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Meta might pay you if your Threads posts are good enough 2024-04-03 18:24:15+00:00 - Meta is testing cash bonuses for creators who post engaging content on Threads. Threads is currently the top app in Apple's App Store, and had 130 million active users in February. Meta also plans to pay Instagram creators for videos and photos as part of a separate bonus program. Meta is testing paying out cash bonuses to creators who make engaging content for its Twitter-like app Threads, a company spokesperson confirmed to Business Insider. The company did not elaborate on where the bonus program is accessible or how long the program will run. Eligible creators can earn money from Threads content based on the "performance" of posts or the "number of posts" shared to the app, per Instagram's help desk. The site also says Threads posts with "less than 2,500 eligible views" are not eligible for payouts. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
New Jersey’s 3 nuclear power plants seek to extend licenses for another 20 years 2024-04-03 18:13:41+00:00 - The company that owns New Jersey’s three nuclear power plants said Wednesday it will seek federal approval to operate them for another 20 years. The move comes as New Jersey makes a strong push to become the East Coast leader in offshore wind. But the three power plants run by PSEG Nuclear LLC provide nearly half of New Jersey’s electricity, and a licensing extension represents a potential hedge against not enough wind projects being available to meet the state’s needs. An extension would enable the plants to run beyond 2050. The company said it has notified the U.S. Nuclear Regulatory Commission of its intent to seek renewed licenses for the Salem Generating Station Units 1 and 2, and the Hope Creek Generating Station. All are located on one site on Artificial Island in Lower Alloways Creek Township, Salem County. It plans to file the extension request in the second quarter of 2027 but needed to alert the commission far in advance to allow it to prepare for the review. If approved by the NRC, the licenses for Salem Units 1 and 2 would be extended from 2036 and 2040 to 2056 and 2060, respectively, and Hope Creek station would be extended from the current 2046 expiration to 2066, the company said. “For more than five decades, the nuclear generating stations in south Jersey have safely generated reliable, always-on carbon-free energy,” Charles McFeaters, president and chief nuclear officer of PSEG Nuclear, said in a statement. “Seeking to renew our licenses signifies our commitment to continuing to contribute to New Jersey’s clean energy future and serving as a vital economic engine for the local community.” Beginning this year, a nuclear production tax credit included in the federal Inflation Reduction Act will provide nuclear generators with nine years of financial support through 2032. And New Jersey officials also approved a $300 million customer-funded subsidy for the state’s nuclear industry in 2019 despite its utilities board determining that the industry was “viable” and not in need of a subsidy. Both incentives were designed in part to support clean energy sources as an alternative to burning fossil fuels, which contribute to climate change. The company’s move to extend its operating licenses drew bipartisan support Wednesday from New Jersey lawmakers. “Nuclear power is a clean resource that provides reliability and diversity to the state’s supply of energy,” said state Sen. John Burzichelli, a Democrat. “South Jersey’s nuclear plants consistently, reliably and affordably deliver power for our state, day and night, regardless of the weather,” added Sen. Michael Testa, a Republican. PSEG Nuclear is a subsidiary of Newark, New Jersey-based Public Service Enterprise Group. ___ Follow Wayne Parry on X, formerly Twitter, at www.twitter.com/WayneParryAC
Retirement anxiety: do you really need $1.46m to have a happy old age? 2024-04-03 18:09:00+00:00 - Name: Retirement anxiety. Age: Getting closer and closer. Appearance: A constant, thumping panic attack. Oi, speak for yourself! I can’t wait to retire. Oh, really? And how do you plan to fund this retirement? State pension, obviously. Is that so? You’ll be able to maintain your lifestyle on £221 a week? Well, not by itself. But I have a private pension, too. OK, and how much have you paid into it recently? Actually, I haven’t … Oh God, I haven’t planned for my retirement at all! And there we have it, ladies and gentlemen, a textbook case of retirement anxiety. It’s OK – I can start saving now. How much do I need, realistically? Well, according to a new survey, the average American believes they need $1.46m (£1.16m) to retire comfortably. I’m sorry, one point four six what now? Million. I know, it’s a lot. But you have to remember, this is the US we’re talking about. It’s a completely different matter in the UK. Oh, thank God. Yes, don’t worry. In February, the Guardian revealed that a comfortable retirement now costs £43,100 a year. That’s much less than $1.46m. Yes. Although remember I said “a year”. Anyway, none of this is set in stone. There are at least two other options available to people who haven’t adequately prepared for retirement. Great – what are they? Well, the first is simple. It just means that you remain in employment for ever, spending your entire life slogging away for a faceless corporation that doesn’t care about you. Not ideal. What’s the other one? That involves moving in with your grownup children, all of you gradually growing more resentful, as the long days and months stretch out ahead. Sounds great. I’m in! Or, you know, you could get your act together now and start putting away a sensible amount of money whenever you can, so that you can at least feed yourself in your later years. No thanks. I’d rather be a burden on the children. Fair enough. Who can afford to save for a pension anyway? People can barely afford Lurpak. Do say: “I haven’t been saving enough money for my retirement.” Don’t say: “Luckily, we have a nice government that cares about elderly people.”
Prosecutors say Trump 'stoked and encouraged' the publicity he's now citing as a reason to delay his hush money trial 2024-04-03 18:05:00+00:00 - Prosecutors in New York on Wednesday urged a judge to reject Donald Trump's bid to delay his impending criminal trial because of pre-trial publicity, arguing the former president "has constantly stoked and encouraged such publicity." Trump's "own incessant rhetoric is generating significant publicity, and it would be perverse to reward defendant with an adjournment based on media attention he is actively seeking," Manhattan District Attorney Alvin Bragg's office said. The filing was in response to a request by Trump's lawyers to delay the trial for the foreseeable future because of "prejudicial" publicity around the case. "Defendant here has done much more than simply give occasional statements: instead, he has repeatedly invited public attention to this criminal trial through campaign rallies, online social media posts, television interviews by himself and his counsel, and frequent press conferences — including in the very hallway of the courthouse just steps away from the courtroom before and after court appearances," the DA's filing said. An attorney for Trump did not immediately respond to NBC News’ request for comment. Trump's attorneys contended in a court filing last month their client "cannot get a fair trial in New York County right now" because of the large amount of negative press coverage, as well as repeated public statements by two key witnesses in the case, former Trump attorney Michael Cohen and adult film star Stormy Daniels. Cohen paid Daniels $130,000 in the closing days of the 2016 presidential campaign for her silence about her claims that she had a sexual encounter with Trump years earlier. Trump has denied Daniels' claim, but prosecutors maintain he directed Cohen to make the payment and then repaid him in disbursements that were falsely classified as legal expenses. Trump has pleaded not guilty. Trump's filing said Cohen "has and will continue to spew vitriol into the public sphere regarding President Trump," and Daniels has made remarks critical of the president while a new documentary about her on NBCUniversal's streaming platform Peacock includes her "prejudicial, false commentary about this case and President Trump." (NBCUniversal is the parent company of NBC News.) The DA's office said it has no real "means of enforcing restrictions on the speech of Cohen and Daniels, who are private citizens. In any event, there is no indication that their public statements have materially affected the overall level of publicity attached to this case, especially compared to the extensive national press coverage of defendant’s own provocative remarks. Nor is there any reason to think that an adjournment would make a difference: the press is likely to seek comment from these individuals whenever defendant’s trial occurs, regardless of whether the trial begins on April 15 or on a later date." Prosecutors also noted there will always be publicity swirling around the case. "Because this trial is a criminal proceeding against a former president, the press attention will be substantial regardless of when (or, for that matter, where) this trial is held," the filing said. The DA noted that the judge rejected a similar request by Trump's lawyers in February, and that there's no reason for him to change his position. They also told Judge Juan Merchan the effort is the eighth time Trump has moved to adjourn the trial, which is scheduled to begin jury selection in less than two weeks. "Defendant simply cannot have it both ways: complaining about the prejudicial effect of pretrial publicity, while seeking to pollute the jury pool himself by making baseless and inflammatory accusations about this trial, specific witnesses, individual prosecutors, and the Court itself," the filing argued.
Jay-Z’s Made In America festival canceled for the second year in a row 2024-04-03 18:03:54+00:00 - Jay-Z’s annual Made in America festival, held in Philadelphia over Labor Day weekend, has been canceled for the second year in a row. The festival announced the cancellation on social media and its official website Wednesday. A specific reason was not outlined, and a representative for Made in America referred questions back to the statement. “As purveyors of change, the Made In America executive production team is reimagining a live music experience that affirms our love and dedication to music and the work we do. We promise an exciting return to the festival,” the statement read, without providing a timeline for the festival’s return. A lineup had not yet been announced. “Since its inception, this groundbreaking festival has celebrated music and community — from creating a space for fans to connect, to uplifting local small businesses and shining a light on important causes. It has strived for accessibility, eliminating barriers through affordable tickets and location,” Wednesday’s statement said. In August 2023, a month before the festival was scheduled to take place on the Benjamin Franklin Parkway with Lizzo and SZA as the headliners, Made in America announced the festival would not happen “due to severe circumstances outside of production control,” according to a statement then. “This decision has been difficult and has not been made lightly nor without immense deliberation,” the organizers said in 2023. At the time, they said they were looking forward to returning the following year. When the festival was abruptly canceled last year, then-Philadelphia Mayor Jim Kenney expressed disappointment but said the city would “look forward to bringing Made in America back and bigger than ever to the Benjamin Franklin Parkway next year.” A spokesperson for Philadelphia Mayor Cherelle Parker did not immediately return comment about this year’s cancellation. The festival began in 2012 and, up until 2023, had been held every year since except for 2020 during the coronavirus pandemic. ___ Associated Press journalist Brooke Schultz in Harrisburg, Pennsylvania, contributed reporting.
Maritime terminal prepares for influx of redirected ships as Baltimore bridge cleanup continues 2024-04-03 18:02:51+00:00 - BALTIMORE (AP) — The only maritime shipping terminal currently operating in the Port of Baltimore is preparing to process an influx of ships as crews continue clearing the mangled wreckage of the collapsed Francis Scott Key Bridge. Tradepoint Atlantic will unload and process an estimated 10,000 vehicles over the next 15 days, according to a company statement. That includes six regularly scheduled ships and nine others redirected as access to the port’s main terminals remains blocked, posing a logistical nightmare for shipping along the East Coast. Crews opened a second temporary channel through the collapse site Tuesday, but it’s too shallow for most commercial vessels. The two alternate channels are meant primarily to aid in the cleanup effort. Work continues to open a third channel that will allow larger vessels to pass through the bottleneck and restore more commercial activity, officials said. Meanwhile, bad weather has hindered salvage operations in recent days. The Patapsco River is also very murky, severely limiting the visibility of divers. The bridge fell March 26 after being struck by the cargo ship Dali, which lost power shortly after leaving Baltimore, bound for Sri Lanka. The ship issued a mayday alert with just enough time for police to stop traffic, but not enough to save a roadwork crew filling potholes on the bridge. Authorities believe six of the workers plunged to their deaths in the collapse, including two whose bodies were recovered last week. Two others survived. The ship remains stationary, its 21 crew members still aboard. Viewed close up from the deck of a Coast Guard boat, the scope of the catastrophe emerged through heavy fog Wednesday afternoon: Massive steel bridge girders were twisted like ribbons while crushed metal shipping containers dangled perilously from the stalled cargo ship. Fallen street lights that once lined the bridge jutted like toothpicks from the water’s surface. The sheer volume of debris dwarfed even the cranes and barges involved in the cleanup. And that’s only the view from above; officials said underwater conditions are significantly more challenging. Divers are still trying to get a sense of the tangled, muddy web. Sonar is being used to map the wreckage on the river bottom in 50 feet (15 meters) of water. A large floating crane nicknamed “Chessy” is helping with the salvage. Crews will soon begin lifting undamaged containers off the ship before removing the chunks of steel and concrete embedded in its bow, U.S. Coast Guard Rear Admiral Shannon Gilreath said at a news conference. The Maryland Senate is moving swiftly to pass a bill that would provide financial assistance to port employees without work who aren’t covered under unemployment insurance. The bill also would let the governor use state reserves to help some small businesses avoid layoffs and encourage companies that relocate elsewhere to return to Baltimore once the port reopens. President Joe Biden is expected to visit the collapse site Friday. Other vessels are also stuck in Baltimore’s harbor until shipping traffic can resume through the port, which is one of the largest on the East Coast and a symbol of the city’s maritime culture. It handles more cars and farm equipment than any other U.S. port. ___ Contributing to this report were Associated Press writers Brian Witte in Annapolis and Sarah Brumfield in Washington.
A new 'litmus test' rises in GOP primaries: Ukraine aid 2024-04-03 17:47:00+00:00 - Additional funding to help Ukraine fight its war against Russia has divided Republicans on Capitol Hill — but it’s also dividing candidates and voters in GOP primaries. The latest example is outside Indianapolis, where a narrator in an ad that recently hit the airwaves in Indiana’s 5th District says, “Why does Victoria Spartz put Ukraine first? Chuck Goodrich will put America first.” The ad from Goodrich, a state legislator, knocks Spartz, a two-term congresswoman, for supporting aid for Ukraine, featuring images of her in the Oval Office after President Joe Biden signed a bipartisan measure to quickly provide Ukraine military equipment in 2022. Though Spartz was born and raised in Ukraine, it’s not a unique attack against her. Opposition to more funding for Ukraine has featured in TV ads across a half-dozen Republican House and Senate primaries so far this year, per the ad tracking firm AdImpact. The attacks have come as lawmakers are looking to act on additional aid for Ukraine in the coming weeks. The earliest 2024 contests show that support for Ukraine aid has become a “litmus test” in GOP primaries, said Pete Seat, a former executive director of the Indiana GOP and an alum of President George W. Bush’s administration. And as Republican candidates compete to be seen as most aligned with former President Donald Trump, highlighting divisions over Ukraine aid has become one fast way to make the case that they are true “America First” believers. “You don’t have to ask, ‘Do you support Trump or not?’ You just have to ask, ‘Do you support Ukraine funding or not?’” Seat said. Mixed results Goodrich’s attack will be tested in Indiana’s May 7 primary. So far, such attacks have had mixed success. In Alabama’s 1st District, GOP Rep. Barry Moore launched multiple TV ads touting his opposition to Ukraine aid. He defeated fellow GOP Rep. Jerry Carl by 15 points in last month’s primary. School Freedom Fund, an outside group tied to the conservative Club for Growth, launched two ads in the race that mentioned Ukraine, including one with a narrator saying, “Ukraine treats America like their ATM,” and describing Carl as “their man in Alabama.” In Ohio’s GOP Senate primary, Win It Back PAC, another outside group tied to the Club for Growth, launched an ad against state Sen. Matt Dolan, suggesting Dolan would “be Ukraine’s senator, not ours.” The Club’s preferred candidate, businessman Bernie Moreno, defeated Dolan in the primary last month. But two anti-incumbent challenges that used the attack last month failed. Former Illinois state Sen. Darren Bailey highlighted GOP Rep. Mike Bost’s support for Ukraine aid in one ad as part of his unsuccessful campaign against Bost, who had Trump’s endorsement. In Mississippi, an outside group called America First Priorities launched an ad against GOP Sen. Roger Wicker on the issue, but Wicker easily won his primary. Indiana’s primaries could be the next tests for anti-Ukraine aid messaging, even when the contrast isn’t with a specific candidate. Along with Goodrich, Indiana Republican Tim Smith, who is running in the ruby-red open 3rd District, also recently launched a TV ad where Smith says, “Joe Biden cares more about Ukraine’s borders than America’s.” Goodrich, Spartz’s top primary rival, has made the issue central to his case against Spartz, who reversed her decision to retire shortly before the state’s filing deadline. “Chuck Goodrich’s latest false ad attacking Victoria Spartz shows that Chuck Goodrich can’t be trusted to tell the truth,” the Spartz campaign wrote in an email to supporters after the ad hit the airwaves. The campaign called Goodrich a “lying corrupt RINO,” or “Republican in Name Only,” and noted that Spartz has called for audits of Ukraine funds and opposes a “blank check.” Some Indiana Republicans said Goodrich’s attack was perplexing, given that Spartz has not been among the loudest proponents for more aid to Ukraine, and she has sharply criticized Ukrainian President Volodymyr Zelenskyy. “She’s very obviously Ukrainian and speaks with an accent,” said Indiana-based Republican strategist Cam Savage, who is not involved in the race, later adding, “Maybe they just see a cheap-shot opportunity and they’re willing to take one. That’s the way it feels to me.” In a statement, Goodrich campaign spokesman Kyle Kasting said: “Chuck Goodrich thinks we need to build the wall and secure the border first instead of continuing to send blank checks to Ukraine; Victoria Spartz stood with President Biden and supported 40 billion dollars of aid that, among other things, funded Ukrainian pensions and Ukrainian business bailouts.” On Wednesday, Spartz fired back at Goodrich with an attack ad of her own — accusing him of being soft on China. A changing GOP The emergence of Ukraine aid as a primary issue reflects a broader shift in the Trump-led Republican Party toward a more isolationist foreign policy — and concern about crossing that wing of the party. The shift has made it difficult for the GOP-controlled House to pass additional aid for Ukraine. Speaker Mike Johnson suggested the House could take up the issue when lawmakers return to the nation’s capital later this month, but his speakership could be threatened if he draws the ire of far-right Republicans. Seat was confident that additional aid would pass, largely due to expected support from Democrats. But he was less optimistic his party would reject isolationist positions, noting pro-Trump base voters “tune out” Republicans like Sen. Mitt Romney of Utah and former Rep. Liz Cheney of Wyoming, who have been making the case for more Ukraine aid. “Until a messenger who [speaks to] that base of the party, the base that it is today, is out there saying, ‘This is why it matters to us,’ it’s going to be really, really difficult to get more Republican support,” Seat said. And, since just eight states have held congressional primaries so far, some GOP lawmakers may be considering the looming threat of attacks over support for additional Ukraine aid. “You’re in an election year now, right?” Savage said. “So how people vote on things is very much aligned with how close they are to their own primaries.”
Two plead guilty to insider trading related to Trump Media merger 2024-04-03 17:41:00+00:00 - Two men pleaded guilty on Wednesday to insider trading in securities in the company that ultimately took former U.S. President Donald Trump’s media business public. Michael Shvartsman, 53, head of Miami-based venture capital firm Rocket One Capital, and his brother Gerald Shvartsman, 46, each pleaded guilty to one count of securities fraud before U.S. District Judge Lewis Liman in Manhattan. Rocket One’s chief investment officer, Bruce Garelick, is scheduled to face trial on related charges on April 29. Prosecutors charged the trio last year with illegally trading on inside information about Trump Media & Technology Group’s plan to go public through a merger with a blank-check company. TMTG operates Truth Social, Trump’s main social media platform. Prosecutors said the trio signed confidentiality agreements in June 2021 when they were approached to become early investors in Digital World Acquisition, the blank-check company. The agreements required them to keep information they learned confidential and not trade the company’s securities in the open market, prosecutors said. After hearing the company was in merger talks with TMTG, prosecutors said the trio tipped others and bought Digital World securities, selling them after the deal was announced on Oct. 20, 2021, to make a total of $22 million in illegal profit. Michael and Gerald Shvartsman said in court that they knew what they were doing was wrong when they traded on nonpublic information. “I’ve made a terrible mistake,” Gerald Shvartsman said at the hearing. “Insider trading is cheating, plain and simple,” U.S. Attorney Damian Williams said in a statement after the pleas. The Shvartsmans are scheduled to be sentenced on July 17. Securities fraud carries a maximum sentence of 20 years in prison, but any sentence would be imposed by the judge based on a range of factors. The average prison sentence in federal fraud cases in the U.S. last year was around two years. TMTG was publicly listed in late March, and its shares have been on a wild ride fueled by speculators betting on enthusiasm for Trump, the Republican presidential candidate in November’s election. The stock shed early gains this week as Truth Social’s parent company disclosed it had lost more than $58 million in 2023. TMTG shares were trading at around $51.60 on Wednesday morning, making Trump’s stake worth about $4 billion, though he is not allowed to sell or borrow against it for six months. Trump Media is also embroiled in legal battles in Delaware and Florida with co-founders Wesley Moss and Andrew Litinsky, who have accused the company of trying to improperly dilute their stake. Trump Media has argued they failed to earn their shares and seeks to strip them of their ownership.
Disney shareholders back CEO Iger, rebuff activists who wanted to shake up the company 2024-04-03 17:38:16+00:00 - SAN FRANCISCO (AP) — Disney shareholders have rallied behind longtime CEO Robert Iger, voting Wednesday to rebuff activist investor Nelson Peltz and his ally, former Disney Chief Financial Officer Jay Rasulo, who had sought seats on the company’s board. The company had recommended a slate of directors that did not include Peltz or Rasulo. The dissident shareholders had said in a preliminary proxy filing that they wanted to complete a “successful CEO transition” at Disney and align management pay with performance. Despite their loss, they declared a victory of sorts following the vote, noting that since Peltz’s company, Trian Partners, started pushing Disney in late 2023, the entertainment giant has engaged in a flurry of activity, adding new directors and announcing new operating initiatives and capital improvement plans for its theme parks. “Over the last six months, Disney’s stock is up approximately 50% and is the Dow Jones Industrial Average’s best performer year-to-date,” Trian said in a statement. Shares in Walt Disney Co., which is based in Burbank, California, were down about 3.4% in Wednesday afternoon trading. The activist group previously said it wanted to see Disney achieve “Netflix-like” financial performance, specifically citing a 2027 target for Disney to raise a profit margin measure called EBITDA — earnings before interest, taxes, depreciation and amortization — to levels of 15% to 20%. But Disney is already operating at that level. In the quarter that ended in December 2023, Disney’s EBITDA margin was 18%, according to data compiled by CapitalIQ. For the previous fiscal year that ended in September, Disney’s EBITDA margin was 16.5%, according to the same data. Disney announced in November 2022 that Iger would come back to the company as its CEO to replace his hand-picked successor, Bob Chapek, whose two-year tenure had been marked by clashes, missteps and weakening financial performance. Iger was Disney’s public face for 15 years as chief executive before handing the job off to Chapek in 2020, a stretch in which Iger compiled a string of victories lauded in the entertainment industry and by Disney fans. But his second run at the job has not won him similar accolades.
Disney fends off boardroom blitz as shareholders vote to stay the course 2024-04-03 17:25:00+00:00 - Disney CEO Bob Iger on Wednesday fended off an aggressive challenge by activist investors seeking to take the company in a new direction, averting what would have been a stunning embarrassment for one of Hollywood’s leading executives. The entertainment conglomerate’s corporate leadership was facing a bold attack from billionaire activist investor Nelson Peltz, who loudly pushed the company to come up with a concrete succession plan and derided efforts to make more diverse movies and shows. But that crusade fell short, as Disney shareholders approved board members backed by the current company leadership, denying seats for Peltz and his ally Jay Rasulo, a former chief financial officer at Disney. Iger’s victory comes at a key juncture for a company that has found itself at the center of wider American culture wars as it attempts to navigate dizzying changes in the media landscape, including the rise of streaming, the decline of traditional television and growing competition from social media. During the pandemic, Disney saw its shares climb to all-time highs amid the belief that streaming revenues would surge — but the stock price sank to fresh lows soon after as the company struggled with how to succeed Iger, who left the company in 2020 and then returned two years later. Today, Disney's share price, at about $122, is little changed from where it was some 10 years ago — a fact that earned the ire of so-called activist investors like Peltz who buy up shares of companies on the open market in the hopes of installing board members they believe can make decisions that lead to greater investor returns. Disney's challenges are real. The heavily marketed Disney+ streaming platform is not profitable, though Iger has said he expects it will be by the end of this year. Business analysts say Disney's Marvel and Star Wars franchises have lost steam. ESPN, which Disney has effectively controlled since the 1990s, continues to lose traditional TV viewers in the wake of the cord-cutting revolution. "They're trying to do a lot of things at the same time, rather than focusing on one thing and really nailing it," Rich Greenfield, co-founder of the LightShed Partners research group, told CNBC last week. Disney is also paying almost $9 billion to Comcast for Hulu, which has said it plans to relaunch. NBC News is wholly owned by Comcast. The latest anti-Iger push was led by Trian Partners, an activist hedge fund run by Peltz, a businessman known for investing in or acquiring companies with the goal of juicing their share prices. In a January interview on CNBC, Peltz laid out his case for overhauling Disney's leadership, saying that the company was not being run "properly" and that its board lacked oversight. “They promised they were going to improve things. I took them at their word,” he said. “Things got worse. The stock went down. Results got worse. So, no more. I can’t continue to give them more opportunities.” Peltz has also railed against Disney's efforts to produce more diverse and inclusive entertainment. In a recent interview with the Financial Times, for example, he took aim at Marvel projects that he said were too squarely focused on gender and racial diversity. "Why do I have to have a Marvel that’s all women?" he said. "Not that I have anything against women, but why do I have to do that? Why can’t I have Marvels that are both? Why do I need an all-Black cast?" In the run-up to Wednesday's vote, Disney's current directors rejected the plan by Peltz and fellow activist group Blackwells, saying that the billionaire "had not actually presented a single strategic idea for Disney" and that he lacked necessary subject-matter experience. Iger's regime received public support from boldfaced names such as Star Wars creator George Lucas; JPMorgan Chase CEO Jamie Dimon; Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs; and Disney family members like Abigail E. Disney. In recent days, Iger also won the support of key institutional shareholders such as BlackRock and T. Rowe Price. Peltz nabbed some crucial endorsements of his own, however. ISS, a leading proxy advisory firm, sided with the activists and slammed Disney's succession planning. The California Public Employees' Retirement System (CalPERS), one of the largest pension funds in the country, backed Peltz as well. Iger has long been considered one of the titans of the modern entertainment industry, celebrated for his management acumen and creative chops. In his first run at Disney, he turned the company into a global powerhouse by acquiring marquee brands, such as Pixar, Marvel, Lucasfilm and 21st Century Fox. But that reputation has been dented in his second stint amid high-profile skirmishes with Peltz, tech mogul Elon Musk and Florida Gov. Ron DeSantis, who waged a legal battle against the company after it publicly criticized his state's "Don't Say Gay" law curbing classroom discussions of sex and gender. Iger attempted to rebut Peltz and woo Wall Street during Disney's quarterly earnings call in February. He announced a range of eye-catching initiatives, including an investment in the maker of the "Fortnite" game, plans to launch a sports streaming service in 2025, and a feature-length animated sequel to "Moana" due in theaters in November.
Steve Cohen says his financial firm can already save $25 million by using AI 2024-04-03 17:11:00+00:00 - You can count billionaire investor Steve Cohen among those who believes artificial intelligence is already making an impact on the business world. The Point72 founder told CNBC's Andrew Ross Sorkin on "Squawk Box" that his financial firm has found ways for even the early AI models to save the company money. "I'll give you one little anecdote. My CTO comes to me and says I can save the firm $25 million by using these LLMs to improve our efficiency," Cohen said, referencing his chief technology officer and the large language models like ChatGPT. "Now, we're a nice sized firm. We're not a huge firm. So imagine what big companies can do. And that's just one thing, so it gives you a little bit of a look into what's possible," he added.
How much is Elon Musk to blame for Tesla sales slip? 2024-04-03 17:05:00+00:00 - For one Tesla investor, the cause of Tuesday’s underwhelming sales figures was clear: the chief executive. “Basically, Tesla can’t sell its cars due to Elon’s behaviour,” wrote Ross Gerber, the chief executive of the investment management firm Gerber Kawasaki. “Let’s stop blaming the Houthi rebels or German environmental terrorists. Or a recession that never came. Or interest rates. Only one person responsible for this.” Writing on X, the social media platform owned by the Tesla boss, Gerber appeared to pin the blame on Musk’s antics on the same site. Gerber then added during an appearance on the Fox Business channel that the board of the carmaker had done nothing to stop Musk’s “toxic” behaviour on X that had “absolutely damaged the [Tesla] brand”. Musk responded in typical style on X, calling Gerber an “idiot” who “can’t even tell he’s an idiot”. Musk also pointed to slowing sales at Chinese rival BYD, saying it was a “tough quarter for everyone”. Gerber, a vocal critic of Musk, was responding to a sales update by Tesla on Tuesday that surprised Wall Street and triggered a 5% decline in the company’s stock, compounding a fall in shares of more than 30% this year. Tesla said it had made approximately 387,000 deliveries to customers in the first quarter of 2024, missing market expectations by about 13%. It was its first fall in deliveries in nearly four years and the company cited factory shutdowns caused by shipping delays resulting from Houthi rebels’ attacks in the Red Sea and an arson attack at a Tesla plant in Berlin as mitigating factors. Another factor was the introduction of an updated version of Tesla’s Model 3 car at its Fremont site in the US. However, the fact that there was greater percentage decline in deliveries than factory production indicated a problem with demand. “There were some unique factors that impacted production in the quarter, but we believe demand is slowing,” wrote analysts at the investment bank UBS. “Showing a [year-on-year] delivery decline, especially at a rate greater than production decline, will do little to ease market concerns over growth.” Musk may have lost the title of world’s richest person, but his global fame, sustained in part by his divisive online persona, is undiminished. Mark Borkowski, a PR consultant and author, said the Tesla boss exemplified the “PT Barnum-esque” approach to modern entrepreneurship. “Everything in this cult of personality is fragile,” Borkowski said, but added that Musk had proven before that he can “re-spawn” when he encountered difficulties. That fame has prompted some analysts to warn that Musk’s controversial behaviour – from endorsing antisemitic tweets to reinstating previously banned accounts on X – is affecting Tesla sales, particularly in the US, the carmaker’s largest market. Musk has been “distancing himself by his actions” from one group of buyers, according to Gene Munster, a managing partner of the US firm Deepwater Asset Management. Munster said there was was likely to be “an equal-sized group” that was “probably turned on by Elon” and some of the things that he did. Musk’s behaviour was likely to be a “slight negative” for US sales, Munster continued, adding that the bigger impact came from higher interest rates and a dimming of consumer excitement over electric vehicles. Writing on X, Munster said he believed Tesla’s problems would pass because it was making the right decisions for the long run. Meanwhile, on Wednesday, the Financial Times reported that Tesla was about to scout locations in India for a $2bn (£1.6bn) to $3bn manufacturing plant that it hoped to build. Daniel Ives, the managing director at US financial services company Wedbush Securities, was alarmed by the sales figures, describing them as an “unmitigated disaster” that was hard to explain away. Ives did not believe that Musk’s divisive showmanship was the main reason for the dip. He said the core issues were the softening of global demand for electric vehicles and problems in China, Tesla’s second biggest market, where he estimated that deliveries fell by at least 3% compared with the previous year. However, Ives ascribed some impact to Musk, warning that the Tesla boss was “putting gasoline on the fire”. He argued that 70% of the first-quarter “train wreck” was related to China and an easing in EV demand worldwide, adding: “Thirty per cent of the Tesla issues in my view is Musk-driven at this point, with potential customers driven away by his antics..” Other analysts were emphatic that Musk’s X feed did not influence sales. “I would say that the impact of his personality is minimal. We live in a digitised period of hyper-short-termism now, and Elon’s tweet is yesterday’s tweet,” said Matthias Schmidt, an automotive industry analyst. Marina Alekseenkova, a director at Hypothesis Research, said she believed Tesla remained in a “relatively strong” position and that the poor update was down to one-off issues. “I do not believe that people’s choices depend on what is on X,” she added. For once, Musk might be grateful for the lack of attention. Tesla was contacted for comment.
2 Brothers in Trump Media Insider-Trading Scheme Plead Guilty 2024-04-03 16:36:21+00:00 - Two brothers from Miami pleaded guilty on Wednesday in federal court in Manhattan for their role in a nearly $23 million insider-trading scheme surrounding the 2021 announcement that former President Donald J. Trump’s social media company planned to merge with a cash-rich shell company. Michael and Gerald Shvartsman, who had pleaded not guilty to securities fraud charges last summer, were set to go on trial later this month. But the brothers decided this week to forgo a trial, instead entering their guilty pleas before Judge Lewis J. Liman of U.S. District Court for the Southern District of New York. Each man pleaded guilty to one count of securities fraud. Michael Shvartsman, according to federal prosecutors, was the mastermind of the scheme to profit from the announcement, in October 2021, that Trump Media & Technology Group planned to merge with Digital World Acquisition Corporation, a shell company that had just raised $300 million in an initial public offering. The authorities charged Michael Shvartsman, 53, a Miami financier, with making $18.2 million in illicit trading profits; and his brother, 46, who owns an outdoor furnishing store in Miami, with raking in $4.6 million. Michael Shvartsman, who ran a venture investment firm called Rocket One, used some of the proceeds from the scheme to buy a $14 million luxury yacht that he named Provocateur.
Fed Chair Awaits More Inflation Cooling as Path Proves ‘Bumpy’ 2024-04-03 16:10:52+00:00 - Jerome H. Powell, the chair of the Federal Reserve, reiterated on Wednesday that the central bank can take its time before cutting interest rates as inflation fades and economic growth holds up. The central bank chief also used a speech at Stanford to emphasize the Fed’s independence from politics, a relevant message at a time when election season threatens to pull Fed policy into an uncomfortable limelight. This year is a big one for the Fed: After long months of rapid inflation, price increases are finally coming down. That means that central bankers may soon be able to lower interest rates from their highest levels in two decades. The Fed raised rates to 5.3 percent from March 2022 to mid-2023 to cool the economy and bring inflation to heel. Figuring out when and how much to cut interest rates is tricky, though. Inflation has decelerated more slowly in recent months, and the Fed does not want to cut rates too early and fail to fully wrestle price increases under control. Investors had initially expected the Fed to lower rates early this year, but now see the first move coming in June or July as officials wait for more evidence that inflation has truly moderated.
Bitcoin ETFs Traded $111B In March: 2 New ETFs Could Mean The Action Gets Even Wilder - Grayscale Bitcoin Trust (BTC) Common Units of fractional undivided beneficial interest (ARCA:GBTC), SPDR Gold Tr 2024-04-03 15:46:00+00:00 - Loading... Loading... Bitcoin Exchange-Traded Funds (ETFs) experienced an astonishing trading volume of $111 billion in March, nearly tripling the volumes of January and February combined. What Happened: This surge was highlighted in a series of tweets by prominent analysts, underscoring the monumental growth and interest in Bitcoin investment vehicles. Eric Balchunas, a well-known ETF analyst, pointed out a significant shift in the market share of Bitcoin ETF volumes. iShares Bitcoin Trust IBIT has emerged as the dominant player, seizing a considerable portion from the Grayscale Bitcoin Trust GBTC which previously monopolized the market. According to Balchunas, BlackRock‘s Bitcoin ETF is now akin to its gold ETF, essentially dominating the space with its volume. Adding to the dynamic landscape, ProShares launched the first-ever 2x and -2x spot Bitcoin ETFs, named BITU and SBIT, respectively. These products aim to offer investors leveraged returns on Bitcoin’s price movements. Despite their high fees of 95 basis points, initial trading volumes were modest, staying below $1 million. However, these ETFs are projected to rank among the top five most volatile ETFs in the United States, with a staggering standard deviation approximately 15 times that of the S&P 500. Also Read: Crypto Crash? Bitcoin And Ethereum Plunge Below Key Support Levels Why It Matters: The launch and rapid ascendance of these Bitcoin ETFs raise questions about market stability and investor appetite for high-risk, high-reward products. Loading... Loading... Jurrien Timmer of Fidelity Investments and Alex Thorn noted an interesting trend: despite the buzz around Bitcoin ETFs/ETPs, the futures market remains vibrant, indicating a broad base of speculative interest in Bitcoin beyond the traditional HODLers. As the industry gears up for Benzinga’s Future of Digital Assets conference on Nov. 19, these developments signal a robust and evolving Bitcoin investment landscape. With U.S. Bitcoin ETFs now holding over 4.25% of the total circulating BTC supply, the market is at a pivotal juncture. Whether April will surpass March’s record-breaking volumes remains uncertain, but one thing is clear: the appetite for Bitcoin ETFs, whether for bullish or bearish bets, is only growing. Read Next: Bitcoin Spot ETFs Hit Speed Bump As Grayscale Outflows Reach $302M In A Day, But 2 Firms Enjoy Inflows Image created using artificial intelligence with Midjourney.
‘HR is not your friend’: why frustrated workers are hiring reps of their own 2024-04-03 15:01:00+00:00 - NK Beale knew something was wrong when her boss started sending her listings for other job openings. “My manager was advising me to put in my notice,” said Beale, who is 40 and lives in Washington DC. “It was kind of weird, because we had a pretty good relationship, and I felt as though he was someone I could trust.” There had been a shift in leadership at her tech company during a tumultuous time in the industry, with mass layoffs at Google, Amazon and Microsoft. Beale wondered if maybe her boss had encouraged her to put in her notice before they had a chance to officially lay her off so the company wouldn’t have to pay severance. The stress of it all started to affect her sleep and wellbeing. When it got to be too much, Beale’s partner suggested that she speak to an old colleague named Cierra Gross, who founded an independent human resources consulting firm called Caged Bird HR. What people don’t understand is that ultimately, HR works for the company Peter Cappelli, Wharton School of Management For $99, Gross and her staff listen to workers’ complaints about harassment, discrimination, or other job-related issues – stories those workers don’t feel comfortable sharing with their own employers’ HR representatives. Workers at Google, Netflix, Amazon, Uber and Meta have all used Caged Bird, according to Gross. She also says Caged Bird wrote the résumé for a candidate who ended up a state senator, and helped a woman who was about to quit her job negotiate a $30,000 severance. People usually reach out to Caged Bird after experiencing discrimination or issues with compensation. Over 80% of its clients also say work has caused some sort of mental anguish, according to Gross. A survey published last month found that more than a third of 1,005 small-business workers in the US didn’t trust their HR departments. In a 2021 survey of 1,000 workers at UK organizations with more than 250 employees, 47% reported that they didn’t trust HR to help with conflict resolution. More than two in five respondents didn’t believe that the department would act impartially, with 43% saying they think senior staff members were favored in workplace disputes. This wariness creates an opening for an independent HR service to act as a confidant, support system, lawyer (or at least someone who knows a lawyer), and whatever else a worker doesn’t feel they can find in-house. The Guardian spoke with two companies that have jumped into this field. Caged Bird’s clients must first fill out a form explaining who they are, where they work and what’s going wrong. A representative then calls to explain their rights as workers and to give their professional opinion on how things should be handled. Caged Bird then drafts documents that might be helpful to the client when the client speaks to their employer’s HR department, such as a letter of resignation, a script for a pay negotiation, or a letter that reports discrimination. View image in fullscreen An advertisement for Caged Bird HR. Photograph: Courtesy Caged Bird Caged Bird does not negotiate fair labor practices with a company on behalf of a collective workforce like unions do, and it rarely interacts directly with a company’s HR department. “Sometimes we do allow a support person to come to meetings between a client and their employer, but then our involvement is very limited,” Gross said. “In those cases we’re not actually allowed to talk during meetings. Even when we ghostwrite documents for a client, we don’t send it directly to their employer. We give it to the client and it’s up to them to send it to whoever they need to.” After consulting with Caged Bird, Beale decided to take a leave of absence from her job due to stress – a lifeline she hadn’t realized was available to her. “They let me know the options most companies don’t want you to know. It was pretty simple for me to get together the documents that I needed for leave,” she said. After a few months, she went back to work feeling recharged. She later found a new job in media and entertainment with a better work-life balance. Most workers have probably heard the phrase “don’t trust HR” or “HR is not your friend” at some point in their careers. Peter Cappelli, a professor of management at the University of Pennsylvania’s Wharton School, says the problem is that many employees don’t understand how HR fits into a company as a whole, particularly when it comes to issues of discrimination. In recent years – especially after the #MeToo movement elevated awareness of workplace sexual harassment – employers have boasted a zero-tolerance policy on the matter. “That makes workers think that HR are like the internal police,” Cappelli said. It can also be tempting to view HR as an independent entity dedicated to workers’ wellbeing – something analogous to a union shop steward. But that’s often too idealistic of a comparison. “What people don’t understand is that ultimately, HR works for the company and the employer organization,” Cappelli explained. “They have no particular obligations for you. What they do for the most part is try to nudge the organization and the leadership in the right direction, which is about all you can expect them to do.” That’s not enough for some workers, especially a post-#MeToo world. In the seven years since the harassment awareness hashtag snowballed into a full-on movement, many workers have hoped that the deluge of stories might lead to better conditions. The same could be said after 2020’s so-called “racial reckoning”, when CEOs preached diversity and inclusion in a way that felt more performative than purposeful. We need to start normalizing this idea that we can listen to feedback without getting defensive Cheri Wolf, BeeMail Gross spent years working in HR for Google and ExxonMobil, but she left corporate America in 2022 after suffering burnout and depression. As implied by the name – a nod to the poet and civil rights activist Maya Angelou’s memoir, I Know Why the Caged Bird Sings – and the fact that Gross is a Black woman with lived experience of workplace discrimination, Caged Bird’s earliest clients came due to issues of racism or sexism. “The first year we started, it was 99% Black women and 1% everyone else,” Gross said. “Last year, it was 68% Black people, and the second highest was Latinas, white people, followed by members of the LGBT community of all demographics. So as the brand continues to grow, we’re starting to reach a broader demographic.” If an employee wants to confront a co-worker or boss who, for example, won’t stop with the unwanted come-ons, they can enlist BeeMail, a service that sends warning emails to offenders accused of sexual harassment. The subject line of the email reads “Addressing Your Behavior”, with the body’s text written in a generic manner intended not to out a victim’s identity. “This is not a gotcha moment,” the message reads. “We’ve all made mistakes. This email is intended to make you aware of the issue and to prevent further escalation involving your employer. We hope to see this as an opportunity to reflect on your interactions and do better moving forward.” Cheri Wolf and Sandy Lisonbee launched BeeMail earlier this year. Each BeeMail message to an accused harasser links to their non-profit, The Wolf and the Bee, which provides resources to help workers and their employers resolve workplace disputes. “If you Google ‘someone has accused me of harassment at work’, every single result comes from the angle of what to do if you’ve been falsely accused,” Wolf said. “But what should you do if you’ve actually done something? We found literally no tools from the harasser’s perspective. We realized this puts the burden of fixing a problem on the victim.” It costs $25 for an accuser to send a BeeMail – the founders call the fee a “donation”, since the price helps fund their non-profit. The message can only be sent one time, so that BeeMail itself is not used as a tool of harassment. Wolf and Lisonbee worked with attorneys to make sure that the service did not violate any privacy or labor laws. “For the most part, you’re going to have to continue to work with the person who’s harassing you,” Wolf said. “We need to start normalizing this idea that we can listen to feedback without getting defensive, and we can empower both sides of the situation to take responsibility for managing that process.” The founders hope that their service will be used soon after someone experiences harassment for the first time, before behavior escalates. “We understand that a BeeMail is not going to be effective for someone at a Harvey Weinstein level,” Lisonbee said. “It’s really about understanding and weighing out whether this uncomfortable process is also going to be empowering for you.” Do not expect the BeeMail to go mainstream soon: only one person has used the service since it launched in February, though the founders say that some people have started the process but ultimately decided not to send the email. Cappelli, the Wharton professor, says that what makes an independent HR service alluring to workers might not be its promised end result. “For a lot of people, being able to talk to someone about what’s happening and maybe having someone else know might make them feel better,” he said. “If this makes the person who’s reporting feel better, then it’s possible that these services actually do some good.”
Largest fresh egg producer in U.S. finds bird flu in chickens at Texas and Michigan plants 2024-04-03 14:18:00+00:00 - Human contracts bird flu for second time ever in U.S. The largest producer of fresh eggs in the U.S. said Tuesday it had temporarily halted production at a Texas plant after bird flu was found in chickens, and officials said the virus had also been detected at a poultry facility in Michigan. In Texas, Ridgeland, Mississippi-based Cal-Maine Foods, Inc. said in a statement that approximately 1.6 million laying hens and 337,000 pullets, about 3.6% of its total flock, were destroyed after the infection, avian influenza, was found at the facility in Parmer County, Texas. The plant is on the Texas-New Mexico border in the Texas Panhandle about 85 miles southwest of Amarillo and about 370 miles northwest of Dallas. "The Company continues to work closely with federal, state and local government officials and focused industry groups to mitigate the risk of future outbreaks and effectively manage the response," according to the statement. "Cal-Maine Foods is working to secure production from other facilities to minimize disruption to its customers." The company said there is no known bird flu risk associated with eggs that are currently on the market and no eggs have been recalled. Eggs that are properly handled and cooked are safe to eat, according to the U.S. Department of Agriculture. The announcement by Cal-Maine comes a day after state health officials said a person had been diagnosed with bird flu after being in contact with cows presumed to be infected, and that the risk to the public remains low. In Michigan, Michigan State University's Veterinary Diagnostic Laboratory has detected bird flu in a commercial poultry facility in Ionia County, according to the Michigan's Department of Agriculture and Rural Development. The county is about 100 miles northwest of Detroit. The department said it received confirmation of the disease Monday from the lab and that it is the fourth time since 2022 that the disease was detected at a commercial facility in Michigan. Department spokesperson Jennifer Holton said Tuesday that state law prohibits the department from disclosing the type of poultry at the facility in Ionia. The facility has been placed under quarantine and the department does not anticipate any disruptions to supply chains across the state, Holton said. The human case in Texas marks the first known instance globally of a person catching this version of bird flu from a mammal, federal health officials said. Dairy cows in Texas and Kansas were reported to be infected with bird flu last week - and federal agriculture officials later confirmed infections in a Michigan dairy herd that had recently received cows from Texas. The company said Cal-Maine sells most of its eggs in the Southwestern, Southeastern, Midwestern and mid-Atlantic regions of the United States.
What is a Bull Market? Key Information about Bull Markets 2024-04-03 13:51:00+00:00 - Stock market bulls are back in control as major US indices have soared to new all-time highs to start 2024. Despite apprehension over inflation and high rates, bullish market trends have overtaken these concerns, in no small part thanks to exuberance over artificial intelligence innovation. But what is a bull market in stocks exactly, and how should investors react to these new highs? In this article, you’ll learn the technical bull market definition, how to trade a bullish stock market and what a bull market means for the broader economy. Key Takeaway Empirically, a bull stock market is an advance of 20% or more in an index or security, often resulting in new all-time highs. A bull run in stock markets is usually accompanied by positive investor sentiment, an expanding economy and an increase in risk appetite. Get investing news alerts: Sign Up Understanding Bull Markets What is a bull market? For most investors, it's good news—stocks are going up. Bull markets elevate investor sentiment and frequently (but not always) coincide with improving economic data. They vary in length but can often last for years. Causes of Bull Markets Expanding GDP Low unemployment Technological advances Declining interest rates Characteristics of Bull Markets All-time highs in stock indices Increasing retail sales Positive investor sentiment Rotation into riskier market sectors Anatomy of a Bull Market To truly define a bull market, we’ll need to discuss investor sentiment. Investor sentiment tends to flow similarly during bull runs, starting with institutional investors and moving through media to retail investors. Several factors can enhance investor sentiment during bull markets, such as improving economic data, declining inflation or lower interest rates. Bull markets can take years to flow through market participants before capital becomes depleted or the economy stumbles. Examples of Historic Bull Markets Here are some famous bull markets in the United States from the last 100 years: The Roaring 20s The bull market preceding the Great Depression saw incredible wealth creation and cultural expansion. Jazz was born, women gained suffrage, and the economy roared for nearly a decade until the Crash of 1929. Dot Com Boom Tech stocks soared to unprecedented levels with the birth of the Internet in the early 1990s. By 2000, the NASDAQ had gained over 800% in about 5 years, creating a speculative bubble few markets had seen before. Post-GFC Bull Market Stocks suffered in ways not seen since the Great Depression in 2009, but one of the longest bull markets in history soon followed. The S&P 500 went more than 9 years without suffering a 20% drop and posted positive returns for six consecutive years. Key Drivers Behind Bull Markets Bull markets share specific characteristics, but different factors drive each one. For example, the bull market following the Great Recession was aided by loose monetary policy, as interest rates were near zero until 2017. However, rates were above 5% for the Dot Com boom, and investors still couldn’t get enough of tech stocks. Since no 2 bull markets are alike, let’s analyze all potential drivers and factors: Fiscal Policy : When Congress authorized the Treasury to send economic impact payments to Americans during COVID, that was an example of fiscal policy. Fiscal policy comes from Congressional spending or taxation. : When Congress authorized the Treasury to send economic impact payments to Americans during COVID, that was an example of fiscal policy. Fiscal policy comes from Congressional spending or taxation. Monetary Policy : Action from the Federal Reserve is called monetary policy, which comes from interest rate adjustments and open market operations. An excellent way to differentiate fiscal and monetary policy is to think of fiscal policy as targeting demand while monetary policy targets supply. : Action from the Federal Reserve is called monetary policy, which comes from interest rate adjustments and open market operations. An excellent way to differentiate fiscal and monetary policy is to think of fiscal policy as targeting demand while monetary policy targets supply. Technological innovation : Exuberant investors often reward revolutionary technology. And while the Dot Com bubble was loaded with hubris, the internet’s rise was indeed a world-changing event. From the printing press to the assembly line to the iPhone, innovation that drives the economy forward can often be what defines a bull market. : Exuberant investors often reward revolutionary technology. And while the Dot Com bubble was loaded with hubris, the internet’s rise was indeed a world-changing event. From the printing press to the assembly line to the iPhone, innovation that drives the economy forward can often be what defines a bull market. Geopolitical stability: Tension between nations can often disrupt markets. For example, Russia’s invasion of Ukraine in 2022 sent oil prices skyrocketing for several weeks as supply concerns spilled onto the world stage. Bull Market vs. Bear Market: What's the Difference? A bear market is a 20% decline in a market average or security, which frequently happens quicker than a bull market upturn. Stocks are commonly said to take the stairs up but the elevator down, hence year-long bull runs followed by crashes. Bear markets also occur for a number of different reasons, such as crumbling investor sentiment, poor economic data, government policy errors or geopolitical strife. But it’s important to remember that bear markets (and bear market rallies) are a natural part of the market cycle, and investors with risk controls have no reason to fear them. Investing Strategies for Bull Markets Investors can get FOMO during bull markets, often to their detriment. When times are good, ignoring risk tolerance rules and getting bolder with your investments is easier. But the bull market never lasts forever, and unless you’re an elite market timer, you need strategies to work in both bull and bear markets. Here are a few to consider when market averages are heading up: Growth investing - During bull markets, value stocks are the Rodney Dangerfield of the exchanges: they get no respect. Bull markets create conditions where growth stocks prosper since investors are willing to forgo current profits for future promises. - During bull markets, value stocks are the Rodney Dangerfield of the exchanges: they get no respect. Bull markets create conditions where growth stocks prosper since investors are willing to forgo current profits for future promises. Momentum trading - Using a momentum strategy is a famous bull trading technique since volatile stocks often create profitable opportunities. Technical tools like moving averages, support and resistance and oscillators like Relative Strength Index (RSI) can be helpful when riding bull market momentum waves. - Using a momentum strategy is a famous bull trading technique since volatile stocks often create profitable opportunities. Technical tools like moving averages, support and resistance and oscillators like Relative Strength Index (RSI) can be helpful when riding bull market momentum waves. Sector rotation - When sentiment is high, investors look for bull stocks, meaning sectors like tech and consumer discretionary. Investors rotate from safer sectors like utilities and staples when indices rise, and vice versa during bear markets. Risks and Challenges in Bull Markets A stock market bull can get complacent over time, ignoring warning signs in search of higher profits. That’s not to say you should invest timidly, but understanding risk means having rules to prevent portfolio disaster. After all, what’s a bull market without a few complacent participants? Here’s an example- many investors are currently overweight tech thanks to incredible gains from the semiconductor sector. Companies like NVIDIA Corp. (NASDAQ: NVDA) have lofty valuations, but how do you know when to sell? Instead of looking for market signals, consider selling shares of any stock that grows over 30% of your portfolio. Rules create diversified portfolios and prevent investors from panic-selling during downturns. How to Take Advantage of a Bull Market Here are a few methods to maximize returns during a bull market in stocks: Evaluate Your Portfolio’s Risk Level Is your portfolio too conservative for a bull run? You shouldn’t leap into volatile tech stocks, but too little risk can leave your portfolio underperforming. Rotate Asset Allocation If you find your risk level lacking, consider a sector rotation. During bull runs, growth-focused sectors often outperform. Don’t Time the Market Trying to pick market tops and bottoms is a fool’s errand. Market timing is one of the worst ways to mismanage a portfolio, and emotions often get the best of investors who lack a rules-based plan. Bull Markets Are Exuberant Times, But Don’t Ignore Risk All-time market highs characterize a bull market, an expanding economy and improved investor sentiment. However, bull markets aren’t an excuse to throw caution to the wind and buy up every hot stock profiled on CNBC. Make sure to reevaluate your goals during bull markets to avoid any ‘irrational exuberance’. FAQs What does bull market mean? Here’s a quick answer and a few more commonly asked questions. What is a bull and bear market? Bull markets occur when market averages increase 20% and hit all-time highs; bear markets are declines of 20% or more. Is a bull market good? Bull markets are suitable for long-term investors seeking appreciating stock prices. Unless you're shorting the market, you want to see bull markets materialize.
Deadly storms with flooding rain and tornadoes leave path of destruction in multiple states 2024-04-03 13:44:00+00:00 - Tornadoes, flooding rain and snow wreaked havoc across multiple states Tuesday, in a storm system that has already killed at least two people, destroyed buildings, uprooted trees and downed power lines. As many as 27 million people are under risk of severe storms Wednesday as the destructive storm system moves east and is forecast to bring heavy rain, floods, high winds and severe winter weather from Maine to Florida. In the past 24 hours, there have been 12 reports of tornadoes across six states — Alabama, Illinois, Tennessee, Ohio, Georgia and Kentucky. Multiple EF-1 tornadoes were confirmed in Jessamine, Anderson, Bourbon, and Nelson counties in Kentucky, as well as in Prospect across Jefferson and Oldham counties, with 95 mph to 110 mph winds. Flooded cars in a low-lying parking lot Tuesday in Cincinnati. Kareem Elgazzar / The Enquirer / USA Today Network Many in the wind-battered states are waking up to the severe damage: homes stripped down to their metal bones, roofs ripped off buildings and power lines torn down. This storm system, which started its deluge in the west over the weekend, has been making its way across the country. In Tulsa, Oklahoma, a 46-year-old homeless woman sheltering in a drainage pipe died, according to the Tulsa Fire Department. The woman’s boyfriend told officials that they had gone to sleep at the entrance of the pipe when they were startled awake by floodwaters Monday evening, The Associated Press reported. Kentucky Gov. Andy Beshear had declared a state of emergency Tuesday because of the storms that started to hammer the state Monday and deployed Kentucky State Police and emergency managers to affected areas to assist locals in need. Workers cut up downed trees lying across the road Tuesday in Prospect, Ky. Timothy D. Easley / AP Kentucky officials on Wednesday afternoon announced a weather-related fatality in Campbell County following a two-vehicle incident. The Campbell County Coroner did not release the name of the victim, but confirmed it was a 19-year-old male. Over 20 counties have reported damage from the severe weather in the state. In Nelson County, Kentucky fire officials shared photos of severe storm damage while responding to a gas leak: mangled metal and collapsed buildings. Another likely tornado touched down in Conyers, Georgia, uprooting trees and damaging homes. The suspected tornado caused “some minor injuries associated with trees, tree down calls” and power outages, Meredith Barnum, deputy director of the Rockdale County Emergency Management Agency, told NBC News.
Akebia Therapeutics Surges on FDA Approval for Anemia Treatment 2024-04-03 13:10:00+00:00 - Key Points Akebia Therapeutics is a biotech specializing in treatments for chronic kidney diseases (CKD). Its lead drug, Vafseo, received FDA approval for treating anemia in adult CKD patients who have at least 3 months of dialysis. Vafseo is an oral tablet that has been approved in 37 countries. 5 stocks we like better than Akebia Therapeutics Akebia Therapeutics Inc. NASDAQ: AKBA is a biopharmaceutical company specializing in developing treatments for chronic kidney diseases (CKD) and anemia management for patients with CKD. The medical sector company addresses unmet needs in the segment. It received FDA approval for its lead candidate, Vafseo, which is used to treat anemia in adult patients on dialysis suffering from chronic kidney disease (CKD). This applies to a total addressable market (TAM) of 500,000 adult patients on dialysis suffering from anemia due to CKD. Vafseo is an oral tablet competing with current treatments like Jesduvroq from GSK plc NYSE: GSK and blood transfusions in severe cases. Get Akebia Therapeutics alerts: Sign Up What is Anemia? Anemia is a condition triggered by the deficiency of hemoglobin in the red blood cells. Hemoglobin is the protein that transports oxygen from the lungs to the body. A lack of hemoglobin results in organs not receiving enough oxygen, which can cause symptoms like fatigue, pale skin, weakness, dizziness, shortness of breath and rapid heartbeat. Many types of anemia, like iron and vitamin-deficiency anemia, are caused by a lack of iron to produce red blood cells. Hemolytic anemia forms from the premature destruction of red blood cells from an underlying condition like infections or autoimmune disorders. Aplastic anemia is caused by damage to the bone marrow preventing it from producing red blood cells. Anemia in CKD Patients Anemia in CKD patients occurs when the kidneys can't produce enough erythropoietin (EPO), a hormone that stimulates the production of red blood cells in bone marrow. This can occur from kidney disease, inflammatory disorders or cancer. This results in patients having much lower than normal red blood cells, leading to anemia. The Vafseo Pill Treatment Akebia's lead therapeutic, Vafseo (vadadustat), treats anemia by mimicking the natural response to low oxygen levels by the body. It belongs to a class of drugs called hypoxia-inducible factor (HIF) prolyl hydroxylase inhibitors (HIF-PHIs). HIF-PHIs are enzymes that are normally produced by healthy kidneys to help regulate HIF. Vafseo increases HIF levels are inhibiting HIF-PH enzymes. Rising HIF levels trigger the natural production of EPO, and as more EPO is produced the bone marrow also increases red blood cell production, which improves hemoglobin levels to alleviate anemia symptoms. Vafseo Receives FDA Approval On March 28, 2024, the U.S. Food and Drug Administration (FDA) approved Vafseo tablets for treating anemia with CKD for adult patients with at least 3 months of dialysis. This overturns an earlier denials for marketing approval due to safety concerns. This approval makes Vafseo approved in 37 countries as a once-daily HIF-PH inhibitor pill. This was backed by Akeba's global Phase 3 INNO2VATE program and post-marketing safety data from Japan. Japan approved it in 2000. The Founder and President of the Renal Support Network, Lori Hartwell, has been suffering from CKD since she was a child and expressed her support, "Anemia is a debilitating condition that significantly impacts our daily lives. It is promising to see the introduction of innovative treatment options for people fighting anemia." Vafseo Receives FDA Approval The FDA approval enables Akebia to commercialize Vafseo in the United States with its partner CSL Limited OTCMKTS: CSLLY. CSL holds the exclusive license to sell Vafseo to third-party dialysis organizations and Fresenius Kidney Care dialysis centers. It competes with GSK plc-owned Jesduvroq, which was approved in February 2023 and is Japan's leading HIF-PHF drug. Akebia CEO John Butler stated, "With the approval of Vafseo in the U.S., we're proud to deliver an alternative treatment option for the hundreds of thousands of Americans on dialysis who are diagnosed with anemia due to CKD." Butler concluded, “At Akebia we are committed to kidney patients, a dedication that has driven our team to achieve this milestone. We believe this commitment uniquely positions the company to execute a successful launch designed to drive toward a potential new oral standard of care for dialysis patients." Results for Q4 2023 Prior to the FDA approval, Akebia released its Q4 2023 earnings report on March 14, 2024. The company reported EPS of breakeven, which was 4 cents better than consensus estimates. Revenues grew 1.84% YoY To 56.2 million. The company received a $55 million term loan facility and $26 million in gross proceeds from at-the-market (ATM) stock sales. Akebia Therapeutics analyst ratings and price targets are at MarketBeat. Akebia’s peers and competitor stocks can be found with the MarketBeat stock screener. Daily Bearish Engulfing Pattern The daily candlestick chart on PATH illustrates a bearish engulfing candle pattern. Shares of AKBA surged over 20% on the FDA approval news to $2.48 but formed a gap and crap reaction to close at $1.83, down 18% on the day. The bearish engulfing candle swallowed the range of the 7 preceding candles, which can be viewed as bearish. The daily relative strength index (RSI) took a sharp drop, rejecting the 70-band to fall to the 52-band. Pullback support levels are at $1.82, $1.60, $1.34 and $1.05. Before you consider Akebia Therapeutics, you'll want to hear this. 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