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These Are The Most Upgraded Stocks From Q1 2024-03-25 14:10:00+00:00 - Key Points CrowdStrike retains its leadership position as the most upgraded stock in March. Micron emerges as a rising star with the potential to double in value over the next year. Target aims for the bullseye and will pivot back to growth at the end of the fiscal year. 5 stocks we like better than CrowdStrike It is important to note where the big money flows, with Q1 rapidly drawing to a close. The big money, which, in this case, is represented by analysts and their following, continues to flow into blue-chip tech and AI. That said, the analysts' activity in March is telling. While one familiar name is on the list, two rising stars are on their way up the rankings and provide opportunities for investors. These are the most upgraded stocks from March, and they all have a double-digit upside potential Get CrowdStrike alerts: Sign Up CrowdStrike Is the Most-Loved By the Analysts CrowdStrike NASDAQ: CRWD is not a newcomer to Marketbeat.com’s list of Most Upgraded Stocks. The stock has been ranked prominently over the past twelve months, ranking #3 for the past year, #3 in Q1 and #1 in March. The reason is simple: the company’s one-platform approach to cloud operations and security has appeal and utility for businesses moving to the cloud and seeking to maximize its effectiveness. The utility is measured in revenue growth and leverage driven by the penetration of existing clients. Among the Q4 earnings release highlights are outperformance and guidance above the broad consensus. Analysts' activity in CRWD is robust in March. Marketbeat.com tracks thirty-three revisions from thirty-eight analysts, and all of them are positive. The sentiment held firm at Moderate Buy, but the price target jumped 43% month-to-month and is leading the market. The current consensus assumes a 15% upside and a new high, while the new high target adds another $60 or 16%. Takeaways from the chatter include impressive deal volume for this best-in-class platform. Business growth is progressing faster than anticipated with better-than-expected profitability. The price action in CrowdStrike broke to a new high ahead of the earnings release and confirmed support at a critical level following it. Now, the market is consolidating and forming a Bullish Flag pattern that suggests the trend will continue. Because the market is led by results as much as analysts, it could easily surpass the consensus on its way toward the high end of the expected range. Micron Is a Rising Star in AI Micron NASDAQ: MU was the number 2 most upgraded stock in March because the company reached a crucial pivot, and its business was better than expected. Takeaways from the FQ2 release include normalized end markets compounded by mounting demand for AI. Micron is not positioned for the data center and accelerator market but is well-positioned for the long-term embedding of AI into our devices, mobile units, and the IoT. The guidance was also strong and suggested NVIDIA-like strength will continue in 2024 and next year. Micron analysts were wowed by the news and issued twenty-one revisions within the first week. One is a reiterated rating but solid at Buy with an above-consensus price target; the remainder includes two upgrades, and all come with a price target increase. The consensus target is up 25% at the end of March and heading higher; it implies an 8% upside, but the more significant detail is recent price action. Micron’s stock surged above the DotCom peak, setting it up to double over the next several quarters to two years. Target Gets Its Mojo Back Target NYSE: TGT is not out of the weeds by a long shot, but the business is stabilizing, and the margin is solid. The latest results don’t suggest strength but point to a pivot back to growth by the end of the fiscal year into the next fiscal year. Between then and now, the company will work on its financial position, invest in the future, and pay dividends. The reliable payment is worth 2.6% in yield at roughly 50% of the earnings, and the analysts are buying into the retailer's turnaround story. Marketbeat.com tracks twenty revisions from twenty-seven analysts in March, enough to rank it in the 3rd position. The sentiment improved from Hold to Moderate Buy and the price target by 15%. At the end of March, the consensus is near $179, with many fresh targets ranging from $180 to $210. Before you consider CrowdStrike, 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 CrowdStrike wasn't on the list. While CrowdStrike currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Marina Granovskaia linked to secret payments by former Chelsea owner Roman Abramovich 2024-03-25 14:03:00+00:00 - The former chief executive of Chelsea, once described as “the most powerful woman in football”, is facing questions about what she knew of secret payments made under the club’s former owner Roman Abramovich, amid a continuing investigation into alleged breaches of football spending rules. Details of millions of pounds in fees, funded by offshore investment vehicles belonging to the Russian oligarch, emerged last year as a result of the Cyprus Confidential leaks project, published by the Guardian and international partners. Documents from the files indicate that Marina Granovskaia, a close associate of Abramovich who ran Chelsea until he sold the club in May 2022, knew about some of the transactions, including a fee paid to the agent of star player Eden Hazard. She also appears to have benefited personally from some of the payments, raising questions over whether she received extra money from Abramovich for her work at the club, on top of her Chelsea salary. The files suggest offshore companies in the Abramovich network made loans to Granovskaia worth £7.5m to finance the purchase of a house in Fulham, near the club’s Stamford Bridge stadium, and a payment of £1.63m for “financial, tax and legal due diligence”. The Premier League is investigating whether Abramovich secretly subsidised his team by using offshore companies to make payments which should, under rules designed to ensure fair competition, have been made by the club itself from its own bank accounts. The material raises questions about oversight of the club’s affairs by its board, which was chaired by the American lawyer Bruce Buck during Abramovich’s highly successful reign. Buck was a partner at the law firm Skadden, which acted for Chelsea and Abramovich for two decades, and held senior positions at the Premier League, which acts as both regulator and promoter for its member clubs. The Premier League investigation was triggered after the club’s new owners, a consortium whose figurehead is the US investor Todd Boehly, reported suspected breaches by previous management. An independent panel of sports law experts will be convened that could summon former club executives to give evidence. Should the panel find Chelsea guilty, it has the power to impose financial or sporting punishments, such as a points deduction. View image in fullscreen Fromer Chelsea chairman Bruce Buck pictured with Marina Granovskaia in 2019. Photograph: Yui Mok/PA No details of the transactions under investigation have been publicly disclosed by the club, or the Premier League and Football Association. However, a leak of documents from an accounting firm in Cyprus which acted for Abramovich revealed a series of payments over a decade to managers, scouts and football agents connected to Chelsea. The information, published as part of the Cyprus Confidential series, was shared with the Guardian by the International Consortium of Investigative Journalists (ICIJ) and Germany’s Paper Trail Media. Beneficiaries of secret payments included the agent of Hazard, the files suggest, while other transactions appear to have been connected to the purchase of the Brazil forward Willian and the Cameroonstriker Samuel Eto’o. Granovskaia appears to have been sent copies of agreements relating to those payments. The Russian, 49, rose from working as Abramovich’s executive assistant to overseeing Chelsea’s financial and sporting affairs on the oligarch’s behalf, a job that saw her dubbed the “most powerful woman in football”. Less than a month after she became chief executive of the club in October 2014, the British Virgin Islands-registered Ovington Worldwide – owned by Abramovich – agreed to make three loans to Granovskaia worth a combined £12.5m, documents in the leak reveal. According to credit agreements, two of the loans, dated November 2014 and worth a combined £7.5m, were to finance the purchase of a property. Less than six months later, Land Registry filings show, Granovskaia bought a home in London for £5.05m. At least £7.5m of the debt to Abramovich was due to be waived under subsequent debt forgiveness deeds. On top of the loans, between 2010 and 2019 Ovington Worldwide agreed to pay her at least £1.63m under an advisory services agreement for “financial, tax and legal due diligence”. Leading sports lawyers have previously told the Guardian that any payment for services to Chelsea ought to have been borne by the club and that any failure to disclose them in the club’s accounts might be seen as a breach of Premier League rules. The documents also suggest that Granovskaia may have known of payments made by one of Abramovich’s offshore vehicles to a football agent and an adviser, both of whom did business with Chelsea. In April 2013, the Cyprus-based financial services firm MeritServus, which managed offshore companies for Roman Abramovich, wrote to Granovskaia at her postal address at Chelsea’s stadium. MeritServus said it had enclosed a copy of an “advisory services agreement” with Gulf Value FZE, a company owned by John Bico, the former agent of Hazard. As the Guardian has previously revealed, the agreement involved Bico’s company receiving a £7m fee from Leiston Holdings, an offshore company owned by Abramovich. A year earlier, MeritServus also sent Granovskaia a copy of an advisory agreement between Leiston and the former Dutch football coach Piet De Visser, who became one of Abramovich’s most trusted advisers during his ownership of Chelsea. Under the agreement, Leiston agreed to pay De Visser a €48,000 “retainer” and a further €4,000 a month for “scouting and other football related advice”, over 12 months. Granovskaia did not return requests for comment. Chelsea’s free-spending strategy under Abramovich has long attracted concern within football, with the then Arsenal manager Arsène Wenger describing it as “financial doping” in 2005. The former Uefa president Michel Platini warned in 2008 that “the ones who cheat [with debt-fuelled spending] are going on to win”. But the Premier League, which oversees top club’s finances, did not open an investigation into Chelsea until last year, after the club’s new owners reported that “incomplete financial information” had been submitted during Abramovich’s tenure. In 2012, while Buck was chairman of Chelsea and the Premier League’s pay committee, he promised Chelsea would comply with Uefa’s “financial fair play” spending limits, imposed in 2011, via legitimate means. These, he said, would include cutting spending and increasing sponsorship revenues. The following year, he criticised FFP rules, which he said risked maintaining the “status quo” in football. The Premier League imposed its own spending limits two years later. Leaked files indicate that Skadden, the law firm where Buck was a partner, may have performed work for Leiston Holdings, the offshore vehicle owned by Abramovich that was the source of many of the payments likely to be investigated by the Premier League. In a document that describes Leiston as the “customer” and Abramovich’s personal investment firm Millhouse as the “executor”, Skadden is listed among companies to have provided services requiring “transfer outside Russian federation” during 2014. Buck’s name does not appear in the document. Lawyers for Buck did not return requests for comment. Skadden, Arps, Slate, Meagher & Flom did not return requests for comment. Chelsea FC has previously said that the payments pre-date the current ownership regime and that the club had self-reported “potential financial irregularities” from that period to the football authorities.
EU investigating Apple, Google and Meta's suspected violations of new Digital Markets Act 2024-03-25 13:55:00+00:00 - Google goes to court in landmark antitrust trial as DOJ takes on technology giant London — European Union regulators opened investigations into Apple, Google and Meta on Monday, the first cases under a sweeping new law designed to stop Big Tech companies from cornering digital markets. The European Commission, the 27-nation bloc's executive arm, said it was investigating the companies for "non-compliance" with the Digital Markets Act. The Digital Markets Act that took effect earlier this month is a broad rulebook that targets Big Tech "gatekeeper" companies providing "core platform services." Those companies must comply with a set of do's and don'ts, under threat of hefty financial penalties or even breaking up businesses. The rules have the broad but vague goal of making digital markets "fairer" and "more contestable" by breaking up closed tech ecosystems that lock consumers into a single company's products or services. The commission said in a press release that it "suspects that the measures put in place by these gatekeepers fall short of effective compliance of their obligations under the DMA." EU Commissioner for "A Europe Fit for the Digital Age" Margrethe Vestager talks to media in the Berlaymont building, March 4, 2024 in Brussels, Belgium. Thierry Monasse/Getty It's looking into whether Google and Apple are fully complying with the DMA's rules requiring tech companies to allow app developers to direct users to offers available outside their app stores. The commission said it's concerned the two companies are imposing "various restrictions and limitations" including charging fees that prevent apps from freely promoting offers. Google is also facing scrutiny for not complying with DMA provisions that prevent tech giants from giving preference to their own services over rivals. The commission said it is concerned Google's measures will result in third-party services listed on Google's search results page not being treated "in a fair and non-discriminatory manner." Google said that it has made "significant changes" to the way its services operate in Europe to comply with the DMA. "We will continue to defend our approach in the coming months," Google's director of competition, Oliver Bethell, said. In December, it was revealed that Google had agreed to pay $700 million and make several other concessions to settle allegations brought in the U.S. that it had been stifling competition against its Android app store. The European Commission has slapped Google with antitrust penalties several times already, including a record $5 billion fine levied in 2018 over the search engine's abuse of the market dominance of its Android mobile phone operating system. The commission is also investigating whether Apple is doing enough to allow iPhone users to easily change web browsers. Apple said it's confident that its plan complies with the DMA, and it will "continue to constructively engage with the European Commission as they conduct their investigations." The company said it has created a wide range of new developer capabilities, features, and tools to comply with the regulation. The California company is facing a broad antitrust lawsuit in the U.S., meanwhile, where the Justice Department has alleged that Apple illegally engaged in anti-competitive behavior in an effort to build a "moat around its smartphone monopoly" and maximize its profits at the expense of consumers. Fifteen states and the District of Columbia have joined the suit as plaintiffs. Apple has also previously fallen foul of the EU's regulators, with a first fine against the company imposed by the bloc only several weeks ago. In its first antitrust penalty against Apple, the European Commission fined the company almost $2 billion in early March for breaking its competition laws by unfairly favoring its own music streaming service over competitors'. Meta, also no stranger to the wrath of European regulators, is being investigated by the commission over the option given to users to pay a monthly fee for ad-free versions of Facebook or Instagram, so they can avoid having their personal data used to target them with online ads. "The Commission is concerned that the binary choice imposed by Meta's 'pay or consent' model may not provide a real alternative in case users do not consent, thereby not achieving the objective of preventing the accumulation of personal data by gatekeepers," it said. Meta said in a prepared statement that, "Subscriptions as an alternative to advertising are a well-established business model across many industries, and we designed Subscription for No Ads to address several overlapping regulatory obligations, including the DMA. We will continue to engage constructively with the Commission." The EU fined Meta $1.3 billion about one year ago and ordered it to stop transferring European users' personal information across the Atlantic by October, in the latest salvo in a decadelong case sparked by U.S. cybersnooping fears. Meta called that decision by the commission flawed, and vowed to fight the fine. The commission said it aims to wrap up its latest investigations into the American tech behemoths within 12 months.
Apple Faces DOJ Scrutiny, but Not These 3 Under the Radar Names 2024-03-25 13:46:00+00:00 - Key Points Apple is under the gun again, and while the government stays focused on big tech, these smaller names could be the place to go. Wall Street sees the writing on the wall, and analysts have begun pushing higher price targets and EPS projections. Away from government scrutiny, they serve as a portfolio to stay away from trouble. 5 stocks we like better than Canaccord Genuity Group The Department of Justice (DOJ) revealed yet another antitrust lawsuit against consumer and technology giant Apple Inc. NASDAQ: AAPL. This time, the accusation centers on the belief that Apple has cornered—or monopolized—the smartphone market, making other competing products worse by force. Apple says the accusations—and its logic—are wrong. After all, it isn’t Apple’s fault that its competitors haven’t been able to keep up with their technology in terms of design and capability. However, even if Apple emerges a winner from this clash, the timing of a settlement is still up for speculation. Get CF alerts: Sign Up Knowing this, you might want to consider adding more ‘low-keyed’ technology stocks to your watchlist, which are far from the government’s radar but well within Wall Street’s magnifying glass. Names like Upstart Holdings Inc. NASDAQ: UPST, Snap Inc. NYSE: SNAP, and even Salesforce Inc. NYSE: CRM could become investor favorites, as the apple doesn’t fall far from the Apple tree when it comes to price action. Upstart Can Kickstart Your Portfolio No pun intended, but it is true. After falling to only 36% of its 52-week high, Wall Street analysts have a new reason to believe Upstart stock could return to its former glory. Some analysts see this company's earnings per share (EPS) growing by 165% over the next 12 months, but the story doesn't end in numbers. Now that the Federal Reserve (the Fed) is looking to cut interest rates this year, creating a bottom for the business cycle to land on and push higher again, Upstart’s customers (who range from personal loan borrowers to mortgages) will likely see a new reason to look to Upstart for solutions. Lower interest rates can spark a new wave of financing activity in all these areas. Upstart is in the eye of the storm to originate these new loans and sell them to customers. In fact, some stocks exposed to this trend have already started a rally. Just look at the 62% performance in Carvana Co. NYSE: CVNA so far this year or how Warren Buffett bought up shares in D.R. Horton Inc. NYSE: DHI ahead of these rate cuts. Betting on consumer financing of car loans and a new construction boom riding on cheaper mortgage financing, these two stocks give you a glimpse of the future. This is why markets are willing to pay a forward P/E of 113x, compared to an industry average valuation of 14.6x forward P/E. There must be a good reason for markets to overpay for this stock; now you know one of them. Others are realizing the upside potential of Upstart stock; institutions like the Vanguard Group increased their position by 2.3%, representing a transaction of roughly $6.5 million. Likewise, the American International Group increased its exposure to Upstart stock by 1.2% in the past quarter. Given that Upstart is not part of the big tech names, recent adoption by these institutions could imply a certain feeling of added safety. Snapchat’s Revival The government also stretched its reach into other tech areas today, this time around social media. TikTok, the popular short-form content platform, could be banned from the U.S. market within five months. In a recent bill, U.S. officials demanded that TikTok’s parent company, Bytedance, spin off the platform to avoid further national security concerns. The gap to be filled by TikTok’s user base, a demographic that tends to stay around Instagram, owned by Meta Platforms Inc. NASDAQ: META, could also have a contagion effect to be picked up by Snap stock. Knowing this, analysts at Wells Fargo & Co. NYSE: WFC boosted their price targets on the stock up to $16 as of February. These valuations would call for a rally of 40% from where the stock trades today. But the buck doesn’t stop there; these same analysts projected EPS growth of 137% this year, pushing the stock’s potential even higher. All of this comes along when the stock is trading at 64% of its 52-week high, leaving a wide enough gap to be filled on a decent rally. Salesforce is Tied to the Business Cycle Being part of the business services sector has its perks. Salesforce stock could be set to take off once lower interest rates spark new business activity. Showing signs of a bottoming, the ISM services PMI could see a turnaround in the coming months after a new business cycle takes on water. It should be no surprise that Wall Street institutions like Fisher Asset Management – known for their macro value strategies – bought up to $203 million worth of Salesforce stock in the past quarter, increasing their position by 5.2%, according to ownership reports. Analysts believe that Salesforce stock could see up to 15% EPS growth in the next 12 months, a significant prediction considering the company is a $289 billion behemoth in its industry. This comes at a 4.9x price-to-book (P/B) valuation, which throws Salesforce a 62% discount to the industry’s 12.9x average P/B valuation today. Analysts at Canaccord Genuity Group Inc. TSE: CF see the stock going as high as $350 a share, nearly 14% higher than it trades today. Before you consider Canaccord Genuity Group, 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 Canaccord Genuity Group wasn't on the list. While Canaccord Genuity Group currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
4 Overbought Household Names, Time for a Pullback? 2024-03-25 13:35:00+00:00 - Key Points Amidst a market trading near all-time highs, overbought scenarios have emerged in several sectors and individual stocks. Many stocks display overbought signals, with significant extensions from their 200-day SMA and elevated RSI. GE, CMG, FDX, and GPS are among the most overbought, large-cap stocks at the moment. 5 stocks we like better than General Electric Amidst the ongoing surge led by the semiconductor sector, the Artificial Intelligence revolution, and Nvidia Corp. NASDAQ: NVDA, which is steering the S&P 500 to new heights, several overbought scenarios have developed in individual stocks. These scenarios may have sparked investor concerns over potential overvaluations, resulting in pullbacks and corrections in select stocks. Numerous stocks have shown extreme overbought signals, with the market hovering near record levels, as the Relative Strength Index (RSI) indicates. This measure evaluates the recent magnitude of price changes to determine overbought or oversold conditions within a specified timeframe. Get General Electric alerts: Sign Up In light of this, stocks such as General Electric NYSE: GE, Chipotle Mexican Grill NYSE: CMG, FedEx NYSE: FDX, and The Gap NYSE: GPS have surfaced as overbought contenders within the U.S. market. This signals a potential predisposition to pullbacks, as investors may opt to lock in profits. Meanwhile, the broader market continues to ascent to new highs, with the SPY ETF closing just 0.55% below its all-time peak last week and the QQQ tech sector ETF concluding the week merely 0.6% shy of its all-time high. So, while the overall market melts higher, could these four overbought stocks face imminent pullbacks? Let's delve deeper to find out. Chipotle Mexican Grill (CMG) is buoyed by bullish sentiment, marked by a moderate buy rating, low short interest, and projected earnings growth of 21.67%. Additionally, investor optimism remains high with a recent stock split announcement as shares approach $3000. However, despite the bullish fundamentals and sentiment, caution may be warranted as the stock has surged significantly, extending notably from its 200-day Simple Moving Average (SMA). Furthermore, with an overbought RSI of 77.29 and a consensus price target forecasting almost 13% downside, CMG appears vulnerable to a potential pullback in the near future. The Gap is experiencing overwhelming bearish sentiment, marked by a substantial short interest of 13.94% of the float, insider sells in the last quarter, and a consensus analyst price target forecasting over 30% downside for the stock. Despite this pessimistic outlook, GPS has recently surged, with year-to-date gains of 34.29% and over 200% over the previous year. Remarkably, despite its recent upward momentum, the stock's price-to-earnings ratio remains modest at just 20.96. However, the RSI now suggests that GPS has entered overbought territory, with the RSI at 82.80, signaling a potential pullback on the horizon. General Electric exhibits bullish sentiment, supported by a moderate buy rating and projected earnings growth of 29.32%. However, despite the positive outlook, caution may be warranted. The stock has surged almost 40% year-to-date and nearly 100% over the previous year, leaving it significantly extended from key Simple Moving Averages (SMAs). Additionally, with an overbought RSI of 76.85, GE appears poised for a pullback in the near term. FedEx stands out as one of the most upgraded stocks, boasting a moderate buy rating from 25 analysts and a consensus price target forecasting nearly 6% higher despite already soaring over 30% in the previous year and almost 17% in the last month. The company's recent earnings report released on March 21st, 2024, was a significant catalyst for these gains. In this report, the shipping service provider exceeded expectations, reporting earnings per share of $3.86 for the quarter, surpassing analysts' consensus estimates by $0.37. However, despite the positive gains, the stock faces resistance near $285, compounded by an elevated RSI of 84.35, indicating overbought conditions and rendering it susceptible to a potential pullback. Before you consider General Electric, 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 General Electric wasn't on the list. While General Electric currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
EU investigates Apple, Meta and Google owner Alphabet under new tech law 2024-03-25 13:17:00+00:00 - Apple, Google’s parent company and Meta are being investigated by the EU for potential breaches of the bloc’s new laws designed to police anti-competitive behaviour by big technology companies. The trio face significant fines if they are found guilty of breaching the Digital Markets Act (DMA), a landmark piece of regulation that came into force on 7 March and is aimed at increasing choice for online consumers. The European Commission, the EU’s executive arm, said it was looking at potential breaches related to: Apple and Google’s measures allowing app developers to “steer” users to offers outside their app stores; whether Alphabet, Google’s owner, favours its own services such as Google shopping in search results on its search engine; Meta’s decision to charge users for an ad-free experience on Facebook and Instagram and whether it complies with DMA provisions on users’ personal data; and whether Apple is making it easy for users to pick alternative browsers on their phones. “The commission suspects that the measures put in place by these gatekeepers fall short of effective compliance of their obligations under the DMA,” said the commission. The law requires the six tech “gatekeepers” – Alphabet, Amazon, Apple, Meta, Microsoft and the TikTok owner ByteDance, which provide services such as search engines, social networks and chat apps used by other businesses – to comply with guidance to ensure a level playing field for their rivals and to give users more choices. Thierry Breton, the commissioner for the internal market, said the companies faced the threat of “heavy fines” if they were found to have breached the act. “The Digital Markets Act became applicable on 7 March,” he said. “We have been in discussions with gatekeepers for months to help them adapt, and we can already see changes happening on the market. But we are not convinced that the solutions by Alphabet, Apple and Meta respect their obligations for a fairer and more open digital space for European citizens and businesses.” The competition commissioner, Margrethe Vestager, said the companies had had plenty of time to comply with the act, adding that the commission had worked with them to ensure they were compliant. “I definitely do not think this is rushed,” Vestager told reporters. She said the point of the new laws was “not to have cases” but to give consumers choices to which they were entitled under competition laws. “The soon we have changes, the sooner consumers can have the benefit of having the DMA,” she said. She said the EU had put in place “strong deterrents” to encourage tech companies to take their obligations seriously with hefty fines for those that failed to meet the standards required. Non-compliance with the DMA can result in fines of up to 10% of turnover, rising to 20% of repeated infringements. Annual revenue at Apple last year was $383bn, while at Alphabet it was $307bn and at Meta $134bn. The commission is also taking steps to investigate Apple’s new fee structure for alternative app stores and Amazon’s ranking practices on its marketplace. The EU executive aims to wrap up the investigations within a year, the timeframe set out under the DMA. 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 Anne Witt, a professor of antitrust law at EDHEC business school in France, said the commission had moved quickly to enforce the act. “The commission certainly hasn’t wasted any time opening these investigations, considering that the DMA’s conduct rules only started applying to gatekeepers in early March. It is a big test for the DMA,” she said. Max von Thun, the Europe director of the Open Markets Institute, which researches the impact of corporate monopolies, said the commission should also be ready to use non-financial punishments allowed under the act, such as forcing the sale of parts of a business. “The commission should not hesitate to impose significant fines on the gatekeepers and make use of other powerful sanctions provided for by the DMA, including structural separation and bans on acquisitions, where this is necessary in getting the gatekeepers to play ball,” he said. A Meta spokesperson said it believed charging for ad-free versions of its platforms complied with the act. “We designed ‘subscription for no ads’ to address several overlapping regulatory obligations, including the DMA,” they said. Google, which said it had made significant changes to its services, said it would defend its approach in the coming months. Apple said it was confident its plan complied with the DMA.
Top 3 Stocks Bought By Members of Congress In the First Quarter 2024-03-25 12:55:00+00:00 - Key Points Palo Alto Networks is the most bought stock by Congresspeople in Q1 2024 by a significant margin. Costco has more members of Congress buying it than any other stock. Apple is high on the list for activity and volume, with three Congressional members purchasing in Q1. 5 stocks we like better than Apple The first quarter of 2024 will soon end, making now an excellent time to recap where big money and insider knowledge are investing. Today, we’re looking at the top three stocks bought by US Congresspeople in Q1 2024, and the list is telling. The top three by activity and volume are some of the most heavily traded stocks on the market and are setting up for buying opportunities in Q2. Get Apple alerts: Sign Up Palo Alto Networks Is the Most Bought Stock By Congress Palo Alto Networks NASDAQ: PANW is the most bought by Congress, with two members making three trades in Q1. It is not the level of activity that has it in the first position but the volume of trading, which is fast approaching $1 billion on a YTD basis. The purchases are by William R. Keating, Representative (MA-D) and Nancy Pelosi, Representative (CA-D). Mr. Keating bought less than $15,000 worth of PANW while Mrs. Pelosi the remainder. Because the 2nd most heavily bought name by volume traded at less than 20% of the volume, Mrs. Pelosi is a whale among minnows. Among the interesting details are the timing of the purchases. Mrs. Pelosi bought the first and larger lot ahead of the FQ2 release and the 2nd after, showing commitment to the trade as she dollar-cost-averaged into a larger position. The cause for the post-release plunge is an opportunity for investors. Palo Alto is leaning into customer acquisition and positioning for long-term growth at the expense of margin. The takeaway is that this fortress business has the resources to carry out its plans, which should result in accelerated growth in 2025 and beyond. The analysts' activity following the report is mixed but also telling. The net result is that sentiment remains firm at Moderate Buy for this tech stock, and the price target, which is 10% above the current action, has increased. Costco Has More Congressional Buyers Than Any Other Stock Costco Wholesale NASDAQ: COST is #6 in terms of volume, but more members of Congress are buying it than any other stock. Three members made four transactions amounting to roughly $56,500 in value. Buyers include Kathy D. Manning, Representative (D-NC), Kevin Hearn, Representative (R-OK), and Pete Sessions, Representative (R-TX). The bulk of the purchase was made by Ms. Manning, who purchased two lots on the same day in late January. Shares of Costco have advanced since then but are setting up for another entry. The market peaked ahead of its latest earnings report, which was confirmed in the wake. The move may not result in a complete reversal, but a move to more solid support near $650 is possible. The cause for the pull-back is value and results. The valuation was pushed to the top of the historic range ahead of the release due to growth, expected strength, and capital returns, including the recent special dividend. Results aligned with the expectations for growth and special dividends, which will not be repeated this year. Now, the market is reverting to the trend. Apple Is Among the Most Bought Stocks By Congresspeople In Q1 Apple NASDAQ: AAPL, a market darling, is high on the list of stocks actively traded by Congress and for volume. It is #2 regarding activity with three trades by three members and #3 by volume at $83,500. Members who bought include Pete Session, Markwayne Mullin, and Tommy Tuberville, all Republicans representing Texas, Oklahoma, and Alabama. Purchases were made in early and late January and late February, with Mr. Sessions buying the least and Mr. Mullin the most. The price action in Apple caused a loss for these distinguished gentlemen, and the losses may deepen. The news for Apple hasn’t been bullish of late and is helping the market move lower. Highlights include scrapping plans for an EV, hefty fines and antitrust issues. The company is also lagging in the push toward AI, which is a potential catalyst. The company is expected to make significant announcements regarding AI over the next few months, including at the Worldwide Developer Conference. Before you consider Apple, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Apple wasn't on the list. While Apple currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Nissan to cut cost of making electric cars by nearly a third by 2030 2024-03-25 12:19:00+00:00 - Nissan is planning to cut the costs of manufacturing electric vehicles by nearly a third by 2030, as it seeks to compete with Chinese rivals. It comes as the Japanese company, which sold 3.4m cars globally last year, aims to increase sales by an extra 1m by 2026. As part of the plan Nissan will launch 30 new models in the next three years, with 16 of these slated to be electric vehicles. This would mean that EVs will account for 40% of all sales by the 2026, and rise to 60% by the end of the decade. It aims to reduce the costs of producing these vehicles by 30% within the 2030 fiscal year, by looking to new battery innovations, next-generation modular manufacturing and group sourcing of parts. The move by Nissan mirrors that of other carmakers in the US, Europe and Japan as they try to bring down EV costs and prices amid tough competition from Chinese rivals, which have gained a significant market share in the industry, and are often able to produce more affordable vehicles. The EU Commission said last year that Chinese models were typically 20% cheaper than European-made models. Nissan was an early adopter of electric vehicle technology with the Nissan Leaf, which it claimed was the world’s first mass-market electric car, but has since fallen behind Chinese competitors such as BYD and Li Auto. The Japanese carmaker said it plants across the globe adopt the Nissan Intelligent Factory concept, which was launched at its Tochigi Plant, and leans heavily on robots, reducing production time by a fifth. Nissan’s Sunderland plant will be included in this plan, with adoption starting in 2026 and completing in 2030. 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 It will also begin to develop EVs in “families” where a “main vehicle” will be created and variations based on that design will be rolled out. This will reduce costs on these variations by 50%, and lower development lead times by four months. Earlier this month, Nissan said it would join forces with its rival Honda and work together on electric vehicle technology. The memorandum of understanding between Honda and Nissan, respectively the country’s second- and third-largest carmakers behind Toyota, will see both firms work on EV technology, including components and software, with the aim of cutting development costs by combining resources. As part of its three-year plan to drive up sales across the globe, Nissan aims to sell 330,000 extra vehicles in the US by 2026. It also hopes to increase Chines sales by 200,000, to 1m, sales in the next three years.
Shifting Momentum in Utilities, Time to Buy? 2024-03-25 11:34:00+00:00 - Key Points The XLU has lagged the overall market, gaining nearly 1% year-to-date, but shows signs of shifting momentum as it consolidates above previous resistance. The technical setup suggests a possible momentum shift, so investors should track key resistance levels and top holdings for potential opportunities. Top holdings like NEE, SO, and DUK play a pivotal role in XLU's performance. Each exhibits unique technical and fundamental patterns, offering investors valuable insights into the sector's potential trajectory. 5 stocks we like better than Southern In the exchange-traded funds (ETFs) world, the Utilities Select Sector SPDR Fund NYSE: XLU remains a significant player, although it has seen a modest performance this year, with gains of nearly 1% year-to-date. Despite this, the XLU exhibits intriguing technical signals, suggesting a potential breakout and momentum shift that investors should closely monitor. Get Southern alerts: Sign Up Understanding the XLU The XLU aims to track the price and yield performance of the S&P 500 Index's Utilities Select Sector, which comprises companies from electric utilities, multi-utilities, independent power producers, and gas utilities. The fund seeks to mirror the index's investment performance by employing a passive investment approach. The ETF primarily focuses on U.S. exposure, with 99.8% of its assets allocated domestically. Within its subindustry exposure, Electric Utilities account for 59.1%, while Multi-Utilities comprise 27%. Analysts' ratings for holdings within XLU indicate an aggregate hold rating based on 275 analyst ratings covering 30 companies, representing 99.8% of the portfolio. The aggregate price target for these holdings is $69.39, with a range spanning from $58.33 to $81.91 across the same 30 companies, comprising 99.8% of the portfolio. Technical Analysis and Potential Breakout From a technical analysis perspective, the XLU has shown prolonged consolidation within a tight range, signaling the potential for a significant breakout and momentum shift. Currently hovering near its downtrend resistance and converging SMAs, particularly the 200-day SMA, the ETF appears poised for a notable move higher. A breakout and sustained hold above the $65 mark, accompanied by robust volume and time spent above resistance, could mark a pivotal moment for the XLU on a higher timeframe. Such a move would likely attract momentum traders and investors, potentially driving the ETF toward its anticipated resistance levels of around $68 and $70. Assessing Top Holdings While technical analysis provides valuable insights, it's essential to consider the ETF's top-weighted holdings, which significantly influence its overall performance. Notably, the three primary holdings of the XLU include NextEra Energy NYSE: NEE with a 15.06% weighting, Southern Company NYSE: SO at 8.03%, and Duke Energy NYSE: DUK at 7.33%. Understanding the fundamentals and technicals of these top-weighted holdings is critical for assessing the XLU's performance. Factors such as dividend yield, financial metrics, analyst ratings, and technical setups of these companies can substantially impact the ETF's trajectory. NEE, the ETF’s top holding, recently broke its downtrend and was last trading near its 200-day SMA. The stock is a top-rated dividend stock with a 3.33% dividend yield. NEE has a moderate buy rating and consensus price target, predicting an almost 18% upside. The company is trading at a modest valuation of 17.11 P/E and has a 6.4% earnings growth projection for the full year ahead. The Southern Company, the ETF’s second-largest holding, recently reclaimed its 200-day SMA and spent time consolidating above it. Significant resistance for SO now stands near $71 and $73. If the stock can break above these prices, it will likely significantly influence the ETF and sector. SO has a dividend yield of 4.01% and projected earnings growth of 7.5%. Duke Energy rounds out the top three holdings. Like SO and the overall sector, shares of DUK recently reclaimed their 200-day and are nearing significant resistance and a potential inflection area near $96. DUK has a dividend yield of 4.33%, projected earnings growth of 6.02%, and a moderate buy rating with a consensus price target forecasting an almost 6% upside. While the XLU has seen relatively subdued performance year-to-date, its technical setup suggests the potential for a significant breakout and momentum shift in the near future. Monitoring key levels and top holdings can provide valuable insights for investors seeking opportunities in this sector. → AI Cracks Open Largest Untapped Energy Reserve on Earth (From Banyan Hill Publishing) (Ad) Before you consider Southern, 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 Southern wasn't on the list. While Southern currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
These 2 Magnificent Stocks Have Skyrocketed in the Past. Is It Time to Buy Them Now With $100 and Hold Through 2024 (and Beyond)? 2024-03-25 05:27:00+00:00 - When you think about magnificent stocks, I'm sure the "Magnificent Seven" tech-focused and innovative enterprises come to mind. Their returns in the past decade have certainly been spectacular. But there are two lesser-known and definitely more boring companies that have also trounced the market. I'm talking about O'Reilly Automotive (NASDAQ: ORLY) and AutoZone (NYSE: AZO). The former is up 678% in the past 10 years, while the latter has risen 498% during that time. Should you buy these two skyrocketing retail stocks with $100 and hold through 2024 and beyond? Steady wins the race These businesses won't win any awards when it comes to excitement and disruptive potential. They are quite the opposite. However, being boring has clearly worked out well for investors. Through their networks of thousands of stores, both O'Reilly and AutoZone sell aftermarket car parts and supplies to both DIY and commercial customers. That detail about aftermarket parts is critical, as these companies thrive when selling to consumers that own cars running past the original manufacturer's warranty. With the average age of vehicles on the road slowly rising with each passing year, coupled with more miles driven, there is plenty of demand out there. Basically, these businesses perform well when there's more wear and tear on cars. It's of the utmost importance for people to have working vehicles to manage their day-to-day life, whether it's to run errands, drop off and pick up kids from school, or get to work. This makes both O'Reilly and AutoZone somewhat recession-proof. That's a fantastic quality to have in stocks that you own because you don't need to be able to predict what the economy is going to do next. The companies in question will do well no matter what. Capital returns Given that they experience stable demand trends regardless of the economic environment, these companies are able to generate copious amounts of profits and cash. O'Reilly and AutoZone raked in $2 billion and $2.1 billion of free cash flow, respectively, in their last fiscal years. This is the true mark of a financially sound enterprise. Story continues Neither business pays dividends. But both management teams are very aggressive when it comes to share buybacks. Just in the past five years, a time period that included various disruptions like the pandemic, supply chain bottlenecks, inflationary pressures, and higher interest rates, O'Reilly's share count was reduced by 26%, while AutoZone's shrunk by 30%. For existing investors, this is a financial boon because it boosts earnings per share. Shareholders' ownership stakes increase over time if they do nothing. That's a powerful development. What's encouraging is that this attractive capital-return policy comes after executives reinvest in growth initiatives. After opening new stores or distribution facilities each year, share buybacks are done. That should lead to even greater revenue and earnings over time. Is the price right? With the overall market in record territory, it's probably not surprising that both O'Reilly and AutoZone are also near all-time highs. Just like their underlying businesses, these stocks continue to deliver for investors. This means that they aren't necessarily trading at bargain prices. On a price-to-earnings (P/E) basis, both stocks are selling at some of their highest levels in the past decade. Consequently, it looks like these boring businesses have caught the eye of the market, with investors being incredibly optimistic about their prospects. It's important to ask yourself how much emphasis you place on valuation. Of course, it would be a much better situation if O'Reilly and AutoZone were trading at cheaper P/E multiples. But what gains would you be giving up if you waited on the sidelines? I believe the best move might simply be to spend $50 on each of these stocks and hold for the long term. Should you invest $1,000 in AutoZone right now? Before you buy stock in AutoZone, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and AutoZone wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of March 21, 2024 Neil Patel and his clients have no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. These 2 Magnificent Stocks Have Skyrocketed in the Past. Is It Time to Buy Them Now With $100 and Hold Through 2024 (and Beyond)? was originally published by The Motley Fool
3 Stocks That Have Tripled the Market's Return So Far This Year 2024-03-25 03:15:00+00:00 - The rally that sent stocks soaring 24% in 2023 isn't over just yet. Year to date, the benchmark S&P 500 has gained another 9.9% as Mar. 21. Wall Street has been enthusiastic about the prospect that interest rates could start declining soon, while the U.S. economy remains in growth mode. Many stocks have benefited disproportionately from that bullish attitude among investors, but a few stand out for already tripling the market's year-to-date return. Let's look at three of the biggest winners so far this year: Meta Platforms (NASDAQ: META), Deckers (NYSE: DECK), and Netflix (NASDAQ: NFLX). 1. Deckers Deckers has been riding a wave of strong demand for many of its popular footwear brands like Hoka and Ugg. These wins help it stand out compared to peers such as Nike, which has been struggling with weak sales and pricing trends recently. Deckers is seeing no such challenges. In fact, sales were up 16% in its fiscal 2024 third quarter (ended Dec. 31). Compare that to Nike's modest sales decline in its last reported quarter, and you can understand why investors have pushed Deckers stock higher this year. The company is also selling many of its products at full price, highlighting another way this business has separated itself from competitors. Gross profit margin jumped to 53% of sales last quarter compared to 48% of sales in the prior-year period. Management hiked its fiscal 2024 outlook for a second time last month. Inventory levels are low as well, suggesting lots of room for earnings growth and higher stock returns ahead. 2. Meta Platforms A year ago, investors were worried about Meta Platforms' slowing growth and its ballooning expenses, yet those concerns have completely fallen away over the last few quarters. The social media giant is not only boosting its user base but improving the economics around its ads. Large advertisers are sticking with the Facebook and Instagram platforms even as they pull back on spending elsewhere. Ad impressions rose 21% in the fourth quarter, contributing to a 25% increase in revenue. Combine that success with dramatic cost-cutting moves (its employee headcount was down 22% last quarter), and you've got the ingredients you need for soaring earnings. Story continues Net income jumped 69% in 2023 to $39.1 billion. As if that wasn't enough to keep Wall Street happy, Meta also initiated a dividend with the first payout hitting shareholders' accounts in late March. 3. Netflix Don't look now, but Netflix stock is finally climbing back toward the all-time high it set in late 2021. The streaming video giant has taken investors on a roller-coaster ride the past few years. Shares collapsed from approximately $690 to $170 as the pandemic growth hangover set in, and the company endured its first-ever back-to-back quarters of subscriber losses (in Q1 and Q2 2022). It turns out that decline was just a temporary speed bump -- year-over-year subscriber gains have accelerated for four consecutive quarters with 12.8% growth in Q4. Netflix now counts 260.3 million paying subscribers, up from 230.8 million at the start of 2023. Wall Street is excited about the prospects for even faster growth ahead as Netflix's advertising business matures and its account-sharing crackdown continues to reap benefits. As long as Netflix can keep boosting its subscriber base, cash flow, and operating margins, investors can expect to keep watching this stock deliver excellent returns. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for two decades, Motley Fool Stock Advisor, has more than tripled the market.* They just revealed what they believe are the 10 best stocks for investors to buy right now… and Netflix made the list -- but there are 9 other stocks you may be overlooking. See the 10 stocks *Stock Advisor returns as of March 21, 2024 Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Demitri Kalogeropoulos has positions in Meta Platforms, Netflix, and Nike. The Motley Fool has positions in and recommends Meta Platforms, Netflix, and Nike. The Motley Fool recommends the following options: long January 2025 $47.50 calls on Nike. The Motley Fool has a disclosure policy. 3 Stocks That Have Tripled the Market's Return So Far This Year was originally published by The Motley Fool
Forget AGNC Investment, Buy This Magnificent Dividend Stock Instead 2024-03-25 03:01:00+00:00 - It is hard to pass up a big yield, but sometimes an ultra-high dividend yield is a sign of risk. That's the case with AGNC Investment (NASDAQ: AGNC), which is offering a massive 15% yield. You would be much better off lowering your yield expectations and buying out-of-favor Realty Income (NYSE: O). Its 5.9% yield isn't nearly as enticing, but you can actually count on it. Here's why you should forget about AGNC and buy Realty Income instead. One graph is all you need There's that old saying that a picture is worth a thousand words. Well, in the case of AGNC Investment, that picture is actually a graph, which you'll see below. To summarize the image in as few words as possible, the dividend is highly variable and has headed steadily lower for at least a decade. The stock price has followed along for the ride, trending lower and lower as well. AGNC Chart What's interesting is that the dividend yield (the blue line) has remained fairly high all along. That's just the basic math of dividend yields, but it means that AGNC is regularly popping up on dividend yield screens even though an investment here would have left dividend investors with less income and less capital over the past decade. That's about as bad as it can get for an investor trying to live off of the income their portfolio generates. Most investors should pass this stock by and instead consider a reliable dividend stock like Realty Income. Realty Income is a dividend machine Realty Income and AGNC are both real estate investment trusts (REITs). But AGNC is a unique type of REIT that buys mortgage securities, a complex and high-risk niche in the REIT space. Realty Income is much more boring; it buys physical properties that it leases out to tenants. Virtually all of its portfolio is net lease, which means that a single tenant is leasing a property and that the tenant is responsible for most property-level operating costs. Although any single property is high risk, across a large portfolio, the risk is very low. Realty Income is the largest net lease REIT, with a portfolio of more than 15,000 properties. Story continues O Dividend Per Share (Quarterly) Chart The yield, at around 5.9%, is near its highest levels of the past decade, which suggests that now is an attractive time to buy Realty Income stock. The first question you should ask is, "Why is the yield historically high?" The answer is that interest rates have gone up, increasing the cost of capital for Realty Income (and other REITs). That is a headwind for sure, but property markets have historically adjusted to interest rate shifts and are likely to do so again. Meanwhile, Realty Income is the largest net lease REIT by a wide margin. It is more than twice the size of its next-closest competitor, giving it a size advantage when it comes to buying new assets. In fact, it has bought up a couple of REIT peers in recent years, adding industry consolidation to its growth opportunities. Helping the bullish thesis is an investment-grade balance sheet and an increasingly diversified portfolio, including a growing presence in Europe. The proof of the company's success is found in the dividend, which has increased for 29 consecutive years. While the annualized dividend growth rate is modest, coming in at roughly 4.3% over that span, it is pretty clear that income investors can count on Realty Income to keep paying through thick and thin. If you are looking for a sustainable high yield, Realty Income is a much better choice than AGNC. Be careful what you wish for If all you do is look at a stock's dividend yield, you risk setting yourself up for severe pain. AGNC is a good example of this. Its yield remained high even as it was regularly cutting the dividend payment. Realty Income will serve dividend investors much better, if history is any guide. And the fact that the REIT is out of favor today, and offering a historically high yield, is a long-term opportunity that you shouldn't overlook. Should you invest $1,000 in AGNC Investment Corp. right now? Before you buy stock in AGNC Investment Corp., consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and AGNC Investment Corp. wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of March 21, 2024 Reuben Gregg Brewer has positions in Realty Income. The Motley Fool has positions in and recommends Realty Income. The Motley Fool has a disclosure policy. Forget AGNC Investment, Buy This Magnificent Dividend Stock Instead was originally published by The Motley Fool
Burned Before, Bond Markets Resume Rate-Cutting Trades Worldwide 2024-03-25 03:00:00+00:00 - (Bloomberg) -- Bond traders are cautiously reloading wagers that burned them just weeks ago as the Federal Reserve and key global peers finally appear set to begin reducing interest rates as soon as June. Most Read from Bloomberg Previous bets that central banks would be swift to loosen monetary policy in 2024 backfired after authorities maintained their focus on above-target inflation and resilient demand. But last week’s surprise cut in Switzerland and dovish outlooks from Fed Chair Jerome Powell and his counterparts at the Bank of England and the European Central Bank leave investors with reason to once again position for easing. Among money managers such as Pimco and BlackRock Inc., and one-time bond king Bill Gross, the prospect of lower rates is boosting the allure of shorter-dated obligations due in around five years or less, which stand to gain the most as rate-cut speculation builds. That sort of outperformance relative to longer maturities is a recipe for so-called steepener bets, where the yield curve returns to a traditional upward slope. Of course, there’s still the risk that central banks again fail to vindicate the bullishness around shorter tenors given inflation remains sticky and labor markets continue to hold up. “Whether we actually get what is priced in is a moot point, but for the current direction of travel, the promise is all that matters for now,” said Jim Reid, Deutsche Bank AG’s global head of economics and thematic research. While markets are focused on a “dovish narrative, it’s worth bearing in mind that sentiment on rates has switched back and forth over 2024,” he said. Indeed, Reid and his colleagues reckon markets have pivoted towards dovish policy seven times in this cycle and on the last six occasions the outcomes were actually hawkish. Story continues 2023 Flicker For now, investors are feeling a flicker of what unfolded in late-2023. At the time, the Treasury market seemed set for a third straight annual loss, but it rallied into year-end as expectations swept global markets that policymakers would reduce rates early in 2024. While they seem to be in sync now, central banks could still end up moving at different speeds, which may present money-making openings. “It’s likely the big central banks such as the ECB, Fed and BOE all get started cutting rates in the middle of this year, and that’s where the similarities stop,” Michael Cudzil, portfolio manager at Pacific Investment Management Co., told Bloomberg Television. “The speed and destination will vary across the globe and that’s great for fixed-income opportunities.” Rates traders are leaning toward June as the start of the Fed easing cycle, after entering the year banking on a March kickoff. For all of 2024, they see a bit more than Fed officials’ median forecast of 75 basis points of reductions. June is also when markets expect the ECB and the BOE to start cutting, with at least several moves priced in from both. Among the major central banks, the Bank of Japan stands apart, with economists projecting it will lift rates again later this year, after scrapping its easing program last week. What Bloomberg Strategists Say... “If central banks have it their way, we could have first rate cuts from the Fed, ECB, BOC and the BOE all done and dusted by the end of the first half. That means that front-end yields in the major economies will continue to trend lower as there is no point in fighting the central banks.” — Ven Ram, strategist Click here to read the full report Election Twist For Kellie Wood at Schroders Plc in Sydney, the dovish pivot from most of the key central banks “sets up the bond market to be probably one of the best-performing markets this year.” Still, she sees room for divergence, especially with the US presidential election looming in November. “There’s a small window for the Fed to be cutting maybe 50 basis points before the election, but we think that’s as good as it gets,” said the firm’s deputy head of fixed income. Her portfolio is neutral on the US front end, while bullishly positioned in short-dated bonds in Europe and UK gilts. The US Treasury curve briefly steepened after the Fed met, but two-year yields remain roughly 40 basis points above 10-year rates. The curve has been upside-down like that, or inverted in traders’ parlance, since around mid-2022. Complicating investors’ calculus around the extent of the steepening ahead, Fed officials revised their inflation and growth outlooks higher last week, and trimmed the number of cuts they anticipate over the next two years. The revisions for 2025 and 2026 “show that we’re going to have a shallow easing cycle,” said David Rogal, a portfolio manager in the fundamental fixed-income group at BlackRock. That suggests “some curve steepening,” he said, and for that reason the group is “underweight intermediate and long-end rates - seven to 30 years — in our portfolios.” What to Watch Economic data: March 25: Chicago Fed national activity index; Bloomberg US economic survey; new homes sales; Dallas Fed manufacturing activity March 26: Philadelphia Fed non-manufacturing activity; durable goods; capital goods; FHFA house price index; S&P CoreLogic; Conference Board consumer confidence; Richmond Fed manufacturing index and business conditions; Dallas Fed services activity March 27: MBA mortgage applications; wholesale inventories (revisions) March 28: GDP (Q4); personal consumption; GDP price index; initial jobless claims; pending home sales; MNI Chicago PMI; U. of Michigan sentiment and inflation expectations; Kansas City Fed manufacturing activity March 29: Personal income and spending; PCE deflator; advance goods trade balance; retail and wholesale inventories; Kansas City Fed services activity March 29: Good Friday. Trading in US markets closed Fed calendar: March 25: Atlanta Fed President Raphael Bostic; Governor Lisa Cook March 27: Governor Christopher Waller March 29: San Francisco Fed President Mary Daly; Powell Auction calendar: March 25: 13-, 26-week bills; 2-year notes March 26: 42-day cash management bills; 5-year notes March 27: 17-week bills; 2-year floating-rate notes; 7-year notes March 28: 4-, 8-week bills --With assistance from Edward Bolingbroke and Greg Ritchie. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
I'm Retired & Looking to Work Part Time. What Are Some Low-Stress & Fun Job Options For Me? 2024-03-24 23:26:00+00:00 - low-stress jobs after retirement Just because you retire doesn’t mean you have to stop working. And when work is an option rather than a requirement, it’s possible to select a low-stress job that multiplies fulfillment without adding anxiety — but still provides a bit of much-appreciated income. There are, in fact, a variety of such low-stress, high-reward jobs well-suited to the needs of retirees. A financial advisor can help you devise a plan that will give you the flexibility to make choices in retirement. Working in Retirement People may continue working after retirement for a variety of reasons, including the benefits of generating additional income, the satisfaction of making a contribution and the stimulation of staying engaged. If nothing else, work can get them out of the house and fill the hours formerly devoted to their careers. Many jobs are, however, likely to be more trouble than they are worth to a typical retiree. If what you are after is fulfillment without stress, it doesn’t make much sense to apply for a position as, say, a law enforcement officer working undercover for a drug-smuggling ring. Fortunately, there are many jobs that offer lots of benefits without lots of stress. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now. Low-Stress Jobs for Retirees The work you do in retirement can be an extension of your former career or head off in a diametrically opposed direction. Either way, here are 12 possibilities: Tutoring Decades of life experience can admirably equip retirees to work as part-time tutors to students at various levels of education. English as a Second Language, for example, is a subject area many retirees can assist students with, while maintaining flexible hours and keeping supervision and red tape to a minimum. Pet Care For people who like getting outside and spending time with animals, walking dogs is a way to get paid for enjoying themselves. Sitting, grooming and transporting dogs as well as cats and other pets can offer similar appeal. Story continues Massage Therapist Many massage therapists see clients at their own homes or in annexes on the property, meaning there’s no commute and little hassle or overhead. If you enjoy helping others through the healing properties of touch, this could be a retirement gig for you. Personal Trainer A dedicated runner, swimmer, biker or gym rat, can get paid for sharing their knowledge and passion for fitness with others who are chasing their own fitness goals. Tasks include selecting exercises, structuring workouts and developing training plans. Consultant low-stress jobs after retirement If you had a lengthy career in nearly any knowledge-based field, you may be able to monetize that experience in retirement while also being able pick and choose your clients, working flexible hours and even earning a handsome income, all as a self-employed consultant to businesses. Life Coach If helping individuals as opposed to businesses is more your style, you can set yourself up as a life coach helping people reach fulfillment by attaining goals in their professional and personal lives. Travel Agent Many who love to travel find earning fees and commissions as travel agents to be a good job in retirement. The work involves recommending destinations, organizing itineraries and booking tickets for transportation, lodging, meals and events. Library Worker Bibliophiles can surround themselves with books and get paid for the privilege by working at the library. Many positions are part-time and tend, almost by definition, to be low in noise, hustle and bustle. Tour Guide Museums, historical sites, nature centers, monuments and other attractions commonly employ guides to provide visitors with information and assistance as they tour the facility. The positions are well-suited to retirees who want to make some extra money and interact with a variety of people in a relaxed environment. Personal Shopper low-stress jobs after retirement Retirees can shop until they drop without having to spend a dime of their own money – and even earn a few bucks – by working as personal shoppers. This job involves serving people who need help choosing clothing and accessories that fit their personal styles. Landscape Artist Cultivating b eautiful landscapes is a passion for many retirees. A peaceful day tilling the soil can also be a source of income with a job as a gardener or landscaper. Event Coordinator If you possess robust organization skills and are detail-oriented, there is always a demand for people who can plan and coordinate weddings, parties, conferences and other events. Bottom Line Although there probably are as many reasons for continuing to work after retiring as there are working retirees, it’s a safe bet that few if any are showing up for work in search of added stress. Fortunately, there are plenty of jobs open to retirees that pair high levels of fulfillment with low levels of stress. Retirement Planning Tips Generating sufficient income in retirement can be a challenge without the help of an experienced and qualified financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Whether you are retired and working mostly for non-financial means or still in the workforce and focused on earning income, SmartAsset’s paycheck calculator will tell you how much your employer will withhold from your check for federal, state and local taxes. Photo credit: ©iStock.com/yacobchuk, ©iStock.com/Inside Creative House, ©iStock.com/lucigerma The post 12 Low-Stress Jobs You Can Do in Retirement appeared first on SmartAsset Blog.
Costco Is a Magnificent Stock. Here's Why You Shouldn't Buy It Right Now 2024-03-24 22:30:00+00:00 - It's not just companies with exposure to the hypergrowth artificial intelligence space that have registered huge returns. Even a boring retailer, such as Costco (NASDAQ: COST), is up big. Its shares have more than tripled just in the last five years. For comparison's sake, the S&P 500 is up 86% during the same time. This has undoubtedly been a magnificent stock. It's already up double digits in 2024 (as of March 21) as the momentum continues. And it was a longtime favorite of the late great Charlie Munger. However, you shouldn't buy Costco shares right now. There's a very obvious reason for that. Don't ignore a key factor in investing The era of ultra-low interest rates and cheap debt during the 2010s led to surging stock prices that were disconnected from business fundamentals. In this environment, it seemed like investors cared less about valuation, instead prioritizing growth and business quality above all else. That's not necessarily a bad thing, but it ignores the fact that valuation is still a critical component of successful investing. Here's where Costco's monster stock return in recent years has become a reason not to buy shares. As of this writing, the stock trades at a nosebleed price-to-earnings (P/E) ratio of just under 49. Except for earlier this month, shares haven't been this expensive this century. This tells me that the optimism surrounding Costco is at high levels right now. And that's precisely why it's not smart to buy the stock. Yes, Costco has reported strong fundamentals. However, its P/E ratio has also soared by 60% in the past five years. The market continues to bid up the stock, even as the business's growth opportunities become limited over time. No one argues with the fact that Costco has far less expansion potential today than it did even a decade ago. But back then, the P/E multiple was at 25. When expectations are this elevated, it leaves no margin of safety for prospective shareholders. Consequently, there is a lot more downside risk than upside. Story continues Investors should wait until there's a major pullback before buying. But what valuation is appropriate? Everyone's opinion is different, but I wouldn't invest unless the P/E multiple got back to the mid-20s range. A high-quality enterprise Part of the reason Costco's stock has performed so well is its strong financial performance. Net sales climbed 60% between fiscal 2019 and fiscal 2023, a disruptive period of time that included the onset of the coronavirus pandemic, inflationary pressures, and rapidly rising interest rates. There are still fears about a recession these days, but Costco was still able to grow same-store sales by 5.6% in the latest quarter (Q2 2024 ended Feb. 18). This is a steady and consistent business and that has clearly deserved a premium from investors. During the previously mentioned four-year stretch, Costco's diluted earnings per share increased at a faster clip. The operating margin might look low, but the fact that the bottom line has expanded more than revenue shows that Costco can scale up. Costco's massive scale is exactly what creates its most important competitive advantage. As the world's third-largest retailer, it has unrivaled purchasing power and negotiating leverage with its suppliers. And these lower per-unit costs are passed on to shoppers in the form of low prices. However, not just anyone can shop at a Costco warehouse. The business operates a successful membership model that has an outstanding renewal rate of 92.9% in the U.S. and Canada. This also drives loyalty. Succeeding over the long term in the retail sector is the exception to the rule. Costco has established itself as a dominant presence in the industry. However, the market more than fully appreciates this, so you shouldn't buy the stock right now. Should you invest $1,000 in Costco Wholesale right now? Before you buy stock in Costco Wholesale, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Costco Wholesale wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of March 21, 2024 Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy. Costco Is a Magnificent Stock. Here's Why You Shouldn't Buy It Right Now was originally published by The Motley Fool
Donald Trump Jr. Wants A VP 'Fighter' Who Can 'Take Hits,' 3 Names Are On His List 2024-03-24 22:17:00+00:00 - Loading... Loading... In the lead-up to the 2024 presidential race, former President Donald Trump's son Donald Trump Jr. is advocating for a "fighter" to join his father on the GOP ticket. Underscoring the significance of the vice presidential role, Trump Jr., who is urging his father to select a running mate ready to confront specific challenges, told the New York Post that the position demands an individual who can withstand political criticism and retaliate effectively. "What I want in that role is, I want a fighter," said Trump Jr., "I understand what they are going to throw at us." The names on his list include: Sen. J.D. Vance (R-OH) , who authored the 2016 book, "Hillbilly Elegy" , who authored the 2016 book, "Hillbilly Elegy" Entrepreneur Vivek Ramaswamy who was reportedly already ruled out as a VP candidate who was reportedly already ruled out as a VP candidate and former Fox News host Tucker Carlson, who recently interviewed, and subsequently mocked by, Russian President Vladimir Putin. Reflecting on the 2016 election, Trump Jr. argues that while former Vice President Mike Pence brought a balance to the ticket, the current political climate demands a more combative approach. “In 2016 you needed someone to balance out the ticket — that’s where Mike Pence made sense, sort of the yin and yang, but given the vicious nature of the swamp and the insanity we see on a daily basis, you need someone who can take those hits,” Trump Jr. added. Also Read: Trump's Niece Shares Why 'Donald Jr. Is Terrified Of His Father Losing This Election' Despite his active role in promoting the "America First" agenda, Trump Jr. has stated he does not intend to serve in his father's administration should the former president win re-election. Instead, he plans to be involved in the presidential transition team, focusing on preventing "D.C. swamp rats" from infiltrating the administration. “Mostly just to make sure we stop some of the D.C. swamp rats and the swamp creatures from getting in there and doing their thing,” he told the outlet. It's worth noting that at least seven people connected to Trump, either through his 2016 campaign, his presidency, his businesses and in the aftermath of Jan. 6, 2021 have been charged with crimes. Former Trump Organization CFO Allen Weisselberg pleaded guilty to perjury charges earlier this month and currently awaits sentencing. Now Read: Millions Of Americans Are Considering A Mass Exodus If Donald Trump Wins Again, Says Report This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Shutterstock
Trump's Treasures On The Line: A March 25 Deadline Approaches, Here's What Happens Next 2024-03-24 21:56:00+00:00 - Loading... Loading... Attorney General Letitia James is poised to target former President Donald Trump's assets if he fails to settle a hefty civil fraud debt. This move could see Trump's properties, including those in New York City and upstate New York, potentially sold at a sheriff's auction. But what happens to Trump if he doesn't pay $457 million by the March 25 deadline? Nothing yet, Bernard D'Orazio, a seasoned judgment-enforcement attorney, told Business Insider. The quadruple-indicted GOP frontrunner is "fully within his legal rights to do nothing, and if he fails to pay, he cannot be put in jail," D'Orazio says. "We don't jail debtors anymore. We only jail them, in rare cases, if they don't comply with court orders and are found in contempt of court," he added. Also Read: Trump Found Liable For Sexual Abuse, Defamation In E. Jean Carroll Lawsuit If Trump fails to pay the debt, according to D'Orazio, here's what will happen next. The enforcement process could start with freezing Trump's liquid assets in New York-registered bank accounts, followed by the sheriff's office garnishing these funds. This step does not immediately transfer the funds to the creditor but is crucial in the enforcement process. James is also monitoring real estate assets, with properties like 40 Wall Street as potential targets for auction. The auction of Trump's properties, including his Manhattan penthouse, could take many months, potentially aligning with significant political timelines. The twice-impeached Trump can delay the process, including appeals and petitions for protective orders, which could extend the timeline further. Any auction would aim to cover the judgment amount and contribute to city coffers through a "poundage fee." The outcome of these enforcement actions could significantly impact Trump's financial and real estate holdings, marking a pivotal moment in this high-profile case. Now Read: Millions Of Americans Grow Tired Of 'Great Trump Diaspora,' Considering Mass Exodus If He Wins Again This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Pixabay
NBC’s Chuck Todd lays into his network for hiring former RNC chief Ronna McDaniel as an analyst 2024-03-24 21:35:37+00:00 - NEW YORK (AP) — Former NBC News “Meet the Press” moderator Chuck Todd criticized his network Sunday for hiring former Republican National Committee head Ronna McDaniel as a paid contributor, saying on the air that many NBC journalists are uncomfortable with the decision. Todd spoke on “Meet the Press” after his successor as moderator, Kristen Welker, interviewed McDaniel about her role in the 2020 election aftermath. “Our bosses owe you an apology for putting you in this situation because I don’t know what to believe,” Todd said. “I don’t have any idea whether any answer she gave to you was because she didn’t want to mess up her contract” with NBC, he said. McDaniel “has credibility issues that she has to deal with: Is she speaking for herself or is she speaking on behalf of who is paying for her?” Todd said many NBC journalists are uncomfortable with the hiring because some of their professional dealings with the RNC during McDaniel’s tenure “have been met with gaslighting, have been met with character assassination.” NBC ISN’T REACTING TO TODD’S COMMENTS NBC had no comment on Todd’s statement. The network announced McDaniel’s hiring on Friday, two weeks after she stepped down as the RNC leader, saying McDaniel would add to NBC News’ coverage with an insider’s perspective on national politics and the future of the Republican Party. “NBC News has a legacy of serving its audience through reporting that reflects and examines the diverse perspectives of American voters,” Carrie Budoff Brown, NBC’s senior vice president for politics, said in a memo to staff members obtained by The Associated Press. She said that McDaniel would contribute her analysis “across all NBC News platforms.” One of the network’s platforms is the cable network MSNBC, which appeals to liberal viewers. The Wall Street Journal reported on Sunday that MSNBC’s president, Rashida Jones, had told employees that the network has no plans to have McDaniel on the channel. MSNBC would not comment on that report on Sunday. An MSNBC executive, who spoke on condition of anonymity because the person would not publicly discuss internal matters, said it would be up to individual network shows to decide whether or not the bring McDaniel on — not that there is a network-wide ban. THERE’S A HISTORY OF POLITICIANS AS COMMENTATORS It’s not unusual for television news outlets to hire politicians as analysts and commentators. One of McDaniel’s predecessors at the RNC, Michael Steele, is an MSNBC contributor who host a weekend news program there. CBS News faced some backlash for hiring two former officials in the Trump administration, Reince Priebus and Mick Mulvaney, as analysts. But McDaniel’s tacit endorsement of Trump’s false claims that the outcome of the 2020 presidential election was fraudulent makes her hiring even more sensitive, given the continuing legal and political ripples of the Jan. 6, 2021, siege at the U.S. Capitol that was an outgrowth of the fraud allegations. A former Trump press secretary, Sean Spicer, chided Todd on X, formerly Twitter, on Sunday. “Did he ever show concern about Jen Psaki joining the left-wing network? Symone Sanders?” he said, citing two former Biden administration officials working at MSNBC. Yet McDaniel’s role in supporting Trump and some of his comments about the 2020 election, and the speed of her switch to a media job after being forced out of the RNC by Trump, has attracted particular attention. The phrase #BoycottNBCNews was trending on X Sunday. McDaniel’s interview on Sunday’s “Meet the Press” had been booked prior to the announcement that she’d been hired by the network. Under questioning from Welker, McDaniel said Sunday that she disagreed with Trump’s contention that people jailed for their role in the Jan. 6, 2021 attack on the Capitol should be freed. “Why not speak out earlier?” Welker asked. “When you’re the RNC chair you kind of take one for the whole team, right?” McDaniel said. “Now I get to be a little bit more myself, right? This is what I believe.” ___ David Bauder writes about media for The Associated Press. Follow him at http://twitter.com/dbauder
A top Democratic pollster says low primary voter turnout in Chicago is a 'warning sign' for Biden as cities 'need to be an engine of turnout' for his reelection bid 2024-03-24 21:21:12+00:00 - Democratic pollster Celinda Lake said Chicago's low voter turnout last week is a "warning sign." "These cities need to be engines of turnout," she recently told The Chicago Sun-Times. Chicago is a blue stronghold, but get-out-the-vote operations in other cities will be key for Biden. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement In August, Chicago will play a key role in President Joe Biden's reelection bid as he's set to accept the 2024 Democratic presidential nomination in the populous Midwestern city. But if last week's primary vote count in Chicago is any indication, Biden will have to continue working to engage voters — especially young voters — in what will be a tough reelection bid against former President Donald Trump. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
After landing a job at NBC, former RNC chair Ronna McDaniel finally admits Biden won the 2020 election 'fair and square' 2024-03-24 21:13:04+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview The former chair of the Republican National Committee has finally said that President Joe Biden is the rightful winner of the 2020 presidential election — more than three years after the fact. Ronna McDaniel stepped down from her top position at the RNC earlier this month as former President Donald Trump cleaned house, installing his allies in McDaniel's place. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. NBC News quickly hired McDaniel as a political analyst. The decision caused alarm among some current and former anchors at the news organization. McDaniel previously questioned the validity of Biden's 2020 win and referred to investigations of the January 6 Capitol riot as "persecution of ordinary citizens who engaged in legitimate political discourse." She's been no friend to the press, either. Advertisement But in her first appearance as an analyst on NBC News, McDaniel said on Sunday that Biden won the 2020 presidential election "fair and square." Related stories Kristin Welker, the host of "Meet the Press" on NBC News, pressed McDaniel, noting for the audience ahead of the segment that she was uninvolved in the decision to hire McDaniel. "He won. He's the legitimate president. Fair and square, he won. It's certified. It's done," McDaniel said. "I do think it's fair to say there were problems in 2020 and to say that does not mean he's not the legitimate president." But that answer "suggests that there was something wrong with the election," Welker said. Advertisement Despite GOP claims of rigging and foul play, the 2020 presidential election was highly scrutinized and considered the "most secure in American history" by the Department of Homeland Security, Business Insider previously reported. "This is a viewpoint of a lot of Republicans, and they think Joe Biden's the president. But they also think there were problems, and both can be true," McDaniel said. "Saying there's concerns about the election doesn't mean he didn't win, and that's the only thing I'm going to say." After McDaniel's portion of the segment was over, Welker was joined by a panel of other journalists who were critical of McDaniel, including longtime "Meet the Press" host Chris Todd. "I think our bosses owe you an apology for putting you in this situation because I don't know what to believe," Todd told Welker during the panel. "She is now a paid contributor by NBC News, so I have no idea whether any answer she gave to you was because she didn't want to mess up her contract." Advertisement A spokesperson for NBC News did not immediately respond to a request for comment from BI.