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Top England players missing from official Euro 2024 sticker album 2024-04-22 18:51:00+00:00 - England football players including Phil Foden and John Stones are among those reportedly missing from the official Euro 2024 sticker album. Topps, the American trading card company, won the rights in 2022 to take over from Panini as Uefa’s exclusive sticker partner for the tournament in Germany. While Topps holds the overall rights, Panini retains aspects of rights relating to some teams, the Times reported, meaning five of the teams, including England, can be shown in their kit only by Panini. In addition, Panini holds the rights to individual players meaning Topps has been forced to fill out squads with other players. For England, Luke Thomas features, who has never been selected. Panini, which has supplied sticker albums for every Euros tournament since 1977, is still producing its own album. It features England, Spain, Germany, France and Italy and has 387 sticker slots compared with 728 in the Topps album. The host of Blazey Collects, a YouTube trading card channel, told the Times: “Both manufacturers have dropped the ball on this one, which is really disappointing. This should be the most exciting time of the year for collecting. You’ve got your albums, you’re excited to get it complete.” Five Panini stickers cost 90p, meaning that filling the whole album would cost £70, provided there were no duplicates, while Topps sticker packets come in at £1 for 6, making the equivalent figure £122. Topps, which was acquired by the memorabilia firm Fanatics for almost $500m (£382m) in 2022, criticised Panini in its response. “While we are disappointed that a small number of players are missing, this is due to the tournament’s former sticker partner having blocked certain parts of the collection to the detriment of the fans,” a Fanatics spokesperson said. “Unlike the former sticker partner, we are committed to the fans and believe the offering of stickers and cards – and range of current and former players – will get everyone excited for the tournament.” The Guardian has contacted Panini Group for comment. In the US, Fanatics and Panini are locked in a legal battle after the latter filed a complaint to the federal courts system alleging Fanatics had been engaging in anti-competitive conduct and violating the main antitrust laws in the US. Among the alleged conduct in Panini’s legal complaint are the acquisition of Topps, as well as Fanatics’ acquisition of allegedly unprecedented long-term exclusive licensing deals with top professional leagues and players associations, such as the NBA, MLB, and NFL Players Association.
The Guardian view on disability, illness and work: there is no 'sicknote culture' in Britain | Editorial 2024-04-22 18:49:00+00:00 - Even by the low standards of his government, Rishi Sunak’s speech about the benefits system on Friday was disappointing. Worsening public health across the UK is widely recognised to be among the most serious challenges facing the country. For 2.8 million working-age people to be “economically inactive”, as they are, is not a good or sustainable situation. But there is no such thing as a “sicknote culture”. Statutory sick pay in the UK is low by international standards, and UK workers take fewer sick days than those in France, Germany or the US. The use of this soundbite was deeply misleading. What the UK has is a large number of unwell people. Since the pandemic, the number of those claiming disability benefit has increased by 850,000, half of whom are suffering either from anxiety or depression. Rising poverty – much of it caused by benefit cuts and caps – and waiting lists for healthcare are two reasons for this decline in the population’s wellbeing. But changes to the benefits system have also contributed. Specifically, the removal in 2017 of a top-up payment that used to be offered to claimants with a limited capability for work was an error. It took away an incentive for people who were partly incapacitated to work towards getting a job. Mr Sunak knows that public attitudes to benefit claimants have changed during his party’s 14 years in power. Research by the Joseph Rowntree Foundation last year showed that voters think politicians are out of touch with the degree of hardship that people are facing. But while the prime minister stressed his support for the principle of a social safety net, when announcing a consultation about cutting personal independence payments (which help disabled people with living costs), it was clear that his priority is reducing the £69bn disability benefits bill. Thankfully, the approaching election means a scheme that would take the task of issuing fit notes away from GPs is unlikely to get very far. Rather than undermining people’s relationships with their doctors, ministers ought to see increased cooperation between job centres and primary care as a way to rebuild confidence and capacity, both in individuals and communities. This is the concept that Labour is developing, drawing on devolution proposals put forward in the Commission on the UK’s Future led by Gordon Brown. Undoubtedly, joining up local services is challenging and would take time. But some problems could be more rapidly fixed. One example cited by Alison McGovern, the shadow work and pensions minister, is the overlong waiting list for access to work payments, which support disabled people with the adjustments that could enable them to work. Another issue is the standard and culture of employment advice centres, which are almost unique among public services in not having any independent oversight. As the Institute for Employment Studies points out, such inspections play a role in promoting improvement, while their existence signals that a service matters. Rules should also be changed so that claimants with health impairments, whether mental or physical, can try to work without facing the prospect of having to reapply for their benefits if they turn out not to be able to cope. The detail of the benefits system is highly technical, while the worsening health picture is complex and concerning. None of this makes for easy politics. But this is an area in which Labour, unlike the government, has some interesting ideas.
Celebrity designer faces prison for smuggling crocodile handbags 2024-04-22 18:47:00+00:00 - A fashion icon who designed accessories worn by celebrities as well as characters in the "Sex and the City" TV series faces 18 months in prison after pleading guilty to smuggling crocodile handbags into the U.S. from Colombia. Nancy Gonzalez was sentenced on Monday in Miami federal court. Gonzalez was arrested in Cali, Colombia, in 2022, and then extradited to the United States on charges of violating U.S. wildlife laws. Prosecutors said she recruited couriers to carry her pricey handbags on commercial flights, smuggling an estimated $2 million worth of products into the U.S. The designer bags were made from the hides of caiman and pythons bred in captivity, yet Gonzalez at times did not get the required import authorizations from the U.S. Fish and Wildlife Service. U.S. Attorney Thomas Watts-Fitzgerald compared Gonzalez's behavior to that of drug traffickers, saying she was driven by money. Attorneys for Gonzalez had requested leniency, writing in a memo that the single parent was determined to become financially independent. The judge who sentenced Gonzalez called her behavior particularly "egregious," given U.S. officials warned her in 2016 and 2017 against skirting the agency's rules. "From the bottom of my heart, I apologize to the United States of America. I never intended to offend a country to which I owe immense gratitude," Gonzalez told the court, holding back tears. "Under pressure, I made poor decisions."
Donald Trump set to receive $1.25 billion worth of Trump Media stock in DJT earnout bonus 2024-04-22 18:34:00+00:00 - Former President Donald Trump is poised to receive an additional 36 million shares of Trump Media Tuesday — an “earnout” bonus worth more than $1.25 billion, at Monday’s price. Trump Media, which owns the Truth Social app, was trading at around $35 per share mid-day Monday. But that price is twice the $17.50 benchmark minimum share price, which the DJT ticker has to hit by the close of trading Tuesday, for Trump to become eligible for the extra so-called earnout shares. That earnout is contingent on the benchmark being hit for 20 trading days within a 30-trading day period, beginning March 25. Tuesday is the 20th day and it is very unlikely that DJT will fall below the benchmark price by the end of that day. Trump Media’s share price was down about 1.8% as of 12:17 p.m. ET The 36 million additional for Trump would be added to the 78.75 million shares he already owns, as the company’s majority shareholder. When the earnout shares are added to his existing stock, Trump’s total stake in Trump Media would be worth more than $4 billion on paper, at $35 a share. Trump Media has the power to issue a total of 40 million earnout shares, as part of the merger deal that combined it with a publicly traded shell company, Digital World Acquisition Corp. “Assuming the full issuance of the Earnout Shares, President Donald J. Trump will receive 36,000,000 Earnout Shares,” the company said in a securities filing. The filing suggests that some, if not all, of the remaining shares will be issued to Trump Media’s executive officers as part of an incentive plan. Trump was in a New York City courtroom Monday, listening to opening statements in his criminal hush money trial. Court resumes on Tuesday for the presumptive Republican presidential nominee. The merged company, whose full name is Trump Media & Technology Group Corp., began public trading under the DJT ticker on March 26, at an opening price of $70.90 per share. That price rose to a high of nearly $80 that day, briefly giving the company a market capitalization of more than $9 billion. This was despite having reported a 2023 net loss of $58 million, and just $4.1 million in revenue. But since then, Trump Media’s share price has plunged. By the close of trading on April 15, the share price had fallen nearly 68% from its opening price. The stock price rose sharply last week. But as of Monday, Trump Media shares were still trading around 50% lower than the price they debuted at last month, erasing billions of dollars in market capitalization for the company. Even with a much lower stock price, Trump is almost certain to receive all of his earnout shares. That’s because the threshold share price at which Trump will receive all 36 million of his earnout shares was set at $17.50. The last time the stock traded at that price was in January, before the Securities and Exchange Commission greenlighted DWAC and Trump Media’s plans to merge. It remains to be seen if the issuance of the earnout shares to Trump will affect the share price of Trump Media. Any shares that Trump owns are subject to a lock-up provision that prevents him from selling them in the six months following the merger’s closing date. While Trump Media’s board could amend that provision, to date, it has not taken any steps to do so. CNBC asked a company spokeswoman about the expected triggering of Trump’s earnout shares. She replied, “With more than $200 million in the bank and zero debt, Trump Media is fulfilling all its obligations related to the merger and rapidly moving forward with its business plan.”
Break the cycle of debt and dependency that stunts developing countries’ growth 2024-04-22 18:26:00+00:00 - The Guardian is right to identify the global sovereign debt crisis as one of the most critical impediments to sustainable development today (Editorial,16 April). Debt relief is urgently needed, but we must also learn the lessons of history. The historic Jubilee 2000 debt relief campaign saw $130bn of debt written off, and yet we now find ourselves in a renewed global debt crisis. This time, action must address the cyclical nature of debt crises. That countries such as Ghana and Sri Lanka are accepting their 17th IMF bailout packages since independence is a stark illustration of how ineffective existing strategies are at breaking the cycle. Bailout packages often come with harsh stipulations, such as budget cuts, that stifle development, worsen living conditions, and leave economies vulnerable to future debt crises. While the IMF chief, Kristalina Georgieva, noted the urgency of debt action ahead of the Spring Meetings, she continued to prescribe budget cuts as a tool to stabilise debt, despite evidence that spending decreases have little effect on debt reduction. In contrast, legislative reform and democratising global financial institutions offer long-term solutions. Legislation to prevent private creditors from suing debtor countries for more than they would receive if they took part in debt-relief initiatives on equal terms to other lenders would provide immediate relief for countries in crisis and prevent future crises by disincentivising risky lending. The creation of a permanent, representative and transparent global debt workout mechanism within the UN system, and an end to harmful conditionalities on loans that exacerbate poverty, harm the environment and stunt growth, would also transform the global debt architecture. It’s time to break free from the redundant cycle of debt and dependency that hinders so many nations. Maria Finnerty Economic policy lead, Cafod
Why David Pecker was the perfect first witness in Trump's criminal trial 2024-04-22 18:05:57+00:00 - When prosecutors present their case to a jury, one thing they have to figure out is the order in which to present witnesses. In Donald Trump’s first criminal trial, in Manhattan, that first witness was David Pecker, for good reason. While Pecker may be less familiar than some other potential witnesses, such as former Trump lawyer Michael Cohen or adult film star Stormy Daniels, he’s a crucial one — and it makes perfect sense to have him set the stage for the state’s case. After opening statements Monday morning, the state called Pecker, who testified briefly before court was adjourned for the day. His testimony will continue Tuesday. After all, the backdrop of the prosecution's case is the alleged “catch and kill” plot to suppress negative information about Trump as he ran for president in 2016. The former president has pleaded not guilty to 34 counts of falsifying business records. Prosecutors have alleged that Trump falsified records to cover up the reimbursement of hush money Cohen paid Daniels just ahead of the election. Daniels said she had sex with Trump, which he has denied. And what does all that have to do with Pecker, who was head of the company that owned the National Enquirer? Well, the tabloid publisher was there from the start. According to the state, at a 2015 meeting with Trump and Cohen, Pecker said he’d be the eyes and ears for the campaign, looking for negative Trump stories and alerting Cohen. Prosecutors say this was the genesis of the payoffs to Daniels as well as Playboy model Karen McDougal, who also claimed to have had an affair with Trump, which the presumptive 2024 GOP presidential nominee has also denied. Pecker testified Monday that the Enquirer used "checkbook journalism" and paid for stories, setting the seedy stage for the state’s election interference theory of the case. So while some of the most salacious and acrimonious testimony may come from the likes of Daniels and Cohen, putting Pecker first is a sensible way to understand the backdrop to the alleged scheme. And, to be sure, Pecker's testimony may be shocking to the jury in its own right — describing an alliance between a presidential campaign and a tabloid — so it could prompt fireworks of its own to start the testimony in this historic case. Subscribe to the Deadline: Legal Newsletter for weekly updates on the top legal stories, including news from the Supreme Court, the Donald Trump cases and more.
P&O Ferries seafarers told they will benefit from new French pay rules 2024-04-22 18:01:00+00:00 - P&O Ferries seafarers have been told they will benefit from new French legislation that could double their pay, in what appears to be a significant U-turn by the controversial ferry operator. The move comes more than two years after P&O enraged the UK and French governments by sacking 786 workers and then taking advantage of a legal loophole to hire replacements on pay rates of below the minimum wage. The company claimed it had been forced into the dismissals in order to stay in business, with the P&O chief executive, Peter Hebblethwaite, telling a UK joint transport and business select committee at the time: “The business was not viable. This is the only way for us to save this business.” London and Paris responded to the sackings by announcing new legislation, with France implementing fresh regulations last month requiring ferry operators to pay their crew at least £9.95 an hour and limiting seafarers’ time onboard ships to two weeks. The French rules will come into effect after a three-month implementation period, while a similar UK law – requiring ferry operators to pay the UK minimum wage of £11.44 an hour – is expected to come into force this summer. Rival cross-Channel operators had feared P&O could launch legal challenges to the legislation. However, a letter sent to workers employed by P&O’s Maltese employment agency Philcrew Management last week, seen by the Guardian and ITV News, states: “The French Republic has recently adopted new regulation that applies to passenger ships operating between France and the UK, including therefore the vessels in our fleet crossing the Channel. “Under such new regulation, the maximum duration of the embarkation is up to 14 days and [an equivalent] minimum rest period ashore … Serious consequences [for ferry operators] are provided for violating such new provisions.” Last month the Guardian and ITV reported that P&O agency cross-Channel workers were in some cases making about £4.87 an hour – even lower than the £5.15 an hour the company had suggested was its lowest rate. Meanwhile, P&O crew members said they worked 12-hour shifts, seven days a week, for up to 17 weeks at a time. The workers said they had to remain on the ship until their contract ended. The low rates being paid to P&O workers were achieved lawfully, with the company taking advantage of loopholes that exempted paying the minimum wage to maritime workers employed by an overseas agency and working on foreign-registered ships in international waters. Louise Haigh, the shadow transport secretary, said: “P&O Ferries has refused to do the right thing from the beginning of this scandal, and they’ve only been dragged under the threat of criminal sanctions and hefty fines by the French government. “They will never do the right thing until legislation is in place to protect seafarers’ rights, and that’s why it’s so important that the UK government put in place a binding seafarers charter. Otherwise, businesses that can profit from this business model will continue to undercut workers’ rights and legislation.” 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 P&O Ferries did not respond to Haigh’s comments or answer questions about its apparent U-turn and how much the changes would add to the company’s costs. A spokesperson for P&O has previously said its crew is well rested, that the company pays its cross-Channel crew members at least £5.20 an hour and that it pays “at least the minimum wage required by national and international law”. It has stated: “We provide an industry-leading support package and work hard to ensure their welfare, wellbeing and mental health are properly cared for.” Philcrew Management did not respond to requests for comment.
Here's how to track the status of your 2024 tax refund 2024-04-22 17:34:00+00:00 - Best way to use your tax refund in 2024 Best way to use your tax refund in 2024 04:21 More than 30 million Americans waited until the last two weeks of the tax-filing season to send their returns to the IRS. Many of them may now be wondering how long it will take for their refunds to hit their bank accounts. It's not a small financial issue, as tax refunds often represent many households' largest check throughout the year, helping families pay down debt, build up emergency savings or even splurge on purchases. The average 2024 tax refund is 3.8% higher than a year ago, at $2,948, according to the latest IRS data. Luckily, there are a few easy ways to track the status of your refund, such as the IRS' "Where's my refund?" website or its IRS2Go mobile app, which can be used on mobile phones and other similar devices. For the current tax season, the IRS said it improved the tracking services by providing more detailed answers when people make their queries. "This is the largest windfall that many people get all year," Bankrate senior industry analyst Ted Rossman told CBS New York. "It's actually not a great practice to get a tax refund — it's actually better to adjust your withholding so you get your money in bits and pieces throughout the year." But some people like getting a lump sum in their tax refund because it effectively works as a forced savings plan, providing them with one large check each year that they can then put into service, whether that's paying down debt or making a large purchase, Rossman noted. Here's how to track your refund. Check the IRS' "Where's My Refund?" website The IRS says you can check the status of your refund through its "Where's My Refund?" page as soon as 24 hours after your return was filed electronically. You'll need to provide the site with a few basic pieces of information: The tax year you're checking Your Social Security or individual taxpayer ID number (ITIN) Your filing status And the exact refund amount on your return The IRS also said it updated the service to provide more information to taxpayers, such as alerting them if the agency needs them to respond to a letter requesting more data. Look at the IRS2Go app on your phone The IRS also has a mobile app called IRS2Go that works similarly to the "Where's My Refund?" website. The app, which you can download the app on any iOS or Android device, asks for several pieces of information to pull up your refund data: The tax year you're checking Your Social Security number or ITIN Your filing status And your exact refund amount Call the IRS for an update The IRS operates a phone line for refund data, although it says it's aimed at people who don't have internet access. If that's your situation, you can call the refund hotline at 800-829-1954 to check on the current year's tax refund. To check on an amended return for prior years, call 866-464-2050. Can I see when my tax refund will hit my bank account? Yes, but only when the IRS is closer to sending the check. The app tracks three stages: First, the apps will show you that your return has been received by the IRS, which means the agency is processing the form. Secondly, the apps will tell you when the IRS approved the refund, and will provide a date when it expects to issue the check. Lastly, the services will alert you when the IRS sent the refund to your bank via direct deposit or when they mailed it. It can take up to 5 days for the refund to land in your bank account, while a paper check may require several weeks for delivery, the IRS says.
The Black Tax: why have African Americans been cheated by the system for so long? 2024-04-22 17:28:00+00:00 - Property value assessment may not sound like the most thrilling of topics, but according to historian Andrew W Kahrl’s new book The Black Tax, it represents a hugely important piece of structural inequality in the US, one that implicates a wide range of topics, including the process of gentrification, the quality of public schools and other amenities, and maintenance of local infrastructure. Kahrl argues that for decades now the assessment process for homes has been used prejudicially against African Americans, leading them to pay more than their fair share in property tax despite receiving fewer benefits than those living in white-dominated areas. These unequal taxes have had all sorts of downline repercussions, making them a “missing piece” of the puzzle when it comes to inequality in the US. Kahrl traces this story back to America’s post–civil war period – in 1865, a delegation of Black leaders told the victorious general William T Sherman that in order to guarantee their freedom what they needed was land of their own. In the postwar south, tax policy immediately became a tool of social engineering: in some cases, it was being used to force Black people back on to plantations, but it was also used by progressive governments to break up large estates to make way for Black landowners, ultimately “fuel[ing] the sharp increase in Black landholdings during these years”. Already by the beginning of the 20th century, the Black tax was taking shape. Kahrl finds that, among others, WEB DuBois in Georgia shed light on the fact that “the property held by the wealthy enjoyed ‘wholesale undervaluation’, while the ‘very small estates of the poor’ were overvalued, with Black-owned land the most overassessed”. Misusing the assessment process to overvalue Black land by as much at 50% – in spite of Black people generally being afforded inferior parcels of land to white people – was one way that power brokers were setting the stage to perpetuate forms of exploitation and segregation against Black residents. As the 20th century marched forward and suburban development began in earnest, the assessment process became a significant factor in white flight. “Because of unfair tax practices against African Americans, whites could actually have lower tax rates generate higher overall tax returns,” Kahrl explained to me. “That kind of sweet deal was predicated on excluding African Americans from those housing markets. It really incentivized the segregative impulsive of suburban communities.” The impacts were astonishing – in one example, unfair tax regimes led to extreme differences in funding for public schools, meaning that nearly half of African American students in Chicago’s public schools did not get a full day’s education in the 1950s, compared with only 2% of white people. View image in fullscreen Photograph: The University of Chicago Press According to Kahrl, while other civil rights reforms were being made in the 1960s, the Black tax skated by unscathed. Ultimately, as he puts it in The Black Tax, “for the post–Jim Crow generation of Black southerners, these local struggles to gain control over tax administration became a key battleground in the larger fight to dismantle white supremacy’s fiscal structure.” Even in places where Black people managed to wrest control of municipal power, the forms of discrimination that had been built into community power structures remained tenacious, and the Black tax proved hard to dismantle. Today, the Black tax largely survives via forms of systemic inequality. “What we often see now is bias or favoritism toward certain types of property and property owners, like high-end development,” Kahrl told me. “The wealthy may have greater access to political leverage, or they’re better able to utilize the tax appeals process. It’s not necessarily an assessor who’s conniving to overtax certain populations any more.” In one example that he notes in The Black Tax, by 2005 Black people were well over-represented among holders of subprime mortgages, despite not generally posing a higher risk to lenders. This had repercussions in terms of property taxes, where Black borrowers were more likely to be suddenly hit by a demand for a lump sum payment, whereas those who were not in the subprime market did not tend to receive such treatment. These shocking demands for property tax payments were a significant driver of defaults among Black borrowers. “Property taxes needn’t necessarily be a source of discrimination,” Kahrl told me. “It’s the only wealth tax that we have in this country. It could be a great source of progressive taxation, but in practice it’s the opposite.” Although The Black Tax focuses on bias against Black people, Kahrl offered that similar misuses of tax policy are also perpetrated against other marginalized groups. “Many of the things I look at in the book aren’t just about African American people,” he said. “African American experiences are particularly insightful because public goods and services are heavily financed at the public level.” He also argued that structural inequalities in tax policy leave everyone worse off and that the benefits to reforming the system would go far beyond the Black community. “This system harms all of us in ways,” Kahrl said. There are solutions to this problem: according to Kahrl, the US is the only federated nation in the world without a system to ensure fiscal equity at the local level. “Germany, Canada, India and Australia, have fiscal equity programs. In those nations, the federal government ensures there’s a baseline, where federal dollars are delivered to localities based on need. That at least would be a good first step.” He pointed the finger at the Reagan administration, which began the defunding of local governments that has continued to snowball since the 1980s, resulting in things like unclean water, the resurgence of formerly controlled diseases, and the use of fines and fees to bolster local budgets. Some solutions have been applied in US localities – in 2017, for instance, the Chicago Tribune reported on unequal assessments, leading to public outcry and the election of Fritz Kaegi, who campaigned on a promise to reform the system and who has largely kept that promise, shifting the property tax burden from homeowners to large commercial interests. Kahrl hopes that these actions will portent larger and larger reforms via local governments. “Wherever we live, we should work toward correcting these problems,” he said. “We should be working at the local levels to demand accountability.”
Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand 2024-04-22 16:36:00+00:00 - Longtime mall retailer Express filed for Chapter 11 bankruptcy protection on Monday, but a group of investors led by brand management firm WHP Global is looking to save the company by acquiring it. Express, whose portfolio includes its namesake banner, Bonobos and UpWest, said it will close 95 of its eponymous shops and all of its UpWest doors. Closing sales are expected to begin Tuesday. The company said hours for remaining stores won’t change and it will continue to accept orders and returns as usual. In a news release, Express said it filed for bankruptcy to “facilitate” a sale process of most of its retail stores and operations to the investor group, which includes WHP, Simon Property Group and Brookfield Properties. It received a nonbinding letter of intent from the investors to buy the assets, and has also secured $35 million in new financing from some of its existing lenders, subject to court approval. “The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company’s stakeholders,” Express said. Express also secured $49 million in cash from the IRS related to the CARES Act — a critical influx of liquidity that the company had been waiting on to shore up its balance sheet. “We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” CEO Stewart Glendinning said in a statement. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives,” he added. The business casual apparel brand, founded in 1980 by Les Wexner’s Limited Brands, has seen sales plummet over the last few years as debt and costly mall leases dragged down its business. Earlier this month, CNBC reported that Express was struggling to pay its vendors on time, indicating it was in financial distress and struggling to manage cash flows. When retailers can’t pay their vendors, suppliers sometimes tighten payment terms or refuse to fulfill orders, which can further pressure a company’s liquidity. Last spring, Express acquired Bonobos’ operating assets and related liabilities for $25 million from Walmart in a joint deal with WHP. The deal came as Express’ “core business was weak, and cash was tight,” GlobalData managing director Neil Saunders said in a Monday note. Still, its biggest problem was declining revenue, which has fallen by about 10% since 2019, Saunders said. “This stands in marked contrast to an apparel sector that has grown strongly over the same period. This has put the company under a lot of financial strain and has resulted in some significant losses. None of this is sustainable which is one of the reasons for bankruptcy,” said Saunders. “The woes at Express are not all of its own making,” he said. “The formal and smart casual market for both men and women has softened over recent years because of a rise from working from home and the casualization of fashion. This puts Express firmly on the wrong side of trends and, in our view, the chain made too little effort to adapt.” Bankruptcy will provide some key relief to Express and help it get back on stronger footing as it works to implement its turnaround strategy. It’ll allow the retailer to get out of costly and burdensome leases, many of which are in struggling malls, and has made the company more attractive to buyers. Powerhouse law firm Kirkland & Ellis, which led Bed Bath & Beyond and many other failed retailers through their bankruptcies, is serving as Express’ legal counsel. Moelis & Co. has been tapped as its investment banker and M3 Partners has signed on as its financial advisor.
It’s Time to Buy Into the Super Micro Computer Stock Implosion 2024-04-22 16:33:00+00:00 - Key Points Super Micro Computer's 25% discount was a knee-jerk reaction to news that opened up a significant opportunity. Analysts' sentiment and expectations aided volatility, and now, investors have a double-digit upside. Institutions have been buying this stock, which may help support the market at critical levels. 5 stocks we like better than Super Micro Computer Results from Taiwan Semiconductor NYSE: TSM set the semiconductor market up to fall, and all it took was a slim bit of news from Super Micro Computer NASDAQ: SMCI to spark the sell-off. Taiwan Semiconductor set it up by reducing its outlook for semiconductor growth this year, a fact that plays into the market valuation, which was high and driven by AI hype as much as reality. TSM still forecasts 10% industry-wide growth led by AI. Super Micro Computer sparked an industry-wide sell-off when it delayed its earnings report. That’s it; Super Micro delayed the report, which could have been for many reasons. The market chose to focus on the worst, resulting in a 25% correction in the stock price and an opportunity for us today. Get Super Micro Computer alerts: Sign Up Expectations For Super Micro are High Super Micro Computer Today SMCI Super Micro Computer $717.02 +3.37 (+0.47%) 52-Week Range $93.19 ▼ $1,229.00 P/E Ratio 55.97 Price Target $949.85 Add to Watchlist The market is jittery because of the expectations built into Super Micro Computer’s results. Among the many drivers of the outlook is the business at NVIDIA NASDAQ: NVDA. Super Micro Computers is a significant user of NVIDIA and other GPUs and should see the same, if not a larger boost in its business. NVIDIA is expected to post revenue growth of 4X in its next report. That led analysts to raise their estimates for revenue and earnings for Super Micro many times in the last twelve months, setting the bar exceptionally high. Pushing off the release touched a sensitive spot for the market, suggesting weak results or insufficient guidance to sustain high stock prices. Super Micro tends to prerelease, so there is a precedent even if the assumption is wrong. As it is, the analysts expect revenue to grow at least 200% compared to last year and for the margin to widen. Earnings are expected to grow more than 250%. There are also technical factors in play that aid the volatility. Analysts' sentiment improved along with the outlook for results, leading them to raise their price targets for the stock. The increase in the consensus price target is monumental and suggests a bubble may have formed. The analysts' consensus target tracked by Marketbeat.com rose 950% from $90 to $950 in twelve months due to the rise of AI, the potential for sales today, and the long-term gains in productivity it is supposed to bring. A little 25% give back is nothing compared to the big picture - AI is still in the early phases and will sustain a high business level for this company long into the future. Until then, the consensus target is above the current price action and offers a 35% upside. Also noteworthy is that the analysts’ high price target was set days before the announcement. It is $1500 and indicates more than 100% of upside. If the FQ3 results are solid and have a good guide, this stock could rocket back to consensus and higher as quickly as it fell. Analysts are forecasting for results to accelerate through year-end but for growth to slow next year. Still, next year's 50% growth forecast is enough to put the valuation at a very reasonable 23X, with shares trading at a two-month low. Insiders Sell, Institutions Buy Super Micro Computers Insider selling, including larger shareholders, maybe a headwind for the market because they have been selling. The insiders own about 17% of the stock and have sold $70 million in shares over the last twelve months. Their activity increased quarterly in 2023, peaking in Q1 2024 as the stock price hit its all-time highs. Selling ended in February but could resume anytime, and a rebounding price point could be the trigger. Offsetting insider activity is the institutions. They may also trigger a rebound because they own about 85% of the comedy and have been buying on balance since Q4 last year. Super Micro Computers corrected significantly, but the bulk of the sell-off may already be over. The market moved down to a previous support level, where support is still evident. Indicators also reveal oversold conditions and divergence that point to bottoming and potential for rebound. Assuming the market does not fall below $620, it should move sideways at current levels with a chance of trending higher later this year or next. If the market falls below $620, it could sink back below $100 from where it came. That is not expected. Before you consider Super Micro Computer, 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 Super Micro Computer wasn't on the list. While Super Micro Computer currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
California legislators prepare to vote on a crackdown on utility spending 2024-04-22 16:27:40+00:00 - SACRAMENTO, Calif. (AP) — A crackdown on how some of the nation’s largest utilities spend customers’ money faces a do-or-die vote Monday in the California Legislature. Californians already pay some of the highest electricity rates in the country, in part because of the expensive work required to maintain and upgrade electrical equipment to reduce the risk of wildfires in a state with long, dry summers. As rates continue to climb, utilities like Pacific Gas & Electric, Southern California Edison and San Diego Gas & Electric have faced increasing scrutiny from consumer groups over how they spend the money they collect. Utilities aren’t allowed to use money from customers to pay for things like advertising or lobbying. Instead, utilities must pay for those activities with money from private investors who have bought stock shares. Consumer groups say utilities are finding ways around those rules. They accuse them of using money from customers to fund trade groups that lobby legislators and for TV ads disguised as public service announcements, including some recent ads by PG&E. A legislative bill would expand the definitions of prohibited advertising and political influence to include things like regulators’ decisions on rate-setting and franchises for electrical and gas corporations. It would also allow regulators to fine utilities that break the rules. “It’s always fun to be able to give away other people’s money and use other people’s money to try to advance their own interests,” said state Sen. Dave Min, a Democrat who authored the bill. “But for a regulated industry like (investor-owned utilities), I would submit that that’s not good policy.” The bill faces fierce opposition from utilities and some labor unions that fear it would prohibit union members who work for utilities from lobbying. The bill had a public hearing last week in a committee, but it failed to pass after multiple Democrats, who hold large majorities in both legislative chambers, did not vote. The committee is scheduled to hear the bill again Monday. If it fails a second time, it likely won’t pass this year. Min said he has accepted amendments to address lawmakers’ concerns, including allowing a grace period for utilities to correct errors and require that any money collected from fines be put into the state’s general fund. Still, he said it was “50-50” whether the bill would survive Monday’s vote. PG&E opposes the bill because it said it would take away the power of state regulators to examine utility companies’ costs and decide whether it is “just or reasonable” for customers to pay for them. Plus, PG&E lobbyist Brandon Ebeck said it’s appropriate for customers to pay for the company’s membership fees that go to various industry associations because they benefit customers. He noted those groups coordinate emergency response and wildfire training. When the war in Ukraine started, the Edison Electric Institute — a national association representing investor-owned utilities — sought to find surplus equipment that could be sent to Ukraine. “There’s a lot of benefits to customers,” Ebeck said. Consumer groups argue the current rules for utilities “incentivizes them to see what they can get away with,” said Matt Vespa, an attorney with the advocacy group Earthjustice. Those groups and Min point to as much as $6 million in TV ads PG&E paid for to tout its plan to bury power lines to reduce wildfire risk, a plan that some consumer groups opposed because it increased customers’ bills. The ads first aired in 2022 and feature CEO Patti Poppe in a company-branded hard hat while saying the company is “transforming your hometown utility from the ground up.” The utility recorded the expenses for those ads to come from a customer-funded account that is dedicated to reducing wildfire risk, as first reported by the Sacramento Bee. PG&E spokesperson Lynsey Paulo said the company has not yet asked regulators to review that expense. The California Public Utilities Commission will decide whether customer funds can pay for the ads. Paulo noted state regulators allow utilities to use money from customers to pay for safety communications on television. “Our customers have told us they want to know how we are investing to improve safety and reliability,” Paulo said. “We also use digital and email communications, but some customers do not have internet or email access, so we use methods including television spots to communicate with all of our customers.” Some consumer groups say the ads have crossed the line. “Only at PG&E would (Poppe’s) attempts at brand rehabilitation be considered a ‘safety message,’” said Mark Toney, executive director of the Utility Reform Network. “This blatant misuse of ratepayer funds is exactly why we need SB 938 and its clear rules and required disclosures for advertising costs.”
Vista Outdoor, Salesforce rise; Tesla, Cardinal Health fall, Monday, 4/22/2024 2024-04-22 16:23:42+00:00 - NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Monday: Tesla Inc., down $5 to $142.05. The electric vehicle maker cut the price of its so-called “Full Self Driving” system by about a third. Salesforce Inc., up $3.44 to $273.81. The software maker reportedly abandoned plans to buy Informatica. Verizon Communications Inc., down $1.89 to $38.60. The U.S. cellphone carrier’s first-quarter revenue missed Wall Street forecasts. Vista Outdoor Inc., up $2.10 to $34.46. The maker of firearms and ammunition is discussing a potential sale to MNC Capital. AZZ Inc., up $1.70 to $76.50. The electrical equipment maker beat analysts’ fiscal fourth-quarter financial forecasts. Zions Bancorp, up $1.40 to $41.32. The Utah-based regional bank’s first-quarter earnings beat analysts’ forecasts. Cardinal Health Inc., down $5.36 to $102.83. The prescription drug distributor won’t renew its contract with OptumRx. Matterport Inc., up $3.06 to $4.80. CoStar Group is buying the data company.
TikTok Faces E.U. Inquiry Over ‘Addictive’ Features 2024-04-22 16:19:01+00:00 - European Union regulators on Monday threatened to fine TikTok over potentially addictive features on a version of its app called TikTok Lite, which was released to work more smoothly on slower wireless networks. The E.U. investigation adds to TikTok’s regulatory challenges as the U.S. Senate prepares to vote on a bill that would order the app’s owner, the Chinese internet company ByteDance, to sell TikTok or be banned. The company is under growing pressure for its links to China, data collection practices and potentially harmful effects on children. In Europe, the authorities said TikTok had not conducted a legally required risk assessment before introducing features that allow users to earn rewards like gift cards for watching videos, liking content and following certain creators. They said the features provided a financial incentive to spend more time on the app, creating risks for addiction and mental health issues, particularly for children. The action announced on Monday is the second E.U. investigation against TikTok, along with an inquiry focused on a lack of effective age-verification protections and addictive design features.
Informatica says it's not for sale, following Salesforce's reported interest in $10 billion deal 2024-04-22 15:09:00+00:00 - Enterprise data management company Informatica is not currently in talks to be acquired, the company said Monday, after earlier reports suggested that Salesforce was interested in a roughly $10 billion deal. Informatica shares slumped more than 7% on the news, while Salesforce shares rose around 1%. The acquisition would have been Salesforce's largest since the 2021 deal to purchase Slack. The negotiations broke down after the two sides could not agree on terms, The Wall Street Journal previously reported. Salesforce had been discussing a bid in the mid-$30s per share, people familiar with the matter told the Journal. "Our business fundamentals continue to be very strong and we look forward to discussing our first quarter financial results and outlook on May 1," Informatica CEO Amit Walia said in a statement. Informatica's two largest shareholders, Canada's Pension Plan and private equity firm Permira, control more than 75% of outstanding shares and would have had to bless any deal. Salesforce's investors also reacted negatively to the idea of the deal, sending shares down more than 7% when news of the potential purchase first broke. Salesforce CEO Marc Benioff's voracious appetite for mergers and acquisitions was one of the factors that drew a flurry of activists in 2023 seeking to rein in the company's spending.
Grindr facing U.K. lawsuit over alleged data protection breaches 2024-04-22 14:49:00+00:00 - LONDON — Gay dating app Grindr is facing a mass data protection lawsuit in London from hundreds of users who allegedly had their private information, including HIV status, shared with third parties without consent, a law firm said on Monday. Austen Hayes, which said the lawsuit is being filed at London’s High Court, said thousands of Grindr users in the United Kingdom may have been affected. The firm alleges users’ highly sensitive information, including HIV status and the date of their latest HIV test, were provided to third parties for commercial purposes. Grindr said in a statement provided to the Guardian that it planned to “respond vigorously to this claim, which appears to be based on a mischaracterisation of practices from more than four years ago”. Austen Hayes said around 670 people had signed up to the lawsuit over breaches said to have taken place between 2018 and 2020, with potentially thousands more joining the case. Austen Hays’ Managing Director Chaya Hanoomanjee said in a statement: “Grindr owes it to the LGBTQ+ community it serves to compensate those whose data has been compromised and have suffered distress as a result, and to ensure all its users are safe while using the app, wherever they are, without fear that their data might be shared with third parties.” Grindr did not immediately respond to a request for comment. The Guardian reported a Grindr spokesperson as stating: “We are committed to protecting our users data and complying with all applicable data privacy regulations, including in the UK. “We are proud of our global privacy program and take privacy extremely seriously.”
Merger or Not, Albertson’s Companies is a Good Buy 2024-04-22 14:38:00+00:00 - Key Points Albertsons reported mixed results with better-than-expected earnings, highlighting its value. The stock has a relatively high yield, paying 2.35%, compared to Kroger, which yields less. An updated merger agreement may be enough to get the merger deal through, but it doesn't matter; Albertsons is a good buy. 5 stocks we like better than Albertsons Companies Albertson’s Companies NYSE: ACI proposed takeover by Kroger NYSE: KR may or may not go through, but it doesn’t matter. Either way, this stock is a value for income investors you don’t find daily. The stock trades well below its proposed takeover price, the analysts' consensus target, and its peers' earnings multiple, suggesting there is nowhere to go but up. If the merger goes through, investors will benefit from the higher price received from Kroger, and if it doesn’t, share prices will likely move higher anyway, and there is a potential for a dividend increase or other capital return. Albertson’s generates cash flow and has ample room in its numbers for a substantial dividend increase should the merger fail. The payout ratio is a low 22% relative to Q4 results and 18% of the F2024 consensus estimates. Balance sheet metrics are also healthy and give little reason to fear distribution safety. The balance sheet highlights at the end of F2024 are a reduction in cash offset by receivables, inventory, prepaid expenses, a slight decrease in debt, and a 70% increase in shareholder equity. Get Albertsons Companies alerts: Sign Up The latest news includes an updated merger agreement and an increased number of divested stores. To appease regulators, the number of stores to be sold to C&S Wholesale Grocers increased by 166, or 40%, to 579. That will reduce Albertson’s store count by 25% but allow C&S a competitive edge while leaving employees unaffected. We’ll see if it's enough to get the merger deal to go down. Albertson’s Steady After Mixed Results Albertsons Companies Today ACI Albertsons Companies $20.23 -0.12 (-0.59%) 52-Week Range $19.88 ▼ $23.88 Dividend Yield 2.37% P/E Ratio 8.65 Price Target $24.85 Add to Watchlist Albertson’s had a mixed quarter, but the results aligned with the outlook for value and distributions. The company reported $18.3 billion in revenue, which is flat compared to last year and shy of the consensus reported by Marketbeat but offset by market conditions, lower fuel sales, and internal metrics. Comp-store sales are up 1% and offset by a reduced store count. Systemwide, digital sales are up 24% and helping to sustain margin strength despite the impact of lower margin business. Pharmacy, one of the growth pillars and a lower-margin business contributed significantly to the results. Margin news is mixed but better than expected. The company’s GAAP margins widened slightly but are offset by a slim contraction in the adjusted. The net result is that GAAP EPS of $0.43 is down $0.11 compared to last year, and the adjusted $0.54 is down by $0.25 but less than expected. Contraction is partly due to a one-off in the prior year, but increased interest expense and higher taxes also played a role. Albertson’s is Three Times a Value Albertson’s value begins with the merger price. The merger price assumes a sale near $27.20, a price that may come down due to the new terms, but it won’t come down by 35%. That’s the discount offered by the current ACI share price. The analysts' consensus compounded the value, which is falling but still assumes more than 20% of the upside. We can assume that the analysis price target aligns more with the final deal. As for its price-to-earnings multiple, the stock trades at 7X earnings, several handles below Kroger, which trades closer to 13X earnings—other prominent food retailers such as Go Grocery Outlet NASDAQ: GO and Casey’s General Stores NASDAQ: CASY trade close to 24X. It is doubtful that Albertson’s will quadruple in value, but there is value and potential for a double-digit upside. The Technical Outlook: Albertson’s is at Rock Bottom The price action in Albertson’s is having trouble with traction following the Q4 2023 results, but a deep decline is not expected. The market is on a critical support level that has provided solid support since the merger was announced. Assuming the market continues to buy into the stock at this level, it should begin to rebound soon and may move upward within its range. The top of the range is near $23.50, suitable for a gain of 15%. Before you consider Albertsons Companies, 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 Albertsons Companies wasn't on the list. While Albertsons Companies currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Supreme Court to decide if Biden administration can regulate 'ghost guns' 2024-04-22 13:32:00+00:00 - WASHINGTON — The Supreme Court on Monday agreed to consider whether the Biden administration can lawfully regulate so-called ghost guns — firearms that are made from kits available online that people can assemble at home. The justices took up a Biden administration appeal in defense of regulations that a lower court invalidated. The provisions in question are currently in effect while litigation continues. In August of last year, the Supreme Court allowed the regulation to be enforced on a 5-4 vote, with Chief Justice John Roberts and fellow conservative Justice Amy Coney Barrett joining the three liberal justices in the majority. The federal Bureau of Alcohol, Tobacco, Firearms and Explosives issued the regulations in 2022 to tackle what it claims has been an abrupt increase in the availability of ghost guns. The guns are difficult for law enforcement to trace, with the administration calling them a major threat to public safety. The rule clarified that the parts used to make ghost guns fit within the definition of “firearm” under the federal Gun Control Act, meaning the government has the power to regulate them the same way it regulates firearms made and sold through the traditional process. The regulations require manufacturers and sellers of the kits to obtain licenses, mark the products with serial numbers, conduct background checks and maintain records. Texas-based U.S. District Judge Reed O’Connor last year ruled in favor of Jennifer VanDerStok and Michael Andren, who own components they want to use to build guns. Plaintiffs also include gun rights groups and makers and sellers of ghost guns. After the Supreme Court allowed the regulation to remain in effect while litigation moved forward, the New Orleans-based 5th U.S. Circuit Court of Appeals mostly ruled for the challengers. "Because Congress has neither authorized the expansion of firearm regulation nor permitted the criminalization of previously lawful conduct, the proposed rule constitutes unlawful agency action, in direct contravention of the legislature’s will," the ruling said. If that decision were allowed to go into effect, "anyone could buy a kit online and assemble a fully functional gun in minutes — no background check, records, or serial number required," Solicitor General Elizabeth Prelogar wrote in court papers. "The result would be a flood of untraceable ghost guns into our nation’s communities, endangering the public and thwarting law-enforcement efforts to solve violent crimes," she added. The challengers agreed with the Biden administration that the Supreme Court should take up the case, citing its nationwide importance. Their lawyers wrote that it is not the job of the ATF to expand the meaning of "firearm" under the Gun Control Act. "If that definition has become obsolete or unsatisfactory in any way, that is an issue for Congress to address," they wrote. The Supreme Court’s conservative majority has backed gun rights in multiple cases, including the landmark 2022 ruling that for the first time recognized that the Constitution’s Second Amendment includes a right to bear arms outside the home. The court is currently weighing the scope of that decision in a case concerning whether people accused of domestic violence have a right to own firearms. The ghost guns case, however, is on a separate legal question related to ATF’s regulatory authority, not the right to bear arms. The justices are set to decide a similar case in the coming weeks, a challenge to another ATF regulation that banned "bump stocks," an accessory that allows semiautomatic rifles to be fired rapidly.
3 Cheap Stocks That Shouldn’t Be So 2024-04-22 13:32:00+00:00 - Key Points As markets get scared from potentially delayed interest rate cuts this year. Though markets may find some relief in a few select stocks. These prospects stand out as potential winners, particularly now that Wall Street analysts see a double-digit upside. Discounted on relatively all metrics, these stocks all project likely interest rate cuts coming around the corner. 5 stocks we like better than Spotify Technology Certain stocks fall out of favor once every business cycle, whether for actual justifiable reasons or because of plain overlooking. Markets can get busy and caught up with sectors that make the most noise, such as the U.S. technology sector, which has been taken to all-time highs by names like Nvidia Co. NASDAQ: NVDA. Outside of this popularity contest, investors can find a few select stocks that have fallen behind the rest of the market and even their respective industries. From company-specific events to economic trends that are coming around the corner, stocks like Boeing Co. NYSE: BA, SoFi Technologies Inc. NASDAQ: SOFI, and even Daqo New Energy Corp. NYSE: DQ have some explaining to do. Get Spotify Technology alerts: Sign Up These stocks could become top picks for portfolios looking to beat the market in the coming cycle. However, they all depend on Interest rate cuts from the Federal Reserve (the Fed). Why the Odds Favor this Group According to the CME’s FedWatch tool, stock market indexes have sold off recently because these potential rate cuts have been delayed until September 2024. As traders and investors had priced in these rate cuts today, delays caused the S&P 500 to retrace by as much as 5.5% in the past month. Despite this tantrum, some economic factors and developments suggest interest rate cuts may still be a reality. Analysts at The Goldman Sachs Group Inc. NYSE: GS predicted a manufacturing sector breakout this year, a thesis found in the bank’s 2024 macro outlook report. As the ISM manufacturing PMI index broke into its first expansionary reading in over a year, it seems Goldman is correct. February’s PMI shows a 6.4% jump in export orders, and foreign nations could only be interested in American exports if they expected the dollar to decline, making these future purchases cheaper. Because lower interest rates lower a currency's value, the manufacturing and exports trend suggests that even global traders expect cuts to come sooner rather than later. SoFi Stock: A Rate Cut Favorite SoFi Technologies Today SOFI SoFi Technologies $7.25 +0.14 (+1.97%) 52-Week Range $4.45 ▼ $11.70 Price Target $9.08 Add to Watchlist The real estate market is at a standstill, with current homeowners refusing to relinquish their COVID-19 mortgages, which carry an average interest rate of 3.25%. Today’s mortgages are nearing 7.5%, making potential buyers wary of financing a home. More than that, the average home price rose by 31% from pre-pandemic levels, driving away potential buyers from another angle. Lower interest rates could kickstart the construction sector, a bet already taken by Warren Buffett in buying homebuilding stocks. What comes next after new homes are built, and new inventory helps to drive prices lower, is financing purchases. This is where SoFi stock comes into play, with analysts expecting to see earnings per share (EPS) growth of 225% in the next 12 months. Markets value these futures earnings at a forward P/E ratio of 28.3x today, which places SoFi stock at a 46% discount to other technology services stocks like Spotify Technology NYSE: SPOT and its 52.8x forward P/E. A price target of $9.1 a share calls for a net upside of 26.5% from today’s prices, reflecting the expectation of higher mortgage demand in the future and another piece of evidence helping the interest rate cut narrative. Rising Oil Prices? Better Call Daqo New Energy Daqo New Energy Today DQ Daqo New Energy $22.29 +0.18 (+0.81%) 52-Week Range $17.30 ▼ $48.31 P/E Ratio 4.12 Price Target $36.23 Add to Watchlist That’s right, oil is breaking past its previous ceiling of $80, reaching a six-month high of $90 last week. As geopolitical conflicts in the Middle East keep escalating, oil prices could continue to increase. Goldman Sachs thinks it could reach $100 a barrel this year. More expensive oil makes alternative energy sources – like solar – more attractive propositions. This is where Daqo comes to help, as it is the world’s largest polysilicon manufacturer, a key material needed for solar panels to complete the photovoltaic process. Projecting 73% EPS growth this year should be enough to make a stock flirt with new highs; however, because Daqo is based in China, fears and uncertainty in the nation’s equity market caused this stock to trade down to a dismal 46% of its 52-week high. A $36.2 price target represents a 61% upside in this stock. Lower interest rates could make solar panel financing easier for buyers and boost oil demand even further on the manufacturing breakouts mentioned. Boeing’s Hiccup, Get Past It Boeing Today BA Boeing $170.48 +0.66 (+0.39%) 52-Week Range $167.53 ▼ $267.54 Price Target $226.71 Add to Watchlist Boeing shares were scrutinized after a scandal involving a 737 MAX 9 jet. The stock trades at 63% of its 52-week high despite projecting industry-leading EPS growth of 1,548% this year. While boldly bullish, these projections could be a reality. As interest rates come down, traveling—business and pleasure—could take off. The ISM manufacturing PMI showed that the leisure and accommodation industry expanded for a third consecutive month. Because this involves travel, airline stocks may push their Boeing orders this quarter. Knowing this, analysts placed a $229.3 price target on the stock, calling for a 34% upside today. Boeing’s last quarterly financial report shows that 100% of its new orders came from models outside of the affected MAX 9 jet, meaning next quarter’s fulfilled orders – accounted as earnings – could likely beat expectations. Despite the scandal, short interest in Boeing stock declined by 14.1% in the past month, bringing the net percentage of shares shorted down to 1.5%. Bears aren’t even buying into the ‘doom’ story surrounding Boeing planes. Before you consider Spotify Technology, 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 Spotify Technology wasn't on the list. While Spotify Technology currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Tesla Stock Analysis: Insights and Future Projections 2024-04-22 13:25:00+00:00 - Upgrade Now This premium article is available to MarketBeat All Access subscribers only. Log in to your account or sign up below. Upgrade Now See Benefits Already have an account? Log in here. Before you consider Tesla, 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 Tesla wasn't on the list. While Tesla currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here