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February home sales hit strongest pace in a year as mortgage rates ease and more houses hit market 2024-03-21 14:13:09+00:00 - LOS ANGELES (AP) — Sales of previously occupied U.S. homes rose in February from the previous month to the strongest pace in a year with homebuyers encouraged by a modest pullback in mortgage rates and more properties on the market. Existing home sales climbed 9.5% last month from January to a seasonally adjusted annual rate of 4.38 million, the National Association of Realtors said Thursday. That’s the strongest sales pace since February last year and topped the 3.93 million sales pace economists were expecting, according to FactSet. Sales rose on a monthly basis in February for the second month in a row, but fell 3.3% from a year earlier. The pickup in sales helped push up home prices compared with a year earlier for the eighth month in a row. The national median sales price climbed 5.7% from a year earlier to $384,500. That’s the highest median sales price for February on records going back to 1999. While the supply of homes on the market remains below the historical average, the typical increase in homes for sale that happens ahead of the spring homebuying season gave homebuyers a wider selection of properties to choose from. At the end of last month, there were 1.07 million unsold homes on the market, a 5.9% increase from January and up 10.3% from a year earlier. That’s the highest inventory of homes for sale for February since 2020, the NAR said. Even so, the available inventory at the end of last month amounted to a 2.9-month supply, going by the current sales pace. That’s down from a 3-month supply in January, but up from a 2.6-month pace in February last year. In a more balanced market between buyers and sellers, there is a 4- to 6-month supply. “Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, the NAR’s chief economist.

Biden Targets Private Jets in Hunt for Tax Revenue 2024-03-21 13:17:50+00:00 - The Biden administration is looking to the skies for government revenue, scrutinizing corporate jets as it tries to get big companies to pay more in taxes and to crack down on rich tax evaders. From Taylor Swift to Fortune 500 chief executives, private air travel has for years been portrayed to exemplify lavishness and excess, putting it on the radar of Democrats who want to rid the tax code of incentives that promote its use. Companies have long benefited from laws that allow them to write off the cost of jets more quickly than commercial airlines can, and to pay less in fuel taxes. Included in the $5 trillion of tax increases proposed by the White House were plans to target corporate aviation and ramp up scrutiny of executives who use company planes for private trips. President Biden raised the taxation of corporate jets at his State of the Union address this month and at a campaign event in Philadelphia last week as he laid out his ideas to make big companies “pay their fair share.”

Tired of Streaming? Free Blockbuster Libraries Offer an Alternative. 2024-03-21 13:04:18+00:00 - Streaming services have transformed the way we view film and television, leaving us isolated on our couches, subject to the suggestions of an algorithm. But a small group of film buffs with a fondness for physical media are hoping to lure people back into the real world — one abandoned newspaper box at a time. The Free Blockbuster project began in 2019, when Brian Morrison, a film and television producer in Los Angeles, and a former Blockbuster employee, painted the company’s blue-and-yellow logo onto an old box and filled it with DVDs. For many, the brand evokes memories of the trip to the video store with friends or family to browse the shelves and to pick up a film and a bag of popcorn. “There’s a nostalgia attached to it that is resonant for a whole generation,” he said of the nearly obsolete Blockbuster chain, which operated thousands of video rental stores worldwide at its peak in the early 2000s. “It means something to a lot of people.” The Free Blockbuster movement slowly gained traction and eventually, more than 200 other community boxes had opened from Louisiana to Canada and even Britain — though it is unclear how many of them remain operational.

Micro-apartments are back after nearly a century, as need for affordable housing soars 2024-03-21 04:07:08+00:00 - SEATTLE (AP) — Every part of Barbara Peraza-Garcia and her family’s single-room apartment in Seattle has a double or even triple purpose. The 180-square-foot (17-square-meter) room is filled with an air mattress where she, her partner and their children, ages 2 and 4, sleep. It’s also where they play or watch TV. At mealtimes, it becomes their dining room. It’s a tight squeeze for the family of asylum seekers from Venezuela. But at $900 a month —more than $550 less than the average studio in Seattle — the micro-apartment with a bare-bones bathroom and shared kitchen was just within their budget and gave them a quick exit from their previous arrangement sleeping on the floor of a church. Barbara Peraza-Garcia holds her 2-year-old daughter, Frailys, by the kitchenette section of her ‘micro apartment’ while her partner, Franklin Peraza, browses Netflix in Seattle on Monday, March 11, 2024. (AP Photo/Manuel Valdes) “It’s warm. We can cook ourselves. We have a private bathroom. It’s quiet,” said Peraza-Garcia, whose family came to the U.S. to escape crime in Venezuela and so she could access vital medication to combat cysts on her kidney. “We can be here as a family now.” Boarding houses that rented single rooms to low-income, blue-collar or temporary workers were prevalent across the U.S. in the early 1900s. Known as single room occupancy units, or SROs, they started to disappear in the postwar years amid urban renewal efforts and a focus on suburban single-family housing. Now the concept is reappearing — with the trendy name of “micro-apartment” and aimed at a much broader array of residents — as cities buffeted by surging homelessness struggle to make housing more affordable. Barbara Peraza-Garcia looks at a phone while cooking in a communal kitchen while her partner, Franklin Peraza holds their daughter, Frailys, in a 'micro apartment' building in Seattle on Monday, March 11, 2024. (AP Photo/Manuel Valdes) Javier Chirinos Mendoza takes out a garbage bag from the communal kitchen in a 'micro apartment' building in Seattle on Monday, March 11, 2024. (AP Photo/Manuel Valdes) “If you’re a single person and you want a low-cost place to live, that’s as cheap as you’re going to get without trying to find a subsidized apartment,” said Dan Bertolet, senior director of housing and urbanism for the non-profit research center Sightline Institute. The Pacific Northwest is a leader in the resurgence of this form of affordable housing. Oregon last year passed a bill opening the door for micro-apartments and Washington state lawmakers this year did the same, starting to clear red tape that for years has limited construction of the tiny units, which are about a third the size of an average studio apartment. The Washington bill, which was signed this week by Democratic Gov. Jay Inslee after receiving nearly unanimous support in the Legislature, would require most cities to allow micro-apartments in residential buildings with at least six units, according to the Department of Commerce. It takes effect in late 2025. The legislation is an effort to counteract skyrocketing housing prices and, in the Seattle area, one of the nation’s highest rates of homelessness, as well as a critical housing shortage. An airplane flies above an open space between two wings of a ‘micro apartment’ building in Seattle on Monday, March 11, 2024. (AP Photo/Manuel Valdes) Extremely low-income renters — those below federal poverty guidelines or earning 30% of the area median income — face a shortage of 7.3 million affordable rental homes, according to a National Low Income Housing Coalition report published last week. Such households account for 11 million — or nearly one-quarter — of renters nationwide, the report said. Rep. Mia Gregerson, who sponsored Washington’s bill, said she predicts the measure will lead to thousands of units being built in her state, providing unsubsidized affordable housing to everyone from young people getting their first apartment and elderly people downsizing to those coming out of physical or mental health treatment. “Government can’t close that gap all by itself, it has to have for-profit, market-rate housing built all at the same time,” said Gregerson, a Democrat. The U.S. lost hundreds of thousands of SROs in the last half of the 20th century as associations with poverty and substandard accommodation sparked restrictive zoning laws. Some cities outlawed their construction altogether — a loss some housing experts say helped contribute to the homelessness crisis. Facing that crisis and a critical housing shortage, cities and states across the nation are now shifting their stance. A person looks out the window as others walk by an affordable housing building run by Central City Concern, a Portland-based homeless services nonprofit, on Friday, March 15, 2024, in Portland, Ore. (AP Photo/Jenny Kane) An empty bedroom is seen in an affordable housing building run by Central City Concern, a Portland-based homeless services nonprofit, on Friday, March 15, 2024, in Portland, Ore. (AP Photo/Jenny Kane) Shared showers are seen in the Starlight affordable housing building, which is run by Central City Concern, a Portland-based homeless services nonprofit, on Friday, March 15, 2024, in Portland, Ore. (AP Photo/Jenny Kane) Sarah Holland, senior director of supportive housing and employment at Central City Concern, a Portland-based homeless services nonprofit, looks out the window after walking by a shared bathroom at one of their affordable housing properties on Friday, March 15, 2024, in Portland, Ore. (AP Photo/Jenny Kane) In December, as her state grappled with a massive influx of migrants, New York Gov. Kathy Hochul announced a $50 million program aimed at repairing and renovating 500 SROs across the state. New York City lost at least 70,000 such units between the early 20th century and 2014, according to a report from New York University’s Furman Center. But there is concern that this type of affordable housing is not an ideal fit for an especially vulnerable group — families. There are more than 3,800 unhoused families with children in the Seattle area, among the highest in the nation, according to the U.S. Department of Housing and Urban Development 2023 one-night count. A resident walks down the stairs at an affordable housing property run by Central City Concern, a Portland-based homeless services nonprofit, on Friday, March 15, 2024, in Portland, Ore. (AP Photo/Jenny Kane) Cities need to focus on building affordable housing that also includes larger units, such as studios and one-bedroom apartments, said Marisa Zapata, a land-use planning professor at Portland State University. “My biggest concern is that we will see them as the solution and not do right by our community members by building the housing that people want,” she said of micro-apartments. The bill passed by Oregon lawmakers last year requires local governments to allow single room occupancy units in areas zoned for residential use. The provision took effect Jan. 1. Central City Concern, a Portland-based homeless services nonprofit, leases more than 1,000 SRO units — both subsidized and not — to people who are considered extremely low income. It helps people struggling to access housing due to things like eviction histories and poor credit scores. With a view of Portland, Ore., in the background, Cheyenne Welbourne walks in the common room at The Starlight affordable housing building that is run by Central City Concern, a Portland-based homeless services nonprofit, on Friday, March 15, 2024. (AP Photo/Jenny Kane) The units have a median rent of $550 a month, making them a “vital option” for people exiting homelessness or living on fixed incomes, such as those with disabilities, said Sarah Holland, senior director of supportive housing and employment. Over 80% of tenants were formerly homeless, she said, and some have been living in their units for 30 years. “As costs continue to escalate in Portland, it gives them the chance to stay in their home,” she said. Cheyenne Welbourne moved into one of the nonprofit’s micro-apartments in downtown Portland last March after years of living on the streets. The room, which has a curtained-off toilet and sink, is just big enough to fit a single bed, a chair and a TV. But to him, it’s a treasured home that he’s decorated with colorful lights, potted plants and action figures. He uses the small kitchenette, which features an induction cooktop, for making the tea he loves to drink. Cheyenne Welbourne is seen standing at his micro-apartment’s kitchenette in the Starlight affordable housing building that is run by Central City Concern, a Portland-based homeless services nonprofit, on Friday, March 15, 2024, in Portland, Ore. Welbourne moved into one of the nonprofit’s single room occupancy units in downtown Portland last March after years of living on the streets. (AP Photo/Jenny Kane) “All I had was just me and my backpack, and that’s it,” he said. “I was just happy to be in here and that I didn’t have to spend another winter out there.” “I just want a home, you know? A nice home, a decent home.” Cheyenne Welbourne speaks during an interview at The Starlight affordable housing building that is run by Central City Concern, a Portland-based homeless services nonprofit, on Friday, March 15, 2024, in Portland, Ore. (AP Photo/Jenny Kane) Some experts hope the Pacific Northwest will inspire more states to take similar steps. “The alternatives are ... people being in shelters, people being on the street, people being doubled, tripled, quadrupled up,” said Vicki Been, faculty director at New York University’s Furman Center and a law professor. For Peraza-Garcia’s family in Seattle, the tight squeeze is worth it to be in the same complex as their cousins and walking distance of grocery stores, a park and preschools. They plan to spend the next year in the micro-apartment and then move to a bigger place if they can get good-paying jobs. “We’re happy because we’re here in a quiet place where we can be together as a family,” she said. Barbara Peraza-Garcia holds her 2-year-old daughter, Frailys, while her partner Franklin Peraza sits on their bed in their ‘micro apartment’ in Seattle on Monday, March 11, 2024. (AP Photo/Manuel Valdes) ____ Associated Press reporter Manuel Valdes in Seattle contributed to this report.

Pfizer offloads $3.9 billion stake in Sensodyne-maker Haleon 2024-03-19 19:24:00+00:00 - (Reuters) - Haleon said on Tuesday top shareholder Pfizer offloaded a roughly $3.9 billion stake in the consumer healthcare firm, bringing down its holding in the British company to 22.6%. Pfizer previously held a 32% stake, followed by second-largest shareholder GSK which has a 4.2% holding. WHY IT'S IMPORTANT This is Pfizer's first stake sale in Haleon since the company was spun off from GSK and listed in 2022 - three years after its formation by combing the pharma giants' consumer healthcare units. Pfizer said last year it planned to cut its ownership in a "slow and methodical" manner within months. Meanwhile, GSK, which initially held a 12.9% stake, has sold it down over the last year, with the last sale in January. BY THE NUMBERS Pfizer sold 594 million shares at a price of 3.08 pounds apiece and about 196.5 million American Depository Shares (ADS) at $7.85 each, which add up to roughly $3.9 billion. This is higher than the 630 million share sale Haleon had disclosed on Monday. The maker of Sensodyne toothpaste and Advil painkillers said it would also repurchase 315 million pounds worth of shares from Pfizer off-market. WHAT'S NEXT The stake sale and the buyback is expected to close on March 21 and Pfizer's shares will be subject to a 90-day lock-up period, in connection with the sale. ($1 = 0.7872 pounds) (Reporting by Eva Mathews in Bengaluru; Editing by Saumyadeb Chakrabarty)

Great News for Micron Technology Stock Investors 2024-03-19 18:15:00+00:00 - Fool.com contributor Parkev Tatevosian discusses excellent developments for Micron Technology (NASDAQ: MU) stock investors. *Stock prices used were the afternoon prices of March 15, 2024. The video was published on March 17, 2024. Should you invest $1,000 in Micron Technology right now? Before you buy stock in Micron Technology, 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 Micron Technology 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 18, 2024 Parkev Tatevosian, CFA has 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. 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. Great News for Micron Technology Stock Investors was originally published by The Motley Fool

Bitcoin slides 5% as inflows into ETFs slow 2024-03-19 17:27:00+00:00 - (Reuters) — Bitcoin fell by as much as 5.7% on Tuesday, on track for its largest one-day drop in two weeks, as a wave of selling hit cryptocurrencies and other risk assets, such as stocks. The price was last down 4.2% at $64,550, having dropped to a two-week low of $63,555, while ether fell 4.4% to $3,355. Bitcoin is still showing a 52% gain for the year so far, as investors have piled into U.S. exchange-traded funds backed by spot bitcoin. The price hit a record high of nearly $74,000 on Thursday last week, which has triggered some profit-taking, along with a series of U.S. data releases that suggested the Federal Reserve may not cut interest rates this year as much as previously thought. In the last week, bitcoin has fallen by nearly 9%, set for its largest week-on-week decline since last September, while ether has lost 13% following an upgrade to the underlying ethereum network. But performance has not been as weak across the broader crypto complex. Smaller tokens, known also as "altcoins", have drawn in flows of their own. The solana network's sol token has gained 19% in the latest week, while avalanche's avax coin has risen by 17%, according to Coingecko. "In light of bitcoin's recent all-time high and subsequent correction, we anticipate a period of market recalibration as investors seek equilibrium amidst unprecedented inflows into spot bitcoin ETFs," analysts at exchange Bitfinex said in a note. Flows of capital into the 10 largest bitcoin ETFs have slowed over the past few days. According to LSEG data, $178 billion flowed into the major ETFs on Monday, compared with well over $400 billion on a number of days last week. (Reporting by Amanda Cooper and Rae Wee; Editing by Harry Robertson and Christina Fincher)

Massive News for SoundHound AI Stock Investors 2024-03-19 17:17:00+00:00 - In this video, I will talk about SoundHound AI's (NASDAQ: SOUN) recent announcement they made during Nvidia GTC, a global artificial intelligence conference for developers. *Stock prices used were from the trading day of March 18, 2024. The video was published on March 18, 2024. 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 18, 2024 Neil Rozenbaum 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. Neil 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. Massive News for SoundHound AI Stock Investors was originally published by The Motley Fool

These 3 Companies Have Collectively Repurchased $1.07 Trillion of Their Own Stock Since the Start of 2013 2024-03-19 17:06:00+00:00 - In case you haven't noticed, the bulls are running wild on Wall Street. Following a challenging year in 2022, which saw all three major stock indexes plunge into respective bear markets, the ageless Dow Jones Industrial Average, benchmark S&P 500, and innovation-driven Nasdaq Composite have all launched to new all-time highs in 2024. There isn't just one factor that can be pointed to as the fuel for Wall Street's epic rally. Rather, it's a confluence of factors that includes a strong U.S. economy, better-than-expected corporate earnings, the emergence of artificial intelligence (AI) as a next-big-thing trend, and a historically robust level of share repurchase activity. Image source: Getty Images. Although aggregate corporate share buybacks in 2023 fell from the record levels observed during the 2022 bear market, the $787.3 billion S&P 500 companies collectively spent on share repurchases on a trailing-12-month basis, as of Sept. 30, 2023, remains well above the historic average. The reason public companies enact share repurchase programs is threefold: For companies with steady or growing net income, a steady reduction in the number of outstanding shares can increase earnings per share (EPS) over time. In other words, it can make a company appear more fundamentally attractive to investors. When a public company retires shares of its common stock, the ownership stakes of existing/long-term shareholders can increase over time. This encourages investors to have a long-term mindset. It's a way for a company's board of directors to demonstrate faith in a company's long-term growth strategy. While more than 56% of S&P 500 companies repurchased at least $5 million worth of their own stock during the September-ended quarter, there are a few companies that are step above the rest when it comes to buybacks. Since 2013, the following three widely owned companies have collectively repurchased $1.07 trillion worth of their own stock. Story continues Apple: $651 billion in share repurchases since 2013 When it comes to share repurchases, it's fair to say that tech stock Apple (NASDAQ: AAPL) is in a class of its own. Since initiating a share buyback program in 2013, the company has bought back about $651 billion worth of its common stock. To put this into context, there are only eight companies in the S&P 500, excluding Apple, with a market cap above $651 billion. Apple could have comfortably purchased 491 of the other 499 S&P 500 companies with the amount of money it's spent buying back its stock. There are a couple of reasons Apple has an abundance of cash to repurchase its stock. To start with, it's a trusted brand with an exceptionally loyal following. A survey conducted by SellCell.com in March 2021 of more than 2,000 iPhone users found that nearly 92% had no intention of switching smartphone brands with their next purchase. Innovation is the other big reason Apple has been nothing short of a cash cow. Domestically, Apple's iPhone has accounted for 50% or more of smartphone market share since becoming 5G-capable in 2020. However, Apple's future rests with innovation beyond the physical realm. Specifically, CEO Tim Cook has been emphasizing a shift toward subscription services. A subscription-driven operating model should steadily lift the company's operating margin, help smooth out some of the revenue lumpiness associated with physical product upgrade cycles, and can further enhance the benefits of the Apple product and service ecosystem. While reducing its outstanding share count by 41% since 2013 has provided a lift to Apple's EPS, investors should remain diligent about digging beneath the surface when analyzing the company's growth trends. For instance, even though Apple's adjusted EPS ticked higher by $0.02 per share in fiscal 2023 (ended in September), the company's net income fell by $2.8 billion to $97 billion for the year. For the moment, Apple's buybacks are helping to partially mask a stalling of its growth engine. Image source: Getty Images. Alphabet: $240 billion in share repurchases since 2015 Another S&P 500 component that's turned on the proverbial jets in the buyback department in recent years is Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG), the parent of internet search engine Google, social media site YouTube, and autonomous driving company Waymo, among other ventures. Since initiating a share repurchase program in 2015, Alphabet's stock buybacks have grown with each passing year. The $61.5 billion spent repurchasing its stock in 2023 increased its aggregate buybacks over roughly eight years to $240 billion. Alphabet has spent enough on buybacks that it could have purchased all but 28 companies within the S&P 500, not counting itself. If you're wondering what's made Alphabet such a success for so long, look no further than its virtual monopoly, Google. Data from GlobalStats shows that Google has accounted for at least a 90% monthly share of global internet search dating back almost nine years. It's the obvious go-to for businesses wanting to target their message(s) to users. As a result, Google tends to enjoy premium ad-pricing power in most economic climates. However, the lion's share of Alphabet's cash flow growth moving forward may well come from Google Cloud. As of the September-ended quarter, Google Cloud was the world's No. 3 cloud infrastructure service provider, with an estimated 10% share of enterprise cloud spending. More importantly, this segment generated a full-year profit in 2023 after many years of losses. Cloud services tend to produce considerably higher margins than advertising. As Alphabet's outstanding share count continues to shrink, the company's sales and net income are climbing. This is a recipe for EPS growth to outpace sales growth for the foreseeable future. Microsoft: $183 billion in share repurchases since 2013 The third juggernaut that's been putting the pedal to the medal in the buyback department for more than a decade is Microsoft (NASDAQ: MSFT). Though I've arbitrarily cut off the start date at 2013, Microsoft has been repurchasing its stock for even longer than Apple. Since 2013, it's collectively retired around $183 billion worth of its common stock. Not including itself, Microsoft has spent more on buybacks since the beginning of 2013 than the market caps of all but 41 S&P 500 companies. Microsoft's continued outperformance is a function of it seamlessly blending its legacy operations with a handful of high-growth initiatives. For example, it's no secret that the growth heyday for Windows and Office have long since passed. Nevertheless, Windows still holds a 72% share of desktop operating systems worldwide. This is an exceptionally high-margin segment that generates abundant cash flow, which allows Microsoft to aggressively invest in higher-growth initiatives. With regard to "high-growth initiatives," I'm primarily talking about cloud services and AI. Cloud infrastructure service platform Azure is the world's No. 2 provider in terms of enterprise spending. Meanwhile, Microsoft has invested billions into OpenAI, the company behind popular chatbot ChatGPT, and recently unveiled its Maia AI chip to help power its own Azure data centers. The cloud and AI can help Microsoft sustain a double-digit sales growth rate. Microsoft also has what might be the most pristine balance sheet on the planet. It's one of only two publicly traded companies to receive the highest possible credit rating (AAA) from Standard & Poor's. Microsoft closed out calendar year 2023 with $81 billion in cash, cash equivalents, and short-term investments, and it's generated nearly $103 billion in operating cash flow over the trailing-12-month period. This cash allows Microsoft to innovate, make acquisitions, buy back copious amounts of its own stock, and comfortably pay out the largest nominal-dollar dividend among publicly traded companies in the U.S. Should you invest $1,000 in Apple right now? Before you buy stock in Apple, 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 Apple 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 18, 2024 Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Sean Williams has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, Apple, and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy. These 3 Companies Have Collectively Repurchased $1.07 Trillion of Their Own Stock Since the Start of 2013 was originally published by The Motley Fool

Prediction: Alphabet Stock Will Take Off Again... and Here's Why. 2024-03-19 16:49:00+00:00 - There is an answer for investors who fear they missed out on the big rally in technology stocks. After strong 2023 returns, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) stock has underperformed the tech-heavy Nasdaq Composite index so far this year. Shares of Google's parent company are up about 1% in 2024 while the index has returned nearly 7%. But with businesses including the leading online search engine, a growing YouTube social media platform, and one of the top three cloud computing platforms, Alphabet stock could be ready to take off again. Artificial intelligence (AI) and cloud computing Alphabet still gets most of its revenue from advertising, and an online advertising slowdown has soured investors on the company's stock. Google advertising revenue declined by more than 10% in fourth quarter of 2023 year over year. But Alphabet's cloud segment is growing and has increased its revenue share for the past several years. Google Cloud contributed nearly 11% of Alphabet's sales in 2023, compared to just 4.3% in 2018. Data Source: Statista Investors seem to think it is falling behind in the race to monetize artificial intelligence (AI) solutions, though. The company famously muddled the introduction of its Gemini AI model. But even if Alphabet is losing the sprint for a successful generative AI offering, it could be a winner in the AI marathon. That's because cloud users are integrating AI tools to modernize their businesses. The integration of AI will require more and more computing power. That's evident in the exploding revenue Nvidia has been reporting from sales of its H100 graphics processing units (GPUs). What's important for Alphabet, and specifically Google Cloud, is that AI is intensifying the adoption of cloud computing. Tim Potter, a principal at Deloitte Consulting, noted that "Most AI solutions are either services offered directly by cloud hyperscalers or solutions built on top of a hyperscaler's cloud infrastructure." Story continues That's good news for leading cloud providers like Alphabet and should help to meaningfully drive its business going forward. Should you invest $1,000 in Alphabet right now? Before you buy stock in Alphabet, 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 Alphabet 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 18, 2024 Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Howard Smith has positions in Alphabet and Nvidia. The Motley Fool has positions in and recommends Alphabet and Nvidia. The Motley Fool has a disclosure policy. Prediction: Alphabet Stock Will Take Off Again... and Here's Why. was originally published by The Motley Fool

Prediction: Palantir Will be Added to the S&P 500 This Year. Here's Why. 2024-03-19 16:27:00+00:00 - How is Palantir Technologies (NYSE: PLTR) not already part of the S&P 500? It's a question many investors might be asking right now. Let's dig into what's going on, and why 2024 could be the year the company joins the benchmark index. Why isn't Palantir part of the S&P 500? First things first: Palantir is an artificial intelligence (AI) and data analysis company. Its software helps organizations sift through large amounts of data and discover patterns that lead to improved outcomes and greater efficiencies. Its stock debuted via an initial public offering (IPO) in 2020. Since then, the company's market cap has grown to $53 billion, making it the 355-largest American company (as measured by market cap). The S&P 500 is comprised of the 500 largest American companies by market cap with its stock listing on either the New York Stock Exchange or the Nasdaq. Other caveats for inclusion include a minimum $13.1 billion market cap, it has to have a certain minimum of shares available to trade, and the company must have positive reported earnings in the most recent quarter as well as on a trailing 12-month basis. Until recently, Palantir didn't qualify, as it was unprofitable. In its most recent quarter, however, this changed. The company is now profitable, both in its recent quarter and over the last year. So what's the holdup? Palantir is likely to be added -- eventually. The list is only updated quarterly, so it could be a matter of timing. There is also a matter of stability being considered. Selectors want to be sure this recent performance isn't an anomaly. The company's soaring revenue shows that continued profitability is highly likely. A bar chart showing Palantir's revenue by segment. To sum up, Palantir is a fast-growing data analysis company valued at over $53 billion. While it is still early in its business life cycle, it's now profitable, making it eligible for inclusion in the S&P 500. That addition is likely to happen by the end of this year, which could provide a boost to the company's already soaring stock. Story continues Should you invest $1,000 in Palantir Technologies right now? Before you buy stock in Palantir Technologies, 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 Palantir Technologies 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 18, 2024 Jake Lerch has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Palantir Technologies. The Motley Fool recommends Nasdaq. The Motley Fool has a disclosure policy. Prediction: Palantir Will be Added to the S&P 500 This Year. Here's Why. was originally published by The Motley Fool

Japan’s Labor Market Has a Lesson for the Fed: Women Can Surprise You 2024-03-19 15:27:44+00:00 - Japan’s economy has rocketed into the headlines this year as inflation returns for the first time in decades, workers win wage gains and the Bank of Japan raises interest rates for the first time in 17 years. But there’s another, longer-running trend happening in the Japanese economy that could prove interesting for American policymakers: Female employment has been steadily rising. Working-age Japanese women have been joining the labor market for years, a trend that has continued strongly in recent months as a tight labor market prods companies to work to attract new employees. The jump in female participation has happened partly by design. Since about 2013, the Japanese government has tried to make both public policies and corporate culture more friendly to women in the work force. The goal was to attract a new source of talent at a time when the world’s fourth-largest economy faces an aging and shrinking labor market.

RFK Jr. Backs GOP Lawsuits Against Biden Over Social Media Censorship: 'Once The Government Gets Involved…We Have A First Amendment Problem' 2024-03-19 10:40:00+00:00 - Loading... Loading... Independent presidential candidate Robert F. Kennedy Jr. has thrown his support behind lawsuits against the Biden administration over social media censorship. He also accused the administration of attempting to censor his own social media posts. What Happened: Kennedy, in an interview with NewsNation, voiced his opposition to government intervention in social media. He expressed his belief that social media platforms should be allowed to self-regulate, without government interference. "I don't think the government should be involved." “Social media sites are welcome to have programs or processes or community rules with a consensus, but once the government gets involved and the First Amendment is implicated, things get out of hand.” Kennedy, who had his social media accounts restricted in January 2021 for spreading misinformation about the COVID-19 vaccine, also mentioned his own lawsuit against the White House over censorship. See Also: Mark Cuban Points To Musk’s X In Push For Open Algorithms, Aiming To Safeguard Kids Amid TikTok Ban Concerns "Social media sites ought to be able to police their sites to take off kiddie porn to take off, advocates of violence or racism or whatever," he said. "Once the government gets involved and tells them what to do, then you know, we have a First Amendment problem." These cases, brought by the states of Louisiana and Missouri, allege that the Biden administration illegally pressured social media companies to censor accounts spreading COVID-19 misinformation. Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox. The Supreme Court is waiting for the outcome of this case before making a decision on the two cases it heard on Tuesday. Why It Matters: The issue of social media regulation has been a contentious one, with tech leaders and politicians weighing in on the potential consequences of government intervention. TikTok CEO Shou Zi Chew warned that a U.S. ban on the platform could have severe economic repercussions, potentially putting over 300,000 jobs at risk. Loading... Loading... However, some, like venture capitalists Paul Graham and Mark Cuban have supported the ban, citing China’s opposition as further evidence in favor of the bill. Meanwhile, former President Donald Trump’s stance on the issue has also been a subject of interest, with some suggesting that his opposition to the ban could be linked to potential benefits for Meta Platforms Inc. Trump's views align with Deepwater Asset Management's Gene Munster, who thinks it's a "small amount of good news" for Mark Zuckerberg's company. Check out more of Benzinga's Consumer Tech coverage by following this link. Read Next: Elon Musk Reacts After Ex-CNN Anchor Allegedly Demanded Tesla Cybertruck, $5M Cash, Stake In X And Much More To Host His Show On X Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Photo courtesy: Shutterstock

Ross Gerber Says 'Apple Using Google AI (Which Still Sucks) On iPhones In A Sad Admission They Missed Another Boat' - Alphabet (NASDAQ:GOOG), Apple (NASDAQ:AAPL) 2024-03-19 10:33:00+00:00 - Loading... Loading... Tesla investor Ross Gerber on Monday criticized Apple Inc.’s AAPL reported deal with Google GOOGL GOOG. What Happened: Gerber said the deal is a “sad admission” of missed opportunities, while commenting on the robust performance of tech stocks in the early trading hours. “Stocks pop on AI dreams of a massive upgrade in technology. Google and Nvidia on fire this morning. Apple using Google AI (which still sucks) on iPhones in a sad admission they missed another boat,” Gerber wrote. Apple is reportedly in discussions with Google to license Gemini, a set of generative AI models, to power new iPhone software features. This potential deal would build on the existing search partnership between the two tech giants. See Also: Bitcoin, Ethereum, Dogecoin Surge Amid Selling Pressure Over The Weekend: Analyst Says King Crypto To Reach $100K-$150K Post Halving In April Why It Matters: The potential deal has been a topic of interest in the tech industry. Deepwater Asset Management’s managing partner Gene Munster believes that this deal could position Apple as a leader in personalized AI. On the other hand, billionaire investor Chamath Palihapitiya has suggested that Apple’s move to license generative AI models from Google and OpenAI could indicate a shift in the company’s approach to AI. Loading... Loading... Wedbush’s Dan Ives has also highlighted the potential partnership between Apple and Google as a crucial element in Apple's AI strategy, which could significantly enhance the company's AI capabilities. Price Action: Despite pessimism from Gerber, Apple stock closed 0.64% higher at $173.72, according to data from Benzinga Pro. Read Next: Bitcoin, Ethereum, Dogecoin Trade Mixed Amid Wider Correction: Analyst Predicts King Crypto Could Rally To $160K Based On A Technical Indicator Image via Shutterstock Engineered by Benzinga Neuro, Edited by Pooja Rajkumari The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Bentley delays all-EV plan amid changing market conditions, vehicle development challenges 2024-03-19 10:26:00+00:00 - Bentley Motors is pushing back its plans to exclusively offer all-electric vehicles by the end of this decade due to changing market conditions and a delay in its first EV. CEO Adrian Hallmark said the famed British luxury carmaker remains committed to carbon neutrality and exclusively offering EVs, but it now plans to do so a couple of years later. Bentley will continue offering plug-in hybrids alongside BEVs, or battery electric vehicles, past its previous target of 2030, Hallmark said. "Whether we deliver all the BEVs by 2031 or not, we still may have some hybrids that we wouldn't have had post-2030," he said during a media briefing. "But not for 10 years, maybe just for a couple of years as we run them out." Bentley is among a growing number of automakers to change, delay or cancel ambitious EV plans as global adoption grows slower than many expected. Bentley's first EV was expected to be released next year, followed by one new all-electric model each year as part of a plan to invest $3.4 billion by 2030. The company now expects its first EV to be released in 2026, pushing back the release of the subsequent vehicles as well.

KOSPET's First GPS Rugged Military Smartwatch will be unveiled at Global Sources Mobile Electronics 2024 2024-03-19 10:17:00+00:00 - Loading... Loading... HONG KONG, March 18, 2024 /PRNewswire/ -- KOSPET, an industry leader in rugged outdoor smartwatches with military-grade toughness, announces our participation in the Global Sources Mobile Electronics Show to take place from April 18th to 21st, 2024 in Hong Kong. We look very much forward to offering a sneak peek of 4 pioneering smartwatches from KOSPET Rugged Series. during the world's biggest export-oriented electronics sourcing fair. KOSPET will have exhibited at the trade show in two consecutive years, followed by our spectacular presence at CES 2023. To further expand KOSPET on the global stage and have more face-to-face communications with our customers and agents, we are scheduled to attend the Mobile World Congress (MWC), Internationale Funkausstellung Berlin (IFA), and other major consumer electronics trade shows worldwide. Come and Join Us at: Booth No.: 7M18 Time: April 18 - 21, 2024 Address: AsiaWorld-Expo • Hong Kong About Global Sources Mobile Electronics Show Global Sources Mobile Electronics, the world's largest export-centered electronics sourcing trade show, features over 3,100 booths offering a whole host of industry innovations, which cover 9 major product categories including smart wearables, TWS, AR/VR, energy storage, solar energy, and charging stations — all in high demand for the world's buyers. Aside from their diversity, what these products share in common is strong branding, intelligence, and innovative design. Introducing 4 New Rugged Masterpieces KOSPET TANK M3 and TANK T3 smartwatches, in the main, are the upgraded models of their previous generations — KOSPET TANK M2 and TANK T2.KOSPET TANK M3 adopts a 1.96-inch HD AMOLED with always-on display, the largest display yet applied to a KOSPET smartwatch. KOSPET TANK T3 boasts its large-capacity battery with a 500 mAh rated value, possessing the endurance to help you attain your goals for weeks before another charging boost. Other common remarkable features include: 15 U.S. MIL-STD-810H Certifications Supercharged by Dual-core CPU Actions ® ATS3085L ATS3085L 5 ATM & IP69K (Dive-proof) Water-resistance SWOLF Swimming Efficiency Test 170+ Sports Modes & Smart Recognition of 6 Sports Movements Full-metal Unibody & Corning® Gorilla® Glass Screen KOSPET TANK M3 ULTRA and TANK T3 ULTRA. meanwhile, prepare the ground for more challenging outdoor adventures, with key revolutionary highlights such as: Dual-band & 6 Satellite Positioning Systems Stainless Steel Unibody & Corning ® Gorilla ® Glass Screen Gorilla Glass Screen 15 U.S. MIL-STD-810H Certifications & Passed 28 Reliable Internal Tests Air Pressure and Altitude Measurements & Built-in Compass 170+ Sports Modes & Smart Recognition of 6 Sports Movements 5 ATM & IP69K (Dive-proof) Water-resistance More specifically, KOSPET TANK M3 ULTRA and TANK T3 ULTRA pick up L1 and L5 satellite signals for accurate dual-band GPS tracking, complementing their support for 6 satellite positioning systems for reliable coverage. Such cutting-edge technology enables both smartwatches to easily copes with complex environments – from the dense concrete jungle, to trails that twist and turn. All four innovations by KOSPET come with elaborate water-resistant design that assists you to plunge into the underwater world for up to 50 meters, together with around-the-clock health monitoring thanks to enhanced power of VP60 bio-tracking optical sensor found in the four smart wearables. Loading... Loading... About KOSPET Founded in 2018, KOSPET is a technology brand specializing in rugged outdoor smartwatches with military-grade toughness. At KOSPET, we envision the promising future of smart wearables. We leverage advanced technologies to craft smart devices that benefit our everyday lives, and outdoor sports and explorations. From the first-ever 4G Android smartwatch released by KOSPET, to the industry-first rugged smart band and rugged smartwatch for women, every single piece of KOSPET's ever-refined products is the embodiment of our relentless efforts in incorporating leading hardware technology in pioneering product design. With the unveiling of KOSPET TANK M3, TANK T3, TANK M3 ULTRA and TANK T3 ULTRA, we strive to help all KOSPET users stay further connected to their lives, and arm them with durable and capable smartwatches to power through the most extreme environments. Looking ahead, KOSPET aims to trailblaze in the pinnacle of tech and design, engineer more easy-to-use, full-featured, and insightful products. Media Contact Brand Name: KOSPET Phone Number: +1(507)668-8466 Email: official@kospet.com Official Website: https://kospet.com SOURCE KOSPET

Solo.io to Accelerate Digital Transformation Initiatives in the Enterprise with Exclusive Service Mesh Enhancement 2024-03-19 09:57:00+00:00 - Loading... Loading... PARIS, March 19, 2024 (GLOBE NEWSWIRE) -- KubeCon + CloudNativeCon Europe 2024 -- Solo.io, a leading cloud-native application networking company, today announced the release of Istio OSS 121 with a new ‘ambient mode' enabled for Amazon Elastic Kubernetes Service (Amazon EKS) from Amazon Web Services (AWS). This release fast-tracks enterprise service-mesh adoption while delivering remarkable cost savings of up to 80% for existing Istio users. "Solo.io's implementation of Istio with its new ambient mode represents a pivotal moment in the evolution of enterprise networking," said Idit Levine, founder and CEO of Solo.io. "By enabling sidecarless deployments of Istio, we're able to deliver greater simplicity, efficiency, and cost savings to Amazon EKS, AWS Lambda, and Amazon EKS Anywhere users, we're empowering organizations to accelerate their digital transformation journey. And by working with AWS, Solo's potential customer base has grown exponentially." Rajay Rai, CIO at Trust Bank, shared: "Istio's ambient mode has enhanced our approach to security, lowered compute cost and reduced complexity on Amazon EKS. These are key advantages for our fully containerized bank." Also available within Solo.io's Gloo Mesh, Istio's new ambient mode represents the cutting-edge data plane architecture within Istio free from the constraint of traditional, resource-intensive sidecars. This groundbreaking innovation originated from collaborative contributions by Solo.io and the Istio community. The ability to deploy without sidecars presents a significant advantage, as it offers enhanced security, comprehensive monitoring, and advanced observability. In addition, users can significantly reduce the complexities and costs of deploying and maintaining upstream open-source service mesh by up to 80%. This approach is particularly beneficial for customers seeking to expedite their workload migration to microservices, as it simplifies and accelerates the adoption of Amazon EKS at scale. By combining efficient, cost-effective resource utilization with streamlined deployment processes, organizations can leverage Amazon EKS more effectively to accelerate cloud digital transformation initiatives. Key benefits of ambient mode in Istio include: Tailored performance: Ensures exceptional performance across all configurations with tailored deployment choices for Layer 4 (L4) and Layer 7 (L7). Ensures exceptional performance across all configurations with tailored deployment choices for Layer 4 (L4) and Layer 7 (L7). Cost and operational optimization: Enhances control over proxy technology deployment to help manage resource costs and operational expenses. Enhances control over proxy technology deployment to help manage resource costs and operational expenses. Flexible sidecar deployment: Allows customers to choose the architecture that aligns best with their specific application needs. Allows customers to choose the architecture that aligns best with their specific application needs. Zero-trust security: Maintains a high level of security for both the traditional sidecar approach and sidecar-less architecture. Maintains a high level of security for both the traditional sidecar approach and sidecar-less architecture. Unified control plane (istiod): Simplifies operations and scaling efforts with a well-defined Istio control plane, known as istiod, across all clusters and multi-cloud setups. Simplifies operations and scaling efforts with a well-defined Istio control plane, known as istiod, across all clusters and multi-cloud setups. Proven open source excellence: Builds on the solid foundation of open-source Istio technology. For more quotes and to learn more about the benefits of running ambient mode in Istio on Amazon EKS, read the release blog. Join Solo.io at KubeCon Solo.io is attending KubeCon + CloudNativeCon Europe 2024 in Paris, France as a Platinum sponsor and the team will present at six sessions. Solo.io is also attending Cilium + eBPF Day on March 19th as a Diamond sponsor, with a keynote by Idit Levine, and BackstageCon on March 19th as a Gold sponsor. Visit the Solo.io team at booth E3 in the Solutions Showcase to learn more and see a demo. For more information visit: https://www.solo.io/events/kubecon/. Resources Solo.io Website Solo.io on X Solo.io on LinkedIn Loading... Loading... About Solo.io Solo.io is a trusted partner to hundreds of companies around the world, providing industry-leading cloud-native API gateway, management, and service mesh. Solo.io provides solutions helping companies to secure, scale, and simplify their application networking. Companies use Solo.io to deliver modern applications faster, and across any cloud infrastructure. Solo.io is shaping the future of cloud-native computing. To learn more and see the solutions in action, visit www.solo.io. Media Contact Erica Anderson Offleash PR for Solo.io solo@offleashpr.com

Starlizard Integrity Services identifies 167 suspicious football matches played globally in 2023 2024-03-19 09:56:00+00:00 - Loading... Loading... New report analyses over 65,000 games in national and international competitions, as well as non-competitive matches. LONDON, March 19, 2024 /CNW/ -- Sports integrity specialists Starlizard Integrity Services (SIS) have identified 167 football matches played around the world in 2023 as suspicious. In a major study, covering more than 65,000 football matches, SIS found that 167 (0.26%) showed indicators of potential manipulation. This represents an increase of 16% on the number identified in 2022 (144), although SIS analysed more matches in 2023, which means the percentage of suspicious matches decreased from 0.39% in 2022 to 0.26% in 2023. The SIS 2023 data revealed that: 69 of the matches assessed as suspicious (41.3%) were played in the UEFA (European) region. However, this represents only 0.18% of the total UEFA region matches analysed – below the overall global percentage of 0.26%. The AFC (Asian) region saw the highest regional percentage of suspicious matches at 0.47%, although 0.52% of all international matches analysed were also assessed as suspicious. Just under half (49.7%) of all suspicious matches identified in 2023 were played in domestic leagues below the top leagues. Top-level leagues themselves were not immune, with just over a quarter (25.2%) of all suspicious matches identified being in this category. The risks to club friendly and youth matches are disproportionately high, accounting for 10.8% and 6% of the suspicious matches respectively, despite representing just 2.9% and 3.5% of all the games analysed in 2023. Whilst Full-Time betting markets still dominate suspicious betting activity, there has been a significant rise in suspicious betting on First-Half Only markets. Of the 167 matches identified as suspicious in 2023, 45 (27%) involved betting solely on the First-Half Only markets, which represents a marked increase from only six games (4.2%) identified in 2022. Matches analysed by SIS are categorised as "suspicious" when they are found to have suspect betting patterns associated with them that may be indicative of match-fixing. While the level of suspicion will vary across matches depending on the nature and amount of evidence discovered, SIS believes that all matches so identified would warrant further investigation. The full report can be downloaded at: www.starlizardintegrity.com Affy Sheikh, Head of Starlizard Integrity Services, commented: "By significantly expanding our coverage to include analysis of over 65,000 football matches from 2023, our enhanced data collection enables us to delve deeper into the prevalence of suspected match-fixing. Unfortunately, our findings reveal a persistent and concerning threat to the integrity of football, with a troubling 167 matches flagged as suspicious. We purposely set the bar very high when it comes to allocating suspicion ratings to matches, thereby greatly reducing the risk of including false positives. Nevertheless, the revelations in this year's report show that combatting suspected match-fixing in football remains an ongoing challenge. "The significant increase in suspicious First-Half Only betting is a development worth noting, as is the disproportionate prevalence of club friendly and youth matches, which shows the vulnerabilities presented by these types of games." About Starlizard Integrity Services Loading... Loading... Starlizard Integrity Services (SIS) is the specialist integrity division of Starlizard, the London-based sports betting consultancy. Starlizard's detailed understanding of sport and sporting performance, as well as its active involvement in betting markets, affords a unique perspective, enabling the company to know better than anyone else in the world when betting markets and sporting contests look wrong. Starlizard has been producing independent integrity services for sports governing bodies and associations since 2010, and established SIS in 2017 as a dedicated resource to focus entirely on this work. Combining its deep insight into how betting markets should behave with detailed on-pitch performance data analysis and research, SIS is ideally placed to identify suspicious matches and betting patterns. For more information, visit www.starlizardintegrity.com Starlizard Integrity Services, +44 (0) 20 3014 9800, integrity@starlizard.com Photo - https://mma.prnewswire.com/media/2363911/Football_Integrity_Report_2023.jpg SOURCE Starlizard Integrity Services

Biden to target 'rent gouging' landlords, as high housing costs factor into 2024 race 2024-03-19 09:56:00+00:00 - Democratic presidential hopeful and former Vice President Joe Biden in Las Vegas, Nevada on February 22, 2020. President Joe Biden will visit the battleground state of Nevada Tuesday to take aim at corporate landlords, who the White House claims are keeping rents artificially high even as overall inflation has eased. Biden's attack on what he calls 'rent gouging' is part of his broader, election year effort to shift the blame for stubbornly high costs of living away from the president and his economic policies, and onto corporations with outsized pricing powers. As public sentiment about the economy turns more upbeat, housing remains a major pain point. The most recent consumer price index, a key measure of inflation, found that energy and shelter costs were the primary drivers of February's 0.4% climb in consumer prices. The cost of housing was the second-most important economic issue for respondents in a recent Financial Times/Michigan Ross survey of 1010 registered voters, behind only inflation at large. As a result, housing is emerging as a primary front in Biden's war against corporate pricing power, one in which he has also gone after high drug and food prices. Speaking in Nevada, Biden will double down on the housing provisions in his 2025 budget proposal, take aim at "rent gouging by corporate landlords," and call on Congress to pass legislation to lower housing costs, according to a White House fact sheet. Biden won Nevada in 2020, but recent polls show him trailing presumptive Republican nominee Donald Trump in the Silver State.

The Fed is meeting this week. Here's what experts are saying about the odds of a rate cut. 2024-03-19 09:56:00+00:00 - How could the Fed react to inflation ticking up in February? Americans are bearing the financial burden of higher costs for every type of loan, from mortgages to credit cards, after two years of interest rate hikes by the Federal Reserve. With the central bank meeting Wednesday, economists and consumers alike have one question on their minds: When will the central bank start cutting rates? The answer: Almost certainly not this month, and probably not at its next meeting, according to Wall Street forecasters. Most economists polled by financial data company FactSet think the Fed will keep its benchmark rate steady on Wednesday, as well as at its following meeting on May 1. Consumers holding out for lower borrowing costs may have to wait until the following month for relief, with about half of economists now penciling in the Fed's June 12 meeting for the first cut in four years, FactSet data shows. The Fed kicked off its flurry of rate hikes in March 2022 as inflation soared during the pandemic, reaching a 40-year high in June of that year. Although inflation has rapidly cooled since then, it remains higher than the Fed would like, which is why economists believe the central bank will keep rates steady this week. That doesn't mean that the Fed won't say anything noteworthy. Experts said the Fed's latest economic outlook could provide hints about when rate relief might be in the cards. "The Fed is going to be taking a lot of the oxygen out of the room this week as they conclude their March meeting on Wednesday afternoon," said Sam Millete, director of fixed income at Commonwealth Financial Network, in an email. "We've seen some mixed economic data to start the year. It's going to be interesting to see how the Fed reacts to that, especially in Fed Chair Jerome Powell's post-meeting press conference." Here's what to know about Wednesday's Fed meeting and what it means for your money. When is the Fed meeting this week? The Federal Reserve's Open Market Committee meets on March 19-20. The rate-setting panel will announce its rate decision at 2 p.m. Eastern time on March 20. Chairman Jerome Powell will hold a press conference at 2:30 p.m. on Wednesday to discuss the FOMC's rate decision and provide information on the central bank's outlook. When and by how much will the Fed cut interest rates? The Fed on Wednesday is expected to maintain the federal funds rate in a range of 5.25% to 5.5%. The question is whether the central bank might provide guidance about the expected timing of what would mark the first rate cut since March 2020, when the economy was in free fall due to the pandemic, prompting the Fed to slash borrowing costs to buoy the economy. On Wednesday, analysts expect Powell to reiterate that the Fed wants to see continued improvement in its battle against inflation before cutting rates. "The Fed will keep their forward guidance unchanged while stressing that they need further evidence that inflation is on a sustainable path toward their 2% target before cutting interest rates," Ryan Sweet, chief U.S. economist with Oxford Economics, told investors on Monday in a report. Economists still think the Fed could cut rates several times in 2024, although some economists are now projecting fewer reductions than they had forecast earlier. For instance, Goldman Sachs on Monday said it is penciling in three cuts in 2024, down from its earlier forecast for four cuts this year. That change is "mainly because inflation has been a bit firmer than we expected," Goldman Sachs economists said in a research note. What is the inflation rate in 2024? In February, consumer prices rose 3.2% on an annual basis, faster than January's 3.1% pace and well above the 2% target sought by the Fed. To be sure, inflation has cooled considerably after touching a four-decade peak of 9.1% in June 2022, but it remains higher than its pre-pandemic levels of about 2% and represents one reason why economists believe the Fed will push back rate cuts until at least June. If inflation is down, why isn't the Fed cutting rates? Powell has repeatedly noted that cutting rates too soon could spark a resurgence of inflation, causing more financial pain for consumers and businesses. "The Fed does not want to repeat the same mistake made in the 1970s by declaring that they have conquered inflation too soon, only to have it reemerge," said Villanova University economics professor Victor Li, a former senior economist at the Federal Reserve Bank of Atlanta, in an email. He added, "But the Fed knows they can sabotage the soft landing that they created by holding rates too high for too long and causing a recession." How will the Fed's rate decision affect your money? If the Fed keeps its benchmark rate steady on Wednesday, borrowing costs will remain high, impacting everything from credit card rates to loans for auto purchases or homes, experts say. Credit card APRs, for instance, are at their highest levels since the Fed started tracking them in 1994, according to the Consumer Financial Protection Bureau. There is a one upside to elevated interest rates: Savers can get robust returns by parking their money in high-yield savings accounts or CDs. "Some of the highest CD rates are found in shorter-terms right now, so they remain accessible if you need access to the cash in 6 months or one year's time," noted Elizabeth Renter, data analyst at NerdWallet, in an email.