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What's open and closed for Memorial Day? See which stores and restaurants are operating today. 2024-05-27 15:29:00+00:00 - With Memorial Day finally here, Americans from coast to coast are gearing up to celebrating the holiday with family and friends, or perhaps quietly solo. Whether you're hosting a barbecue or attending one, you may find yourself in need of a last-minute run to the grocery store before the grilling begins. Those without plans may want to partake in some casual shopping or lunch with friends at a fast-food restaurant. Luckily, many retailers and restaurants will be open on May 27. Here's a list of what is and isn't open on Memorial Day. What places are open on Memorial Day 2024? Retailers Academy Sports + Outdoors Ace Hardware Barnes & Noble Bass Pro Shops Bed Bath & Beyond Best Buy BJ's Wholesale Club Cabela's Crate & Barrel CVS Dollar General Dollar Tree Family Dollar Foot Locker GameStop Guitar Center Home Depot HomeGoods IKEA Kohl's Krogers and its network of grocery stores — including Ralphs, King Soopers, Metro Market, Pick'n Save and more Lowe's Macy's Marshalls Menards Michaels Old Navy Petco Publix REI Rite Aid Sam's Club Sephora T.J. Maxx Target Trader Joe's Tractor Supply Company Walgreens Walmart Whole Foods Restaurants, fast-food chains open on Memorial Day Applebee's Bahama Breeze Bob Evans Buffalo Wild Wings Burger King Chili's Chipotle Chick-fil-A Cracker Barrel Cold Stone Creamery Dairy Queen Denny's Dunkin' Golden Corral IHOP Olive Garden Pizza Hut Popeyes Ruby Tuesday TGI Fridays Sonic Subway Starbucks Waffle House Wendy's Places with special hours of operation on Memorial Day 2024 Aldi closes early. Check times at your local store What places are closed on Memorial Day 2024? Costco Natural Grocers UPS FedEx
Elon Musk’s xAI says it has raised $6 billion to develop artificial intelligence 2024-05-27 15:10:38+00:00 - SAN FRANCISCO (AP) — A group of investors will put up $6 billion to fund development of artificial intelligence by Elon Musk’s xAI. The company said on its website Sunday that the Series B funding round will be used to take xAI’s first products to market and speed up research. xAI said it has made “significant strides” during the past year in developing the technology, which will continue in the coming months. Investors in the latest round include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal and Kingdom Holding. Musk wrote on the social media site X that before the investment, xAI had a valuation of $18 billion. The funding should help Musk’s company compete in a race to develop artificial intelligence against Microsoft and Open AI, which created Chat GPT. Musk announced formation of the company in July of last year and released its artificial intelligence chatbot called Grok in November.
Elon Musk's AI startup now valued at $24 billion after fresh funding 2024-05-27 14:55:00+00:00 - Elon Musk’s AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race. The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday. The company’s pre-money valuation was $18 billion, Musk said in a post on X. The money will be used to take xAI’s first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said. “There will be more to announce in the coming weeks,” Musk said in another X post, in response to the announcement of the funding. Companies like Microsoft-backed OpenAI and Alphabet’s Gemini are among those leading the fierce race for generative AI dominance, driving significant investments and innovation in the rapidly evolving landscape.
Tech company blames recruiter for 'whites only' job posting 2024-05-27 14:11:00+00:00 - A U.S. technology company said a recruiter based in India was to blame for a job advertisement that stated only "white" people born in the U.S. should apply — and agreed to a federal settlement. The Justice Department said in a statement Thursday that Arthur Grand, an information technology services firm specializing in government contracts, had agreed to pay a civil penalty of $7,500 and reform its hiring practices after it was found to have posted the discriminatory job posting. According to the Justice Department, the March 2023 posting said the position "restricted eligible candidates to 'only US Born Citizens [white] who are local within 60 miles from Dallas, TX [Don’t share with candidates].'" “It is shameful that in the 21st century, we continue to see employers using ‘whites only’ and ‘only US born’ job postings to lock out otherwise eligible job candidates of color," Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division said in the statement. "I share the public’s outrage at Arthur Grand’s appalling and discriminatory ban on job candidates based on citizenship status, national origin, color and race.” Arthur Grand did not immediately respond to a request for comment. In the agreement, the company said the job posting was created by a "disgruntled" recruiter in India who had sought to embarrass the firm. It denied that it had authorized the posting or that it intended to dissuade non-U.S. citizens from applying. Arthur Grand has signed a separate agreement with the Labor Department. The investigation was handled by the Justice Department's Immigrant and Employee Rights division.
Biden Doesn’t Want You Buying an E.V. From China. Here’s Why. 2024-05-27 13:46:53+00:00 - President Biden wants more of America’s cars and trucks to run on electricity, not gas. His administration has pushed that goal on multiple fronts, including strict new regulations of auto emissions and lavish new subsidies to help American consumers take as much as $7,500 off the cost of a new electric vehicle. Mr. Biden’s aides agree that electric vehicles — which retail for more than $53,000 on average in the United States — would sell even faster here if they were less expensive. As it happens, there is a wave of new electric vehicles that are significantly cheaper than the ones customers can currently buy in the United States. They are proving extremely popular in Europe. But the president and his team do not want Americans to buy these cheap cars, which retail elsewhere for as little as $10,000, because they are made in China. That’s true even though a surge of low-cost imported electric vehicles might help drive down car prices overall, potentially helping Mr. Biden in his re-election campaign at a time when inflation remains voters’ top economic concern. Instead, the president is taking steps to make Chinese electric vehicles prohibitively expensive, in large part to protect American automakers. Mr. Biden signed an executive action earlier this month that quadruples tariffs on those cars to 100 percent.
Musk’s A.I. Firm Raises $6 Billion in Race With Rivals 2024-05-27 13:15:22+00:00 - Elon Musk’s artificial intelligence company, xAI, said on Sunday that it had raised $6 billion, helping to close the funding gap with OpenAI, Anthropic and other rivals in the red-hot industry. The funds would be used “to take xAI’s first products to market, build advanced infrastructure and accelerate the research and development of future technologies,” the company said in a statement. Mr. Musk, who founded xAI in July, said in a social media post that the funding round valued the company at $18 billion, not including the new money. Investors included the Silicon Valley heavyweights Andreessen Horowitz and Sequoia Capital, along with Saudi Arabia’s Prince Alwaleed bin Talal. Investors and large tech companies like Google, Meta and Microsoft have poured billions into the businesses developing A.I. systems, looking to profit as they’re integrated into many aspects of business and daily life. These investments also reflect the steep costs of running generative A.I. systems, which require huge amounts of processing power to generate text, sounds and images.
Major retailers are offering summer deals to entice inflation-weary shoppers 2024-05-27 12:38:58+00:00 - NEW YORK (AP) — Americans who spend Memorial Day scouting sales online and in stores may find more reasons to celebrate the return of warmer weather. Major retailers are stepping up discounts heading into the summer months, hoping to entice inflation-weary shoppers into opening their wallets. Target, Walmart and other chains have rolled out price cuts — some permanent, others temporary — with the stated aim of giving their customers some relief. The reductions, which mostly involve groceries, are getting introduced as inflation showed its first sign of easing this year but not enough for consumers who are struggling to pay for basic necessities as well as rent and car insurance. The latest quarterly earnings reported by Walmart, Macy’s and Ralph Lauren underscored that consumers have not stopped spending. But multiple CE0s, including the heads of McDonald’s, Starbucks and home improvement retailer Home Depot, have observed that people are becoming more price-conscious and choosy. They’re delaying purchases, focusing on store brands compared to typically more expensive national brands, and looking for deals. “Retailers recognize that unless they pull out some stops on pricing, they are going to have difficulty holding on to the customers they got,” Neil Saunders, managing director of consulting and data analysis firm GlobalData, said. “The consumer really has had enough of inflation, and they’re starting to take action in terms of where they shop, how they shop, the amount they buy.” While discounts are an everyday tool in retail, Saunders said these aggressive price cuts that cover thousands of items announced by a number of retailers represent a “major shift” in recent strategy. He noted most companies talked about price increases in the past two or three years, and the cut mark the first big “price war” since before inflation started taking hold. WHERE CAN SHOPPERS FIND LOWER PRICES? Higher-income shoppers looking to save money have helped Walmart maintain strong sales in recent quarters. But earlier this month, the nation’s largest retailer expanded its price rollbacks — temporary discounts that can last a few months — to nearly 7,000 grocery items, a 45% increase. Items include a 28-ounce can of Bush’s baked beans marked down to $2.22, from $2.48, and a 24-pack of 12-ounce Diet Coke priced at $12.78 from $14.28. Company executives said the Bentonville, Arkansas-based retailer is seeing more people eating at home versus eating out. Walmart believes its discounts will help the business over the remainder of the year. “We’re going to lead on price, and we’re going to manage our (profit) margins, and we’re going to be the Walmart that we’ve always been,” CEO Doug McMillon told analysts earlier this month. Not to be outdone by its closest competitor, Target last week cut prices on 1,500 items and said it planned to make price cuts on another 3,500 this summer. The initiative primarily applies to food, beverage and essential household items. For example, Clorox scented wipes that previously cost $5.79 are on shelves for $4.99. Huggies Baby Wipes, which were priced at $1.19, now cost 99 cents. Low-cost supermarket chain Aldi said earlier this month that it was cutting prices on 250 products, including favorites for barbecues and picnics, as part of a promotion set to last through Labor Day. McDonald’s plans to introduce a limited-time $5 meal deal in the U.S. next month to counter slowing sales and customers’ frustration with high prices. Arko Corp., a large operator of convenience stores in rural areas and small towns, is launching its most aggressive deals in terms of their depth in roughly 20 years for both members of its free loyalty program and other customers, according to Arie Kotler, the company’s chairman, president and CEO. For example, members of Arko’s free loyalty program who buy two 12-packs of Pepsi beverages get a free pizza. The promotions kicked off May 15 and are due to end Sept. 3. Kotler said he focused on essential items that people use to feed their families after observing that the cumulative effects of higher gas prices and inflation in other areas had customers hold back compared to a year ago. “Over the past two quarters, we have seen the trend of consumers cutting back, consumers coming less often, and consumers reducing their purchases,” he said. In the non-food category, crafts chain Michaels last month reduced prices of frequently purchased items like paint, markers and artist canvases. The price reductions ranged from 15% to up to 40%. Michaels said the cuts are intended to be permanent. DO THESE CUTS BRING PRICES BACK TO PRE-PANDEMIC LEVELS? Many retailers said their goal was to offer some relief for shoppers. But Michaels said its new discounts brought prices for some things down to where they were in 2019. “Our intention with these cuts is to ensure we’re delivering value to the customer,” The Michaels Companies said. ”We see it as an investment in customer loyalty more than anything else.” Target said it was difficult to compare what its price-reduced products cost now to a specific time frame since inflation levels are different for each item and the reductions varied by item. The Bureau of Labor Statistics, which tracks consumer prices, said the average price of a two-liter bottle of soda in April was $2.27. That compares with $1.53 in the same month five years ago. A pound of white bread cost an average of $2 last month but $1.29 in April 2019. One pound of ground chuck that averaged $5.28 in April cost $3.91 five years ago. WHY ARE COMPANIES CUTTING PRICES ON SOME ITEMS? U.S. consumer confidence deteriorated for the third straight month in April as Americans continued to fret about their short-term financial futures, according to the latest report released late last month from the Conference Board, a business research group. With shoppers focusing more on bargains, particularly online, retailers are trying to get customers back to their stores. Target this month posted its fourth consecutive quarterly decline in comparable sales — those from stores or digital channels operating at least 12 months. In fact, the share of online sales for the cheapest items across many categories, including clothing, groceries, personal care and appliances, increased from April 2019 to the same month this year, according to Adobe Analytics, which covers more than 1 trillion visits to U.S. retail sites. For example, the market share for the cheapest groceries went from 38% in April 2019 to 48% last month, while the share for the most expensive groceries went down from 22% to 9% over the same time period, according to Adobe. HOW ARE RETAILERS FUNDING PRICE CUTS? GlobalData’s Saunders said he thinks companies are subsidizing price cuts with a variety of methods — at the expense of profits, at the cost of suppliers and vendors, or by reducing expenses. Some retailers may be using a combination of all three, he said. Saunders doesn’t think retailers are raising prices on other items to make up for the ones they lowered since doing that would bring a backlash from customers. Target declined to disclose details but said its summer price promotion was incorporated into the company’s projected profit range, which falls below analysts’ expectations at the low end. GPM Investments, LLC, a wholly owned subsidiary of ARKO Corp. said its suppliers are funding the convenience store promotions.
As Atlantic hurricane season begins, Florida community foundations prepare permanent disaster funds 2024-05-27 12:24:48+00:00 - After the collapse of a condominium tower in North Miami in June 2021, Rebecca Fishman Lipsey realized her organization needed to overhaul how it responded to disasters. As CEO of the Miami Foundation, the city’s primary community foundation, Fishman Lipsey got to work coalescing support for victims of the tragedy that killed 98 people and destroyed the 136-unit building. Funders were eager to help, but there was a problem. She remembers corporate partners calling her saying, “We are in, we are with you. Just fill out this application and the money will be there in six weeks.” Those who lost homes and loved ones couldn’t wait that long. As Fishman Lipsey and her team scrambled to raise and disperse funds, she imagined the next crisis. “It’s not going to be one building in an isolated neighborhood,” she said. “It is going to be a climate disaster, and I’m not going to have internet to fill out an application. I cannot wait six weeks for the check to clear. I need everybody’s ACH information already. I need to know what supplies people need, before the disaster.” To meet those needs, the Miami Foundation set out to build a new model of crisis response. With help from several foundations and partners, including Citadel and the Miami Heat, it created the Miami Disaster Resilience Fund, a permanent, revolving fund, the earnings of which could be used to support a network of nonprofits across Miami before, during and after a disaster. Establishing a permanent fund allows the Miami Foundation to issue grants as soon as hurricane season begins and, if a storm does strike, send help quickly. Money remains in the fund, which increases through investments, until it is needed. In the last year, the Miami Disaster Relief Fund grew by more than 17% to about $8 million. “We’re coming into this season with $1 million that no one had to donate,” said Fishman Lipsey. Community foundations — tax-exempt philanthropic institutions that manage a variety of funding sources to donate to other groups and individuals — typically focus their giving on their local populations. But as community leaders, they are also called on to aid in crises, a role they may fill more often as climate events become more frequent and intense. Last year, the United States broke its record for the most disasters with damages exceeding $1 billion. A forecast of the 2024 Atlantic hurricane season, which begins June 1, issued last week from the National Oceanic and Atmospheric Association predicted at least 17 named storms and four to seven major hurricanes. Foundations need new strategies to prepare, said Patty McIlreavy, president and CEO of the Center for Disaster Philanthropy. “There is space across all types of philanthropic entities to explore how you set money aside for this and to be much more proactive,” she said. “We need all types of foundations to explore the realities of the disasters that are coming for communities.” Having funds ready ahead of time can also save money — and possibly lives — because foundations can direct money toward preparation. “It will be a lot less costly,” said McIlreavy. “It’s a lot harder to get yourself out of a disaster and to recover from it than it is to have something mitigated and never occur.” On the first day of hurricane season, the Miami Foundation will issue a round of proactive grants supporting programs to educate residents about what supplies to stockpile, how to prepare their homes and when to evacuate. It will help provide sandbags, tarps, and other protective equipment. If a storm is forecasted, the foundation will be able to move money to those same partners right away. “When I see the storm is going to hit in three days, I can send them the resources immediately,” said Fishman Lipsey. “I don’t need to wait for the checks to clear.” About 100 miles north of Miami in Stuart, Florida, a much smaller community foundation is about to launch its own permanent disaster fund. The Community Foundation Martin-St. Lucie has raised $300,000 for its Local Disaster Relief Fund, with a goal to raise $500,000 by mid-summer. When CEO Elizabeth Barbella heard Fishman Lipsey speak at a meeting of community foundation leaders last year, she related to the frustration of having to wait too long to help in a crisis. “Historically, in the middle of the storm, I would be preparing something to reach out to our clients and friends to say, ‘Okay, it’s real. The storm hit. We’re going to need to help the frontline organizations really quickly’,” Barbella told the Associated Press. “And when the dust settled, we’d be reaching out to organizations asking for some type of simple application and then deploying the resource.” To speed up that response, the foundation is creating agreements ahead of time with half a dozen local nonprofits that can supply basic needs like food, medicine and housing after a storm. One of those partners is House of Hope, based in Martin County, Florida. It began as a food bank 40 years ago and has grown to offer a range of essential services like job and housing support to around 21,000 residents per month. With a grant from the Local Disaster Relief Fund, House of Hope will spend the summer distributing hurricane kits to its clients filled with food, water and batteries. Without this assistance, most of the organization’s clients wouldn’t be able to stockpile supplies, said House of Hope CEO Rob Ranieri. “It’s a couple hundred bucks they don’t have in their budget.” If a storm does hit, the fund will support House of Hope’s work to replace what clients lose, such as perishable food that spoils in a power outage. Most of the people it assists are hourly workers, who don’t get paid if businesses shut down, so the organization will be ready to help them with rent and medical bills. Paying House of Hope’s own employees to work overtime, or adding temporary staff to provide services, gets expensive too. The agreement with the community foundation gives Ranieri confidence that he will have the funds to meet the need. “Now we can plan, know we will have the resources, have things in place and ready to go,” he said. “It will make us an effective resource for the lower income community, and it will be almost instant, like flipping a switch.” ______ Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.
Senate Democrats request a chat with Roberts about Alito’s antics 2024-05-27 12:23:37+00:00 - Senate Democrats have repeatedly raised concerns about Supreme Court Justice Samuel Alito, though they’ve been reluctant to take meaningful steps to address the controversies surrounding the far-right jurist. That said, in the wake of Alito’s latest controversies, the two top Democrats on the Senate Judiciary Committee requested a meeting Chief Justice John Roberts to address “the Supreme Court’s ethics crisis.” NBC News reported: In the letter released Friday, Senate Majority Whip Dick Durbin, D-Ill., and Sen. Sheldon Whitehouse of Rhode Island asked to meet with Roberts “as soon as possible” and renewed their “call for the Supreme Court to adopt an enforceable code of conduct for justices.” The senators wrote that Alito created “reasonable doubt as to his impartiality” and repeated calls for him to recuse himself in cases related to Trump and the Jan. 6 Capitol riot. The entirety of the four-page letter from the Democratic senators was posted online. There’s no great mystery as to what precipitated the outreach. Alito was already one of the nation’s most controversial jurists, but his reputation deteriorated further when The New York Times published this report, noting that in early 2021, between the Jan. 6 attack and Joe Biden’s presidential inauguration, an upside-down American flag flew in front of Alito’s home. It was, at the time, a prominent symbol embraced by far-right “Stop the Steal” activists who believed nonsensical conspiracy theories about the 2020 election. After the report jolted the political world, Alito turned to — who else? — Fox News, explaining that his wife hoisted the upside-down flag after some unpleasant interactions with purportedly rude neighbors. His comments largely made the burgeoning controversy worse. Soon after, as Chris Geidner was first to report, Alito also apparently sold Bud Light stock in the midst of far-right hysterics about the company partnering with a trans influencer. The justice didn’t need another damaging revelation, but the Times reported last week on a second flag controversy: At Alito’s vacation house in New Jersey, there was an “Appeal to Heaven” flag, which was also carried by Jan. 6 rioters. The article added, “Also known as the Pine Tree flag, it dates back to the Revolutionary War, but largely fell into obscurity until recent years and is now a symbol of support for former President Donald J. Trump, for a religious strand of the ‘Stop the Steal’ campaign and for a push to remake American government in Christian terms.” This, evidently, led Durbin and Whitehouse to conclude that it was time for a chat with the Supreme Court’s chief justice, in the hopes that Roberts will prevent Alito from participating in cases related to the 2020 presidential election and the Jan. 6 attack. To date, the chief justice does not appear to have responded. What’s more, it’s not altogether clear what Roberts would — or could — do in response to a situation like this, even if he agreed with the senators. Nevertheless, Friday’s correspondence suggests key Democratic senators, who appeared rather passive about Alito’s antics, are now eyeing possible next steps. Watch this space. This post updates our related earlier coverage.
Trump pretends he wasn’t booed relentlessly at Libertarian event 2024-05-27 12:18:48+00:00 - In the abstract, it was difficult to see how the plan was supposed to work. Donald Trump, the presumptive nominee of one political party, apparently thought it’d be a good idea to appear at the national nominating convention of a different political party, seeking its support for his 2024 candidacy. It seemed like the sort of strategy that wouldn’t work. After having seen the reception the Republican received at the Libertarian Party’s event, the results were even worse than expected. NBC News reported: Insults were hurled at former President Donald Trump when he took to the stage Saturday night to address the Libertarian National Convention. The crowd’s hostility to the former president was especially pronounced when Trump directly solicited their votes. Each time Trump asked attendees at the Washington Hilton for their votes or the party’s nomination, he was met with loud boos. In case this isn’t obvious, the former president isn’t generally accustomed to speaking to audiences that jeer him relentlessly. On the contrary, Trump tends to speak at rallies where attendees have an almost religious-like reverence for him. With this in mind, when the presumptive GOP nominee heard the unmistakable booing from delegates to the Libertarian gathering, he responded by insulting the party. “If you want to lose, don’t [nominate me],” Trump said. “Keep getting your 3% every four years.” This, naturally, generated even more vociferous booing. It was, to be sure, a bold move. As a New York Times report noted, “Mr. Trump’s speech was without modern precedent: the presumptive nominee of a major political party giving a prime-time address at another party’s convention.” It also appeared to fail spectacularly. Evidently, the delegates to the Libertarian National Convention thought it’d be preferable to nominate a Libertarian — and Trump is clearly not that. Indeed, while I’m not in a position to speak on Libertarians’ behalf, it’s fair to say that the whole point of the party is to dramatically curtail governmental power and authority in every area of public life. This bears no real resemblance to Trump’s vision — as Saturday’s event made clear. Ultimately, the Republican didn’t even bother to submit the paperwork to compete for the Libertarian Party’s nomination, and delegates ended up nominating party activist Chase Oliver for president. Soon after, Trump turned to his social media platform to claim, “The reason I didn’t file paperwork for the Libertarian Nomination, which I would have absolutely gotten if I wanted it (as everyone could tell by the enthusiasm of the Crowd last night!), was the fact that, as the Republican Nominee, I am not allowed to have the Nomination of another Party.” First, if Trump isn’t allowed to have another party’s nomination, perhaps he can explain why he spoke at the Libertarian event and asked for its nomination. Second, the idea that the Libertarian nomination was his for the taking is ridiculous to anyone who actually saw and heard the reception Trump received at the convention. It's reminiscent of the guy in high school who asks out the girl he likes, gets rejected, and tells his friends he "absolutely" could've gone out with her, but he decided he was just too busy. “The party told you to reject the evidence of your eyes and ears,” George Orwell wrote in his dystopian classic, 1984. “It was their final, most essential command.” The relevance of the line lingers for a reason.
Why Jack Smith is seeking a brand new gag order against Trump 2024-05-27 12:00:10+00:00 - Given recent history, Donald Trump has been hit with so many gag orders, he’s had ample opportunity to familiarize himself with the concept. In fact, the former president’s rhetoric about ongoing court proceedings has been deemed so potentially dangerous, so many times, that a variety of judges have found it necessary to impose limits on what the Republican can say. The list recently grew when the Republican, as part of his hush-money case, lashed out at a variety of people across the legal system, including likely witnesses and the daughter of the presiding judge. Late Friday, as NBC News reported, special counsel Jack Smith requested a brand new gag order against the suspected felon in a different case. Prosecutors in Donald Trump’s classified documents case in Florida asked a federal judge on Friday to block the former president from making public statements that pose “a significant, imminent, and foreseeable danger to law enforcement agents” investigating and prosecuting the case. In case anyone needs a refresher, it was nearly a week ago when the former president, referencing the newly unsealed court records, claimed by way of his social media platform that the Justice Department “AUTHORIZED THE FBI TO USE DEADLY (LETHAL) FORCE” while executing a court-approved search warrant at Mar-a-Lago. Trump issued an outlandish fundraising appeal soon after, falsely claiming that President Joe Biden was “locked & loaded” and “ready to take me out” during the FBI’s search of his glorified country club. After the claims were thoroughly and completely discredited, and the FBI itself took the unusual step of issuing a public statement leaving no doubt that the former president and his allies simply had no idea what they were talking about, Trump repeated the claim anyway. The truth was entirely mundane: The FBI’s relevant paperwork included standard language, used every time the bureau executes a court-approved search warrant. Indeed, when the FBI searched Biden’s home in Delaware as part of a separate search for classified documents, the paperwork included the same phrasing. This obviously does not mean that the Biden administration was “ready to take out” the Democratic incumbent himself. But this wasn’t just the latest in a seemingly endless list of Trump lies. Attorney General Merrick Garland said at a news conference that the former president’s absurd allegation “is false, and it is extremely dangerous,” and it’s worth understanding why. “The threat of political violence is persistently high, especially in the months leading up to the 2024 presidential election. And by spreading this hoax, Trump is fanning the flames, in particular, of anti-government extremism,” a Just Security analysis explained last week. The piece added, “Conspiracy theories such as the nonsensical assassination plot fuel the extremists’ anti-government paranoia and increase the likelihood of future violence. We should accordingly not be surprised if rightwing extremists interpret Trump’s words as a call to action against the FBI or others.” With this in mind, Smith isn’t looking to silence Trump altogether, so much as the prosecutor’s office wants U.S. District Judge Aileen Cannon to limit what the Republican can say in this case that might endanger law enforcement officials for no reason. For his part, the criminal defendant responded to the news with a rather predictable online rant that read in part, “Deranged Jack Smith has asked Judge Aileen Cannon in Florida for a Gag Order on me, so that I cannot talk about all of the Crimes he has committed.” To the extent that reality still has meaning, (a) there’s no evidence of Smith having committed any crimes; (b) this is an absurd description of the special counsel’s actual filing; (c) Trump could, but won’t, acknowledge that his “locked & loaded” claims were obviously false; and (d) I’ll never fully understand the former president’s strange approach to capitalization. Nevertheless, the matter will be in Cannon’s hands. If she sides with the defendant — which is to say, if she sides with Trump again — the special counsel’s office will almost certainly take the matter to the 11th Circuit Court of Appeals, which has already demonstrated a willingness to reverse Cannon. Watch this space. This post updates our related earlier coverage.
Norwegian Cruise Line Sets Sail on Record Bookings Raised EPS 2024-05-27 10:09:00+00:00 - Key Points Norwegian Cruise Line reported a Q1 2024 EPS beat of nine cents and revenue growth of 20.3% YOY to $2.19 billion, falling short of $2.23 billion. Norwegian Cruise Line raised its full-year 2024 EPS estimates twice in May to $1.43 versus $1.26 consensus estimates. Norwegian Cruise Line raised its net yield growth rate to 7.2% YOY, which is robust but still lags competitors Royal Caribbean and Carnival at 9.5%. 5 stocks we like better than Norwegian Cruise Line Norwegian Cruise Line Holdings Ltd. NYSE: NCLH raised its full-year 2024 EPS guidance for the second time in May 2024 at its Investor Day. While the cruise industry was the epicenter during the COVID-19 pandemic, it’s one of the remaining industries to experience positive normalization as the travel boom continues to flourish. The consumer discretionary sector giant, along with Carnival Co. and plc NYSE: CCL, is trying to catch up to Royal Caribbean Ltd. NYSE: RCL in terms of profits and performance. Get Norwegian Cruise Line alerts: Sign Up Here’s the Significance of Net Yields In the cruise industry, net yields are a key metric to pay attention to. Net yields reflect the profitability of the operations. It represents the average revenue generated per passenger cruise day after expenses and fees like transportation and agent commissions. Passenger revenues include ticket prices and onboard spending, including excursions, merchandise, dining and drinks. Higher net yields indicate robust demand and profitability. The net yield growth rate is a good indicator of what to expect moving forward compared to peers. Net Yields Improving But Still Lags Peers Norwegian reported a solid net yield increase of 16.4% YoY in its Q1 2024 earnings report. It originally guided the full year 2024 net yield to grow just 5.4% YOY. It raised its net yield guidance to 6.4% on its Q1 2024 report. Then on its Investor Day on May 20, 2024, Norwegian bumped up its net yield guidance to 7.2% YOY growth. By all accounts, this is a solid improvement. However, it still lags behind the 9.5% net yield growth guidance by both Royal Caribbean and Carnival. Daily Descending Triangle Pattern NCLH displays a daily descending triangle pattern. This pattern is comprised of a descending (falling) upper trendline resistance formed at the $21.73 peak on March 27, 2024, capping bounces at lower highs towards the flat-bottom lower trendline support at $15.87. NCLH continues to move closer to the apex point, at which it will inevitably break through the descending upper trendline or break down through the flat lower trendline. The daily relative strength index (RSI) is attempting to bounce at the 40-band. Pullback support levels are at $15.47, $14.14, $12.71 and $11.78. Robust Q1 2024 Growth Norwegian Cruise Line Today NCLH Norwegian Cruise Line $16.00 +0.43 (+2.76%) 52-Week Range $12.70 ▼ $22.75 P/E Ratio 22.86 Price Target $21.00 Add to Watchlist Norwegian Cruise Line reported Q1 2024 EPS of 16 cents versus 9 cents consensus estimates, beating by 7 cents. Revenues rose 20.3% YoY to $2.19 billion, falling short of $2.23 billion consensus estimates. However, adjusted EBITDA nearly doubled YoY to $464 million and above its $450 million guidance. Occupancy was 104.6%, which is in line with guidance. The company reported record Q1 bookings driving an all-time high 12-month-forward booked position. North American demand for the summer European season remains robust. The Fleet in a Nutshell Norwegian currently has 32 ships in its fleet with around 66,500 berths or beds between its brands, including Norwegian Cruise Lines, Oceania Cruises and Regent Seven Seas Cruises. The company has 13 ships and 41,000 berths on order. Norwegian expects to carry around 2.9 million guests in 2024. Raising Guidance the First Time Norwegian raised its Q2 2024 EPS guidance to around 32 cents versus 31 cents consensus estimates. Occupancy is expected to hit 105.7%, and adjusted EBITDA is expected to be around $555 million. Full year 2024 EPS guidance was raised to around $1.32, up from $1.23, versus $1.28 consensus guidance. Adjusted EBITDA is expected to rise $5 million to $2.25 billion. Full year 2024 net yield growth was raised to 6.4%, up from earlier guidance of 5.4%. Shares promptly fell 13% on the guidance. Norwegian Cruise Line CEO Harry Sommer commented, “We kicked off 2024 with impressive momentum, with record bookings in the first quarter propelling us to continue our all-time high booked position and an unprecedented level of advance ticket sales. These achievements demonstrate the continued growing demand we are experiencing for our product and offerings.” Re-Raising Guidance and Long-Term Targets On May 20, 2024, Norwegian Cruise Line issued raised guidance ahead of its Investor Day. The company raised full-year EPS to $1.42, up from $1.32, vs $1.36 consensus analyst estimates. Net yield was raised to 7.2%, up from 6.4%. Adjusted EBITDA was raised to $2.30 billion, up from $2.25 billion. The company expects to achieve an adjusted operational EBITDA margin of 39% by the end of 2026. Adjusted EPS is expected to be around $2.45, which represents a 2-year compound annual growth rate (CAGR) of more than 30%. Net leverage is expected to be reduced to the mid-four turn levels, and a record adjusted return on invested capital (ROIC) of 12% is expected to exceed 2020 levels. Norwegian Cruise Line analyst ratings and price targets are on MarketBeat. Before you consider Norwegian Cruise Line, 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 Norwegian Cruise Line wasn't on the list. While Norwegian Cruise Line currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
America isn't ready for a Trump criminal trial verdict 2024-05-27 10:00:00+00:00 - It feels surreal to be here. More than three years after he begrudgingly left office, after numerous investigations into his behavior and after more than a month in a New York City courtroom, former President Donald Trump will soon reach the end of a criminal trial. All that’s left are summations from the prosecution and defense, and then 12 New Yorkers will be given their instructions and sent to make one of the most monumental decisions in the history of our country. We have no way of knowing how long jurors will deliberate. Reporters and legal analysts have scoured jurors’ expressions and gestures, but even so, it’s impossible to know the initial thoughts and feelings each person will take into the jury room and how those thoughts and feelings might change if challenged. What I sense, though, is that whatever happens, America is in no way ready for the new chapter that a verdict — or lack thereof — in Trump’s case will usher in. Once the foreperson has announced the jury’s decision, any prior assumptions about the 2024 presidential race will need to be recalculated. There are at least three likely options that await us on the other side of deliberations. Trump could be convicted of falsifying business documents to cover up hush money payments, made in the interest of affecting the 2016 presidential election’s outcome. The jury could conclude the prosecution didn’t make its case and fully acquit him. Or the jury could report that they’re deadlocked, causing Judge Juan Merchan to declare a mistrial. Assuming there is a verdict, once the foreperson has announced the jury’s decision, any prior assumptions about the 2024 presidential race will need to be recalculated. Polls taken since Trump was first indicted have only been able to ask respondents to consider hypotheticals. A survey conducted in March by Politico Magazine and Ipsos found that a conviction could cost Trump just over a third of independents in the fall. Likewise, a February poll from NBC News showed a conviction in the New York trial taking a major chunk of Trump’s support from independents and prompting a major swing from 18- to 34-year-olds to support President Joe Biden over Trump. And an ABC News/Ipsos survey conducted in late April found that 20% of Trump supporters polled would “either reconsider their support (16%) or withdraw it (4%)” if he’s convicted. We are now finally moving away from possibility to hard and fast reality, which may look very different than the predictions based on polling. And encouraging as those statistics may have been for Democrats, they still left unanswered some important questions. None of the polls above asked voters how an acquittal would affect their support for the former president, something that remains a possibility. Also, there’s no guarantee that the number of people who would change their vote would be enough to shift the election’s outcome in any given state. Here’s how NBC News caveated its findings, which showed an overall swing toward Biden in the face of a conviction but still within the margin of error: Republican pollster Bill McInturff, the GOP half of the bipartisan group of pollsters who conduct the NBC News survey, cautions that the sliver of voters who shift on these two ballots — 55 in total out of 1,000 interviews — hold overwhelmingly negative opinions about Biden, and they also prefer a Republican-controlled Congress by more than 60 points. As a result, McInturff says, he has doubts if these voters would really stick with Biden even if Trump is convicted of a felony. Biden has chosen to stay silent about Trump’s legal troubles as the cases have unfolded, but his campaign is now preparing to use a guilty verdict to its advantage, NBC News recently reported, internally debating whether to brand him a “convicted felon” in its messaging. Whatever the result, one person familiar with the discussions told NBC News the campaign will stress to voters that “Donald Trump’s legal troubles are not going to keep him out of the White House. Only one thing will do that: voting this November for Joe Biden.” If there’s an acquittal, though, it’s hard to say whether another instance of Trump seeming immune to accountability would encourage or discourage Democrats from turning out. We are now finally moving away from possibility to hard and fast reality, which may look very different than the predictions based on polling. Depending on where the jury lands, Trump, as he always has, will either praise or denounce the system. A conviction in a state court would be something he couldn’t undo even if he’s elected president again. It would be yet another asterisk next to his name, one more humiliation to add to the list. While it would be another grievance for him to seek revenge against, an appeal would be yet another costly distraction to a campaign already hemorrhaging money on his legal fees. And yet his supporters, following the lead of the spineless Republicans who have showed up at court to buoy him, may well shrug and cast their votes for a convicted criminal. An acquittal, though, will be another supposed “total exoneration” — and this time it would be true. (Of course, a process he otherwise claims to be rigged that still rules in his favor has proven its merit in his mind.) It wouldn’t be surprising for his campaign to even spin a hung jury as a victory. I can already picture one of his many emails crowing about how Crooked Joe Biden (who had nothing to do with the prosecution) couldn’t manage to take him down in court. It will push his supporters to donate for when the “Biased Manhattan District Attorney Alvin Bragg,” as I imagine the copy will dub him, charges him again. All of this is projection, of course, as we wait for the end of the yawning silence that has echoed since the defense, which only called one witness, rested Tuesday. In this liminal space, the future hangs by a thread. Guilty? Not guilty? A mistrial? Whichever it is, it will likely be more than we can truly wrap our heads around.
Bernie Sanders is too old. He should retire from the Senate. 2024-05-27 10:00:00+00:00 - Earlier in May, Vermont Sen. Bernie Sanders, an independent who caucuses with Democrats, announced that he would seek re-election for a fourth term. Sanders is 82 years old and suffered a heart attack in 2019 while campaigning for president. One might expect the chorus of progressives — those who have questioned Justice Ruth Bader Ginsburg’s legacy because she did not retire sooner, called for new leadership when President Joe Biden, 81, announced his 2024 re-election bid, and now suggest 69-year-old Justice Sonia Sotomayor, the first and only Latina on the Supreme Court, should step down from the bench early — to be similarly outraged. But so far we’ve heard little concern about the popular liberal senator running for a term that would end when he is just a year shy of 90. Even the best and most effective politicians must never give in to the idea that they are irreplaceable. Even the best and most effective politicians must never give in to the idea that they are irreplaceable. On the right, we have heard lawmakers recently claim their candidacy was demanded by a higher power. Such egotism does not help democracy, nor does it inherently serve the best interests of constituents. And in worst-case scenarios it can lead to negative short- and long-term consequences. Arguably, it makes more sense for Sanders to retire now than it would for some of the others targeted for their age in the past. To replace Biden would have meant Democrats giving up a potential incumbency advantage in a close and consequential 2024 presidential race. Potential wild cards like Sen. Joe Manchin and Kyrsten Sinema could complicate Sotomayor replacement efforts. In contrast, there appears very little strategic or operational risk in replacing Sanders — who is running for election in a state that voted Democratic by a 2-1 margin in 2020 and continues to trend bluer. And the committee succession question would be less fraught than it is when a lawmaker steps down midterm. Sanders is obviously an iconic figure with a platform that resonates with young progressives — a key part of Democrats’ winning coalition. But his perpetual candidacy arguably contradicts his progressive message. For years, Sanders has talked about young people being the future leaders of our country, but that reality will continue to be delayed as long as octogenarians refuse to make way. Across the country, Democrats (and aligned independents) need a strong grassroots movement and youth pipeline. Is Sanders helping that effort in Vermont? His re-election bid begs the question, are there truly no other progressives in the state prepared to take up his mantle? These are the same types of questions that have been asked of Biden, but electing a president is a different political project than replacing a senator. As the Vermont senator noted in his own announcement video, the 2024 election “is the most consequential election in our lifetimes.” Biden has already defeated Donald Trump once, earned over 81 million votes, and has a laundry list of first-term accomplishments to campaign for re-election on. Democratic leaders calculated that despite concerns about his age, he remained the strongest candidate against Trump. And the other alternatives would be worse. Sanders is in a different situation, with different strategic variables. Certainly there are many scenarios where it is reasonable — even necessary — for steady, experienced, leaders to stay in power. The longtime lawmaker’s relationship with the Democratic Party establishment has been, at times, a bit messy. While some establishment Democrats blamed him for an overly divisive primary in 2016, the left-wing icon has helped the Biden-Harris administration in many ways. Just last month, Biden and Sanders held a joint event to celebrate the administration’s success lowering certain prescription drug prices. Sanders was also early to endorse Biden’s re-election bid a year ago. “The last thing this country needs is a Donald Trump or some other right-wing demagogue who is going to try to undermine American democracy or take away a woman’s right to choose, or not address the crisis of gun violence, or racism, sexism or homophobia,” he said at the time. To suggest every older candidate or public servant retire would be rank ageism. Certainly there are many scenarios where it is reasonable — even necessary — for steady, experienced, leaders to stay in power. Yet, I believe Sanders had an opportunity here to set an important example, and gracefully propel the next generation of leaders forward. He can still champion the priorities of the left from retirement. Instead, Sanders now risks ending his career on a sour note.
3 High-Yield Stocks to Buy in This Boring Sector 2024-05-27 04:27:00+00:00 - Utilities operate very boring businesses. They distribute electricity and natural gas to customers under government-regulated rate structures. There isn't a lot of upside in this business (demand and rates are relatively steady), but there is also not much downside. Because of that, utilities generate pretty stable returns, a large portion of which comes from their high-yielding dividend payments. Investors seeking to add more stability to their portfolio should consider buying a boring utility stock. Black Hills (NYSE: BKH), Consolidated Edison (NYSE: ED), and Duke Energy (NYSE: DUK) stand out to a few Fool.com contributors as great options for those seeking a high-yielding and sustainable dividend. Black Hills is the mouse that roared Reuben Gregg Brewer (Black Hills): When it comes to utility stocks, Black Hills, with a $3.9 billion market cap, is one that often slips under the radar screen. That's a shame because the regulated natural gas and electric utility is a Dividend King with 54 consecutive years of annual dividend increases behind it. The average dividend increase over the past three-, five-, and 10-year periods are all around 5%, showing incredible consistency. Meanwhile, the yield is currently around 4.5%, which is toward the high end of the yield range over the past decade. BKH Dividend Yield Chart In other words, Black Hills looks like it is a Dividend King that's been put on the sale rack. There's a good reason for that, however, because operating a utility is a capital-intensive business. The sharp rise in interest rates will increase Black Hills' costs going forward. There's no way around that, noting also that the utility tends to use more leverage than some of its larger peers. That said, Black Hills' customer growth has increased at nearly three times the rate of U.S. population growth. It operates in very attractive markets in Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. And that suggests that regulators will, in time, adjust the company's rate structure to account for the change in interest rates. If you have the patience to wait for that to happen, you can collect a historically high dividend yield from a fairly boring Dividend King utility. The king of consistency Matt DiLallo (Consolidated Edison): Consolidated Edison provides electricity and natural gas to customers in the New York City metro area. While utilities are boring businesses, they generate very predictable cash flow backed by steady demand and government-regulated rate structures. That provides Consolidated Edison with stable income to pay dividends and invest in maintaining and expanding its utility infrastructure. Story continues The utility hit a major dividend milestone earlier this year. It delivered its 50th consecutive annual dividend increase. That's the longest period of consecutive dividend increases among utilities listed in the S&P 500. It also ushered the company into the elite group of Dividend Kings. Consolidated Edison's increased payout currently yields a little less than 3.5%, which is more than double the S&P 500's dividend yield (around 1.3% based on dividend payments over the past year). While the company expects to continue increasing its dividend, growth will likely be moderate. Consolidated Edison plans to target a dividend payout ratio of 55%-65% of its adjusted earnings to fund higher levels of investment amid the clean energy transition. That's down from its prior target of 60% to 70%. It plans to retain more of its earnings to internally fund growth. This strategy should enable Consolidated Edison to grow its earnings per share faster in the future. That positions it to potentially produce higher total returns when adding its dividend income to the stock price appreciation it should deliver as its earnings grow. Consolidated Edison's dividend should become more sustainable over the longer term as it lowers its payout ratio and invests in supporting the clean energy transition. These features make it an attractive option for those seeking a very bankable income stream. This utility's narrowing focus should pay big dividends Neha Chamaria (Duke Energy): Duke Energy is one of the largest regulated utilities in the U.S. and operates in growing places like Florida and the Carolinas, among others. In fact, the company sold its unregulated commercial renewable energy business in 2023 for $2.8 billion and became a fully regulated utility. The company said it'll use the net proceeds of roughly $1.1 billion from the sale to pare down debt and strengthen its balance sheet. 2023 was also a strong year for Duke Energy as it added the largest number of customers in its history and boosted its five-year capital investment plan to $73 billion to drive its transition to clean energy. The utility giant is targeting net-zero carbon emissions from power generation by 2050 and has, therefore, planned massive investments to upgrade its electricity grid and expand its energy storage, renewables, natural gas, and nuclear energy assets in the coming years. Backed by a fully regulated portfolio of assets in growing jurisdictions, Duke Energy expects to grow its adjusted earnings per share by 5% to 7% through 2028. When coupled with a dividend yield of 4%, management believes investors in Duke Energy could earn nearly 10% annualized returns. Duke Energy is also a bankable dividend stock. It has paid a dividend every quarter for 98 years and has grown its dividend over time. That dividend growth has hugely boosted shareholder returns so far. In the past 10 years, Duke Energy stock has more than doubled investors' money when factoring in dividends. DUK Chart With Duke Energy now fully pivoting to regulated businesses and fortifying its balance sheet, income investors have solid reason to consider this boring utility stock Should you invest $1,000 in Duke Energy right now? Before you buy stock in Duke Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Duke Energy wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $652,342!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of May 13, 2024 Matt DiLallo has no position in any of the stocks mentioned. Neha Chamaria has no position in any of the stocks mentioned. Reuben Gregg Brewer has positions in Black Hills. The Motley Fool recommends Duke Energy. The Motley Fool has a disclosure policy. 3 High-Yield Stocks to Buy in This Boring Sector was originally published by The Motley Fool
Some Good News for Bond Traders Stuck in Fed Waiting Game 2024-05-27 03:00:00+00:00 - (Bloomberg) -- Bond traders who are stuck in a waiting game over Federal Reserve rate policy will soon get some welcome support. Most Read from Bloomberg Starting on Wednesday, and for the first time since the early 2000s, the Treasury Department will launch a series of buybacks targeting seasoned and harder-to-trade debt. Then in June, the US central bank is set to begin tapering the pace of its balance-sheet unwind, known as quantitative tightening, or QT. Both moves will offer support to a Treasury market that’s been upended this year as investors radically readjusted their expectations for rate cuts in the face of persistent US growth and surprisingly sticky inflation. The government efforts should aid the ability to trade at a time when Treasuries have already settled down notably following some pockets of volatility. “The buybacks will be helpful and will be a good backstop,” said Jay Barry, co-head of US rates strategy at JPMorgan CHase & Co. “And the slowing of the Fed’s quantitative tightening will be helpful as it’s prudent risk management that should allay the concerns that we will have a repeat” of the 2019 crisis in overnight funding markets, he said. Treasury yields have declined since the start of May, leaving US bonds on course for a monthly gain of 1.4%, as measured by a Bloomberg index. The US two-year note ended last week at around 4.95% — toward the upper end of this month’s 4.7% to 5.03% range — reflecting some mixed data as well as signaling from a slew of Fed officials that they’re prepared to keep rates higher for longer. And while some central bankers have even indicated a willingness to tighten policy further if warranted, derivative markets don’t see that as a likely, helping to keep bond yields from breaking out on the upside. Read more: Goldman Axes Bet on July Fed Cut as Market Sees Less Easing US swaps contracts are now pricing in around 32 basis points of Fed rate cuts for all of 2024, reflecting market expectations for only one quarter-point rate reduction as a sure thing. Traders had pushed their pricing to about 50 basis points after the release of softer-than-expected inflation data for April, only to backtrack a bit more recently. The US market will be closed Monday in observance of the Memorial Day holiday. Two days later, the buybacks start. Story continues Through a series of weekly operations slated so far through the end of July, the Treasury will buy up some of its existing government debt, purchasing older securities and ultimately replacing them with larger current issues. The aim is to bolster the ease of trading, as older securities are typically the least liquid. Treasury market liquidity, which has been challenged several times in recent years, has gotten better this year. A JPMorgan Chase & Co. measure of liquidity known as market depth — based on the average size of the best three bids and offers for trades from 8:30 a.m. to 10:30 a.m. in New York — has improved to levels last seen in early 2022, before the Fed’s tightening began. It still remains about 45% below its decade-long average. Calming Down Also lending support is the prospect of less QT next month. The Fed will lower the monthly cap on how much Treasuries it will allow to mature without being reinvested, to $25 billion from $60 billion, while keeping the cap for mortgage-backed securities unchanged at $35 billion. Read more: Why Fed Is Phasing Out Quantitative Tightening: QuickTake With the Fed seen on hold and waiting for high rates to eventually slow the economy, the bond market is settling into ranges and in turn, the ICE BofA MOVE Index — a gauge of bond volatility that tracks anticipated swings in Treasury yields based on options — has slipped to its lowest since February 2022. The tumble in the MOVE picked up over the past week, with the gauge posting its biggest streak of consecutive declines since June 2023 in the wake of consumer price data showing underlying inflation slowed in April. “There has been a lot of volatility in bond yields this year, and there was a sigh of relief since CPI,” said Neil Sutherland, portfolio manager at Schroder Investment Management. The report suggests Treasury yields have seen their peaks for the year, he added, and the easing in volatility has been “most important for the mortgage sector.” What Bloomberg Intelligence Says.. “The US Treasury market may rally by year-end as the economy slows from the recent frenetic pace. The Fed will be cutting asset runoff in June, just as the Treasury Department will begin liquidity support buybacks. Incrementally, market liquidity could be supported.” —— Ira F. Jersey and Will Hoffman, BI strategists Click here to read the full report Positioning in the bond market has also become more balanced, with data suggesting new short wagers have appeared amid slight unwinding of well-entrenched long bets. Some investors are looking to early June data, including the May employment on June 7. Stephen Bartolini, a fixed income portfolio manager at T. Rowe Price, sees buybacks working to marginally help trading and the reduced Fed QT helping to supporting overall liquidity in the economy and banking system. Yet top of mind for him is Friday’s release of the central bank’s preferred inflation gauge, the personal consumption expenditures index. It’s predicted to have risen in April at an annual pace of 2.7%, the same as in March. “The inflation data has proven stickier,” Bartolini said. “And while growth is not all that great, it’s solid enough and the continual easing of financial conditions, that will support activity. The data keeps on supporting a view that the Fed not going anytime soon and cutting rates.” While 10-year yields at about 4.46% aren’t quite as high as their peak of just over 5% in October, some investors think they offer value as volatility has fallen appreciably. “Rates now on Treasuries we see as giving a second bite of the apple for bond buyers,” said James Camp, managing director of fixed income at Eagle Asset Management, an affiliate of Raymond James Investment Management which manages $77 billion. “We are definitely adding duration.” What to Watch Economic data: May 27: Memorial Day. Trading in US markets closed. May 28: House Price Purchase Index; FHFA house price index; S&P CoreLogic; Conference Board consumer confidence; Dallas Fed manufacturing activity May 29: MBA mortgage applications; Richmond Fed manufacturing index and business conditions; Dallas Fed services activity; Beige Book May 30: GDP (14); personal consumption; GDP price index; initial jobless claims; advance goods trade balance; wholesale/retail inventories; pending home sales; pending home sales May 31: Personal income and spending; PCE deflator; MNI Chicago PMI Fed calendar: May 28: Cleveland Fed President Loretta Mester; Minneapolis Fed President Neel Kashkari May 29: New York Fed President John Williams May 30: Williams; Dallas Fed President Lorie Logan May 31: Atlanta Fed President Raphael Bostic Auction calendar: May 28: 13-, 26-week bills; 2-year notes; 5-year notes May 29: 17-week bills; 2-year floating-rate notes; 7-year notes May 30: 4-, 8-week bills --With assistance from Alexandra Harris. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
Tilray Brands Slashed Its Guidance. Is the Stock a Buy? 2024-05-27 02:28:00+00:00 - It usually isn't a good sign when businesses announce that their projection for their annual earnings needs to be adjusted downward, like Tilray Brands (NASDAQ: TLRY) did with its third-quarter earnings on April 9. Since then, however, there have been a couple of important developments that could cut some of the bitterness that shareholders may be experiencing. Despite the setback with its progress relative to management's past guidance, there's still reason to believe that this multinational marijuana and alcohol player could live up to its ambitions. So let's explore what's going on with its financial performance and why it's probably a bit too early to lose all hope. The situation is slightly more bearish than it may appear When companies report their earnings, it's always possible for investors to see what they want to see -- that the conditions are ripe for the stock to go up -- and avoid seeing blemishes or storm clouds on the horizon. And if you read Tilray's latest earnings report from its fiscal Q3, there are plenty of green flags to focus on. Perhaps the biggest positive sign is that its revenue climbed by 30% to reach more than $188 million, with strong sales performance in its two core segments: cannabis and booze. Its recent acquisition of a handful of American craft beer brands is already leading to growth, with alcohol sales bringing in $55 million after jumping by 165%. Now, alcohol is nearly as big a segment as marijuana, which brought in roughly $63 million in the quarter. So it's safe to say that the company's base of revenue is far more diversified than it was just a couple of years ago. Another bright spot was cannabis market share in the business' home market of Canada. While its share had slipped to a high single-digit percentage for a time, it now owns 11.6% of the market. Therefore, the business is gaining ground against its local competitors, all of whom are now smaller than Tilray. Then there are the ongoing changes to marijuana policy in the U.S. announced in mid-May, which could work in the company's favor in the long term. The Justice Department is working to reschedule marijuana from Schedule I to Schedule III, a somewhat more permissive scheduling for the industry's medicinal market players. But that's where the recent substantive good news starts to give way to the issues that management would probably prefer to avoid. Company leaders no longer anticipate that it'll report positive adjusted free cash flow (FCF) for its 2024 fiscal year, which is now in the final stretch. The stated reason for coming up short is "delayed timing for collecting cash on various asset sales." No comments were made about what could happen in its fiscal 2025. Story continues Let's parse this information. At some point, Tilray opted to sell some assets. Those assets can't be sold more than once, as the company won't possess them after the sale. Nor can the assets be operated to produce value. So it seems as though the plan to produce adjusted FCF for the year would not inherently have led to a state of ongoing cash generation even if it had worked as intended. Its operating losses were more than $82 million, which means it's nowhere close to reaching consistent cash generation. And to reiterate, management didn't try to reassure investors by claiming that better times were ahead. The takeaway here is not bullish, to say the least. Wait for the dust to settle Given the above, there is not any pressing reason to buy shares of Tilray today. It does not appear as though the road to consistently reporting positive cash flow is free of obstacles. Nor should investors take heart in increased sales figures, at least for now. Though the bit about recovering market share relative to past years is indeed a good sign, at the moment every additional bite of market share simply leads to this business burning money faster. Reaching operational profitability has been a long-standing bugbear, and by the looks of it, it will remain one for even longer than leadership was originally anticipating. While it's still possible that it'll make good on its strategic ambitions to have the world's largest cannabis footprint, and it could still potentially find a way to salvage its plans to enter the U.S. cannabis market in the event of marijuana legalization, investors now need more than just an occasional hint of green shoots and promises from management before committing their capital. Its plan to launch an at-the-market (ATM) stock offering program for up to $250 million in aggregate will provide some of the liquidity it needs to make the U.S. market entry a bit smoother, but it'll dilute shareholders too. Likewise, while the company's E.U. operations could make it a leader there if the regulations become more permissive, for now there is not enough evidence that the prospective upside is actually within reach. Check back in a couple of quarters to see if Tilray's operational picture has improved. Remember, if it can't generate enough cash, it's shareholders who will pick up the tab via new share issuance and returns-eroding debt financing. Until then, don't buy it unless you have a very high tolerance for risk and you are not afraid of losing your money. Should you invest $1,000 in Tilray Brands right now? Before you buy stock in Tilray Brands, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Tilray Brands wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $652,342!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of May 13, 2024 Alex Carchidi has no position in any of the stocks mentioned. The Motley Fool recommends Tilray Brands. The Motley Fool has a disclosure policy. Tilray Brands Slashed Its Guidance. Is the Stock a Buy? was originally published by The Motley Fool
REITs Got Clobbered Last Week: 3 With Attractive New Yields 2024-05-27 02:01:00+00:00 - REITs Got Clobbered Last Week: 3 With Attractive New Yields Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Last week, the release of the April 30-May 1 Federal Reserve (FED) minutes showed that FED officials were concerned that the economy isn't closer to the FED's 2% inflation target goal due to its lack of progress in recent months. Some officials expressed reluctance to reduce rates soon, with a few considering another rate increase. Bad news on inflation tends to hit interest rate-sensitive stocks such as real estate investment trusts (REITs) hard and this week was no exception. Over the past five trading days, over 80% of all REITs have lost ground, with many down 5% or more. However, REIT investors are often willing to withstand the volatility of stock prices in exchange for the ability to buy these income producers when dividend yields rise. Here are three REITs that have sold off this week and now have dividend yields, especially compared with their 5-year averages: Realty Income Realty Income Corp (NYSE:O) is a San Diego-based, triple-net lease REIT with over 15,450 properties across 89 industries and over 1500 tenants worldwide. The "Monthly Dividend Company," as it calls itself, is a member of the S&P 500 and an S&P 500 Dividend Aristocrat, meaning it has paid and raised its dividends consistently for at least 25 years. Realty Income has increased its dividend for 107 consecutive months and 125 times since its IPO in 1994. Recent positive events include: On May 6, Realty Income reported its first-quarter 2024 operating results. FFO of $1.05 beat the consensus estimate of $1.04 per share. Revenue of $1.26 billion topped the consensus estimate of $1.10 billion. But more notably, Q1 2024 revenue was 33.4% above $865.71 million in the first quarter of 2023. Realty Income also reaffirmed its full-year 2024 adjusted funds from operations (AFFO) guidance of $4.13-$4.21. On May 17, Realty Income raised its monthly dividend by 2.1% from $0.2570 to $0.2625 per share, increasing the annual dividend from $3.084 to $3.150 per share. This was the 647th consecutive monthly dividend paid by Realty Income, a record unmatched by any other REIT. The dividend is payable to shareholders on June 14 as of June 3. On May 20, BMO Capital analyst Eric Borden raised the price target on Realty Income from $57 to $58. Two weeks earlier, Borden maintained a Hold rating on the stock. Despite these positives, Realty Income has lost 5.22% over the last five trading days. The dividend yield is 6.02%, well above its five-year average of 4.55%. Realty Income is down 8.93% year-to-date, which might be a good time for investors to add to preexisting positions. Story continues Highwoods Properties Highwoods Properties Inc. (NYSE:HIW) is a Raleigh, NC-based office REIT that owns, develops, acquires, leases and manages properties in the Southern cities of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Tampa and Richmond. It was founded in 1978 and had its IPO in 1994. Highwoods owns 27.6 million square feet of office space, with an occupancy rate of 88.5% as of March 31. Its tenant base is well-diversified by industry, with its top 10 tenants including Bank of America, the Federal Government, Met Life, Bridgestone Americas, and PPG Industries. The company also owns approximately 120 acres of land parcels. On April 23, Highwoods Properties reported its first-quarter 2024 operating results. Funds from operations (FFO) of $0.89 per share were in line with analysts' estimates but below its FFO of $0.98 per share in Q1 2023. Revenue of $211.275 million topped the street estimate of $206.784 million but slightly decreased from $212.752 million in Q4 2022. On May 6, Deutsche Bank analyst Omotayo Okusanya maintained a Buy rating on Highwoods Properties and raised the price target from $28 to $31. Office REITs have been hit hard whenever the FED hints at or raises interest rates. Highwoods has lost 5.63% this week. The dividend yield is now 7.90%, well above its five-year average of 5.91%. Year-to-date, Highwoods has a total return of 12.91%. NewLake Capital Partners NewLake Capital Partners (OTC:NLCP) is an internally managed specialized industrial REIT in New Canaan, Conn., with 31 properties totaling 1.6 million square feet across 12 states. Newlake Capital Partners specializes in triple-net leasing to cannabis companies and provides capital when necessary. Newlake was founded in 2019 and had its IPO in August 2021. Its tenants include some of the largest companies in the cannabis industry, such as Curaleaf, Cresco Labs and Truelieve. As of March 2024, it had a 100% occupancy rate, with an average of 14.3 years remaining on its lease terms and 2.6% annual rent escalations on 15 to 20-year lease terms. On March 11, NewLake announced its Q4 operating results. Funds from operations (FFO) of $0.51 beat the estimates of $0.45 and exceeded its FFO of $0.48 in Q4 2022. Revenue of $13.02 million beat the projection of $11.41 million and topped Q4 2022 revenue of $12.18 million. Additionally, on March 11, Newlake Capital Partners raised its quarterly dividend from $0.40 per share to $0.41 per share. On April 2, the Florida Supreme Court approved an initiative to legalize recreational marijuana in Florida through a referendum on the November ballot. Newlake has one property leased to Curaleaf Holdings in Florida and will benefit from it if the referendum is passed. Several other Newlake tenants f also have a presence in Florida. More good news for cannabis companies came on May 1 when the U.S. Drug Enforcement Administration (DEA) was said to be moving toward reclassifying marijuana from the Schedule I group to the less regulated Schedule III group. The White House Office of Management and Budget still needs to review the proposal, followed by another review by an administrative judge. Over the past five trading days, NewLake has lost 2.64%. Its current annual dividend yield is 8.18%. NewLake has only paid dividends since September 2021, with its yearly trailing dividend yield of 5.89%. NewLake Capital Partners has a total year-to-date return of 26.48%. Check Out These 3 High-Yield Alternative Real Estate Plays The current high interest rate environment has been hard on publicly traded REITs, but it also presents a unique opportunity to capture extraordinary yields from private market investments. Check out these three high-yield offerings with yields between 7% – 12%. The Arrived Private Credit Fund simplifies investing in short-term financing for real estate projects, providing attractive yields secured by quality residential real estate. With target annualized dividends of 7-9%, quarterly liquidity and a diversified pool of real estate-backed loans, this fund is an excellent complement to equity investing. The fund has a low minimum investment of $100 and is available to all investors. Click here to learn more about the Arrived Private Credit Fund. The Ascent Income Fund targets stable income from senior commercial real estate debt positions, offering a compelling yield backed by real assets. With a historical distribution yield of 12.1%, payment priority and flexible liquidity options, the Ascent Income Fund is a cornerstone investment vehicle for income-focused investors. For a limited time, first-time investors with EquityMultiple can invest in the Ascent Income Fund with a reduced minimum of just $5,000. This offering is available to accredited investors only. Click here to learn more about the Ascent Income Fund. Basecamp Alpine Notes from EquityMultiple offer another powerful short-term cash management tool, with a target APY of 9% over a 3-month term and a minimum investment of only $1,000. These notes provide high liquidity and compelling rates with compounding interest, making them an ideal choice for investors looking to build their income-generating portfolio. As a special offer, Basecamp Alpine Notes are exclusive to first-time investors on the EquityMultiple platform, giving new investors a unique opportunity to take advantage of these favorable terms. Alpine Notes are available to accredited investors only. Click here for more details about Basecamp Alpine Notes. This article REITs Got Clobbered Last Week: 3 With Attractive New Yields originally appeared on Benzinga.com
Trump Vs. Biden: Young Voters Are Leaning Toward One Candidate More Than Other, Citing Concerns Over Israel-Hamas War And More 2024-05-26 21:07:00+00:00 - Loading... Loading... Young voters are increasingly moving away from President Joe Biden and favoring former President Donald Trump due to economic issues and concerns over Israel. What Happened: A recent New York Times-Sienna survey highlighted that 46% of voters aged 18-29 prefer Trump, while 43% support Biden. This shift is attributed to inflation, a weak job market and Biden's stance on Israel. A recent CNN poll showed Biden trailing Trump by 11 points among voters aged 18-34. This is a significant change from 2020 when Biden won young voters by 24 points. Business development analyst Annie Rogers, who voted for Biden in 2020, for instance, now supports Trump due to job market challenges. "For young people, it’s really the job market. For most graduates coming out of school this year, it’s impossible to find jobs,” Rogers told the New York Post. Also Read: Donald Trump Attempts To Block Release Of Biopic That Includes Controversial Rape Scene Involving Ex-Wife Ivana "The first job I was supposed to have out of college was rescinded because the economy and market in the U.S. has been very difficult on a lot of industries," Rogers added. During Biden's presidency, inflation reached nearly 10% monthly. Although it has decreased, high prices for essentials like gas and food persist. Treasury Secretary Janet Yellen warned in February that high prices could continue. Biden's stance on Israel's conflict with Hamas has also alienated young voters. In Michigan, over 100,000 voters, many from the University of Michigan, declared themselves "uncommitted" instead of voting for Biden. Cameron Kasky, a Parkland High School shooting survivor, told the outlet, "He is losing young voters because of Palestine 100%." Despite his reluctance, Kasky plans to vote for Biden in 2024. Why It Matters: The shift in young voter support from Biden to Trump is significant given the tight race between the two candidates. Loading... Loading... A recent poll shows both candidates in a dead heat, with Trump leading on economic issues. However, another poll indicated a narrow lead for Trump. Now Read: Here's What To Expect If Donald Trump Is Convicted As Jury Deliberations Begin Next Week This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Photo: Shutterstock
Democrats will be defending a slim Senate majority in 2024. Here's a look at the states where both parties are fighting for control of the chamber. 2024-05-26 21:01:50+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview In the 2022 midterm elections, Democrats defied political expectations by holding on to their Senate majority, with every incumbent securing reelection and then-Pennsylvania Lt. Gov. John Fetterman flipping the open seat being vacated by retiring Republican Sen. Pat Toomey. The upper chamber in January 2023 then shifted from its previous 50-50 split — with Senate control in 2021 and 2022 resting on Vice President Kamala Harris' tiebreaking abilities — to a 51-49 majority led by Majority Leader Chuck Schumer of New York. And despite Arizona Sen. Kyrsten Sinema switching from the Democratic Party to register as an Independent late in 2022, she continues to retain her committee assignments through her former party. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. However, the class of senators who were elected and reelected in 2018 — a Democratic wave year that saw several vulnerable red-state members of the party win and lose — will face a challenging map in 2024. Much of the party's performance will likely be tied to President Joe Biden, who is seeking reelection to a second term. Advertisement Former President Donald Trump, who will once again be the Republican presidential nominee this year, remains unpopular among moderates and suburban voters who often decide close Senate elections. A major development that boosts the GOP: Sen. Joe Manchin of West Virginia in November 2023 announced that he wouldn't seek reelection in 2024, a major blow to Democrats as he was not only the lone statewide officeholder from the party but the only Democrat who could conceivably have run a competitive race given its conservative lean. The GOP is now in the driver's seat in the Mountain State, which backed Trump over Biden by 39 points in 2020. In 2024, 34 seats will be up for grabs, including 20 currently held by Democrats, 11 held by Republicans, and three currently held by Independents. Here are the key states that both parties are set to target: Advertisement Rep. Ruben Gallego, a Phoenix-area lawmaker, is seeking the Democratic Senate nomination in Arizona. REBECCA NOBLE/AFP via Getty Images Arizona Sinema's decision to become an Independent gave Democrats jitters while they were still rejoicing Georgia Sen. Raphael Warnock's runoff victory in December 2022, but since then, her decision hasn't impaired the party's ability to move legislation and approve judicial nominations. However, after more than a year of speculation, Sinema announced in March 2024 that she wouldn't seek reelection to a second term, ending fears from some Democrats that her candidacy might aid the GOP in a potential three-way race. Rep. Ruben Gallego launched his campaign for the Democratic Senate nomination in January 2023 and remains the frontrunner to win the party's primary in July. Democrats have made major inroads in Arizona in recent years, and the party is aiming to bolster their political ascent in the state by electing Gallego. Advertisement On the Republican side, former television journalist Kari Lake and Pinal County Sheriff Mark Lamb are the leading candidates. Lake, the 2022 gubernatorial nominee who lost to now-Gov. Katie Hobbs, jumped into the Senate race in October 2023 with the endorsement of Trump. While Lake ran a hard-charging conservative campaign two years ago, she has recalibrated her strategy and has sought to expand the GOP tent this year in anticipation of a competitive general election race in the purple state. Meanwhile, Lamb, a conservative who has pushed for stronger security measures at the US-Mexico border, was the first major Republican to enter the race. Blake Masters, the 2022 Republican Senate nominee who lost to Democratic Sen. Mark Kelly, is running for the House seat being vacated by GOP Rep. Debbie Lesko after the 2024 elections. Advertisement Abe Hamadeh, who was narrowly defeated in the 2022 race for state attorney general, had been mentioned as a potential contender but in October 2023 threw his support behind Lake. He is also running to succeed Lesko in the House. Maryland Former Republican Gov. Larry Hogan will face off against Prince George's County Executive Angela Alsobrooks for the seat being vacated by veteran Democratic Sen. Ben Cardin. Maryland is one of the most Democratic states in the country. The party has hefty majorities in the state legislature and dominates the state's congressional delegation. In the 2020 election, Biden won the state by 33 points. And Gov. Wes Moore easily won the state's open gubernatorial race in 2022. Hogan's candidacy presents a unique challenge for Democrats. The former two-term governor, one of the most prominent Republican critics of Trump, left office with high marks from Maryland voters. During his two gubernatorial runs, he won over many moderate Democrats and Independents en route to his victories in a state where Republicans are vastly outnumbered. Advertisement And Republicans have the financial means to compete in Maryland as they seek to replicate the coalition that gave Hogan eight years in Annapolis. But Alsobrooks, a former prosecutor, gained substantial name recognition as she campaigned across the state and won a tough Democratic primary against Rep. David Trone, who spent over $60 million of his own money in his unsuccessful bid to secure the party's nomination. Alsobrooks also benefits from representing the state's second-most populous county and in the primary she performed strongly in Trone's suburban Washington backyard and in the Baltimore area. If elected, Alsobrooks would be Maryland's first Black US senator. Advertisement Rep. Elissa Slotkin is running for the Democratic Senate nomination in Michigan. Nathan Howard/Getty Images Michigan Democratic Sen. Debbie Stabenow, a popular lawmaker now in her fourth term, announced in January 2023 that she would not run for reelection in 2024. Stabenow, the chair of the Senate Agriculture Committee, was most recently reelected in 2018 by 6.5% against now-GOP Rep. John James. (James, the Republican Senate nominee in both 2018 and 2020, is running for reelection to his House seat anchored in suburban Detroit this fall.) Republicans would very much like to flip this seat, but Michigan Democrats had a banner year in November 2022 — sweeping the top statewide offices and retaking control of the full legislature. Biden is set to compete hard in the state this year, but he continues to face significant intraparty pushback over the conflict in Gaza, an issue that will play heavily in the presidential race and the Senate contest given the state's sizable Arab-American population. Rep. Elissa Slotkin, a moderate Democrat who represents a Lansing-area swing district that stretches to rural and suburban areas northwest of Detroit, announced in February 2023 that she would enter the Senate race. Advertisement Slotkin, a former CIA analyst and the acting assistant defense secretary for international security affairs in the administration of President Barack Obama, is the most prominent elected official to seek the Democratic nomination. The congresswoman, who was first elected in 2018, said in her announcement video that she would focus on bolstering the middle class "in the state that invented the middle class" if voters send her to the Senate. Gov. Gretchen Whitmer, Lt. Gov. Garlin Gilchrist II, Michigan Attorney General Dana Nessel, Michigan Secretary of State Jocelyn Benson, Reps. Debbie Dingell and Haley Stevens, and state Sen. Mallory McMorrow all ruled out Senate campaigns. The actor Hill Harper, best known for his roles on "CSI: NY" and "The Good Doctor," jumped into the Democratic primary in July 2023. Advertisement Businessman Nasser Beydoun is also seeking the Democratic nomination. Related stories A number of Republicans are currently in the race, including former Rep. Mike Rogers, Sandy Pensler, a businessman, and Sherry O'Donnell, a physician and former congressional candidate. Former Rep. Justin Amash, who voted to impeach Trump in 2019, is also running for the GOP nomination. Rogers, a former chairman of the House Intelligence Committee who served in Congress for 14 years, offers Michigan Republicans their most formidable candidate to date. But his appeal in a Trump-dominated GOP is untested on a statewide level. Advertisement Former Rep. Peter Meijer, one of 10 House Republicans who voted to impeach Trump for his role on January 6, 2021, entered the race in November 2023 but withdrew in April 2024. Meijer served for one term in Congress and was ousted in a 2022 GOP primary by Trump-backed challenger John Gibbs. Gibbs eventually lost the general election race to now-Democratic Rep. Hillary Scholten. Sen. Joe Manchin of West Virginia, who will not seek reelection in 2024, with Tester. Douglas Graham/CQ Roll Call Montana Democratic Sen. Jon Tester is a political survivor, having first won in conservative-leaning Montana in 2006 before winning tough reelection contests in 2012 and 2018. And Tester hopes to keep the streak going, announcing in February 2023 that he'd seek a fourth Senate term in 2024. Advertisement Despite the GOP lean of Montana, Tester has built a solid political brand over the years and has been able to appeal to many of the state's Independents and Republicans in past elections. GOP leaders have long coveted this seat, though. Former Navy SEAL Tim Sheehy, a favorite of Republican leaders in Washington, jumped into the GOP primary in June 2023 and has earned the endorsement of Trump. Former Montana Secretary of State Brad Johnson is also a candidate in the GOP primary. Rep. Matt Rosendale, a staunch conservative who lost to Tester in 2018, announced in February 2024 that he'd also run for the seat. The decision was poised to set up a competitive — and potentially bruising — primary with Sheehy. But less than a week after entering the race, Rosendale dropped his bid, citing the headwinds he'd likely face after Trump backed Sheehy. Advertisement After Rosendale pivoted to running for reelection to the House, he subsequently withdrew from that race as well. Nevada Democratic Sen. Jacky Rosen is running for a second term in office in one of the most competitive battleground states in the country. In 2018, Rosen, then a first-term congresswoman, ousted then-GOP Sen. Dean Heller by 5 points. In 2024, Rosen will be running for reelection when Nevada, a perennial swing state, will be a top target for both Biden and Trump. Senate candidates on the Republican side include former US ambassador to Iceland Jeffrey Gunter; Army veteran and businessman Sam Brown; former state lawmaker Jim Marchant; attorney Ronda Kennedy; retired Army Lt. Col. Bill Conrad; retired Air Force Lt. Col. Tony Grady; and real estate broker Stephanie Phillips. Advertisement Democratic Sen. Sherrod Brown has cultivated a populist political brand in Republican-leaning Ohio, which has helped him stay in office for three terms. AP Photo/Mariam Zuhaib Ohio Sherrod Brown, who was also elected to the Senate in 2006, is running for a fourth term. He has maintained a strong populist connection with his constituents despite the continued reddening of Ohio, which only 20 years ago was widely seen as the nation's premier swing state. Republicans view the Ohio seat as one of their biggest targets, but Brown has proven to be an effective candidate adept at winning over Independents and even a slice of conservative-leaning voters. In March 2024, businessman Bernie Moreno defeated state Sen. Matt Dolan and Ohio Secretary of State Frank LaRose in a hotly-contested GOP primary. Moreno and Dolan previously ran for Senate in 2022 but fell short in that year's Republican primary to now-Sen. JD Vance. Advertisement The general election matchup between Brown and Moreno, which could very well determine the Senate majority, is now set to be one of the most expensive races in the country. Pennsylvania Democratic Sen. Bob Casey Jr., who was first elected to the upper chamber in 2006, is seeking a fourth term in 2024. Casey — a former Pennsylvania auditor general and ex-state treasurer who has won all three of his prior Senate races with relative ease — will likely benefit from running in a presidential year when turnout in the Democratic strongholds of Philadelphia and Pittsburgh is poised to be very high. However, Casey has also generally done well in many of the state's working-class towns and cities, and he could post an electoral performance similar to Fetterman, who dominated in the vote-rich Philadelphia suburbs in 2022. Advertisement David McCormick, a businessman who narrowly lost the 2022 Republican Senate primary to Dr. Mehmet Oz, will be the party's Senate nominee in the fall. McCormick, who grew up in the Pittsburgh area, is viewed as a candidate who can potentially bolster the GOP among Independents and suburban voters. Sen. Ted Cruz of Texas is running for a third term in 2024. AP Photo/J. Scott Applewhite Texas The Lone Star State has been firmly in the Republican column since the 1990s. Democrats have sought to run more competitive Senate and gubernatorial races in recent years but have largely fallen short by sizable margins, with the notable exception being the close 2018 senatorial contest between then-Democratic Rep. Beto O'Rourke and Republican Sen. Ted Cruz. That year, O'Rourke lost to Cruz by 2.6 points, a result that gave Democrats hope that they could once again win the state in the near future. Cruz has long been a major foil for Democrats; the conservative lawmaker also ran for president in 2016 before his defeat in the GOP primary to Trump. Advertisement In March 2024, Rep. Colin Allred, a former NFL player and civil rights attorney, easily won the Democratic primary over candidates that included state Sen. Roland Gutierrez, state Rep. Carl Sherman, and former Nueces County district attorney Mark Gonzalez. Republicans point to the conservative tilt of the state in projecting confidence in the race, but they are also cognizant of Cruz's narrow 2018 victory. Trump is favored to carry Texas in 2024, which would likely boost Cruz, but Allred was first elected to office by appealing to moderates and flipping a GOP-held district in the Dallas area. The congressman could potentially build on O'Rourke's success by making further inroads in suburbs across the state, especially if abortion remains as potent an issue in 2024 as it was in the 2022 and 2023 elections. Sen. Tammy Baldwin is running for reelection in Wisconsin, a perennial swing state. AP Photo/Jacquelyn Martin Wisconsin Sen. Tammy Baldwin announced in April 2023 that she'd seek a third term in the upper chamber. Advertisement While Wisconsin in recent years has been one of the most politically polarized states in the country, Baldwin was able to win over many rural and exurban voters during her 2012 and 2018 campaigns — while also racking up large margins in the Democratic-heavy population centers of Milwaukee and Madison. Several of the most prominent Republicans who were thought of as potential candidates — including former Gov. Scott Walker, Reps. Bryan Steil and Tom Tiffany, and former Rep. Mike Gallagher — declined to enter the race. The GOP candidates currently in the race include Eric Hovde, a businessman, and Rejani Raveendran, the chair of the University of Wisconsin-Stevens Point College Republicans.