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A fire at a Russian oil refinery has caused deaths and injuries, officials say 2024-06-02 13:48:02+00:00 - Fire broke out at an oil refinery in northwestern Russia on Sunday, resulting in deaths and injuries, local officials said. The regional governor said the fire was not caused by a Ukrainian drone strike and investigators opened a criminal case on suspicion of negligence. The fire near the city of Ukhta in Russia’s northwestern Komi Republic left at least three people injured, Komi’s emergencies ministry said. Regional investigators said that the fire also caused deaths, but did not specify how many. They did not say whether the fire had yet been extinguished. “Today a fire occurred at an oil refinery facility in the city of Ukhta during scheduled technical work by a contractor, resulting in deaths and injuries,” the investigative department wrote on Telegram. Investigators have opened a criminal case into possible negligence at the oil refinery. Regional Gov. Vladimir Uyba said that the fire was not related to a drone strike. In recent months, Russian refineries and oil terminals have become priority targets of Ukrainian drone attacks, part of stepped-up assaults on Russian territory. Local officials did not specify which company the refinery belongs to, but images published by the local emergencies ministry show the logo of oil giant Lukoil.
Trump suggests there could be a 'breaking point' for the public if he is imprisoned after hush money conviction 2024-06-02 13:38:00+00:00 - Former President Donald Trump on Sunday said he thinks there would be a “breaking point” for the public if he is sentenced to house arrest or imprisonment after he was found guilty on all counts in the hush money trial last week. In clips of a 90-minute interview with “Fox & Friends Weekend” that aired Sunday, Trump was asked about the possibility of Judge Juan Merchan, who is presiding over the case, sentencing him to house arrest or jail. Trump is set to be sentenced on all 34 felony counts in New York on July 11 — just days before the Republican National Convention. Trump, the presumptive Republican presidential nominee, said he is “OK with it” and acknowledged that “it could happen,” but warned that it could be “tough” for the public. “I don’t know that the public would stand it. You know, I don’t — I’m not sure the public would stand for it,” Trump said. “I think it would be tough for the public to take. You know, at a certain point, there’s a breaking point.” In the wake of Trump’s conviction in the hush money trial, Trump supporters have issued violent threats targeting Merchan and Manhattan District Attorney Alvin Bragg in a series of posts on the same websites used by Trump supporters to coordinate ahead of the Jan. 6, 2021, Capitol attack, NBC News reported. A message board known to be used by Trump supporters also sought to publicly release the addresses of jurors in the case. The former president’s comments come just days after a Manhattan jury found him guilty on 34 counts of falsifying business records. The charges Trump was convicted of are classified as a class E felony — a crime that is punishable by a fine, probation or up to four years in prison per count. But some experts told NBC News they think it’s unlikely the former president will face time behind bars because of his age, his lack of a criminal record and other reasons. Since the end of the trial, Trump has maintained that the proceedings were “rigged.” Speaking to reporters and supporters at Trump Tower on Friday, the former president said, “This is a scam. There’s a rigged trial. It shouldn’t have been in that venue. We shouldn’t have had that judge.” He added, “This is all done by [President Joe] Biden and his people. This is done by Washington. No one has ever seen anything like this.” At the Trump Tower event, he also promised to appeal the jury’s verdict, saying, “We’re going to be appealing this scam. We’re going to be appealing it on many different things.” After Trump blamed Biden and Democrats for his conviction and the trial, Biden made his own remarks, telling reporters at the White House, “It’s reckless, it’s dangerous, it’s irresponsible for anyone to say this was rigged just because they don’t like the verdict.” In the interview with “Fox & Friends Weekend,” Trump said he is not allowed to talk about the hush money case, referring to the partial gag order that Merchan imposed earlier this year, and repeated his claims without evidence that the prosecution was part of an effort led by the Biden White House to interfere with his election prospects. “I guess the first presidential nominee and the leader, leading crooked Joe [Biden] by a lot, that’s not allowed to talk, maybe they’re doing me a big favor. Who knows?” he said. “But I’m not allowed to talk — I’m gagged.” The order barred Trump from speaking about court staff, potential jurors and potential witnesses. During the trial, Merchan fined Trump thousands of dollars for violating the order multiple times and warned that he could be imprisoned for violating it.
Who invented butter chicken? A court in India will decide. 2024-06-02 11:17:00+00:00 - First-time customer Satyam Kumar came to Daryaganj for lunch on Thursday. A clip of Bagga’s appearance on “Shark Tank India” was playing in the dimly lit restaurant, where pictures of the Jaggi family and Kennedy adorn the walls. For Kumar, 24, butter chicken is his comfort dish and he came with high expectations. “It’s your go-to dish if you don’t know what to order,” he said. The lawsuit offers insight into Delhi’s storied culinary history, which was shaped by centuries of Mughal and British rule. During the deadly partition, which took place largely along religious lines, seasoned tandoori cooks who were mostly Hindus like Jaggi and Gujral fled Pakistan and set up shops in Delhi. “One of the easiest skills that they could make money from was cooking,” said Rana Safvi, a historian based in the capital region. “So many dishes came with them. It was these entrepreneurs who transformed the scene in the blink of an eye.” The first Moti Mahal location. Courtesy Amit Bagga When Moti Mahal opened, it was one of a kind in a sea of British and Mughlai restaurants. Instead of frying meat on the stove, the restaurant’s chefs baked it in a clay oven, or tandoor, that was dug into the ground, the source of its iconic smoky flavor and the name, tandoori chicken. Immersed in a creamy sauce that tempered its spiciness, the resulting butter chicken was a massive success, even among foreigners. “It became very easy for anyone to eat, even for those who are not used to spicy food,” Safvi said. At Daryaganj, the clay tandoor isn’t dug into the ground anymore but instead is modernized and more efficient. The restaurant also offers a creamier and even less spicy version, but the original one is still the most popular, Bagga said, with the head chef having spent weeks perfecting the recipes for both. Butter chicken is “comfort food” in India, Bagga said. Saumya Khandelwal for NBC News Kumar tried both versions, but the original one was his favorite. “It’s definitely one of the best butter chicken I have ever had,” he said. Daryaganj looks nothing like the original Moti Mahal restaurant, an open-air spot in Old Delhi where customers could watch their food being cooked in the kitchen. That restaurant was sold off in 1992 and the two Kundans parted ways. Now, neither Moti Mahal nor Daryaganj has restaurants in the area, but it still flourishes as one of the country’s most famous food districts. “I would like to try the butter chicken in both the places,” Kumar said. He added: “But who invented it doesn’t matter.”
They Revolutionized Shopping, With Tea Sandwiches on the Side 2024-06-02 09:03:02+00:00 - WHEN WOMEN RAN FIFTH AVENUE: Glamour and Power at the Dawn of American Fashion, by Julie Satow In 1980, Donald J. Trump made the front page of The New York Times after assaulting a pair of scantily clad women at a Fifth Avenue department store. That the women were made of stone and were attached to the building of Bonwit Teller, in the process of being razed and replaced by Trump Tower, was of little comfort to the trustees at the Metropolitan Museum of Art, which had been promised these Art Deco bas-relief beauties — long hovering over pedestrians, now shattered. The sculptures’ significance was allegorical as well as architectural: Department stores, though erected mostly by men, have always been feminine domains. “The Ladies’ Paradise” is the English title of Émile Zola’s 1883 novel, set at a store modeled after Le Bon Marché, still standing in Paris despite the ravages of e-commerce. Patricia Highsmith framed her 1952 lesbian romance “The Price of Salt” at the fictional Frankenberg’s, based on Bloomingdale’s. Now Julie Satow has written a group biography of the department-store doyennes who ran the show — and these places in their heyday really were a form of theater — for the male founders and owners whose names adorned the facades.
N.H.L.’s Move to Salt Lake City Is Latest Sports Downsizing 2024-06-02 09:02:52+00:00 - Sometimes, smaller is better. For decades, major sports leagues have tried to place teams in the country’s largest markets in the hopes of selling more tickets and sponsorships as well as satisfying broadcasters who want to reach the largest number of viewers possible. But in recent years, leagues have embraced the charms of smaller markets. Teams have moved to cities like Oklahoma City, Las Vegas and Winnipeg, Manitoba, in search of financial incentives, newer arenas and stadiums, and more devoted fans. In early April, the National Hockey League approved the $1.2 billion sale of the Arizona Coyotes to the tech billionaire Ryan Smith and his wife, Ashley. The team, which will be renamed, will begin play next season in the Delta Center in Salt Lake City, home of one of the Smiths’ other teams, the Utah Jazz of the National Basketball Association. On its face, the move could be seen as a step down. Salt Lake City’s metropolitan area is less than half the size of Phoenix’s; Salt Lake City is the 29th-largest media market while Phoenix is the 11th largest. Utah has never been home to an N.H.L. team. But the league’s decision was less about the size of Salt Lake City and more about its demographics. Like Phoenix, Salt Lake City is one of the country’s fastest-growing cities. But in Utah, a thriving tech industry has attracted an influx of young workers with disposable incomes.
They Spent Their Life Savings on Life Coaching 2024-06-02 09:02:37+00:00 - To an outsider, Billiejo Mullett is someone who has her head firmly screwed on. She’s smart and educated — a registered nurse who works for a medical insurance provider — and balances her career with a busy family life. In many ways, Ms. Mullett, who lives in Minoa, N.Y., seems to have things figured out, which is why she is still reeling from a life-coaching experience she describes as a “pyramid scheme” that took tens of thousands of dollars from her. “I’m an intelligent human being,” Ms. Mullett, 46, said. “We all think that it’ll never happen to us. That’s the really scary part.” She is part of a growing cohort speaking out about the opaque underbelly of life coaching, an unregulated industry with an often-hefty price-tag, and a significant cost reaching far beyond funds spent.
The Floating Traffic Jam That Freaked Us All Out 2024-06-02 07:00:34+00:00 - Southern California appeared to be under siege from a blockade. More than 50 enormous vessels bobbed in the frigid waters of the Pacific Ocean, marooned off the twin ports of Los Angeles and Long Beach, Calif. As days stretched into weeks, they waited their turn to pull up to the docks and disgorge their cargo. Rubberneckers flocked to the water’s edge with binoculars, trying to count the ships that stretched to the inky horizon. This was no act of war. This was what it looked like when the global economy came shuddering to a halt. It was October 2021, and the planet had been seized by the worst pandemic in a century. International commerce was rife with bewildering dysfunction. Basic geography itself seemed reconfigured, as if the oceans had stretched wider, adding to the distance separating the factories of China from the superstores of the United States.
How a Retirement Withdrawal Can Lead to a Perjury Conviction 2024-06-01 17:00:07.195000+00:00 - Sometimes, it’s illegal to spend money that you set aside for yourself. When you save money in many types of workplace retirement accounts, the Internal Revenue Service doesn’t collect income taxes on that money until it’s time to take it out, when you’re older. Need money before then? Certain types of “hardship” withdrawals are permissible. But you must have a very good reason, and you definitely can’t lie about it. Last week, a sentencing hearing took place after a rare case involving this sort of legal violation. Federal prosecutors had won convictions against Marilyn Mosby, the former Baltimore prosecutor who may be best known for pursuing charges against the police officers in connection with the death of Freddie Gray in 2015, for both impermissible withdrawals and making a false mortgage application when she bought a condo in Florida. Ms. Mosby will spend up to 12 months in home confinement, absent a successful appeal or a presidential pardon, which she has requested.
Sam Butcher, Who Gave the World Precious Moments, Dies at 85 2024-06-01 16:07:42+00:00 - Sam Butcher, the soft-spoken artist whose doe-eyed, pastel-hued porcelain Precious Moments figurines ignited a global collecting frenzy and made him a wealthy man, and whose Christian faith spurred him to build his own version of the Sistine Chapel in Carthage, Mo., died on May 20 at his home there. He was 85. His death was confirmed by his son Jon. Mr. Butcher was the Michelangelo of Missouri, and his adorable snub-nosed Precious Moments characters were “the Beanie Babies of porcelain,” as The Wall Street Journal once put it. Their zealous collectors, who numbered in the hundreds of thousands, built rooms for their Precious Moments figurines, convened in regional clubs and made pilgrimages to Carthage, where they slept in the Precious Moments motel or the R.V. park, marveled at the Precious Moments Fountain of the Angels, dined in the Precious Moments food courts and wandered the 30-acre grounds. (Carthage also hosted Precious Moments weddings.) For a time, the Precious Moments Care-a-Van — an 18-wheeler kitted out like a museum, filled with figurines and dioramas that told Mr. Butcher’s life story — toured the country. There were hundreds and hundreds of Precious Moments licensees, which made hats, keychains, watches, greeting cards, books and a children’s Bible. At the company’s peak, in 1996 and 1997, Precious Moments’ global retail sales reached over $500 million each year, a stunning amount for a man who was once so poor that he struggled to buy groceries for his seven children. Mr. Butcher, whose fans sought him out at the Precious Moments compound to autograph their figurines and posters (he always carried two pens to do so), was an unlikely-looking millionaire: a rumpled figure typically clad in bluejeans and a T-shirt, with paint in his bushy hair and a shy smile.
MarketBeat Week in Review – 5/27 - 5/31 2024-06-01 11:00:00+00:00 - Key Points Markets closed the week quietly after a sharp sell-off in a holiday-shortened week. Earnings season is winding down, but investors will have several key economic reports to digest in the coming weeks. Here are some of our most popular articles from this week. 5 stocks we like better than NVIDIA The major exchanges closed the week quietly after a sharp sell-off to start the week. Friday’s reading of the April 2024 Personal Consumption Expenditures (PCE) index aligned with expectations. This may have prevented a sharper sell-off, but it was nothing that would signal a change in Fed policy (i.e., lower interest rates) any time soon. The short-term concern is whether the markets have fully priced in the idea of no interest rate cuts until December at the earliest and possibly not until 2025. To help give stocks direction, investors will be waiting for the next round of economic data. That starts with the Jobs report on June 7 and the latest readings on consumer and producer prices the following week. As we enter what is historically a quieter time in the markets, we hope you’ll have time to recharge with family and friends. If you do step away, you can have MarketBeat with you 24/7 to help keep you informed on the stocks and stories that impact your portfolio. Here are some of our most popular articles from this week. Get NVIDIA alerts: Sign Up Articles by Jea Yu Could a retail stock really match the performance of NVIDIA Corp. NASDAQ: NVDA? You might not think so, but Jea Yu points out that was the case with Deckers Outdoor Co. NYSE: DECK. Shares of the outdoor apparel company shot over $1,000 per share after its recent earnings report. And even with weak guidance, the stock is holding those gains on the strength of its popular, iconic brands. Yu also wrote about the recent growth in Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH). The cruise line’s stock had been lagging behind the sector but is moving higher after the company reported strong earnings and record bookings, and raised its full-year 2024 guidance for the second time. As the recent price action in stocks like AMC Entertainment Holdings Inc. NYSE: AMC shows, meme stocks are back. However, unlike in 2021, the short squeeze was short-lived, but Yu points out why it may be time to look at AMC stock as an investment and not just a trade. Articles by Thomas Hughes The price action in Salesforce Inc. NYSE: CRM after its earnings report shows you that one stock can have a major impact on the markets. However, as Thomas Hughes wrote this week, you don’t have to look too closely at the company’s earnings report to understand why the 25% drop in CRM stock could be a once-in-a-lifetime buying opportunity. We’re still in the early stages of the AI revolution. Hughes explained why that’s creating an opportunity for investors to consider a long position in companies that will be part of AI’s second wave. Hughes provided investors with a list of three stocks that analysts believe will be a part of AI’s second wave. If you’re considering investing in retail stocks, Hughes wrote about why the interest in Ross Stores Inc. NASDAQ: ROST shows why discount retail may be a sector to watch closely. Even at 24x earnings, the stock still looks like a bargain because it’s well-positioned to capture market share in today’s retail environment. Articles by Sam Quirke Should investors be concerned about the recent drop in Amazon.com Inc. NASDAQ: AMZN stock? As Sam Quirke writes, it looks like investors are taking some profits after the stock enjoyed a strong rally to start the year. Analysts support that opinion, showing a potential 35% upside for AMZN stock. Quirke also writes why bargain-hunting investors should consider American Airlines Group Inc. NASDAQ: AAL. The stock dropped sharply after the company lowered its earnings and operation margin guidance. However, analysts continue to stand by the stock, which they believe can have a significant upside. Articles by Chris Markoch While Salesforce had a rough week, the opposite was true for Pure Storage Inc. NYSE: PSTG. The stock shot up approximately 2% after a stellar earnings report and a bullish forecast for the rest of the year. Pure Storage provides flash memory-based server storage solutions that will be critical as demand for AI applications increases. As Chris Markoch writes, investors should consider getting in as analysts believe the stock may have much higher to move. Markoch also wrote about Hormel Foods Corporation NYSE: HRL, which gave up most of its 2024 gains after a mixed earnings report that showed softness on the top line. However, Markoch explains why this may be an overreaction fueled by high-frequency trading and why the company’s high-yield dividend could make HRL stock a buy for income-oriented investors. Articles by Ryan Hasson One key to active investing is knowing when to buy and when to sell. One way is to find a list of overbought and oversold stocks. This week, Ryan Hasson looked at both of these categories. For investors looking for oversold stocks ready to bounce higher, Hasson offered up three oversold stocks with bullish price targets and the added benefit of a high dividend yield. However, suppose you’re an investor in one of these three overbought stocks. In that case, Hasson writes why it may be a good time to consider taking profits as analysts forecast a broader market correction. And if you’re an investor who missed the first wave of artificial intelligence stocks, Hasson explains why the next wave of AI will be about the companies that are using AI in a transformative way and points you to five surprising AI stocks that are poised to disrupt their respective sectors. Articles by Gabriel Osorio-Mazilli One of the under-the-radar stories that could have a big impact in the energy sector was the merger between Chevron Corporation NYSE: CVX and Hess Co. NYSE: HES, which Hess shareholders voted on this week. However, Exxon Mobil Co. NYSE: XOM has a stake in Hess’ $11 billion oil reserves in Guyana. Gabriel Osorio-Mazilli explains why that means this merger isn’t as straightforward as it first looked and how investors can trade these stocks as the merger gets ready to close. Osorio-Mazilli also looked at PayPal Inc. NASDAQ: PYPL, which continues to be an underappreciated stock. However, the company is buying back shares and making changes to its platform, which is likely to change investor sentiment on PYPL stock. And now that earnings season is almost over, it’s a good time to look at stocks that are getting upgrades. Osorio-Mazilli writes about three stocks that analysts couldn’t wait to upgrade so you can see if they fit with your portfolio. Before you consider NVIDIA, 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 NVIDIA wasn't on the list. While NVIDIA currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Romance Writers of America falls into bankruptcy amid allegations of racism 2024-05-31 22:30:00+00:00 - The Romance Writers of America filed for bankruptcy protection this week following several years of infighting and allegations of racism that fractured the organization, causing many of its members to flee. The Texas-based trade association, which bills itself as the voice of romance writers, has lost roughly 80% of its members over the past five years because of the turmoil. Now down to just 2,000 members, it can't cover the costs it committed to paying for its writers conferences in Texas and Pennsylvania, the group said in bankruptcy court documents filed on Wednesday in Houston. Mary Ann Jock, the group's president and an author of seven published romance novels, said in a court filing that the troubles stemmed "predominantly due to disputes concerning diversity, equity and inclusion" issues between previous board members and others in the romance writing community. The organization, founded in 1980 to represent and promote writers in fiction's top-selling genre, said it owes nearly $3 million to hotels where it planned to host the annual meetings. In the court filings, Jock noted how the organization held its 2024 conference in Austin, Texas, and was working to pay off the contract owed to the local Marriott facility where the event was held. At the same time, the Marriott hotel in Philadelphia, where the organization was planning its 2025 conference, demanded a full payment of $1 million, Jock said. The association was pushed into bankruptcy "in light of the Philadelphia Marriott's demand for immediate payment and without a consensual resolution with the Marriott Conference Centers," Jock said. In court documents, the association listed between $100,000 and $500,000 in assets with between $1 million and $10 million in liabilities. Relationships within the group started to fray in 2019, over the way it treated one of its authors, a Chinese American writer who it said violated the group's code with negative online comments about other writers and their work. The association reversed its decision, but the uproar led to the resignation of its president and several board members. The organization at the time had about 10,000 members, Following allegations that it lacked diversity and was predominantly White, the organization called off its annual awards in 2020. Several publishers, including Harlequin, Avon Books and Berkeley Romance, then dropped out from the annual conference. The association later said it would present a new award in honor of Vivian Stephens, a pioneering black romance novelist and publisher. The next year, the association faced more anger and eventually withdrew an award for a novel widely criticized for its sympathetic portrait of a cavalry officer who participated in the slaughter of Lakota Indians at the Battle of Wounded Knee. — The Associated Press contributed to this report.
Google admits its AI Overviews can generate "some odd, inaccurate" results 2024-05-31 21:03:00+00:00 - Google goes all in on AI at annual developer conference Google goes all in on AI at developer event Google goes all in on AI at developer event Google on Thursday admitted that its AI Overviews tool, which uses artificial intelligence to respond to search queries, needs improvement. While the internet search giant said it tested the new feature extensively before launching it two weeks ago, Google acknowledged that the technology produces "some odd and erroneous overviews." Examples include suggesting using glue to get cheese to stick to pizza or drinking urine to pass kidney stones quickly. While many of the examples were minor, others search results were potentially dangerous. Asked by the Associated Press last week which wild mushrooms were edible, Google provided a lengthy AI-generated summary that was mostly technically correct. But "a lot of information is missing that could have the potential to be sickening or even fatal," said Mary Catherine Aime, a professor of mycology and botany at Purdue University who reviewed Google's response to the AP's query. For example, information about mushrooms known as puffballs was "more or less correct," she said, but Google's overview emphasized looking for those with solid white flesh - which many potentially deadly puffball mimics also have. In another widely shared example, an AI researcher asked Google how many Muslims have been president of the U.S., and it responded confidently with a long-debunked conspiracy theory: "The United States has had one Muslim president, Barack Hussein Obama." The rollback is the latest instance of a tech company prematurely rushing out an AI product to position itself as a leader in the closely watched space. Because Google's AI Overviews sometimes generated unhelpful responses to queries, the company is scaling it back while continuing to make improvements, Google's head of search, Liz Reid, said in a company blog post Thursday. "[S]ome odd, inaccurate or unhelpful AI Overviews certainly did show up. And while these were generally for queries that people don't commonly do, it highlighted some specific areas that we needed to improve," Reid said. Nonsensical questions such as, "How many rocks should I eat?" generated questionable content from AI Overviews, Reid said, because of the lack of useful, related advice on the internet. She added that the AI Overviews feature is also prone to taking sarcastic content from discussion forums at face value, and potentially misinterpreting webpage language to present inaccurate information in response to Google searches. "In a small number of cases, we have seen AI Overviews misinterpret language on webpages and present inaccurate information. We worked quickly to address these issues, either through improvements to our algorithms or through established processes to remove responses that don't comply with our policies," Reid wrote. For now, the company is scaling back on AI-generated overviews by adding "triggering restrictions for queries where AI Overviews were not proving to be as helpful." Google also says it tries not to show AI Overviews for hard news topics "where freshness and factuality are important." The company said it has also made updates "to limit the use of user-generated content in responses that could offer misleading advice." —The Associated Press contributed to this report.
Millions of Americans are losing access to low-cost internet service 2024-05-31 20:47:00+00:00 - The nation's largest broadband affordability program is coming to an end due to a lack of congressional funding. The Federal Communications Commission is reluctantly marking the end, as of Saturday, of a pandemic-era program that helped several million low-income Americans get and stay online. Created in December 2020, what became the Affordable Connectivity Program, or ACP, eventually enrolled more than 23 million subscribers — or one in six U.S. households — across rural, suburban and urban America. That demand illustrates that "too many working families have been trapped on the wrong side of the digital divide because they struggle to pay for the service," Jessica Rosenworcel, chairwoman of the FCC, wrote in a Friday statement. "Additional funding from Congress remains the only near-term solution to keep this vital program up and running," the chairwoman said in a letter appealing for help from lawmakers. Previous federal efforts to close the digital divide long focused on making high-speed internet available in all areas, without much thought given to whether people could afford it, Rosenworcel noted. Yet more than one million households enrolled in the first week after the precursor to the ACP launched in May 2021. "Each of the 23 million-plus ACP subscribers that no longer receives an ACP benefit represents an individual or family in need of just a little bit of help to have the connectivity we all need to participate in modern life," stated Rosenworcel. "And 68% of these households had inconsistent connectivity or zero connectivity before the ACP." Many ACP recipients are seniors on fixed incomes, and the loss of the benefit means hard choices between online access or going without other necessities such as food or gas, the FCC head said. "We also heard from a 47-year-old in Alabama who's going back to school to become a psychologist and could now use a laptop instead of her phone to stay on top of online classwork." The program officially ends on June 1, 2024, with the FCC already imposing an enrollment freeze in February to smooth its administration of the ACP's end. Approximately 3.4 million rural households and more than 300,000 households in tribal areas are impacted, as well as more than four million households with an active duty for former military member, according to the agency. While not a replacement for the ACP, there is another FCC program called Lifeline that provides a $9.25 monthly benefit on broadband service for eligible households, the FCC said.
Costco vows not to hike the price of its $1.50 hot dog combo 2024-05-31 20:36:00+00:00 - Rest assured, Costco and wiener fans — despite inflation having driven up the cost of groceries to their highest level in years, the budget retailer has no plans to raise the price of its fabled $1.50 hot dog combo special. The wholesale club's new chief financial officer, Gary Millerchip, underlined that point during a call with Wall Street analysts this week to discuss its third-quarter results. "To clear up some recent media speculation, I also want to confirm the $1.50 hot dog price is safe," Millerchip said, referring to Costco's hot dog and soda deal. Although that might seem like a minor aside for a global retail chain valued at $354 billion, Costco's low-cost dog has become an emblem of the company's commitment to delivering value. In short, it's great marketing. Costco hasn't hiked the price of its hot dog since 1985. Costco hasn't changed the price of its popular $1.50 hot dog and soda combo, seen here advertised in the food court of the retailer's Danville, Calif., store, since 1985. Smith Collection/Gado/Getty Images Costco has even cracked down who uses its food court to ensure that only warehouse members can get discounted dogs. A basic Costco membership costs $60 annually, while the executive membership, which has perks like a 2% cash-back reward, runs $120 per year. Costco has interest in emphasizing its affordable prices as inflation-weary consumers pull back on everything from fast food to takeout coffee. Target, Walmart, Walgreens and other retailers have also recently dropped their prices on a range of goods. Of course, the Costco dog isn't the only product out there whose price seems like it's from yesteryear. Other popular items whose inflation-adjusted prices have remained relatively low, or even dropped, over the years include coffee, televisions and plane tickets.
In historic move, Vermont becomes 1st state to pass law requiring fossil fuel companies to pay for climate change damages 2024-05-31 17:36:00+00:00 - Vermont has passed a first-in-the-nation law that will require "Big Oil" to pay for damage caused by climate change, the long-term shift in weather patterns that is heavily influenced by fossil fuel emissions. Vermont Gov. Phill Scott sent a letter to the state's General Assembly on Thursday allowing the measure, which proposes to establish the Climate Superfund Cost Recovery Program, to become law without his signature. In that letter, Scott said that "taking on 'Big Oil' should not be taken lightly." "With just $600,000 appropriated by the Legislature to complete an analysis that will need to withstand intense legal scrutiny from a well-funded defense, we are not positioning ourselves for success," he said. "I'm deeply concerned about both short- and long-term costs and outcomes." "Big Oil" – the world's biggest oil and gas companies – mostly relies on fossil fuels in their businesses, which are "by far the largest contributor to global climate change," according to the United Nations. The international group says that fossil fuels account for more than 75% of emissions of greenhouse gases, which trap heat in the atmosphere and increase global temperatures, leading to more extreme weather events. Vermont is no stranger to the impacts of extreme weather. Last summer, the state was slammed by catastrophic flooding after an estimated two months' worth of rain fell within two days, an amount so significant and damaging that NOAA classified it as a billion-dollar disaster. The excessive precipitation left entire towns isolated and at one point, a railroad track dangling mid-air. As global temperatures rise, it causes precipitation to increase, fueling storm systems. The Agency of Natural Resources would oversee the cost recovery program, which would assess a "cost recovery demand" for any entity or successor in interest to an entity that was in the business of extracting fossil fuels or refining crude oil. Entities would only be required to pay if the Agency determines that their products emitted more than 1 billion metric tons of greenhouse gases from January 1, 1995 to December 31, 2024. The money gathered through this process would then be put into the superfund, which will be used to help the state adapt to climate change and develop more climate change-resilient infrastructure. New York, California, Massachusetts and Maryland are also considering similar legislation. "This bill represents a major step forward in ensuring that responsible parties, like Big Oil – companies like ExxonMobil and Shell that have known for decades that their products are disrupting the climate – be required to also pay a fair share of the cleanup costs," the Vermont Natural Resources Council said before the governor's official approval. In an April letter to the Vermont House, the American Petroleum Institute, the largest lobbying group for the oil and gas industry, said it opposed the "bad public policy" as it "is not the way to effectuate" the bill's objective. "API is extremely concerned that the bill: retroactively imposes costs and liability on prior activities that were legal, violates equal protection and due process rights by holding companies responsible for the actions of society at large; and is preempted by federal law," the letter states. "Additionally, the bill does not provide potentially impacted parties with notice as to the magnitude of potential fees that can result from its passage." In his announcement of the bill's passage, Scott said he's aware the new law will face legal challenges. He noted, however, that the state's attorney general and treasurer both endorsed it and that the Agency of Natural Resources will have to provide a feasibility report in January. Vermont state Rep. Martin LaLonde said in a statement that the bill did take into account input from legal scholars, saying he believes "we have a solid legal case." "Most importantly, the stakes are too high - and the costs too steep for Vermonters - to release corporations that caused the mess from their obligation to help clean it up," he said.
U.S. prices cooled in April, key inflation gauge shows 2024-05-31 17:05:00+00:00 - A price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first three months of this year. Friday's report from the Commerce Department showed that an index that excludes volatile food and energy costs rose 0.2% from March to April, down from 0.3% in the previous month. It was the mildest such increase so far this year. "The key core PCE inflation gauge cooled in April, a welcome outcome after a heating up in Q1," Kathy Bostjanic, Nationwide Chief Economist said in a note. "That said, Fed officials will need more than one month of better inflation readings to bolster their confidence enough to start to cut rates later this year," she said. Measured from 12 months earlier, such so-called "core" prices climbed 2.8% in April, the same as in March. Overall inflation increased 0.3% from March to April, the same as in the previous month, and 2.7% from a year earlier, also unchanged from March's figure. The Fed tends to favor the inflation gauge that the government issued Friday — the personal consumption expenditures price index — over the better-known consumer price index. The PCE index tries to account for changes in how people shop when inflation jumps. It can capture, for example, when consumers switch from pricier national brands to cheaper store brands. Friday's report also showed that income growth slowed and spending cooled sharply in April, a trend that could help moderate economic growth and inflation in the coming months and potentially please the Fed. Its policymakers have said they'd have to see at least several mild inflation reports before they would be comfortable cutting their benchmark interest rate. Fed Chair Jerome Powell has said he expects inflation to continue to decline this year, but needs to gain "greater confidence" in that forecast from upcoming inflation reports. Grocery prices eased last month, according to Friday's report, though they're still up significantly from before the pandemic. So the prices of long-lasting goods, led by less expensive new and used cars, furniture and appliances. The cost of used cars has dropped nearly 5% over the past year. Gas prices, though, jumped 2.7%, just from March to April. Likewise, the costs of many services rose faster than the Fed would like. Restaurant meals, for example, rose 0.3% from March to April and are up 4% from a year earlier. Entertainment prices, including for movies and concerts, jumped 7.4% from 12 months earlier. Inflation fell sharply in the second half of last year but then leveled off above the Fed's 2% target in the first few months of 2024. With polls showing that costlier rents, groceries and gasoline are angering voters as the presidential campaign intensifies, Donald Trump and his Republican allies have sought to heap the blame on President Joe Biden. "An important question for the Fed that has been raised within the [Federal Open Market Committee] as well as among former Fed officials is whether the focus on reaching 2% is appropriate and if 2.5-3% is a more realistic goal," said Quincy Krosby, Chief Global Strategist for LPL Financial in a note. "Still, the market sees one rate cut later in the year and given the most recent Fed commentary the majority of Fed speakers are in agreement. The broader question now is 2% sacrosanct," she said. "The overriding concern is whether current policy punishes those who can least afford higher interest rates coupled with still higher prices." In the past couple of weeks, a stream of remarks by Fed officials have underscored their intention to keep borrowing costs high as long as needed to fully defeat inflation. As recently as March, the Fed's policymakers had collectively forecast three rate cuts this year, starting as early as June. Yet Wall Street traders now expect just one rate cut this year, in November. One influential Fed official, John Williams, president of the Federal Reserve Bank of New York, said Thursday that he expects inflation to start cooling again in the second half of the year. Until it does, though, Fed Chair Jerome Powell has made clear that the central bank is prepared to keep its key rate pegged at 5.3%, its highest level in 23 years. The central bank raised its benchmark rate from near zero to its current peak in 15 months, the fastest such increase in four decades, to try to tame inflation. The result has been significantly higher rates for mortgages, auto loans and other forms of consumer and business borrowing.
Foot Locker’s Quarter Sends Doubters Running 2024-05-31 15:47:00+00:00 - Key Points Foot Locker's first quarter shows improvement in its financial efficiency despite slowing sales. Management remains optimistic about Foot Locker's "Lace Up" initiative, which is already showing positive results. With an industry breakout backed by a more confident consumer, the odds of Foot Locker seeing higher prices are increasing. 5 stocks we like better than United Airlines After reporting its first quarter 2024 financial results, shares of Foot Locker Inc. NYSE: FL jumped by as much as 40% as markets reacted to what could be the retail sector’s latest turnaround story. Now that the stock is consolidating to the end of the week, investors can use this breather to hop on a new thesis for Foot Locker stock. This thesis centers on management’s plan to turn things around and deliver even better bottom-line results, among many other points. After a challenging past couple of years, the U.S. consumer may finally be on a comeback, which is why bulls had no problem ripping up Foot Locker stock after earnings. Get United Airlines alerts: Sign Up But before investors dig into the company's results and what they mean for the stock's future, it would be helpful to understand where the economy could be headed, particularly the trends affecting consumer discretionary stocks. Even if Foot Locker does well, it still has to overcome potentially negative sentiment around its peers. Financial Strength of Foot Locker Underpins Analyst Optimism Foot Locker Today FL Foot Locker $27.73 +1.84 (+7.11%) 52-Week Range $14.84 ▼ $35.60 Price Target $24.80 Add to Watchlist After contracting for four months straight, U.S. consumer sentiment readings have finally expanded, crystalizing what could be the bottoming for retail stocks like Foot Locker. In this fashion, investors can have a couple of catalysts to lean on. First, the ISM manufacturing PMI index showed three consecutive months of expansion for the apparel industry, increasing the upside-tail risk for stocks inside it to report better-than-expected earnings or at least optimistic outlooks for the rest of the year. Sentiment and business activity may have been aided by the prospect of interest rate cuts later this year, which, according to the CME’s FedWatch tool, could be here as soon as September 2024. Airline stocks could act as a proxy for future consumption, as analysts recently upgraded United Airlines Holdings Inc. NASDAQ: UAL after the Transportation Security Administration (TSA) reported a new record 2.9 million passengers in a single day. What’s the next most common spending item for consumers after travel? That’s right, apparel. Foot Locker investors know this, and analysts weren’t afraid to take this view. Wall Street wants to see up to 43.8% earnings per share (EPS) growth for Foot Locker in the next 12 months, beating those at peers like Nike Inc. NYSE: NKE with its 5.9% growth projections for the year. Why would analysts stick their necks out in such a bullish projection for Foot Locker? Here’s where the company’s financials come into play. A Mixed First Quarter for Foot Locker With a Deep Message While comparable sales, the retail sector's primary key performance indicator (KPI), declined by 1.8% over the year, other metrics indicate the company's resilient efficiency. Accounts payable in the company’s cash flow statement rose by roughly $170 million, typically meaning the company is looking to increase inventory while delaying payment to its suppliers. That can be taken as a good sign for higher demand, where analyst projections come to fruition. Now that the stock has traded down to 73% of its 52-week high, despite its recent rally, valuations have become more critical. Foot Locker stock trades at a roughly 20% discount to its book value, as suggested by its 0.8x price-to-book (P/B) ratio. Compared to the rest of the shoe store industry, this represents a 50% discount to its 1.7x average P/B valuation, and that’s where investors can get a near-free ride. However, there is no guarantee on Wall Street. Analysts are still undecided on whether management's plans to revamp operations will be successful. The company's operating cash flow of $58 million, compared to a negative $118 million last year, suggests these plans are facing challenges. Foot Locker, Inc. (FL) Price Chart for Sunday, June, 2, 2024 CEO Mary Dillon credits these changes to Foot Locker’s ‘Lace-Up’ plan, which consists of better expense timing, seen in the accounts payable change, and improved logistics and store efficiencies. Analysts at Evercore seem to believe in this plan, as they slapped a $32 price target on Foot Locker. The stock must rally by an additional 25% from today’s prices to prove these projections right. Even short sellers seem to be in sync with management, as Foot Locker’s short interest collapsed by 15% over the past month, giving way for bulls to take over. While there is still a long way to go, it seems Foot Locker is stepping on the right foot. Before you consider United Airlines, 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 United Airlines wasn't on the list. While United Airlines currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Costco Wholesale Can Hit New Highs; A Rebound Is Coming 2024-05-31 15:35:00+00:00 - Key Points Costco had an industry-leading quarter, leading the analysts to raise their price targets. The stock is pulling back, setting up a buy-the-dip opportunity. Cash flow and dividends are safe; another year of solid growth is on deck for fiscal 2025. 5 stocks we like better than Costco Wholesale Costco Wholesale NASDAQ: COST is highly valued because the pullback in price action provides a strategic opportunity to capitalize on it. The reason is evident in the results and in the analysts' increased price targets. Among the details are industry-leading growth, market share gains, outperformance, and the promise of continuing value for its members and shareholders. That value includes its return on capital, dividend, and cash flow. That’s why the pullback in price action is a good thing that investors should take advantage of. Get Costco Wholesale alerts: Sign Up Costco Has Strong Quarter; Momentum Builds Costco had a strong quarter and built momentum with revenue of $58.52 billion, growing 9.1% compared to last year. That is up from last year’s 2% and last quarter’s 5%, putting it in the lead compared to its leading competitor, Walmart NYSE: WMT. The strength is driven partially by a calendar shift, but the shift is offset by fewer weeks in the quarter; the net result is that revenue outpaced consensus by 1000 basis points and will likely remain strong this year. On an adjusted basis, US comps are up 6%, Canada 7.4%, International 8.5%, and systemwide eCommerce 20.7%. Costco Wholesale Today COST Costco Wholesale $809.89 -5.45 (-0.67%) 52-Week Range $501.59 ▼ $819.50 Dividend Yield 0.57% P/E Ratio 52.97 Price Target $743.52 Add to Watchlist Among the signs of strength are membership fees and renewal rates. Membership fee revenue grew by 7.5% in the quarter, suggesting that revenue growth will continue at a high-single-digit pace in Q2. Renewals are running at 95.2%, which the company is happy with. The conference call was interesting because CFO Gary Millerchip says a membership fee increase is coming, but the timing is still questionable. The company is satisfied with the current rate and remains committed to delivering value to consumers. Margin stands out in the report. The company reported a 29% increase in net income and generally accepted accounting principles (GAAP) earnings that easily cleared the high bar set by analysts. The $3.78 in GAAP earnings beat by a dime, leading the analysts to raise their price targets. Analysts Lead Costco to a New High Costco shares are down following the report, but the rebound should begin soon. All of the more than a dozen analyst revisions tracked by Marketbeat following the release include upward movement in the price target. The consensus estimate lags behind the stock price, but the new range is leading it higher, so it should support the market. Many revisions put Costco in the range of $850 to $880 or about 7.5% to 10% above the current action. A move to that level would be a new all-time high. The analysts' chatter includes support for the company’s commitment to quality-for-value and praise for its market-leading performance and market share gains. Costco Wholesale MarketRank™ Stock Analysis Overall MarketRank™ 4.26 out of 5 Analyst Rating Moderate Buy Upside/Downside 8.2% Downside Short Interest Healthy Dividend Strength Strong Sustainability -3.92 News Sentiment 0.59 Insider Trading Selling Shares Projected Earnings Growth 9.51% See Full Details Among Costco's opportunities is its store count growth. Its topline growth is fueled by an increasing store count and comp-store gains, and plans for store count growth are robust. The company says it can add 27.5 new stores at the mid-point of guidance per year, which will sustain a near-3% growth pace for the next few years. Along with the membership growth, results should track at the high end of the expected range and support upward movement in the price action over time. Costco Pulls Back to Critical Support, Rebound Imminent Costco's price action returned to a critical support level coincident with the previous all-time high. That level should provide strong support for the market and lead to a rebound. The risk is that price action will fall below this level, near $790, and confirm it as resistance. The stock could correct another 5% to 10% in this scenario to bring the high 50X valuation back into a more reasonable zone. The stock tends to trade well above its peers, but at this level, it is more than double the value of Walmart, which is also gaining market shares and leading in retail. Before you consider Costco Wholesale, 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 Costco Wholesale wasn't on the list. While Costco Wholesale currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Chevron Eyes Hess, Exxon Resists: Here's the Trade 2024-05-31 14:36:00+00:00 - Key Points As two oil giants fight over who will win Hess's takeover bid, investors can find a way to play this out arbitrarily. Using relative valuations and other professional methods, the winner is clear between Chevron and Exxon. Smart money is moving, and short sellers voted in their winner during this dogfight. 5 stocks we like better than Chevron There are plenty of ways for investors to gauge the amount of activity, or lack thereof, within an industry. One way can be seen in how the most prominent players interact with each other, mainly any rumors of mergers and acquisitions (M&A). Today, there is one such instance in the energy sector. Get Chevron alerts: Sign Up Chevron's $53 Billion Takeover Bid for Hess Chevron Today CVX Chevron $162.30 +4.04 (+2.55%) 52-Week Range $139.62 ▼ $171.70 Dividend Yield 4.02% P/E Ratio 14.93 Price Target $186.95 Add to Watchlist In the latest round of corporate actions, Chevron Co. NYSE: CVX sought to make big oil bigger. In a $53 billion takeover bid, Chevron is looking to buy Hess Co. NYSE: HES to expand its presence in the oil sector. Stock prices are at the mercy of shareholder approval whenever takeover bids are made, but not this time. Hess shareholders have voted in favor of the takeover offer, representing a $7 billion premium to Hess’s current $46 billion market capitalization. This represents an immediate 15.2% return for those holding the stock today. However, two significant roadblocks could give investors a potential trade opportunity today. Potential Revenue for Exxon from Guyana's Oil Reserves Exxon Mobil Today XOM Exxon Mobil $117.26 +3.27 (+2.87%) 52-Week Range $95.77 ▼ $123.75 Dividend Yield 3.24% P/E Ratio 14.37 Price Target $135.00 Add to Watchlist One small detail in this deal: Exxon Mobil Co. NYSE: XOM controls Hess’s most valuable asset in Guyana, a stake in an 11 billion-barrel field. Exxon owns 45% of this field, representing roughly 4.9 billion barrels, translating into significant revenue for the Texas oil giant. How much? Well, today’s oil price of $80 a barrel is roughly $392 billion in revenue. Now that Goldman Sachs Group Inc. analysts project oil prices to increase as high as $100 a barrel this year, Exxon could likely make an opposing bid. After accounting for this risk, the takeover still needs to clear the U.S. Federal Trade Commission (FTC), as having too much control over oil, especially in today’s economy, may pose a problem. Stagflation, defined as low economic growth with high inflation, is hitting Americans hard. The 1.3% GDP growth over the past quarter and 3.4% inflation definitely fit the profile. Economists may look to oil to circumvent this phenomenon without causing too much trouble. This is why Goldman also expects to see a manufacturing sector breakout in 2024, according to the bank’s 2024 macro outlook report. It makes sense, as heavier oil production would stimulate economic growth, and more oil supply – hence lower prices – could ease inflation. After the Energy Select Sector SPDR Fund NYSEARCA: XLE underperformed the broader S&P 500, the past 3 months of price action showed a recovering rotation, as energy outperformed by nearly 4%. This is a sign of a turning economy; there’s data to back this rotation up. Why Investors Favor Hess: Analyzing Market Premiums Judging by ISM manufacturing PMI index trends, the oil sector is filled with upside-tail risk after three consecutive months of expansion. Hence, companies within it will likely beat earnings expectations this quarter. That is why investors can dig deeper into the market’s language to translate the key ratios that can bring them onto a reasonable trade aligned with the perceived winner in this dogfight. Hess Today HES Hess $154.10 +3.89 (+2.59%) 52-Week Range $124.27 ▼ $167.75 Dividend Yield 1.14% P/E Ratio 23.60 Price Target $178.08 Add to Watchlist Here's the roadmap, starting with relative valuations, mainly using the forward P/E ratio. Hess is valued at 14.3x, Exxon at 11.3x, and Chevron at the bottom with its 10.1x valuation. Translating these numbers, Hess stands out as the top choice, which is why markets are willing to pay a premium for it. Exxon is valued over Chevron; why? Chevron could likely pay an additional premium to take Hess’ Guyana asset away from Exxon, so Exxon is valued over Chevron to reflect this potential additional bonus. Now, price action would confirm one of these tales. Over the past quarter, Exxon Mobil stock has outperformed Hess and Chevron by as much as 5%, so bullish momentum is already trying to price this potential premium payout into Exxon stock. So-called ‘smart money’ can be another sounding board for investors investigating this dynamic. The Zurich Insurance Group, Exxon’s second-largest shareholder, increased its take by 297% over the past quarter. At the same time, Price T Rowe Associates, Chevron’s largest shareholder, reduced its stake by 27.4%. One final method for investors to identify the potential biggest winner in this competition: Exxon’s short interest dropped by 65.2% over the past month, while Chevron’s decreased by only 4%. So, while Hess is the pick this season, its hidden ace up its sleeve makes Exxon’s ownership in Guyana a much better – and less risky – way to arbitrarily play out this potential merger. → Claim Your Complimentary Bitcoin Reward (From Crypto Swap Profits) (Ad) Before you consider Chevron, 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 Chevron wasn't on the list. While Chevron currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Bargain Alert: Amazon and Its 35% Upside 2024-05-31 14:12:00+00:00 - Key Points Amazon shares have been softening since the first few weeks of May. This looks like a temporary breather after crushing their earnings and popping to a record high. Every recent analyst update has been bullish, and we could be looking at a serious entry opportunity. 5 stocks we like better than Amazon.com Having hit an all-time high earlier this month, tech titan Amazon.com Inc NASDAQ: AMZN shares have been taking a bit of a break. They’ve softened to the tune of 7% over the past three weeks, but in the grand scheme of things, this isn’t anything to be worried about. The 130% rally that started in early 2023 is still very much intact, and this dip has all the hallmarks of a standard mid-rally breather. In fact, it could be perfect timing for those of us on the sidelines who’ve been looking to get into Amazon. Get Amazon.com alerts: Sign Up Understanding Amazon's Relative Strength Index Amazon stock isn’t afraid to keep its foot on the gas when it is in rally mode. This tends to result in long periods of effective forward-only momentum, making timing entries difficult. The net result is that investors often have to keep chasing or buying at the high, which fuels further gains. We got a glimpse of this in action earlier in the month, as the reading on Amazon’s relative strength index (RSI) shot above 70. The RSI considers a stock’s recent performance, usually the past two weeks, and spits out a number between 0 and 100. Anything below 30 suggests the stock is extremely oversold and due a bounce, while anything above 70 is the opposite. Buying into a stock for the first time when its RSI is close to, if not well above, 70 can be painful and risky. But with the recent dip bringing Amazon’s RSI all the way down from 72 to 41, you can’t help but feel we could be looking at a golden buying opportunity. Bullish Post-Earnings Rally: Amazon Shares Trading at a Bargain This theory has been backed up by several heavyweight analysts, who, in recent weeks, have clamored to reiterate their Buy ratings on Amazon stock while raising their price targets. Much of this was driven by the company’s solid Q1 earnings report at the end of April, which showed how AI is turning into a new multi-billion recurring revenue business for the company. The report also confirmed for many that one of Amazon’s biggest headwinds from recent years, a broad slowdown in corporate cloud spending, has all but dissipated. Amazon.com MarketRank™ Stock Analysis Overall MarketRank™ 4.65 out of 5 Analyst Rating Buy Upside/Downside 20.4% Upside Short Interest Healthy Dividend Strength N/A Sustainability -1.25 News Sentiment 0.64 Insider Trading Selling Shares Projected Earnings Growth 22.88% See Full Details In the aftermath of the report, Morgan Stanley, Wedbush, UBS Group, Citigroup, Barclays, and many of their peers screamed in unison, “Buy.” Refreshed price targets ranged from $220 to $240, but interestingly, Amazon shares topped out at around $190 in their post-earnings rally. They’re currently trading around the $180 mark, adding to the theory that those of us thinking about buying are looking at a solid bargain. It’s worth noting that just yesterday, the team at Tigress Financial reiterated their Buy rating and boosted their price target up to a street-high of $245. That’s pointing to a targeted upside of at least 35% from where shares closed on Thursday. Not bad for a $1.9 trillion business. Potential Last Weeks to Buy Amazon Shares Under $200 Readers should look for the current slide in Amazon shares to start running out of steam around the $175 mark and definitely above their pre-earnings low of $170. As the major indices are also starting to soften, this might take a couple of weeks to materialize, but a run of green days, with closes near or at the high, will confirm the uptrend is back. Some parting thoughts: every single analyst upgrade and price target increase since February has forecasted Amazon shares to be trading above $200. Sure, it hasn’t happened yet, but the stock’s chart is still setting higher highs and lower lows, confirming the rally is in good health. Those of us considering an entry point might 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