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Meta shares hit intraday record after analyst says company 'has too many advantages to count' 2024-04-04 20:03:00+00:00 - Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California, on Sept. 27, 2023. Meta shares jumped to an intraday record on Thursday after analysts at two firms raised their price targets on the stock, citing optimism over the company's growing market share in digital advertising. The stock climbed as much as 4.6% to a high of $530, before selling off later in day and closing up less than 1% at $510.92. The broader market dropped on Thursday, with the S&P 500 and Nasdaq falling more than 1%, in part on concern that interest rates cuts are being pushed out by the Federal Reserve. Analysts at Jefferies lifted their price target on Meta to $585 from $550 and said the company's gain in the ad market will increase this year. RBC Capital Markets analysts raised their target to $600 from $565 in a note on Wednesday. Among the roughly 50 price targets tracked by FactSet, RBC's estimate is tied for the highest along with that of both Wells Fargo and First Shanghai. After a brutal 2022, Meta's stock skyrocketed as of early last year, when CEO Mark Zuckerberg declared that 2023 would be the "year of efficiency." The company pursued hefty cost cuts, including the elimination of thousands of jobs, and focused on improving its ad business through artificial intelligence. Zuckerberg said in February of this year that he intends to "keep things lean" going forward. "Meta has too many advantages to count," the Jefferies analysts wrote. The decision to invest $27 billion in capital expenditures last year "has helped the company develop several strategic advantages over its peers." Additionally, the analysts said Meta could capture as much as 50% of incremental industry ad dollars this year, an increase from 33% in 2023. They also predicted Meta could outgrow Amazon 's ad business for the first time since 2015. Amazon has emerged as a major player in digital ads in recent years, as third-party sellers have been forced to spend heavily on the platform to promote their products and maintain visibility with consumers. In RBC's report, analysts at the firm highlighted Meta's market share gains in comparison with top rival Google 's gains. They said they've seen some "advertiser resistance" to Google's efforts to push its Performance Max or "Pmax" ad campaigns, which the company introduced a few years ago to let brands automate ad purchases across multiple platforms. For return on ad spend and AI performance, RBC said "META indicated as strongly as we've ever heard over GOOGL on a relative basis." The analysts said Meta is likely benefiting the most from any spending that's exiting TikTok, which faces a potential ban in the U.S. Meta shares are up about 45% for the year after almost tripling in 2023.
This consumer electronics retailer gets to our buy level so we're adding more shares 2024-04-04 20:02:00+00:00 - We're buying 200 shares of Best Buy at roughly $78.55. Following Thursday's trade, Jim Cramer's Charitable Trust will own 600 shares of BBY, increasing its weighting in the portfolio to 1.46% from 0.98%. The stock market was off to a pretty strong day Thursday, but the rally started to fade in the late afternoon and the S & P 500 quickly sank after oil prices spiked. We're using this weakness to add to our newest position , Best Buy, which has come down to the $78 level where we previously said we would pick up shares next. BBY YTD mountain Best Buy YTD During our Monthly Meeting last week, we laid out the case as to why we think 2024 is the year that this consumer electronics retailer can finally move past its post-Covid hangover. One key trend working in the company's favor is that consumer electronics historically needed to be upgraded and replaced every three to seven years, meaning many of the products that were purchased during the pandemic will need to be replaced soon. Innovation of new consumer products is finally normalizing after a pause at the beginning of Covid. Innovation tends to drive new upgrades and replacements of electronics while also creating new categories. The combination of these two themes is why we are so bullish about a coming refresh cycle in PCs The cycle appears to be on the verge of a turn after notebook unit sales turned positive in the fourth quarter. We're big believers that the integration of artificial intelligence into computers will be a major accelerant to the cycle. Lastly, we find the now 4.8% annual dividend yield very attractive, paying us as we wait for same-store sales to inflect. (Jim Cramer's Charitable Trust is long BBY. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
When Trump needs cash, a California bank and one of its top shareholders have come to the rescue 2024-04-04 19:52:34+00:00 - WASHINGTON (AP) — Donald Trump left the White House facing a cash crunch and a tattered reputation after his attempts to overturn the 2020 election, threatening the viability of his business empire. Soon, though, a new source stepped forward to provide a financial lifeline when many longtime lenders refused. Over the past two years, Axos Bank, as well as its largest individual shareholder, California billionaire Don Hankey, have collectively extended more than $500 million in financing that has benefited Trump, records show. The cash influx has helped Trump to pay off debts and pocket a tidy profit while escaping from a lease on his money-losing former hotel in Washington. It also covered a $175 million down payment he made this week on an eye-popping civil fraud penalty. Axos Bank officials as well as Hankey have said that the deals offer them a financial upside. But as Trump again pursues the White House, ethics and legal experts question what the lenders may ask in return if there’s a future Trump presidency, considering even small regulatory changes can translate into millions of dollars in earnings. “If the guy gets back in the White House, they’ve got him over a barrel,” said Richard Painter, a former ethics lawyer for President George W. Bush who later ran for Senate in Minnesota as a Democrat. Financial statements and court records detail how both Axos Bank and Hankey have faced heightened oversight under Democrats. The Securities and Exchange Commission investigated Axos during Barack Obama’s presidency after a whistleblower filed a lawsuit accusing the bank of violating anti-money laundering rules, court records show. The investigation was closed in 2017 once Trump became president, while the whistleblower lawsuit was settled out of court. Hankey, who made his fortune selling high-interest auto loans to those with bad credit histories, has faced similar scrutiny. In 2015, one of his companies, Westlake Services, was forced to pay $48 million in penalties and compensation after the Consumer Financial Protection Bureau — an agency created by Obama and often criticized by Trump administration officials — found that they used debt collection tactics that the bureau described as “illegal.” Westlake also paid $700,000 to resolve a 2017 Justice Department lawsuit, which accused the company of illegally repossessing at least 70 vehicles owned by members of the military. While monitoring Westlake’s compliance with the settlement, the DOJ found the company had failed to grant service members an interest rate benefit required under law, leading to an additional $225,000 settlement in 2022, records show. Hankey did not respond to requests for comment made directly to him, as well as to an attorney for his company. Trump’s campaign also did not respond to an inquiry. Officials for Axos, a midsized California-based bank that was formerly known as Bank of the Internet, did not address the SEC investigation in a brief statement. In its statement, Axos Bank said it faced little risk from its lending to Trump, holding a “net principal balance exposure of less than $100 million.” Axos CEO Gregory Garrabrants donated $4,800 to Trump’s campaign. But both the bank and Hankey have previously said that politics, or an affinity for Trump, had no bearing on their decision to lend him money. Trump left the White House as a pariah in the business world following his efforts to overturn the 2020 election, which culminated in the Jan. 6 attack on the Capitol. He also faced looming deadlines to pay off massive loans taken out on Trump Tower as well as his Doral golf course resort in Miami. Axos stepped up. The bank extended $225 million in loans to Trump in 2022, enabling him to pay off those two outstanding debts just as they were about to come due, records show. When Trump was looking to exit his hotel lease of Washington’s historic Old Post Office building, the company again came through, providing a $190 million loan that helped a Miami-based investor group complete the $375 million sale in 2022, according to property records. Axos said it provided the financing to backstop the primary lender in the deal, MSD Partners. Many hotel brokers, owners and consultants did not expect the 263-room hotel down the street from the White House to fetch such a high price. The hotel lost more than $70 million during the four years of Trump’s presidency, including in each year before pandemic shutdowns. But when the sale closed Trump’s companies made as much as $100 million, the Associated Press reported at the time. This week, the latest tranche of Axos-connected financing came through when Hankey stepped forward through one of his companies, Knight Specialty Insurance, to post a $175 million bond that Trump was required to post as he appeals a $454 million judgment in his New York civil fraud trial. Hankey owns a roughly 5% stake in Axos Bank, making him the bank’s largest individual shareholder, according to financial filings made with the SEC. “This is what we do at Knight Insurance, and we’re happy to do this for anyone who needs a bond,” said Hankey earlier this week after Trump made the bond. He previously told the AP that he has never met or spoken with Trump. On Thursday, New York Attorney General Letitia James’ office objected to the bond in a court filing, requesting that Knight Insurance file additional paperwork showing that the company was financially sound and had adequate collateral to cover the amount. Hankey, who donated $80,000 to Trump and the Republican Party in 2016, maintains politics did not influence his decision to offer help. He previously said Trump offered up both cash and bonds as collateral. “I’m chairman of the board of several companies, and we just carry on our business and we try to stay away from political issues or taking sides,” Hankey told The Washington Post. That offers little assurance to Trump critics who closely tracked the transactional nature of his presidency. “There are multiple layers of questions about what is Hankey’s relationship to Trump and to others in Trump’s orbit,” said Norman Eisen, a former Obama “ethics czar” who is now senior fellow at the liberal-leaning Brookings Institution. “What are his interests? How might Trump favor his interests? How might others?” ___ Associated Press writers Ken Sweet and Bernard Condon contributed reporting from New York.
Conan O’Brien will be a guest on ‘The Tonight Show,’ 14 years after his acrimonious exit 2024-04-04 19:47:24+00:00 - Does time — and a new host — heal all wounds? Fourteen years after Conan O’Brien was messily ousted from NBC’s “The Tonight Show” to make way for the return of Jay Leno — the comedian is finally back. O’Brien will appear on the April 9 show to promote his new travel series “Conan O’Brien Must Go” for Max in conversation with Jimmy Fallon, who took over from Leno in 2014. After more than 15 years of hosting “Late Night with Conan O’Brien” on NBC, O’Brien was promoted to lead the network’s flagship late-night show in 2009, after it was announced Leno would be given a new prime-time show, also on NBC. After seven months of slipping “Tonight Show” ratings and and pressure from affiliates who said “The Jay Leno Show” wasn’t a strong enough lead-in to their nightly newscasts, NBC made a plan to shorten Leno’s show to a half-hour and give it a 11:35 p.m. timeslot, which would have bumped “The Tonight Show” to 12:05 a.m. “It was my mistaken belief that, like my predecessor, I would have the benefit of some time and, just as important, some degree of ratings support from the prime-time schedule,” O’Brien said at the time in a statement. He refused to accept the move, and the public spat ended with O’Brien and his staff receiving a multimillion-dollar payout to exit NBC in early 2010. “And I just want to say to the kids out there watching: You can do anything you want in life. Unless Jay Leno wants to do it, too,” O’Brien said in a monologue before his departure, calling “The Tonight Show” the fulfillment of a lifelong dream. O’Brien didn’t stay off the airwaves for too long, returning to late-night in November 2010 on basic-cable network TBS. “Conan” would run for nearly 11 years. (The first episode beat Leno’s “Tonight Show” in the ratings.) In 2012, O’Brien told The Hollywood Reporter that while he still had latent resentment, he acknowledged a onetime “amazing partnership with NBC.” “There are moments of, ‘What the hell happened? Why did that person do that or say that?’ But there’s also lot of, ‘OK, let’s file this under There’s A Lot I Can’t Control,’” he told the trade publication, adding that he and Leno no longer spoke to one another. O’Brien’s return to “The Tonight Show” — which moved from Southern California to New York when Fallon took the helm — isn’t the first time Fallon has used his show to extend an olive branch. On his first night as host, Joan Rivers made a brief appearance in a bit where celebrities paid up after betting money Fallon would never be host. Rivers had been infamously banned from the show when Johnny Carson was the host after she got her own late-night show on Fox. (After his acrimonious departure from NBC, O’Brien himself visited “Late Night with Jimmy Fallon” in a surprise appearance.) As for O’Brien, he now hosts the podcast “Conan O’Brien Needs a Friend.” In his new travel show, O’Brien visits countries like Ireland, Thailand, Argentina and Norway. The overall vibe among late-night talk show hosts has also evolved from the days of intense competition between Leno and CBS’ David Letterman to congeniality — and even friendship. Last summer, Fallon, Stephen Colbert, Seth Meyers, John Oliver and Jimmy Kimmel teamed up for a podcast called “Strike Force Five” to support their staff during the writers strike.
Attention, Walmart shoppers: Retailer may owe you up to $500. Here's how to file a claim. 2024-04-04 19:35:00+00:00 - Walmart customers who bought groceries sold by weight may be eligible for part of $45 million settle Walmart customers who bought groceries sold by weight may be eligible for part of $45 million settle 00:28 Walmart shoppers who bought certain weighted groceries or bagged fruit have two months left to claim part of a $45 million settlement resolving allegations the retailer overcharged for the items. Customers of the retailing giant may be entitled to as much as $500 as part of the class-action settlement over the claims Walmart overcharged for packaged meat, poultry, pork and seafood, as well as bagged citrus. Consumers eligible to file a claim include anyone who made an in-store purchase of weighted goods or bagged citrus at any of Walmart's 4,615 U.S. stores between Oct. 19, 2018, and Jan. 19, 2024, according to the settlement administrator. Those who bought an eligible product and have a receipt are entitled to get 2% of the total cost of their purchase, capped at $500, according to the settlement site. Walmart customers without a receipt for their purchases during the designated time period can still submit a claim for between $10 and $25, depending upon how much they attest to buying. The class-action, filed in October 2022, alleged the prices stated on the sold-by-weight goods exceeded the a their actual per unit costs, resulting in Walmart shoppers paying more than the lowest in-store advertised price for the food items. Walmart denied any liability or wrongdoing in the case, according to the settlement agreement filed with a federal court in Tampa, Fla., in November. Customers have until June 5 to submit a claim to participate in the settlement, which still needs to receive final approval at a hearing scheduled for June 12. Those who want to be excluded from the settlement have until May 22 to opt out.
Marjorie Taylor Greene pushes unfounded 'blackmail' conspiracy about Speaker Mike Johnson 2024-04-04 19:26:22+00:00 - Georgia Rep. Marjorie Taylor Greene is targeting House Speaker Mike Johnson with her conspiratorial kvetching in an effort to bring him to heel. Greene filed a motion to vacate the speaker’s chair last month before the House went on recess, claiming that his support for a spending deal that prevented a government shutdown showed a lack of loyalty to the conservative movement. And Johnson's apparent openness to supplying more aid to Ukraine to fend off Russia’s invasion has sent right-wingers over the edge. But Greene, who called the motion a “warning” to Johnson, didn’t motion for a vote, a move that effectively allows her to leave the threat hanging over his head as potential leverage. Now, she’s upping the pressure the best way she knows how: by pushing baseless rumors and innuendoes about him. On Wednesday, Greene was promoting her sit-down interview with former Fox News host Tucker Carlson, in which she suggests without evidence that Johnson may have been “blackmailed.” Johnson, she claimed, “has made a complete departure of who he is and what he stands for, and to the point where people are literally asking, 'Is he blackmailed?'” When Carlson pressed her for more details, she said she didn't know whether Johnson had been blackmailed. But she went on to suggest that Johnson had defied his faith by backing a bill that included funds for a women’s health clinic and a nonprofit group that provides assistance to trans people, and she questioned what would convince him to do so. “I mean, how does that even happen from a Christian conservative Republican speaker?” she asked. Specious claims about Republicans being compromised seem to be the only thing that makes sense to Greene these days whenever conservative lawmakers are at odds with her agenda. In February, for example, far-right activist Charlie Kirk interviewed Greene after GOP Reps. Ken Buck, Mike Gallagher and Tom McClintock voted against impeaching Homeland Security Secretary Alejandro Mayorkas. In the interview, Kirk suggested without evidence that some Republicans had previously been blackmailed with “naked pictures” of them “with underage girls,” and he asked Greene if the three lawmakers in question had been “compromised.” As she did with Carlson, Greene said she had “no proof” that Kirk’s suggestion held any merit; but she sure seemed to believe that her own incomprehension was evidence that the lawmakers were up to something shady. She said: “You know, I have no proof of that but, again, I can’t understand the vote. So, nothing surprises me in Washington, D.C., anymore, Charlie. Literally, nothing surprises me because it doesn’t make sense to anyone, right? Why would anyone vote no? Why would anyone protect Mayorkas, unless they’re being bribed, unless there’s something going on, unless they’re making a deal, because you can’t understand it.” It doesn’t take a conspiracy theory to understand why Johnson backed the spending deal. In an election year, it doesn’t serve the Republican Party to be seen grinding the government to a halt. But all this does feel a bit like karmic justice for Johnson, who’s done his share of spreading right-wing conspiracy theories. Now he’s getting a taste of his own MAGA medicine, courtesy of Greene.
More than 2 million Black+Decker garment steamers recalled after dozens scalded 2024-04-04 19:10:00+00:00 - Empower Brands is recalling more than two million Black+Decker Easy Garment Steamers sold nationwide after hearing from dozens of people scalded by spewing hot water instead of steam from the products. The recall announced on Thursday includes steamers already repaired as part of a prior recall in November 2022, according to the notice posted by the Consumer Product Safety Commission. In the 17 months since the initial recall was announced, Empower Brands, a subsidiary of Middleton, Wisconsin-based Spectrum Brands, has received 317 reports of hot water spewing from the steamers, with 94 of the incidents involving units repaired as part of the original recall. The reports included 82 burn injuries, seven of which were second-degree burns, the company said. Manufactured in China, the recalled steamers were sold at retailers including Amazon, Bed Bath & Beyond, Walmart and online from June 2021 through February 2024 for between $14 and $23. Images of recalled Black+Decker garment steamers. Empower Brands The recall involves all Black+Decker Model HGS011 Easy Garment Steamers. All have one of the following four model numbers printed on the bottom: 0 50875 82840 7, 0 50875 82839 1, 0 50875 82838 4 and 0 50875 00272 2. People with the steamers are urged to stop using them and to contact Empower Brands for a full refund. Image of recalled Black+Decker steamer. Empower Brands The company can be contacted at 800-990-5298 from 8 a.m. to 4:30 p.m. CT, Monday through Friday, or by email at hgsrecall@brandprotectplus.com or www.prodprotect.com/recall. The expanded recall comes less than two months after Vornado recalled two million garment steamers for the same reason, with the Kansas-based importer of the products made in China citing 122 reports of hot water spraying and 23 burn injuries. HSN — the company formerly known as Home Shopping Network — in November agreed to pay a $16 million fine after waiting years to disclose the same defect involving 5.4 million steamers recalled in May of 2021. HSN over the years received hundreds of complaints of leaks and spewing water, with more than 100 related burn injuries.
Judge denies Trump bid to dismiss classified documents case using Presidential Records Act 2024-04-04 19:08:00+00:00 - A judge Thursday denied former President Donald Trump's bid to dismiss a case alleging he mishandled classified documents, rejecting his argument that the papers were considered personal under the Presidential Records Act. The charges against Trump "make no reference to the Presidential Records Act, nor do they rely on that statute for purposes of stating an offense," U.S. District Judge Aileen Cannon wrote. "For these reasons, accepting the allegations of the Superseding Indictment as true, the Presidential Records Act does not provide a pre-trial basis to dismiss," the judge wrote, raising the possibility the defense argument could be used later. Cannon had asked both sides to address the argument that the national security documents could be considered personal in proposed jury instructions, an argument special counsel Jack Smith's office argued was "fundamentally flawed." The judge said in her Thursday ruling that Smith's demand she decide the issue now is "unprecedented and unjust." Cannon disputed that her order soliciting preliminary draft instructions was anything but "a genuine attempt, in the context of the upcoming trial, to better understand the parties’ competing positions and the questions to be submitted to the jury in this complex case." The Presidential Records Act requires the return of presidential records at the end of a president’s term, but says they can keep their personal records, which is described as documents containing “highly personal information, such as diaries, journals, and medical records.” In a filing Tuesday, Smith's office said Cannon's proposed instruction on Trump's broader interpretation of the law would essentially result in the jury being told to accept Trump's defense, which it maintains is a fiction. “Trump’s entire effort to rely on the PRA is not based on any facts,” prosecutors said. “It is a post hoc justification that was concocted more than a year after he left the White House, and his invocation in this Court of the PRA is not grounded in any decision he actually made during his presidency to designate as personal any of the records charged.” Cannon's request last month for the proposed jury instructions incorporating Trump's PRA was unexpected. It came after a hearing where the judge had seemed highly skeptical of the defense, and it also came as there's no firm trial date for the case to begin. The trial is scheduled to begin May 20, but the judge has repeatedly indicated that the date would be pushed back and asked both sides to submit new proposed dates. Both sides did so in late February, but Cannon has not yet ruled. Trump faces multiple charges in the classified documents case, including willful retention of national defense information, false statements and representations, conspiracy to obstruct justice, withholding a document or record and corruptly concealing a document. The former president has pleaded not guilty to all counts.
Kate Shindle on Why She’s Stepping Down as Actors’ Equity President 2024-04-04 19:00:10.164000+00:00 - Kate Shindle, who has served as president of Actors’ Equity Association for nine years, is stepping down after a tenure dominated by the coronavirus pandemic that for a time idled all of the labor union’s members. Shindle, 47, said she expected to remain active in the labor movement, but that she was eager to resume working as an actor. The Equity presidency, leading a union that represents more than 51,000 theater actors and stage managers nationwide, is an unpaid, volunteer position. Because of the time required to manage the crises facing the union’s members, Shindle has worked so little as an actor that she hasn’t even qualified for her own union’s health insurance coverage. Her departure comes amid significant turnover in the theater industry. Charlotte St. Martin recently left her position as president of the Broadway League, which is the trade association most often on the opposite side of the bargaining table with Equity, and the heads of many nonprofit theaters are also leaving their positions. “It feels like it’s time,” Shindle said. “We’ve accomplished a lot. And I think turnover is good for organizations. I’ve never been one who wanted to stay until the members threw me out.”
Kansas City Chiefs' Rashee Rice was driving the Lamborghini in high-speed Dallas crash, lawyer says 2024-04-04 18:43:00+00:00 - Kansas City Chiefs wide receiver Rashee Rice was driving a Lamborghini involved in a multi-vehicle crash over the weekend, his lawyer said Thursday. Rice's attorney, Royce West, said during an afternoon press conference that Rice has answered every question asked to him by Dallas police, including if he was directly involved. "Mr. Rice acknowledged that he was driving the Lamborghini, that was the question that was asked," West said. "He responded to that. That he was driving the Lamborghini." On Wednesday, Rice apologized to those affected by a high-speed crash over the weekend in Dallas and said he takes “full responsibility for my part in this matter.” Rice posted the apology on Instagram, marking his first public comments on the incident. “Today I met with Dallas PD investigators regarding Saturday’s accident,” the post said. “I take full responsibility for my part in this matter and will continue to cooperate with the necessary authorities. I sincerely apologize to everyone impacted in Saturday’s accident.” West, who is also a Democratic state senator whose district includes part of the Dallas area, stressed on Thursday during the media briefing that his client is 23-years-old and should not be judged based solely on one incident. He added that Rice intends to make right with the victims for their injuries and any property damage he may have caused. “But for the grace of God, someone could have been injured, I mean, seriously injured. He understands that and appreciates it,” West said of Rice. West continued, “That’s why he wanted to come out and say that he’s going to be responsible for making certain the victims are made whole as best possible.” West said he has not spoken to the Chiefs about the crash. No one with the Chiefs was immediately reached by NBC News for comment on Thursday. But Chiefs' President Mark Donovan on Monday told radio station KCMO, of Kansas City, Missouri, the franchise was keeping a close eye on developments in the case as they unfold. “In all these situations you have to wait until you have all the facts and frankly, we don’t have all the facts at this point," Donovan said. "The one comforting fact that we do have is that there was a multi-car crash in Texas, in Dallas. And fortunately, it doesn’t appear that anyone was hurt and we should be grateful for that. We’ll get to the bottom of it. We’ll gather the facts and will react accordingly.” The NFL told NBC News on Thursday the league is monitoring the incident. Dallas police spokesperson Kristin Lowman confirmed to NBC News on Wednesday that investigators have spoken with Rice and his legal counsel. The investigation is ongoing, Lowman said, and witnesses and victims are still being interviewed. Detectives are working to determine exactly what happened, who was involved and how, Lowman said. The crash involved two luxury sport cars and its occupants walked away from the scene, authorities said. Officers were called to North Central Expressway in Dallas at 6:25 p.m. Saturday after two speeding drivers lost control and crashed, “causing a chain reaction collision involving four other vehicles.” Police told The Dallas Morning News on Sunday that the drivers were in a Corvette and a Lamborghini and that the Lamborghini veered onto the shoulder and hit the expressway’s median wall. Rashee Rice. Mike Carlson / Getty Images file The newspaper reported that one of the cars is leased or registered to Rice. “The occupants of the Lamborghini and the Corvette all ran from the scene without stopping to determine if anyone needed medical help or providing their information,” police told the news outlet. Two people were treated at the scene, and two others were taken to a local hospital, police said. A lawyer for luxury car rental business The Classic Lifestyle told NBC Dallas-Fort Worth the Lamborghini SUV involved in the crash belongs to the local Dallas-based company. “Classic Lifestyle leased the vehicle, the 2021 Lamborghini Urus that was involved in the accident,” attorney Kyle Coker said. “And we had an agreement with Mr. Rice in order to provide that lease. Video posted on social media by Kayla Quinn, who said she was in one of the cars that was hit, appears to show the damage to the driver’s side of her vehicle. A Facebook post from someone who said she is Quinn’s mother said Quinn’s 4-year-old son was in the car. Attorney Marc C. Lenahan is representing one of the victims of the crash and helping a second, he told NBC News earlier this week. “From their perspective, they were just driving along,” Lenahan said. “One of them was headed to dinner with friends and family at 6:30, like most of us were on a Saturday night before Easter with, you know, people in town.” That’s when they saw “a flash” behind them, he said. “And then all of a sudden, they’re spinning and getting T-boned,” Lenahan said. Rice was drafted by the Chiefs in the second round of the 2023 NFL draft and was part of the team’s Super Bowl win in February. He grew up in the Dallas area.
Eclipse’s Path Is Also Leaving a Trail of High Hotel Prices 2024-04-04 18:36:07+00:00 - A representative from Wyndham Hotels & Resorts, the parent company of Super 8, said each Super 8 is an individually operated franchise that sets its own rates. However, all franchise owners have access to the same revenue management software that they can use to set pricing strategy. More expensive hotels in large cities are also seeing a spike. The Ritz-Carlton in Dallas is currently listing a two-night stay at $7,600 for Sunday-Tuesday. One week later, the price for a two-night stay will be $1,329. Data for the map was created by comparing the lowest nonmember price for a stay April 7-9 with the same Sunday-Tuesday period one week before and one week after. Even Super 8 hotels in Glendale, Ariz., the site of the men’s N.C.A.A. basketball tournament final, which takes place Monday, do not exceed eclipse prices. Multiple Super 8 locations near Augusta, Ga., home of the Masters golf tournament starting next week, are either sold out or have prices far above their average — explaining the map dots near the Augusta area. Thelma Diller, who works at the Super 8 in Malvern, Ark., said she would be at the hotel Monday and would “hopefully” watch the eclipse. She said the hotel sold out almost a year ago. “I’ve worked here almost 20 years,” she said. “It’s extremely rare.”
Traffic deaths topped 40,000 last year as NHTSA looks to reduce distracted driving 2024-04-04 18:13:00+00:00 - More than 40,000 people were killed last year in traffic crashes, according to preliminary data released Monday, remaining above pre-pandemic levels but slightly down from their peak in 2021. The new data from the National Highway Traffic Safety Administration adds to concerns that little is being done to address one of the most common causes of preventable deaths. Traffic deaths spiked in 2020 and again in 2021 and have since declined slightly. Still,they are up 25% since 2013, and the Governors Highway Safety Association found that pedestrian deaths reached a 40-year high in the United States in 2022. The NHTSA said that “distracted driving,” an issue that has grown in urgency with the ubiquity of smartphones, resulted in 3,308 deaths and 289,310 injuries in 2022, and 3,522 deaths in 2021. The agency released the data to coincide with the launch of an April campaign to spread awareness about distracted driving called “Put the Phone Away or Pay,” which hopes to scare people away from texting and driving, but which some advocates call an ineffective waste of resources. “Put the Phone Away or Pay means paying for tickets or points on your license, but it also means paying the ultimate price in the event of a deadly crash,” NHTSA Deputy Administrator Sophie Shulman said. “We want folks to understand the consequences of looking at your phone while driving,” she said. Shulman said the campaign consists of new nationwide advertisements warning what can happen if people drive distracted, coupled with heightened law enforcement for distracted driving. In a live event for the campaign’s launch Monday, she said distracted driving crashes had an economic cost of $98 billion in 2019 alone. The NHTSA plans to spend $5 million in national media advertisements for the campaign, according to a press release. Some road safety advocates aren’t convinced that these campaigns do anything to make roads significantly safer, thinking instead they are more of a way for the NHTSA to shirk its own regulatory responsibilities while appeasing motorists. “These public education campaigns are simply a way to pin the responsibility on individual Americans and skip past the responsibility the NHTSA itself has and automakers have,” David Zipper, senior fellow at the MIT Mobility Initiative, told NBC News. Andrew Gross, spokesperson for AAA, said that while the group supports driver awareness campaigns, their efficacy is tough to measure. “If someone sees this messaging and it gets them to put their phone down, then it’s effective, but that’s very hard to measure,” he said, adding that other factors such as speed and impairment have more to do with traffic deaths than distraction. Seth LaJeunesse, senior research associate at University of North Carolina Chapel Hill’s Highway Safety Research Center, said he thinks these awareness campaigns have virtually no effect. “In isolation especially, they don’t have much of an effect at all,” he said, adding that most drivers don’t think these advertisements apply to them. LaJeunesse said that communities need to be designed in such a way that driving — which he sees as inherently dangerous — isn’t as necessary. “We need to get away from focusing on what individuals can do to drive better, and focus instead on what we can do collectively to make the changes necessary to live in a safer environment.”
London restaurant chain adds ‘brand charge’ as it bans tipping by card 2024-04-04 18:01:00+00:00 - A London restaurant chain has banned customers from paying a tip by card and introduced a “brand” fee instead, just three months before new legislation makes it compulsory to give all tips to staff. Ping Pong, which operates five dim sum outlets in the capital, said the new optional 15% charge would go towards “franchise fees and other brand-related expenditure”, and replace a 12.5% service charge, 90% of which went to staff. The company said the idea was being tested as an alternative to increasing menu prices and it would be “reviewing all constructive feedback before making a final decision” in June. At that point, it will decide whether to make the fee compulsory, increase product prices or implement a mixture of both. The chain’s parent company, AJT Dimsum, said it had increased staff wages by 19% from £10.42 to a minimum of £12.44 an hour – £1 above the new legal minimum – which it said would “match earnings they would have received with service charge distribution”. Customers will still be able to leave a cash tip if they want to. However, many customers no longer carry cash. It said restaurant teams would also have the potential to earn an additional £1 or £2 an hour in bonuses based on hitting sales targets. Bryan Simpson, the lead organiser for hospitality at the Unite union, said that offering just £1 above the minimum wage to replace “a healthy per hour tip rate” was “a complete slap in the face” for workers. “Ping Pong’s decision to effectively deny workers tips by cynically changing the service charge to a ‘brand charge’ in order to circumvent the new fair tips legislation is one of the most blatant examples of tips theft that we’ve come across as the union for restaurant and bar workers,” he said. “No matter what senior management call it, customers will assume that this 15% is a tip that should go to workers, but it won’t. That is completely disingenuous.” The union said it was planning a national campaign for fair tips ahead of July to ensure restaurants did not replace the service charge with “outrageous policies”. AJT Dimsum said: “The business is very proud of the reputation it has as a good employer and, despite the many recent headwinds, has acted with integrity and honour, with a high priority placed on employee retention. The benefit to our employees will be stability of wages throughout the year, reducing the impact of seasonality and the higher wages will also mean improved access to financial products such as loans and mortgages.” 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 Additional wages, instead of a bonus via the service charge, may mean higher taxes for employees in the short term as they require national insurance contributions but could result in potentially better pension payments down the line. Ping Pong is likely to be just one of many restaurants that will change the way they charge customers system before the new legislation that will force restaurants to hand over all service charge money and tips to workers. The law will be introduced after it emerged that many businesses were using the card-based fees to underpin profits rather than reward waiting staff and chefs. The government hopes that the law will put an estimated £200m more into workers’ pockets but restaurants have said they fear it will add to costs at a time of high inflation and lacklustre consumer spending.
'Confusion and terror' set in for pregnant women after ruling upholds Florida abortion ban 2024-04-04 17:11:00+00:00 - MIAMI — It was a busy day, as usual, at the Planned Parenthood clinic tucked away in the Golden Glades area of Miami two days after Florida’s Supreme Court upheld a law banning abortions after six weeks of pregnancy. What made the day unusual was many women were alarmed and “freaking out” over the ban. “I had a patient an hour ago, who was in her eighth or ninth week of pregnancy, concerned that we were going to turn her away,” said Dr. Chelsea Daniels, a physician with Planned Parenthood. “There is a lot of confusion and terror.” Daniels has been shuttling between procedures and media interviews in her office since news of the ban, which takes effect May 1, broke Monday. Florida was one of the last states in the Southeastern part of the country where abortion was still largely accessible — providing the service not just to Floridians, but also to those living in nearby states where abortion had already been limited or banned. According to the Guttmacher Institute, a research organization that supports abortion access, over 9,300 people traveled to Florida from other states to get abortion care last year — more than double the number in 2020. But of the 80,000 abortions that took place in the state last year, the majority were still for Floridians, Daniels said. Now, those who are pregnant are feeling confusion and uncertainty. A 20-year-old abortion seeker, who was waiting to be seen by a doctor at Planned Parenthood and requested anonymity, told NBC News that even though the new law allows abortions for cases of rape or incest, many women will still be “forced to care for a child they don’t want.” “Most people don’t want to go to the police and show proof they were being raped,” she said. A 29-year-old woman at the clinic, who also requested to remain anonymous, was recovering from the procedure and said she had just heard news of the ban the day before. “I was puzzled,” she said. “I couldn’t understand how this could happen.” Daniels said the vast majority of patients who seek services at Planned Parenthood are past six weeks of pregnancy, a point at which many do not yet realize they are pregnant. The average patient is in their late 20s or early 30s, usually has children already, and often has a partner. “These bans are particularly bad for certain people, and I think that legislators and judges know this,” said Daniels. “If you are resourced and privileged enough to buy a ticket and fly three hours to Virginia and Maryland, you’re still going to be able to access an abortion. But there are a lot of people who do not have that kind of resource and privilege. So this particularly affects Black and brown people, undocumented people, people with language barriers, people with disabilities, people who don’t have the means to get care elsewhere.” Since nearby states have passed similar bans, the closest state now to offer abortion beyond six weeks is North Carolina — but even there it’s only legal up to 12 weeks. Beyond that, Virginia would be the next closest state where abortions are legal up to 26 weeks. Providers worry there is not adequate infrastructure in Northern and Western states to support the large swath of the country that has restricted abortions. “It’s a really devastating time for abortion seekers as they try to secure safe and legal abortions. And it’s going to be critical to continue lifting up the fact that there are options,” said Lillian Tamayo, who served as president and CEO of Planned Parenthood of South, East, and North Florida for 22 years. Tamayo is a spokesperson for Charley, a chatbot launched in 2023 by former Planned Parenthood CEO Cecile Richards and former chief strategy officer Tom Subak that provides up-to-date information in English or Spanish about abortion options for every ZIP code in the U.S., including how to obtain pills by mail, and which can be accessed anonymously. Those who support fewer restrictions on abortion see hope that the tide will turn in favor of abortion access come November. Florida’s Supreme Court also ruled Monday that Florida voters can decide via a ballot measure whether to invalidate the six-week ban by barring restrictions on abortion before fetal viability — considered to be at about the 24th week of pregnancy — and making this part of the state’s constitution. Some Democrats see the abortion ballot measure as an opening in a state considered solidly red and where national Democrats and donors had not been spending money. After the abortion ruling, the Biden campaign said Florida is “winnable” and included Florida in an ad buy criticizing Trump on abortion rights. Since the landmark U.S. Supreme court ruling that overturned Roe v. Wade in 2022, voters have sided with abortion rights in seven states, including right-leaning Kansas, Kentucky and Ohio. Floridians will be grappling with the strict, newly implemented abortion regulations in the months leading up to the election. Cheyenne Clelland, a University of Miami pre-medicine student, said that while the ban was not a big topic of conversation among students she knows on campus, she said having abortion on the ballot motivates her even more to vote in November. “I would not get an abortion myself, being Christian,” said Clelland. “But putting a ban on it impacts our rights. We’re going backwards. There should be a choice.” Democrats will have to spend money in Florida to remind voters of the ballot measure come November and motivate them to turn out. Following Monday’s court rulings, there weren’t any significant protests in Miami-Dade, the state’s most populous county and one that traditionally leans blue. Gov. Ron DeSantis became the first Republican governor to win the county in 20 years. Still, people expressed concern over the decision. “Abortion is health care,” said Lois Loor, a 24-year-old who works at a spa. “It should be talked about with a heath care provider and not decided by the state.”
3 Stocks About to Book Gains on Building Products Demand 2024-04-04 17:07:00+00:00 - Key Points These three stocks rise on product demand from the latest breakouts in the construction and housing sectors. Institutions rate them as a Buy, and analysts think EPS could soar above the rest of the industry. Price action indicates momentum is present, giving Main Street a leg up to Wall Street's thinking. 5 stocks we like better than Rayonier Investors often follow the latest trends in the U.S. economy and attempt to align their portfolios with the best industries, some of which could have a breakout in the coming months. The construction industry is one example, as the ISM Manufacturing PMI index and its cousin, the ISM Services PMI index, indicate a new expansionary trend in the space. The Oracle of Omaha, Warren Buffett, spotted the surge in construction stocks in the third and fourth quarters of 2023. So far, the old value investor has yet to be proven wrong, as the sector pushed its third consecutive month of expansion in the Services PMI. Over in manufacturing, the wood products sector flattened due to a jump in new orders. Get Rayonier alerts: Sign Up Homebuilding creates opportunities for all materials involved in the process, mainly wood and other metals. Likely to be a trend until the end of 2024, the expansion of housing and construction demand can seal potential gains for REITs Rayonier Inc. NYSE: RYN and PotlatchDeltic Co. NASDAQ: PCH, and specialty retailer Floor & Decor Holdings Inc. NYSE: FND. Following Wall Street's Message Analysts at The Goldman Sachs Group Inc. NYSE: GS warned of a manufacturing breakout in the United States in their 2024 macro outlook report. While not specific to housing and construction, the opinion counts. This belief came from the expectations of interest rate cuts this year. The Federal Reserve (the Fed) expects to see three cuts by the end of the year, and many traders think they could come as soon as May or June 2024. Trader expectations can be gauged using the CME Group Inc. offers NASDAQ: CME FedWatch Tool. Because lower interest rates could bring mortgage rates down, it makes sense a breakout in homebuying activity could soon follow. Knowing this, investors shouldn't be surprised that Goldman bought Rayonier and Potlatch stock in the past quarter. As of March 2024, the investment bank added 22.9% to its position in Rayonier, an approximate $1.7 million investment. For Potlatch, Goldman saw fit to increase its exposure by 3.7%, or $412,000. Other known asset managers like the Vanguard Group and the American International Group Inc. NYSE: AIG saw it best to choose Floor & Decor instead. Vanguard's vote of confidence came in a 3.2% boost, $34.5 million in total additions. AIG increased its total investment in the stock to $16.2 million, showing Main Street where the professionals are choosing to allocate their own capital. The Market Agrees, These Are the Winners Because these holding reports reflect the positioning by the banks over the past three months, investors could be misled as to what is happening. Two ways that Main Street can check the market's point of view on Wall Street's moves are through valuations and earnings per share (EPS) expectations. The construction sector is valued at a price-to-earnings ratio (P/E) of 19x today. Therefore, any stock trading at a higher valuation can be considered the premium choice. The saying "It must be expensive for a reason" applies here, making these stocks winners. Rayonier stock can be bought for 66.6x P/E, a 250% premium to its peers. Of course, these valuations can only be justified by above-average EPS growth. While the construction industry expects to see 10% average EPS growth in the next 12 months, analysts think Rayonier can push for 23%. The story stays the same with Potlatch, as the stock's 68x P/E represents a 257% premium to the sector. Like Rayonier, analysts think Potlatch's EPS can jump 29.4% this year, nearly three times the industry average. Vanguard's favorite of the three, Floor & Decor, trades at 62.6x P/E for a 229% premium. This stock calls for the most aggressive EPS expansion of 40%, four times the industry average. Knowing this, analysts at Bank of America Co. NYSE: BAC boosted their price targets to $140 a share, calling for a 15% upside from the stock's current price. Bullish Momentum Confirms Trend Because all three of these potentially winning stocks trade at 80% or more of their 52-week highs, investors can connect Wall Street's fundamental thesis with some of the technical factors. Bullish momentum is present for all three names to confirm the potential new trend in the sector. Before you consider Rayonier, 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 Rayonier wasn't on the list. While Rayonier currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Georgia judge rejects Trump bid to dismiss election interference charges on free speech grounds 2024-04-04 17:05:00+00:00 - A Georgia judge on Thursday denied a bid by former President Donald Trump and his co-defendants in the state election interference case to dismiss the charges on First Amendment grounds. In a 14-page ruling, Fulton County Superior Court Judge Scott McAfee said their right to protest the results of the 2020 presidential election did not protect them from the charges that District Attorney Fani Willis's office brought. The "Court finds these vital constitutional protections do not reach the actions and statements alleged by the State," McAfee wrote, and their motions to dismiss are "therefore denied." Fulton County Superior Judge Scott McAfee on March 28 in Atlanta. Dennis Byron / AFP - Getty Images Trump and his co-defendants, including his former lawyers Rudy Giuliani and John Eastman, had argued the DA's prosecution "violates the First Amendment’s protections of political speech and activity, freedom of association, and the right to petition Congress as-applied to their alleged conduct, and further contend that the indicted charges are overbroad." McAfee, however, found "the Defendants’ expressions and speech are alleged to have been made in furtherance of criminal activity and constitute false statements knowingly and willfully made in matters within a government agency’s jurisdiction which threaten to deceive and harm the government." Trump lawyer Steve Sadow said in a statement that “President Trump and other defendants respectfully disagree with Judge McAfee’s order and will continue to evaluate their options regarding the First Amendment challenges." McAfee noted in his ruling that during oral argument, "the Defendants posited that the speech at issue, even if false, was political and that one cannot be prosecuted for falsity alone." The judge said that's not what prosecutors had done in this case, and pointed to allegations that the defendants tried to certify "alternate" presidential electors and knowingly made bogus claims in state proceedings and in court as part of an attempt to overturn the results of the state's election, which Joe Biden had won. "The State has alleged more than mere expressions of a political nature. Rather, the indictment charges the Defendants with knowingly and willfully making false statements to public officers and knowingly and willfully filing documents containing false statements and misrepresentations within the jurisdiction of state departments and agencies," the judge wrote. Trump and 14 other defendants in the racketeering case have pleaded not guilty. No trial date has been set.
Dismay as X’s most-followed accounts given blue ticks for free 2024-04-04 16:48:00+00:00 - Elon Musk has reversed one of his most notorious decisions since taking over X, the social network better known as Twitter, and started bestowing blue ticks on the site’s most-followed users – whether they want them or not. The entrepreneur and one-time “Chief Twit” had tweeted last week that the service would grant free “premium” status to any user with more than 2,500 “verified subscriber follows” and accounts with more than 5,000 would get “premium+”. That policy is now being enacted. The two tiers of paid-for service provide a number of benefits. The cheaper gives users fewer adverts and more prominent placement in the site’s algorithmic curation and the more expensive adds access to X’s “anti-woke” AI chatbot Grok, zero adverts and even greater prioritisation for replies. But both are best known for the public-facing perk of a blue tick next to the user’s profile. That checkmark, still known as “verification” on the site, was once reserved for prominent users who had proved their identity, but was opened up under Musk to any subscriber of the service’s paid-for tier, then known as Twitter Blue. skip past newsletter promotion Sign up to TechScape Free weekly newsletter Alex Hern's weekly dive in to how technology is shaping our lives 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 In an effort to boost Blue subscriptions, Musk’s company started removing “legacy” checkmarks this time last year. The hope was that the site’s most prominent and dedicated users would sign up for the paid-for service instead, boosting revenue and the credibility of a premium account. Instead, among many communities, the move cratered the social standing of those with verification: in the absence of highly regarded users with visible checkmarks, the sign became a scarlet – or rather, cyan – letter marking users out as wanting to buy respect. The problem became so bad that by August, the newly rebranded X introduced the ability to hide checkmarks entirely, in an effort to encourage users to subscribe for the other features. Now, though, it has taken the opposite approach: as the “free” ticks roll out, users who had never paid are expressing dismay at their new status. “Shit. I’ve been forcibly bluechecked,” posted Marcy Wheeler, a journalist. The Wired writer Lauren Goode said: “My blue check is back and I just want to make clear I am not paying El*n M*sk for this thanks very much.” It isn’t clear how many blue checks have been granted – nor how many were unwanted. As is policy at the social network since Musk took over, X did not respond to a request for comment.
Alabama lottery, casino legislation heads to conference committee 2024-04-04 16:47:39+00:00 - MONTGOMERY, Ala. (AP) — The Alabama House of Representatives on Thursday rejected Senate changes to lottery and gambling legislation as the two chambers remain apart on whether to allow sports betting and multiple casinos in the state. Representatives voted to send the bill to a conference committee. It was the first legislative action on the bill that has been stalled since the Alabama Senate scaled back a sweeping House-passed plan that would have allowed a lottery, sports betting and up to 10 casinos with table games. The Senate version would not allow sport betting and would not allow casinos outside of tribal land. “The optimism is gone,” Sen. Greg Albritton, who handled the bill in the Senate, said of his hope of reaching a compromise. He said some senators have taken hard lines stances against sports betting or allowing casinos. “There is plenty of middle ground. There is plenty of opportunity. What we are battling is entrenchment,” Albritton said. Rep. Chris Blackshear, the House sponsor of the bill, told representatives that he believed the Senate was leaving the potential for hundreds of millions of dollars in revenue “on the floor” with the scaled-back bill. Blackshear said he is hopeful that lawmakers can reach an agreement, but he also acknowledged there is a vast difference between what the two chambers approved. “I think we’ve got to identify what that middle ground is first because it’s such a distance between the two. They’re not even close bookends. So we’ve got to first off establish what that middle ground looks like and then have those conversations,” Blackshear said. House members had approved a proposed constitutional amendment to allow a state lottery, sports-betting at in-person sites and online platforms, and up to 10 casino sites with table games and slot machines. The Senate plan eliminated sports betting and reduced the number of potential casino sites. The Senate version would allow a state lottery, electronic wagering machines at dog tracks and several other locations and require the governor to negotiate a compact with the Poarch Band of Creek Indians. A compact could pave the way for the tribe to have full-fledged casinos with table games at its three sites in the state. Any gambling proposal would have to be approved by both three-fifths of lawmakers and a majority of voters. Alabamians have not voted on gambling since a proposed lottery was rejected in 1999. House Speaker Nathaniel Ledbetter said in a statement that he was hopeful that lawmakers will find a compromise. “If one thing has been made clear throughout this process, it’s that the people of Alabama want and deserve an opportunity to vote on this issue,” Ledbetter said. The Alabama Senate is expected to appoint a conference committee when members return to Montgomery next week.
Ford to delay rollout of new electric pickup and SUV as EV sales slow 2024-04-04 16:43:00+00:00 - With US electric vehicle sales starting to slow, Ford Motor Co says it will delay rolling out new electric pickup trucks and a new large electric SUV as it adds gas-electric hybrids to its model lineup. The Dearborn, Michigan, company said on Thursday that a much ballyhooed new electric pickup to be built at a new factory in Tennessee will be delayed by a year until 2026. The big electric SUV, with three rows of seats, will be delayed by two years until 2027 at the company’s factory in Oakville, Ontario, near Toronto. The retreat comes as US electric vehicle sales growth slowed to 2.7% in the first quarter of the year, far below the 47% increase that fueled record sales and a 7.6% market share last year. Sales of new vehicles overall grew nearly 5%, and the EV market share declined to 7.1%. Hybrid sales, however, grew 45% from January through March, while plug-in hybrids, which can go a short distance on battery power before a gas-electric system kicks in, grew 34% according to Motorintelligence.com. Ford also said it “expects to offer” hybrid versions of all its gasoline passenger vehicles by the end of the decade in North America. US first-quarter auto sales grew nearly 5% despite high interest rates. Industry analysts say most early technology adopters and people who want to cut emissions have already purchased EVs. Automakers now have to convince skeptical mainstream buyers to go electric, but those customers fear limited range and a lack of charging stations. Ford expects pretax losses for its electric vehicle unit to widen from $4.7bn last year to a range of $5bn-$5.5bn this year. But it foresees commercial vehicles making $8bn-$9bn, up from $7.2bn last year. Gasoline-powered vehicles and hybrids are expected to make $7bn-$7.5bn, about even with last year.
Consumer Spending and Sentiment Rises: Time to Buy the XLY? 2024-04-04 16:13:00+00:00 - Key Points The XLY ETF tracks the Consumer Discretionary Select Sector Index, which comprises various media, retail and leisure industries. As consumer spending and sentiment rise, the XLY ETF has emerged as a promising opportunity. Top holdings of XLY include Amazon, Tesla and Home Depot, presenting diverse opportunities for potential growth amidst market fluctuations. 5 stocks we like better than Home Depot With consumer spending and sentiment on the upswing, the Consumer Discretionary Select SPDR ETF NYSE: XLY emerges as a potentially promising investment avenue. Its relevance in the current economic landscape cannot be overstated. The latest report from the Commerce Department in March indicated a noteworthy surge in consumer spending, marking the most significant increase in over a year and highlighting the economy's enduring resilience. Despite heightened borrowing costs, the United States surpasses its global counterparts, mainly due to its robust strength in the labor market. Get Home Depot alerts: Sign Up Moreover, March saw an unexpected rise in U.S. consumer sentiment, reaching its highest point in nearly three years. This was partly due to growing confidence in inflation softening. The University of Michigan's Consumer Sentiment Index climbed to 79.4, up from February's 76.9 and its highest level since July 2021. This positive trend in consumer spending and sentiment suggests promising prospects for the consumer discretionary sector, indicating potential opportunities for growth and investment. As sentiment and spending rise and the consumer discretionary ETF consolidates above its rising 200-day Simple Moving Average (SMA), let's examine the XLY ETF and its top holdings closer to better understand the sector and the opportunity. What is the XLY ETF? The Consumer Discretionary Select Sector SPDR Fund (XLY) aims to track the performance of the Consumer Discretionary Select Sector Index, which includes companies from various industries such as media, retail, hotels, restaurants, leisure, textiles, apparel, household durables, automobiles and diversified consumer services. The ETF has close to $20 billion in assets under management, offers a 0.75% dividend yield and has a net expense ratio of 0.10%. Holdings in the XLY have an aggregate rating of Moderate Buy and an aggregate price target of $199.39, predicting an almost 11% upside for the ETF. The ETF presents a bullish pattern on a higher timeframe and from a technical analysis perspective. Not only is it consolidating above its rising 200 and 50-day SMA, but it is also consolidating above the previous resistance near $175. Year-to-date, the ETF has risen a mere 0.64%. However, if it can consolidate in the upper band, near $185, it might finally be ready for a breakout higher. The direction of the sector will be primarily based on consumer spending and sentiment, as well as capital flow and reallocation in the second quarter -- but it's the top holdings in the XLY ETF that will significantly influence its overall momentum. XLY ETF's Top 3 Holdings 1. Amazon.com, Inc. Amazon.com, Inc. NASDAQ: AMZN is the ETF's top holding, with a whopping 22.94% weighting. With Amazon shares trading at all-time highs, up over 20% year-to-date, and a projected earnings growth of 30.39%, the entire year bodes exceptionally well for the sector ETF. Despite the stock's impressive growth this year, analysts are forecasting an almost 9% upside based on the consensus price target for Amazon. 2. Tesla, Inc. With a 19.14% weighting, Tesla, Inc. NASDAQ: TSLA is the ETF's second-largest holding. Tesla's immense selloff since the start of the year has been a major contributor to XLY's underperformance year-to-date. Tesla shares have fallen over 33% so far this year, making it the worst performer in the S&P500 index. As the stock approaches a significant support area near $150, investors hope the stock can finally catch a bid, which would positively impact the sector ETF. 3. Home Depot Home Depot NYSE: HD has a 4.7% weighting in the sector ETF, making it the third largest holding. Although shares of the big-box retailer have fallen dramatically over the past week, down over 6%, the stock remains in a higher timeframe uptrend, above a rising 200-day SMA, and up over 20% over the previous year. HD is one of the most upgraded stocks with a Moderate Buy rating based on 26 analyst ratings. The stock has a consensus price target of $376.35, predicting close to 5% upside. So, Is It Time to Buy the XLY? Ultimately, while the positive shifts in consumer dynamics hint at a favorable moment, whether or not investors incorporate the XLY into their portfolios hinges on a balanced consideration of opportunity and risk. As discretionary spending increases, the XLY stands out as a potentially strategic opportunity, but investors should also take into account broader market conditions, interest rate forecasts and individual risk tolerance before making an investment in the XLY. Before you consider Home Depot, 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 Home Depot wasn't on the list. While Home Depot currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here