Latest News
See the latest news and get GPT analysis of articles
ASML Fires Warning Shot For Tech Investors 2024-04-17 13:05:00+00:00 - Key Points ASML had a weak quarter, highlighted by weak orders that undercut the guidance. ASML reaffirmed guidance but expects a significant uptick in the back half that may not come. Cash flow is solid, and the balance sheet is healthy, so a buy-the-dip opportunity is emerging, but the dip isn't over, and lower prices are ahead. 5 stocks we like better than ASML ASML NASDAQ: ASML struggled in Q1 and has a warning for semiconductor investors. The warning is that new orders were less strong than hoped and undercut the semiconductor industry's outlook. A sizeable portion of new orders included the cutting-edge EUV technology, but not enough to support the inflated outlook driven by AI. This means that chipmakers' results could be weaker than expected going forward and worse; guidance may also be weak and lead the tech sector into a deep depression. Shares of stocks like AMD NASDAQ: AMD and NVIDIA NASDAQ: NVDA are down from their peaks but still up substantially for the year and from last year’s lows, leaving them in a precarious position. Names like Intel NASDAQ: INTC, Taiwan Semiconductor NYSE: TSM, and Samsung OTCMKTS: SSNLF, which are more closely tied to ASMLs business, are also set up to extend their recent declines. Get ASML alerts: Sign Up ASML Has Weak Quarter But Reaffirms Guidance ASML had a weak quarter in Q1, with revenue falling 21% compared to last year due to new and used equipment weakness. New equipment sales fell 42%, while used equipment sales fell 64%. The guidance for Q2 is decent, with sequential growth expected, but the net bookings offset the impact. Net bookings fell 60% sequentially, suggesting caution among the chipmakers. The margin is decent and held steady compared to last year. The gross margin fell 40 basis points but less than expected to drive better-than-expected bottom-line results. The GAAP $3.31 outpaced the consensus by $0.40 but may not be directly comparable due to FX translation. The results were solid enough to sustain the dividend and dividend growth. The board announced the final payment for 2023 which converts to $1.86 with the EUR/USD at $1.06. Guidance is also decent, but expects a significant pivot in the back half of the year that may not come. Q2 revenue should accelerate to the range of $6.07 to $6.6 billion, with significantly stronger results in the back half. The full-year outlook was reaffirmed at flat compared to last year, with caution that this is a transition year. The business expects to resume growth in 2025, driven by next-gen and AI technologies supported by the CHIPs Act (in the US) and demand globally. ASML Today ASML ASML $907.61 -69.31 (-7.09%) 52-Week Range $563.99 ▼ $1,056.34 Dividend Yield 0.71% P/E Ratio 42.19 Price Target $1,036.00 Add to Watchlist ASML Capital Returns Will Continue to Flow ASML’s dividend yield is not large, and the payouts can be erratic due to the distribution policy, but the payment is safe and reliable. The company pays less than 35% of its earnings and maintains a fortress balance sheet. Balance sheet highlights from Q1 include a reduction in cash and assets offset by lower debt and liabilities, resulting in increased shareholder equity. Leverage is less than 0.35X equity, total liabilities are less than 2X equities and cash is about 5X. The cash flow and balance sheet allow for share repurchases, but there is a catch. Repurchases did not offset dilutive actions over the past year, and the share count is rising. Analysts support this market but may cap upward momentum now that results and guidance are in. The trend in 2024 is positive, including numerous price target increases, upgrades, and initiated coverages, but may have overestimated the timing of the foundry-market recovery. The consensus is up 33% compared to last year and predicts a 5% upside from the pre-release action, about 10% with the post-release decline, but it is unlikely to rise further. ASML Struggles With Resistance: A Deeper Decline is Possible Shares of ASML fell 5% in premarket trading following the Q1 release. The move confirms that resistance at the recent highs is strong and has the market set up to reverse. Critical support is near previous highs at $885 and may be tested soon. If support does not hold at this level, the market could fall to $800 or lower. Such a move would create a value opportunity in this market and set up a buying opportunity; the question is when the rebound in equipment sales will gain traction. Before you consider ASML, 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 ASML wasn't on the list. While ASML currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Prologis Stock Leading U.S. Logistics Boom 2024-04-17 11:50:00+00:00 - Key Points The real estate sector has been the worst performer this year, but not all branches are created equal. Logistics and warehousing may be needed during the new manufacturing breakout in the United States when Prologis stock shines. Valuations show it as a preferred name with a double-digit upside ahead for its shareholders. 5 stocks we like better than Prologis The U.S. real estate sector has been one of the worst-performing spaces in the past 12 months. The Vanguard Real Estate ETF NYSEARCA: VNQ fell behind the broader S&P 500 index by as much as 24% during this period. Despite some signs of recovery in the construction sector, it could be until this value reaches the real estate investment trust (REIT) level, where property values are affected. Blackstone’s $10 billion bet on residential housing may signify pivoting sentiment in the sector. However, they count with more money than God, so they can afford to wait as long as it takes. Retail investors may not have that much time and require relatively quicker payoffs, which is why a specific brand of real estate may be the perfect choice. Get Prologis alerts: Sign Up A logistics and warehouse boom could soon start in the United States, and Prologis Inc. NYSE: PLD is at the front of this wave. Operating strictly in logistics warehouses and other such real estate, the stock could be well positioned to overtake the real estate sector as a whole, or at least that’s what markets are betting on. The Economic Push for Logistics Now that the U.S. manufacturing sector is starting to wake up, according to the ISM manufacturing PMI index trends, many industries will have to rely on a strong logistics network. Pushing its first expansion reading, after contracting for 16 months, the manufacturing sector may be top of mind for professional investors and traders. Analysts at The Goldman Sachs Group Inc. NYSE: GS called for a breakout in manufacturing within this 2024 macro outlook report. A lower dollar index could be in play with potential interest rate cuts from the Federal Reserve (the Fed). A cheaper dollar makes American exports more attractive to cheaper nations. Still, the U.S. can only export what's on inventory, so production needs to kick off. Connecting the dots would be impossible without two specific industries: trucking and logistics. Therefore, Prologis is being rewarded above other real estate, including residential and healthcare properties. Spreading Property Valuations: Prologis is King Comparing valuations against worthy REIT mentions can help investors gauge current sentiment toward Prologis. To do this, use the forward price-to-earnings (P/E) ratio, as it attempts to place a value today on tomorrow's expected earnings. Prologis stock trades at a forward P/E of 19.3x, 32% above the REIT industry average. More specifically, it is 24% above one of the biggest names in the residential sector, Equity Residential NYSE: EQR. This could mean that markets think logistics valuations (and earnings) will pay off before any value reaches the residential sector. How about something less cyclical, like healthcare properties? As part of the consumer staples services, places like hospitals and clinics should have no ties to the underlying business cycle, providing safety in these rising VIX times. Still, markets find Prologis worth more than Healthpeak Properties Inc. NYSE: DOC, valued at only 9.3x forward P/E, a discount of 51% to Prologis. Price action plays a role here, as Healthpeak stock trades at 72% of its 52-week high, while Prologis reached 87% on bullish momentum. Wall Street's View on Prologis Starting with price targets, Wall Street analysts see a consensus valuation of $141.7 for Prologis, nearly 20% upside from today's prices. This is a massively bullish assumption, considering real estate is a low beta sector, meaning it doesn't move much. Compare this to Equity Residential's 6% upside through its $65.3 price target and Healthpeak's 5% downside as analysts placed a $17.7 price target on it. More than that, Prologis gives investors the additional benefit of a 3.2% dividend. While it barely beats U.S. inflation rates and is more than 1% below the ten-year treasury yield, the tradeoff comes in on how much upside the stock promises today. Even bears have decided to leave this one alone. Prologis stock short interest is extremely low. Only 1.1% of all shares are shorted, leaving the stock to be dominated by mostly bullish participants. Topping things off, the stock is 93.5% held by institutions, a sign that pension funds and other respectable money managers find a reasonably stable investment in this stock. Before you consider Prologis, 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 Prologis wasn't on the list. While Prologis currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Johnson & Johnson’s Q1 Checkup: Mixed Results, Optimism Remains 2024-04-17 11:40:00+00:00 - Key Points Despite economic challenges, Johnson & Johnson delivered solid Q1 2024 results, demonstrating adaptability and strength. Johnson & Johnson's Innovative Medicines segment outperformed, showcasing the company's continued success in developing and marketing pharmaceuticals. While achieving overall growth, Johnson & Johnson's MedTech segment highlights the impact of evolving regulations and economic pressures on the sector. 5 stocks we like better than Johnson & Johnson Johnson & Johnson NYSE: JNJ is one of the world's largest healthcare companies, with a diverse product portfolio that includes pharmaceuticals, medical devices and consumer health products. Johnson & Johnson recently released its Q1 2024 earnings report, and its Q1FY2024 financials are significant for the company and the broader medical device (MedTech) sector, which is part of the larger healthcare sector. The healthcare sector has struggled with supply chain disruptions, inflationary pressures and evolving government regulations. Johnson & Johnson's performance is an early indicator of the industry's health and ability to navigate the current challenges. So, what does Johnson & Johnson's Q1 2024 performance reveal about the overall health of the MedTech sector and how is the company performing while facing industry and economic challenges? Let's take a look. Get Johnson & Johnson alerts: Sign Up Johnson & Johnson's Q1 2024: Metrics and Implications Johnson & Johnson's Q1 2024 earnings report provided mixed results, with solid revenue growth but pressure on profit margins. The company reported $21.4 billion in total revenue, a 2.3% YOY increase. While modest, this growth reflects resilience in the face of economic headwinds. Operational sales growth, which adjusts for currency fluctuations, was stronger at 3.9%. This metric clarifies Johnson & Johnson's core business performance, highlighting increased product demand. Adjusted operational growth, excluding the impact of the COVID-19 vaccine, reached an impressive 7.7%, underscoring its product portfolio's strength and ability to drive sales even as pandemic-related demand for the vaccine subsides. The medtech segment stood out in Q1, with 6.5% operational sales growth, demonstrating Johnson & Johnson's competitiveness in areas like electrophysiology (treatment of heart rhythm disorders) and wound closure solutions. The Innovative Medicines segment also exhibited positive growth, with a 2.5% increase in operational sales (excluding the COVID-19 vaccine). While less dramatic than medtech, this signifies ongoing demand for Johnson & Johnson's pharmaceutical products. The company successfully widened its net profit margin in Q1 2024, resulting in robust GAAP (Generally Accepted Accounting Principles) earnings of $2.20 per share, exceeding prior-year results. Adjusted earnings per share (EPS), which excludes non-recurring items, reached $2.71, a notable 12.4% increase from Q1 2023. This demonstrates Johnson & Johnson's efficiency and the effectiveness of its cost control measures amidst inflationary pressures. Johnson & Johnson raised the midpoint of its full-year 2024 guidance for both operational sales and adjusted EPS, signaling the company's internal optimism regarding its ability to meet the year's targets, manage ongoing challenges and deliver value to shareholders. Decoding the Analyst Outlook The analyst community has reacted favorably to the company's Q1 results. While maintaining a Hold rating, the consensus price target points to a decent upside potential. This optimism stems from the company's improved margins, earnings outperformance and revised guidance for the full year. The analysts' sentiment suggests that the market views Johnson & Johnson's stock as currently undervalued, leading to expectations of a share price rebound in the near term. Investor Implications Q1 performance and analyst outlook offer a few key takeaways for investors. Johnson & Johnson's dividend increase track record stands out in the industry. The company has increased its dividend for 62 consecutive years, a testament to its financial stability. This milestone secures its position as a dividend aristocrat, making it an enticing investment for income-oriented investors seeking consistent and reliable returns. While some insider selling was noted, this is a common practice and doesn't necessarily signify bearish sentiment on the company's future. The combination of dividend strength and the potential for share price appreciation creates a compelling value proposition for investors seeking a mix of income and growth. Pharma Powerhouse: Drivers of Growth The Innovative Medicines segment stood out in Q1 2024, demonstrating the company's continued strength in pharmaceuticals. Several key drugs fueled this growth, particularly in oncology (cancer treatment) and immunology (treating immune system disorders). These include: DARZALEX, ERLEADA, CARVYKTI and TECVAYLI: oncology drugs with increasing demand and market share. UPTRAVI and OPSUMIT: drugs that treat pulmonary hypertension, a serious condition affecting blood vessels in the lungs. TREMFYA: drug that treats plaque psoriasis, a common skin condition SPRAVATO: novel treatment for depression Importantly, even excluding sales of the COVID-19 vaccine, the Innovative Medicines segment exhibited solid growth trends. This underscores the underlying strength of Johnson & Johnson's pharmaceutical portfolio, its success in developing new treatments and its ability to capture market share in competitive therapeutic areas. MedTech: A Challenging Sector Johnson & Johnson's medtech segment delivered mixed results in Q1 2024. While achieving overall positive sales growth, the performance highlights both the segment's strengths and challenges. Specific product lines drove this growth: Cardiovascular devices demonstrate the company's leadership in addressing critical cardiovascular needs, particularly in electrophysiology (treatment of heart rhythm disorders) and the recently acquired Abiomed. General surgery solutions, such as wound closure products, also exhibited positive growth, underscoring the ongoing demand for these essential medical tools. However, navigating an evolving regulatory landscape proved challenging. The European Medical Device Regulation (MDR) introduced stricter standards and compliance requirements, increasing costs and potentially impacting the pace of innovation within the medtech sector. Johnson & Johnson's Q1 results indicate that these regulatory pressures affected the segment's bottom line. Overall, the medtech performance shows strength. The success of specific product lines highlights the company's focus on high-demand areas and its ability to deliver innovative solutions. However, the broader medtech industry continues to grapple with regulatory changes, which investors should monitor as a potential risk factor. Johnson & Johnson's Q1 2024 results showcase the company's resilience in the face of economic and industry pressures. Positive revenue growth, strong pharmaceutical sales and improved margins demonstrate the company's ability to navigate challenges. Success in key medtech areas like oncology and cardiovascular devices highlights the ongoing demand for innovative solutions. Overall, Johnson & Johnson's Q1 report offers a cautiously optimistic signal for the industry, showcasing the potential for adaptability and success in a complex and volatile market sector. Before you consider Johnson & Johnson, 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 Johnson & Johnson wasn't on the list. While Johnson & Johnson currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Which sports will feature at the Paris 2024 Olympic Games? Take our quiz 2024-04-17 09:00:00+00:00 - Faster. Higher. Stronger. Floatier? As times have changed, so, too, has the Olympic program. When Paris first hosted in 1900, croquet and tug-of-war were featured (that was croquet’s only Olympics appearance, while tug-of-war was featured five more times until the Games in Antwerp, Belgium, in 1920). Contests of all kinds have come and gone and sometimes returned over the years — a trend that will continue thanks to the International Olympic Committee’s allowing host countries to nominate one-off events that “enhance the popularity of the Games.” So, what’s new this year? And what will be in the lineup at Los Angeles 2028? Two sports below are set to make their Olympic debuts, while several are making returns. Others are but office daydreams. Go for gold and test your knowledge of the Olympic program.
Break-dancing busts into the Olympics for the first time. Here’s what to expect in Paris. 2024-04-17 09:00:00+00:00 - Get ready for plenty of how-did-they-do-that moments when the Paris Games introduce break-dancing as an official Olympic sport. Bodies will be contorted, gravity will seemingly be defied, and athletes will be showcasing “headspins,” “windmills” and “freeze” moves — and it will all be set to music. The sport, also known as breaking, made its successful debut at the 2018 Youth Olympics in Buenos Aires, Argentina, where it topped 1 million viewers, according to NBC Olympics, far outpacing audiences for many other sports. The Olympics declared it an "outstanding success," and now both the organizers and the athletes hope to translate that magic to the biggest stage in sports. “This is a chance for us to grow and educate people on breaking,” Jeffrey Louis (B-Boy Jeffro), told NBC Olympics. Louis, the fifth-ranked B-boy in the world, is considered a favorite for one of the remaining spots on the U.S. Olympic team. Breaking joins other newer sports, including three that were added to the Olympic program for the first time at the 2020 Tokyo Games — surfing, skateboarding and sport climbing. Adding those sports to the official Olympics roster is an attempt by the International Olympic Committee to reach a younger audience, given that “all four are easy to take up and participants form communities that are very active on social media,” according to the Paris Olympics. The committee, known as the IOC, hopes millions of kids worldwide will be inspired to take up the sports themselves. “If we get it right, we can create something unstoppable,” Louis said. “We can’t let it pass us up again, because the first time breaking blew up, it fizzled out.” What is breaking? The dance-battle sport is “characterised by acrobatic movements, stylised footwork and the key role played by the DJ and the MC (master of ceremonies) during battles,” according to the Paris Olympics. Some of the moves will have audiences wondering where the halfpipe is as athletes twist and turn like they should have boards under their feet. The sport’s techniques include top rock (standing footwork) and down rock (moves on the floor), power moves (twists and spins) and the freeze, when breakers freeze in poses while using their heads or hands for support. How will it work? The breaking competition in Paris will be divided into two events — one for women and one for men — and they will take place Aug. 9 and 10 at La Concorde Urban Park. In total, 16 B-boys or 16 B-girls will “go face to face in spectacular solo battles,” according to the Paris Olympics. The competitors will show off their best moves as they try to keep up with the beat of the DJ's tracks, improvising to stay alive in the dance battle with a combination of "power moves," including windmills, the 6-step and freezes, according to the Paris Olympics. Judges will then vote, paving the way for the first breaking medalists in Olympic history. Who is on the U.S. Olympic breaking team? The U.S. will be represented by four breakers — two B-boys and two B-girls — who will compete in solo battles for the gold medal. So far, two U.S. breakers have qualified: Sunny Choi (B-Girl Sunny) and Victor Montalvo (B-Boy Victor). From the Bronx to Paris It has been a decades-long battle to get breaking to the main stage. The dance style, which has roots in hip-hop culture, originated at block parties in New York City in the 1970s, according to the Paris Olympics. Louis said the sport originated in a rec room in the Bronx, where “a legendary DJ named Kool Herc debuted a new technique that centered around percussive ‘breaks’ in songs. During these breaks, the crowd would start dancing, which became known as breaking, or breakdancing.” By the 1980s, it was hitting the mainstream with groups like the Rock Steady Crew, the Dynamic Rockers and the New York City Breakers, who innovated new — and more complex — moves. It gained wider visibility thanks in part to the 1983 movie "Flashdance." While the film included only a few short breaking scenes — featuring the Rock Steady Crew — USA Dance said it inspired people around the world to try breaking. But the end of the ’80s, it had fizzled. Breakers invited fellow dancers out of early retirement to jump-start the scene once again, according to USA Dance. International Battle of the Year, the first large-scale, formally judged breaking event, began in the ’90s, which helped with the sport’s revival and ushered in a new era of interest. Other international competitions also began in the decade, some of which remain active today. International resurgence Since then, "breaking has evolved into a global cultural art form with many elements of sport," according to USA Dance. The national organization says a number of breaking schools have opened across the U.S. in the last decade, providing spaces for a new, young generation of breakers to learn and hone the craft. The World DanceSport Federation now governs the sport internationally and is recognized by the IOC as such. Whitney Carter, director of internally managed sports at the U.S. Olympic and Paralympic Committee, helped form Breaking for Gold USA, a group dedicated to getting breakers in the country ready for the world's biggest games, NBC Olympics reported. "Now, the USA is a front-runner at the Olympics," Tyquan Hodac, USA Dance's breaking communications director, told NBC Olympics. "We’re the powerhouse. Every other country is looking up to us."
Photos: See how Paris has evolved from the 1924 Summer Olympics to today 2024-04-17 09:00:00+00:00 - In the summer of 1924, more than 600,000 spectators descended on Paris for the Olympic Games. The competitions were broadcast on the radio for the first time, allowing listeners around the world to vicariously experience the “Flying Finns” of track and field and other elite athletes. The British stars Harold Abrahams and Eric Liddell triumphed on the track, inspiring the 1981 Oscar-winning film “Chariots of Fire” and a soaring electronic theme by Vangelis. In the century since, Paris and its surrounding cities have been utterly transformed by political upheaval, technological revolution and demographic shifts. But when the City of Lights hosts the Games for a third time this July, spectators and television audiences will be reminded how much has remained the same, from the towering landmarks of metropolitan Paris to the pageantry of the opening ceremony.
Nvidia CEO Jensen Huang Said, "This Is the Beginning of a New World" Thanks to Artificial Intelligence (AI). 1 Stock to Buy If He's Right 2024-04-17 04:09:00+00:00 - Oregon State University (OSU) broke ground this week on a new research building that will be named after Nvidia CEO Jensen Huang and his wife, Lori, who both attended the school. In a conversation with OSU President Jayathi Murthy, Huang said, "This is the beginning of a new world," referring to recent advancements in the field of generative AI. Huang went on to say that thanks to chatbots like OpenAI's ChatGPT, "You essentially have a collaborator with you at all times, essentially have a tutor at all times." If Huang is right, and I believe he is, Microsoft (NASDAQ: MSFT) is already poised to reap the rewards of this groundbreaking technology. Image source: Getty Images. Flying high Microsoft made headlines last year for its $13 billion investment in ChatGPT's creator, but the partnership goes much deeper. Microsoft first took a stake in OpenAI back in 2019 and has been working to perfect these digital assistants ever since. The result is Copilot, a suite of generative AI-fueled helpers deeply integrated into Microsoft's most widely used products. Copilot for Microsoft 365 streamlines a wide variety of tasks, including summarizing and drafting emails, preparing presentations, creating charts from spreadsheet data, and more -- all with just a few simple commands. But that's just the beginning. GitHub Copilot can automate the writing and debugging of computer code. Copilot for Sales integrates with popular customer relationship management (CRM) platforms to gather information, set up meetings, and provide summaries -- all from first-party customer data. Copilot for Service provides customer service staff with similar tools, gathering content from a number of resources -- all controlled through simple voice or typewritten commands from the user. Microsoft is still in the process of rolling out these Copilots, so we don't yet know what impact they will have on the company's financial results. Estimates range from $25 billion annually to as much as $100 billion in incremental revenue. The stock currently trades for 35 times forward sales. It sounds high, but it's an attractive valuation considering the vast potential ahead. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for two decades, Motley Fool Stock Advisor, has more than tripled the market.* They just revealed what they believe are the 10 best stocks for investors to buy right now… and Microsoft made the list -- but there are 9 other stocks you may be overlooking. Story continues See the 10 stocks *Stock Advisor returns as of April 15, 2024 Danny Vena has positions in Microsoft and Nvidia. The Motley Fool has positions in and recommends Microsoft and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy. Nvidia CEO Jensen Huang Said, "This Is the Beginning of a New World" Thanks to Artificial Intelligence (AI). 1 Stock to Buy If He's Right was originally published by The Motley Fool
Three REITs With New Downgrades This Week 2024-04-17 03:30:00+00:00 - Three REITs With New Downgrades This Week It's difficult for investors when analysts downgrade their stocks. But there are many reasons for an analyst downgrade. Sometimes a stock has risen to the point where the analyst feels it's no longer a good value relative to its price. At other times, competition, a perceived downturn in the general economy or the resignation of a longstanding company insider may lead the analyst to believe that a company is unlikely to perform well in the coming months. Whatever the reason, the usual outcome from a downgrade is a drop in the share price. But the drop may be temporary if the company develops new business, economic forecasts improve or new leadership proves its merit. Take a look at three real estate investment trusts (REITs) that have just received analyst downgrades and some of the concerns that warranted those decisions. TPG RE Finance Trust Inc. (NYSE:TRTX), a subsidiary of TPG Real Estate, is a mortgage REIT with a $4.2 billion portfolio of first mortgage loans with an average loan size of $71.6 million, in geographically diversified primary and select secondary markets across the U.S. On February 20, TPG RE Finance Trust reported its Q4 operating results. Adjusted earnings per share (EPS) of $2.05 missed the estimate of $0.17. Revenue of $31.49 million was ahead of estimates of $24.73 million but below revenue from Q4 2022 of $35.99 million. Don't Miss: Investing in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100. Want To Grow Your Wealth Passively? Unlock Real Wealth with Cityfunds’ Exclusive 8% Yield Fund. Despite the less-than-favorable earnings report, the earnings call was upbeat, and investors have continued to support the stock. Year-to-date, TPG RE Finance has had a total return of 16.33%. On April 12, Raymond James analyst Stephen Laws downgraded TPG RE Finance Trust from Strong Buy to Outperform while maintaining the price target at $8.50. This is still above the consensus average one-year price target of $7.90. Arbor Realty Trust Inc. (NYSE:ABR) is a Long Island-based mortgage REIT (mREIT) that initiates bridge and mezzanine loans for commercial and residential properties. Many of its loans originate through Fannie Mae and Freddie Mac programs. Arbor Realty Trust generates profits by the spread between the loan financing cost and the interest earned from that loan. Many of Arbor Realty Trust's commercial loans are first mortgage liens that are short-term with higher interest rates. Arbor Realty's mid-February quarterly report was somewhat mixed. Adjusted earnings per share (EPS) of $0.51 beat the consensus estimate of $0.44 per share, but it was 15% below EPS of $0.60 in Q4 2022. Revenue of $103.58 million also beat the consensus estimate of $97.65 million but decreased from $113.06 million in Q4 2022. Story continues On April 11, Wedbush analyst Jay McCanless downgraded Arbor Realty Trust from Outperform to Neutral and lowered the price target by 23.5% from $17 to $13. McCanless is concerned about higher interest rates for longer and the subsequent risks that Arbor Realty will incur for more delinquencies and non-performing loans. In addition, he sees the potential for lower loan volume. The analyst lowered the EPS estimate from $1.95 to $1.80 for 2024. Trending Want to Create a Passive Income Stream? These High-Yield Real Estate Notes Might Be Your Holy Grail Clipper Realty Inc. (NYSE:CLPR) is a small, New York-based, self-administered and self-managed REIT that owns, manages, operates and repositions multifamily residential and commercial properties in the New York City area. It was formed in 2017. On March 14, Clipper Realty reported its Q4 2023 operating results. Funds from operations (FFO) of $0.15 per share beat the estimate of $0.13 per share and represented a 36.36% increase from FFO of $0.11 per share in Q4 2022. Revenue of $34.87 million was below the consensus estimate of $37.28 million but slightly above revenue of $33.01 million in Q4 2022. On April 11, JMP Securities analyst Aaron Hecht downgraded Clipper Realty from Market Outperform to Market Perform. Hecht noted Clipper's recent announcement as part of its Q4 earnings report that it is losing its tenant at 12-story 250 Livingston Street in Brooklyn at the end of its lease in August 2025. The tenant is the City of New York, and the annual rent is $15.4 million. While that gives Clipper plenty of time to re-lease the space, the analyst also noted that the tenant in this 294,144 square-foot commercial and residential building accounts for approximately 15% of Clipper's net operating income. This creates what Hecht called "tenant uncertainty," and Hecht believes that Clipper Realty is now fairly valued. Read Next: "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Three REITs With New Downgrades This Week originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trump Mastered The Art of the SPAC Deal. Cashing Out Is Harder 2024-04-17 02:12:00+00:00 - (Bloomberg) -- The value of Donald Trump’s stake in his media startup may have shrunk since going public through a blank-check merger, but on paper, it’s still worth a lot. The question for the former president is, should he decide to sell, how much he could actually extract. Most Read from Bloomberg At its peak last month, Trump’s 58% stake in Trump Media & Technology Group Corp. was worth as much as $6.3 billion. Trump and other insiders are unable to sell due to a six-month lockup agreement. That didn’t stop other shareholders who rode a 270% rally from cashing out — following the deal, the shares lost roughly two thirds of their value in a matter of weeks. Such a plunge is not unheard of for firms that use special purpose acquisition companies to go public. More than a fifth of de-SPACs, those who complete such deals, that debuted since 2019 are trading below $1 each, data compiled by Bloomberg show. Most SPACs go public at a price of $10 per share. Trump has given no public indication he intends to sell, but if he does, he may look to the example of the insiders who benefited handsomely from some of the splashiest SPAC deals at the height of the boom. The former president might still pocket hundreds of millions — not a bad return on a company that took in just $4.1 million in revenue last year. Trump Media said in response to a request for comment on Donald Trump’s path to cashing out of the firm that reporting on it would be “utterly baseless” and partisan, “without any conceivable sign anywhere that he plans to do so.” Read More: Trump Media’s $5.3 Billion Selloff Deepens as 270% Rally Fizzles Briefly Billionaires The founders of biotech firm Ginkgo Bioworks Holdings Inc. were briefly billionaires in late 2021 after their company went public in a SPAC deal that sent shares soaring to a $29 billion valuation in its first months as a public company. But by the time they began selling in late 2022, the company’s share price had crashed from a high of $14.92 to a little over $3. Still, three of the founders — Jason Kelly, Barry Canton and Reshma Shetty — steadily sold, liquidating between 20% and 30% of their original stakes over the following 18 months. Although the sales went for roughly $2 a share on average, it was enough to net them more than $125 million in proceeds. Story continues Representatives for Ginkgo Bioworks, where all three are still executives, didn’t immediately respond to requests for comment. A similar 80% plunge for Trump Media would still suggest proceeds of roughly $1 billion for the former president. That’s more than twice as much as his most valuable real estate holding and would cover the money he owes from recent legal rulings. Selling isn’t the only way founders can get liquidity. When mortgage originator UWM Holdings Corp. went public in a January 2021 SPAC merger, Chief Executive Officer Mat Ishbia owned a stake worth more than $11 billion. Roughly 20 months later, shares had sunk 75% from their highs. Instead of selling shares and adding to the pressure, Ishbia arranged a loan using his stake as collateral. He pledged more than half of the company’s shares, worth some $4.6 billion, days before he bought the Phoenix Suns basketball team for a record $4 billion in February last year when UWM was trading below $5 a share. A representative for UWM and Ishbia didn’t immediately respond to requests for comment. Not all founders cash out from their SPAC deals, of course. Take John Ruiz, founder of insurance reimbursement recovery firm MSP Recovery Inc. The company went public at a $32.6 billion valuation, giving Ruiz a paper fortune — briefly — of $21 billion. Nearly two years after, Ruiz hasn’t sold any of his stake and the company is valued around $120 million. In fact, Ruiz has lent the company money to help it stay afloat. A representative for Ruiz and MSP didn’t immediately respond to requests for comment. Trump Media Insiders Any move to free Trump Media insiders from the six-month lock-up agreement preventing them from selling would be potentially fraught. Though the newly public company’s board could waive the sales restrictions, the optics would likely signal to investors that a rush of selling is on the horizon, and would also open them up to potential shareholder lawsuits. Trump is embroiled in a lawsuit with two co-founders who claim he tried to dilute their stake. A Delaware judge granted a request to amend the suit to include accusing Trump of retaliating by locking up their shares for six months, which they claim will cause “irreparable harm” to their finances. Trump is subject to the same lockup. Read more: Why Trump’s Social Media Firm Is Awash in Legal Cases: QuickTake The stock’s roughly 70% slide from a debut peak has cost the pair some $415 million on paper. For Trump, his paper returns have spiraled roughly $4.4 billion — and that doesn’t count the additional windfall he and other Trump Media insiders are on track to reap. The company announced on Tuesday that it had finished the research phase of its new live TV streaming platform, according to a press release. It plans to offer Truth Social over-the-top streaming apps which are expected to host news, religious and family-friendly content. Trump is also facing four criminal prosecutions as he campaigns to return to the White House. The first criminal trial started Monday in Manhattan, where he’s accused of falsifying business records to hide a hush-money payment to a porn star before the 2016 election. He described the case as an outrage and a persecution. Read More: Trump Trial Off to Slow Start With Ex-President Appearing Bored As part of the SPAC deal, Trump Media insiders are slated to get another 40 million shares as long as the stock holds above the $17.50 mark for another six trading days. It was trading at around $23 per share on Tuesday. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
Brace for the S&P 500 to crash 30% before an even bigger collapse after the election, markets guru David Brady warns 2024-04-17 00:08:00+00:00 - The S&P 500 is headed for a devastating crash, markets guru David Brady said. peshkov/Getty Images Expect the S&P 500 to tumble 30%, recover, then suffer a historic crash, David Brady warned. He predicted the Federal Reserve would shore up the market before the election. The analyst said economic and geopolitical forces would cause a market collapse after the race ends. Prepare for stocks to plunge 30%, rebound before the presidential election, then crash to their lowest level in 14 years, a markets analyst warned. The S&P 500 is poised to plummet from over 5,000 points to an 18-month low of 3,500 points, David Brady said on the latest "Thoughtful Money" podcast episode. Brady is a money manager, former foreign exchange trader, and the author of "The FIPEST Report" which analyzes metals and miners. He argued that stocks are massively overvalued, investors face much greater downside risk than potential upside, and a sell-off looks assured. However, he predicted the Federal Reserve would step in to reverse the coming decline by cutting interest rates and growing its balance sheet — especially as the Biden administration will want a strong stock market and economy going into the November election. However, he cautioned the rebound wouldn't last given mounting domestic and international pressure on the economy. "My two cents is short term, 20-30% drop, but then the Fed responds as it always does and the market goes up," Brady said. "After the election, stocks are going to get hammered." "I expect the stock market to drop because of what's going on in the economy and elsewhere in the world," he said about his anticipated post-election decline. Brady's list of concerns includes inflation climbing to 3.5% over the past two months, meaning the Fed might keep rates higher for longer. He also flagged an uptick in bankruptcies, car repossessions due to auto-loan defaults, credit-card delinquencies, and a slide in house prices. "Those are signs to me that the economy is on life support," he said, adding that multiple foreign wars and pressure on the banking sector contributed to a gloomy backdrop. "I believe the market is plateauing as well, and there are certain signals that I'm watching that will tell me it's time to get the heck out of Dodge," Brady said. Those signals include a decline in the S&P below 5,000 points or a deinversion of the yield curve, he noted. "They'll all eventually bring down the most overvalued stock market we've seen perhaps since the Great Depression," he said about the myriad headwinds. Story continues As for Brady's post-election forecast, he suggested the S&P could nosedive to about 1,000 points, erasing more than 14 years' worth of the index's gains and returning it to 2010 levels. "I do see that we could get at least an 80% correction this time around," he said. Brady isn't alone in predicting doom. Michael Burry of "The Big Short" fame, GMO cofounder Jeremy Grantham, and renowned forecaster Gary Shilling have all issued dire warnings about what lies ahead for markets and the economy. Still, it's worth underscoring that the US economy and stocks have largely defied naysayers. Stocks hit record highs earlier this year, while inflation has cooled significantly, unemployment remains near historic lows, and growth has been robust. Read the original article on Business Insider
HitPaw Photo AI V3.3.0 Newly Introduce Its ID Photo Feature for Professional Use 2024-04-16 22:41:00+00:00 - Loading... Loading... HitPaw Photo AI V3.3.0 Updates with ID Photo Maker Functions for High-quality Printing NEW YORK, April 16, 2024 /PRNewswire/ -- HitPaw, an unparalleled multi-media solution, announces the highly anticipated release of HitPaw Photo AI ( https://www.hitpaw.com/photo-ai.html ) V3.3.0. This upgrade goes beyond traditional editing tools with its ID Photo Maker functionality. Say goodbye to the hassle of manually resizing and formatting photos for official documents. Whether you want to enhance facial features, remove blemishes, or change backgrounds, the new version delivers stunning results with just a few clicks, saving you time and effort while ensuring professional-quality outcomes. LET'S CHECK THE KEY FEATURES: ID Photo Maker: Change Background Color and Photo Size Sample With ID Photo Maker, you can generate ID photos that meet the exact specifications required for passports, visas, driver's licenses, and more. Simply upload your photo, select the desired template, and let HitPaw do the rest, ensuring compliance with international standards and regulations. With ID Photo Maker, you can generate ID photos that meet the exact specifications required for passports, visas, driver's licenses, and more. Simply upload your photo, select the desired template, and let HitPaw AI Portraits Generation: Create Stunning Portrait Effects at Home One of the latest additions to HitPaw Photo AI's arsenal is its groundbreaking AI Portraits feature. Leveraging the latest advancements in artificial intelligence, this innovative tool takes portrait editing to new heights. it empowers users to transform their ordinary photos into extraordinary masterpieces effortlessly. One of the latest additions to HitPaw Added 10+ Art Styles : Inspire a Unique Touch to Your Photos With HitPaw Photo AI's 50+ Art Styles , you can explore a wide range of artistic expressions, from watercolor and oil painting to surrealism and pop art. Unleash your imagination, experiment with different styles, and bring your creative visions to life like never before. Whether you're a seasoned artist or a novice enthusiast, HitPaw Photo AI is your ultimate tool for unleashing the full potential of your photos. Learn more: https://www.hitpaw.com/photo-ai.html Compatibility and Price: HitPaw Photo AI is now compatible with Windows 11/10/8/7 64-bit and and macOS 10.15 and above. The pricing starts from $21.99 USD for a month plan. For more price checking and information, you can visit: https://www.hitpaw.com/purchase/buy-hitpaw-photo-ai.html About HitPaw: HitPaw is an emerging software company specializing in video editing, screen recording, watermark removing, image editing, photo enhancing, meme-making, etc. We help users turn their inspiration into reality so that we can generate more ideas to make the world full of more creativity. To know more, you may visit https://www.hitpaw.com/about.html and https://www.hitpaw.com/ Our Social Media YouTube: https://www.youtube.com/channel/UCQwRggaotgiMcPbiCOsJeBA Loading... Loading... Facebook: https://www.facebook.com/hitpawofficial X (Twitter): https://twitter.com/HitPawofficial Instagram: https://www.instagram.com/hitpawofficial/ Pinterest: https://www.pinterest.com/HitPawofficialwebsite/ This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com SOURCE HitPaw. Co., Ltd
Republican House panel launches probe into Biden's FTC-DOJ task force on corporate pricing 2024-04-16 22:35:00+00:00 - FTC Commissioner nominee Lina M. Khan testifies during a Senate Commerce, Science, and Transportation Committee hearing on the nomination of Former Senator Bill Nelson to be NASA administrator, on Capitol Hill in Washington, U.S., April 21, 2021. The Republican-led House Oversight Committee is launching an investigation into President Joe Biden's newly established task force on corporate-pricing practices, claiming it could be used as a "political tool," according to a letter obtained by CNBC In the letter dated Tuesday, the House Committee on Oversight and Accountability demanded that by April 30, Federal Trade Commission Chair Lina Khan turn over all FTC records related to the creation of the Strike Force on Unfair and Illegal Pricing, which Biden launched in March to address concerns related to corporate-pricing practices. "The timing of the Strike Force announcement, in an election year, raises the likelihood that political motivations rather than the interests of American consumers drove the action," House Oversight Committee Chair Rep. James Comer, R-Ky., said in the letter. "To use the FTC as a tool in a political witch hunt against U.S. businesses would be a shocking misuse of the agency's power." The Strike Force is jointly led by the FTC and the Department of Justice, which have been at the front lines of the Biden administration's regulatory agenda over the past several years. Khan and DOJ antitrust chief Jonathan Kanter have taken action against over 50 proposed deals in sectors like tech, energy and grocery since taking their posts in 2021, tallying both wins and losses. In the letter, Comer also asked for all documents related to the FTC's 2021 investigation into alleged gasoline price fixing, along with proposed mergers between major grocers Kroger and Albertsons and other companies. "This FTC — which is supposed to be an independent agency — has a history of doing President Biden's partisan bidding," Comer said in the letter. The FTC declined to comment. The House panel's probe is the latest in a series of investigations looking into the FTC and Khan, who has become a major GOP target during the ramping up of antitrust enforcement under her leadership. Biden's 2024 reelection campaign hinges in part on his ability to convince voters that his economic agenda has been good for their wallets. And while the economy has teetered along a precarious recovery since the havoc brought by the Covid pandemic, inflation has remained sticky and consumers have not felt full relief in their day-to-day living costs. Biden has in turn regularly accused big corporations of keeping prices artificially high even though pandemic-era supply chain snarls have healed and producer costs have cooled. Comer alleged in the letter that "this pattern" of blaming corporate-pricing practices for inflation "signals that the new FTC-DOJ Strike Force will be used as a political tool." But Biden's logic that companies are the ones responsible for high prices, not his economic agenda, could be taking hold with voters. A March survey found that respondents blamed recent price hikes on "large corporations taking advantage of inflation" more than Democratic policies.
O-I PACKAGING SOLUTIONS AND REVINO ROLL OUT RETURNABLE, REUSABLE GLASS WINE BOTTLES TO PACIFIC NORTHWEST - O-I Glass (NYSE:OI) 2024-04-16 22:22:00+00:00 - Loading... Loading... Returnable, reusable glass wine bottles support the wine industry's drive towards improved sustainability Revino will partner with wineries, local and statewide legislators, and NGOs to lower the barriers to the widespread adoption of glass bottle reuse PERRYSBURG, Ohio and NEWBERG, Oregon,, April 16, 2024 (GLOBE NEWSWIRE) -- O-I Packaging Solutions ("O-IPS"), along with Revino, announce the introduction of returnable, reusable glass wine bottles to advance the sustainability of wine packaging, first rolling out in Oregon and extending soon to the west coast. O-IPS, a global manufacturer of sustainable glass packaging, will locally produce more than 2.4 million reusable glass wine bottles as part of Revino's return system. Revino was founded to revive the reusable glass bottle ecosystem for beverage producers and consumers. "Glass packaging for wine is made from pure and natural resources that are inert, infinitely recyclable and reliably preserve the integrity of the wine it packages," said Randy Burns, Chief Sustainability and Corporate Affairs Officer for O-I Glass. "By extending the use phase of the glass packaging through return and refill winery partnerships, Revino is maximizing the sustainability of packaging for environmentally conscious wine producers." A 2020 study by Zero Waste Europe identified reusable packaging as the most environmentally friendly option. Revino with its end-to-end returnable glass bottle reuse system, built for the wine industry, seeks to create a more conscious mindset that encourages wineries and consumers to invest in more durable, and long-lasting, packaging for wine that will endure multiple use cycles. On average, a reusable glass bottle can be reused 25-50 times before being retired and recycled into new glass packaging. By providing a closed loop system that keeps bottles in circulation, Revino will support the wine industry's drive towards lower emissions, reduce reliance on imported glass, and drive a more circular and sustainable model. "In the spirit of hope and possibility, I envision a world where reusable bottles are not just a practical solution, but instead symbolize our collective determination and commitment to safeguarding our natural resources for future generations," said Keenan O'Hern, founder of Revino. "Revino is more than a business venture; this is a shared journey toward a more sustainable and thriving future." More than 70 wineries have joined in with Revino's mission since the company's inception. As part of the program, Revino will deliver reusable glass bottles to participating wineries, which will be filled using standard bottling equipment, Wine in Revino bottles will be available beginning in the summer of 2024. Once empty, the reusable bottles can be returned to the winery it was purchased at, or any partner locations, including all participating winery tasting rooms, and select retailers and restaurants. Collected bottles will be brought back to Revino's state-of-the-art bottle washing facility where bottles will be washed, inspected, and tested to ensure they are ready to start the process again. Visit o-i.com to see the benefits of O-I's sustainable glass packaging for wine. Ready to discuss further? Visit o-ips.com to learn about our distribution partner – O-I Packaging Solutions. Find more information on Revino's return and reuse program for wineries at revinobottles.com. ### Loading... Loading... ABOUT O-I PACKAGING SOLUTIONS O-I Packaging Solutions (O-IPS) is a specialty team born from O-I, dedicated to helping smaller and emerging brands put their inspired products into inspiring packaging. With a streamlined process benefitting from O-I's robust infrastructure, we excel at providing turnkey solutions as well full customization, according to each partner's specific and evolving goals. ABOUT O-I GLASS At O-I Glass, Inc. OI, we love glass, and we are proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it is also pure, healthy, and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the world's leading food and beverage brands. We innovate in line with customers' needs to create iconic packaging that builds brands around the world. Led by our diverse team of approximately 23,000 people across 68 plants in 19 countries, O-I achieved revenues of $7.1 billion in 2023. Learn more about us: o-i.com / Facebook / Twitter / Instagram / LinkedIn ABOUT REVINO Revino provides wine bottle reclamation and sanitation services to wine producers while building a robust local and sustainable glass supply network. Their process operates in an infinite loop starting with bottle manufacturing and distribution, moving to consumption and redemption, and ending with bottle sanitization and reuse. Through their revolutionary Returnable Glass Bottles (RGBs) and certified quality washing processes, Revino empowers wineries to embrace sustainability and make a significant positive impact on the environment. James Woods PR Lead for O-I James.Woods@o-i.com Sarah Reid PR Lead for Revino Sarah@revinobottles.com
Governors decry United Auto Workers push to unionize car factories in six southern states 2024-04-16 22:21:00+00:00 - Six Republican governors are condemning efforts by the United Auto Workers to organize car factories in their states, a flash point as the labor group tries to build on its success last year winning concessions from the Big Three automakers by making inroads in the historically union-averse South. "We have a responsibility to our constituents to speak up when we see special interests looking to come into our state and threaten our jobs and the values we live by," the governors of Alabama, Georgia, Mississippi, South Carolina, Tennessee and Texas said Tuesday in a joint statement. The governors spoke out against the UAW a day before 4,300 Volkswagen workers in Chattanooga, Tenn., are set to start voting on whether to join the union. The factory is Volkswagen's North American electric-vehicle assembly hub, where the UAW narrowly lost union votes in 2014 and 2019. Workers at the plant will cast ballots from Wednesday through Friday evening. Volkswagen has said it respects the workers' right to vote on whether to join the UAW. But the governors who criticized the union drive said "we do not need to pay a third party to tell us who can pick up a box or flip a switch," while also framing the campaign as a move to support President Joe Biden's reelection campaign. The UAW, which has endorsed President Biden's reelection bid, declined to comment. The UAW in the fall negotiated record contracts for 150,000 workers at General Motors, Ford and Chrysler-parent Stellantis, while some nonunion factories also subsequently announced pay increases for workers. After leading a six-week strike at the companies, UAW President Shawn Fain last fall vowed to organize nonunion companies across the industry, from foreign automakers with U.S. operations to electric vehicle makers like Tesla. In November, VW gave workers an 11% pay raise at the Chattanooga plant, but the UAW said VW's pay still lags behind the Detroit automakers. Top assembly plant workers in Chattanooga make $32.40 per hour, VW said. The UAW pacts with Detroit automakers included 25% pay raises by the time the contracts end in April of 2028. With cost-of-living increases, workers will see about 33% in raises for a top assembly wage of $42 per hour, plus annual profit sharing. The union is also gaining ground in other southern states, with the UAW saying in February that a majority of workers at a Mercedes plant near Tuscaloosa, Alabama, have signed cards in support of joining the labor group.
UnitedHealth says Change Healthcare cyberattack cost it $872 million 2024-04-16 22:14:00+00:00 - A cyberattack earlier this year against a UnitedHealth Group subsidiary has proved costly for one of the nation's largest employers. The health insurance giant on Tuesday noted $872 million in "unfavorable cyberattack effects" in its report of first quarter operations earnings. Those unfavorable effects refer to the February 21 cyberattack on Change Healthcare, which shut down operations at hospitals and pharmacies for more than a week. The $872 million includes "the Change Healthcare business disruption impacts and exclude the cyberattack direct response costs," which likely excludes any amount UnitedHealth may have paid to hackers in ransom. UnitedHealth confirmed on the day of the breach that the cybercriminals behind the attack was a Russia-based ransomware gang known as ALPHV or BlackCat. The group itself claimed responsibility for the attack, alleging it stole more than six terabytes of data, including "sensitive" medical records. UnitedHealth did now reveal how much — if at all — it paid the hackers to have their systems restored. However, multiple media sources at the time, including Wired Magazine, reported that a ransom payment for the amount of $22 million was made to BlackCat in the form of bitcoin. UnitedHealth declined a request for comment by CBS MoneyWatch on Tuesday. Havoc on health care companies Ransomeware attacks, which involve disabling a target's computer systems and cause considerable havoc, are nothing new and have become increasingly more common within the health care industry. A study published in JAMA Health Forum in December 2022 found that the annual number of ransomware attacks against hospitals and other providers doubled from 2016 to 2021. A study published in May 2023 in JAMA Network Open examining the effects of an attack on a health system found that waiting times, median length of stay, and incidents of patients leaving against medical advice all increased. An October 2023 preprint from researchers at the University of Minnesota found a nearly 21% increase in mortality for patients in a ransomware-stricken hospital. The Change Healthcare incident was "straight out an attack on the U.S. health system and designed to create maximum damage," CEO Andrew Witty told analysts during an earnings call Tuesday. The cyberattack will likely cost UnitedHealth between $1.35 billion and $1.6 billion this year, the company projected in its earnings report. Despite the $872 million hit from it took in the first quarter as a result of the cyberattack, UnitedHealth Group trounced first-quarter expectations. UnitedHealth reported $99.8 billion in revenue during the first quarter of 2024, and a per-share profit of $6.91 — surpassing the $99.2 billion in revenue and $6.61 per share forecast by analysts on FactSet. "We got through that very well in terms of remediation and building back to (full) function," Witty said. About 80% of Change Healthcare's pharmacy claims and payment computer systems have been fully restored since the cyberattack, Roger Connor, CEO of Optum Insight said during the analysts' call. — With reporting by the Associated Press.
SEICon Partners With "ON" To Enhance Attendees Conference Experience 2024-04-16 22:08:00+00:00 - Loading... Loading... LAS VEGAS, April 16, 2024 /PRNewswire/ -- SEICon, a first-of-its-kind Sports, Entertainment & Innovation Conference, is thrilled to announce that ON, a leading AI chat platform, has joined as a sponsor for the inaugural event July 15-17 at the Virgin Hotels Las Vegas. Visit the SEICon website for more information about the conference and to register. "SEICon is an innovation-first intellectual property and the opportunity to have ON Chat guiding our web guest experience is a game-changer" ON's chat empowers organizations to improve the overall attendee experience for fans and visitors seeking details about events, activities, and venues. The platform provides immediate answers to inquiries – from registration details to speakers and transportation logistics – and saves staff members valuable time by completely automating FAQs and other queries. This allows attendees to ask questions like "Who is Speaking" to "Is there a special hotel rate." Additionally, the bot helps users explore other conference areas by driving discovery within the experience. "SEICon is an innovation-first i ntellectual property and the opportunity to have ON Chat guiding our web guest experience is a game-changer" said Shawn Garrity, SEICon Executive Producer. "The opportunity to use our platform to support a world-class conference experience like SEICon is exciting for the ON team. The fact that SEICon is also bringing together leaders in sports, entertainment, and innovation to collaborate on what's next in the industry is a perfect intersection of our technology," said Matt Perl, Vice President of ON's sports vertical. "It's critical we continue to listen to the industry and its leaders for insights around what's happening on the front lines of the space." SEICon offers over 100 industry thought leaders and subject matter experts, and more exciting features of the conference will be announced soon. At the heart of SEICon is the Innovation Hub, an intimate space within the conference curated for technology startups to showcase and engage with attendees primed for connection and deal-making across Sports and Entertainment. About SEICon SEICon is the next-gen conference that brings together academia, corporations, government entities, non-profit organizations, and other stakeholders to collaborate and accelerate the development of new products, services, and technologies. Since its inception, innovation has been a key focus of the conference. The inaugural event features an Innovation Hub, daily keynote speeches, seminars and sessions, roundtable discussions, and nightly wrap parties with musical entertainment. About ON ON is a leading AI chat platform designed for enterprise-level use, known for seamlessly powering generative AI experiences used by some of the world's largest and most well-known brands. Established in 2014 and headquartered in San Francisco, the ON platform enables its partners — including Valentino, The Armani Group, teams from the NBA, NFL, NHL, and more — to create new and sustainable revenue streams backed by AI while connecting with their customers and fans. Contact: Tiffany Sorensen tsorensen@wearecircle.com 917-282-7693 SOURCE SEICon
Humane Society of Missouri Receives 62 Dogs Rescued Through National Mill Dog Rescue 2024-04-16 22:05:00+00:00 - Loading... Loading... Rescued dogs to receive emergency veterinary treatment at HSMO's Macklind headquarters in St. Louis prior to being made available for adoption ST. LOUIS, April 16, 2024 /PRNewswire/ -- The Humane Society of Missouri ("HSMO") is receiving 62 dogs from the National Mill Dog Rescue. Rescued breeds include Pugs, Standard Poodles, Miniature Poodles, Great Danes, Border Collies, Shih Tzus and Chihuahuas. The dogs will arrive at HSMO's Macklind headquarters in St. Louis, where all the animals will receive health evaluations and emergency veterinary treatment. As one of the nation's largest animal-welfare organizations, HSMO has partnered with the National Mill Rescue and will provide the necessary shelter, medical care, and adoption services for the rescued dogs. The dogs were rescued from breeding facilities from throughout the Midwest. "Because of important partnerships like this, our team can help give these dogs the care they need and the second chance they deserve for healthy and happy lives," said Kathy Warnick, HSMO president. "But our mission to end the cycle of abuse and pet overpopulation through rescue efforts and world-class veterinary care isn't possible without the support of our community." Donations to help support the care of these dogs can be made on the HSMO website at hsmo.org/rescues . To help care for the animals, HSMO is also asking the public for assistance through donations of blankets, newspapers, dog toys, dog beds or anything else that can make these animals' recovery more comfortable. HSMO expects to make the dogs available for adoption after they have been given a clean bill of health by the veterinarians and evaluated by the animal behavior team. As the animals recover, medically and behaviorally, they will be made available for adoption on a case-by-case basis. There is no current timeline for when these dogs will be ready for their forever home, but interested adopters can check the HSMO website at hsmo.org/adopt to see when they become available. To report an animal that may be in danger or is suffering from neglect or abuse, call the local police and the Humane Society of Missouri's Animal Cruelty Hotline at 314-647-4400. About Humane Society of Missouri Since 1870, the Humane Society of Missouri has been dedicated to second chances. We provide a safe and caring haven to all animals in need – large and small – that have been abused, neglected or abandoned. Our mission is to end the cycle of abuse and pet overpopulation through our rescue and investigation efforts, spay/neuter programs and educational classes. We are committed to creating lasting relationships between people and animals through our adoption programs. We further support that bond by making available world-class veterinary care, and outstanding pet obedience and behavior programs. For more information contact: Patrick Barry, BYRNE PR 314-540-3865 Laura Keller, HSMO 314-779-4926 Patrick@Byrnepr.net LKeller@hsmo.org SOURCE Humane Society of Missouri
Trump trial live updates: Defense lawyers produce juror Facebook posts to argue too biased to sit on jury 2024-04-16 21:58:00+00:00 - Jury selection is expected to continue this morning in the case of the People of the State of New York v. Donald Trump — the first criminal trial of a former president. The quest to find a jury of 12 people and six alternates got off to a slow start yesterday, as more than half of the 96 potential jurors summoned to the Manhattan courtroom said they couldn’t be “fair and impartial” when it comes to Trump, the polarizing New York native and former commander-in-chief. Trump, the presumptive Republican nominee for president, is required to be in attendance for the trial, which is projected to last six to eight weeks. He has pleaded not guilty to 34 counts of falsifying business records related to a hush money payment to a porn star during the closing days of the 2016 presidential election. The low-level felony is punishable by up to four years in prison. Trump complained after court yesterday that Merchan wouldn’t let him skip court May 17 to attend his son’s high school graduation, though Merchan has yet to actually rule on the request, saying he would do so later. Show more
Western Forest Products Announces Indefinite Curtailment of Alberni Pacific Division 2024-04-16 21:57:00+00:00 - Loading... Loading... VANCOUVER, British Columbia, April 16, 2024 (GLOBE NEWSWIRE) -- Western Forest Products Inc. WEF ("Western" or the "Company") today announced the indefinite curtailment of its Alberni Pacific Division ("APD") facility, located in Port Alberni, B.C. The APD facility has been temporarily curtailed since fall 2022. In January 2023, the Company announced it would not restart APD in its current configuration and established a multi-party working group to explore viable industrial manufacturing solutions for the site. In April 2023, the Company commenced negotiations and due diligence processes related to a proposal received to operate the APD facility as a going concern, which would support continued salaried and hourly employment. These negotiations were ultimately unsuccessful due to more challenging macroeconomic conditions and financing markets. The Company intends to move ahead with exploring other options for the property. "We are disappointed that, despite the significant efforts of the working group and our team, we were unable to achieve an outcome that would see APD continue to operate," said Western's President and CEO Steven Hofer. "This process has taken longer than expected and has been very difficult for impacted APD employees." The Company intends to offer voluntary severance to the remaining 60 APD employees. Previously, when Western announced that the APD facility would not restart in its current configuration, the Company offered all eligible hourly employees a voluntary bridging to retirement program and preferentially hired a number of impacted APD employees into roles at its other facilities. About Western Forest Products Inc. Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.0 billion board feet from seven sawmills, as well as operates four remanufacturing facilities and two glulam manufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products. For further information, please contact: Investor Inquiries: Stephen Williams Executive Vice President & Chief Financial Officer (604) 648-4500 Media Inquiries: Babita Khunkhun Senior Director, Communications (604) 220-4923 Forward-looking Statements This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by the use of words such as "intends" and similar references to future periods. Forward-looking statements in this news release include, but are not limited to statements relating to: the potential to execute future options for the APD property and the payment of voluntary severance to APD employees. Although such statements reflect management's current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different, including a change in the Company's financial situation, economic and financial conditions, and other factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2023 Annual Report dated February 13, 2024.
Global Helium Corp. Confirms Second Helium Discovery on Manyberries Helium Trend - Global Helium (OTC:HECOF) 2024-04-16 21:56:00+00:00 - Loading... Loading... CALGARY, Alberta, April 16, 2024 (GLOBE NEWSWIRE) -- Global Helium Corp. ("HECO" or the "Company") HECOHECOF is pleased to provide an operational update on the Company's exploratory well at 10-08-012-04W4/00 ("10-08") situated on the farm-in land block of Perpetual Energy Inc. along the Manyberries helium trend near the Medicine Hat region of Southeast Alberta. Following remediation and stimulation to address wellbore damage incurred during the initial drilling, the 10-08 well was production tested at approximately 4.1 million cubic feet per day at 3,500 kilopascal flowing tubing pressure from the Beaverhill Lake formation during a four-day extended test. Multiple gas samples were analyzed from the well and confirmed helium concentrations from the Beaverhill Lake zone of 0.6% - 0.68%. "We are extremely pleased with the performance of our 10-08 well following remediation work and stimulation, as this well represents our second commercially viable opportunity. With two confirmed helium discovery wells in our portfolio – including this 10-08 well and our first discovery at 09-04-12-04W4 - our team's focus is on further development and facilities planning for the Medicine Hat area, including front-end engineering and design work, along with pursuing potential offtake partners," said Jesse Griffith, CEO of the Company. "Combined with our recently executed seismic review option agreement with industry leader, North American Helium Inc., covering the majority of our Saskatchewan acreage, HECO is well positioned to advance both our Alberta Manyberries assets and our Saskatchewan land base." About Global Helium Corp. Loading... Loading... Global Helium is one of Canada's largest helium exploration and development companies, focused on the exploration, acquisition, development, and production of helium, done right. The Company has carved out a differentiated position through a unique Farm-In Agreement with industry veteran, Perpetual Energy Inc., through which HECO can access approximately 369,000 acres in Alberta's Manyberries helium trend via joint venture. The Company has also captured 100%-owned permits encompassing over 820,000 acres prospective for helium in Saskatchewan's well-established helium fairway and has recently acquired three significant assets with proven helium tests in the State of Montana. HECO brings a seasoned team of industry professionals and technical experts who have established connections with North American and international helium buyers. Learn more at https://globalhelium.com/ and follow us on LinkedIn and Twitter (now X). For further information please contact: Jesse Griffith, President & CEO Cindy Gray, Investor Relations Telephone: +1 705-5076 ext. 1 Email: HECOinfo@5qir.com READER ADVISORIES Forward Looking Statements No securities regulatory authority has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this internal announcement are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this internal announcement are expressly qualified by this cautionary statement. The forward-looking statements contained in this internal announcement are made as of the date of this internal announcement and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law. NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE