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Play-by-Play and Drawings on an iPad: How Cable TV Covers a TV-Less Trial 2024-05-13 19:49:09+00:00 - The trial of former President Donald J. Trump has all the elements of a made-for-TV thriller: sex, politics and potential consequences for the future of the republic. One problem: no TV. Cameras and audio recording devices have been banned from the Lower Manhattan courtroom that is hosting the first-ever criminal proceeding against a former president, creating something of a headache for the cable news anchors and producers assigned with covering a monumental event in American life via a decidedly visual and aural medium. The testimony on Monday of Michael Cohen, Mr. Trump’s lawyer-turned-witness for the prosecution, was the kind of highly anticipated, high-drama moment that would make for riveting television if it could be watched live. Instead, anyone following along on TV was treated to a rolling graphic of text-based updates — essentially an on-air blog, with running updates based on real-time feeds sent by a reporter sitting in the courtroom — as anchors and legal experts pontificated on proceedings they could not see or hear. Sketches, still photographs and footage of Mr. Trump walking in and out of the courthouse now typically fill the screens of the major cable news channels, as their on-air personnel narrate the day’s events. The coverage has the feel of a live baseball radio broadcast, with commentators creating word-pictures for their audience.

New Rules to Overhaul Electric Grids Could Boost Wind and Solar Power 2024-05-13 19:27:07+00:00 - Federal regulators on Monday approved sweeping changes to how America’s electric grids are planned and funded, in a move that supporters hope could spur thousands of miles of new high-voltage power lines and make it easier to add more wind and solar energy. The new rule by the Federal Energy Regulatory Commission, which oversees interstate electricity transmission, is the most significant attempt in years to upgrade and expand the country’s creaking electricity network. Experts have warned that there aren’t nearly enough high-voltage power lines being built today, putting the country at greater risk of blackouts from extreme weather while making it harder to shift to renewable sources of energy and cope with rising electricity demand. A big reason for the slow pace of grid expansion is that operators rarely plan for the long term, the commission said. The nation’s three main electric grids are overseen by a patchwork of utilities and regional grid operators that mainly focus on ensuring the reliability of electricity to homes and businesses. When it comes to building new transmission lines, grid operators tend to be reactive, responding after a wind-farm developer asks to connect to the existing network or once a reliability problem is spotted.

Melinda French Gates says she's resigning from the Gates Foundation. Here's what she'll do next. 2024-05-13 19:18:00+00:00 - 3 of the world's most influential women want to end child marriage within a generation Billionaire philanthropist Melinda French Gates is stepping down from the Bill & Melinda Gates Foundation, the charitable organization that she co-founded in 2000 with her now ex-husband, Microsoft co-founder Bill Gates. French Gates said in a social media post that her last day at the foundation will be June 7, adding that she plans to move onto "the next chapter" of her philanthropic work. In a separate statement, Bill & Melinda Gates Foundation CEO Mark Suzman said the organization would be changing its name to the Gates Foundation. In departing the foundation, French Gates said her plan is to focus on "women and girls in the U.S. and around the world." She noted that as part of her departure agreement from the foundation she'll receive $12.5 billion to commit to those goals. "[T]hose fighting to protect and advance equality are in urgent need of support," French Gates wrote in her statement. Melinda French Gates and Bill Gates were married for 27 years before announcing their divorce in May 2021, a decision that she described to "CBS Mornings" anchor Gayle King in 2022 as "painful." She added at the time that the pair intended to continue working together on their foundation. Gates Foundation CEO Suzman described her departure as "very sad news." "I want to reassure you that the millions of people our work serves and the thousands of partners we work alongside can continue to count on the foundation," he added. At the end of 2023, the foundation had $75.2 billion in assets, according to its website.

‘It just didn’t work’: how businesses are struggling with re-useable packaging 2024-05-13 18:49:00+00:00 - For several months last year, patrons of a Seattle coffee shop called Tailwind Cafe had the option of ordering their americanos and lattes in a returnable metal to-go cup. They could borrow one from Tailwind, go on their way and then at some point – perhaps a few hours later, perhaps on another day that week – return it to the shop, which would clean it and refill it for the next person. If the cup wasn’t returned within 14 days, the customer would be charged a $15 deposit, although even that was ultimately refundable if the cup was returned by the end of 45 days. But the system quickly ran into trouble. It was “overwhelming” trying to explain the return system to every interested customer, said Tailwind’s head chef, Kayla Tekautz. Many were hesitant to participate after learning that they could only return the cups to Tailwind or the other drop-off location, six miles away. Plus, Tailwind’s QR code reader kept malfunctioning, requiring repeated visits from a mechanic. At the end of last summer, Tailwind quietly ended the scheme. “It just didn’t work,” Tekautz said. In an effort to reduce consumption of single-use plastic, the city of Seattle has spent the past several years encouraging local businesses to offer reusable cups, dishes, utensils and packaging. Concertgoers at the Paramount theatre and attenders of the Northwest Folklife festival, for example, can now order their drinks in reusable polypropylene cups. Since 2022, students at the University of Washington have been able to check out bright green reusable food containers from a company called Ozzi. These schemes are helping Seattle avoid single-use plastic and move towards a “waste-free future,” according to the city’s reuse website. It’s a target that is being pursued by many American cities, and at the global level too. Disposable plastic foodware and packaging, which accounts for nearly 40% of all plastic production, can only be phased out if there are robust, efficient reuse systems to replace them. But some businesses, like Tailwind, have struggled to get reusable containers off the ground, often because of the small scale and disconnected nature of reuse schemes. Instead of pooling resources and employing just one or two large cleaning and logistics services, businesses have to choose between several competing initiatives – or in some cases have created and run their own programmes. The result is a slew of incompatible containers. Having so many companies creating their own designs and logistics can be expensive, causing them to miss out on economies of scale that could make reuse more affordable and easily adoptable. According to Ashima Sukhdev, a policy adviser for the city of Seattle, she should be able to “pick up a coffee from my local cafe and then drop it off in the lobby of my office building. Or drop it off at the library, or at a bus stop.” But what Sukhdev is describing would represent a highly unusual level of coordination across company lines and require big changes from consumers, who have been trained for 70 years to expect disposability in just about every aspect of daily life. According to a recent report from the Ellen MacArthur Foundation (EMF), a nonprofit organisation that advocates for a “circular economy” that conserves resources, even companies that have pledged to dramatically scale down their use of plastics have only replaced 2% or less of their single-use containers with reusables. “To realise the full benefits of return systems, a fundamentally new approach is required,” the authors concluded. EMF has identified four broad categories of reuse systems: refill on the go, when consumers bring their own reusable containers to grocery stores and coffee shops; refill at home, where consumers own their own reusable containers and order refills in the mail; return on the go, where businesses own containers and let consumers borrow them; and return from home, where businesses own the reusable containers, pick them up and wash them (like old-fashioned milk deliverers). The EMF report focuses on the “return on the go” category and argues that three things need to happen to make reuse mainstream: companies must achieve high return rates; share infrastructure for washing, collecting, sorting and delivery in order to achieve economies of scale; and utilise standardised reusable containers. The third pillar makes the other two much easier to achieve. Pat Kaufman, the manager of Seattle Public Utilities’ composting, recycling, and reuse programme, is currently working with a nonprofit called PR3, an organisation seeking to create those standards. Some of the questions they are facing are: what will standardised reusable packaging systems look like, and what will it take to get companies, and consumers, to adopt them? They have spent the past four years drafting standards for reuse systems, with a particular focus on container design, and they are hoping to eventually certify the world’s first reuse standards under the International Organization for Standardization (ISO). This would lend legitimacy to the PR3 proposals, as the ISO maintains one of the world’s most widely accepted catalogues of standards. Others within its portfolio cover everything from food safety to the manufacturing of medical devices, and have been voluntarily adopted by many large companies and government bodies. PR3 released a draft of its standards last year and it has been updating them since then. So, what makes a good reusable container system? It’s complicated. Containers have to hold up under the stresses of logistics and transportation. They have to be relatively inexpensive. Perhaps most intangibly, they have to seem reusable, so customers don’t accidentally throw them out with the rubbish. In designing draft standards, PR3 has often had to make educated predictions about which ones consumers will respond to. And those predictions can have far-reaching implications. If you assume customers will frequently lose or forget to return their containers, for example, then it probably won’t make sense to design thick containers that are capable of withstanding hundreds of uses. “In the real world, return rates vary wildly,” said Claudette Juska, PR3’s technical director and one of its co-founders. “You don’t want to design a container for 400 uses if it’s only going to be used four times.” The most recent version of PR3’s standards says containers must be designed to withstand at least 20 uses and reused in practice at least 10 times. On the other hand, it may be counterproductive to design containers with the expectation that they won’t be returned. According to Stuart Chidley, a co-founder of a reusable packaging company called Reposit, containers that look and feel cheap could actually cause low return rates, since people might be more careless with them. His philosophy is to use features such as colour, weight and shape to communicate containers’ reusability, making it less plausible that people will confuse them for disposables. Rather than calling for specific container shapes and sizes, PR3 has drafted a few broad requirements: that containers be designed to “optimise durability”, and that they follow “best practices for recyclability.” They must comply with existing food safety regulations. Optionally, companies may label products with a universal symbol, similar to the ubiquitous “chasing arrows” used to indicate recyclability. Such a symbol doesn’t yet exist for reuse, but PR3 has proposed one: a black, white or orange rose-like pictogram along with the word “reuse”. More specific design elements are included only as recommendations. For instance, to make washing easier, PR3’s draft says reusable containers should have interior angles no smaller than 90 degrees, as well as “feet” to maximise airflow during drying. They also say containers should “nest” to save storage space and make transportation easier. The approach aims to appease big businesses by allowing them to keep using containers that look and feel very different, so long as they conform to a set of broad requirements. “Product companies want that kind of autonomy,” Juska said. View image in fullscreen Coca-Cola – setting itself apart. Photograph: Helen Sessions/Alamy Coca-Cola, for example, sets itself apart with its iconic and patented hourglass-shaped Coke bottle. And beauty companies are notorious for differentiated packaging: the perfume aisle might have bottles shaped like everything from a high-heeled shoe to a kitten. Some reuse advocates want to do away altogether with those unique container designs in order to enable sharing among different companies – a situation where packaging is considered “pooled” within a market. So instead of an extravagant diversity of perfume bottles, all fragrances might come in interchangeable cylindrical jars. A small number of companies, particularly in Europe, already do this. For example, through a German programme called Mach Mehrweg Pool ((make a reuse pool), brands share a collection of identical glass jars that can be filled with different foods. When consumers return the empty containers to a supermarket, a logistics provider picks them up and brings them back to food producers for cleaning. Another organisation called the German Wells Cooperative runs a similar scheme for reusable soda and water bottles, counting more than 150 beverage makers as members. There is already evidence that most companies are leaving money on the table by choosing not to pool their containers. At least some intervention – perhaps regulation or financial incentives – is probably required to create conditions that are more favourable to reusables. A hands-off, market-led approach is what has led to today’s proliferation of throwaway plastics. EMF’s modelling suggests that only reuse systems “built collaboratively from the outset” can reach cost parity with single-use. Exactly what that collaboration will look like, however, is unclear, since the kinds of government regulations that could help foster it might be incompatible with the United States’ free-market ethos and antitrust laws. Internationally, some cities and countries have done more than the US to promote reuse, but none have gone as far as what EMF is suggesting.

GameStop Shares Surge After ‘Roaring Kitty’ Re-emerges 2024-05-13 18:45:33+00:00 - GameStop’s share price skyrocketed on Monday after the man who became the face of “meme stock” mania in 2021 with his enthusiastic promotion of the struggling video game retailer emerged from a three-year hiatus. On Sunday evening, Keith Gill, the trader known on some social media platforms as Roaring Kitty, posted an illustration of a person holding a video game controller while leaning forward on a chair on X. On no other news, GameStop’s stock more than doubled in early trading, prompting several temporary volatility-related halts by the New York Stock Exchange. The shares were up about 74 percent at the close, adding billions in market value in a matter of hours. During the frenzy, Mr. Gill posted a series of cryptic clips from movies, television shows and music videos, including the film “Ferris Bueller’s Day Off,” the television series “Game of Thrones” and the song “Stand Up” by Ludacris. But even after Monday’s surge, GameStop’s stock remained well below the heights it reached in 2021. Mr. Gill gained a cult following among day traders during the coronavirus pandemic with lively and irreverent videos on YouTube and posts on Reddit arguing that GameStop was undervalued. In 2021, that stock and others, like AMC Entertainment, soared in value as armies of small investors piled in, boosting one another in online forums that were heavy on memes and jokes and light on discussion of traditional financial fundamentals.

Airlines ask court to block Biden administration's new fee disclosure rule 2024-05-13 18:39:00+00:00 - Aerial view of United Airlines passenger planes docked in a terminal of Newark Airport in Newark, New Jersey, on May 11, 2024. Major airlines and an industry trade association asked a federal appeals court to toss out a new Department of Transportation rule requiring earlier disclosure of add-on fees during flight booking. The challengers — trade group Airlines for America, and Alaska , American , Delta , Hawaiian , JetBlue and United airlines — argue the DOT exceeded its legal authority when it published the rule, in late April, and that the rule is "arbitrary, capricious" and an "abuse of discretion." The petition for review was filed in the U.S. Fifth Circuit Court of Appeals late Friday. The Biden administration introduced the airline fee disclosure rule in September 2022. It requires airlines and online travel agencies to disclose fees for seat selection, checked baggage and other add-ons upfront alongside the airfare, rather than adding the costs at checkout based on a customer's selections. "You should know the full cost of your ticket, right when you're comparison shopping," President Joe Biden said at the time. Airlines for America said in a statement to CNBC on Monday that the rule will "confuse consumers" and "complicate the buying process." "Airlines already provide consumers with complete disclosure of all fees associated with air travel before they purchase a ticket," the group said in the statement. "DOT's attempt to regulate private business operations in a thriving marketplace is beyond its authority ... The DOT ancillary rule is a bad solution in search of a problem."

With Trump under a gag order, allies step up attacks on his hush money trial 2024-05-13 18:19:00+00:00 - Former President Donald Trump risks a trip to jail if he attacks witnesses in his New York hush-money trial. But his allies aren't covered by the gag order he has repeatedly violated, and they're increasingly launching the broadsides that Trump can't. On Monday, as former Trump "fixer" Michael Cohen testified that Trump was directly involved in a scheme to kill negative stories about him during the 2016 election, Sens. JD Vance, R-Ohio, and Tommy Tuberville, R-Ala., ripped into Cohen. "He’s a convicted felon," Tuberville said of Cohen at a press conference outside the courthouse. "I mean this guy is giving an acting scene." "Cohen can’t remember how old his son is or how old he was when he started to work for Trump but I’m sure he remembers extremely small details from years ago!" Vance, who is in contention to be picked as Trump's running mate, wrote in a sarcasm-laden tweetstorm on X. "Michael Cohen admitting he secretly recorded his employer. Just totally normal conduct, right? The best part is he said he did it only once and only for Trump’s benefit. A standup guy!" Follow live trial coverage here. In 2018, Cohen pleaded guilty to lying to Congress about a Trump project in Moscow. At the time of his testimony, he remained loyal to his longtime employer. The friends-and-family loophole has been exploited by lawmakers and by Trump's sons, Donald Jr. and Eric, the latter of whom has attended portions of the trial. Neither of them has been accused of any wrongdoing in the case, which centers on whether the former president falsified business records in order to help his 2016 election chances by covering up alleged affairs that he denies occurred. Trump has frequently denounced the gag order, portraying it as an effort to silence his political speech as he campaigns for a return to the Oval Office. Merchan has found him in violation of the order 10 times, fined him and warned him, in no uncertain terms, that further transgressions could result in incarceration. That's why Trump supporters say it is crucial for his defenders to give his claims voice in the public arena. Sen. JD Vance, R-Ohio, attended Trump's trial in Manhattan on Monday. Sarah Yenesel / Pool via Getty Images "It's more important than normal that all of Trump's allies speak out loudly against this sham prosecution, given the unconstitutional gag order President Trump is being forced to abide by," one Trump ally said. "They are not allowing Trump to speak out about the connections the judge and prosecution have to the Democrat[ic] Party and Joe Biden, so it's incumbent upon his biggest supporters to carry that vital message on his behalf." Trump has said that he is ready to testify in his own defense at the trial, but many legal experts note that his lawyers are likely to advise against that. In addition to the two senators, Rep. Nicole Malliotakis, R-N.Y., and the Republican attorneys general of Iowa and Alabama — Brenna Bird and Steve Marshall — went to the courthouse Monday to support Trump. “I have been a prosecutor for 30 years and have never witnessed a greater perversion of the criminal justice system than I did this morning," Marshall said in a statement to NBC News. "This reeks of desperation from a party that has clearly lost all confidence in its nominee, but even this circus won’t distract Americans from recognizing the failures of this administration." Malliotakis, who represents Staten Island and part of Brooklyn, said Trump is being subjected to a "sham trial" that depends on the testimony of a "convicted disbarred perjurer" in Cohen. Though prosecutors used Cohen to introduce new evidence — including a recording of Trump telling Cohen to use cash to purchase Playboy model Karen McDougal's story of an alleged affair — prior witnesses had already testified about key details of the catch-and-kill scheme and how payments were made. Deploying allies points to the two-pronged nature of Trump's current fight: inside the courtroom, his lawyers must convince at least one juror that the prosecution failed to prove he is guilty; outside it, he must convince voters that he should be elected president, regardless of the outcome of the trial. And without cameras to capture the trial, the Trump campaign has also been twisting the truth of what's happening to supporters, at times telling them versions of developments that don't completely line up with what's going on in the room.

Rejection of BHP’s second bid for Anglo American is unsurprising 2024-05-13 17:47:00+00:00 - BHP is “disappointed” that its second takeover offer for mining rival Anglo American has been rejected, but it cannot be surprised. The improved terms in the all-share proposal took the headline price from £31bn to £34bn but, since almost everybody agreed the original offer was several mineshafts short of full value, even a £3bn uplift wasn’t enough to put the defending board under serious pressure. The problem here for BHP is twofold. First, the advertised offer price of £27.53 for Anglo (the day-to-day value obviously fluctuates with BHP’s share price) may look pretty against the pre-action level of £22-ish, but we’re talking about long-life assets here. Anglo stood at £36 in January last year and, if only it could fix its current production headaches, it’s not too hard to imagine it getting close to that level in reasonable time under its own steam. Some outside assistance in the form of a pickup in the price of platinum would help, for starters. The second issue is the complex structure of BHP’s offer. It requires Anglo to demerge its two big South African units, one in platinum and the other in iron ore, which already have separate listings in Johannesburg. Only then would BHP’s offer for the bulk of the company – stretching from copper mines in Peru and Chile to metallurgical coal in Queensland to De Beers diamonds – proceed. The proposed model can be presented by BHP as politically savvy, since it would mean South African assets staying under local ownership, but from the point of view of Anglo’s shareholders a two-part transaction just looks messy. All the risk in securing a regulatory thumbs up for the South African demergers sits with Anglo, and there could be a hefty tax bill (some estimates say $2bn (£1.6bn)) at the end of the process. There will, of course, still be a takeover price at which Anglo’s board would be obliged to roll over and say the risks and uncertainties are worth accepting. Anglo’s current structure, after all, is hardly simple; and the benefit of a combo with BHP would be the bidder’s undoubted ability to ramp up investment. But logic still says the take-out price should involve more than just a conventional premium to compensate for the fussiness of the takeover structure. At the moment, BHP’s offer is just not in compelling territory. None of which gives Anglo’s board a free pass. The parallel promise from its boardroom on Monday was that the “accelerated plans” for a standalone future would follow on Tuesday. There’s nothing like a bid to accelerate a board’s thinking, but chairman Stuart Chambers needs to have something substantial to say, beyond a predictable promise to boost production. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion A good start would be to find some assets to sell to show the value within Anglo – some analysts suggest a prime candidate would be iron ore in Brazil. Whatever it is, the takeover defence needs to move the dial on shareholder expectations. Given the performance for investors over the past decade has been a series of disappointments, a pledge to carry on doing the same thing ain’t going to cut it.

Melinda French Gates steps down from Gates Foundation, retains $12.5 billion for additional philanthropy 2024-05-13 16:55:00+00:00 - Melinda French Gates is stepping down from the Bill and Melinda Gates Foundation, three years after announcing her separation from Microsoft co-founder Bill Gates. In a statement posted on her Instagram account, she said that as part of her agreement to step down from the foundation, she will retain $12.5 billion that she plans to put toward her ongoing work supporting women and families. “This is not a decision I came to lightly,” French Gates wrote. “I am immensely proud of the foundation that Bill and I built together and of the extraordinary work it is doing to address inequities around the world.” In a separate statement, Bill Gates said, “I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.” Now worth $75.2 billion, the Gates Foundation has over the course of its three-decade lifespan made $77.6 billion worth of grant payments, making it one of the largest donor organizations in the world, with a focus on health and developmental goals. It is one of the largest contributors to the World Health Organization, and played a key role in efforts to address the Covid pandemic. In 2015, French Gates founded Pivotal Ventures, an initiative focused on advancing opportunities for women and minorities in the United States, especially in technology. French Gates, 59, shares three children with Bill Gates. The couple divorced in August 2021. Here is her statement in full:

GameStop shares double as ‘Roaring Kitty’ returns to social media 2024-05-13 16:54:00+00:00 - Shares in GameStop doubled on Monday after “Roaring Kitty”, the man at the heart of the stock market frenzy surrounding the video gaming chain three years ago, resurfaced on social media. Trading of GameStop was halted several times as its shares surged to their highest levels in more than a year when New York opened for trading. Keith Gill, the influencer known as Roaring Kitty and former marketer at an insurance firm, posted on X for the first time since 2021. He shared a sketch of a gamer leaning forward, as if things were getting serious – and followed up with a string of clips from movies and TV shows. In one clip from the Pirates of the Caribbean franchise, Captain Barbossa, having unexpectedly returned from the dead, remarked: “So tell me, what’s become of my ship?” The posts triggered a surge in GameStop shares, which rallied by as much as 110% during early trading on Monday. They slipped back, and ended the day up 74%. Gill’s videos on YouTube, and posts on Reddit, where he is known as DeepFuckingValue, placed him at the front of an army of meme-toting day traders who tried to mount a rebellion against Wall Street – and the financial titans dominating the market. Their bid to engineer a “short squeeze”, whereby the hedge funds that bet against GameStop were left scrambling to shore up their balance sheets after its shares surged, was transformed into a Hollywood movie last year. Paul Dano played Gill, who was the central character in Dumb Money. Gill himself has largely kept his head down, however – and steered clear of social media – until now. His posts on Sunday evening and Monday unleashed a torrent of speculation around his plans. Shares in GameStop have fallen dramatically since their extraordinary peak in early 2021, at the height of the so-called “memestock” trading frenzy, when a string of companies were boosted by viral memes. Questions have been raised, too, about the strength of GameStop’s business, which has endured a series of high-profile departures from its management team. In March, the chain cut an unspecified number of jobs to reduce costs and reported lower fourth-quarter revenue. Kathleen Brooks, research director at XTB, noted that the stock had rallied despite a “horrible” first quarter. “Monday’s move in GameStop rounds off a good month for the company,” she said. “Its stock price has surged more than 60% in the past month, fueled mostly by demand from retail traders.” Roaring Kitty “seems to be the most likely suspect for the renewed interest today ... but I would be careful not to characterize the participants in this phenomenon as investors”, said Art Hogan, chief market strategist at B Riley Wealth. “There’s no fundamental change in any of the companies that are popularized in this phenomenon.” Monday’s rally spread beyond GameStop to other top memestocks. Shares in AMC Entertainment, the movie chain, rose 78% while Trump Media, the former president’s media business, rallied before losing steam, to finish the day up 1%. Reuters contributed reporting

Melinda French Gates to Resign From Gates Foundation 2024-05-13 16:32:38+00:00 - Melinda French Gates is leaving the behemoth foundation she and her former husband Bill Gates founded nearly a quarter-century ago to devote herself fully to her work on behalf of women and girls, which has been the focus of much of her recent philanthropy. Her move, announced on Monday, marks the end of an era for the Bill and Melinda Gates Foundation — henceforth known as the Gates Foundation — that she and her former husband founded in 2000, and transformed into a juggernaut that shook up the world of philanthropy and reshaped the fields of global public health and development. “After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill and Melinda Gates Foundation,” Ms. French Gates, 59, said in a post on X. She added that the foundation was “in strong shape,” and that it was the right time for her to move “into the next chapter of my philanthropy.” Her last day will be June 7. Ms. French Gates will get $12.5 billion in resources to direct toward her philanthropic work. In a statement, she said she would use the money she was leaving with to “commit to my work on behalf of women and families.”

Why These Companies Are Buying Back Stock Lately 2024-05-13 15:45:00+00:00 - Key Points Three companies saw it fit to set aside billions to buy back their stock, meaning they could be cheap today. With solid financials and steady profits, investors can rest assured that these buybacks are no marketing stunt. Double-digit upside lies ahead, and the economic drivers behind each name are only likely to accelerate. 5 stocks we like better than Apple When investors think about their potential winnings through the stock market, two methods typically get the lion’s share of attention. The most straightforward appreciation will happen through the classic buy low and sell high (with a little luck). Second, dividend income has become a common preference during high inflation. Focusing on dividends, the primary method managements use to repay their shareholders, may not be the most effective way for investors to get their money back. In just a bit, it will become clear that share buybacks are a much better way for shareholders to feel the love, as they let investors compound their wealth more efficiently. Get Apple alerts: Sign Up Apart from being superior in efficiency, share buybacks can send investors—and markets—a broader message. If insiders are buying back their own stock, wouldn’t it be logical that they think it’s cheap? Suddenly, stocks like AutoNation Inc. NYSE: AN, eBay Inc. NASDAQ: EBAY, and even Apple Inc. NASDAQ: AAPL may be on the cheaper end as management initiated aggressive buyback programs. Buybacks Are the Real Life Hack Because dividends are paid with a company’s free cash flow (operating cash flow minus capital expenditures), investors will receive their dividends through taxed money. Once investors receive these dividends, they must also pay their share of taxes. Why go through double-taxation and take from the company’s cash balance when investors could pick the compounding route? When management buys back stock, they increase your ownership in the company as an investor, enabling you to compound your wealth faster. Ideally, investors pick growing – and profitable – companies for their portfolios, so when management decides to buy back stock, they will own a larger piece of a growing pie. Of course, not all buybacks are made equal, as some companies trick investors by buying back stock by issuing debt, which is like paying your credit card with another credit card. Three Companies Buying Back Stock Right Now It could be said that, as the Federal Reserve (the Fed) prepares to cut interest rates later this year, management is getting ready to invest in AutoNation’s future, as cheaper vehicle financing could drive demand higher in the car market. As the ISM services PMI index had its first contraction reading since 2020, the Fed may have another reason to bring on these cuts, and eBay management is right there to ride the recovery in the business services sector. The stock market’s darling, Apple, is still the same cash cow as ever. Because of its predictable – and growing – free cash flow, management took a stance to ensure aggressive buybacks send investors a message: The stock is cheap! 1. AutoNation is Behind the Wheel AutoNation Today AN AutoNation $168.81 +4.51 (+2.74%) 52-Week Range $123.81 ▼ $182.08 P/E Ratio 8.00 Price Target $176.63 Add to Watchlist Based on price action, AutoNation is not cheap, as it trades at 90% of its 52-week high today. Following the future demand for vehicles in the U.S. market, investors are jumping on board with management’s $1 billion stock buyback program , looking to buy up to 14.9% of all shares. Thinking along the same lines as management, analysts at Bank of America slapped a $215 price target on AutoNation stock, calling for a 31% upside from its current price. According to the company’s financials, AutoNation generates up to 12% returns on invested capital (ROIC), so investors can rest assured that these buybacks aren’t a trick but are financed by steady profits. AutoNation, Inc. (AN) Price Chart for Monday, May, 13, 2024 2. eBay’s Bears Went Running eBay Today EBAY eBay $51.99 +0.99 (+1.94%) 52-Week Range $37.17 ▼ $52.93 Dividend Yield 2.08% P/E Ratio 10.36 Price Target $51.45 Add to Watchlist After realizing eBay’s management will buy up to $2 billion in stock , the company’s short interest declined by 6.4% in the past month in a show of bearish sentiment retreat. More than that, eBay stock rose to 96% of its 52-week high to let the bulls take over. As stocks like Shopify Inc. (NYSE SHOP) popped on earnings, showing that the digitized economy is a new escape for businesses seeing their margins squeezed by the U.S. stagflation (low economic growth with high inflation), analysts at Barclays boosted eBay’s valuation to $65 a share, or 27.5% above today’s prices. But that’s not all; the Vanguard Group saw fit to boost its stake in eBay by 7.7% as of May 2024, bringing its total investment up to $3.3 billion. Investors could say the company’s 13% ROIC was a sign of confidence. eBay Inc. (EBAY) Price Chart for Monday, May, 13, 2024 3. Management Bites the Apple Apple Today AAPL Apple $186.28 +3.23 (+1.76%) 52-Week Range $164.07 ▼ $199.62 Dividend Yield 0.54% P/E Ratio 28.97 Price Target $204.11 Add to Watchlist A behemoth of a buyback program, Apple’s management set aside $110 billion to buy back stock. Far from a price action discount, Apple stock trades at 92% of its 52-week high despite facing some headwinds in its recent quarterly earnings announcement. Investors know that Apple’s moat will likely get over this temporary bump in the road. Hence, those at Bank of America see a price target of up to $230 a share. Apple would have to pull off a 26% rally from today’s price to prove analysts right. Generating up to 42% ROIC in the past 12 months, investors may apply the ‘buy and forget’ mentality here, as these profits are more than enough to let the company afford these buybacks and then some. Apple Inc. (AAPL) Price Chart for Monday, May, 13, 2024 Before you consider Apple, 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 Apple wasn't on the list. While Apple currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

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GameStop is Roaring Based on Speculation Not Substance 2024-05-13 15:10:00+00:00 - Key Points A spike in GME stock prompted a LULD pause on Monday, May 13, 2024. The spike is due to a social media post by “Roaring Kitty,” the social media poster who sparked the company’s meme stock rally in 2021, fueling speculation that another short squeeze is imminent. The fundamentals are still weak; speculators should proceed at their own risk. 5 stocks we like better than GameStop GameStop Corp. NYSE: GME shareholders may have a feeling of deja vu. Trading of GME stock was paused due to a limit up limit down (LULD) pause on Monday, May 13. The 110% higher move fuels the idea that GameStop is ready to experience another short squeeze reminiscent of 2021. But the GameStop stock price spike isn’t fueled by news that impacts the business. The company doesn’t report its first quarter earnings until June 5, 2024. The “news” is that Keith Gill (aka Roaring Kitty) took to X this weekend for the first time in nearly three years. Get GameStop alerts: Sign Up It was Gill who helped make GameStop one of the original meme stocks in 2021. The idea was to target short sellers, specifically Melvin Capital and force them to cover their short positions. This would drive up the price of the target stocks, creating a short squeeze. Well, guess what? Short interest in GME stock is over 21% of the float. That’s drawing the attention of the meme stock crowd, who may be trying to catch lightning in a bottle again. There’s Still No “There” There GameStop Today GME GameStop $30.45 +12.99 (+74.40%) 52-Week Range $9.95 ▼ $38.20 P/E Ratio 1,523.26 Price Target $5.60 Add to Watchlist There are two stories surrounding GameStop. One is coming from a determined group of traders who are intent on “sticking it to the hedge funds” that are shorting GME stock. The other story is from those hedge funds and analysts who correctly note that the underlying fundamentals of GameStop remain underwhelming. In the company’s most recent quarter, the company missed on both the top and bottom lines. At that time, the company reported an unspecified number of layoffs as it continues to face competition in its e-commerce business. The bottom line is that GameStop’s legacy business is irrelevant to the needs of today’s gaming community. In fact, the company’s business model now focuses on allowing its chief executive officer (CEO) and chairman, Ryan Cohen, to buy and sell cryptocurrencies and other blockchain-related stocks. Chase GME Stock at Your Own Risk The GameStop analyst ratings on MarketBeat show that only Wedbush has weighed in on GME stock, and their Strong Sell rating should not inspire confidence. Remember that analysts rarely issue a Sell rating, let alone a Strong Sell rating. It would be foolish to predict what will happen next with GME stock. All the fuel is there for another short squeeze. But before you get involved, remember that a short squeeze is the definition of the “greater fool theory.” That is, the price will keep going up as long as you can find one more buyer who’s willing to pay a higher price than you. Also, what goes up can go down and often just as fast. That’s what many GME investors found out the hard way in 2021. That wasn’t all the fault of Robinhood Markets Inc. NASDAQ: HOOD, which prevented investors from selling their stock when the inevitable downturn began. GameStop Corp. (GME) Price Chart for Monday, May, 13, 2024 If you’re going to take a spin on this roulette wheel, you need to understand that this surge is being fueled by fantasy, not fundamentals. That doesn’t mean you can’t make real money. But you need to have an exit plan in place and take your profits when you get them. Before you consider GameStop, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and GameStop wasn't on the list. While GameStop currently has a "Sell" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Are 25-year UK mortgages a thing of the past? 2024-05-13 14:52:00+00:00 - For a long time the traditional length of a UK mortgage has been 25 years, but runaway house prices and, more recently, dramatically higher borrowing costs are prompting more and more people to “go long” on their home loans. On Monday, the former pensions minister Steve Webb revealed that younger homebuyers were increasingly being forced to gamble with their retirement prospects by taking on ultra-long mortgages lasting beyond the end of their working life. The ex-Liberal Democrat MP published data obtained via a freedom of information request indicating that in the past three years, more than 1m mortgages that stretch beyond the current state pension age have been taken out. Webb tabled the request in response to a recent report from the Bank of England’s financial policy committee (FPC) that revealed that almost half of all new mortgages issued in the final three months of 2023 were for terms of 30 years or more. Separate figures from the lenders’ trade body, UK Finance, show that by the end of 2023, almost one in five first-time buyers were arranging their mortgage over 35 years, compared with fewer than one in 10 a year before. And while in 2005 the typical mortgage term for a UK first-time buyer was 25 years, that had crept up to 30 years by mid-2022. Ray Boulger of the broker John Charcol says the traditional quarter-century term was chosen because until about the year 2000 most mortgages were linked to an endowment policy, for which 25 years was considered the optimum period. Now that more than 90% of house purchase mortgages are taken out on a repayment basis, “there is no logical reason for the default period of a repayment mortgage to be 25 years or, indeed, any specific term,” Boulger says. Affordability pressures The key driver for longer terms is affordability: stretching out repayments over a longer term reduces how much you have to hand over each month. In the UK, high house prices, escalating student debts and a rise in the age at which couples have children have contributed to the need for a longer repayment term. “But what I think has helped to accelerate that [demand] more recently is the fact that interest rates are that much higher now,” says David Hollingworth of the broker L&C Mortgages. “You were getting people going beyond the traditional 25 years, but they would be perhaps sitting at about 30. We are starting to see the proportion going to the full 40 beginning to edge up – so, maxing it out effectively.” View image in fullscreen High house prices have contributed to the need for a longer repayment term. Photograph: Yui Mok/PA Someone who takes out a £200,000 repayment mortgage at a rate of 4.5% could expect to pay £1,111 a month on a 25-year term. Tweak that to 30 and it falls to £1,013 a month. At 35 years it is £946, and at 40 it is £899 – £212 a month less than if they signed up for 25 years. For would-be borrowers who cannot raise the mortgage they want on a shorter term, increasing the length of their loan may be their only option. 45-year loans In March, UK Finance gave a graphic example of how affordability pressures have ratcheted up as interest rates and house prices have risen. It looked at a typical first-time buyer in 2022, when the average mortgage term for someone stepping on to the property ladder was 30 years. By the middle of 2023, for that buyer to achieve the same affordability – as measured by their monthly payments compared with income – they would have needed to borrow over a 50-year term. By last December, rising mortgage rates had pushed this to 72 years. “A 50-year term, let alone 72 years, sits outside even the most generous of lender underwriting criteria,” UK Finance was quick to add. View image in fullscreen At the end of April, 79% of residential mortgages on sale had a maximum term of up to 40 years, according to Moneyfacts. Photograph: ColsTravel/Alamy Banks and building societies have, though, made it easier for people to tie themselves into ultra-long mortgages. The financial data provider Moneyfacts said that at the end of April this year, 79% of residential mortgages on sale had a maximum term of up to 40 years – up from 68% in August 2023, and 57% a year earlier. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion One specialist player, Vida Homeloans, recently made the move to 45 years, and others could follow. Perenna, a new lender that launched its products late last year, originally offered deals lasting up to 30 years, but now offers a maximum of 40. Arjan Verbeek, its chief executive, says it has seen “very strong demand”, adding: “We will go to 50 if there is … need.” It is not just first-time buyers opting to go long – large numbers of people facing much higher monthly payments once their existing deal expires have also extended the length of their mortgage term or are considering doing so. Sting in the tail Going for a longer term could lower monthly costs, but there is a financial sting in the tail: the longer you draw out the repayments, the more interest you will pay over the life of the mortgage. For the £200,000 mortgage mentioned above, while over 25 years the borrower would pay £133,000 in interest, over a 40-year term, their total interest bill soars to £231,000. And policymakers clearly have concerns about the growing popularity of marathon mortgages and the potential risks they pose for financial stability. People are potentially saddling themselves with a big debt that some will probably still be paying off long after they have started collecting their pension, or would have hoped to retire. View image in fullscreen Ultra-long mortgages could lead to buyers saddling themselves with debt they could be paying off after they retire. Photograph: Image Source/Getty Images The FPC warns that this trend “could affect future borrower and lender resilience”, adding that longer terms means “a higher risk of debt being pushed into old age” and reduced financial flexibility. That, in turn, could make borrowers “more sensitive to negative shocks”. On top of this, traditionally, you might have reached your early/mid/late 50s and either have paid off your mortgage or certainly broken the back of it – thereby giving you a few valuable years during which you could shove as much money as possible into your pension to boost your future retirement income. For many, that window of opportunity has now closed, or is likely to close. A short-term fix? There has already been an increase in the number of people in their 60s and 70s using equity release schemes to pay off their mortgages. On the other hand, some of those signing up for longer-term mortgages will find their financial situation improves over time, allowing them to bring the term back down or make overpayments to reduce what they owe. Boulger says the fact that a 35- or 40-year mortgage might end up being more expensive does not necessarily mean there is anything wrong with a longer term if it is the best means to the desired end of owning your own home. “It will usually be better than renting for your whole life, including in retirement, and in any case very few people will keep the same mortgage for the whole term, and so in reality only a tiny proportion of 35- to 40-year mortgages will actually last that long,” he says. In July 2022, it was reported that longer-term mortgages were being considered by the then prime minister Boris Johnson as a way to tackle the housing crisis. Ironically, the mess made of the economy by his successor Liz Truss – whose September 2022 mini-budget lit the touchpaper for much higher mortgage rates – could actually help make half-century home loans a lot more likely.

Trump eyes even more tax breaks for the wealthy, big corporations 2024-05-13 14:38:43+00:00 - Donald Trump hasn’t unveiled the details of his tax plan, but as Bloomberg News reported over the weekend, the former president is starting to let the public know about his intentions — and who’d benefit from his plans. Donald Trump pledged to double down on tax cuts if he wins a second term as president, drawing a distinction with President Joe Biden who has called for tax hikes on businesses and the richest Americans. ... Trump’s comments on Saturday shed some more light on his emphasis on cutting taxes across the board, including for top earners and businesses. At a rally in New Jersey, the presumptive Republican nominee boasted about an apparent across-the-board tax cut, which would include “big” new tax breaks for the “upper class” and the “business class.” For those who keep an eye on Trump’s rhetoric in general, the comments weren’t altogether surprising. It was, after all, late last year when he told attendees at a Mar-a-Lago event, “You’re rich as hell. ... We’re gonna give you tax cuts.” Soon after, he told Fox News he was interested in another round of tax breaks for corporations. The Washington Post published a related report in the fall, noting that Team Trump was “plotting an aggressive new set of tax cuts,” including “deeper cuts to both individual and corporate tax rates.” It’s worth emphasizing for context that the presumptive GOP nominee and his team aren’t talking about replacing their 2017 tax policy. On the contrary, they’re determined to keep those tax breaks in place — including extending the measures that are set to expire — and then keep going with even more cuts. The fact that Trump’s 2017 package was a failure is an inconvenient detail that much of the political world chooses to overlook. How would Trump pay for another round of tax breaks? He hasn’t said, and that almost certainly won’t change. In fact, if recent history is any guide, the former president and his allies would simply put the cost of the tax cuts on the national credit card, without regard for the budget deficits that his party occasionally pretends to care about. Wouldn’t this make inflation worse? Probably, though Republicans don’t much appear to care about that, either. But as Trump makes this an explicit part of his 2024 pitch, it’s especially important to appreciate the politics surrounding the larger conversation. As Republicans began their work on tax reform seven years ago, practically all independent polling pointed in the same direction: Most Americans wanted to see a system in which the wealthy and big corporations paid more. Republicans proceeded to ignore public attitudes and did the opposite. The political landscape hasn’t changed much. About a year ago, a national Pew Research Center survey found that Americans’ top concern related to tax policy was “the feeling that some corporations and wealthy people do not pay their fair share in taxes.” The report on the findings added, “Majorities also say they would like taxes on these groups to be raised.” Three months ago, a Navigator Research survey found that 79% of voters favored higher taxes for wealthy individuals and large corporations. As recently as March, a Bloomberg News/Morning Consult poll found that 69% of voters in swing states want to see higher taxes on the wealthy. Trump, in other words, isn’t just pushing a sequel to his own failed policy, and isn’t just boasting about an idea that would likely make inflation and the deficit considerably worse. He’s also exposing the fraud behind his alleged economic populism while touting tax breaks that most Americans oppose. President Joe Biden isn’t winning any popularity contests, but when it comes to tax policy, there can be no doubt that the Democratic incumbent is on the right side of public opinion.

Anglo American rejects new £34bn offer from mining rival BHP 2024-05-13 14:05:00+00:00 - Anglo American has rejected a second takeover approach by its Australian rival BHP that values the London-listed mining company at £34bn. BHP said Anglo’s board had not engaged with its offer, which came after an initial £31bn offer was also rejected last month. Anglo rejected the second offer on Monday, BHP said. A takeover of Anglo, a member of the FTSE 100, would create a global player in markets for commodities including copper, potash, iron ore and metallurgical coal used for steelmaking. It would be the biggest takeover ever in the mining sector, and a large deal at a time when mergers and acquisitions have slowed. Copper in particular is in high demand as a crucial raw material in the low-carbon energy transition because it is essential in manufacturing components for renewable energy projects and electric vehicles. Anglo American’s key assets are copper mines in Peru and Chile. Anglo American responded to BHP’s statement on Monday by saying that the latest offer “continues to significantly undervalue Anglo American and its future prospects” and that the board “unanimously rejected” the second proposal. The offer will increase pressure on Anglo American’s boss, Duncan Wanblad, to reveal plans to improve Anglo American’s performance and persuade shareholders that the company would be better off staying independent. Anglo said it would provide a detailed investor update of its “standalone strategy” on Tuesday. The new all-share offer is worth £27.53 for each Anglo American ordinary share, with BHP still proposing that Anglo sells its stakes in Anglo American Platinum and Kumba Iron Ore, returning cash to shareholders. Anglo said the requirement from BHP to demerge the two businesses as part of a deal was “highly unattractive for Anglo American’s shareholders, given the uncertainty and complexity inherent, and significant execution risks”. BHP said it was a 50% premium to the value of the Anglo American assets it wants before the approach became public. BHP’s original proposal was worth £25.08 a share. But since the deal came to light last month, Anglo’s shares had surged to about £28 on Monday morning. Shares in Anglo were down 0.5% at £27.58 after BHP announced that a second bid had been rejected. In a statement to the London Stock Exchange, BHP said: “BHP is disappointed that the Anglo American board has chosen not to engage with BHP with respect to the revised proposal and the improved terms. BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders.” skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion BHP has until 22 May to make a firm offer or walk away under UK takeover rules. Mike Henry, the BHP chief executive, said: “BHP put forward a revised proposal to the Anglo American board that we strongly believe would be a win-win for BHP and Anglo American shareholders. We are disappointed that this second proposal has been rejected. “BHP and Anglo American are a strategic fit and the combination is a unique and compelling opportunity to unlock significant synergies by bringing together two highly complementary, world-class businesses.”

3 Hot Stock Upgrades That Should Be on Your Radar 2024-05-13 13:23:00+00:00 - Key Points Domino's Pizza is growing and widening its margin, driving a solid capital return program. Target is amid a turnaround that should lead it back to growth by year's end. Texas Roadhouse is accelerating growth and aggressively increasing its distribution. 5 stocks we like better than Texas Roadhouse Analysts' sentiment is a powerful force in the market that can make the difference between winning and losing a trade. The stocks on this list are among the Most Upgraded Stocks tracked by MarketBeat and have bullish support from analysts. They also have secular tailwinds to support their business growth, suggesting analysts' support will remain firm this year and continue to lead their markets higher. The takeaway for investors is that Domino’s Pizza NYSE: DPZ, Target NYSE: TGT, and Texas Roadhouse NASDAQ: TXRH can all set new highs this year while paying solid dividends. Get Texas Roadhouse alerts: Sign Up Domino’s Pizza Rally has Legs Domino's Pizza Today DPZ Domino's Pizza $510.24 -8.41 (-1.62%) 52-Week Range $285.84 ▼ $542.75 Dividend Yield 1.18% P/E Ratio 33.31 Price Target $516.19 Add to Watchlist Domino’s is not a new name on the list of Most Upgraded Stocks, but it is creeping up the rankings, entering the top ten in Q2 2024. MarketBeat.com tracks twenty-six positive revisions from twenty-six analysts, a favorable ratio for investors, with many coming out after the Q1 release. The consensus target aligns with the current price action, suggesting the stock is fairly valued; however, the consensus is up 45% YOY, 25% since last quarter , and 13% in the last months, leading the market to new highs. The freshest targets have the market trading near $590, which is 15% above the consensus target. A move by the DPZ market to the consensus target would set a new all-time high. In this scenario, the market will cross a significant pivot point after a multi-year consolidation that could lead it up by $300 or more. The bull case target is $880; the stock price will get there on steady growth, solid margin, and a healthy capital return. The dividend yield is smallish at 1.20% but due to a higher-than-average valuation. The stock trades above 30X this year’s earnings but is expected to grow the bottom line over the next five years. Valuation falls to 28X relative to next year’s outlook and below 25X within the next three. Until then, the distribution is less than 35% of this year’s earnings, growing at a double-digit CAGR. Domino’s also repurchases and retires shares, reducing the count by an average of 1.5% at the end of Q1. Target Well-Liked Ahead of Q1 Earnings Target Today TGT Target $160.90 -2.23 (-1.37%) 52-Week Range $102.93 ▼ $181.86 Dividend Yield 2.73% P/E Ratio 18.02 Price Target $181.85 Add to Watchlist Since the last report, Target slipped to #7 on the Most Upgraded list but is still a significant opportunity for investors. The factor most affecting the slip is Target’s late-season report. It is slated to issue its Q1 results in two weeks and will likely catalyze another round of analyst revisions. The revisions to date are positive; MarketBeat.com tracks twenty-seven revisions, including three upgrades since March, and they are leading the market to new highs. The $180 consensus target implies a 12% upside from $160, with most fresh targets above it. The freshest targets have this stock trading near $190 to $200 and a multi-year high. A move to that level would confirm a complete reversal in this market and open the door to a sustained rally. The analysts are not expecting much from Target, so revenue outperformance should be expected relative to the consensus of $24.5 billion or down 3% YOY. Seventeen of twenty-three revenue/earnings estimates were lowered since the last report, setting the bar low. The critical details will be the margin and the growth outlook, which is expected to return by year’s end. Texas Roadhouse Sizzles: Stock Hits New Highs Texas Roadhouse Today TXRH Texas Roadhouse $165.52 -1.70 (-1.02%) 52-Week Range $91.06 ▼ $170.39 Dividend Yield 1.47% P/E Ratio 33.51 Price Target $155.55 Add to Watchlist Texas Roadhouse’s Q1 results were mixed relative to the analysts’ consensus forecasts but solid enough to issue thirteen revisions, twenty-eight since the Q4 release, lifting the consensus price target by 15% in a few days. The consensus target assumes a 7% decline but is led higher; the freshest targets have this stock trading at $170 to $180, flat to up 6% from current levels. Because the discretionary company delivers solid cash flow, pays a healthy dividend, and is expected to accelerate growth this year, investors may expect the revision trend to continue. Regardless, the technical action suggests this rally still has legs and may rise another 10% to 15% before topping out. Before you consider Texas Roadhouse, 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 Texas Roadhouse wasn't on the list. While Texas Roadhouse currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Alabama follows DeSantis' lead in banning lab-grown meat 2024-05-13 13:17:00+00:00 - Gov. DeSantis signs law that bans manufacturing, sales of lab grown meat Gov. DeSantis signs law that bans manufacturing, sales of lab grown meat 00:38 Alabama has become the second U.S. state to say no to cultivated meat, an alternative protein made from animal cells. The Alabama bill, proposed by Sen. Jack Williams, vice chair of the Senate Agriculture, Conservation, and Forestry Committee, and signed into of law on May 7 by Gov. Kay Ivy, prohibits "the manufacture, sale, or distribution of food products made from cultured animal cells." The new law comes a week after Gov. Ron DeSantis made Florida the first state to ban the sale of so-called lab-grown meat. "We stand with agriculture, we stand with the cattle ranchers, we stand with our farmers, because we understand it's important for the backbone of the state," DeSantis said in a May 1 press conference, the start of National Beef Month. "Today, Florida is fighting back against the global elite's plan to force the world to eat meat grown in a petri dish or bugs to achieve their authoritarian goals," the DeSantis added. Sales of beef cattle and breeding stock generate over $900 million per year in the state, according to the Florida Department of Agriculture and Consumer Services. Beef production is a focal point of climate change discussions as it is a major contributor to global methane emissions. "A single cow produces between 154 to 264 pounds of methane gas per year," according to the Environmental Protection Agency. Multiply that by the 1.5 billion beef cattle raised worldwide, and you get a total of at least 231 billion pounds of methane expelled yearly into the atmosphere. By contrast, cell-based protein doesn't require the land, water and crops needed to raise livestock, a boon for the environment as global demand for meat rises, experts note. Global funding for cultivated meat and seafood companies, of which there are more than 100, reached $225.9 million in in 2023 and a total more that $3 billion since 2013, according to the Good Food Institute. "Legislation that bans cultivated meat is a reckless move that ignores food safety experts and science, stifles consumer choice, and hinders American innovation," Sean Edgett, chief legal officer of Upside Foods, said in a statement to CBS MoneyWatch. "Major meat companies have invested in cultivated meat to enhance supply chain resilience and meet rising global demand for meat. We should be embracing innovation for a better food future." Upside, one of only two cultivated meat firms to receive clearance by the USDA to sell their chicken products in the U.S., has received investments from food giants Cargill and Tyson Foods as well as billionaires Richard Branson and Bill Gates. In response to the Alabama and Florida bans, Upside started a change.org petition urging consumers to tell politicians "to stop policing" their dinner plates. —With reporting from the Associated Press.

3 Affordable Stocks That Won’t Stay Down Much Longer 2024-05-13 13:12:00+00:00 - Key Points Three stocks have fallen into double-digit discounts to their peers and still generate above-average returns on capital. Because of this, investors could gain an edge over stagflation this year and come out winning with attractive dividend income. These products are part of the conglomerates, staples, and real estate sector and aren't likely to lose favor. 5 stocks we like better than Owens Corning The way the market has been behaving lately—well, saying it is a minefield would be an understatement. Investors may have gotten—wrongfully—used to the easy money days of 2020-2022, when the Federal Reserve (the Fed) was forced to cut interest rates to near zero as a result of the COVID-19 pandemic. Low rates and cheap money have made just about any stock a winner in the past couple of years; however, that trend could be about to change. With sticky inflation rates and a disappointing 1.6% gross domestic product (GDP) growth rate in the past quarter, the U.S. could be facing stagflation (low economic growth with high inflation). Get Owens Corning alerts: Sign Up A lackluster economy that drags consumer—and business—buying power lower each year makes for a tricky stock market. Because of this, investors should keep two things in mind: above-average return on capital alongside a reasonable discount. Fitting the profile, a list can be made out of Altria Group Inc. NYSE: MO, Owens Corning NYSE: OC, and even 3M NYSE: MMM. Angels Don’t Fly in The Stock Market Altria Group Today MO Altria Group $45.04 +0.14 (+0.31%) 52-Week Range $39.06 ▼ $46.34 Dividend Yield 8.70% P/E Ratio 9.42 Price Target $46.90 Add to Watchlist Some investors would not support a company like Altria, as tobacco has more than proven to cause health issues for its consumers. This stance toward stocks is commendable, though each investor must prioritize a sound financial future. Because of this, Altria’s discount is a potential target today. Compared to the consumer staples sector, the stock’s 9.4x P/E valuation gives investors a 50% discount. Despite this undervaluation, the stock trades at 97% of its 52-week high, signaling a broader adoption of its value proposition and bullish price action. Wall Street analysts expect to see only 3.7% EPS growth this year. However, the company’s financials suggest this could be a conservative projection. Altria generated a return on invested capital (ROIC) rate of 36% in the past 12 months, and that’s all investors need to keep in mind. Over a long enough timeframe, annual stock performance tends to match the long-run ROIC rate, which is why investors could bet on an EPS projection adjustment and feel particularly confident in the stock’s stellar 8.7% dividend yield paid out today. Altria Group, Inc. (MO) Price Chart for Monday, May, 13, 2024 Owens Corning: Bringing Relief to America’s Homeowners Owens Corning Today OC Owens Corning $175.66 -1.15 (-0.65%) 52-Week Range $104.68 ▼ $179.20 Dividend Yield 1.37% P/E Ratio 14.22 Price Target $168.21 Add to Watchlist Stock traders aren’t the only ones who get itchy fingers; today’s homeowners in the U.S. housing market may be headed into their own version. Because most mortgages today carry an average interest rate of 3.25% , and the average home price has risen by 32% since the COVID-19 pandemic, there aren’t many incentives to sell out. At the same time, those looking for a new home won’t feel happy about today’s 7.5% average mortgage rate coupled with all-time high home prices. So, what are these equity-rich homeowners to do if they do not sell? Well, they can upgrade their current home. This is why analysts at the UBS Group see Owens Corning stock going as high as $192 a share. To prove these projections right, the stock would need to jump by 8.5%, but it could be more. Compared to its peers in the construction sector, Owens Corning stock trades at a 37.5% discount in its 14.3x P/E, falling under the sector’s richer 22.9x. Like Altria, markets feel pretty bullish about this stock, bidding it up to new 52-week highs recently – which also happen to be all-time highs -. Price action doesn't reflect this double-digit discount or analysts' projections for only 12.2% EPS growth this year. The company's financials show an average ROIC rate of 25% over the past five years, making it an easy earnings compounder today. But that’s not all; Owens Corning’s short interest dropped by 10.2% in the past month, and not even bears feel like standing in the way of the stock’s path to another leg higher into all-time highs. Owens Corning (OC) Price Chart for Monday, May, 13, 2024 3M’s Divestiture Doesn’t Change the Game 3M Today MMM 3M $99.63 +0.70 (+0.71%) 52-Week Range $71.12 ▼ $101.74 Dividend Yield 6.06% Price Target $104.30 Add to Watchlist Everyone knows 3M had a blockbuster year during the pandemic, as the company essentially sold out its healthcare products constantly. However, healthcare is back to normal, so management saw no need to keep its healthcare unit around. Divesting it into what is now Solventum Co. NYSE: SOLV, 3M raised more than enough cash to pay for its $13 billion of lawsuits regarding two other products. Because of this recent news, investors scared the stock down to a mere 1.7x price-to-sales ratio compared to the conglomerate's sector's 14.9x valuation. Despite all this, the stock trades near its 52-week high, keeping the market’s bullish vote through price action. Investors can cushion today’s higher inflation rates through a steady 6.1% dividend income. Those at HSBC think the stock could reach $115 a share, or 16.3% higher than today’s prices. However, the company’s financials uncover an ROIC rate of nearly 40% (save for the past two years of jumpy cash flow due to lawsuits). These rates of return, plus the multi-year stability of 3M’s dividend, could surprise analysts at the subsequent quarterly earnings, and investors will be waiting to close down the stock’s discount to the sector. 3M (MMM) Price Chart for Monday, May, 13, 2024 Before you consider Owens Corning, 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 Owens Corning wasn't on the list. 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