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Flavor Flav ordered Red Lobster's entire menu to 'save' the chain 2024-06-06 17:55:00+00:00 - A hip hop and reality show icon is showing his love for Red Lobster in a huge way. On June 3, rapper and sometimes-controversial sports arena singer Flavor Flav posted an image on Instagram that quickly went viral. In the post, the 6-time Grammy nominee truly put his money where his mouth was in expressing a desire to help the beleaguered seafood company, which filed for bankruptcy last month. “Ya boy said he wuz gonna do everything to help Red Lobster and save the Cheddar Bay Biscuits,” the star wrote on Instagram, adding he ordered everything available in quite the benevolent display. Anyone on the platform can see the clock-wearing meme machine standing in front of several plated Red Lobster items on a table: nachos, vegetables, Cheddar Bay Biscuits and, of course, a whole lobster are waiting to be enjoyed buffet-style along with loads of other dishes. “FLAVOR FLAV,” continued the Rock and Roll Hall of Fame inductee, invoking his own name in his signature style. “took my family to @redlobster and ordered the whole menu,!!!” The post, which was shared as a video, generated more than 874,000 views in the process. A post sharing the same image has 1.3 million views on X. Flavor Flav has been a known lover of Red Lobster for years. On his iconic reality dating show, “Flavor of Love,” he took contestant Tika “Sweetie” Wilson to “one of his most favorite places in the world,” Red Lobster, surprising his date in more ways than one. Representatives for Flavor Flav and Red Lobster did not immediately respond to TODAY.com’s request for comment. Still, both the rapper and the seafood spot seem to have gotten reacquainted in a heartwarming way. Red Lobster commented on the post by writing, “It’s flavor time, boyeeeeeeee! 🦞⏰,” to which Flav himself replied with a “YEAH BOOYYYEEEE,!!! ⏰🦞👀.” Hundreds of other folks took to the comments section to add their two cents on the shellfish smorgasbord. “Some heroes wear clocks,” wrote one user on Instagram. “😂😂😂😂 Yooo, Flav is going to single-handedly save Red Lobster,” wrote another, while the official Public Enemy Instagram account chimed in with a lobster emoji. “Wait you saving @redlobster and the water polo team? Love it!!” wrote someone on X, referring to the rapper agreeing to become the U.S. women’s water polo team’s hype man last month. The tenderhearted timepiece lover replied with a list of all the causes he’s taking up: “And teachers and music education and mental health awareness and food banks and addiction counseling and FUN seems like FUN needs to be saved lots these days 👍🏾👍🏾👍🏾👍🏾.” One X user asked if any of the meal was comped. The rapper replied, “NONE,,, why if I send you my receipt you fixin to pay me back,???” And to a naysayer on X who wrote, “This ain’t saving s--- lmao,” Flavor Flav didn’t mince words, responding, “Itz saving some of the staff with da money I gave em,,, whatchu doing to help anyone,???” Red Lobster announced it voluntarily filed Chapter 11 relief in May in Florida bankruptcy court after setbacks with its investors and its Endless Shrimp deal. The eatery, which is currently the largest seafood chain in the country, said it plans to remain open and sell its businesses to existing lenders. Still, the chain made headlines with news that the contents of dozens of Red Lobster locations around the country were being auctioned off by liquidation firm TAGeX Brands. The firm sold off the entire contents of at least 48 stores across 21 states, including furniture, fixtures and equipment.
US antitrust enforcers will investigate leading AI companies Microsoft, Nvidia and OpenAI 2024-06-06 17:50:58+00:00 - U.S. antitrust enforcers have decided to investigate the roles Microsoft, Nvidia and OpenAI have played in the artificial intelligence boom, according to people familiar with the pending actions. The Department of Justice will launch an investigation of chipmaker Nvidia, while the Federal Trade Commission will scrutinize close business partners Microsoft and ChatGPT-maker OpenAI, according to two people who were not authorized to publicly discuss details of the investigations and spoke to The Associated Press on condition of anonymity. Nvidia and OpenAI declined to comment Thursday. Microsoft didn’t immediately respond to a request for comment. The New York Times was first to report Thursday on a deal between antitrust regulators at the two agencies. Emboldened by President Joe Biden’s push for tougher scrutiny of Big Tech’s business practices, federal officials have signaled for more than a year that they’ve been watching out for monopolistic behavior in the rapidly advancing industry of chatbots and other generative AI products that can produce human-like text, imagery and sound. Lina Khan, chair of the FTC, said in January that the agency would scrutinize deals that “enable dominant firms to exert undue influence or gain privileged access in ways that could undermine fair competition.” The FTC said at the time it was opening an inquiry into the relationships between leading artificial intelligence startups such as OpenAI and Anthropic and cloud computing providers such as Amazon, Google and Microsoft that have invested billions of dollars into them. Microsoft’s relationship with OpenAI has been particularly close, supplying the smaller San Francisco company with the vast computing resources needed to train generative AI systems like ChatGPT. The entire AI industry has also relied heavily on Nvidia’s specialized semiconductors to power AI applications. Demand for its AI chips has led Nvidia’s stock to soar, surpassing $3 trillion in market value Wednesday and making it one of the most valuable companies in the S&P 500. ——- Associated Press writer Michael Balsamo contributed to this report. —— The Associated Press and OpenAI have a licensing and technology agreement that allows OpenAI access to part of AP’s text archives.
D-Day's last living links recount brutal, and inspiring, memories on Normandy’s beaches 2024-06-06 17:02:00+00:00 - In his speech at the American Cemetery in Normandy on Thursday, President Joe Biden referenced the years soon to come, when the story of D-Day will be told by recorded testimony rather than the living words of its survivors. “We cannot let what happened here be lost in the silence of the years to come. We must remember it, must honor it and live it,” he said. “We must remember: The fact that they were heroes here that day does not absolve us of what we have to do today.” Drawing direct parallels with Ukraine’s fight against Russia and a contrast with his domestic rival, former President Donald Trump, he added: “Democracy is never guaranteed. Every generation must preserve it, defend it and fight for it.” “Let us be worthy of their sacrifice.” Biden gave his speech alongside his French counterpart, Emmanuel Macron, at the cemetery in Colleville-sur-Mer. Afterward the pair joined Germany’s Olaf Scholz, Britain’s Prince William and Ukraine’s Volodymyr Zelenskyy, who were among some 25 world leaders and heads of state at the international ceremony on Omaha Beach to commemorate the 150,000-plus troops who fought on D-Day. With war raging in Ukraine, Russians, who were part of the Allied forces that defeated the German-led Axis powers, have not been invited to any of the events.
Baillie Gifford cancels all remaining sponsorships of literary festivals 2024-06-06 16:57:00+00:00 - Baillie Gifford has cancelled all of its remaining sponsorship deals with literary festivals after protests over its links to Israel and fossil fuel companies. The investment management firm refused to confirm that it had taken the decision, but the Guardian has heard from Cambridge, Stratford, Wigtown and Henley literary festivals that the company had decided not to continue its partnership with them. Cheltenham literary festival, which announced the end of its partnership with Baillie Gifford on Wednesday, also indicated that the decision had come from Baillie Gifford. The Borders book festival announced this week that it had decided to end Baillie Gifford’s sponsorship after this year’s event. Wimbledon BookFest has confirmed that its sponsorship from the firm will be ending after eight years, but it did not disclose whether the decision came from festival organisers or Baillie Gifford. The move comes after mounting pressure from the campaign group Fossil Free Books (FFB), which has called on the company to cease its investments in the fossil fuel industry and also demanded it divest from companies linked to Israel, as it believes “solidarity with Palestine and climate justice are inextricably linked”. Last month, the Hay festival organisers took the decision themselves to end Baillie Gifford’s sponsorship, while the Edinburgh international festival organisers and the asset manager “collectively agreed” to terminate theirs. While this means that the company no longer sponsors any literary festivals, it remains the sponsor of the UK’s most prestigious prize for nonfiction, the Baillie Gifford prize. “The Baillie Gifford prize for nonfiction has happily partnered with Baillie Gifford since 2016,” a spokesperson from the prize said. “We have always found them to be collaborative, generous and transparent about their investments. They are contracted to sponsor the prize until the end of 2025 and we are fully committed to that relationship.” Last month, more than 700 writers and publishing industry professionals signed an open letter organised by FFB, calling on Baillie Gifford to divest from fossil fuels and cease its links to Israel. FFB said in a statement: “Over the last 18 months, research by multiple human rights NGOs has shown that Baillie Gifford holds investments worth billions in fossil fuel companies and companies with links to Israeli occupation, apartheid and genocide. “Our research into Baillie Gifford’s investments is ongoing and we expect to release more news regarding the firm’s problematic investments in the coming days.” The campaign group added that while it was “encouraged that an institution with such problematic investments will no longer play a role in the UK literary scene”, its “primary demand has always been for Baillie Gifford to divest”. “FFB will continue to organise – alongside the wider divestment movement – until Baillie Gifford lives up to its claim to be a ‘responsible investor’ by divesting from fossil fuels and companies associated with human rights abuses,” the statement said. The Hay festival was the first to pull out of its sponsorship deal with the firm, after a number of those scheduled to appear at the 2024 event, including the Labour MP Dawn Butler, the singer Charlotte Church and the comedian Nish Kumar pulled out in solidarity with FFB. Two days into the festival, Hay announced its decision to withdraw from the sponsorship deal. skip past newsletter promotion Sign up to First Edition Free daily newsletter Our morning email 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 “Our first priority is to our audience and our artists,” Hay’s chief executive, Julie Finch, said at the time. “Above all else, we must preserve the freedom of our stages and spaces for open debate and discussion, where audiences can hear a range of perspectives.” The Edinburgh international festival announced its decision the week after, with Jenny Niven, the book festival’s director, saying it had been taken “with great regret” and due to “intolerable” pressure on her team, rather than out of agreement with FFB’s stance. She said she did not believe “undermining the long-term future of charitable organisations” was “the right way to bring about change”. Baillie Gifford has not commented on any of the sponsorship withdrawals since Edinburgh’s, when Nick Thomas, a partner at Baillie Gifford, said the firm’s sponsorship of the festival, which had been in place since 2004, “was rooted in our shared interest in making Edinburgh a thriving and culturally vibrant place to live and work”. “We hold the activists squarely responsible for the inhibiting effect their action will have on funding for the arts in this country,” Thomas added. “The assertion that we have significant amounts of money in the occupied Palestinian territories is offensively misleading. Baillie Gifford is a large investor in several multinational technology companies, including Amazon, Nvidia and Meta. Demanding divestment from these global companies, used by millions of people around the world, is unreasonable and serves no purpose. Much as it would be unreasonable to demand authors boycott Instagram or stop selling books on Amazon.” Baillie Gifford was also not a “significant fossil fuel investor”, Thomas said. “Only 2% of our clients’ money is invested in companies with some business related to fossil fuels. We invest far more in companies helping drive the transition to clean energy.”
Black Music Month has evolved since the 1970s. Here’s what you need to know 2024-06-06 16:47:31+00:00 - LOS ANGELES (AP) — Every June since the 1970s, across the United States, musicians, fans and industry professionals celebrate Black Music Month. It’s an opportunity to highlight the contributions of Black artists and position Black art at the center of American culture across popular music and beyond. Black Music Month ‘s origins trace back to 1979. In that year, a decade after the Civil Rights era, President Jimmy Carter designated June a time to celebrate the cultural and historical significance of Black musicianship and held the first ever Black Music Month celebration on the White House lawn. That makes 2024 its 45th annual commemoration. But what inspired Black Music Month in the first place, and how has it evolved? WHAT IS THE HISTORY OF BLACK MUSIC MONTH? Black Music Month was originally founded in 1979, but not by President Carter. Credit goes to Philadelphia soul pioneer Kenny Gamble of Gamble and Huff and a couple of other associates, said Naima Cochrane of the Black Music Action Coalition, an advocacy organization founded in June 2020 following a music industry blackout in response to the murder of George Floyd. “Black Music Month was founded out of an organization called the Black Music Association,” she says. Gamble based his organization, founded in 1978, on the Country Music Association because he saw how much power and influence they held in the country music business, Cochrane explains. He aimed to do the same with Black stakeholders in the music industry. Those included promoters, retailers, bookers, venue owners, executives, artists and household names like Rev. Jesse Jackson and Motown Records founder Berry Gordy. Black Music Month, coincidentally, was brought forth by Gamble, Cleveland radio DJ Ed Wright, and media strategist Dyana Williams. “Black Music Month was originally created to promote, protect, and perpetuate the business of Black music, not just to celebrate Black music,” says Cochrane. “The tagline was originally ‘Black music is green,’ and it was meant as a way to drive retail sales to increase awareness for the artists but honestly, really to increase the business of Black music, and not just to celebrate the history of Black music.” “It’s evolved into something different over the years… The original intention has gotten lost,” she says. “The original purpose of the month was to prove that the business of Black music was profitable.” HOW IS BLACK MUSIC MONTH CELEBRATED? Each June, Black Music Month is recognized with a presidential proclamation. “During Black Music Month, we celebrate the Black artists and creatives whose work has so often been a tidal wave of change — not only by defining the American songbook and culture but also by capturing our greatest hopes for the future and pushing us to march forward together,” President Joe Biden’s 2024 proclamation read. “Black music is a staple of American art and a powerhouse of our culture — that is why we must continue to open doors for the next generation of Black artists.” This year, Biden will once again celebrate Black Music Month with a Juneteenth concert featuring Patti LaBelle, Gladys Knight, Charlie Wilson, Kirk Franklin, Anthony Hamilton, Brittney Spencer, Trombone Shorty and more. Under the Obama Administration, Black Music Month was re-named African-American Music Appreciation Month but it’s since gone back to its roots. Black Music Month “is an acknowledgement that Black music is an original American artform and has influence in almost every other American art form. But it was designed to drive the business of Black music to Black stakeholders,” Cochrane added. In the years since its origins, Black Music Month has often been used as a salute to Black music excellence: 30 days to celebrate Black musicianship across media platforms, museums, streaming platforms, and beyond. But some fear that concentrating the observance might have limiting effects. WHAT ARE SOME OF THE DIFFERING OPINIONS ABOUT BLACK MUSIC MONTH? “I always felt conflicted: happy to see the uplifting of Black artists but disappointed that Black Music Month only benefitted superstars (and ostensibly turned the other 11 months over to white musicians),” 4AD Records label manager Nabil Ayers wrote of Black Music Month in 2021. “Musically, the Black Music Month that I knew in the ’90s and 2000s focused on the artists who could potentially sell the most records,” he continued. “But the reality is that it costs money to make music, and financial support for artists matters now more than ever.” Of course, there are varying opinions. In 2016, Philadelphia resident Branford Jones started They Have the Range, a popular Instagram account with one million followers, dedicated to showcasing Black singers. “When I created it, Black music programming wasn’t really there,” he says, noting a few other performance pages that “weren’t posting everyday Black people,” and a modern-day dearth of shows like “Soul Train” or BET’s “106th and Park.” “For They Have the Range, every month is Black Music Month,” Jones says, laughing. “But it’s important to have a Black Music Month, especially in a time where so many people are trying to erase historical context. ... We know how much Black folks have contributed to the world when it comes to music.” He cites the Hulu series “The 1619 Project” as an influence: “One of the things they said about Black music is that it’s uncatchable. Every single decade, (Black music) has been able to shift, change, and lead the masses.” For him, Black Music Month is an opportunity for celebration that can endure all year long — and it feels especially poignant that it lands in the month that also holds Juneteenth. “As time moves on, more brands will become involved, more people will get involved,” he says. “And so it is important to recognize it.”
FDA rolls back Juul marketing ban, reopening possibility of authorization 2024-06-06 16:43:00+00:00 - The Food and Drug Administration announced Thursday it had formally withdrawn marketing denial orders it had issued to Juul Labs in 2022, making it possible for the once-dominant e-cigarette manufacturer to pursue authorization for its sales. The marketing denial orders were effectively paused by the agency not long after they were issued, leaving the product in limbo for years amid court litigation and "additional review" the FDA said it was conducting of Juul's applications. At the time, the FDA had raised concerns over "potentially harmful chemicals" in Juul's e-cigarettes and "insufficient and conflicting data" it said the company had submitted. "In parallel, in the time since the MDOs were administratively stayed in 2022, the FDA has gained more experience with various scientific issues regarding e-cigarette products, and there have been new litigation outcomes in cases about MDOs for e-cigarette products from other manufacturers," the FDA said in a statement. The agency said that rescinding the marketing denial orders was not the same as a new decision on whether to formally authorize sales of the e-cigarettes. Juul's applications have been returned to "pending status," the FDA said. The FDA has issued more than 300 marketing denial orders for new tobacco products since 2021. A handful have since been rescinded by the agency or blocked by federal court rulings. "We appreciate the FDA's decision and now look forward to re-engaging with the agency on a science- and evidence-based process to pursue a marketing authorization for JUUL products," Juul said in a statement. Juul's products will continue to be on the market during the FDA's renewed review of the application, the company said.
Novavax Stock’s Recent Surge and Future Potential 2024-06-06 16:33:00+00:00 - Novavax NASDAQ: NVAX is a drug and vaccine manufacturer in the healthcare sector known for its efforts in the COVID-19 vaccine market. Novavax’s stock price has experienced a remarkable surge recently, attracting significant attention from investors and Novavax’s analyst community. What has propelled this surge, and is it sustainable? Get Novavax alerts: Sign Up Novavax's Ascent: Understanding the Catalysts for Growth Novavax Today NVAX Novavax $19.56 -1.41 (-6.72%) 52-Week Range $3.53 ▼ $23.86 Price Target $17.50 Add to Watchlist The recent upward trajectory of Novavax stock can be attributed to several key developments that have bolstered investor confidence in the company's prospects. Novavax's recent confirmation of its capacity to fulfill its production targets for the upcoming fall COVID-19 vaccination campaign has alleviated concerns about supply chain constraints and manufacturing capabilities. Further solidifying its position, the U.S. Food and Drug Administration (FDA) has announced a definitive approval date of April 2025 for Novavax's COVID-19 vaccine, marking its transition from an Emergency Use Authorization (EUA) to full regulatory approval. This milestone holds significant weight, demonstrating the FDA's confidence in the vaccine's safety and efficacy. Additionally, the FDA's decision to prioritize the JN.1 strain, part of the Omicron subvariant family, for all COVID-19 vaccines in the fall vaccination campaign aligns strategically with Novavax's vaccine development efforts. Adding another layer of complexity to Novavax's recent performance is the phenomenon known as a short squeeze. A short squeeze occurs when a stock with a high percentage of shares sold short experiences a rapid price increase. This price surge compels short sellers to buy back the shares to cover their positions, thus further propelling the stock price upward. The current market dynamics surrounding Novavax, characterized by a short interest exceeding 32.26%, coupled with the positive news catalysts, have created a fertile environment for a short squeeze. Novavax's Position and Advantages While Novavax has secured a notable presence in the COVID-19 vaccine market, it operates within a competitive landscape dominated by pharmaceutical giants such as Pfizer NYSE: PFE and Moderna NASDAQ: MRNA. These established players possess significant resources, extensive distribution networks, and a proven track record of vaccine development and commercialization. However, Novavax possesses a distinct advantage stemming from its protein-based vaccine technology. This technology contrasts the mRNA-based vaccines employed by Pfizer and Moderna. Protein-based vaccines have been utilized for decades, and their established safety profile could resonate with individuals who harbor reservations or concerns about the newer mRNA technology. This unique selling proposition has the potential to attract a broader demographic, including those who have been hesitant to receive mRNA-based vaccines. To secure long-term viability and expand its market presence, Novavax must prioritize securing additional contracts and partnerships with governments and healthcare organizations worldwide. These agreements are essential for generating revenue, expanding production capacity, and solidifying its position as a reliable vaccine supplier in the global market. Balancing Growth with Realism Novavax has delivered impressive stock market performance in 2023, with its share price exhibiting a remarkable surge of over 300%. However, evaluating a company solely on its stock price movements, especially in the volatile biotechnology sector, can be misleading. It is crucial to look into Novavax’s financial statements to gain a more comprehensive understanding of its underlying performance. Novavax, Inc. (NVAX) Price Chart for Thursday, June, 6, 2024 Novavax's Q1 2024 earnings report, published on May 10, 2024, reveals a revenue of $94 million. This figure falls short of the company's projected full-year revenue of $400-$600 million, highlighting the challenges Novavax faces in translating its pipeline into consistent revenue generation. Adding to this concern, the company reported a net loss of $148 million for Q1 2024, continuing a trend of negative earnings. Furthermore, Novavax's earnings per share (EPS) for the most recent fiscal year is negative ($3.17), with a forward price to earnings (P/E) ratio of 58.25, signaling potential overvaluation. Examining analyst sentiment reveals a degree of caution. Despite recent stock gains, data shows a consensus "Hold" rating for Novavax, with an average price target of $17.50. This suggests a potential downside of -16.5% from the current trading price. The range of analyst price targets is broad, spanning from a low of $10.00 to a high of $29.00, illustrating the uncertainty surrounding Novavax's future performance. Novavax MarketRank™ Stock Analysis Overall MarketRank™ 3.97 out of 5 Analyst Rating Hold Upside/Downside 15.5% Downside Short Interest Bearish Dividend Strength N/A Sustainability -0.27 News Sentiment 0.40 Insider Trading Selling Shares Projected Earnings Growth 16.67% See Full Details This data emphasizes the importance of discerning fundamental value from market sentiment. Novavax's price-to-book ratio of -3.47, coupled with a negative return on assets (-24.56%), suggests that the company's intrinsic value may not yet be reflected in its current market valuation. While factors like short interest, which currently sits at 32.26% of outstanding shares, contribute to price volatility, investors must carefully evaluate whether Novavax's operational performance and future earnings potential justify its current market capitalization of $2.84 billion. Risks and Challenges for Novavax While Novavax has made significant strides and holds a promising position in the COVID-19 vaccine market, several risks and challenges warrant careful consideration when evaluating its long-term prospects. The long-term demand for COVID-19 vaccines remains uncertain. The trajectory of the pandemic, the emergence of new variants, and the effectiveness of booster shots will significantly influence the demand for Novavax's products. A decline in vaccine demand could significantly impact the company's revenue streams. Novavax operates in a highly competitive and rapidly evolving market. Larger pharmaceutical companies with greater resources and research and development capabilities constantly innovate and introduce new vaccines and therapies. To remain competitive, Novavax must maintain a robust pipeline of innovative products and adapt to changing market dynamics. Regulatory hurdles represent another potential challenge. The pharmaceutical industry is subject to stringent regulations, and obtaining regulatory approvals for new vaccines can be a lengthy and complex process. Delays or setbacks in obtaining regulatory clearances could hinder Novavax's ability to bring new products to market or generate revenue. Novavax's recent achievements, particularly its ability to meet fall vaccine demand, secure a definitive FDA approval date, and its unique protein-based vaccine technology, position it as a noteworthy contender in the COVID-19 vaccine arena. However, it is crucial to acknowledge that the company operates within a dynamic and competitive landscape characterized by evolving demand, intense competition, and inherent regulatory risks. While Novavax offers investors potential for substantial returns, especially in the near term, it is paramount to approach this investment opportunity with a balanced perspective, recognizing both the potential rewards and the inherent risks. → Top 5 Tech Stocks to Buy for 2024 (From Daily Market Alerts) (Ad) Before you consider Novavax, 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 Novavax wasn't on the list. 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Boeing's Starliner spacecraft docks with space station after thruster issues 2024-06-06 16:25:00+00:00 - Two NASA astronauts aboard Boeing’s Starliner capsule arrived at the International Space Station Thursday, successfully docking with the orbiting outpost despite issues with the spacecraft’s thrusters. NASA confirmed that the spacecraft and its crew, astronauts Butch Wilmore and Sunita Williams, docked with the space station at 1:34 p.m. ET. “Nice to be attached to the big city in the sky,” Wilmore told mission controllers on the ground. An earlier docking attempt planned for 12:15 p.m. ET was called off after problems were discovered with five of the 28 thrusters on the lower portion of the Starliner capsule. Boeing's Starliner capsule docked with the International Space Station at 1:34 p.m. ET on June 6. NASA The hatch between the Starliner capsule and the space station was opened roughly 2 hours after docking. Williams entered the space station first, dancing and waving her arms as she floated through the hatch. The seven ISS crewmembers already onboard were waiting to greet Wilmore and Williams, exchanging hugs and handshakes. “I’m not sure we could have gotten a better welcome,” Wilmore said during a welcome ceremony held for him and Williams, which was broadcast on NASA TV. “What a wonderful place to be. It’s great to be back here.” Wilmore and Williams thanked the various teams who worked to get them to the ISS and said they are ready to get to work in orbit. “We’re just happy as can be to be up in space,” Williams said. Their arrival makes for a full house at the International Space Station: The duo joins NASA astronauts Michael Barratt, Matt Dominick, Tracy Dyson and Jeanette Epps, and Roscosmos cosmonauts Nikolai Chub, Alexander Grebenkin, and Oleg Kononenko, who are all part of the space station’s Expedition 71 crew. Wilmore and Williams are expected to spend about a week at the ISS. NASA has said the astronauts could return to Earth in the Starliner capsule on June 14, but the landing date could change as the mission progresses. Flight controllers will continue to monitor the capsule’s reaction control thrusters, which are used to make fine-tuned changes to the spacecraft’s trajectory, such as when it closes in on the space station. Various tests during the docking process were able to recover all but one thruster. The Starliner capsule is designed to dock autonomously with the space station, but Wilmore and Williams can take manual control if needed. The Boeing Starliner capsule prepares to dock with the International Space Station. NASA Boeing’s Starliner spacecraft is more than 24 hours into its long-awaited inaugural crewed test flight to the space station. The capsule lifted off atop an Atlas V rocket Wednesday from Florida’s Cape Canaveral Space Force Station. The test flight is designed to demonstrate that the capsule can safely ferry NASA astronauts to and from the International Space Station. If successful, NASA could authorize Boeing to conduct regular flights to the space station for the agency.
Little relief: Mortgage rates ease, pulling the average rate on a 30-year home loan to just below 7% 2024-06-06 16:24:16+00:00 - LOS ANGELES (AP) — The average rate on a 30-year mortgage dipped to just below 7% this week, little relief for prospective homebuyers already facing the challenges of rising housing prices and a relatively limited inventory of homes on the market. The rate fell to 6.99% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.71%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week, lowering the average rate to 6.29% from 6.36% last week. A year ago, it averaged 6.07%, Freddie Mac said. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. Yields eased this week following economic data showing slower growth. Signs that the economy is cooling can drive inflation lower, which could persuade the Federal Reserve to lower its short-term interest rate from its highest level in more than two decades. The Fed, which is scheduled to hold its next policy meeting next week, has maintained it doesn’t plan to cut interest rates until it has greater confidence that price increases are slowing sustainably to its 2% target. Until then, mortgage rates are unlikely to ease significantly, economists say. “Overall, we anticipate inflation will continue to slow and will allow mortgage rates to decrease to around 6.5% by the end of 2024, early 2025,” said Ralph McLaughlin, senior economist at Realtor.com. The average rate on a 30-year mortgage remains near a two-decade high, adding hundreds of dollars a month in costs on a home loan, limiting homebuyers’ purchasing options. Elevated mortgage rates dampened home sales this spring homebuying season. Sales of previously occupied U.S. homes fell in March and April as home shoppers contended with rising borrowing costs and prices. As rates have ticked higher, so have the monthly payments home shoppers need to take on when applying for a mortgage. The national median monthly payment listed on home loan applications was $2,256 in April, a 2.5% increase from the previous month and 6.8% higher than what it was a year earlier, according to data from the Mortgage Bankers Association.
Officials considered sacking Paula Vennells as Post Office boss in 2014 2024-06-06 15:41:00+00:00 - UK government officials expressed serious doubts about Paula Vennells’ suitability as the chief executive of the Post Office and considered sacking her in 2014, five years before she resigned, the inquiry into the Horizon IT scandal has heard. According to internal government documents shown at the inquiry on Thursday, officials and other Post Office board members had concerns about Vennells’ leadership a decade ago. “Advice from the recent annual review suggested that the POL [Post Office Ltd] team give careful consideration to the continued suitability of Paula Vennells as CEO,” read one document, dated February 2014. It appeared to be from the Post Office’s risk and assurance committee, with the Department for Business, Innovation and Skills, the sole shareholder in the state-owned company, and the Shareholder Executive, which managed the government’s relationship with the Post Office and was made up of senior industry people, appearing at the top of the page. “There is a general consensus that Paula is no longer the right person to lead POL but justification is anecdotal.” In a section entitled “Why is Paula’s position under review?”, one of the reasons given was that “she has been unable to work with personalities that provide robust challenge to her”. The inquiry is examining how the state-owned company prosecuted hundreds of post office operators, who were wrongly accused of stealing money from the branches they ran due to problems with the Horizon computer system that led to what has been described as Britain’s largest miscarriage of justice. It took years for the Post Office to admit that faults with Horizon, developed by Japan’s Fujitsu, were behind many of the shortfalls. Among the options considered by government officials was “retain and review” – giving Vennells “time to deliver her plans, and government time to prepare for her replacement should she fail to deliver on the plan”, the document said. This related to the Post Office’s 2010 plan which “failed to deliver the expected revenue growth”, according to the 2014 document. The document also said it would be “more difficult” to remove Vennells due to the impending general election, which took place in 2015. “Ministers would be conscious of the political implications,” it said. The paper considered several internal candidates and highlighted the then-commercial chief, Martin George, and the then-strategy director, Sue Barton, as potential successors to Vennells. The lead counsel for the inquiry, Jason Beer KC, asked Alice Perkins, who chaired the Post Office at the time, if Vennells preferred having “yes-men and yes-women” around her. Perkins denied this, but acknowledged that she began to have reservations about Vennells’ leadership in 2014 that were shared by other board members. 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 Perkins said the documents were “complete news” to her and she was not aware of the discussions within government at the time. Vennells continued to run the Post Office until 2019, and was subsequently awarded a CBE “for services to the Post Office and to charity”. She handed the CBE back earlier this year before being formally stripped of it. Last month, Vennells told the inquiry that she was “too trusting” of subordinates and was advised to deny Fujitsu had remote access to terminals. At one point, she broke down in tears and said “I worked as hard as I possibly could to deliver the best Post Office for the UK.” During Thursday’s hearing, Perkins was shown an email that Vennells sent her twice in 2014 in which the then-chief executive said she was “more bored than outraged” about an item on the BBC One Show programme on the Post Office scandal. Perkins said she could not recall her reaction at the time but added: “Looking at this now, obviously it looks absolutely dreadful.” Upon repeated questioning, Perkins insisted: “The board was not bored of this issue and I have said on a number of occasions over the last two days that I think there were instances where the board should have acted differently.”
Investing in Biotech: High Risk for a Potentially High Reward 2024-06-06 15:27:00+00:00 - Have you been wondering how to invest in biotech stocks? You may have watched biotechs rally fast and post significant gains and felt you missed out. You may also have seen biotechs and biopharma stocks reward shareholders when acquired. There are a few factors to consider when considering investing in biotech. In this article, we'll look at whether biotech stocks are a good fit for your portfolio and also some possible pitfalls to avoid. What Are Biotech Stocks? Biotechs are companies that develop specific medicines or therapeutic treatments. Often, they focus on a single product. Get AbbVie alerts: Sign Up When looking for the best biotech stocks to buy, be aware that many companies with promising technologies have market capitalizations of less than $2 billion, often well under. Some are also categorized as penny stocks, priced below $5 a share. These biotech startups frequently have no earnings and very little revenue, as their operations are funded by venture capital. Biotechs are generally considered a risky category of investment. There is a great deal of potential in a company with a product successfully brought to market, but there is also the risk of disappointment. Overview of the Biotechnology Industry The biotech industry hinges on bringing a hit product to market. Biotech companies may undergo years of research and development, only to learn that the treatment doesn't deliver the expected and hoped-for results in clinical trials. It's similar to the movie business, where a studio may invest millions into producing a motion picture, only to find that it flops when released. There's no guarantee that years of hard work and capital investment will pay off. But when it does, the treatment could eventually become a "blockbuster," a term it shares in common with Hollywood. The biotech and pharmaceutical sectors share similarities but differ in key ways -- they are more like cousins than siblings. Investing in pharmaceutical companies is more about what is, while biotech stocks are about what could be, and that changes the risk profile for both. Pharmaceuticals bring existing, FDA-approved products to market. They have manufacturing and marketing chops, as you can see by the slew of drug commercials on TV. The biggest pharmaceutical companies typically acquire or license new treatments once they are already developed. They aren't taking the risk of research and development, which may not result in a marketable product like biotech companies do. Qualities to Look for in a Biotech Stock Investing in even the top biotech stocks comes with risks. However, there are certain things you can look for to help manage it. A “Hot” Research Area : Focus on companies targeting diseases or conditions affecting large populations, as successful products will have high demand and quicker returns on R&D investments. Hot research areas can also lead to breakthrough "orphan" drugs with extended market protection. : Focus on companies targeting diseases or conditions affecting large populations, as successful products will have high demand and quicker returns on R&D investments. Hot research areas can also lead to breakthrough "orphan" drugs with extended market protection. Collaboration : Smaller biotech companies benefit from partnerships that provide financial and logistical support. : Smaller biotech companies benefit from partnerships that provide financial and logistical support. Cash on Hand : Look for companies with ample cash reserves and minimal debt. Frequent secondary share offerings indicate financial instability and can dilute share value. : Look for companies with ample cash reserves and minimal debt. Frequent secondary share offerings indicate financial instability and can dilute share value. Product Pipeline : Companies with multiple products in clinical trials offer better risk management than those relying on a single product. : Companies with multiple products in clinical trials offer better risk management than those relying on a single product. Market-Ready Products : Prioritize companies with products nearing market readiness, as completing clinical trials and securing FDA approval are critical steps. : Prioritize companies with products nearing market readiness, as completing clinical trials and securing FDA approval are critical steps. Market Rebounds : Invest in companies with the potential to rebound from temporary setbacks, using dips in share price as buying opportunities. : Invest in companies with the potential to rebound from temporary setbacks, using dips in share price as buying opportunities. Management Team: Trustworthy management should include both business-savvy leaders and those with scientific or medical expertise to ensure effective resource allocation and accurate research interpretation. Steps and Phases for Developing New Drugs Before a biotech firm can bring a product to market, it must go through several steps and phases. Investors should understand these processes, as they can greatly affect company operations and the stock's price. Research and Development: Identifying target diseases, developing testing processes, and optimizing the drug's formulation for safety and efficacy. Preclinical Testing: Conducting pharmacology and toxicology studies, often on animals, though emerging technologies may reduce this need. Clinical Trials: Testing the drug's safety and efficacy in humans across three phases, with increasing participant numbers and testing rigor. Regulatory Approval: Submitting comprehensive clinical and preclinical data to agencies like the FDA for approval to commercialize the drug. Manufacturing: Scaling up production, often through contract manufacturers or licensing to larger pharmaceutical firms. Marketing: Promoting and selling the drug to healthcare providers, insurers, and patients, often involving distributors and marketing campaigns. Pros and Cons of Investing in Biotech Because the biotech sector is notoriously volatile, it is essential that you understand the pros and cons before making an investment. Biotech investing can be very lucrative for some key reasons: Price Appreciation: The old concept of buy low, sell high is very clear with biotech stocks. If a company has successful clinical trial data or gets regulatory approval, its stock price could rocket significantly higher. The old concept of buy low, sell high is very clear with biotech stocks. If a company has successful clinical trial data or gets regulatory approval, its stock price could rocket significantly higher. Innovation: Biotech companies are at the cutting edge of medical innovation. The market rewards companies with new technologies that bring obvious changes to people's lives, including treating diseases and chronic health conditions. Biotech companies are at the cutting edge of medical innovation. The market rewards companies with new technologies that bring obvious changes to people's lives, including treating diseases and chronic health conditions. Growth Potential: Biotech companies can grow fast once a product is successfully brought to market. In addition, investors are often rewarded when a biotech is acquired by a larger pharmaceutical, a very common occurrence. Biotech companies can grow fast once a product is successfully brought to market. In addition, investors are often rewarded when a biotech is acquired by a larger pharmaceutical, a very common occurrence. Diversification: Investing in biotech companies can diversify an investment portfolio, as these companies are not necessarily highly correlated to the broader market, simply due to their business models and research and development cycles. The potential negatives of biotech investing include the following: High Risk: Perhaps no other sector has so much inherent downside risk. Many products these companies develop never make it out of clinical trials or receive FDA approval. This means investors can see the stock price decline to nearly nothing. Perhaps no other sector has so much inherent downside risk. Many products these companies develop never make it out of clinical trials or receive FDA approval. This means investors can see the stock price decline to nearly nothing. Lengthy Development Timelines: Biotech companies generally have long development cycles. This can translate to significant costs and delays in bringing products to market. Investors must be patient if they want the reward at the end of the process - if that reward comes at all. Biotech companies generally have long development cycles. This can translate to significant costs and delays in bringing products to market. Investors must be patient if they want the reward at the end of the process - if that reward comes at all. Clinical and Regulatory Uncertainty: Successful clinical trials and regulatory approvals are required before a biotech can bring a product to market. Both these processes can be lengthy and riddled with uncertainty. There's no guarantee of success. Successful clinical trials and regulatory approvals are required before a biotech can bring a product to market. Both these processes can be lengthy and riddled with uncertainty. There's no guarantee of success. Limited Access to Capital: In shaky market conditions, such as 2022, investors, including venture capitalists and those on the public markets, may be hesitant to put more money into unproven biotech. This may result in a slower research and development process. Future of Biotech Stocks As with infotech, the biotech industry should solve problems and improve conditions. Those are exactly the types of companies that the market rewards, as they can potentially increase revenue quickly. Possible growth areas of the biotech industry include: Gene Therapy: Gene therapy can potentially upend the treatment of many genetic disorders, such as cystic fibrosis and sickle cell anemia. The FDA has already approved many gene therapies, and more are developing. Gene therapy can potentially upend the treatment of many genetic disorders, such as cystic fibrosis and sickle cell anemia. The FDA has already approved many gene therapies, and more are developing. Immunotherapy: Industry analysts see a lot of promise in immunotherapy for treating cancer by channeling the body's immune system to attack cancer cells. Here again, the FDA has already approved some therapies, and more are expected. Industry analysts see a lot of promise in immunotherapy for treating cancer by channeling the body's immune system to attack cancer cells. Here again, the FDA has already approved some therapies, and more are expected. Artificial Intelligence: Artificial intelligence is permeating nearly every industry at this point. In biotech, it's used to speed up and streamline drug discovery, clinical trial design, and patient monitoring. This could help rapidly accelerate the development of new drugs. High Risk Can Result in High Reward Investing in biotech stocks can be one of the most profitable sectors for risk-tolerant investors. Biotech companies are engaged in research and development for chronic and life-threatening conditions. If these companies are able to successfully bring a product to market, its stock price (which in some cases is trading as a penny stock) can double, triple or move even higher. However, there’s also a tremendous risk to biotech stocks. The process to get a product approved is lengthy and expensive. And just getting a product through clinical trials is not sufficient. There is still an approval process through the FDA. And, unlike the speed at which COVID-19 vaccines were approved, this can also be a lengthy process. Biotech is an exciting and promising area, and investors with some patience, the stomach for volatility, and a high risk tolerance can potentially benefit. FAQs Here are a few of the most commonly asked questions about biotech investing. Should you invest in biotech stocks? Biotechs offer exposure to an industry with high potential for big price gains, but that also comes with higher-than-average downside risk. If clinical trials are disappointing, or if a new product fails to get FDA approval, your investment will almost certainly plummet in value. Conversely, successfully bringing a product to market can mean big rewards for investors, as can an acquisition by a larger company. How can I invest in biotech with little money? If you have little money to invest, one way to minimize your risk is by purchasing a basket of biotechs using an ETF. This can often be a sound approach, as you aren't simply betting your entire investment on one biotech, which is an extremely risky prospect. An ETF spreads the risk among many biotechs, meaning you'll participate in the gains of more than one company. You'll also participate in losses of multiple companies, but an ETF will generally smooth your return and reduce volatility.
Home prices are cooling nationwide. These 4 cities are leading the declines. 2024-06-06 14:47:10+00:00 - The share of US homes seeing price declines has hit its highest level since 2022, Redfin said. Three of the four metro areas are in Texas, and the other is in Oregon. It could be a sign that national price growth will soon start softening. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up 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. Advertisement More than 6% of US homes are seeing price declines, the biggest share since November 2022, according to a new Redfin report. Four major US metros are spearheading this trend, three of which are based in Texas. Home-sale prices declined the most in Austin, sliding by 2.9% on an annual basis. That's followed by San Antonio and Fort Worth, both with a 1.2% drop. Prices in Portland, Oregon slid 0.9%. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Missing cues, Trump claims right to prosecute political enemies 2024-06-06 14:46:15+00:00 - Watching Donald Trump’s interviews with Fox News’ Sean Hannity is a unique viewing experience. As we’ve discussed, the host is a close, longtime ally to the former president, so everyone watching understands that the Q&A will not be a contentious grilling. What makes their chats especially interesting, however, is Hannity’s eagerness to use their interviews to steer Trump in specific directions. It’s something viewers have seen the host do over and over and over again: Hannity has the Republican’s interests at heart, so he makes an effort to guide Trump to specific answers that the host believes will end up helping his friend politically. The trouble is, the presumptive GOP presidential nominee routinely ignores the cues. Late last year, for example, Hannity asked Trump if he had plans to “abuse power, to break the law, to use the government to go after people.” The obvious point was to have Trump say he had no intention of breaking the law or abusing his authority. The former president, however, missed the point and deflected. So, Hannity tried again to get his guest to say the sensible thing. “Under no circumstances, you are promising America tonight you would never abuse power as retribution against anybody?” the Fox host asked. Trump responded by saying he wanted to create a temporary American dictatorship. Last night, the duo tried again. It went about as well. “Will you pledge to restore equal justice, equal application of our laws, end this practice of weaponization?” the Fox host asked, pointing to developments that have no basis in reality. “Is that a promise you’re going to make?” Trump eventually responded, “Look, I know you want me to say something so nice, but I don’t want to look naive.” It was a rare look at the fourth wall: The former president explicitly acknowledged, out loud and on camera, that he was aware of Hannity’s efforts — though Trump wasn’t interested in the cue. In the same on-air appearance, the Fox host also noted those who “want people to believe that you want retribution, that you will use the system of justice to go after your political enemies.” Once again, the former president missed the prompt. “Look, when this election is over, based on what they have done, I would have every right to go after them,” Trump replied. Stepping back, the Republican’s candor is somewhat refreshing. It’s not exactly a secret that Trump lies uncontrollably about practically everything, and it’s easy to imagine a scenario in which he offered faux assurances to voters before the election, only to seek retaliatory vengeance against his perceived foes — who, in reality, have done nothing wrong — after Inauguration Day. But in this instance, he isn’t bothering with the pretense. Trump wants to prosecute his domestic political enemies, and he doesn’t seem especially interested in hiding his intentions. On the contrary, he talks about his desire to abuse presidential powers all the time. A New York Times analysis, published today, noted that Trump is effectively putting the rule of law “on the ballot.” Hannity wanted to help the former president take the issue off the ballot, but the GOP candidate, hellbent on revenge, simply wouldn’t help himself. This post updates our related earlier coverage.
GameStop Stock Update: What’s Driving Today’s Prices? 2024-06-06 14:30:00+00:00 - If fundamental investors are investigating, then the price action behind shares of GameStop Corp. NYSE: GME other than a few tweets that would be considered borderline stock manipulation from Keith Gill, A.K.A. 'Roaring Kitty.' This is not the first time Kitty has come on the scene to make GameStop stock soar. GameStop Today GME GameStop $46.55 +14.98 (+47.45%) 52-Week Range $9.95 ▼ $64.83 P/E Ratio 2,328.66 Price Target $7.00 Add to Watchlist In 2021, the online persona sent tweets and YouTube videos, making bold assumptions about valuing GameStop. Three years later, these assumptions have yet to take root. Because 2021 brought lower interest rates and cheap money into the economy, investors found it easy to get behind risky stories, but that’s not the case today. Get GameStop alerts: Sign Up A high-interest rate environment, worrying inflation, and the growing trend of stagflation (low economic growth and high inflation) make the perfect cocktail for stocks like GameStop, or ‘meme stocks,’ to find it hard to survive long. Here’s why the recent price action may be short-lived on a fundamental basis. What Investors Need to Know About GameStop’s Weak Financials Taking recent data within the company’s fourth quarter 2023 earnings results, investors can find trouble beyond contracting sales, which fell to $1.8 billion from $2.2 billion a year prior (an 18% decline). Investors tend to focus on the bottom line in a company’s income statement, precisely the net income, to drive their valuations and investment conclusions. However, this is often a misleading number to be wary of. Net income can be manipulated by a few accounting loopholes, which can hide potentially harmful trends under the rug. GameStop Corp. (GME) Price Chart for Thursday, June, 6, 2024 GameStop’s financials show a net income of $6.7 million in the past quarter, compared to a net loss of $313.1 million a year prior. Of course, that would seem extremely bullish until investors read further down to the number of outstanding shares. The fourth quarter of 2022 carried 304.2 million shares outstanding, while the past quarter reported 305.2 million. So, if the company made $6.7 million in net income, why would it issue shares and dilute shareholders? Well, it’s because the business didn’t make money, and here’s how to tell. Free cash flow (operating cash flow minus capital expenditures) is a more thorough way to measure a business’s profitability, which cannot be easily manipulated through accounting gimmicks. GameStop's FCF was negative by roughly $18.7 million in the past quarter. Last year, the company had a positive FCF of $326.6 million due to rolling over its tax expense and using cash raised from share dilution to postpone the need to take on further accounts payable. As the business ran out of ways to finance its ongoing operations again, it saw the need to raise its stock price to unjustifiably high levels to issue more expensive shares, as no institution in its right judgment would lend money to GameStop through bonds. GameStop Stock Forecast For 2024 Isn’t Rosy At least, that's what Wall Street analysts believe. With a current consensus price target of only $7 a share for GameStop stock, today's prices' potential downside is 77.8%. More than that, the stock has very little institutional ownership—only 29.2% today—a sign that so-called ‘smart money’ wants to stay away from this company. Over the past month, GameStop’s short interest increased by 6.3% to cap Roaring Kitty’s attempt to send this stock flying again. Too many negative factors suggest the stock has reached a top outside of further manipulation. Still, one of the factors carrying the most weight is the overall state of the economy today. GameStop MarketRank™ Stock Analysis Overall MarketRank™ 1.90 out of 5 Analyst Rating Sell Upside/Downside 84.7% Downside Short Interest Bearish Dividend Strength Weak Sustainability -1.03 News Sentiment 0.41 Insider Trading Selling Shares Projected Earnings Growth 800.00% See Full Details U.S. GDP growth was revised down to 1.3% over the past quarter, while inflation remained above 3% during that time, a dynamic befitting of a phenomenon called inflation. Because of this, the largest asset managers and retail investors will focus on growth above all else, and GameStop won’t deliver on that requirement. More than that, the stock is fighting against cyclically high interest rates, which tend to give the overall market a ‘risk-off' perspective and further drive capital away from stocks with an uncertain future. Unfortunately, GameStop is also part of consumer discretionary stocks, which are negatively affected by high interest rates as well. Free cash flow reigns king in these environments, and that’s just something GameStop can’t give investors right when they need it most. Before you consider GameStop, 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 GameStop wasn't on the list. While GameStop currently has a "Sell" rating among analysts, top-rated analysts believe these five stocks are better buys. 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U.S. Adds Tariffs to Shield Struggling Solar Industry 2024-06-06 14:26:26+00:00 - Tariffs aimed at protecting America’s solar industry from foreign competition snapped back into place on Thursday, ending a two-year pause that President Biden approved as part of his effort to jump-start solar adoption in the U.S. The tariffs, which will apply to certain solar products made by Chinese companies in Southeast Asia, kicked in at a moment of growing global concern about a surge of cheap Chinese solar products that are undercutting U.S. and European manufacturers. The Biden administration has been trying to build up America’s solar industry by offering tax credits, and companies have announced more than 30 new U.S. manufacturing investments in the past year. But U.S. solar companies say they are still struggling to survive as competitors in China and Southeast Asia flood the global market with solar panels that are being sold at prices far below what American firms need to charge to stay in business. That has forced President Biden to make an uncomfortable choice: Continue welcoming inexpensive imports that are helping the United States transition away from fossil fuels, or block them to protect new U.S. solar factories that are benefiting from taxpayer money.
Waves of change: Japan’s female fishers fill the gap in a struggling industry 2024-06-06 14:09:00+00:00 - With one last heave, Mayumi Okada launches a heavy, sopping wet rope into the Pacific Ocean. As a fresh afternoon wind forms frothy crests on the waves, her husband, Kuniaki, leaves his cabin, peers over the edge of their boat and confirms that the latest batch of oyster “spat” larvae is in position, ready to mature into the plump, highly prized bivalves associated with this region of north-east Japan. Three years ago, the couple abandoned regular careers to build a new life in Tomari, a tiny coastal community 500km (310 miles) north of Tokyo. Kuniaki, 54, had always dreamed of earning a living going out to sea. Mayumi was supportive, but she also had maritime ambitions of her own. View image in fullscreen Mayumi Okada works on a fishing boat. A growing number of fisheries operators are turning to women to address the steady decline in labour as the workforce ages. Photograph: Justin McCurry/The Guardian “He had always wanted to be a fisherman, so we looked at a lot of places in the region, and Ofunato was the most welcoming,” Mayumi, 49, says. “I was also interested in fishing, especially farming oysters, scallops and other shellfish.” Today, they are preparing to cultivate oysters off the coast of Iwate, one of three prefectures devastated by a deadly tsunami 13 years ago. In a quayside tent, women prepare empty scallop shells that will be used to bring the young oysters to maturity. But unlike her female peers, Mayumi is to be found out at sea as often as on shore. Japan’s fishing industry is in desperate need of labour. Like other traditional sectors of the country’s economy it is ageing and shrinking in sync with the general population. The average age of a Japanese fisher is approaching 60; in some places it is over 70. In 1961, Japan employed 700,000 seagoing workers, but the number had more than halved by the early 1990s and halved again by 2017. According to the most recent five-year census, conducted in 2018, the industry now employs just 87,000 people, with women making up just over 11,000, or about 13%. The entire fishing industry has a patriarchal culture in which older men are at the top Kumi Soejima, National Fisheries University “When I look around, there are very few women who go out on boats, but at least it’s not zero,” says Mayumi, who will become fully qualified next year when she completes her training at a fisheries academy. “There are so few people here that we need everyone to chip in.” Kuniaki agrees. “We heard about companies that refused to sell boats when they heard women would be working on them, but attitudes are changing. But if women aren’t involved then the men will be unable to do it all by themselves … fishing is that kind of industry.” A growing number of fisheries operators are turning to women to address the steady decline in the workforce. But they are up against a sector dominated by men at every level, and a cultural resistance towards women earning a living out at sea. Some of that resistance is rooted in folklore, according to which the goddess of the sea becomes “jealous” when women board a fishing boat. View image in fullscreen Mayumi Okada prepares ropes that will be used to cultivate oysters in Tomari on Japan’s north-east coast. Photograph: Justin McCurry/The Guardian Farther north in the coastal district of Omoe, Koichi Sato, a fisher for more than three decades, is sceptical about revitalisation programmes that encourage more women to perform physically demanding, and potentially dangerous, work at sea. “There is an old saying, ‘Women on land, men at sea,’” Sato says as he uses a crane to lift sacks of kombu seaweed out of a storage tank. People just can’t imagine women working on fishing boats Natsumi Nakamura “The local fishing industry wouldn’t be able to survive without women, but you need physical strength to work on a boat, hauling in the catch and putting it in storage. And then there are the long hours, including working at night. And what about sea sickness?” That question prompts a good-natured laugh from Natsumi Nakamura, a female fisher whom Sato, despite his misgivings, is now mentoring through the final stages of her training. She says she has stronger sea legs than her husband, Koshi, with whom she moved to Omoe just over a year ago to begin a new life in seaweed aquaculture. “I find it frustrating that women’s role in fisheries begins only after the catch has been landed,” Nakamura, 28, says, referring to the large numbers of women employed in processing. “But this is a very traditional region of Japan. When I told my neighbours that I wanted to be a fisherwoman, a lot of them asked me if I was serious. It’s not really sexism … people just can’t imagine women working on fishing boats. View image in fullscreen Natsumi Nakamura, a female fisher in Omoe. Despite government efforts, the proportion of women working in fisheries remains low. Photograph: Justin McCurry/The Guardian “But I’ve always had an interest in marine life, so it felt natural to want to go into fishing,” adds Nakamura, who studied at the National Fisheries University in Shimonoseki – the capital of Japan’s whaling industry – before spending almost two years at James Cook University, where she majored in tropical biology and conservation. Her husband, a native of Omoe, concedes that his fishing family are “still not 100% OK” with Natsumi’s career choice. “They keep asking her if she is absolutely sure, but I know that she loves fishing, so I’m fine with it,” he says. View image in fullscreen Natsumi Nakamura and her husband, Koshi, work together in Omoe. Photograph: Justin McCurry/The Guardian Despite government efforts, the proportion of women working in fisheries remains low, as other sectors, including farming and transport, also reach out to Japan’s underused pool of female talent. Recruitment events have been held in Tokyo for women interested in working in fisheries, although a 2023 survey found only about 60 of the 300 firms hoping to take on new workers said they would employ women. “There are jobs in fisheries that people used to think could only be done by men, but that isn’t the case any more,” says Kumi Soejima, a senior lecturer at the National Fisheries University. “Mechanisation and other improvements – like the installation of toilets – have made it much easier for women. All it takes is a change of attitude and a little ingenuity. “The entire fishing industry has a patriarchal culture in which older men are at the top of the hierarchy … that needs to change. If the fishing industry in Japan is going to survive it needs to attract more people, including women. The door should be open to them.” View image in fullscreen Women clean scallop shells that will be used to cultivate oysters in Tomari. Photograph: Justin McCurry/The Guardian Back in Omoe, Nakamura brandishes a freshly caught octopus the couple will sell at the local market. She admits that hauling up traps carrying a heavy catch can be a struggle. “A lot depends on how rough the sea is … sometimes my husband will do certain jobs on the boat, sometimes it’s me. You just have to adapt. “I would definitely encourage other women to give fishing a try. Times have changed, and we’re living in an age where women can do anything they put their minds to.”
Verint Systems Impresses With Strong Earnings 2024-06-06 13:40:00+00:00 - While all eyes are on Nvidia, whose stock surged by almost 5% yesterday, overtaking Apple to become the second most valuable company in the world, only behind Microsoft, with a market cap hitting $3 trillion, another tech company, Verint Systems NASDAQ: VRNT, put in an impressive display. Shares of the $2.1 billion technology company surged by 23% on Wednesday and closed above its short-term resistance, indicating a momentum shift in its trend. So, let's take a closer look at the company and its recent earnings results to see if now is the opportune time to buy. Get Verint Systems alerts: Sign Up Verint's Recent Earnings Performance Verint Systems Today VRNT Verint Systems $36.38 +1.66 (+4.78%) 52-Week Range $18.41 ▼ $40.28 P/E Ratio 75.79 Price Target $35.20 Add to Watchlist Verint Systems reported quarterly earnings of $0.59 per share and revenue of $221.28 million on Tuesday after the market closed, surpassing the consensus estimate of $0.54 per share. This marks an earnings surprise of 9.26%, compared to $0.53 per share a year ago. In the previous quarter, Verint exceeded expectations with earnings of $1.07 per share against a forecast of $0.99, an 8.08% surprise. Over the past four quarters, the company has surpassed consensus EPS estimates three times. Notably, the company also increased its outlook for fiscal 2025. Verint said it sees opportunities for Artificial Intelligence (AI) to significantly boost the contact center market. The company now expects full-year sales of $933 million, with adjusted earnings of $2.90 per share versus the consensus of $2.88 per share. An Overview of Verint Systems Verint Systems provides global customer engagement solutions, forecasting, scheduling, analytics, real-time assistance, and fraud and security solutions. Its Verint Open platform helps brands increase CX automation across various touchpoints, including contact centers, back offices, branches, websites, and mobile apps. Verint serves multiple industries, including banking, insurance, public sector, retail, and telecommunications. Its stock, VRNT, is trading at the high end of its 50-day range after yesterday's surge higher. It is now 13.8% away from its 52-week high and 88.59% above its 52-week low. Following its earnings report, Verint's stock surged 23% on Wednesday, boosting its year-to-date performance to over 28% and outperforming its sector and the overall market. The stock has cleared all significant short-term resistance and moving averages after briefly trading near its 200-day SMA and support on Tuesday. This surge could signal an important trend shift for Verint. Verint Systems Inc. (VRNT) Price Chart for Thursday, June, 6, 2024 Verint Systems: Analysts Agree on Moderate Buy Five analysts have a consensus rating of moderate buy on Verint's stock, with a price target of $35.20. Following the recent earnings report, Needham & Company LLC reiterated its buy rating with a $40 price target. At the same time, the Royal Bank of Canada maintained its outperform rating, setting a price target of $36. Despite the positive analyst sentiment, there is a short interest of 4.54%, equaling 2.7 million shares, which has increased by 23.8% from the previous month. Verint Systems MarketRank™ Stock Analysis Overall MarketRank™ 3.23 out of 5 Analyst Rating Moderate Buy Upside/Downside 3.9% Downside Short Interest Bearish Dividend Strength N/A Sustainability -0.93 News Sentiment 0.63 Insider Trading Selling Shares Projected Earnings Growth 13.20% See Full Details Verint Systems' Stock Rally Fueled by Strong Earnings and Analyst Confidence A concerning aspect for shareholders is the pattern of consistent insider selling over the past twelve months, with seven insiders selling $12.94 million worth of stock and no insider buying. Insider ownership currently stands at 1.7%. Additionally, institutional outflows have significantly outpaced inflows, with $321 million in outflows compared to $176 million in inflows over the past year. Verint Systems' strong earnings performance and positive analyst sentiment have driven a notable rally in its stock, positioning it as a recent standout performer amidst broader market movements. However, the persistent insider selling and significant institutional outflows warrant potential caution for potential investors. Before you consider Verint Systems, 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 Verint Systems wasn't on the list. While Verint Systems currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Amazon Stock Breakout: Potential Run to $200 2024-06-06 13:25:00+00:00 - Despite setting a fresh all-time high at the start of the month, shares of Amazon.com Inc NASDAQ: AMZN actually spent most of May on the back foot. In fact, for a while, it looked a little scary, especially as the broader market stayed buoyant. Consider, for example, the 7% that Amazon shares gave up between May 9 and May 31. During that same time frame, the benchmark S&P 500 index managed to gain 2%. Dealing with a sliding share price is challenging enough when the entire market is retreating, but it becomes an entirely different issue when the rest of the market is advancing. However, as we wrote in our article on Amazon last week, the dip had “all the hallmarks of a standard mid-rally breather.” Get Amazon.com alerts: Sign Up Grubhub Partnership Expands Amazon's Market Reach One week later, this theory is starting to look confirmed. Amazon shares dipped to a low of $174 on the final day of May before rallying into the close. This kind of price action is among the most bullish you can hope to see, especially in circumstances such as this. Remember, Amazon delivered solid Q1 earnings that topped analyst expectations and impressed Wall Street with its progress in the artificial intelligence (AI) industry. Their core Prime business is also ticking over nicely and got a nice boost over the past week. A newly announced partnership with food delivery app Grubhub will further increase Amazon’s penetration into the consumer market. Already the kingpin of online shopping and general e-commerce, not to mention a leading cloud computing provider, Amazon users in the US will now be able to place orders from most of the restaurants currently available on Grubhub through the Amazon website and app. They’ll also receive a complimentary Grubhub+ membership and benefit from paying no delivery fees on relevant orders. This is a solid step by Amazon as part of its drive to expand on existing services and, in particular, add value to its ever-popular Prime membership option. Amazon Stock Poised for Further Gains With more than a 4% gain in its share price since the Grubhub partnership was announced, it’s fair to say that Wall Street likes it, too. Indeed, with a run of green days now under its belt, we could be looking at the perfect entry point. As we wrote last week, “a run of green days, with closes near or at the high, will confirm the uptrend is back.” As we head into the final two days of trading this week, that’s exactly the kind of pattern that’s emerging. And the best news for investors? There is still plenty of room for Amazon shares to run. Every single analyst update since February has given the stock a price target of at least $200, with some as high as $220 and even $245. The most recent target came last week from analyst Ivan Feinseth at Tigress Financial. Amazon.com, Inc. (AMZN) Price Chart for Thursday, June, 6, 2024 Why Risk-Averse Investors Should Consider Amazon Now Like all the others, Feinseth is impressed with how well the company is positioned to capitalize on the booming AI industry while maintaining its market foothold in the consumer space. The partnership with Grubhub will be viewed as another good step in this direction, so it’s understandable that Feinseth had no problem boosting his price target by 16%. At $245, though, that’s still pointing to further upside compared to the shares that closed on Wednesday at nearly 35%. That should be enough to tempt even the most risk-averse investor, especially when you consider that there’s not a single analyst saying the stock is fairly priced under $200. We said it last week, and it holds true today as well; we might well be “witnessing some of the last weeks that Amazon shares will trade below $200." Before you consider Amazon.com, 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 Amazon.com wasn't on the list. While Amazon.com currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
European Central Bank cuts main interest rate by 0.25 points 2024-06-06 13:17:00+00:00 - The European Central Bank has eased the pressure on borrowers across the eurozone after cutting its main interest rate for the first time in almost five years. Citing a sustained fall in inflation, the ECB said its deposit rate would be cut to 3.75% from a record high of 4%, putting it ahead of the US Federal Reserve and the Bank of England, which have yet to cut interest rates. Financial markets eagerly anticipated the first eurozone cut since September 2019, which will also affect the ECB’s main refinancing operations rate, which fell from 4.5% to 4.25%. City analysts had forecast the reduction in borrowing costs at the ECB’s June meeting after signals that the central bank was ready to offer more support to eurozone economies after a period of economic stagnation following the Russian invasion of Ukraine. In a statement, the ECB said: “Keeping interest rates high for nine months has helped push down inflation. It is now appropriate to moderate the degree of monetary policy restriction.” The ECB president, Christine Lagarde, said the central bank was confident that its forecasts were robust and if inflation continued its longer term downward trajectory, interest rates would continue to fall. She said: “It is on the basis of the reliability, solidity, robustness and strength of our projections that we have made the decision to cut.” Lagarde said pay settlements were moderating and companies were absorbing some of the increase in labour costs rather than passing them on to consumers, dampening inflationary pressures. However, she added that there were still risks to the outlook for inflation, saying: “Despite the progress over recent quarters, domestic price pressures remain strong as wage growth is elevated, and inflation is likely to stay above target well into next year.” Dean Turner, the chief eurozone economist at UBS Global Wealth Management, said the outlook for inflation, as indicated by the ECB’s latest projections, point to further interest rate reductions later this year. Turner said: “Of course, the timing of the next move from the ECB is uncertain, as this will be dependent upon incoming data. But with the disinflationary process firmly under way, the ECB, along with other central banks, should feel confident enough to ease policy, most likely at a pace of one cut per quarter.” However, the ECB expects inflation to be marginally higher this year and in 2025 than it was forecasting in March. It said inflation would average 2.5% in 2024 and 2.2% in 2025, up from its previous forecast of 2.3% and 2%, respectively. Mark Wall, the chief European economist at Deutsche Bank, said the higher than previously forecast inflation numbers would make ECB policymakers more circumspect about futures cuts. Financial markets expect just one further reduction this year and three next year, knocking a further one percentage point off eurozone interest rates by the end of 2025. 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 Wall said: “The statement arguably gave less guidance than might have been expected on what comes next. In that sense, the immediate tone is a ‘hawkish cut’. This is not a central bank in a rush to ease policy.” Strains with the eurozone are expected to show as economies recover from the pandemic and initial impact of the Ukraine war at different speeds. Croatia, which recently joined the euro, and Romania are among countries that are expected to grow by more than 3% this year, according to the European Commission, with inflation running at 3.5% and 5.9% respectively. Projections by the commission show the economies of France and the Netherlands will expand by less than 1% this year with an inflation rate of 2.5% in both countries. Lagarde said the ECB was aware of the variations across the currency bloc, but it was the central bank’s job to set interest rates based on average rates of growth and inflation. Economic growth across the eurozone is expected to improve after better-than-expected performances in Germany, Italy and Spain. The average growth rate for the eurozone would be 0.9% in 2024, 1.4% in 2025 and 1.6% in 2026, the ECB said.
Lululemon Stock Rallying Back to Its True Value 2024-06-06 12:30:00+00:00 - After trading down to a tragic 60% of their 52-week high levels, shares of Lululemon Athletica Inc. NASDAQ: LULU just gave fundamental investors another reason to add this stock to their potential buy watchlists. In the after-market hours of June 6, the stock rallied by as much as 50 points, or 13.6%, from its previous closing price. While some investors thought inflation would deteriorate settings in the consumer discretionary sector, Lululemon’s market penetration is no match for today’s economic environment. As shareholders pour over the company’s financial results, this brand ‘moat’ should be at the top of mind. Remember that yesterday’s discounts may have been a generational potential buying opportunity – that isn’t over yet. Get Lululemon Athletica alerts: Sign Up Before the nitty gritty details are discussed, investors should also consider a potent adversary in this industry, Nike Inc. NYSE: NKE. Looking through a professional trader’s lens, this time, Lululemon could be the better hypothetical investment. Lululemon’s Success in Today’s Economy: What You Need to Know Lululemon Athletica Today LULU Lululemon Athletica $323.03 +14.76 (+4.79%) 52-Week Range $293.03 ▼ $516.39 P/E Ratio 26.46 Price Target $437.55 Add to Watchlist Economists have had to wake up to a harsh economic reality lately. The nightmare of stagflation has made it out of the pillowcase. Defined as low economic growth with high inflation, the U.S. economy is now starting to fit the profile. The past quarter pushed out a revised gross domestic product (GDP) growth rate of only 1.3% when inflation exceeded 3%. Because of this economic phenomenon, investors should update their portfolio preferences to include stocks with the potential promise of above-average growth relative to peers and the economy. Because Lululemon’s brand holds nearly 7% of the athleisure and apparel market share, compared to Nike’s 30%, the company has much more room to grow its brand at much faster rates than its competitors, a trend that analysts have also spotted. Wall Street thinks Lululemon could grow its earnings per share (EPS) at an 11.2% clip in the next 12 months, definitely above GDP and Nike’s projection for 5.9% EPS growth. These projections aren’t the only trends showing that Lululemon could show a potential discount to its bright future ahead. Lululemon’s Stock Dip Attracts $1 Billion in Insider Purchases In the company’s quarterly earnings press release, management announced a $1 billion share repurchase program, which can be taken as a sign that the stock is undervalued today and expected to move higher in the short term. Keeping in tune with how significant growth is becoming in today’s market, Lululemon is starting to penetrate international markets, which is bearing fruit on its revenue growth. Net revenue growth was reported at 10%, yet international revenue jumped by 35%. By entering new markets and achieving economies of scale, Lululemon’s operations are becoming more efficient. Investors can see this trend in the company’s gross profit margin, which jumped from 57.5% in 2023 to 57.7% in 2024. Investors probably cared most about the 11.4% jump in EPS over the year, which made analyst estimates all the more realistic going forward. More importantly, operating cash flows more than doubled from $45.5 million to $127.5 million, funding the company’s $1 billion stock buyback program. Moving forward, management’s 2024 outlook shows an increase in operating margins from 19% to 23.3%, which could be another reason for management’s willingness to buy the stock today. Knowing that the Telsey Advisory Group now sees a valuation for Lululemon stock of up to $550 a share, or 78.3% higher than today’s price, investors can start seeing a trend behind management’s buying decision. The Goldman Sachs Group also boosted its price targets for Lululemon stock to $463 a share, daring it to rally by 50.2% from its current level. Lululemon Athletica Inc. (LULU) Price Chart for Thursday, June, 6, 2024 What the Market Thinks About Lululemon Stock Here’s what professional traders look for: it all starts with relative valuation centered around earnings growth. Because Lululemon stock is set to grow its EPS at nearly twice the rate of its peer, Nike, markets should be willing to pay a premium valuation for the stock that offers a better deal. Markets clearly show this trend on a price-to-sales (P/S) basis. At a 4.1x multiple, Lululemon starts to command a premium of 47.1% over Nike’s valuation of 2.8x P/S today. Helping the stock rise to these premium valuations comes the Vanguard Group. Apart from being Lululemon’s largest shareholder, the asset manager upped its stake by an additional 1.6% to bring its net investment up to $3.9 billion in dollar terms. Management’s ‘Power of three x2’ plan of doubling 2021 revenue by 2026 up to $12.5 billion is accurate enough for markets to back. The stock’s recent 13% rally indicates the possibility of it rallying back to its actual value. → Top 5 AI Stocks to Buy for 2024 (From Market Moving Trends) (Ad) Before you consider Lululemon Athletica, 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 Lululemon Athletica wasn't on the list. While Lululemon Athletica currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here