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Trump's Truth Social is losing money and has scant sales. Yet it could trade at a $5 billion value. 2024-03-22 22:44:00+00:00 - Former President Donald Trump will soon be at the helm of a publicly traded company that will trade under the ticker "DJT," after his initials, and boast a potential valuation of more than $5 billion — a lofty amount for a business that's losing money and has scant revenue. Trump's next career move as head of a publicly traded company comes after shareholders of Digital World Acquisition Corp. (DWAC), a so-called blank-check company, also known as a SPAC, approved a merger on Friday morning with the Trump Media & Technology Group. With the nod, DWAC will combine with Trump Media & Technology Group and could soon begin trading under the latter name. Typically, investors put their money into companies they believe will provide solid returns for their investment, though time-honored fundamentals such as profit and revenue growth, dividends and share appreciation. But Trump Media's main business, Truth Social, is a social media platform that is lagging rivals such as Facebook and "X" (formerly Twitter), with scant revenue and mounting losses, according to regulatory filings. That hasn't fazed investors in DWAC, some of whom appear to be supporters of Trump, who are touting the stock on Truth Social. "I am holding and not selling! I believe in TRUTH and MAGA," one member of a Truth Social group focused on the DWAC stock posted on Friday morning. Typically, a company with the financial profile of Trump Media & Technology Group would be hard-pressed to reach a valuation of $5 billion, but the stock does not appear to be trading on traditional financial mileposts like revenue and profit, said Kristi Marvin, chief executive of SPACInsider.com. "This has never traded on fundamentals, and I don't expect it to, going forward," Marvin told CBS MoneyWatch. "This is almost like a barometer for Trump and how he's doing in the election." The majority of the DWAC shareholders are retail investors, meaning they are individual investors rather than institutional, Marvin noted. Essentially, she added, DWAC, as well as its next iteration as Trump Media, is a "retail meme stock." Meme stocks and SPACs Special purpose acquisition companies, or SPACs, are shell companies created to take a private business public without conducting an initial public offering. In 2021, DWAC announced its intent to merge with Trump's media group, sending shares of Digital World upward by more than 800%, sparking comparisons with meme stock businesses like GameStop. At that time, SPACs were also drawing outsized attention from small investors after some gained endorsements from celebrities and investors alike. Investors who own DWAC stock will receive one share of the new company for each share of DWAC they owned, according to a regulatory filing. With about 136 million shares outstanding after the merger, the new business could have a valuation of $5.4 billion, based on DWAC's current price. Trump, who will serve as chairman of Trump Media & Technology Group, will own about 58% of the company, which would value his stake at about $3.5 billion. To be sure, there's no guarantee the newly merged company will continue to trade at the same price as DWAC. Companies can sometimes trade lower in the months after a SPAC merger, as some early investors sell their stock, Marvin noted. "You have a washing out of the original shareholders," she said. But it's likely the newly merged company will continue to appeal primarily to individual investors, as some institutional investors may shy away from the company based on political concerns, among other issues, Marvin added. Risk factors: Bankruptcy, failure and jail Investors in Trump Media & Technology Group are buying shares in a fledgling social media business that booked $3.3 million in revenue for the first nine months of 2023, according to a regulatory filing. But like many other tech startups, Trump Media is hemorrhaging money, with its losses mounting to $49 million during that same period last year. Of course, a company's financial struggles aren't necessarily a hindrance to earning a lofty public valuation, as seen in the case of money-losing Reddit, whose IPO this week gave it an $8 billion market cap. Truth Social had roughly 5 million active members in February of this year — including mobile users as well as website visitors, according to research firm Similarweb estimates. Truth Social doesn't disclose its user numbers. By comparison, TikTok has 2 billion users and Facebook 3 billion. However, in the so-called "alt-tech" space, Truth Social fares better than rivals such as Parler, which just returned to Apple's app store this week after being offline for more than a year, and Gettr, which had less than 2 million visitors in February. The question is whether Truth Social can ramp up revenue by attracting new advertisers to a platform that critics say is squarely focused on Trump's personality and conservative views. Expanding its user base will be key to its success, according to risk factors listed in a regulatory filing related to the merger. That isn't the only risk for the business, according to the filing. Among others are the "death, incarceration or incapacity" of Trump, as well as Trump's history with some of his earlier businesses, including the bankruptcy of the Trump Taj Mahal in 1991 and the bankruptcy of the Trump Hotels and Casinos Resorts in 2004, among other bankruptcies. "A number of companies that were associated with President Trump have filed for bankruptcy," the filing states. "There can be no assurances that [Trump Media & Technology Group] will not also become bankrupt." —with reporting by the Associated Press Board of Directors.

How major US stock indexes fared Friday, 3/22/2024 2024-03-22 20:37:16+00:00 - Wall Street closed its best week of the year so far with a quiet finish. The S&P 500 slipped 0.1% Friday after setting all-time highs in each of the last three days. The Dow Jones Industrial Average slumped 305 points, or 0.8%. The Nasdaq composite rose 0.2% to add to its record. Nike dragged on the market despite reporting stronger results than expected. Digital World’s stock flipped to a loss in shaky trading after its shareholders approved a deal to merge with former President Donald Trump’s social media company. Treasury yields eased in the bond market. On Friday: The S&P 500 fell 7.35 points, or 0.1%, to 5,234.18. The Dow Jones Industrial Average fell 305.47 points, or 0.8%, to 39,475.90. The Nasdaq composite rose 26.98 points, or 0.2%, to 16,428.82. The Russell 2000 index of smaller companies fell 26.56 points, or 1.3%, to 2,072. For the week: The S&P 500 is up 117.09 points, or 2.3%. The Dow is up 761.13 points, or 2%. The Nasdaq is up 455.64 points, or 2.9%. The Russell 2000 is up 32.68 points, or 1.6%. For the year: The S&P 500 is up 464.35 points, or 9.7%. The Dow is up 1,786.36 points, or 4.7%. The Nasdaq is up 1,417.47 points, or 9.4%. The Russell 2000 is up 44.92 points, or 2.2%.

Stellantis recalls nearly 285,000 Dodge, Chrysler cars over potentially deadly airbag defect 2024-03-22 18:02:00+00:00 - Stellantis has recalled thousands of Dodge Charger and Chrysler 300 cars because of a manufacturing defect that could cause airbags to rupture unexpectedly, resulting in metal fragments flying out, potentially killing passengers. Fiat Chrysler America (FCA) said in recall documents that it began investigating the inflator issue last month and found that some of the "affected vehicles may have had moisture introduced into the inflator." The moisture likely caused corrosion in the inflator, which could lead them to rupture, the company said. If the inflator does burst, compressed gas could rapidly release from the inflator with material potentially propelled throughout the car, the recall documents state. "An inflator rupture may result in sharp metal fragments striking occupants, resulting in injury or death," the National Highway Traffic Safety Administration stated in a letter to Chrysler acknowledging the recall. The automaker has received two warranty claims and five reports of customers needing assistance tied to the issue. No accidents or injuries relating to the airbag inflator defect have been reported, according to FCA in a letter to the NHTSA. The 284,982 recalled vehicles include certain 2018-2021 Dodge Charger and Chrysler 300 cars. Notification letters are expected to be mailed to owners on May 3, 2024, and will request that they send the company adequate proof of payment for their recalled car in order to receive full reimbursement for the cost of repairs. Dealers will replace both side airbags free of charge, the recall notice states. Owners may contact FCA US, LLC customer service at 1-800-853-1403. FCA US, LLC's number for this recall is 19B. Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.nhtsa.gov. The NHTSA safety issue ID is 24V198 and can be tracked here. The airbag inflator recall comes one month after Stellantis-owned Chrysler recalled more than 338,000 Jeep Grand Cherokees because of a ball joint issue that could result in a loss of control by the driver, potentially leading to a crash.

Want to book a last-minute 2024 spring break trip? Experts share tips on saving money on travel 2024-03-22 16:28:00+00:00 - As the countdown to spring break ticks closer, airlines are bracing for an unprecedented surge in travelers, with an estimated 167 million passengers expected to fly during March and April, marking a 6% increase from last year. But finding a deal may require some flexibility, experts say. Among the millions looking to escape the daily grind is the Ayala family, who have chosen to spend their spring break soaking in the excitement of spring training in Arizona. "It's our spring break, and they gotta see some players, get some signatures," said Angela Ayala. Airports are bracing for the influx, with the TSA reporting a 6% increase in checkpoint activity over last year's already record pace. United Airlines, is expecting its busiest spring break ever and is planning for a 10% increase in passengers over 2023. For the Lancaster family of Houston, this season marks their first international spring break. They chose Cancun as the destination. "This is our first time traveling international on spring break with our daughter … so we're in for a treat," said Samantha Lancaster. Finding a good deal, however, requires flexibility with travel dates and destinations, advises Lindsay Schwimer, a consumer travel expert with Hopper. Warm weather spots like Orlando, Las Vegas and Miami top the domestic charts, while Cancun, London and Punta Cana in the Dominican Republic lead internationally. Even so, bargains are still within reach, including notable deals from New York to Cancun for $250 round trip, Chicago to Dublin for under $500 and Los Angeles to Fort Lauderdale, Florida, for about $140. "If you're eyeing Miami, maybe skip some of the more crowded beach destinations, consider a Fort Myers, a Tampa, a Fort Lauderdale, that's gonna help you save a little bit more and you'll avoid the crowds," said Schwimer. Emily Kaufman, also known as The Travel Mom, said flexibility in travel plans is key when it comes to savings. "You've gotta be flexible. You may be taking a road trip. You may be taking a cruise. It depends where the deals are," said Kaufman. She noted that "cruises are a terrific value because the closer we get to the departure time, the less the price becomes." She also advises travelers to explore discounts available through memberships such as the AARP, AAA and teacher's unions, or deals associated with being in the military or geared toward first responders. "All of them get travel perks and benefits you might not realize you have," said Kaufman.

Nike, Lululemon fall; FedEx Star Equity rise, Friday, 3/22/2024 2024-03-22 15:52:20+00:00 - NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Friday: Nike Inc., down $6.96 to $93.86. The sneaker and athletic apparel maker gave investors a disappointing revenue forecast. FedEx Corp., up $19.47 to $284.32. The package delivery company beat analysts’ fiscal third-quarter earnings forecasts and announced a $5 billion stock buyback. Lululemon Athletica Inc., down $75.65 to $403.19. The athletic apparel maker gave investors a weak profit forecast. Tesla Inc., down $1.99 to $170.83. The electric vehicle maker is reportedly reducing production in China because of low demand. Cutera Inc., down 70 cents to $1.60. The maker of laser skin treatments reported a bigger fourth-quarter loss than Wall Street expected. AAR Corp., down $3.80 to $60.12. The airplane maintenance company’s fiscal third-quarter revenue fell short of analysts’ forecasts as government sales slipped. Baidu Inc., up 48 cents to $102.18. Apple is reportedly considering using the web search company’s artificial intelligence technology. Star Equity Holdings, Inc., up 3 cents to 92 cents. The diagnostic services and imaging company beat analysts’ fourth-quarter financial forecasts.

KB Home: Building on Strong Foundations During Volatile Times 2024-03-22 15:00:00+00:00 - Key Points KB Home's Q1 2024 financial results demonstrated significant growth, exceeding analyst expectations. KB Home’s strategic focus on personalized home offerings and community development positions it for continued success. KB Home's positive guidance and operational efficiency indicate a promising outlook within the dynamic housing market. 5 stocks we like better than KB Home KB Home NYSE: KBH is a significant player in the U.S. residential construction industry and part of the broader real estate sector. The company mainly caters to first-time and move-up homebuyers. With a history spanning over six decades, the company prioritizes personalized home customization and building distinctive communities. KB Home's latest earnings report showcases a robust start to the fiscal year, highlighting the company's ability to navigate shifting market trends and laying the groundwork for a potentially positive year. With solid performance metrics, can KB Home sustain this momentum, deliver continued growth throughout 2024 and maintain its appeal as an attractive option for investors? Get KB Home alerts: Sign Up KB Home Delivers on Growth and Profitability KB Home's first-quarter 2024 earnings report provided details of the company's significant growth and the outperformance of KB Home's analyst community's expectations. The company reported a 6% YOY increase in revenue, reaching a total of $1.47 billion. This growth was primarily driven by the rise in the number of homes the company delivered to buyers. Similarly, net income experienced a healthy 10% climb to $138.7 million, further demonstrating KB Home's ability to turn sales into profits. A particularly encouraging metric was diluted earnings per share (EPS). EPS is a crucial indicator for investors as it reflects how much profit the company generates per outstanding share of its stock. KB Home's EPS surged by 21% to $1.76, surpassing analyst forecasts and highlighting the company's strong profitability during the quarter. Another positive sign was the substantial 55% YOY increase in net orders. This indicates how many homes buyers have contracted to purchase from KB Home, signaling strong demand for the company's communities and home designs. It's worth noting that this increase occurred alongside a slight decrease in the average selling price of homes, reflecting KB Home's ongoing efforts to attract a wide range of homebuyers across various price points while protecting its profit margins. The Factors Shaping Success Multiple factors underpin KB Home's financial performance in the first quarter of 2024. Firstly, increasing buyer demand boosted the overall housing market, which showed improvement from the end of the 2023 fiscal year. This tailwind supported KB Home's increased sales and order numbers. Secondly, the company's strategic focus on providing personalized home options at competitive prices continues to resonate strongly with its core customer base of first-time and move-up buyers. This gives KB Home a competitive advantage, allowing it to cater to modern homebuyers' diverse needs and preferences. KB Home's proactive land acquisition and community development strategies are also crucial to its success. These investments lay the groundwork for future growth by ensuring the company has a strong pipeline of land and communities to meet buyer demand. CEO Jeffrey Mezger emphasizes this, stating that KB Home is well-positioned due to its commitment to personalization, well-designed homes, attractive pricing and expanding number of communities. This multi-faceted approach allows the company to capitalize on evolving market trends. KB Home's Roadmap for 2024 KB Home has provided investors with a framework for understanding its expectations for the remainder of the 2024 fiscal year. The company projects full-year housing revenues to fall between $6.50 billion and $6.90 billion, suggesting management anticipates continued home sales and delivery growth. KB Home anticipates its average selling price (ASP) to range between $480,000 and $490,000, representing a slight potential decline or a leveling off compared to Q1 2024 numbers. The company's guidance includes a homebuilding operating income margin target of 10.9% to 11.3%, assuming no inventory-related charges, indicating a focus on operational efficiency and cost management. KB Home expects to end the fiscal year with approximately 260 communities, a roughly 7% YOY increase, underscoring its strategic land acquisition and development efforts. KB Home's Position in the Sector Gaining a comprehensive understanding of KB Home's performance requires looking beyond the company and analyzing the broader homebuilding industry. KB Home operates within a highly competitive market, directly vying for buyers with major players like Taylor Morrison Home NYSE: TMHC and Dream Finders Homes NASDAQ: DFH. Closely examining these competitors' revenue, profitability and growth trends provides valuable insights into KB Home's relative position within the industry. Additionally, it's crucial to consider the overarching trends shaping the housing market. Fluctuating mortgage interest rates, labor availability and the cost of construction materials have far-reaching implications for all home builders. However, the impact of these forces may vary depending on a company's specific focus, geographic footprint and operational strategies. Understanding how these market trends might differentially affect KB Home and its competitors adds another layer of depth when evaluating the company's trajectory and future outlook. KB Home has begun its 2024 fiscal year on solid footing, demonstrating financial success and a strategic approach within the dynamic real estate market. Its commitment to home personalization and strategic community development positions the company to appeal to its target market. While the housing industry is subject to external forces, KB Home's robust Q1 performance, positive guidance and focus on operational efficiency indicate a promising year ahead. As the market evolves, the company's ability to adapt and deliver strong results will be crucial to its continued success, making KB Home a stock worth watching for investors interested in the homebuilding sector. Before you consider KB Home, 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 KB Home wasn't on the list. While KB Home currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Charity that allegedly gave just 1 cent of every $1 to cancer victims is sued for deceiving donors 2024-03-22 13:53:00+00:00 - The Women's Cancer Fund raised $18.3 million by vowing to help patients, telling donors that their money would help pay the living expenses of women going through treatment for the disease. But a new lawsuit from the FTC and 10 states allege that the bulk of the money instead went to pay the charity's president and for-profit fundraisers. The lawsuit, filed on March 11 in federal court, alleges that the Women's Cancer Fund raised the money from 2017 to 2022 by making deceptive and misleading claims. In reality, the bulk of the donations went to the $775,139 salary of the charity's president, Gregory Anderson, and to pay for-profit fundraisers $15.55 million, as well as overhead expenses, the lawsuit alleges. "[O]f the $18.25 million donated to the Women's Cancer Fund only $194,809 – roughly one percent – was spent directly on helping women with cancer," the lawsuit claims. While charities incur overhead expenses, it's generally considered good practice to spend only a fraction of their budget on overhead, with CharityWatch giving its "highly efficient" rating to nonprofits that spend less than 25% on operating costs. The lawsuit alleges that donors who opened their wallets to give to the Women's Cancer Fund were deceived by the group's marketing efforts. The Women's Cancer Fund, also known as Cancer Recovery Foundation International, also used the donations to pay for expenses like hotels and travel, the lawsuit alleges. "Cancer Recovery Foundation International and Anderson abused the generosity of American donors in the most egregious way" said Samuel Levine, director of the FTC's Bureau of Consumer Protection, in a statement earlier this month. "The FTC is committed to aggressively pursuing such illegal conduct, which hurts donors and deprives legitimate charities of needed funding. We are grateful to our state partners for joining in this effort to protect the public. The states that joined the lawsuit are: California, Florida, Massachusetts, Maryland, North Carolina, Oklahoma, Oregon, Texas, Virginia and Wisconsin. The Women's Cancer Fund did not immediately respond to CBS MoneyWatch's request for comment.

Nike Stock and the 30% Rally That's Expected 2024-03-22 13:45:00+00:00 - Key Points Nike shares have been under pressure since December, frustrating investors. Last night's report looked good at first glance, but shares were down in Friday's pre-market session. Several heavyweight analysts reiterated their Buy rating, however, so this could well be a solid entry opportunity. 5 stocks we like better than NIKE With Nike Inc NYSE: NKE shares having been trading remarkably softer, compared to the broader equity market, in recent weeks, they needed to deliver a strong earnings report last night. At first glance, it looked like they managed to do just that. The athletic apparel giant beat analyst expectations for both revenue and earnings per share, the latter coming in a full 30% higher than the consensus. Topping expectations for the headline numbers is almost always a prerequisite for any stock that wants to rally following an earnings report, but the devil can often be in the details. Get NIKE alerts: Sign Up Fundamental Performance for Nike Stock Nike reported after the bell rang to end Thursday's session, and it didn't take long for their shares to pop in after-hours trading as Wall Street dug deeper. By and large, things looked positive. The company's gross margins were up, inventories were down, and shares had no problem jumping more than 5%. Considering the fact that Nike has been in a downtrend since their December report, this was exactly the kind of response investors would have been hoping for. It must have been a frustrating stock to hold in recent months, as the broader market has gone on to hit multiple record highs, while Nike has found itself down by as much as 20% from its December high. However, in Friday's pre-market trading, the gains from Thursday evening had all been given up, and then some. At the time of writing, Nike stock was down 6% and at a fresh low for the year. It appears that Wall Street has been especially tough on the stock with regards to the headwinds that have plagued it in recent months, namely around signs of weak consumer spending in China, always a key market, and an ongoing lack of innovation. Bullish Stances Reiterated for Nike Stock Analysts from Bernstein, for example, maintained their Outperform rating on Nike shares in the aftermath of Thursday's report but trimmed their price target for the stock considerably. Having previously had it at a bullish $134, they're now looking for Nike to get to $120. It's still pointing to a targeted upside of nearly 30%, which, to be fair, is attractive for those of us on the sidelines. For existing investors, and especially those whose positions are in the red, a trimmed price target won't exactly be inspiring confidence. The Bernstein team were critical of the company's innovation efforts, but see this as a challenge that will be addressed in the coming months. They're still positive on the company's longer-term potential and anticipate a return to what they called a "robust innovation cycle" that will drive fresh growth and a positive revaluation of the stock price. Considering Getting Involved with Nike Stock Their cautious yet distinctly bullish stance is an interesting one, and Bernstein was far from alone in that camp. The teams over at Goldman Sachs and UBS Group both reiterated their Buy ratings on Nike shares this morning, with refreshed price targets at $120 and $125, respectively. The fact that Nike shares are to open lower, and likely trend lower into the weekend, you have to be thinking there's a buying opportunity opening up here. Make no mistake, the company still beat expectations, and their shares remain attractive from a valuation perspective alone. Consider Nike's price-to-earnings (PE) ratio of 30 against the likes of their closest athleisure competitor, Lululemon Athletica Inc NASDAQ: LULU, for example. Lululemon commanded a PE ratio of 60 ahead of their earnings last night, and their stock is set to open down even more than Nike's. Investors should look for shares to not break below $90, as this would indicate there is some serious momentum with the bears, and would likely force many bulls to reconsider their position. However, if the stock can show signs of consolidation by this evening, or in the early part of next week, then things could get interesting quite quickly. Before you consider NIKE, 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 NIKE wasn't on the list. While NIKE currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Headwinds for Darden Restaurants are an Opportunity For Investors 2024-03-22 13:20:00+00:00 - Key Points Darden Restaurants had a mixed quarter and failed to inspire the analysts. Shares are down 6% following the release, but the uptrend is intact, and a buying opportunity will soon appear. Capital returns are solid and will continue to support the price action this year. 5 stocks we like better than Darden Restaurants Darden Restaurants NYSE: DRI operational quality drove solid business in Q3, setting the stock up to continue its uptrend. Today's opportunity is that results were largely aligned with expectations and provided no catalyst for the market. The result is a downward movement within an up-trending channel that will result in another solid buy signal soon. Takeaways from the report are growth, leverage, cash flow and capital returns, which all support the valuation. Considering Darden’s industry-leading results, the 18X earnings valuation is light and plays into the opportunity. Best-in-breed Texas Roadhouse NASDAQ: TXRH trades at a 50% premium to Darden, which is rapidly improving its business. This suggests that a price-multiple expansion is also in play. Get Darden Restaurants alerts: Sign Up Darden Restaurants Grows and Widens Margins The only thing wrong with Darden’s results is that Q3 aligned with the consensus forecast, and the guidance is light. Other than that, revenue and earnings are growing, and the guidance forecasts more of the same. The company brought in $3 billion in Q3, up nearly 7% compared to last year. The top line missed consensus, but by a slim 100 basis points, offset by the wider margin. Segmentally, comps are down in most segments and offset by 2.3% growth at Long Horn Steakhouse, aided by the addition of seventy-nine company-owned Ruth’s Chris Steakhouse and 53 net-new other stores. The margin news is good. The company widened the margin in most operating segments, and the one that didn’t, Olive Garden, maintained a relatively flat margin with a better-than-expected net result. The bottom line of $2.62 in adjusted earnings excludes $0.02 in Ruth’s Chris acquisition costs and is up 12% compared to the top-line 6.8%. Guidance is the weakest portion of the report, and still not bad. The company guided full-year results to $11.4 billion in net sales compared to the $12.14 consensus figure, weak compared to consensus but up 8.6% YOY. The earnings outlook is the same; it is short of consensus but forecasts YOY growth. The salient detail is that earnings are sufficient to sustain the robust capital return outlook. Darden Restaurants Increases Capital Returns and Can Sustain It Darden Restaurants pays an attractive dividend yielding 3.0% with shares near $165. That’s double the payout for highly-valued Texas Roadhouse, and it is a reliable payout. The distribution is less than 20% of the earnings guidance, and the balance sheet is a fortress, so there are no red flags for investors. Cash flow and balance sheet health also allow for share repurchases. The company repurchased $33 million in Q3, bringing the average share count down 1.7% quarterly and YTD, with additional reductions expected in the current quarter and next fiscal year. The board approved a new authorization worth $1 billion or 5% of the discounted stock price with no expiration to the plan. Darden Restaurants Is Trending Upward, A Buy Signal is Imminent The analyst's activity suggests Darden stock is fairly valued near current levels. The post-release activity includes several price target reductions that have capped the high-end but continue to increase the consensus. The three revisions tracked by Marketbeat.com have the market trading in the range of $180 to $182 compared to the consensus of $180, which is 10% above the current action and aligns with the top of the channel. The takeaway is that Darden may fall today, but the uptrend is intact, and a buying signal should come soon. Critical support is near the 150-day EMA. That target aligns with the analysts' lowest target and may provide a floor for the action. If so, DRI shares could begin to rebound within weeks, and the all-time high could be retested before summer. If not, this stock could fall to more solid support levels near the lower end of the channel before rebounding. Before you consider Darden Restaurants, 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 Darden Restaurants wasn't on the list. While Darden Restaurants currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

PayPal Appears to Have Bottomed, is it Time to Buy? 2024-03-22 13:11:00+00:00 - Key Points After facing challenges in 2022 and 2023, PayPal's stock has held steady, rising 7.7% year to date and hovering above its 200-day SMA, signaling a potential shift in momentum. PayPal's stock displays an inverted head-and-shoulders pattern, potentially signaling an upward trend, especially if it surpasses the neckline around $68 to $70. Analysts remain divided on PayPal's prospects, with a consensus hold rating and a steadily decreasing price target over previous months. 5 stocks we like better than PayPal In the wake of the tumultuous COVID-19 pandemic, PayPal NASDAQ: PYPL emerged as a standout performer, riding the wave of digital transformation in payments. As 2020 unfolded, PayPal not only weathered the storm but thrived amidst the chaos, experiencing a surge in various key metrics. Total payment volume (TPV), revenue, and active accounts soared, propelling the company's stock price to remarkable heights. Between March 2020 and February 2021, PYPL shares surged over 250%, reflecting investor confidence in its resilience and growth potential. Get PayPal alerts: Sign Up However, the economic landscape proved dynamic and challenging, as PayPal faced headwinds in 2022 and 2023. Inflationary pressures and rising interest rates dampened the once meteoric growth trajectory, leading to more modest gains and subdued performance. Despite these challenges, PYPL stock has held its ground, rising approximately 7.7% year to date, in line with the broader market. Interestingly, PayPal's stock now hovers above its flattening 200-day simple moving average (SMA), signaling a potential shift in momentum and trend. Additionally, with an attractive forward price-to-earnings (P/E) ratio of 11.68, a recent earnings beat, and a projected earnings growth of 12.21% for the full year, the question arises: is now an opportune moment to consider PayPal for investment, given the potential for further upside continuation? Let’s delve into recent developments shaping the narrative around PayPal, examining analyst ratings and scrutinizing its chart for potential breakout opportunities as investors ponder whether the current conditions present an advantageous entry point. Analysts Remain Mixed Despite Recent Earnings Beat PayPal, one of the world’s largest and oldest fintech companies, announced its latest earnings on February 7. The company surpassed expectations, reporting earnings per share of $1.48 for the quarter, exceeding the consensus estimate by $0.12. Additionally, PayPal recorded revenue of $8.03 billion, outperforming the consensus estimate of $7.88 billion. This marked an 8.7% increase in revenue compared to the same quarter the previous year. Over the last year, PayPal has generated $3.84 earnings per share (diluted). The company has long-term annual growth estimates of 19.8% for EPS growth over the next five years. Despite the recent earnings beat and successful navigation through the company's recent challenges, analysts remain mixed on the stock. Based on thirty-five analyst ratings, the stock has a hold rating, which aligns with the consensus rating for the S&P 500 and other financial services companies. Its consensus price target, which has steadily decreased over the previous months and years, is currently $70.63, forecasting just 6.78% in potential upside. Most recently, on March 21, The Royal Bank of Canada reiterated its rating on PYPL at Outperform, with a price target of $74. Institutions Continue to Buy PayPal Stock In the past twelve months, PayPal has seen significant institutional activity, with total inflows amounting to $24.27 billion compared to outflows of $10.52 billion. Institutional investors hold 68.42% of the stock, with the Vanguard Group as the largest holder, owning 8.4% of the company as of March 11th. Insider trading activity has been relatively subdued during this period, with only four transactions occurring, all of which were sales. Insider selling totaled $4.94 million, with no insider buying reported. The Bottom Looks to be in for PayPal Stock On a broader time scale, PayPal's stock exhibits an inverted head and shoulders pattern, with the November low of the previous year, around $50, serving as both the head and the bottom. The stock has regained and stabilized above all of its significant Simple Moving Averages (SMAs), suggesting a potential shift in trend and sentiment. If the stock surpasses the neckline of the inverted head and shoulders pattern, approximately in the range of $68 to $70, it likely confirms the momentum shift on the higher time frame. → Claim Your Complimentary Bitcoin Reward (From Crypto Swap Profits) (Ad) Before you consider PayPal, 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 PayPal wasn't on the list. While PayPal currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Lululemon Stock Implodes Post Earnings, Guidance Muted 2024-03-22 13:06:00+00:00 - Key Points Lululemon shares were trading down heavily in the aftermath of Thursday’s report. While they managed to beat expectations, the company’s forward guidance was lighter than expected. However, several analysts have already reiterated their Buy ratings, so we could be looking at an interest entry opportunity here. 5 stocks we like better than Lululemon Athletica Last night, the athleisure giant Lululemon Athletica Inc. NASDAQ: LULU reported its Q4 earnings in what was a highly anticipated release. While its stock has traded relatively softly this year so far, compared to the broader market, which has been setting seemingly non-stop record highs, Lululemon shares are down 6% on the year. However, they’re still up 90% from 2022’s low and, ahead of last night’s report at least, were less than a 10% move from a fresh all-time high of their own. Going off Friday’s pre-market session however, that gap is about to get extended considerably. Lululemon’s stock was trading down 13% and on the verge of opening at its lowest level since November. It will be a tough pill for investors to swallow, considering the company managed to beat analyst expectations on both headline figures in the report. Get Lululemon Athletica alerts: Sign Up Strong Headline Numbers Earnings per share, for example, was 5% higher than expected and more than 5 times higher than this time last year, while revenue also topped the consensus and showed year-on-year growth of 16%. The company’s margins were also up, so you’d have been forgiven for thinking they’d done everything right to deserve a bump in their share price rather than the opposite. But Wall Street is nothing if not forward looking, and while Lululemon might have performed better than expected last quarter, the company issued forward guidance which suggests they’re going to perform worse than expected this quarter. For the first quarter of 2024, Lululemon is now looking at net revenue to land between $2.175 and 2.2 billion, which is well off the consensus for $2.26 billion. Similarly, earnings per share for the first quarter are now expected to come in between $2.35 and $2.40, versus the $2.55 analysts had been forecasting. To make matters worse, it looks like the unexpected contraction could be more than just a temporary blimp, as the company’s full-year forecast also came in a little light. Bullish Analyst Stances Like with Nike Inc NYSE: NKE, however, even with their shares looking set to open considerably lower than their pre-earnings price, several analysts have already come out with reiterations of the bullish outlook on Lululemon. Telsey Advisory Group, for example, reiterated their Outperform rating, as did TD Coen and Needham & Company. These are stances not to be taken lightly by investors who are considering taking advantage of this dip in Lululemon shares. While the latter two analyst teams trimmed their price targets to $515 and $500, respectively, the Telsey team reiterated their $550 price target. Considering the stock went into last night’s close at $478 and was trading down around $416 in Friday’s pre-market session, we’re talking about a targeted upside here of more than 30%. There’s no getting around to the fact that Lululemon’s outlook for the year ahead is a bit dimmer now than it was on Thursday morning, but it looks like the initial reaction in the stock is already overdone. Considering a Position Investors should look for shares to tread water above the $400 line and to start consolidating ahead of the weekend or in the early part of next week. For those of us on the sidelines who are considering a position, it’s an interesting situation to be looking at. There’s no getting around to the fact that the stock has to go through a negative revaluation in the short term, but the company’s longer-term potential is clearly still positive enough to justify the kinds of comments that have come through already from the analysts. Before you consider Lululemon Athletica, 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 Lululemon Athletica wasn't on the list. While Lululemon Athletica currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Nvidia or Super Micro Computer: Which Will Do a Stock Split First? 2024-03-22 07:35:00+00:00 - Fool.com contributor Parkev Tatevosian evaluates the chances of a stock split coming from Nvidia (NASDAQ: NVDA) and Super Micro Computer (NASDAQ: SMCI). *Stock prices used were the afternoon prices of March 19, 2024. The video was published on March 21, 2024. Should you invest $1,000 in Nvidia right now? Before you buy stock in Nvidia, 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 Nvidia 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 Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. Nvidia or Super Micro Computer: Which Will Do a Stock Split First? was originally published by The Motley Fool

Is Intel Stock Going to $100? 1 Wall Street Analyst Thinks So. 2024-03-22 05:19:00+00:00 - Intel (NASDAQ: INTC) investors are having a pretty great week so far -- even if Intel stock isn't yet showing it. The Wall Street Journal reported Wednesday that the U.S. Commerce Department awarded Intel $8.5 billion in subsidies to help defray the cost of expanding semiconductor production in Arizona, New Mexico, Ohio, and Oregon. This means fully 16% of the $53 billion in government money authorized by the 2022 "Chips Act" will go to Intel alone. Global Equities Research analyst Trip Chowdhry is looking at the news positively and, on Thursday, he raised his price target on Intel stock to a big, fat $100. Is Intel stock a buy? Considering Intel stock costs roughly $42 today, that's a huge vote of confidence. Chowdhry's price target implies this $182 billion company will more than double in value over the next 12 months or so. What has him so enthused? Well, $8.5 billion in free government money is a good start. But beyond that, Chowdhry says Intel is the only company today that can build the kind of power-efficient "next generation" 18A and 14A artificial intelligence processors needed to keep the AI revolution going. ("18A" refers to both the size of the processor -- 1.8 nanometers -- and also its 3D stacked layout). While other companies such as Advanced Micro Devices and Taiwan Semiconductor Manufacturing are also exploring 3D stacked chips, Intel appears to be the leader. Combined with smaller chips and greater power efficiency, 3D architecture may be enough of a differentiator that, when a bit of free government money is added, Intel can turn itself around this year, then outgrow its rivals in years to come. That said, there are risks. For one, $8.5 billion only covers about half of the $14.3 billion in cash Intel spent last year on expansion -- and free cash flow is expected to remain negative through 2026. $100 a share is also an aggressive price target for a company that earned only $0.40 per share last year, implying a trailing P/E ratio of 250! Story continues Caveat investor. Should you invest $1,000 in Intel right now? Before you buy stock in Intel, 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 Intel 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 Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices and Taiwan Semiconductor Manufacturing. The Motley Fool recommends Intel and recommends the following options: long January 2023 $57.50 calls on Intel, long January 2025 $45 calls on Intel, and short May 2024 $47 calls on Intel. The Motley Fool has a disclosure policy. Is Intel Stock Going to $100? 1 Wall Street Analyst Thinks So. was originally published by The Motley Fool

Why SoundHound AI Stock Crashed on Thursday 2024-03-22 04:01:00+00:00 - Shares of SoundHound AI (NASDAQ: SOUN) turned sharply lower Thursday, plunging as much as 13.6%. As of 3:13 p.m. ET, the stock was still down 11.4%. The catalyst that drove the artificial intelligence (AI) specialist lower was a short report and a rare double downgrade by a Wall Street analyst. Worth $1? A short report issued by Capybara Research titled "Lies, Damned Lies, and Cheeseburger 'AI'" suggests that SoundHound AI is a "failing company peddling lies and deception." It also set a price target of $1. The report includes a laundry list of issues. Among them, it suggests SoundHound's voice recognition technology is a commodity service that isn't superior to comparable products by Amazon's Alexa or Apple's Siri, among others. The report also cites a growing number of customer defections and SoundHound's mounting losses, with "no clear path to profitability." Perhaps the most troubling issue is that the company's backlog may be misleading. SoundHound recently revised its definition, saying the subscription backlog "refers to potential revenue achievable," so there's no contractual obligation. Perhaps not coincidentally, analysts at Cantor Fitzgerald issued a rare double downgrade on the stock today to underweight (sell) from overweight (buy). They set a price target of $4.90, roughly 38% below Wednesday's closing price. The analysts say the valuation "cannot be justified," while citing a number of the same risks listed in the short report. These include the "opaqueness" of SoundHound's operating model, slowing growth, customer losses, and increasing competition from larger rivals. Time to sell? It's always been clear to me that SoundHound AI was a particularly risky stock with no profits and a high valuation. While there's potential, there's also a fair degree of risk and investors should approach the stock with caution. Furthermore, those who don't have a stomach for risk and volatility might be better off selling SoundHound AI. Story continues Investors shouldn't necessarily make investing decisions based on analysts' opinions and short reports. However, if the claims made have merit, investors should take care and remember the old adage, "Where there's smoke, there's fire." Should you invest $1,000 in SoundHound AI right now? Before you buy stock in SoundHound AI, 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 SoundHound AI 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 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Danny Vena has positions in Amazon and Apple. The Motley Fool has positions in and recommends Amazon and Apple. The Motley Fool has a disclosure policy. Why SoundHound AI Stock Crashed on Thursday was originally published by The Motley Fool

'Whining Got Us Nowhere': Gen X Is Notoriously Laid Back But Often Overlooked — 79% Say They're 'Forgotten' In The Workplace 2024-03-22 00:00:00+00:00 - In recent discussions about generational dynamics, Generation X, often termed the "Forgotten Generation," is a pivotal yet understated force. Comprising approximately 65 million members, the demographic is the smallest generation by population. But its influence is profound. You may not hear as much about Gen X as baby boomers or millennials, but the generation is the silent workhorse. Gen X makes up over one-third of the workforce and at least half of its managers. Despite its size, Gen X contributes significantly to contemporary society, offering valuable insights into the complexities of modern life and work. Don't Miss: Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you . For many first-time buyers, a house is about 3 to 5 times your household annual income – Are you making enough? A question posed on Quora — “Why is Gen X overlooked? — has sparked thoughtful dialogue. Jeff Gib, a contributor to the platform, offers insights into the overshadowing of Gen X by the more vocal generations that flank it. Gib attributes Gen X’s understated presence to their resilience and adaptability, forged between the eras of pre-digital and digital ascendancy. “We don't whine that much,” wrote Gib, noting the generation’s blend of traditional and digital literacy that has equipped it with versatile problem-solving skills. Gib reflects on the challenges his generation faced: transitioning into adulthood with minimal support, pioneering the digital frontier without precedents and confronting economic adversities without today’s platforms for collective voice. “Whining got us nowhere. We had to make a living. We know what it's like to be broke,” he said, highlighting the perseverance and self-reliance that characterizes Gen X. The "slacker generation" label that shadowed Gen X in the 1990s and early 2000s has since been reconsidered. Now, many from this generation balance raising children with caregiving for aging parents, contributing silently yet significantly to advancements in technology and environmental awareness. Story continues Educator Scott Van Vlack recognizes their pioneering efforts in digital use. Trending: How to turn a $100,000 investment into $1 Million — and retire a millionaire. “We were the first generation to figure out how to utilize computers en masse and improve our lives and the world around us,” he said. Despite being stereotyped as the latch-key generation, content to work independently, Gen X faces significant challenges in the workplace. Their laid-back demeanor might be misinterpreted, leading to them to be overlooked for promotions. PeopleScout surveys reveal a concerning truth: 79% of Gen X feel neglected at work and overshadowed by both younger and older colleagues. This sentiment is amplified by data showing they get promoted by 20% to 30% less often than millennials, despite their leadership skills. As companies prioritize nurturing millennial talent, Gen X’s contributions are often undervalued, which has consequences. A significant portion of Gen X is leading the Great Resignation — 37% more left their jobs in early 2022 compared to the previous year. Employers must focus on retaining and engaging this experienced and valuable workforce segment, especially as they approach retirement. However, work struggles aren’t the only concern. Gen X also faces a significant wealth gap issue, making retirement a daunting prospect. Reports suggest most people's desired retirement savings goal exceeds $1.1 million, while the average Gen Xer expects to have around $660,000. This translates to over 60% of Gen Xers feeling unsure about reaching their retirement dreams. This unique situation stems from being the first generation to rely heavily on 401(k) plans instead of pensions. They’ve shouldered the burden of economic crises, stagnant wages and rising living costs without the traditional safety net of pensions. These particular challenges Gen X faces emphasize the importance of strategic financial planning. Consulting a financial adviser becomes especially important as they approach retirement. An adviser can create personalized strategies to bridge the wealth gap by focusing on smart investments, maximizing retirement contributions and considering real estate investments as a means to build a more secure financial future. Read Next: Average retirement income in America has been revealed – Will you make enough each month ? Boomers and Gen Z agree they need a salary of around $125,000 a year to be happy, but Millennials say they need how much? *This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions. Jeannine Mancini has written about personal finance and investment for the past 13 years in a variety of publications including Zacks, The Nest and eHow. She is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Mancini believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information. "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article 'Whining Got Us Nowhere': Gen X Is Notoriously Laid Back But Often Overlooked — 79% Say They're 'Forgotten' In The Workplace originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

T-Pain & Fat Joe to Headline Heineken® House Lineup at the Coachella Valley Music and Arts Festival 2024-03-21 22:23:00+00:00 - Loading... Loading... Heineken curates a lineup for music lovers of all genres; offers a selection of brews to sip throughout festival WHITE PLAINS, N.Y., March 21, 2024 /PRNewswire/ -- Heineken® is returning to the desert with an all-star lineup of musical talent at the Heineken House stage. In typical Coachella fashion, the Heineken House will spotlight legendary headliners T-Pain and Fat Joe, with an additional roster from the worlds of hip-hop, rap, EDM and more including BIA, Lupe Fiasco, and Klingande. With two weekends of red-star performances, Heineken House will be the place-to-be for music fanatics, with brews available for festival goers for every occasion. Heineken House Line-Up: Weekend 1: Friday, April 12 : Bob Sinclar , J.Worra, Goldfish, Torren Foot x Kormak, Darci, DJ Noah : , J.Worra, Goldfish, x Kormak, Darci, DJ Noah Saturday, April 13: T-Pain, Channel Tres, BIA, Dennis Ferrer x Skream, Marten Lou , DAYSonMARKET T-Pain, Channel Tres, BIA, x Skream, , DAYSonMARKET Sunday, April 14: Lupe Fiasco, Claptone, Louie Vega , Klingande, Iglesias, MISS DRE Weekend 2: Friday, April 19 : Bob Sinclar , J.Worra, Goldfish, Torren Foot x Kormak, Darci, TBD : , J.Worra, Goldfish, x Kormak, Darci, TBD Saturday, April 20 : Fat Joe, Channel Tres, BIA, Dennis Ferrer , Marten Lou , DAYSonMARKET Fat Joe, Channel Tres, BIA, , , DAYSonMARKET Sunday, April 21: Lupe Fiasco, Claptone, Louie Vega , Klingande, Iglesias, MISS DRE "We're grateful to have been an official sponsor of Coachella for over 20 years," said Christine Karimi, Director, Partnerships and Consumer Experience at HEINEKEN USA. "As a brand we're always excited to focus the spotlight on innovative musical talent, while providing festival-goers with the perfect sip for every moment throughout the festival and beyond." Heineken House will be a dynamic space on the festival grounds, bringing the spirit of Coachella to the brew-filled beer garden and electrifying dance floor, making Heineken House the ultimate destination for experiencing the best music has to offer. Alongside Heineken House's world-class performances, the brand will be bringing their iconic line-up of brews far and wide across Coachella festival grounds, providing the perfect sip for gathering with friends and bopping to the beat. The portfolio for every taste includes: Heineken Original , in the iconic green bottle with red star, great for those looking to enjoy an all-premium malt lager. , in the iconic green bottle with red star, great for those looking to enjoy an all-premium malt lager. Heineken Silver , the headlining sip which debuted at Coachella last year, a world-class light beer with lower carbs & lower calories, brewed to be extra crisp and refreshing. , the headlining sip which debuted at Coachella last year, a world-class light beer with lower carbs & lower calories, brewed to be extra crisp and refreshing. Heineken 0.0, the premiere alcohol-free brew, great for those looking for 100% taste but 0% alcohol and helping to support responsible consumption on festival grounds. Loading... Loading... Festival-goers are invited to visit the Heineken House April 12-14 and 19-21, 2024, to experience the best beats beer has to offer. To witness the 2024 Coachella festival highlights with Heineken, follow @Heineken_US on Instagram , follow @HeinekenUSA on Facebook or use the hashtag #HeinekenHouse. About HEINEKEN USA HEINEKEN USA Inc., the nation's leading high-end beer importer, is a subsidiary of HEINEKEN International N.V., the world's most international brewer. Key brands imported into the U.S. are Heineken® – the world's most international beer brand, Heineken® 0.0 – an alcohol-free beer innovation, Heineken® Silver – a new lower-carb, lower-cal world-class light beer, the Dos Equis Franchise, and the Tecate Franchise. HEINEKEN USA also imports Amstel Light, Red Stripe, Strongbow Hard Apple Ciders, Bohemia and more. For news and updates, follow us on Twitter @HeinekenUSACorp, or visit HEINEKENUSA.com. Media Contact: M Booth heineken@mbooth.com SOURCE Heineken USA

New Birth Announces Easter Weekend's Mega Outreach Activity, Sunday Service Featuring Gospel Artist Todd Dulaney 2024-03-21 22:21:00+00:00 - Loading... Loading... Good Friday Service with Dr. Creflo Dollar, "Easter Dinner on Us" to Feed 2,000 Families STONECREST, Ga., March 21, 2024 /PRNewswire/ -- New Birth Missionary Baptist Church is thrilled to announce its Easter weekend of activities, packed with massive community outreach and renowned gospel artists. Dr. Creflo Dollar, a global faith leader and senior pastor of World Changers Church International (WCCI) and World Changers Church-New York, will join the New Birth congregation for a special Good Friday service on March 29 at 7:30 p.m. at 6400 Woodrow Rd. in Stonecrest. In partnership with DeKalb County Government, Bojangles and others, New Birth will launch its "Easter Dinner on Us" outreach on Saturday, March 30, from 10 a.m. to noon. With a goal to provide 2,000 free boxes of food to local families, New Birth will advance its efforts to combat food insecurities in Georgia. To date, New Birth's King's Table food pantry has fed more than 1.2 million people since the pandemic. All food boxes will be distributed on a first come, first served basis. "We are beyond excited to welcome members, families, neighbors and visitors to New Birth this Easter weekend as we celebrate the resurrection of Jesus Christ and embrace our community through celebrations in and outside of the four walls of our sanctuary," said New Birth Senior Pastor Dr. Jamal Bryant. "It's an essential role of the church to touch and impact lives throughout the year, not just on special occasions. I'm thrilled by our unwavering and ongoing work through The King's Table that has fed over a million families and counting over the last four years." Dr. Bryant will deliver the Easter sermon, with services beginning on Sunday, March 31 at 9:30 a.m. The service will feature acclaimed gospel recording artist Todd Dulaney as the special guest performer. For more information, visit newbirth.org. Contact: Erik Burton Cell: 770-294-8475 SOURCE New Birth Missionary Baptist Church

Sam Altman's Reddit stake worth over $600 million after first day pop on NYSE 2024-03-21 22:21:00+00:00 - Reddit mascot Snoo is seen on the floor of the New York Stock Exchange (NYSE) as Reddit begins trading in New York on March 21, 2024. OpenAI CEO Sam Altman says he has no equity in the $80 billion artificial intelligence startup he co-founded in 2015. His Reddit ownership is another matter altogether. Following Reddit's stock market debut on Thursday, Altman's stake in the social media site ballooned by $200 million to over $613 million. Shares of the 19-year-old company jumped 48% in New York Stock Exchange trading to close at $50.44. Altman, 38, is among the biggest Reddit shareholders, with control of 7.6% of outstanding shares after the offering, according to the company's prospectus. That's behind only Condé Nast parent Advance Magazine Publishers and Chinese internet giant Tencent . Like other insiders, Altman is restricted from selling Reddit shares for six months during the so-called lock-up period. Altman declined to comment. Prior to the emergence of OpenAI in recent years, due most notably to the popularity of its ChatGPT chatbot, Altman was best known as a startup investor and as the president of Y Combinator, a poition he exited in 2019. Altman's investment portfolio includes past or present stakes in Airbnb , Uber , Instacart , Stripe and Asana . Reddit was one of his top bets. He was even on the company's board until around January 2022, when the company said he'd recently stepped down. In 2014, Altman led Reddit's $50 million Series B funding round, after using the service every day for nine years, he wrote in a blog post. He called the website "an example of something that started out looking like a silly toy for wasting time and has become something very interesting." In 2021, as the tech market was booming, Altman invested a combined $60 million in Reddit over two financing rounds. Those investments have yet to bear much fruit as Reddit's valuation, even after Thursday's rally, is below its private market peak. Reddit's filing shows Altman invested $50 million at $42.47 per share and $10 million at $61.79 per share. However, the money he pumped in a decade ago has multiplied many-fold. That's helped take the pressure off Altman when it comes to profiting from OpenAI, where his tenure has been controversial for other reasons. Late last year, Altman was briefly fired by the OpenAI board, which said it had lost confidence in his leadership. He was brought back days later after immense pressure built up from employees and investors. Earlier this month, OpenAI said Altman will rejoin its board following the conclusion of an internal investigation by U.S. law firm WilmerHale into the events leading up to his ouster. Altman told senators in a hearing last May that he's not in his current gig for the money. Filings show he made about $73,500 in total compensation in 2022. "I'm paid enough for health insurance, I have no equity in OpenAI," Altman said, when asked by Sen. John Kennedy, R-La., if he makes a lot of money in his job. "I'm doing this because I love it." — CNBC's Jonathan Vanian and Jordan Novet contributed to this report WATCH: Reddit's AI story isn't clear

How sweet it isn't: Cocoa prices hit record highs ahead of Easter holiday 2024-03-21 22:21:00+00:00 - Chocolate Easter bunnies and eggs will likely come at a higher cost for consumers this year as the price of cocoa climbs to record highs. Cocoa futures have surged this year, roughly doubling since the start of 2024. Rising temperatures and weather conditions have stressed and damaged crops in West Africa, which produces more than 70% of the global cocoa supply. Sugar prices are also rising. Futures for a pound of sugar are up about 8% in 2024, after rising 2.7% in 2023. "The magnitude and pace of recent price increases seem to be unprecedented," wrote Citi analyst Thomas Palmer back in February when cocoa futures hit an all-time high of $5,874 per metric ton. Big chocolate companies like Hershey's and Cadbury maker Mondelez have been passing those costs on to consumers — and then some: Hershey's net profit margins ticked higher to 16.7% in 2023 from 15.8% in 2022. Mondelez reported a jump to 13.8% in 2023 from 8.6% in 2022. Both companies reported shrinking sales volumes for their most recent quarters as consumers grow tired of paying higher food prices. Spending on chocolates is expected to drop this Easter, though the total figure so far remains high by historical standards, according to the National Retail Federation. Its latest survey shows that consumers are expected to spend $3.1 billion on candy for Easter this year, or $24.78 per person. That's down from $3.3 billion, or $26.31 per person a year ago. Mondelez, which owns Easter basket staple Cadbury, has been relying on price increases to counter the surge in cocoa prices. The company has said it commands a 13% share in the global chocolate market. It acknowledged price increases of up to 15% within its chocolate category in 2023 and higher prices will likely be a key factor in meeting revenue growth forecasts for up to 5% in 2024. "Pricing is clearly a key component of this plan," said Luca Zaramella, chief financial officer at Mondelez, in an conference call in January. "Its contribution will be a little bit less than we have seen in 2023, but it is higher than an average year." Hershey could raise prices again Hershey raised prices on chocolate overall last year as inflation surged and said it increased prices on some grocery and food service items early in 2024. It expects sales growth of up to 3% this year. The company has said it is committed to raising prices in order to cover inflation, though most of it is carryover from previous increases. The cost of candy and other sweets rose 5.8% in February compared with a year ago, according to the government's latest report on consumer prices. Increases have been hovering around that level since late into 2023. While inflation has been cooling overall, food prices have remained stubbornly high. U.S. consumers spent more than 11% of their disposable income on food in 2022, the highest percentage since 1991, according to the latest data from the USDA.

Reddit shares soar on first day of trading as social media platform's IPO arrives 2024-03-21 22:04:00+00:00 - Reddit made its debut on Wall Street Thursday in an eagerly anticipated initial public offering aimed at infusing the social media company with hundreds of millions in capital. Shares of Reddit soared as much as 54% in their first day of trading on Thursday afternoon, reaching $52.29. That's far above the $34 IPO range projected by the company. Investors have been eager to buy shares, which helped drive up the stock price, one Wall Street expert said. "The supply is pretty limited and there's strong demand, so my sense is that this is going to be a hot IPO," Reena Aggarwal, director of Georgetown University's Psaros Center for Financial Markets and Policy, said Thursday. The IPO raised about $748 million, including about $228 million for Reddit shareholders who opted to sell some of their stock. Another $519 million is earmarked for Reddit, but the San Francisco-based company won't receive all that money because it still has to pay commissions and other costs associated with the offering. Meanwhile, loyal Reddit moderators are concerned the company could make unwelcome changes to a platform that has been known for its culture of devoted users and volunteers, said Sarah Gilbert, a researcher at Cornell University who studies Reddit and is an expert on online content moderation. Reddit's public debut, while typical for a tech company seeking to raise cash to fuel its expansion, is unusual in that the platform has set aside up to 1.76 million of the 15.3 million shares being offered in the IPO for faithful users and moderators of the platform, who are volunteers. In the company's IPO filing, CEO Steve Huffman noted that the service was built on the efforts of its community, such as moderators and users, and that Reddit wants them to be able to participate in publicly owning the business. Stashing aside millions of shares for users and moderators may not be as generous a gesture as it appears, Gilbert said. Reddit's top users and moderators volunteer hours of their own time to scrub hate speech and other explicit material off the discussion boards so the platform can attract a wide base of users, Gilbert said. "In a sense, now Reddit is asking them to give them their money and maybe [the stock] will make money, but it's asking users to take that risk," she said. The interest surrounding Reddit stems largely from a large audience that religiously visits the service to discuss everything under the sun with varying levels of seriousness, from news and politics to discussions on random topics and casual conversations with like-minded people. Despite its broad reach, Reddit has never turned a profit — piling up losses over the years totaling $717 million. That number has swollen from cumulative losses of $467 million in December 2021, when the company first filed papers to go public before aborting that attempt. With its revived IPO, Reddit will now have the money to finance its ambitions to expand its influence and reel in more revenue in the process. Reddit recently signed a $60 million deal with Google in which posts from Reddit's online discussion boards will be used to train Google's artificial intelligence models. The data-sharing arrangement is significant for Google which is hungry for access to human-written material it can use to train its AI models. Last week, Reddit revealed that federal regulators are now probing its Google for AI training. — The Associated Press contributed to this report.