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Zimbabwe authorities mix charm with force in an attempt to shore up the world’s newest currency 2024-05-26 05:25:49+00:00 - HARARE, Zimbabwe (AP) — The introduction of the world’s newest currency in April inspired a reggae artist to record a song praising the ZiG, or Zimbabwe Gold. The catchy tune, titled “Zig Mari,” received generous play on state television and radio. The musician, Ras Caleb, received a car and $2,000 — ironically paid in greenbacks, not the new ZiGs — from a businessman with close ties to Zimbabwe’s ruling party and President Emmerson Mnangagwa; he said he wanted to reward an act he considered “patriotic.” Although money typically doesn’t require publicity, Zimbabwe’s sixth national currency in 15 years needs all the help it can get. Desperate to halt a money crisis underlining the country’s economic troubles, the government launched the gold-backed ZiG, the latest attempt to replace the Zimbabwe dollar, which had been battered by depreciation and often outright rejection by people unwilling to put their faith in it. Senior officials from the Reserve Bank of Zimbabwe and the ruling ZANU-PF party embarked on a flurry of public rallies and meetings to encourage the skeptical population to now embrace the ZiG ahead of the U.S. dollar — also legal tender in the southern African nation. Commercial jingles heralding the currency flooded the airwaves along with Caleb’s single. Yet despite the charm offensive, the ZiG is facing a familiar problem: public mistrust and structural barriers that have people still clamoring for U.S. dollars. Although the ZiG has largely held its value on the official market, it has tumbled on the black market, where $1 can be exchanged for up to 17 ZiGs. Authorities are also using force to prop up the new banknotes. They have packed jail cells with dozens of street currency dealers, and frozen the accounts of businesses accused of undermining the ZiG. Law enforcement agents have arrested more than 200 street currency dealers on allegations of flouting foreign currency exchange regulations, national police spokesman Paul Nyathi said. The government accuses them of undermining and devaluing the new currency by using exchange rates higher than the official one. Twin brothers Tapiwa and Justice Nyamadzawo, 24, were arrested two weeks after the launch of the new currency after allegedly selling undercover detectives cellphone airtime worth $10 at a rate of 15 ZiGs per dollar, according to court papers. The official exchange rate was just over 13 ZiGs per dollar. Like other currency traders, the twins were denied bail and remain in pretrial detention on charges that carry a maximum prison term of 10 years. The crackdown is incongruous, because Zimbabwe has a long history of street currency dealers whose unofficial rates often carry the day. Many shops and merchants also ignore the official rate and only accept the local currency at their own rates. And many vendors, particularly in the unlicensed sector that employs more than 80% of adult Zimbabweans, still only accept the dollar. What’s more, the government has allowed some businesses, such as gas stations, to refuse to accept the ZiG in favor of U.S. dollars. Some departments, like the office that issues and renews passports, also accept only greenbacks. Many others still list their fees in U.S. dollars, although they accept the equivalent in local currency. The government has announced fines up to 200,000 ZiG or about $15,000, for businesses that fail to stick to the official exchange rate. Authorities have also frozen bank accounts of some businesses on accusations of rejecting the new currency or trading using exchange rates higher than the official rate. The Reserve Bank didn’t name the affected businesses. Zimbabwe has a long and tumultuous history of monetary instability. The ZiG is the sixth currency used following the spectacular 2009 collapse of the Zimbabwe dollar amid hyperinflation of 5 billion percent, one of the world’s worst currency crashes. The government printed a 100-trillion Zimbabwe dollar banknote to keep up with spiraling prices that saw a loaf of bread going for more than 500 million Zimbabwe dollars. John Mushayavanhu, the governor of Zimbabwe’s central bank, has hyped the ZiG as a first step toward eventual de-dollarization. The U.S dollar accounts for more than 80% of transactions in the country, according to Mushayavanhu, who wants the ratio to be 50% by 2026. But for now, the allure of the almighty dollar remains. Across Zimbabwe, it is widely used for paying rent, school fees and to buy groceries. Many citizens, including government workers, take their local currency earnings to the black market to trade for dollars. The government has said it is working on mechanisms that include opening bureau de changes for individuals to access dollars “for small transactions.” Economists and business groups have warned, meanwhile, that the use of force is unlikely to lead to more confidence in the ZiG or halt the black market traders. “They will work to ensure that the police do not catch them,” Sekai Kuvarika, the chief executive of the Zimbabwe National Chamber of Commerce, told a hearing of parliament’s finance and industry committees. Street currency dealers holding wads of money and openly soliciting for clients were a feature of Zimbabwe’s urban architecture for years. They have deserted their familiar spots since the crackdown began in April and appear to have taken their business underground. Many now use social media and instant messaging platforms such as WhatsApp and Facebook to connect with customers. Maxwell Chisanga, 28, a resident of the capital, Harare, said a shop where he works pays him in ZiGs, but he needs U.S. dollars for everyday transactions. “My landlord needs her rent in dollars so I have no choice but to look for it on the black market,” Chisanga said. Economist Prosper Chitambara said lack of faith in the local currency and demand for U.S. dollars will continue driving the black market despite the crackdown. “The solution is to build public confidence in the local currency. Otherwise, arrests will not work as long as people are hungry for U.S. dollars, which they cannot get from official channels,” Chitambara said. ___ AP Africa news: https://apnews.com/hub/africa
Over 670 people died in a massive Papua New Guinea landslide, UN estimates, as survivors seek safety 2024-05-26 04:52:25+00:00 - MELBOURNE, Australia (AP) — The International Organization for Migration on Sunday increased its estimate of the death toll from a massive landslide in Papua New Guinea to more than 670 as emergency responders and traumatized relatives gave up hope that any survivors will now be found. Serhan Aktoprak, the chief of the U.N. migration agency’s mission in the South Pacific island nation, said the revised death toll was based on calculations by Yambali village and Enga provincial officials that more than 150 homes had been buried by Friday’s landslide. The previous estimate had been 60 homes. “They are estimating that more than 670 people (are) under the soil at the moment,” Aktoprak told The Associated Press. Local officials had initially put the death toll on Friday at 100 or more. Only five bodies and a leg of a sixth victim had been recovered by Sunday, when an excavator donated by a local builder became the first piece of mechanical earth-moving equipment to join the recovery effort. Relief crews were moving survivors to safer ground on Sunday as tons of unstable earth and tribal warfare, which is rife in the Papua New Guinea Highlands, threatened the rescue effort. Around 250 additional houses have been condemned since the landslide because of still-shifting ground, leaving an estimated 1,250 people homeless, officials said. The national government meanwhile is considering whether it needs to officially request more international support. Crews have given up hope of finding survivors under earth and rubble 6 to 8 meters (20 to 26 feet) deep. “People are coming to terms with this so there is a serious level of grieving and mourning,” Aktoprak said. He said the new estimated death toll was “not solid” because it was based on the average size of the region’s families per household. He would not speculate on the possibility that the actual toll could be higher. “It is difficult to say. We want to be quite realistic,” Aktoprak said. “We do not want to come up with any figures that would inflate the reality.” Government authorities were establishing evacuation centers on safer ground on either side of the massive swath of debris that covers an area the size of three to four football fields and has cut the main highway through the province. Beside the blocked highway, convoys that have transported food, water and other essential supplies since Saturday to the devastated village 60 kilometers (35 miles) from the provincial capital, Wabag, have faced risks related to tribal fighting in Tambitanis village, about halfway along the route. Papua New Guinea soldiers were providing security for the convoys. Eight locals were killed in a clash between two rival clans on Saturday in a longstanding dispute unrelated to the landslide. Around 30 homes and five retail businesses were burned down in the fighting, local officials said. Aktoprak said he did not expect tribal combatants would target the convoys but noted that opportunistic criminals might take advantage of the mayhem to do so. “This could basically end up in carjacking or robbery,” Aktoprak said. “There is not only concern for the safety and security of the personnel, but also the goods because they may use this chaos as a means to steal.” Longtime tribal warfare has cast doubt on the official estimate that almost 4,000 people were living in the village when a side of Mount Mungalo fell away. The count was years old and did not take into account people who had relocated to the village more recently to flee clan violence that authorities are unable to contain. Local authorities on Sunday accepted the village population had been substantially more than 4,000 people when the limestone mountainside sheared away, but a revised estimate was not yet available. Justine McMahon, country director of the humanitarian agency CARE International, said moving survivors to “more stable ground” was an immediate priority along with providing them with food, water and shelter. The military was leading those efforts. The numbers of injured and missing were still being assessed on Sunday. Seven people including a child had received medical treatment by Saturday, but officials had no details on their conditions. Papua New Guinea Defense Minister Billy Joseph and the government’s National Disaster Center director Laso Mana were flying from Port Moresby by helicopter to Wabag on Sunday to gain a firsthand perspective of what is needed. Aktoprak expected the government would decide by Tuesday whether it would officially request more international help. The United States and Australia, a near neighbor and Papua New Guinea’s most generous provider of foreign aid, are among governments that have publicly stated their readiness to do more to help responders. Papua New Guinea is a diverse, developing nation with 800 languages and 10 million people who are mostly subsistence farmers.
TSA sets new record for number of travelers screened in a single day 2024-05-26 01:06:00+00:00 - The Transportation Security Administration announced it screened more than 2.95 million airline passengers on Friday, setting a new record for a single day. In a post on X, formerly known as Twitter, the agency said Saturday that it screened 2,951,163 individuals at airport checkpoints nationwide on Friday, surpassing the previous record of 2,907,378 set on the Sunday after Thanksgiving last year. "If you flew yesterday, congratulations, you were part of a record-setting day!" said Lisa Farbstein, a spokesperson for the TSA, in a separate post. Travelers move through Hartsfield-Jackson Atlanta International Airport ahead of Memorial Day, Friday, May 24, 2024, in Atlanta. Mike Stewart / AP Ahead of the start of Memorial Day weekend, the TSA predicted that Friday would be the busiest day for air travel, with nearly 3 million people expected to pass through airport checkpoints. TSA screened just under 2.9 million people Thursday, coming within about 11,000 from the previous record. Five of the 10 busiest-ever travel days have been since May 16, the agency said. Memorial Day weekend travel is also expected to break records on the roads. The American Automobile Association, or AAA, warned of potentially unprecedented congestion on roads this weekend, along with airports that could be even more crowded than in years past. The organization, which looks at various economic factors and partners with other groups to project travel conditions, announced earlier this month that an estimated 43.8 million people across the United States would likely travel at least 50 miles from Thursday to Monday. That would mark a 4% increase in overall travel compared with 2023, according to AAA. "We haven't seen Memorial Day weekend travel numbers like these in almost 20 years," said Paula Twidale, the senior vice president of the travel division at AAA, in a statement. "We're projecting an additional one million travelers this holiday weekend compared to 2019, which not only means we're exceeding pre-pandemic levels but also signals a very busy summer travel season ahead." Emily Mae Czachor also contributed to this report.
CD rates today, May 26, 2024 (up to 5.15% APY) 2024-05-26 00:00:00+00:00 - Today’s certificate of deposit (CD) interest rates are some of the highest we’ve seen in more than a decade thanks to several rate hikes by the Federal Reserve. Still, CD rates vary widely across financial institutions, so it’s important to ensure you’re getting the best rate possible when shopping around for a CD. The following is a breakdown of CD rates today and where to find the best offers. Overview of CD rates today Historically, longer-term CDs offered higher interest rates than shorter-term CDs. Generally, this is because banks would pay better rates to encourage savers to keep their money on deposit longer. However, in today’s economic climate, the opposite is true. As of May 26, 2024, CD rates remain competitive across the board. However, the highest CD rates can be found for shorter terms of around one year or less; the best rates stand at about 5.00% APY and slightly higher. It’s possible to find CDs with longer terms of two years or more that offer competitive rates, though they are closer to about 4% to 4.5% APY. Here is a look at some of the best CD rates available today from our verified partners: How much interest can I earn with a CD? The amount of interest you can earn from a CD depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (CD interest typically compounds daily or monthly). Say you invest $1,000 in a one-year CD with 1.81% APY, and interest compounds monthly. At the end of that year, your balance would grow to $1,018.25 – your initial $1,000 deposit, plus $18.25 in interest. Now let’s say you choose a one-year CD that offers 5% APY instead. In this case, your balance would grow to $1,051.16 over the same period, which includes $51.16 in interest. The more you deposit in a CD, the more you stand to earn. If we took our same example of a one-year CD at 5% APY, but deposit $10,000, your total balance when the CD matures would be $10,511.62, meaning you’d earn $511.62 in interest. Read more: What is a good CD rate? Types of CDs When choosing a CD, the interest rate is usually top of mind. However, the rate isn’t the only factor you should consider. There are several types of CDs that offer different benefits, though you may need to accept a slightly lower interest rate in exchange for more flexibility. Here’s a look at some of the common types of CDs you can consider beyond traditional CDs:
Walmart ends credit card partnership with Capital One: What to know 2024-05-25 18:12:00+00:00 - Walmart has ended a partnership with Capital One that made the banking company the exclusive issuer of Walmart's consumer credit cards. The companies announced the change in a joint statement Friday. The companies said card-holders can still use their Capital One Walmart Rewards cards, which will continue to accrue rewards unless customers are notified of a change. Capital One will retain ownership and servicing of the credit card accounts. Bentonville, Arkansas-based Walmart partnered with Capital One in 2019 after ending its previous credit card deal with Synchrony Financial. The rewards card was co-branded and offered rewards like cash back on in-store purchases and online orders set for pickup or delivery, according to a website for the program. The deal was set to run through 2026. But Walmart eventually soured on Capital One. In 2023, Walmart sued the McLean, Virginia-based company, saying it wanted to terminate the agreement because Capital One was taking too long to process payments and mail replacement cards. The lawsuit also said Capital One "admitted" it had failed to meet some of Walmart's service standards. Capital One said the service issues did not constitute grounds for the partnership to end, and said Walmart was attempting to "end the deal early." A federal judge ruled in Walmart's favor in March. In a government filing Friday, Capital One said there are approximately $8.5 billion in loans in the existing Walmart credit card portfolio. It's not yet clear when Walmart might name a new banking partner. The Associated Press sent an email message seeking comment to Walmart on Saturday.
Walmart has ended its partnership with Capital One. Here’s what it means for cardholders 2024-05-25 16:24:02+00:00 - Walmart has ended a partnership with Capital One that made the banking company the exclusive issuer of Walmart’s consumer credit cards. The companies announced the change in a joint statement Friday. The companies said card-holders can still use their Capital One Walmart Rewards cards, which will continue to accrue rewards unless customers are notified of a change. Capital One will retain ownership and servicing of the credit card accounts. Bentonville, Arkansas-based Walmart partnered with Capital One in 2019 after ending its previous credit card deal with Synchrony Financial. But Walmart eventually soured on Capital One. In 2023, Walmart sued the McLean, Virginia-based company, saying it wanted to terminate the agreement because Capital One was taking too long to process payments and mail replacement cards. A federal judge ruled in Walmart’s favor in March. In a government filing Friday, Capital One said there are approximately $8.5 billion in loans in the existing Walmart credit card portfolio. It’s not yet clear when Walmart might name a new banking partner. The Associated Press sent an email message seeking comment to Walmart on Saturday.
Luciano Benetton says he’s stepping down as chairman of family-run brand as losses top $100 million 2024-05-25 16:16:15+00:00 - MILAN (AP) — Luciano Benetton, a co-founder of the apparel brand, announced he was stepping down as chairman in an interview published on Saturday with Milan daily Corriere della Sera. He blamed current management for losses of 100 million euros ($108.5 million) that he discovered last year. Benetton, 89, returned to the apparel brand as chairman in 2018, after having stepped down in 2012. He blamed a CEO hired in 2020 and his new management team for the losses. “In short, I trusted them, and I made a mistake,” Benetton said. He said he first became aware that losses were compiling last September. The apparel brand based in the northern Veneto region — known as much for its colorful knitwear as for its once splashy advertising campaigns — has struggled against competition from fast-fashion brands, with unions estimating losses at the group since 2013 at 1 billion euros. Benetton has undergone numerous creative and managerial relaunches in a bid to regain its footing. Benetton’s term expires in June, coinciding with the board of the Benetton family holding company, Edizione SpA, which is expected to appoint new management. Edizione, whose chairman is Luciano Benetton’s son Alessandro, has diverse holdings including transport and infrastructure through Mundys, and food and beverage retail, including the Autogrill chain, through Dufy. The family holding company sold its holdings in Autostrade per l’Italia SpA after coming under intense political scrutiny following the collapse of the Genoa highway bridge that it operated in August 2018 that killed 43 people.
South Africa’s 4 big political parties begin final weekend of campaigning ahead of election 2024-05-25 15:50:48+00:00 - JOHANNESBURG (AP) — South Africa’s four main political parties began the final weekend of campaigning Saturday before a possibly pivotal election that could bring the country’s most important change in three decades. Supporters of the African National Congress, which has been in the government ever since the end of white minority rule in 1994, gathered at a soccer stadium in Johannesburg to hear a speech by party leader and South African President Cyril Ramaphosa. The ANC is under unprecedented pressure to retain its parliamentary majority in Africa’s most advanced country. Having seen its popularity steadily decline over the last two decades, Wednesday’s election could be a landmark moment when the party once led by Nelson Mandela drops below 50% of the national vote for the first time, although it’s still widely expected to win the largest share. Several polls have the ANC’s support at less than 50%, raising the possibility that it will have to form a national coalition. That would also be a first for South Africa’s young democracy, which was only established 30 years ago with the first all-race vote that officially ended the apartheid system of racial segregation. As thousands of supporters in the ANC’s black, green and gold colors attended its last major rally before the election, Ramaphosa recognized some of the grievances of South Africans, which include high levels of poverty and unemployment that mainly affect the country’s Black majority. “We have a plan to get more South Africans to work,” Ramaphosa said. “Throughout this campaign, in the homes of our people, in the workplaces, in the streets of our townships and villages, so many of our people told us of their struggles to find work and provide for their families.” The main opposition Democratic Alliance party had a rally in Cape Town, South Africa’s second-biggest city and its stronghold. Party leader John Steenhuisen made a speech while supporters in the DA’s blue colors held up blue umbrellas. “Democrats, friends, are you ready for change?” Steenhuisen said. The crowd shouted back “Yes!” Even though the ANC’s support has shrunk in three successive national elections and appears set to continue dropping, no party has emerged to overtake it — or even challenge it. But losing its majority would be the clearest rejection yet of the famous party that was at the forefront of the anti-apartheid movement and is credited with leading South Africans to freedom. Some ANC supporters also expressed their frustration, as the country of 62 million people battles poverty, desperately high unemployment, some of the worst levels of inequality in the world, and other problems with corruption, violent crime and the failure of basic government services in some places. “We want to see job opportunities coming and basically general change in every aspect,” ANC supporter Ntombizonke Biyela said. “Since 1994 we have been waiting for ANC, it has been long. We have been voting and voting but we see very little progress as the people, only a special few seem to benefit.” While conceding to some failures, the ANC has pointed out that South Africa is a far better place than it was during apartheid, when a set of race-based laws oppressed the country’s Black majority in favor of a small white minority. The ANC was also widely credited with success in expanding services to millions of poor South Africans in the decade after apartheid, even if critics say it has lost its way recently. “There are many problems in South Africa, but nobody can deny the changes that have happened since 1994, and that was because of the ANC,” said 42-year-old Eric Phoolo, another supporter of the ruling party. As some voters have turned away from the ANC, it has led to a slow fracturing of South African politics, rather than a single opposition party rising. Disaffected South Africans have gone to an array of different opposition parties, some of them new. Dozens of parties are registered to contest next week’s election. South Africans vote for parties and not directly for their president in national elections. Parties then get seats in Parliament according to their share of the vote and the lawmakers elect the president — which is why the ANC losing its majority would affect the 71-year-old Ramaphosa’s hopes of being reelected smoothly for a second and final five-year term. If the ANC goes below 50%, it would likely need an agreement with other parties to have the votes in Parliament to reelect Ramaphosa, once a protege of Mandela. The far-left Economic Freedom Fighters had their last big preelection gathering in the northern city of Polokwane, the hometown of fiery leader Julius Malema. “The people of South Africa must decide if they want unemployment,” Malema said. The new MK Party of former South African President and former ANC leader Jacob Zuma was also campaigning in a township just outside the east coast city of Durban, although Zuma didn’t attend the event. The 82-year-old Zuma rocked South African politics when he announced late last year he was turning his back on the ANC and joining MK, while fiercely criticizing the ANC under Ramaphosa. Zuma has been disqualified from standing as a candidate for Parliament in the election because of a previous criminal conviction, but MK is still allowed to use his image as its leader and he continues to campaign. His daughter, Duduzile Zuma-Sambudla, attended the rally, where MK followers chanted: “Run, Ramaphosa, run.” ___ Gerald Imray reported from Cape Town, and Farai Mutsaka from Durban. ___ AP Africa news: https://apnews.com/hub/africa
'Pregnancy discrimination across corporate America is still rampant,' author says 2024-05-25 13:56:00+00:00 - Fatcamera | E+ | Getty Images To understand why women are still fighting to catch up to men economically, author Josie Cox turns to the past. She doesn't have to look too far back. The Women's Business Ownership Act, which allowed women to obtain business financing without a male co-signer, didn't pass until 1988, Cox, a financial journalist, writes in her new book, "Women Money Power: The Rise and Fall of Economic Equality." Women weren't admitted into Ivy League colleges before 1969, and could be fired from their jobs for getting pregnant as recently as 1978. "Pregnancy discrimination across corporate America is still rampant," Cox said. Cox's book traces the centurieslong battle by women to gain their economic equality to men, bringing many fascinating characters out of the shadow of history along the way. Speaking with CNBC this month, she said it is clear that the quest for justice has a long way to go. (The interview has been edited and condensed for clarity.) 'Money is a gauge of power' Annie Nova: You give so many examples of how women, in the past, needed men to even engage with the economy. Why was our society set up that way? Josie Cox: In societies that are set up around the principles of capitalism, money is a gauge of power. And women have historically just not had as much power as men. In my book, I write about the concept of "coverture." Coverture is a legal practice rooted in English law that dictated that no woman or girl had an independent legal identity. At birth, a girl was covered by her father's identity, and, when she married, by her husband's. Under the laws of coverture, a woman didn't even have the right to her own body, which meant that any wages she generated through her own labor legally belonged to her husband. Gradually, the power of coverture has weakened. But even today, there are traces of its influences — the tradition of a woman taking a man's name through marriage is an obvious example. Zoom In Icon Arrows pointing outwards Women Money Power by Josie Cox AN: You write about how women could be fired from their jobs for getting pregnant until 1978. Do you know how common that was? What issues did this lead to for women? Are things much better today? JC: It's impossible to know how many women got fired for getting pregnant before 1978. It was just a commonly accepted and unremarkable thing to do. Many women working in the paid labor market hid their pregnancies for as long as possible to avoid getting fired. When they did get fired, it was tough for many who needed the money. Today it is, of course, illegal to fire a woman for getting pregnant. But as I write in my book, women still have to contend with bias and discrimination that is more subtle. Pregnancy discrimination across corporate America is still rampant. AN: How was the repeal of Roe v. Wade a familiar story for women of previous generations? What are some of the economic consequences of the decision? JC: Access to health-care and reproductive rights are inextricably linked with women's economic empowerment, and personal freedom. As such, the decision dealt a tragic blow to the progress we'd made toward gender equality over the preceding 50 years. It will take time before we can gauge the precise cost — both economically and otherwise — of the severe abortion restrictions that have come into effect since the Dobbs decision, but it's fair to say that it's significant. Economy is 'failing menopausal women' AN: In what fields do we still need to see a lot more women? JC: In many! Women still only account for about a 10th of Fortune 500 CEOs. Men still vastly outnumber women in political leadership. We know that biases about who and what makes a good leader are reinforced when the visible image of a leader doesn't change. So it's critical that more women move into these positions of power. At the same time, we need to ensure that we're also chipping away at the ridiculous notion that men shouldn't be primary caregivers and that they shouldn't be doing as much unpaid labor as women.
Rise of resort day passes offers travelers luxury on a budget 2024-05-25 12:56:00+00:00 - Wellness travel can be enjoyed with a loved one, the entire family, or even solo. Avid traveler Lora Bowler is cutting back on vacation spending. That doesn't mean she's skipping the resort. The New York resident said she spent more in 2023 than she had expected to, including on travel, and is now reining in her expenses. She uses travel hacks and benefits to cut some of the cost, and she's part of a growing number of people turning to hotel day passes as a cheaper option for relaxation. "It's like a neat way to escape and feel like you're at a five-star hotel," Bowler said, "but you can't afford to stay." Day passes at hotels and resorts offer guests access to amenities without the cost of reserving a room. Bowler said she's booked daybeds and poolside services and even found a pass that offered a room where her husband could work from his laptop. Hotels and third-party partners are making day passes more readily available to help bridge the gap between travel-minded consumers and luxury prices. A typical luxury hotel room in the U.S. between Jan. 1 and April 6 cost roughly $400 per night, according to CoStar, a global provider of real estate data, analytics and news. Those rates are about 1% higher than the same period a year ago. Luxury hotel room rates in July are expected to be 85% higher than the same month in 2019, before the Covid pandemic, according to the luxury travel company Virtuoso. "People are back to thinking about travel budgets," said Hayley Berg, lead economist with travel site Hopper. "They're prioritizing expenditure on vacations, more so than consumer goods." In a survey conducted in July 2023 by Booking.com, more than 60% of respondents said their cost of living will determine their travel planning in 2024, while slightly more than half said they were likely to pay for accommodation upgrades. A majority of U.S. travelers said they would be willing to pay for day passes to use the amenities in a five-star hotel without staying there, according to a Booking.com press release about the survey. The survey included nearly 28,000 adults from 33 countries who said they planned to travel over the next 12-24 months. Consumers who indulged in travel splurges after Covid restrictions lifted fueled the "revenge travel" trend, Berg said, driving up demand for lavish accommodations. Now, she said, that trend "has very much run out" and many travelers are working with tighter budgets. Berg said day passes "give people exactly what they want" and provide a separate source of revenue for hotels. "Hotels get an incremental revenue stream by providing exactly what they already have," she said. One of those hotels is the Virgin Hotels New York City, in Manhattan's Koreatown neighborhood. On May 8 the hotel opened its rooftop pool for the second time, with the option for day guests to use the amenity. The pool, with cerulean blue tiles flanked by black-and-white lounge chairs, offers guests views of the Empire State Building and city skyline. Customers can reserve a pool lounge chair or upgrade to a cabana and invite up to four other people. The cabana includes complimentary services and refreshments such as wine and fruit. Day-pass users at the pool club can also get their own personalized server, depending on their selections. A day pass for the pool club starts at $130. "Everybody needs a little bit of escape," said Sarah Payton, the hotel's head of partnerships and programming. In May 2023 the hotel partnered with ResortPass, a site that provides day-pass access at luxury hotels, resorts and spas, often at a discounted rate. ResortPass, launched in 2016, holds 95% share of the day-guest market, according to the company, and has partnered with more than 1,300 luxury hotels, including the Waldorf-Astoria, JW Marriott and Fontainebleau. The day-guest platform has served more than 3 million users and has rolled out day-pass access in more than 250 cities, the company said, at prices as low as $25. "What we are really able to do is enable people a more local way of getting away without going away," ResortPass CEO Michael Wolf said. "I think it compliments other types of travel, and serves potentially in lieu of it." The average ResortPass customer purchases all-day access at a cost of about $165, the company said. Customers who buy day passes through ResortPass often splurge on poolside or other hotel amenities more than overnight guests do, Wolf said. "Our guests on average spent over $250 on the premise of the property, and often quite a bit more than that," he said. Wolf said ResortPass is currently working on a membership-like program for customers who use day passes frequently, with an announcement expected later in 2024.
MarketBeat Week in Review – 5/20 - 5/24 2024-05-25 11:00:00+00:00 - Key Points The manic market swung sharply in both directions this week, illustrating that uncertainty is the only certainty in this market. Nvidia delivered an earnings report that smashed elevated expectations but failed to stop a sell-off that may be based on broader economic concerns. As you enjoy your holiday weekend, here are some of our most popular articles from this week. 5 stocks we like better than Costco Wholesale If you're a shareholder of Nvidia, you had a great week. If you're holding some of the Dow 30 stocks, your experience may have been very different. The market rallied sharply ahead of Nvidia's earnings. However, the day after the company reported, the market sold off sharply, with the sharpest decline coming from the Dow 30 stocks. The reasons given ranged from simple profit taking after the market's first 100 days of trading in 2024 to concerns stemming from Jamie Dimon's concerns about the broader economy. Either way, investors bought the rumor of Nvidia's earnings but sold the news about the broader market. Next week will be a shortened trading week due to the Memorial Day holiday. Some of the big names still to report earnings include Costco Wholesale Corp. NASDAQ: COST, Snowflake Inc. NYSE: SNOW and Ulta Beauty Inc. NASDAQ: ULTA, all of which report next week. Investors will also get the second reading of first quarter GDP as well as the Core PCE reading. Get Costco Wholesale alerts: Sign Up Articles by Jea Yu Chipotle Mexican Grill Inc. (NYSE CMG) has had a Nvidia-like performance among consumer staples stocks. And like Nvidia, many investors who missed the growth in CMG stock are looking for the next winner. This week, Jea Yu looked at three restaurant stocks that may offer the same chance for outsized gains. Another stock that investors may want to "grab" hold of is Grab Holdings Ltd. NASDAQ: GRAB. The company operates a one-stop super app platform in Southeast Asia. Yu explains how Grab embodies the network effect with its combination of ride-hailing, food and grocery delivery and financial services. And while it trades for under $5 today, that may not last much longer. There's been a shift from growth to value in the last few weeks. It seems that boring is becoming beautiful again. If that describes your investing approach, CVS Health Co. NYSE: CVS may be a value stock to consider as the company prioritizes profitability in 2025. Articles by Thomas Hughes Investors were on pins and needles waiting for Nvidia Corp. (NASDAQ; NVDA) to report its quarterly earnings. The company not only beat expectations, it shattered them. With a 10-for-1 stock split on the way, investors who have been on the sidelines may have a great opportunity to get in on the tip of the AI revolution. Investors were eyeing the earnings report from Palo Alto Networks, Inc. NASDAQ: PANW for news related to consumer acceptance of its platformization strategy. The company says its strategy is being well received, but the stock is dropping after its earnings. Thomas Hughes explains why this is a buyable dip as analysts raise their PANW stock price targets. AutoZone Inc. NYSE: AZO is another stock that Hughes identified as a buy-the-dip candidate. The auto parts retailer stock is slumping after an earnings report that was good but perhaps not good enough. However, Hughes explains why the long-term trends are still in place. Articles by Sam Quirke Shopify Inc. NYSE: SHOP illustrates why it's tough to take a long position in a volatile market. SHOP stock sank sharply despite an earnings report that wasn't good enough, particularly as it related to the company's guidance. But Sam Quirke explains why analysts are leading the comeback and pointing to the stock's next move higher. Good, but not good enough, may be the situation facing Micron Technology Inc. NASDAQ: MU in advance of its upcoming earnings. MU stock has been up more than 150% since the beginning of 2023, but analysts still believe more growth is possible. That makes the company's upcoming earnings report one to watch, as it could send the stock moving sharply higher or lower. Quirke also analyzed the recent price action in Wayfair NYSE: W. The stock shot higher after a better-than-expected earnings report. However, after giving up about half those gains, the stock looks to be at an inflection point. As Quirke writes, investors should pay attention to analyst sentiment, which is forecasting the potential for multi-year highs for Wayfair stock. Articles by Ryan Hasson Nvidia got the headlines this week, but how are the rest of the Magnificent Seven stocks doing as we near the halfway point of 2024? Ryan Hasson looked at that question and provided a first half progress report for each stock. The recent price action in the meme stocks may stir up familiar FOMO among investors. To be fair, many meme stocks are poor investments. However, if you're considering speculating, you'll want to see why Hasson believes that while some of these stocks are fool's gold, other meme stocks may offer solid buying opportunities. As many retail (i.e., individual) investors know, it takes both retail and institutional investor interest to really move a stock. That's the case for two stocks that retail traders have liked for a long time. Now that institutions are beginning to join, there could be significant upside ahead. Articles by Gabriel Osorio-Mazilli Gold has been one of the best-performing assets this year, but Gabriel Osorio-Mazilli points out that investors shouldn't forget about copper. Copper will be essential to the long-term increase in demand for electricity, specifically fueled by data centers. Osorio-Mazilli analyzes three copper stocks that should be on investors' radars. Osorio-Mazilli also explained Michael Burry's recent shift from Amazon.com Inc. NASDAQ: AMZN to Alibaba Group (NYSE: BABA). As with U.S. stocks, you have to be selective with Chinese stocks, but the fact that big names are looking at BABA stock should at least make you take a closer look. While some Dow stocks had a rough week, Osorio-Mazilli points out that this is coming after the index cracked the 40,000 mark for the first time. He also shares three Dow stocks that investors should consider heading into the back half of 2024. Before you consider Costco Wholesale, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Costco Wholesale wasn't on the list. While Costco Wholesale currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Fired up about barbecue costs this Memorial Day? Blame the condiments. 2024-05-25 01:19:00+00:00 - Having friends and family over for a Memorial Day barbecue will cost you more this year, with the price of many grilling staples having risen even more sharply than that of other groceries. Americans will pay an average of just over 10% more this year than in 2023 for barbecue basics including ground beef, hot dogs, buns, relish, ketchup and mustard, according to Datasembly, which measures weekly pricing changes for items collected from more than 150,000 stores across the U.S. Last year, the blow to consumers' wallets was alleviated by a decline in beef prices. Now, beef prices are up nearly 15%, the data provider stated. But, as with Memorial Day last year, the price of condiments has seen the biggest spike, with relish costing an eye-popping nearly 49% more today than a year ago, Datasembly found. Ketchup and mustard, whose prices rose by double-digits last year, are also pricier in 2024, but the increases are more moderate — up 1.8% and 3.2%, respectively, according to Datasembly. Still, depending on where you live and shop, a 32-ounce bottle of Heinz Organic Tomato Ketchup can run upwards of $10, with an average price around the U.S. of $7.66, according to Datasembly. A 10-ounce squeeze bottle of Inglehoffer Original Stone Ground Mustard averages $3.11, but tops $5 at certain retailers. The product can most commonly be purchased for $2.84, up more than 18% from just a month ago. A 10-ounce jar of Vlasic Dill Pickle Relish cost an average of $1.82. With consumer budgets still stretched after three years of painfully high inflation, some retailers are providing options. Walmart, for instance, is offering a cookout spread for eight that runs at about six bucks a person. The budget-conscious cookout menu includes hot dogs, buns, ketchup, mustard, relish, potato salad, corn on the cob, potato chips, soda pop, juice boxes, ice pops and watermelon.
NCAA athlete-pay settlement could mean 6-figure paychecks for top college players 2024-05-24 23:41:00+00:00 - Thousands of student athletes — both past and present — are in line to receive their share of a $2.8 billion settlement resolving an antitrust lawsuit against the National Collegiate Athletic Association and the nation's five biggest conferences. The challenge now will be deciding how much each player gets and why. The complaint, filed in Northern California in 2020 by former Arizona State swimmer Grant House and Sedona Prince, a former Oregon and current Texas Christian University basketball player, accused the NCAA, along with the five wealthiest conferences, of improperly barring athletes from earning endorsement money based on their name, image and likenesses, or NILs. The finer details still need to be ironed out, but the NCAA's agreement calls for the league and conferences to pay $2.77 billion over 10 years to more than 14,000 former and current college athletes who claim that the now-defunct compensation rules prevented them from earning money from endorsement and sponsorship deals dating back to 2016. The deal must still be approved by the federal judge overseeing the case and challenges could arise. But if the agreement stands, it will mark the beginning of a new era in college sports where players are compensated more like professionals and schools can compete for talent using direct payments. The NCAA can go one of two ways: either pass a portion of the funds to colleges across the nation and have someone on campus determine the size of the payouts, or hire an outside entity charged with carrying out the logistics, said Tim Derdenger, who teaches sports marketing professor Carnegie Mellon University. In the latter case, the NCAA will have to decide whether all the athletes should receive the same amount of money or if some will get more than others because of how well they played, experts said. "If the funds go to the university, I can see just every player getting one lump sum," Derdenger said. "Is that merit-based or market-based? Absolutely not. But I'm an economist so I would allocate these funds based upon their success during competition." The NCAA didn't immediately respond to a request for comment Friday. If individual payout amounts are determined by other measurements, college basketball and football players will most likely get the lion's share of the settlement, experts told CBS MoneyWatch. That's because basketball and football games tend to generate the most revenue for a university's athletic department. And that scenario, star quarterbacks or starting point guards would see the biggest payday, Derdenger said. "I can definitely see someone like Caleb Williams getting a $100,000 check, if not more," he said, referring to the University of Southern California quarterback who was recently drafted to the NFL. Members of a school's golf, field hockey, lacrosse, soccer and volleyball teams will get payments too, but they likely will not be in the six figures because those sports don't generate revenue, Derdenger said. The NCAA should take a page out of European soccer's book and adopt a payment formula that combines players getting an equal share with rewarding those who play the most popular sports, said Patrick Rishe, a sports business professor at Washington University in St. Louis. "For example, the English Premiere League allocates 50% of its national media revenue to all teams evenly, but then 25% is allocated based on team performance and 25% is allocated based on popularity," he said. "Perhaps a hybrid model based on a combination of equity, performance and popularity is the proper route." — The Associated Press contributed to this report.
He fell ill on a cruise. Before he boarded the rescue boat, they handed him the bill. 2024-05-24 23:29:00+00:00 - Vincent Wasney and his fiancée, Sarah Eberlein, had never visited the ocean. They'd never even been on a plane. But when they bought their first home in Saginaw, Michigan, in 2018, their real estate agent gifted them tickets for a Royal Caribbean cruise. After two years of delays due to the coronavirus pandemic, they set sail in December 2022. The couple chose a cruise destined for the Bahamas in part because it included a trip to CocoCay, a private island accessible to Royal Caribbean passengers that featured a water park, balloon rides and an excursion swimming with pigs. It was on that day on CocoCay when Wasney, 31, started feeling off, he said. The next morning, as the couple made plans in their cabin for the last full day of the trip, Wasney made a pained noise. Eberlein saw him having a seizure in bed, with blood coming out of his mouth from biting his tongue. She opened their door to find help and happened upon another guest, who roused his wife, an emergency room physician. Wasney was able to climb into a wheelchair brought by the ship's medical crew to take him down to the medical facility, where he was given anticonvulsants and fluids and monitored before being released. Wasney had had seizures in the past, starting about 10 years ago, but it had been a while since his last one. Imaging back then showed no tumors, and doctors concluded he was likely epileptic, he said. He took medicine initially, but after two years without another seizure, he said, his doctors took him off the medicine to avoid liver damage. After being treated for epileptic seizures aboard a Royal Caribbean cruise to the Bahamas, Vincent Wasney was billed $2,500 by the medical facility of the ship which does not accept "land-based health insurance plans onboard." Kristen Norman Wasney had a second seizure on the ship a few hours later, back in his cabin. This time he stopped breathing, and Eberlein remembered his lips being so purple, they almost looked black. Again, she ran to find help but, in her haste, locked herself out. By the time the ship's medical team got into the cabin, Wasney was breathing again but had broken blood vessels along his chest and neck that he later said resembled tiger stripes. Wasney was in the ship's medical center when he had a third seizure — a grand mal, which typically causes a loss of consciousness and violent muscle contractions. By then, the ship was close enough to port that Wasney could be evacuated by rescue boat. He was put on a stretcher to be lowered by ropes off the side of the ship, with Eberlein climbing down a rope ladder to join him. But before they disembarked, the bill came. The Patient: Vincent Wasney, 31, who was uninsured at the time. Medical Services: General and enhanced observation, a blood test, anticonvulsant medicine, and a fee for services performed outside the medical facility. Service Provider: Independence of the Seas Medical Center, the on-ship medical facility on the cruise ship operated by Royal Caribbean International. Total Bill: $2,500.22. What Gives: As part of Royal Caribbean's guest terms, cruise passengers "agree to pay in full" all expenses incurred on board by the end of the cruise, including those related to medical care. In addition, Royal Caribbean does not accept "land-based" health insurance plans. Wasney said he was surprised to learn that, along with other charges like wireless internet, Royal Caribbean required he pay his medical bills before exiting the ship — even though he was being evacuated urgently. "Are we being held hostage at this point?" Eberlein remembered asking. "Because, obviously, if he's had three seizures in 10 hours, it's an issue." Wasney said he has little memory of being on the ship after his first seizure — seizures often leave victims groggy and disoriented for a few hours afterward. But he certainly remembers being shown a bill, the bulk of which was the $2,500.22 in medical charges, while waiting for the rescue boat. Still groggy, Wasney recalled saying he couldn't afford that and a cruise employee responding: "How much can you pay?" They drained their bank accounts, including money saved for their next house payment, and maxed out Wasney's credit card but were still about $1,000 short, he said. Ultimately, they were allowed to leave the ship. He later learned his card was overdrafted to cover the shortfall, he said. Once on land, in Florida, Wasney was taken by ambulance to the emergency room at Broward Health Medical Center in Fort Lauderdale, where he incurred thousands of dollars more in medical expenses. He still isn't entirely sure what caused the seizures. On the ship he was told it could have been extreme dehydration — and he said he does remember being extra thirsty on CocoCay. He also has mused whether trying escargot for the first time the night before could have played a role. Eberlein's mother is convinced the episode was connected to swimming with pigs, he said. And not to be discounted, Eberlein accidentally broke a pocket mirror three days before their trip. Wasney, who works in a stone shop, was uninsured when they set sail. He said that one month before they embarked on their voyage, he finally felt he could afford the health plan offered through his employer and signed up, but the plan didn't start until January 2023, after their return. They also lacked travel insurance. As inexperienced travelers, Wasney said, they thought it was for lost luggage and canceled trips, not unexpected medical expenses. And because the cruise was a gift, they were never prompted to buy coverage, which often happens when tickets are purchased. Wasney and his fiancée, Sarah Eberlein, were gifted tickets for a Royal Caribbean cruise by their realtor after buying their first home in 2018. They returned from the trip with essentially no money in their bank account, several thousand dollars of medical debt, and no idea how they would cover their mortgage payment. Kristen Norman The Resolution: Wasney said the couple returned to Saginaw with essentially no money in their bank account, several thousand dollars of medical debt, and no idea how they would cover their mortgage payment. Because he was uninsured at the time of the cruise, Wasney did not try to collect reimbursement for the cruise bill from his new health plan when his coverage began weeks later. The couple set up payment plans to cover the medical bills for Wasney's care after leaving the ship: one each with two doctors he saw at Broward Health, who billed separately from the hospital, and one with the ambulance company. He also made payments on a bill with Broward Health itself. Those plans do not charge interest. But Broward Health said Wasney missed two payments to the hospital, and that bill was ultimately sent to collections. In a statement, Broward Health spokesperson Nina Levine said Wasney's bill was reduced by 73% because he was uninsured. "We do everything in our power to provide the best care with the least financial impact, but also cannot stress enough the importance of taking advantage of private and Affordable Care Act health insurance plans, as well as travel insurance, to lower risks associated with unplanned medical issues," she said. The couple was able to make their house payment with $2,690 they raised through a GoFundMe campaign that Wasney set up. Wasney said a lot of that help came from family as well as friends he met playing disc golf, a sport he picked up during the pandemic. "A bunch of people came through for us," Wasney said, still moved to tears by the generosity. "But there's still the hospital bill." The Takeaway: Billing practices differ by cruise line, but Joe Scott, chair of the cruise ship medicine section of the American College of Emergency Physicians, said medical charges are typically added to a cruise passenger's onboard account, which must be paid before leaving the ship. Individuals can then submit receipts to their insurers for possible reimbursement. He recommended that those planning to take a cruise purchase travel insurance that specifically covers their trips. "This will facilitate reimbursement if they do incur charges and potentially cover a costly medical evacuation if needed," Scott said. Royal Caribbean suggests that passengers who receive onboard care submit their paid bills to their health insurer for possible reimbursement. Many health plans do not cover medical services received on cruise ships, however. Medicare will sometimes cover medically necessary health care services on cruise ships, but not if the ship is more than six hours away from a U.S. port. Travel insurance can be designed to address lots of out-of-town mishaps, like lost baggage or even transportation and lodging for a loved one to visit if a traveler is hospitalized. Travel medical insurance, as well as plans that offer "emergency evacuation and repatriation," are two types that can specifically assist with medical emergencies. Such plans can be purchased individually. Credit cards may offer travel medical insurance among their benefits, as well. But travel insurance plans come with limitations. For instance, they may not cover care associated with preexisting conditions or what the plans consider "risky" activities, such as rock climbing. Some plans also require that travelers file first with their primary health insurance before seeking reimbursement from travel insurance. As with other insurance, be sure to read the fine print and understand how reimbursement works. Wasney said that's what they plan to do before their next Royal Caribbean cruise. They'd like to go back to the Bahamas on basically the same trip, he said — there's a lot about CocoCay they didn't get to explore. Bill of the Month is a crowdsourced investigation by KFF Health News and NPR that dissects and explains medical bills.
USPS wants people to install new jumbo mailboxes. Here's why. 2024-05-24 21:13:00+00:00 - Mail theft on the rise as USPS fails to secure keys for mailboxes The U.S. Postal Service is urging customers to upgrade to new jumbo mailboxes, with the postal agency saying that these larger receptacles are better able to handle more of the types of packages that people order from online retailers. The USPS is alerting customers about the bigger mailboxes for what it calls "mailbox improvement week," which occurs the third week of May. The new jumbo mailboxes aren't sold by the USPS, but can be bought at Walmart, Home Depot, Lowe's and other retailers and cost about $66 each. The mail service told CBS MoneyWatch it doesn't get any revenue or other financial benefits when customers purchase a jumbo mailbox. Instead, the USPS is recommending the bigger mailboxes because of the spread of online shopping, which requires delivering many more boxes and packages to home addresses. "The encouragement to use the [jumbo] mailboxes comes from wanting customers to have an option to accommodate all their mail pieces and packages," a USPS spokesperson said. "Being able to have all of your mail items in your box prevents oversize items from being left at the door when a customer is not home." An image of one of the new jumbo mailboxes, which retail for about $66, that the U.S. Postal Service is recommending as an upgrade. The bigger mailboxes can more easily fit packages compared with older receptacles, a benefit as more people shift to online shopping. USPS At the same time, more Americans are dealing with package thefts, with Capital One finding in a recent report that 3 in 4 people have had an item stolen in the last year. "Porch pirates" are also an issue, or when thieves spot packages left on porches or next to doors and nab the parcels. Even so, the new mailboxes don't lock, and the USPS also urges people to sign up for "informed delivery" service, which can alert you when a package has been delivered. The new mailboxes are more than 13 inches wide and stand 12 inches high. A typical mailbox, which costs about $20 to $25, has a width of about 7 inches and a height of about 9 inches. The USPS also urged people to upgrade or fix broken mailboxes. For instance, customers should check their mailboxes for loose hinges or a loose mailbox post, it noted. "Broken mailboxes can be compromised, and the Postal Service would like to ensure our customers receive uninterrupted delivery service as a result of their mailbox being out of service," the spokesperson said.
ROTC cadets don't receive military death benefits. Families who lost loved ones are trying to change that. 2024-05-24 21:00:00+00:00 - WASHINGTON — Jessica Swan’s daughter Mackenzie was her “miracle baby.” She was kind, smart, and always wanted to be a scientist — even correcting her mom on the pronunciations of various dinosaurs in grade school. She grew up to be an artist and an athlete, with a love of the mountains in Alaska, where she was raised. In high school, she joined the Reserve Officer Training Corps, or ROTC, enjoying it so much that she continued with her commitment into college. But on an Air Force cadet development trip in June 2022, Mackenzie got into a Humvee with fellow cadets. The vehicle, driven over the speed limit by someone who lacked the training to operate it, spun out and flipped. “Basically, [they] said, ‘Go have fun,’” her mother said. Mackenzie, then 19 years old, was killed. An Air Force report issued after the accident found multiple violations of protocol. Idaho authorities filed charges against the driver, but they were dismissed in November; the case is on appeal. “You’re living every parent’s worst nightmare,” Swan recalled in a recent interview with NBC News, with a photo of her daughter in military dress hanging on a wall over her shoulder. “And then, adding to it, immense financial strain.” Mackenzie Wilson in her ROTC uniform. Courtesy Jessica Swan Families of active-duty service members lost in the line of duty receive death benefits, including a $100,000 “gratuity” and insurance. But family members of ROTC cadets, like Swan, aren’t eligible. Nor are families of enlistees in the Delayed Entry Program, in which individuals enter as inactive reservists and commit to report for basic training on a specified future date while being encouraged to train with their recruiters in the meantime. For Swan, burial costs, months of missed work as a teacher, and travel between Alaska, where she lives, and Idaho, where Mackenzie was killed, drained her bank account. On the first anniversary of her daughter’s death, she packed up the house she was renting in Alaska — the last place Mackenzie called home — after being kicked out. Mackenzie Wilson, pictured, loved the mountains around Alaska where she grew up— “even in the wintertime, the last time when she came home to visit in December 2021,” her mother recalls. Courtesy Jessica Swan Having death benefits from the military “would have eliminated that financial strain because it very quickly became a logistical nightmare,” Swan said. “Support would have meant that when they put the house we were renting on the market, I could have kept it. I could have preserved the last place that she lived. Our memories in that home.” Manny Vega has made it his business to find and reach out to families like Swan’s, knowing all too well the feeling of “screaming into the wind” for support and finding too little. A Marine veteran from a long line of veterans himself, Vega’s 21-year-old son, Patrick, always dreamed of donning a uniform. Mere days after arriving at basic training, he got sick. Less than two weeks into boot camp, he was dead. Vega and his family blame poor medical care and the “coldness” of military culture for a failure to get him the care he needed for complications from the common cold, saying Patrick “had been left to the care of young, inexperience, scared recruits” before his death. The Naval Criminal Investigative Services ruled Patrick’s death natural, saying he had a history of sepsis and autoimmune disease, a conclusion his family disputes. “For me as a service-disabled veteran who carries a medal that says ‘heroism,’ to have the Marine Corps fail my son — ’cause they did, they failed my son — and to fail his family, I’m very conflicted,” Vega told NBC News. “It’s very painful. … Just the coldness of the culture was what’s really, really upsetting.” Patrick died at boot camp, making him active duty and thus eligible for death benefits. But the questions and lessons around his death spurred Vega to channel grief into action: starting an advocacy group called Save Our Servicemembers, lobbying lawmakers for policy changes, and seeking out and supporting other families who suffered similar losses. The old Marine motto of “don’t leave anybody behind” animates Vega’s advocacy. “As a grieving family, you’re screaming into the wind,” Vega said. “I mean, you’re there and on Capitol Hill … you could scream at all these members and they’ll nod their head and everything, but unless you’re not screaming, but speaking and asking for specific things from the right member, it’s never gonna go anywhere.” To ensure his advocacy went somewhere, Vega phoned a friend from his time in boot camp: Rep. Salud Carbajal, D-Calif. Carbajal, in turn, found bipartisan commonality with Rep. Michael Waltz, R-Fla., on a bill to bolster access to more military death benefits for families of ROTC cadets and delayed-entry soldiers. Part of that bill is included in the fiscal year 2025 National Defense Authorization Act, an annual military legislative package that is considered to be must-pass. The NDAA includes their legislation that would extend benefits like death gratuity and casualty assistance to families of ROTC cadets killed in official training events. That bill passed out of committee Wednesday, with a Carbajal-sponsored amendment that would also extend Servicemember’s Group Life Insurance eligibility to third- and fourth-year ROTC cadets and delayed-entry program soldiers. More than a dozen Democrats and Republicans ultimately signed on to the amendment. The bill will next head to the House floor. The issue is personal to Carbajal and Waltz. “He once upon a time also served in the ROTC program,” Carbajal said, pointing to Waltz. “I served in the Delayed Entry Program. We know personally what these gaps could do in terms of not providing to the families of those service members who died in the service and ... what it does to their families.” Waltz agreed, citing an ongoing recruiting and retention crisis in the military as further reason to act. The realization for families can be a shock, Waltz said: “‘Oh, wait a minute, my son or daughter is about to go jump out of planes, but they don’t get the types of benefits that every other military member does?’” Both members agreed that policies like these can be more easily enacted when lawmakers share the experience of having served. Waltz cited a mentality of “serving a cause larger than ourselves,” and Carbajal called it a chance to “do what’s right” and put “country over parties and politics.” As for what it would feel like to call his old friend Vega and tell him they got it done? “It’s gonna be very meaningful,” Carbajal said. And for Swan, who’s still fighting for her daughter Mackenzie, a policy change could be a silver lining — however small. “I’ll feel like she didn’t die in vain if it helps somebody else,” she said. CORRECTION (May 25, 2024, 4:17 p.m. ET): A previous version of this article misstated Mackenzie Wilson’s age when she died. She was 19 years old, not 20.
A top personal finance influencer wants young adults to stop making these money mistakes 2024-05-24 20:41:00+00:00 - Your Rich BFF founder Vivian Tu has quickly emerged as one of the most prominent personal finance influencers, with millions of followers on Instagram, TikTok and other social media platforms. A former Wall Street trader, the 30-year-old shifted gears after noticing that many of her coworkers from the corporate world needed help even with basic financial tasks. Through Your Rich BFF, she now offers money advice to millennials and Gen-Zers in the places they like to get information — on social media, while also publishing a book, "Rich AF," hosting a podcast and appearing on television. In an interview with CBS MoneyWatch, she dispels common money myths and outlines some financial mistakes younger adults often make. This interview has been edited for length and clarity. Vivian Tu, founder of personal finance company Your Rich BFF. Brendan Wixted CBS MoneyWatch: How did you get into this line of work, and what made you think it could become a full-fledged career? Vivian Tu: I was surprised that people who were older than me or more advanced in their careers did not know the answers to questions like, "Can you help me rebalance my 401k, pick a health insurance plan, and understand if my company stock options are worth anything?" I was asked the same questions over and over again, so I created content to answer them so people would stop asking me! It turned out that a lot more people than just my coworkers needed information. We don't get this in school, and it's the one thing all of us desperately need. We would all be a lot better off if this were part of our education. So where can people learn how to be smart about money? Similarly to how you hold a pencil or learn to drive — you are taught by your parents and guardians. For some folks who come from generational wealth or have parents who are money-savvy, they're getting that education. However, the vast majority of us don't come from that type of background. Our parents are imperfect, and they are imperfect with their money as well. So we pick up the same money issues our parents have. Then you turn to the internet to try to find the information yourself. What's wrong with finding information online? There are a lot of myths out there, especially on social media. One big myth is that investing is very exciting. It's not. It's watching grass grow or watching paint dry. If you're feeling like you're on a roller coaster, your heart rate is rising, you're excited, nervous, you're probably doing it wrong. Investing is a great way for any person to have a dual-income household. You're working hard for money, and your money can work hard for you. You can only work so many hours before your body and brain give out, but your money can work around the clock 24/7, with no lunch breaks. At the start of your career, the hope is you are setting aside money and it will help you when you don't want to work as much or you can't. Right. And at a recent Wall Street Journal event you noted that the algorithms that power social media can magnify content that is misguided, and even financially reckless, like "get rich quick" schemes. How do you make plain-vanilla investing principles appealing for the TikTok generation? In terms of getting people to actually care, I think it's showing what that money actually looks like when it's in use. Instead of saying if you save now, you get to retire a multimillionaire at 65, say, "At 65, you get to wake up every morning, have a lemonade, hit the golf course, live in Naples, Florida — you get to live every day without being beholden to the need to make more money." That's more compelling than just the stats. Meeting people where they are at, explaining why money things are important to them, moves the needle. For example, when I talked about how having a good credit score helped me earn travel rewards that I used to fly to Italy in a lay-flat seat, everyone wanted to know how to improve their credit scores. Showing responsible decision-making paying off is when people are going to actually pay attention. What are some other money myths you think need to be debunked? No. 1 is thinking you need to be entirely debt free. Yes, eliminate as much high-interest debt as possible, but when you have low-interest rate debt, you don't need to rush to pay it off. You can start investing while paying off debt. Not all debt is evil. No. 2 is, don't buy things you don't need with money you don't have to impress people you don't even like. When you make a purchase, ask yourself, "Do I want to have this, or do I want people to know I have this?" Third, investing is not only for rich people. It's how rich people get rich. The best outcomes for average investors are buying and holding exchange-traded funds and mutual funds that track broader indices. It's about having a very diversified portfolio that is appropriate to your age and risk tolerance. It's not what people want to hear, — they want to get rich tomorrow. If your horizon is 24 hours, there are very few investments that are ever going to pay what you need it to. A hallmark of personal finance advice is that the choices we make as individuals determine our financial futures. But that view doesn't take into account the systemic forces that shape our financial lives, like income inequality and recurring economic crises. More recently, for example, we're seeing how the advent of artificial intelligence can suddenly transform some jobs. What's your take? We have to come to the realization that our generation can't save our way to riches — we don't get to have the "happily ever after," white picket fence house our parents had through saving. Back in the day you could work a middle-class job, earn a middle-class paycheck, buy a home, and go on vacation twice a year. It's harder now. But you have to be able to do the best with the hand you are dealt. Control what you can control and if something happens, know how to pivot. For example, if you just earned a degree in programming and are worried about AI taking over these jobs, dive into learning how to work with AI and see how you can maintain job security. There will always have to be someone there to make AI smarter, design the system and be the engine behind it. It's not like it just exists. We need to learn to use it to our advantage versus compete. It should be a collaboration. Why not leverage it to take over the 25% of the job that you hate so it frees you up to do other things?
NASDAQ 100 vs. NASDAQ Composite: A Detailed Breakdown of NASDAQ 2024-05-24 13:00:00+00:00 - Looking to invest in the tech sector? Then you’ll likely be looking at NASDAQ stocks, but the NASDAQ is a huge exchange, and investors need ways to break down the components for analysis. That’s why the NASDAQ 100 and NASDAQ Composite exist, so investors can have different ways to gain exposure to NASDAQ-listed stocks. However, these indexes have major differences that investors must understand in order to construct proper portfolios. Read on to learn more about the NASDAQ 100 and the NASDAQ Composite. The NASDAQ Composite includes all the stocks in the NASDAQ 100, plus about 2,500 more. The NASDAQ 100 limits its components to the largest 100 non-finance stocks trading on the NASDAQ exchange, but the Composite includes all public companies trading on the exchange. Get earnings alerts: Sign Up These are the 2 most commonly used indexes for NASDAQ investments, and a wide array of ETFs and mutual funds have been constructed around them. But with thousands of companies differentiating the two, it's important to understand the risks and rewards of investing in each. What Are Stock Market Indexes? Analyzing every stock would be impossible. The World Federation of Exchanges estimated that as of 2022, over 58,000 public companies exist worldwide, with an estimated 5,000 to 6,000 trading on US-based exchanges. And that doesn’t even take into account penny stocks trading over the counter. Instead of analyzing each stock individually, investors can use stock market indexes as proxies for the overall market or specific sectors and subsectors. For example, the Dow Jones Industrial Average (DJIA) is one of the oldest stock indexes, consisting of 30 large-cap stocks focused on older sectors like industrials and consumer staples. The NASDAQ 100 and NASDAQ Composite are both examples of stock market indexes. The NASDAQ Composite is a list of all public companies trading on the NASDAQ exchange, one of the largest public exchanges focusing on tech and innovation. The Composite comprises thousands of stocks, ranging from large-cap tech giants to small-cap startups. The NASDAQ 100 also consists of stocks in the NASDAQ exchange but with a more narrow view and stringent rules for inclusion. All NASDAQ 100 stocks are included in the Composite, but only the biggest non-finance firms find themselves in the NASDAQ 100. Ad Porter & Company Truth about Trump you’ve never heard Everything about Donald Trump is public. Every part of his life has been dragged out in the media. But there’s one story I bet you’ve never heard about Trump. For the full story, click here. Key Differences Between NASDAQ 100 and NASDAQ Composite Both the NASDAQ 100 and NASDAQ Composite track stocks trading on the NASDAQ exchange, which was the first major stock exchange to utilize electronic order books and computerized trading. Naturally, a computer-based exchange will lean heavily into the tech sector, but the NASDAQ is a massive exchange featuring more than 2,500 stocks. If you want to successfully invest in NASDAQ, you’ll need to differentiate between these 2 indexes. Size The biggest difference between the 2 indexes is obvious as soon as you look at their components. The NASDAQ 100 is aptly named since it features around 100 of the largest companies on the NASDAQ exchange, an adjusted quarterly list. The NASDAQ Composite tracks all companies trading on the exchange, from the small caps to the mega caps. Sector Allocation Both indexes weigh holdings based on a market capitalization formula, but the NASDAQ 100 has a few additional rules for inclusion. While the Composite tracks stocks of all different sizes across various sectors, the NASDAQ 100 tracks only the 100 largest non-finance firms trading on the exchange. The index features companies from different sectors, but it’s heavily tilted toward large-cap tech stocks. If you want exposure to a more diverse group of sectors, you’ll likely prefer the NASDAQ Composite’s methodology. Market Capitalization Diversification can sometimes be a double-edged sword. While you should never put all your capital into a single stock, an extensive index might include shares of companies you’d prefer to avoid. The NASDAQ Composite is a vast group of companies; many are small startups with risky outlooks. The index is cap-weighted, so small caps never get too much exposure, but the NASDAQ 100 narrows its holdings to only the largest and most successful NASDAQ companies. The differences may seem subtle, but as you’ll see below, the performances of the 2 don’t always track in lockstep. Historical Performance of NASDAQ 100 and NASDAQ Composite Investing in indexes like the NASDAQ 100 and NASDAQ Composite has been simplified thanks to the hundreds of ETFs and mutual funds using them in their strategy. The NASDAQ Composite is quoted next to the Dow Jones and S&P 500 on financial media. However, the most common way to track in the NASDAQ 100 is through Invesco QQQ (NASDAQ: QQQ), the $268 billion ETF. Although QQ was launched in 1999, the NASDAQ 100 was first tracked in 1985. The NASDAQ Composite is 14 years older than the NASDAQ 100 and has experienced its fair share of volatility, from the growth-oriented 1980s to the Dot-Com Bubble of the late 1990s to the tech resurgence of the last decade. Both indexes have traded periods of outperformance since the bursting of the bubble, but the chart below shares how the last 10 years have been dominated by large-cap tech. The Composite enjoyed a few years of superior performance following the Dot-Com era thanks to the run in finance stocks leading up to the Great Recession. However, the finance-free NASDAQ 100 recovered more quickly in the aftermath as low rates fueled investment in the tech sector. Since the end of the Great Recession bear market, the NASDAQ 100 has significantly outperformed the NASDAQ Composite. QQQ is up 1400% since March 2009, compared to 998% for the Composite. Both indexes have outperformed the Dow Jones Industrial Average and S&P 500 since the recovery began. Still, the NASDAQ 100 displays the dominance of big tech over the last decade (and with less volatility than the larger Composite). Which Index Is Right for Your Investment Strategy? Investing in the incorrect index can drastically alter your performance. While the NASDAQ 100 has outperformed over the last decade, the future is unwritten, and companies excluded from the NASDAQ 100 may be the big winners in the next decade. Focusing on what you can control and invest based on your goals and beliefs is imperative. Consider these 3 factors when building your portfolio: Risk Tolerance - Anything NASDAQ-related will be tech-heavy. However, you’ll need to consider the risk profile of each asset. The NASDAQ 100 is less volatile thanks to the absence of small caps, but you may prefer the Composite if you want exposure to smaller firms. - Anything NASDAQ-related will be tech-heavy. However, you’ll need to consider the risk profile of each asset. The NASDAQ 100 is less volatile thanks to the absence of small caps, but you may prefer the Composite if you want exposure to smaller firms. Asset Allocation - The entrance to the NASDAQ 100 has a strict bouncer: only the 100 largest companies and finance firms aren’t allowed. The NASDAQ Composite has much looser rules, allowing companies of all sectors and sizes. Depending on which sectors you want to limit or increase exposure to, you’ll likely have a distinct preference for 1 of these 2 indexes. - The entrance to the NASDAQ 100 has a strict bouncer: only the 100 largest companies and finance firms aren’t allowed. The NASDAQ Composite has much looser rules, allowing companies of all sectors and sizes. Depending on which sectors you want to limit or increase exposure to, you’ll likely have a distinct preference for 1 of these 2 indexes. Timeframe - Finally, time in the market likely matters more for returns than any allocation strategy. If you’re investing for a short-term goal, the volatility of the NASDAQ Composite might make you uneasy, whereas a long-term investor can stomach the ups and downs for broader exposure. Timeline and risk tolerance are linked, so consult an advisor to ensure your portfolio matches your objectives. Conclusion The NASDAQ 100 and NASDAQ Composite will always share some similarities, but the differences are distinct enough that your investment strategy will likely prefer one to the other. The NASDAQ 100 is a more centralized group of the top tech firms, while the Composite is broad, diverse and volatile. Make sure you understand the types of companies you’re getting exposure to through each index before investing. Build Your Knowledge with MarketBeat Many of the most innovative and successful companies trade on the NASDAQ. Want to learn more about these exciting stocks? MarketBeat covers each inch of the tech sector through a comprehensive suite of tools and reports. Click here to learn more about our latest offerings.
These 2 Retail Traders Favorites are Nearing Major Breakouts 2024-05-24 12:30:00+00:00 - Key Points Both COIN and HOOD are popular among institutional and retail investors, showing strong potential for further gains. Coinbase Global is up 33% YTD, breaking out of a bullish wedge and testing its 50-day SMA. Robinhood Markets is up 55% YTD, consolidating near its 52-week high and above key moving averages. 5 stocks we like better than Robinhood Markets Shares of Coinbase Global NASDAQ: COIN and Robinhood Markets NASDAQ: HOOD are capturing significant attention. Both stocks display promising technical patterns indicative of potential breakouts. Let's delve into the current setup for these two retail favorites and explore why they might be poised for further upside, alongside a snapshot of key fundamentals. Get Robinhood Markets alerts: Sign Up Coinbase Global: Breaking Out of the Downtrend Coinbase Global Today COIN Coinbase Global $237.65 +18.79 (+8.59%) 52-Week Range $46.43 ▼ $283.48 P/E Ratio 47.44 Price Target $214.67 Add to Watchlist Coinbase Global, a leading cryptocurrency exchange, has been on an impressive upward trajectory, with shares surging 33% year-to-date. The company reported stellar earnings on February 15, 2024, posting $1.04 earnings per share (EPS), significantly surpassing the consensus estimate of ($0.09). This impressive beat was supported by a 51.6% year-over-year increase in revenue, reaching $953.80 million, well above the forecasted $826.10 million. Despite the positive earnings and recent bullish momentum in the stock, Coinbase currently holds a "hold" rating from analysts based on 20 ratings, with a consensus price target suggesting a slight downside. However, the technical analysis tells a different story. The stock recently broke out of a bullish wedge downtrend and is now testing its 50-day Simple Moving Average (SMA). Reclaiming and maintaining levels above this critical zone could signal a confirmed breakout, potentially leading to substantial gains. The company's strong financial performance and the technical breakout make Coinbase a compelling candidate for continued growth in the near term. The current market dynamics and the increasing institutional interest in cryptocurrencies further bolster its prospects. Coinbase Global, Inc. (COIN) Price Chart for Sunday, May, 26, 2024 Robinhood Markets: Hovering Near 52-Week Highs Robinhood Markets Today HOOD Robinhood Markets $20.51 +1.27 (+6.60%) 52-Week Range $7.91 ▼ $21.21 P/E Ratio 136.73 Price Target $19.75 Add to Watchlist Robinhood Markets has also been on a tear this year , with its stock up an impressive 55% year-to-date. On May 8, 2024, the company reported its earnings , revealing $0.18 EPS for the quarter, surpassing the consensus estimate of $0.05. Robinhood's revenue soared to $618 million, a 40.1% increase compared to last year's quarter, beating the anticipated $552.74 million. Analysts have a "hold" rating on Robinhood based on 15 ratings, with a consensus price target that aligns closely with its current trading level. However, the technical picture is notably bullish. The stock is trending above all major moving averages and is consolidating near its 52-week high, just 6% away. This consolidation above rising key moving averages suggests that Robinhood is building a solid base, positioning itself for a potential breakout to new highs. Robinhood Markets, Inc. (HOOD) Price Chart for Sunday, May, 26, 2024 Institutional and Retail Sentiment Both Coinbase and Robinhood have substantial institutional backing and remain popular among retail investors. HOOD, a favorite platform for retail traders and a stock to own, has an impressive 93.27% institutional ownership. Similarly, COIN, a stock popular amongst the retail crowd, also has almost 70% institutional ownership. The strong year-to-date performance of both stocks indicates robust market confidence. Additionally, the technical patterns observed in both stocks are often precursors to significant upward movements. Ready for the Next Leg Higher? Coinbase and Robinhood exhibit strong bullish formations, impressive year-to-date performance, and resilient upward momentum, presenting compelling opportunities for investors and short-term traders. Coinbase's recent breakout from its bullish wedge and Robinhood's consolidation near its 52-week high suggest that both stocks could be on the verge of significant breakouts. Investors will want to keep a close eye on these technical levels: For Coinbase, maintaining above the 50-day SMA will be crucial, while for Robinhood, breaking above the consolidation near its 52-week high could trigger the next leg higher. Given their fundamental strengths and technical setups, both stocks appear poised to deliver potential further gains. Before you consider Robinhood Markets, 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 Robinhood Markets wasn't on the list. While Robinhood Markets currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Snowflake is Melting… Up, With a Double-Digit Upside Potential 2024-05-24 11:50:00+00:00 - Key Points Snowflake had a solid quarter and raised guidance for product sales, supported by demand for AI. A hint of increased collaboration with NVIDIA helped to support the market. Analysts are raising their targets and leading this stock to the high end of its trading range. 5 stocks we like better than Snowflake Snowflake NYSE: SNOW shares have been floundering for the last two years, but those days are ending. The Q1 F25 results were solid, pointing to persistent growth, and the hint of increased collaboration with NVIDIA NASDAQ: NVDA has juiced the market. NVIDIA, the undisputed leader in AI, is already at the heart of Snowflake’s business because of its microchip accelerators and full-stack approach to artificial intelligence (AI) technology. The hint, dropped in a televised interview, is for an increasing number of AI-powered services to meet widespread demand from clients. The takeaway is that Snowflake’s business is gaining new traction that will sustain its growth far into the future, and the market is noticing. Snowflake Today SNOW Snowflake $156.16 +1.58 (+1.02%) 52-Week Range $138.40 ▼ $237.72 Price Target $200.64 Add to Watchlist Get Snowflake alerts: Sign Up Analysts' response following the Q1 release is mixed but bullish for the market. The handful of revisions tracked by Marketbeat.com include one lowered, and one reiterated target, but both are above the consensus estimate and imply at least a 25% upside for the stock price. The remaining revisions are all upward; most are above the consensus and lead the market to the high end of the expected range. Coincidentally, the previously mentioned reiterated target is from Piper Sandler; it is $240 and the highest target tracked. Highlights from the analysis chatter include kudos for strong execution and an outlook for sustained growth and profitability improvement to improve the valuation. Trading at 266 times this year’s earnings outlook and 150 times next year's outlook, this is a highly valued stock that needs to show steady double-digit growth, if not accelerating. Snowflake Stock: Growth Slows, but Outlook Steady Snowflake reported a strong quarter with revenue of $828.71 million, rising 33% compared to last and outpacing the consensus estimate by 500 basis points. The strength is due to a 34% increase in product sales, the core segment, which accounts for 95% of the business. Strength in product sales is tied to the growth of large customers and increased market penetration. Large customers contributing more than $1 million in Trailing Twelve Months (TTM) revenue are up 30% to 485, while the Net Revenue Retention (NRR) or revenue from existing clients is running at 128% of last year’s total. Remaining Performance Obligations (RPO), an indication of future business, is up 46% and suggests growth, despite slowing, will outperform consensus expectations this year. The margin is the only area of weakness, but it can be overlooked. The company’s Generally Accepted Accounting Principles (GAAP) earnings of $0.14 are $0.03 weaker than expected due primarily to increased Research and Development (R&D) and ad spending. Both items support current operations and the growth outlook, so they are not red flags. The more important metrics, free cash flow, and adjusted free cash flow are positive and up 40% compared to last year. The guidance is good and potentially cautious. The company raised its product revenue guidance to $3.3 billion, a 24% year-over-year increase and below forecasts. The guidance may be cautious because of the increasing availability of AI-powered services and broad demand. The Institutions Put a Floor in Snowflake Stock Snowflake stock is well-supported by institutions. The group owns about 65% of the floated shares and has bought on balance for three consecutive quarters. Their activity coincides with a rising level of support and floor for the market. Assuming this floor holds, shares of Snowflake should move to the top of their trading range soon. The technical action is mixed. The stock surged by 5% in pre-market trading and opened with a small gap. However, early action after the opening is bearish, and the market moves lower, creating a solid red candle. If the session closes as is, this market could move down to $150 or lower, regardless of what the analysts say. In this scenario, a move to the bottom of the long-term range near $120 is possible. Before you consider Snowflake, 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 Snowflake wasn't on the list. While Snowflake currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here