’ll keep swimming after this Olympic cycle, but he’s already got a glimpse of what’s in store when that phase of his life closes. “Now that I’m getting older, I can kind of see what there is outside of swimming,” Harting said. “When you retire, it can be a black hole if you don’t have anything lined up or haven’t given that any thought. So to have my career semi started, to get the foundation of that ... it’s not a black hole. “I know what else is out there for me.” ___ AP Summer Olympics: https://apnews.com/hub/2024-paris-olympic-games
4 Medical Product Stocks to Buy From a Recovering Industry - Boston Scientific (NYSE:BSX), Haemonetics (NYSE:HAE) 2024-06-19 18:37:00+00:00 - Loading... Loading... The Zacks Medical – Products industry's revenues are expected to continue its growth trajectory on the back of the recovery in demand for surgeries and procedures, new products and expansion into new markets. An earlier-than-expected demand for respiratory products is also boosting sales. The industry players are raising prices of their products and services to cope with the higher costs, thereby benefiting the top and bottom lines. However, the company continues to face challenges due to supply-chain constraints, increased material costs and a shortage of workers in certain markets. Although the companies have seen a sales recovery in the past few quarters, the ongoing headwinds hurt margins. The lower demand for COVID-19-related products is having a negative impact on revenues. The budgetary constraints in U.S. hospitals and a soft Chinese market are impeding revenue growth. Industry participants like Boston Scientific BSX, ResMed RMD, Lantheus LNTH and Haemonetics HAE have adapted to changing consumer preferences, and the majority of them are witnessing a rise in share price. These companies also carry a favorable Zacks Rank. Industry Description The industry includes companies providing medical products and cutting-edge technologies for healthcare services. These companies are primarily focused on research and development and cater to vital therapeutic areas like cardiovascular, nephrology and urology devices. The recovery in the procedure volume is benefiting sales, especially that of surgery products and services. Meanwhile, cost-cutting initiatives are helping the companies to improve their bottom-line performance. However, supply-chain disruption amid ongoing wars continues to persist, affecting the availability of certain materials used to develop medical-related products like semiconductor chips. The inflationary pressure and labor shortages weigh on the industry players' gross and operating margins. The trend is likely to persist in 2024, albeit weaker. Major Trends Shaping the Future of the Medical Products Industry AI, Medical Mechatronics & Robotics: The rising adoption of minimally-invasive robot-assisted surgeries, self-automated home-based care, use of IT in facilitating quick and improved patient care, and the shift of the payment system to a value-based model underscore the growing influence of AI in the Medical Products space. In fact, mechatronics — a high-end technology incorporating electronics, machine learning and mechanical engineering — is rapidly becoming a defining characteristic of the space. Several companies have shown substantial prowess in AI, robotics and medical mechatronics. Advancements in robot-assisted surgical platforms continue to be crucial with respect to minimally-invasive surgeries that help reduce the trauma associated with open surgery. With respect to Mechatronics, the benefits of the same have been demonstrated in the form of 3D printing, which has altered the face of the medical devices industry. Currently, 3D printing is being used to print stem cells, blood vessels, heart tissues, prosthetic organs and skin. Rising Demand for IVD: The COVID-19 pandemic led to a rise in global demand for diagnostic testing kits in order to curb the spread of the virus. Testing became the need of the hour and led to a shift in the pipeline of IVD products, with a large number of rapid, point-of-care devices going into development. Diagnostic kit-makers not only received emergency use authorization from the FDA but also bolstered production to aid testing shortages. The industry players anticipate significant demand for rapid diagnostic testing in the future as well and are poised to capitalize on the same. Emerging Markets Hold Promise: Given the rising medical awareness and economic prosperity, emerging economies have been witnessing solid demand for medical products. An aging population, relaxed regulations, cheap skilled labor, increasing wealth and the government's focus on healthcare infrastructure make these markets extremely lucrative for global medical device players. Zacks Industry Rank The Zacks Medical Products industry falls within the broader Zacks Medical sector. It currently carries a Zacks Industry Rank #99, which places it in the top 45% of more than 250 Zacks industries. The group's Zacks Industry Rank, which is basically the average of the Zacks Rank of all member stocks, indicates bright near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Before we present a few medical product stocks that you may want to consider for your portfolio, let's take a look at the industry's recent stock-market performance and valuation picture. Industry Performance The industry has underperformed its own sector and the Zacks S&P 500 composite in the past year. Stocks in this industry have collectively declined 2.3% against the Zacks Medical sector's growth of 3.7%. The S&P 500 has increased 24.7% in the same time frame. One-Year Price Performance Industry's Current Valuation On the basis of the forward 12-month price-to-earnings (P/E), which is commonly used for valuing medical stocks, the industry is currently trading at 20.3X compared with the S&P 500's 21.6X and the sector's 23.2X. Over the last five years, the industry has traded as high as 29.8X and as low as 17.8X, with the median being at 23.1X, as the charts show. Price-to-Earnings Forward Twelve Months (F12M) Price-to-Earnings Forward Twelve Months (F12M) 4 Promising Medical Product Stocks Lantheus is a radiopharmaceutical-focused company, committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes. Its commercial products are used by oncologists, urologists, nuclear medicine physicians, cardiologists, sonographers, technologists, radiologists and internal medicine physicians working in a variety of clinical settings. The company produces and markets its products across the United States, dealing primarily with hospitals, independent diagnostic testing facilities, government facilities and radiopharmacies, among others. Outside the United States, it sells its products via a combination of direct distribution in Canada and third-party distribution relationships in Europe, Canada, Australia, Asia-Pacific, Central America and South America. Lantheus' leadership in the radiopharmaceuticals market, with PYLARIFY dominating PSMA PET imaging for prostate cancer, looks promising. Regulatory advancements, like the Centers for Medicare and Medicaid Services' proposed changes for diagnostic radiopharmaceutical payments, could further influence the sector. Lantheus is expanding its pipeline with promising assets like PNT2002 and PNT2003 alongside strategic collaborations to enhance its portfolio. However, Lantheus is facing macroeconomic uncertainties and inflationary pressures, thereby raising concern. Its dependence upon third parties and Mo-99 is also worrisome. Risky commercialization programs and reimbursement headwinds are other challenges faced by Lantheus. During the first-quarter earnings call, LNTH stated that it expects full-year revenues to be in the range of $1.50-$1.52 billion and adjusted EPS in the band of $7.00-$7.20. For this Billerica, MA-based company, the Zacks Consensus Estimate for 2024 revenues implies an improvement of 17.2% year over year. The consensus estimate for earnings indicates a rise of 14.1%. Lantheus delivered a trailing four-quarter average earnings surprise of 13.61%. Presently, the company sports a Zacks Rank #1 (Strong Buy). Price and Consensus: LNTH Haemonetics provides blood management solutions to customers encompassing blood and plasma collectors, hospitals and health care providers globally. The company's portfolio of integrated devices, information management, and consulting services offers blood management solutions for each facet of the blood supply chain. Haemonetics' consistent growth performance over the past few quarters reflects its strategic focus on establishing leading positions in high-growth markets to generate solid financial returns. Strong momentum in U.S. collections and prices drove the robust volume growth and price benefits in the Plasma business. The rollout of Persona technology continued to gain momentum, with more than 25 million collections. The continued momentum in the Hospital business with new account openings and improving utilization throughout the United States is encouraging. However, uncertainty around inflationary pressures, rising interest rates and macroeconomic conditions have increased the risk of creating new or exacerbating existing economic challenges Haemoentics face. While HAE implemented cost containment measures, selective price increases and other actions to offset these inflationary pressures in its global supply chain, the company may not be able to offset all the increases in its operational costs completely. For 2025, it expects total GAAP revenue growth in the range of 5-8% on a reported basis. Organic revenue growth, too, is anticipated in the band of 0-3%. HAE expects full-year 2025 adjusted EPS to be in the range of $4.45-$4.75. Currently, HAE sports a Zacks Rank #1. For this Kalamazoo, MI-based company, the Zacks Consensus Estimate for 2024 revenues is pegged at $1.39 billion. The consensus mark for earnings is pinned at $4.57 per share. The company delivered a trailing four-quarter average earnings surprise of 13.2%. Price and Consensus: HAE Boston Scientific manufactures medical devices and products used in various interventional medical specialties worldwide. The company has adopted organic as well as inorganic routes for success. It generates revenues from the sale of Medical Devices reported under two segments — MedSurg and Cardiovascular. Boston Scientificis one of the leading players in the interventional cardiology market with its coronary stent product offerings. BSX successfully continues with its expansion of operations across different geographies outside the United States. Within its international regions, the company is putting additional efforts to expand its foothold in emerging markets that hold strong growth potential. In the first quarter of 2024, despite geopolitical weaknesses, emerging markets registered sturdy growth, primarily on the back of continued broad-based momentum across BSX's business and investment in this region. Strong worldwide demand for its Electrophysiology and Structural Heart lines, traction in Europe for its next generation WATCHMAN FLX, as well as contributions from accretive acquisitions are important growth drivers. The Pain and Brain franchisees are expected to gain solid traction in 2024 on the back of strong execution of core growth strategies. The Electrophysiology arm received a strong boost on the FDA approval for FARAPULSE. However, mounting costs due to worldwide geopolitical issues are major concerns. FX headwinds continue to largely offset the company's performance. Full-year net sales growth is expected to be approximately 11-13% on a reported basis and 10-12% on an organic basis. Full-year adjusted EPS is expected to be in the range of $2.29-$2.34. For this Natick, MA-based company, the Zacks Consensus Estimate for 2024 revenues indicates a year-over-year improvement of 12.3%. The consensus estimate for earnings indicates growth of 13.2%. It delivered a trailing four-quarter earnings surprise of 7.49%, on average. Presently, the company carries a Zacks Rank #2 (Buy). Price and Consensus: BSX ResMed holds a major position as the designer, manufacturer and distributor in the worldwide market for generators, masks, and related accessories for the treatment of sleep-disordered breathing (SDB) and other respiratory disorders. SDB includes obstructive sleep apnea and other respiratory disorders that occur during sleep. ResMed benefits from the global supply of its cloud-connected platforms, AirSense10 and AirSense11. The strong uptake of the myAir app with Air 11 is likely to drive higher adherence to therapy in patients. The company continues to see strong growth in the U.S. mask and accessories business, where resupply programs are powered by a digital health ecosystem, including AirView for physicians, Brightree for home care medical equipment providers and myAir for patients. The MEDIFOX DAN business in Germany contributes to the robust organic growth of the SaaS business, raising optimism. However, ResMed has been witnessing increased operating expenses over the past few quarters. A balance sheet with a high debt burden is worrisome. For this San Diego, CA-based company, the Zacks Consensus Estimate for fiscal 2024 revenues indicates a year-over-year improvement of 10.5%. The consensus estimate for earnings indicates growth of 19.6%. The company delivered a trailing four-quarter earnings surprise of 2.81%, on average. Presently, it carries a Zacks Rank #2. Price and Consensus: RMD
BrainsWay Inks Distribution Agreement to Expand Foothold - BrainsWay (NASDAQ:BWAY), Boston Scientific (NYSE:BSX) 2024-06-19 18:34:00+00:00 - Loading... Loading... BrainsWay Ltd. BWAY recently signed an exclusive multi-year distribution agreement with a specialty distributor serving both the acute hospital and non-acute healthcare spaces in Canada. The deal will enable the company to make a broad market entry into Canada for its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) system. The agreement includes minimum quantity orders, which are likely to increase successively over several years, starting with 11 Deep TMS systems to be ordered in 2024. BrainsWay's unique therapeutic solution, Deep TMS, is currently cleared in Canada to treat major depressive disorder and obsessive-compulsive disorder (OCD). The latest agreement is expected to provide a significant boost to BrainsWay's business and expand its global footprint. Rationale Behind the Agreement Per the World Health Organization (WHO), depression affects approximately 264 million people worldwide. Additionally, WHO considers OCD to be one of the top 10 debilitating medical conditions associated with a decreased quality of life and loss of income. Per management, a significant mental health crisis is prevalent in Canada, with the current existence of a substantial barrier to treatment. One in two Canadians have, or have had, a mental illness by the time they reach 40 years of age and only half of Canadians experiencing a major depressive episode receive potentially adequate care. Management believes that Deep TMS will likely prove to be a transformational treatment option for Canadian patients. Industry Prospects Per a report by Grand View Research, the global TMS system market was estimated at $1.13 billion in 2022 and is anticipated to witness a CAGR of 9% between 2023 and 2030. Factors like technological advancements and the increasing incidence rate of Alzheimer's disease, Parkinson's disease and other neurological conditions are likely to drive the market. Given the market potential, the latest multi-year distribution agreement is expected to provide a significant boost to BrainsWay's business globally. Recent Developments This month, BrainsWay announced the initiation of a prospective, randomized, controlled, multicenter clinical trial evaluating an accelerated treatment protocol for its proprietary Deep TMS system to treat MDD. The same month, BrainsWay received the FDA's expanded indication for its Deep TMS, allowing for the treatment of patients with MDD aged between 22 and 86, changing the previous upper age limit of 68. Last month, BrainsWay reported its first-quarter 2024 results, wherein it recorded a robust uptick in revenues. During the quarter, the company shipped a net total of 57 Deep TMS systems, bringing its installed base to 1,158 total systems as of Mar 31, 2024, a 24% increase from the installed base at the same point in the prior year. The company also shipped 31 OCD coils as add-on helmets to certain of its new and existing systems, representing OCD treatment capability on 50% of its total installed base. BWAY also installed the 11th Deep TMS system in Israel, where it is steadily increasing its presence following the recent increase in the country's reimbursement rates. Price Performance Shares of BrainsWay have gained 172.5% in the past year against the industry's 1.9% decline. The S&P 500 has witnessed 24.9% growth in the said time frame. Zacks Rank & Key Picks Currently, BrainsWay carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, Boston Scientific Corporation BSX and Ecolab Inc. ECL. DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. DaVita's shares have gained 45.3% compared with the industry's 16% rise in the past year. Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.5%. BSX's earnings surpassed estimates in each of the trailing four quarters, with the average being 7.5%. Boston Scientific has gained 41.2% against the industry's 1.9% decline in the past year. Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 14.3%. ECL's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.3%. Ecolab's shares have rallied 34.7% against the industry's 10.8% decline in the past year. To read this article on Zacks.com click here.
Children with high BMIs should not use obesity medications like WeGovy, US doctors warn 2024-06-19 18:23:46+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview With weight-loss drugs like WeGovy and Ozempic dominating many of today's consumer healthcare conversations, there's a mounting concern for a particularly vulnerable group: children. Pharmaceutical giants Eli Lilly and Novo Nordisk have been running clinical trials on children with obesity who are as young as 6 to understand how this class of drugs, called GLP-1s, could affect their health, Business Insider's Hilary Brueck previously reported. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. In January 2023, the American Academy of Pediatrics (AAP) recommended that healthcare providers offer weight-loss medications, in addition to lifestyle adjustments, to treat obesity in children 12 and older. However, not all health professionals agree with the AAP's recommendation. The US Preventive Services Task Force — a panel of more than a dozen doctors and public health experts from various academic institutions — issued a statement pushing for drug-free weight-loss interventions for children who are 6 and older on Tuesday. Advertisement "We believe we need more evidence to be able to make a recommendation for or against medications in children and adolescents," Wanda Nicholson, the task force's chair and senior associate dean of diversity and inclusion at the George Washington University School of Public Health, told STAT. Related stories "While there were trials evaluating the effectiveness of FDA-approved medications, there was a limited number of trials per medication from our review. And in addition, there was limited evidence on weight loss maintenance after medications were discontinued in children," Nicholson said. Lifestyle interventions are still preferred by doctors over drugs GLP-1 drugs like WeGovy and Ozempic contain semaglutide, a substance that increases a person's insulin, the natural hormone that regulates blood sugar and tells the body when it's full. These injectable drugs have proven successful as weight-loss interventions for adults with obesity, early research shows. Advertisement However, this class of drugs has its limitations. Many GLP-1 users have reported weight gain after ceasing GLP-1 use, while others have mentioned side effects like diarrhea, "paralyzed" stomachs, hair loss, and nausea. The US Preventive Services Task Force voiced concern for these potential side effects in children, as well as an excessive focus on weight instead of health. Nicholson said clinicians have used lifestyle interventions, like nutrition and exercise plans, to help children with obesity lose weight and reduce risk factors like hypertension, diabetes, and liver disease. However, the AAP's and the US Preventive Services Task Force's recommendations overlap, according to Amanda Staiano, an associate professor of pediatric obesity and health behavior at the Pennington Biomedical Research Center of Louisiana State University. Advertisement "The AAP explicitly states that drugs should not be a monotherapy. They are an adjunct to be used in combination with intensive health behavior and lifestyle treatment," Staino, who was on the AAP's clinical practice guideline authorship committee, told STAT.
France urged to step in to spur TotalEnergies’ transition from oil 2024-06-19 18:13:00+00:00 - The French government should intervene in TotalEnergies and spur faster climate action, a senate inquiry commission has concluded. The commission, set up to explore ways the state could guarantee that the oil conglomerate complies with French climate commitments, recommended 33 steps the government should take to “encourage a rapid, orderly and effective transition”. The actions include taking a “golden share” in Total that would grant the government more influence over strategic decisions and a potential right of veto that could stop the company moving its headquarters to the US. It also called on the French government to provide incentive for faster and greater investments from Total in renewable energy. “The commission recommends that the state re-enters into the capital of TotalEnergies to have a right to review what is happening there,” said Yannick Jadot, a senator with the Greens who served as the rapporteur. The commission, which was set up at the request of the Greens but contained senators from a range of political parties, praised Total for making greater efforts to transition to clean energy. But it said the energy company – and others like it – should move away more quickly from fossil fuels and increase its investments in renewable energy. Beyond Total, the report called for an end to imports of Russian liquefied natural gas and suggested including it in European sanctions. It also recommended studying a method by which fossil fuel companies could pay contributions to a “loss and damage fund” to compensate poor countries for the havoc caused by increasingly extreme weather. Total is one of several energy companies linked to “carbon bomb” projects, whose vast emissions are set to blow past internationally agreed temperature targets. In 2021, the International Energy Agency found no room for new oil and gas fields if the planet was to be kept from heating 1.5C (2.7F) above preindustrial levels by the end of the century, but its warnings have not been heeded. The findings, which echo research from the IPCC and other scientific bodies, were used to argue for faster action. Activists welcomed the report, but said its recommendations did not go far enough to halt climate breakdown. Soraya Fettih, from the campaign group 350.org, said the report “recognises the need for the state to demonstrate more vigilance over the activities of the company”. But she said it remained “far too timid” in its recommendations on the regulatory role of the state. Edina Ifticène, fossil energy campaigner at Greenpeace France, said the industry and its political supporters had “brushed aside” Total’s responsibility for the climate crisis. “The state must establish strong political constraints forcing the fossil fuel industry to reduce its carbon footprint and pay for the damage already caused.” The commission’s report comes a day after the Paris court of appeals ruled that a previously rejected climate case against Total was admissible, and will now be heard on merit. Total has been approached for comment.
Charter Communications Expands Partnership With Magnite - Cisco Systems (NASDAQ:CSCO), Charter Communications (NASDAQ:CHTR) 2024-06-19 18:09:00+00:00 - Loading... Loading... Charter Communications' CHTR division, Spectrum, has expanded its partnership with Magnite MGNI to enhance programmatic ad-buying across Spectrum Reach's extensive library of premium linear and streaming television inventory. This collaboration will extend the use of Magnite's technology, allowing targeted ads to be delivered in an automated and privacy-focused manner to consumers using the Spectrum TV App, which is the country's highest-rated pay TV streaming app and the most-viewed streaming service in the United States on an hours-per-household basis. The agreement enables MGNI's full programmatic capabilities to be applied to Spectrum's newest video delivery technology, permitting ad buyers to bid on individual impression opportunities in real-time. This system will also provide centralized planning and frequency management across both linear and digital platforms, enhancing the ability of advertisers to optimize their campaigns. Spectrum Reach offers custom advertising solutions for local, regional and national clients by utilizing aggregated and de-identified first-party data to reach audiences across various platforms. This expansive reach ensures that Spectrum Reach can deliver tailored advertising solutions that meet the diverse needs of its clients. This collaboration marks a significant step forward in the integration of linear and digital advertising, leveraging cutting-edge technology to create more efficient and impactful ad experiences. Charter Communications, Inc. Price and Consensus Charter Communications, Inc. price-consensus-chart | Charter Communications, Inc. Quote CHTR's Recent Expansion Efforts to Aid Top-Line Growth Charter Communications has been constantly expanding its presence throughout the United States as well as introducing new features to its platform despite headwinds like cord-cutting. Shares of this Zacks Rank #3 (Hold) company have plunged 28.6% in the year-to-date period compared with the Zacks Consumer Discretionary sector's decline of 1.2%. The decline is attributed to persistent video-subscriber attrition, primarily due to cord-cutting. Charter Communications is dedicated to broadening its presence and customer base across the United States through continuous investments. The Zacks Consensus Estimate for Charter Communications' fiscal 2024 revenues is pegged at $54.61 billion, indicating no change year over year. The consensus mark for earnings is pegged at $32.02 per share, indicating year-over-year growth of 6.77%. Currently, Spectrum serves more than 32 million customers in 41 states nationwide. Spectrum recently expanded its coverage to include North Carolina, Tennessee, Michigan, Alabama and Florida. Spectrum recently introduced expanded chat-based technical support and billing assistance for its Internet, Video and Voice customers at its customer service facility in El Paso, TX, where hundreds of representatives utilize advanced tools to enhance efficiency and service quality. For nearly a decade, live agent chat services have been available to Spectrum Video and Internet customers, with the service extending to Spectrum Mobile customers in 2020. Charter Communications has also renewed its longstanding partnership with Paramount Global PARA. This multi-year distribution agreement includes PARA's entire array of linear cable networks, CBS-owned-and-operated broadcast stations and direct-to-consumer streaming services. The partnership is designed to increase consumer value, create new distribution opportunities and strengthen the video ecosystem, ultimately supporting top-line growth in the coming quarters. Charter Communication's Spectrum has a strong partner base that bodes well with the prospects of the company. Some notable partners include companies like Cisco Systems CSCO, RingCentral RNG and many more. Spectrum Enterprise Cloud Security, in partnership with Cisco+ Secure Connect, delivers a comprehensive platform for implementing security protocols across multiple cloud services and devices. This solution includes features, such as zero trust network access and cloud-based firewalls, enabling IT teams to maintain security compliance for both corporate and personal devices without the need to route remote and branch traffic through the corporate LAN. Additionally, Spectrum has collaborated with RingCentral to offer small and medium-sized businesses, as well as other enterprise clients, high-speed Internet and network solutions. This partnership also provides a secure and user-friendly communications platform, enhancing the overall connectivity and efficiency of these businesses. To read this article on Zacks.com click here.
A Missouri mayor says a fight over jobs is back on. Things to know about Kansas wooing the Chiefs 2024-06-19 18:08:33+00:00 - TOPEKA, Kan. (AP) — A plan in Kansas for luring the Kansas City’s two major league sports franchises from Missouri has prompted their hometown’s mayor to declare that the move ends a 5-year-old agreement by the states not to poach each other’s jobs. The Kansas Legislature has approved a measure to allow the state to issue bonds to help the Super Bowl Champion Chiefs and Major League Baseball’s Royals pay for new stadiums in Kansas. It goes next to Gov. Laura Kelly. Here are a few things to know about the two states’ contest for the teams. Kansas is poised to make offers While Kelly has not formally pledged to sign the stadium-financing bill, she issued a positive statement when it passed Tuesday, saying it could make Kansas “a professional sports powerhouse.” If she signs it, as many lawmakers expect, it would take effect July 1. The state’s secretary of commerce, Lt. Gov. David Toland, would negotiate with one or both teams on a plan for a new stadium. Kelly and eight top legislative leaders would have to approve each deal with a vote in a public meeting. A deal would draw the boundaries of a district around a stadium and possibly another around a separate practice facility, and new state sales and alcohol tax revenues generated by shops, restaurants, bars and hotels within that district would pay off the bonds over 30 years. The city and county could pledge tax revenues as well but are not required to do so, and the state also could use revenues from sports betting and state lottery ticket sales to back bonds as well. The bonds could cover up to 70% of the costs of the new stadiums, though supporters of the plan don’t expect that, anticipating that two stadiums together could cost $4 billion. There is talk of a renewed economic ‘border war’ The Kansas-Missouri border splits the 2.3 million-resident Kansas City area, and there’s both Kansas City, Missouri, and Kansas City, Kansas. Much of the border is the median of State Line Road, and about 60% of the area’s residents live on the Missouri side. A feud between the two states has existed for generations and most recently saw each state burning through tens of millions of dollars in subsides to pull existing businesses across the border. Officials on both sides came to see the contest as expensive and wasteful, and in 2019, Kelly, a Democrat, and Missouri Gov. Mike Parson, a Republican, signed a truce. Kansas City, Missouri Mayor Quinton Lucas told reporters that Kansas’ bid for the Chiefs and Royals restarted that economic “border war.” “I do believe long-term that we’re one place and it’s better when we work together,” he said during a news conference. But Kelly doesn’t agree that the states’ truce has been violated, telling reporters this week that before the agreement, “We never discussed the teams.” Kansas lawmakers tapped fears about the future Kansas lawmakers acted after voters on the Missouri side refused in April to extend a local sales tax for keeping up the complex with the teams’ side-by-side stadiums. Many Kansas lawmakers worried that if they didn’t act, the teams might move out of the area altogether — mentioning Salt Lake City, San Antonio and Nashville. Several economists who’ve studied professional sports were dubious that moving would make financial sense for either team — especially the Chiefs, who have a rabid fan base that could be hard to build quickly elsewhere. In addition, after pro football’s Rams moved nearly a decade ago from St. Louis to Los Angeles, the team’s owner and the National Football League paid $790 million to settle a lawsuit filed by St. Louis interests. But Kansas lawmakers noted that the Royals’ major-league predecessor, the Athletics, moved to Oakland, California, in 1968 and now plan to relocate to Las Vegas. Kansas City lost major-league professional teams to other cities in the 1970s and 1980s, and the Chiefs came to Kansas City in 1963 after starting as the Dallas Texans four years earlier. “The state of Missouri is known for losing professional teams,” Kansas state Rep. Sean Tarwater, a Kansas City-area Republican, who helped lead the push for the stadium bill. Kansas officials expect Missouri to respond Missouri officials have pledged to do what it takes to keep the Chiefs and Royals in their state but have not outlined specific proposals. Lucas saw the April vote as a sign that area residents wanted officials to discuss options other than extending the sales tax. Like their counterparts in Kansas, Missouri lawmakers have finished their annual regular session, but they are set to meet again Sept. 11 to consider vetoes by Parson. Supporters of Kansas’ bid for the teams said it could spur an aggressive response from Missouri — and added that if the teams get offers they like and opt to stay there, at least they’re still in the Kansas City area. Lucas said the teams now have “exceptional leverage.” Kansas and Missouri describe the timeline differently The lease on the complex with the Chiefs’ and Royals’ existing stadiums runs through January 2031, but the teams have said they must plan renovations or new stadiums years in advance for them to be ready on time. Both suggested that even seven years out, time for a decision is short. Backers of the Kansas bid said such comments justified acting Tuesday, during a one-day special session that Kelly called to consider tax cuts after lawmakers adjourned their regular annual session May 1. Some critics argued that legislators should have waited until their regular 2025 session starts in January so a plan could be properly vetted. But Parson and Lucas have said the contest for the teams is only in its “first quarter,” using a football metaphor. ___ Associated Press writers Summer Ballentine, in Columbia, Missouri, and Jim Salter, in O’Fallon, Missouri, also contributed to this story.
Brokers Suggest Investing in Boston Scientific: Read This Before Placing a Bet - Boston Scientific (NYSE:BSX) 2024-06-19 18:02:00+00:00 - Loading... Loading... The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though? Let's take a look at what these Wall Street heavyweights have to say about Boston Scientific BSX before we discuss the reliability of brokerage recommendations and how to use them to your advantage. Boston Scientific currently has an average brokerage recommendation of 1.29, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 24 brokerage firms. An ABR of 1.29 approximates between Strong Buy and Buy. Of the 24 recommendations that derive the current ABR, 19 are Strong Buy and three are Buy. Strong Buy and Buy respectively account for 79.2% and 12.5% of all recommendations. Brokerage Recommendation Trends for BSX Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations. In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement. With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near -term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision. ABR Should Not Be Confused With Zacks Rank Although both Zacks Rank and ABR are displayed in a range of 1-5, they are different measures altogether. The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5. It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them. In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research. In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks. There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices. Should You Invest in BSX? Looking at the earnings estimate revisions for Boston Scientific, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $2.32. Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Boston Scientific. Therefore, the Buy-equivalent ABR for Boston Scientific may serve as a useful guide for investors. To read this article on Zacks.com click here.
Expert economists back Labour’s plan to end economic stagnation in UK 2024-06-19 18:01:00+00:00 - Labour’s plans for ending Britain’s long-term economic stagnation have been backed by a group of leading economists, including three Nobel prize winners and a former Bank of England deputy governor. In a boost to the shadow chancellor, Rachel Reeves, the 16 UK and internationally based economists said change was “desperately needed” after the policy mistakes and failures of the past 14 years since the Conservatives took power. Reeves and the Labour leader, Keir Starmer, have been accused by the Conservatives of having no plan for the economy but, in a letter to the Guardian, the economists say Labour offers a “credible alternative”. The letter’s signatories include the Nobel prize winners Joe Stiglitz, Sir Christopher Pissarides and Sir Angus Deaton, as well as Sir Charles Bean, a former deputy governor of the Bank of England. The economy has featured heavily in the election campaign, with Rishi Sunak saying the latest fall in the annual inflation rate to its 2% target showed that the UK had “turned a corner”. Labour has said “Tory chaos” has been responsible for weak growth and higher taxes – a view that is shared by the group of economists. “Britain has suffered a long period of economic stagnation over the last 14 years, with low growth in productivity, real wages and living standards,” the letter says. “Not only is this record poor by historical standards, but the UK has also underperformed compared to its international peers. We invest too little and too inefficiently – especially in skills, infrastructure and innovation.” skip past newsletter promotion Sign up to Election Edition Free daily newsletter Make sense of the UK election campaign with Archie Bland's daily briefing, direct to your inbox at 5pm (BST). Jokes where available 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 While Starmer and Reeves have been criticised by some on the left for a cautious approach that has seen them largely mirror Conservative tax, spending and borrowing plans, the letter identifies four areas where it says Labour would make a difference. A key problem, it says, has been the number of policy mistakes, U-turns and changes of leadership, which have helped create “huge investment-sapping uncertainty”. Since 2010, Britain has had five prime ministers and seven chancellors. The economists say structural reforms are needed to improve the UK’s public infrastructure and housing, especially around the planning system, which Labour has pledged to speed up. They also support the party’s commitment to improving the post-Brexit trade relationship with the EU and say fresh urgency is needed to speed up the transition to net zero and sustainable growth. Labour is committed to decarbonising the electricity supply by 2030 – which is considered to be an ambitious target by energy experts. “Change is desperately needed”, the letter says. “Contrary to what the government has been saying, we believe that Labour provides a credible economic alternative across all these dimensions, and that Keir Starmer and Rachel Reeves offer a combination of stability and an ambitious set of reforms to help grow the economy.” Among the other signatories to the letter are Richard Layard, the labour market expert and Labour peer; Prof Mariana Mazzucato, the founding director of the Institute for Innovation and Public Policy at University College London; and Prof David Blanchflower, a former interest-rate setter on the Bank of England’s ’s monetary policy committee. Blanchflower told the Guardian it was welcome that Labour had the endorsement of economists and doubted whether the Conservatives could put together a similar list backing their economic strategy. “They would struggle to find anybody with any clout”, he said. “How many Nobel prize winners support the Conservatives?” Blanchflower also said it was important Reeves and Starmer had a firm plan if they win the election on 4 July. “They are going to be elected, so what are they going to do then? You can’t just be Tory-lite”, he said.
Ex-Fujitsu executive says he feels ‘aggrieved’ by damage done to Horizon’s reputation 2024-06-19 17:56:00+00:00 - A former executive of Fujitsu, the company that developed the Post Office’s Horizon IT system, has told a public inquiry he felt “aggrieved” that what he thought was a “good system” had been placed into such disrepute by the scandal, and said he believed that the “real issue” was the way criminal prosecutions of post office operators had been handled by the state-owned body. Richard Christou, the former chief executive and executive chairman of Fujitsu Services Holdings, was testifying at the inquiry, which is examining why the Post Office prosecuted and ruined hundreds of people, alleging financial shortfalls in their post office branch accounts. Despite campaigns, it took years for the Post Office to admit that faults with Horizon were behind many of the shortfalls. Christou, who was chief executive between 2000 and 2004, was asked why no Fujitsu whistleblowers had raised concerns to him about the ability of Fujitsu staff to remotely access the Horizon IT system and to change the branch accounts of post office operators. Flora Page, a barrister representing a number of post office operators, asked him: “Why were there no Fujitsu whistleblowers? Why did no one come forward?” Christou told the inquiry he took issue with the description of “tampering” with branch accounts. “First of all, I don’t like the word tamper – that is a pejorative term,” he told the hearing. “Secondly, my understanding is – and I knew nothing about this particularly at the time – these alterations were made in conjunction with the Post Office in order to correct various issues, that’s what I saw coming out of the evidence … Why no whistleblowers? You’d have to ask potential whistleblowers in Fujitsu. No one came to me and blew any whistles.” Christou added: “I’m not mitigating that there is a gross miscarriage of justice and if you think I don’t feel for the postmasters and subpostmasters, you are wrong, I do,” he said. “I feel aggrieved that what I thought was a good system has been put into disrepute, but I’m not responsible for it. I have said before, the real issue is the way the prosecutions were handled and flows of information. Why there were no whistleblowers and what they would have told me … I don’t know, he said. The first person to come forward as a whistleblower was former Fujitsu employee Richard Roll, who gave an interview to the BBC’s Panorama about Horizon in 2015. Christou said in his witness statement that he had had no knowledge of the prosecution of post office operators and said he had always regarded the rollout of the Horizon IT system as one of Fujitsu’s “major successes” and the Post Office as a “satisfied customer”. More than 700 post office operators were wrongly prosecuted by the Post Office and handed criminal convictions between 1999 and 2015 as the Horizon system made it appear that money was missing at their branches. 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 Christou’s ex-colleague Duncan Tait, a former chief executive of Fujitsu Services Ltd, told the inquiry that he had said to Paula Vennells, then chief executive of the Post Office, that the Horizon IT system was like “Fort Knox”. Tait agreed he had made the comment but told the hearing that this was not about remote access to the IT system but about part of Fujitsu’s offices in Berkshire. “Contrary to what she says in her letter, my comment was not about remote access to transaction data, but about physical access to the … developers’ area in Bracknell and the cybersecurity of the system,” he said. The inquiry continues.
Labour is offering a credible plan to address Britain’s economic problems 2024-06-19 17:56:00+00:00 - Britain has suffered a long period of economic stagnation over the last 14 years, with low growth in productivity, real wages and living standards. Not only is this record poor by historical standards, but the UK has also underperformed compared with its international peers. We invest too little and too inefficiently – especially in skills, infrastructure and innovation. A key problem relates to the many policy mistakes, reversals and leadership churn – these have helped create huge investment-sapping uncertainty. Second, structural reforms are needed to boost national infrastructure and housing, especially around the planning system. Third, we need to improve our relationship with the European Union, our closest trading partners. Finally, the transition to net zero, and sustainable growth, needs a new urgency. Change is desperately needed. Contrary to what the government has been saying, we believe that Labour provides a credible economic alternative across all these dimensions, and that Keir Starmer and Rachel Reeves offer a combination of stability and an ambitious set of reforms to help grow the economy. Prof Philippe Aghion College de France, Insead and LSE Sir Charles Bean Professor, LSE David Blanchflower Bruce V Rauner ’78 Professor, Dartmouth College Angus Deaton Nobel laureate, and senior scholar and emeritus professor, Princeton University Richard Layard Founder-director of the Centre for Economic Performance, LSE Prof Mariana Mazzucato Founding director, Institute for Innovation and Public Purpose, UCL Sir Christopher Pissarides Nobel laureate and president, Royal Economic Society Prof Richard Portes CBE, Founder of Centre for Economic Policy Research, London Business School Professor Danny Quah Lee Kuan Yew School of Public Policy, National University of Singapore Dani Rodrik Ford Foundation Professor of international political economy, Harvard University Prof David Soskice LSE school professor and professor of political science and economics emeritus, International Inequalities Institute, LSE Anna Valero Distinguished policy fellow, LSE John Van Reenen OBE and Ronald Coase School professor, LSE Joe Stiglitz Nobel laureate and university professor, Columbia University Simon Wren-Lewis Emeritus professor of economics, Oxford Tony Yates Formerly of the Bank of England
Canadian airline WestJet begins canceling flights as mechanics threaten to strike 2024-06-19 17:40:32+00:00 - Canadian airline WestJet has begun canceling some flights in anticipation of a strike by aircraft maintenance technicians, saying it wants to avoid having passengers and planes stranded if there is a walkout. WestJet said it expected to cancel about 40 flights from Tuesday through Wednesday, affecting 6,500 passengers. By Wednesday afternoon Eastern time, the airline had canceled 20 flights, or 4% of its schedule, after canceling five flights Tuesday, according to tracking service FlightAware. The low-fare airline said it was trying to find alternate arrangements for customers whose flights were dropped. WestJet and the Aircraft Mechanics Fraternal Association are locked in negotiations for an initial collective-bargaining agreement covering about 680 mechanics. Earlier this week, WestJet asked the Canadian Industrial Relations Board to order both sides into binding arbitration. The union responded by notifying the airline of its intention to strike as soon as Thursday night unless the company returned to the bargaining table this week in Calgary. Diederik Pen, the airline’s president, said the company’s most recent contract offer would have made WestJet maintenance engineers the highest paid in Canada and raise their take-home pay 30% to 40% within a year. The union says the airline is trying to impose a contract that its members rejected by a 97.5% vote, and that low pay is preventing WestJet from filling open jobs. WestJet was founded in the 1990s and modeled after Southwest Airlines in the U.S. It is Canada’s second-largest airline.
Mortgage demand flattens even as interest rates hit the lowest level since March 2024-06-19 17:26:00+00:00 - Consumers seemed unimpressed by the latest drop in mortgage rates. Total mortgage application volume rose just 0.9% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.94% from 7.02%, with points decreasing to 0.61 from 0.65 (including the origination fee) for loans with a 20% down payment. That is the lowest level since March. "Mortgage rates dropped last week following the latest inflation data and the FOMC meeting," said Mike Fratantoni, MBA's SVP and chief economist. Despite the drop, refinance demand, which is usually sensitive to weekly rate moves, dropped 0.4% for the week but was 30% higher than the same week one year ago. Rates are still slightly higher than they were a year ago. Mortgage applications to purchase a home rose 2% for the week and were 12% lower than the same week one year ago. Home sales have slowed even more recently amid volatile interest rates. The supply of homes for sale is as pricey as it is lean. "Purchase volume is still more than 10 percent behind last year's pace, but MBA is forecasting a pickup in home sales for the remainder of the year as more inventory is hitting the market," added Fratantoni. Mortgage rates moved a little bit higher to start this week but then pulled back Tuesday after weaker than expected retail sales data. "All told, it painted a less upbeat picture for the American consumer compared to a few months ago," wrote Matthew Graham, chief operating officer at Mortgage News Daily.
Employees Who Joined Nvidia 5 Years Ago Now Millionaires And Coasting In 'Semi-Retirement' - NVIDIA (NASDAQ:NVDA) 2024-06-19 16:56:00+00:00 - Nvidia NVDA has seen incredible growth in recent years. Since the beginning of 2024, the company’s stock has jumped 167%. Over the past five years, it has surged by an impressive 3,450%. Given these figures, it’s easy to see why many NVIDIA employees who joined the company five or more years ago are likely millionaires today. Additionally, many midlevel managers at NVIDIA reportedly make over $1 million a year, thanks to stock options and the overall appreciation of the company's stock. However, being flush with cash now means that many established Nvidia executives are reportedly operating in "semiretirement" mode, which caught the attention of CEO Jensen Huang. They are financially comfortable enough that they don’t seem motivated to work as hard as they used to. Don't Miss: The average American couple has saved this much money for retirement — How do you compare ? This Uber-for-moving startup is quietly taking the world by storm, here’s how anyone can invest with $100. In response to questions about ‘semiretired' employees, Huang advised all workers to act as the ‘CEO' of their own time and be responsible for determining their work ethic. Still, even Huang received a 60% pay boost last fiscal year, and his compensation reached $34.2 million as Nvidia’s market value is now $3.2 trillion. But not all Nvidia employees think they’re rich. As one Nvidia engineer earning $250,000 a year shared with Business Insider, employee salaries at the company are only impressive at first glance. He explained that although some Nvidia employees might be lucky enough to become millionaires, "a million doesn’t go too far." This engineer, based on the West Coast and having joined Nvidia a few years ago, receives almost half of his base salary in the form of restricted stock units (RSUs) annually. He pointed out that from an outsider's perspective, it might seem like all Nvidia employees are rolling in money, especially with the company’s stock skyrocketing. Trending: A startup that turns videos into games gets backing from Mark Cuban and opens a round for regular investors at $250. However, he clarified that not everyone receives a large number of RSUs as there's a limit on how many stock units employees can get. Even the top performers are capped at receiving 50% of their base salary in stock each year. "You will end up cashing your stocks to meet your annual obligations in terms of personal taxes, property taxes, and any other expenses you will have," he said. As former Tesla director of AI Andrej Karpathy recently pointed out, "Most people don't HODL, and the government takes half." In other words, many Nvidia and Tesla employees could have been millionaires if they hadn’t sold their company stock when they immediately could. On the other hand, he added that long-term holders are likely awaiting Tesla to achieve fully autonomous driving with its FSD software before they sell at a premium. Keep Reading: