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Woman critical after shark attack at popular New York City beach 2023-08-08 - A woman was in critical condition following a shark attack Monday off Rockaway Beach, one of the New York City's most popular Atlantic coast attractions, authorities said. The attack was reported at 5:49 p.m., in the water at 59th Street, according to the New York Police Department's public information office. She remained in critical condition at Jamaica Hospital Medical Center late Monday night, spokesperson Michael Hinck said. The city's Department of Parks and Recreation said the victim was a 50-year-old swimmer bitten on her left leg. The attack prompted lifeguards to clear the beach as police in a helicopter searched unsuccessfully for the shark, the parks department said in a statement. The beach is subject to a delayed open Tuesday, with a start time of 11 a.m. at the earliest, as authorities will continue to monitor the area for sharks, the parks department said. "We hope for a full recovery for this swimmer," the parks department said. "Though this was a frightening event, we want to remind New Yorkers that shark bites in Rockaway are extremely rare." Multiple shark attacks were reported a month ago northeast of Rockaway, in the waters off Fire Island, off Quogue, a village on Long Island, and off Babylon, New York. Sand tiger sharks, which can grow to 10 feet, have been spotted in relatively large numbers along the surf line off Long Island this summer. Experts at the Florida Museum's International Shark Attack File say they are attracted to the bays and baitfish of the Long Island coast. The file last year said that in 2022 New York state recorded eight of its 20 shark attacks reported since 1837.
China's July exports tumble by double digits, adding to pressure to shore up flagging economy 2023-08-08 - New cars wait to be transported on a dockyard in Yantai in eastern China's Shandong province on Sunday, Aug. 6, 2023. Customs data show China's exports plunged 14.5% in July compared with a year ago, adding to pressure on the ruling Communist Party to reverse an economic slump. (Chinatopix Via AP) New cars wait to be transported on a dockyard in Yantai in eastern China's Shandong province on Sunday, Aug. 6, 2023. Customs data show China's exports plunged 14.5% in July compared with a year ago, adding to pressure on the ruling Communist Party to reverse an economic slump. (Chinatopix Via AP) New cars wait to be transported on a dockyard in Yantai in eastern China's Shandong province on Sunday, Aug. 6, 2023. Customs data show China's exports plunged 14.5% in July compared with a year ago, adding to pressure on the ruling Communist Party to reverse an economic slump. (Chinatopix Via AP) New cars wait to be transported on a dockyard in Yantai in eastern China's Shandong province on Sunday, Aug. 6, 2023. Customs data show China's exports plunged 14.5% in July compared with a year ago, adding to pressure on the ruling Communist Party to reverse an economic slump. (Chinatopix Via AP) China's exports tumbled by double digits in July, adding to pressure on the ruling Communist Party to reverse an economic slump BEIJING -- China's exports plunged by 14.5% in July compared with a year earlier, adding to pressure on the ruling Communist Party to reverse an economic slump. Imports tumbled 12.4%, customs data showed Tuesday, in a blow to global exporters that look to China as one of the biggest markets for industrial materials, food and consumer goods. Exports fell to $281.8 billion as the decline accelerated from June’s 12.4% fall. Imports sank to $201.2 billion, widening from the previous month’s 6.8% contraction. The country's global trade surplus narrowed by 20.4% from a record high a year ago to $80.6 billion. Chinese leaders are trying to shore up business and consumer activity after a rebound following the end of virus controls in December fizzled out earlier than expected. Economic growth sank to 0.8% in the three months ending in June compared with the previous quarter, down from the January-March period's 2.2%. That is the equivalent of 3.2% annual growth, which would be among China's weakest in three decades. Demand for Chinese exports cooled after the Federal Reserve and central banks in Europe and Asia started raising interest rates last year to cool inflation that was at multi-decade highs. The export contraction was the biggest since the start of the COVID-19 pandemic in 2020, according to Capital Economics. It said the decline was due mostly to lower prices, while volumes of goods were above pre-pandemic levels. “We expect exports to decline further over the coming months before bottoming out toward the end of the year,” said Capital Economics in a report. “The near-term outlook for consumer spending in developed economies remains challenging.” The ruling party has promised measures to support entrepreneurs and to encourage home purchases and consumer spending but hasn’t announced large-scale stimulus spending or tax cuts. Forecasters expect those steps to revive demand for imports but say that will be gradual. “Domestic demand continues to deteriorate,” said David Chao of Invesco in a report. “Policymakers have pledged further policy support, which could buoy household spending and lead to an improvement in import growth for the coming few months.” Exports to the United States fell 23% from a year earlier to $42.3 billion while imports of American goods retreated 11.1% to $12 billion. China's politically sensitive trade surplus with the United States narrowed by 27% to a still-robust $30.3 billion. China's imports from Russia, mostly oil and gas, narrowed by just under 0.1% from a year ago to $9.2 billion. Chinese purchases of Russian energy have swelled, helping to offset revenue lost to Western sanctions imposed to punish the Kremlin for its invasion of Ukraine. China, which is friendly with Moscow but says it is neutral in the war, can buy Russian oil and gas without triggering Western sanctions. The United States and French officials cite evidence China is delivering goods with possible military uses to Russia but haven't said whether that might trigger penalties against Chinese companies. Exports to the 27-nation European Union slumped 39.5% from a year earlier to $42.4 billion while imports of European goods were off 44.1% at $23.3 billion. China's trade surplus with the EU contracted by 32.7% to $19.1 billion. For the first seven months of the year, Chinese exports were off 5% from the same period in 2022 at just over $1.9 trillion. Imports were down 7.6% at $1.4 trillion. ___ General Administration of Customs of China (in Chinese): www.customs.gov.cn
Beyond Meat revenue plummets in the second quarter due to flagging US demand 2023-08-08 - FILE - Packages of Beyond Meat's Beyond Burgers and Beyond Sausage, are shown in this photo, in New York, Thursday, April 29, 2021. (AP Photo/Richard Drew, File) FILE - Packages of Beyond Meat's Beyond Burgers and Beyond Sausage, are shown in this photo, in New York, Thursday, April 29, 2021. (AP Photo/Richard Drew, File) FILE - Packages of Beyond Meat's Beyond Burgers and Beyond Sausage, are shown in this photo, in New York, Thursday, April 29, 2021. (AP Photo/Richard Drew, File) FILE - Packages of Beyond Meat's Beyond Burgers and Beyond Sausage, are shown in this photo, in New York, Thursday, April 29, 2021. (AP Photo/Richard Drew, File) Beyond Meat said its revenue plunged 30.5% in the second quarter as consumer demand for its plant-based meat substitute fell despite price cuts Plant-based meat substitute maker Beyond Meat said its revenue plunged 30.5% in the second quarter as consumer demand for its burgers, sausages and other products fell despite price cuts. The El Segundo, California-based company lowered its full-year revenue forecast as a result. Beyond Meat now expects revenue between $360 million and $380 million for the year. That’s down from the $375 million to $415 million it forecast at the end of the first quarter. Beyond Meat's shares fell 10% in after-hours trading Monday. In a conference call with investors, Beyond Meat President and CEO Ethan Brown said the company faced tough comparisons to the second quarter of 2022, when a new beef jerky product generated sales and restaurants were reopening and placing big orders. But Brown said the company is also struggling to appeal to new customers because of perceptions that its products are unhealthy and overly processed. Brown said an ad campaign launched last week will better explain its “clean and simple" manufacturing process and highlight the products' health credentials. “We’re going to be much more aggressive in our marketing,” Brown said. “It is an education issue. The facts are there. The health benefits of our products are very strong.” Brown said Beyond Meat has also reached out to some of its competitors to discuss working together on ads that would help change perceptions about the category. For the April-June period, Beyond Meat reported revenue of $102.1 million. That was lower than the $108.7 million Wall Street forecast, according to analysts polled by FactSet. U.S. revenue dropped 40% as both retail and food service sales weakened. International revenue was down 8.7%. International food service demand was flat compared to the same period last year, but retail sales were down nearly 16%. Beyond Meat makes plant-based burgers and nuggets in a partnership with McDonald's in Europe, but those products aren't offered in the U.S. Brown said he expects more U.S. fast food restaurants to add plant-based options in the near future. Beyond Meat said its net loss narrowed to $53.5 million, or 83 cents per share, as it reined in logistics and manufacturing costs. That was slightly better than the 84-cent loss analysts had forecast. Brown expressed confidence that revenue will grow modestly in the second half of this year as new products hit the U.S. market and distribution grows abroad. “We are very excited to be coming out of what we view as a trough in the category and resuming growth in the third and fourth quarter,” Brown said.
Stock market today: Asia mixed after Wall St rallies ahead of US inflation update 2023-08-08 - Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes. (AP Photo/Ahn Young-joon) Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes. (AP Photo/Ahn Young-joon) Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes. (AP Photo/Ahn Young-joon) Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Aug. 8, 2023. Asian stocks were mixed Tuesday after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes. (AP Photo/Ahn Young-joon) Asian stocks are mixed after Wall Street rallied and Japanese wages rose ahead of a U.S. inflation update that might influence Federal Reserve plans for more possible interest rate hikes BEIJING -- Asian stocks were mixed in early trading Tuesday after Wall Street rallied and Japanese wages rose ahead of a United States inflation update that might influence Federal Reserve plans for more possible interest rate hikes. Tokyo advanced while Shanghai and Hong Kong declined. Oil prices gained. Wall Street's benchmark S &P 500 index gained 0.9% on Monday, recovering one-third of last week's loss. “U.S. stocks started the week in better form than they finished the last one,” said ING analysts in a report. “It is not clear that this is going to last, though.” The Nikkei 225 in Tokyo rose 0.3% after the Japanese government reported labor cash earnings rose 2.3% in June. The Shanghai Composite Index lost 0.2% to 3,264.03 and the Hang Seng in Hong Kong shed 1.2% to 19,311.32. The Kospi in Seoul lost less than 0.1% to 2,579.01 and Sydney's S &P-ASX 200 gained 0.2% to 7,322.20. New Zealand retreated while Southeast Asian markets rose. On Wall Street, the S &P 500 rose to 4,518.44 ahead of Thursday's U.S. inflation update. The Dow Jones Industrial Average rallied 1.2% to 35,473.13. The Nasdaq composite added 85.16, or 0.6%, to 13,994.40. Berkshire Hathaway rose 3.6% after reporting stronger profit and revenue than analysts expected. Pharmaceutical company Viatris also rose after its results topped forecasts. Viatris stock climbed 3.9%. Corporate profits have been mostly beating forecasts for the April-June period. Nearly four out of five companies in the S &P 500 have topped expectations so far, according to FactSet. But they’re still on track to report their sharpest drop in profit since summer 2020, when the pandemic was pummeling the global economy. Inflation has been the key to Wall Street’s big moves after soaring to a two-decade high of about 9% a year ago before gradually declining. That has raised hopes the Federal Reserve may decide upward pressure on prices is under control and no more interest rate hikes are needed to cool business and consumer activity. Inflation fell to 3% in June, though that's still above the Fed's 2% target. Some forecasters have warned traders are assuming too early that rate hikes are finished and the Fed can achieve a “soft landing” of extinguishing inflation without tipping the world's biggest economy into a recession. Forecasters expect Thursday's data to show consumer prices rose by 3.3% in July over a year ago, an acceleration from June. In energy markets, benchmark U.S. crude rose 28 cents to $82.22 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 88 cents on Monday to $81.94. Brent crude, the price basis for international oil trading, advanced 27 cents to $85.61 per barrel in London. It lost 90 cents the previous session to $85.34. The dollar rose to 143.29 yen from Monday's 142.44 yen. The euro declined to $1.0986 from $1.1007.
Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices 2023-08-08 - FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Saudi Arabia's state-run oil giant Aramcobrought in $30 billion in revenues in the second quarter of 2023, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices. (AP Photo/Amr Nabil, File) FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Saudi Arabia's state-run oil giant Aramcobrought in $30 billion in revenues in the second quarter of 2023, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices. (AP Photo/Amr Nabil, File) FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Saudi Arabia's state-run oil giant Aramcobrought in $30 billion in revenues in the second quarter of 2023, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices. (AP Photo/Amr Nabil, File) FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Saudi Arabia's state-run oil giant Aramcobrought in $30 billion in revenues in the second quarter of 2023, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices. (AP Photo/Amr Nabil, File) Saudi state-run oil giant Aramco has made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year DUBAI, United Arab Emirates -- Saudi state-run oil giant Aramco on Monday reported $30 billion in second quarter profit, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. Total sales stood at just over $106 billion, down from $150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease “mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins.” The company reported net income of $30 billion, compared to $48 billion in the second quarter of 2022, a decline of 37.8%. Aramco nevertheless raised its dividend paid out to investors to $29.38 billion, compared to $18.8 billion in the second quarter of 2022. The performance-based dividend is partly based on the company's record earnings last year, it said. “Our strong results reflect our resilience and ability to adapt through market cycles," Aramco CEO Amin Nasser said in a statement accompanying the report. The company's shares rose 1.08% on Monday. Last week, Fortune magazine ranked Aramco, officially known as the Saudi Arabian Oil Co., the second biggest company in the world by revenue, behind only Walmart and ahead of Amazon and Apple. The ranking came after the oil company reported a profit of over $160 billion in 2022, the largest ever recorded by a publicly traded firm. Those kinds of earnings will come under heightened scrutiny later this year when the United Arab Emirates, another major oil producer, hosts annual U.N. climate talks aimed at getting the world to slash emissions and reduce its reliance on fossil fuels. Aramco benefited from a spike in oil prices last year caused by Russia’s invasion of Ukraine. Internationally traded oil peaked at over $120 a barrel in June 2022 before settling in a range of $75 to $85 for much of the past year. Robin Mills, CEO of Qamar Energy, an energy consultancy based in the UAE, said it was “not surprising” that Aramco's earnings slid, adding that it has fared better than some other oil majors in the recent downturn. “A relatively good result for Aramco, given the situation," he said. Saudi Arabia has repeatedly cut its oil production in recent months and pressed fellow OPEC members to do the same in an attempt to push up prices in the face of weaker demand from China and rising interest rates aimed at combatting inflation. The kingdom needs high oil prices to fund Vision 2030, a costly and wide-ranging plan to overhaul its economy and transform itself into a regional hub for business and tourism. The plan includes several so-called “gigaprojects,” including the construction of a futuristic $500 billion city on the Red Sea coast. Saudi Arabia is also investing billions of dollars in tourism, entertainment and sports, including on a controversial merger with the PGA Tour and the recruitment of some of soccer’s biggest stars to play for local clubs. Activists accuse the country of trying to “sportswash” a human rights record marred by its involvement in the war in neighboring Yemen, a heavy crackdown on dissent and the 2018 killing of Jamal Khashoggi, a Washington Post columnist and government critic. The International Monetary Fund estimates that Saudi Arabia needs an oil price of around $80 a barrel to avoid running a deficit. Benchmark U.S. crude oil for September delivery rose $1.27 to $82.82 a barrel Friday. Brent crude for October delivery rose $1.10 to $86.24 a barrel. Aramco raised a record $29.4 billion through an initial 2019 public offering in which it sold a tiny sliver of less than 2% of the company to investors. Crown Prince Mohammed bin Salman, Saudi Arabia’s day-to-day ruler and the architect of Vision 2030, has transferred 8% of Aramco to the kingdom’s $700 billion sovereign wealth fund over the past two years to help shore it up as it funds the massive infrastructure projects.
Meme stocks are back as investors buy shares of beaten-down companies such as Yellow and Tupperware 2023-08-08 - FILE - A sign for Yellow Corp. trucking company stands outside its facility on July 31, 2023, in Nashville, Tenn. Investors recently drove up shares of trucking giant Yellow Corp., which on Sunday, Aug,. 6, 2023, filed for bankruptcy, and Tupperware, which earlier this year warned that it was in dire financial shape. (AP Photo/George Walker IV, File) FILE - A sign for Yellow Corp. trucking company stands outside its facility on July 31, 2023, in Nashville, Tenn. Investors recently drove up shares of trucking giant Yellow Corp., which on Sunday, Aug,. 6, 2023, filed for bankruptcy, and Tupperware, which earlier this year warned that it was in dire financial shape. (AP Photo/George Walker IV, File) FILE - A sign for Yellow Corp. trucking company stands outside its facility on July 31, 2023, in Nashville, Tenn. Investors recently drove up shares of trucking giant Yellow Corp., which on Sunday, Aug,. 6, 2023, filed for bankruptcy, and Tupperware, which earlier this year warned that it was in dire financial shape. (AP Photo/George Walker IV, File) FILE - A sign for Yellow Corp. trucking company stands outside its facility on July 31, 2023, in Nashville, Tenn. Investors recently drove up shares of trucking giant Yellow Corp., which on Sunday, Aug,. 6, 2023, filed for bankruptcy, and Tupperware, which earlier this year warned that it was in dire financial shape. (AP Photo/George Walker IV, File) A new class of meme stocks has sprung up during the stock market’s surprise recent rally, raising concerns about investors’ willingness to take on bigger risks amid a still uncertain economy NEW YORK -- A new class of meme stocks has sprung up during the stock market's surprise recent rally, raising concerns about investors' willingness to take on bigger risks amid a still uncertain economy. Meme stocks are typically weak companies on the verge of failing, but that still manage to garner attention from individual investors willing to take on risky bets and drive the stock price higher. Two years ago, the video game retailer GameStop and movie theater operator AMC Entertainment made a big splash with individual investors in a frenzy that caught the attention of regulators and Congress. The enthusiasm over meme stocks can seem nonsensical. Late last month, reports said the trucking giant Yellow Corp. was shutting its operations and heading for bankruptcy. Investors took the news as a green light to jump in, pushing Yellow's stock from 71 cents to more than $3.50, even though holders of common stock typically get wiped out in a bankruptcy. The company filed a Chapter 11 petition Sunday, yet the shares closed just below $2.50 on Monday. Tupperware warned investors earlier this year that it was having trouble staying afloat and might be delisted. Investors in recent weeks drove the value of the stock up more than five-fold ahead of a restructuring announcement from the company on Aug. 3. The stock has catapulted to $5.23 from roughly 74 cents in early July. The recent run-up in meme stocks could leave investors hurting. The broader market seems to be in a transition to focusing on more fundamental aspects of companies that signal potential for growth and value, rather than short-term trading, said Mark Hackett, chief of investment research at Nationwide. “You just kind of run out of steam and there's only so much an aggressive retail investor can do to sustain a company from a disadvantaged perspective,” he said. “That’s going to leave some companies in the dust.” The recent rallies, which include meme veteran Rite Aid, are reminiscent of the 2021 rally that prompted Robinhood and other retail brokerages to take steps to tamp down the speculative frenzy. Bed Bath & Beyond was also part of the meme craze, but unlike GameStop and AMC, it ended up in bankruptcy. The message board Reddit has remained a popular place for individual investors encouraging each other to buy such stocks. In one such recent exchange, a user congratulated those who had been buying Yellow amid grumblings about its demise, at one point saying “a few years from now, you'll be looking at a much more well run business.” Yellow said Sunday that it will liquidate and warned investors in a securities filing that shareholders face a potential total loss, depending on the outcome of the bankruptcy.
Simon & Schuster purchased by private equity firm KKR for $1.62 billion 2023-08-08 - FILE - A book published by Simon & Schuster is displayed on July 30, 2022, in Tigard, Ore. Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House. Paramount Global, the parent company of the storied book publisher said on Monday, Aug. 7, 2023, that the private equity giant will buy Simon & Schuster for $1.62 billion in cash .(AP Photo/Jenny Kane, File) FILE - A book published by Simon & Schuster is displayed on July 30, 2022, in Tigard, Ore. Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House. Paramount Global, the parent company of the storied book publisher said on Monday, Aug. 7, 2023, that the private equity giant will buy Simon & Schuster for $1.62 billion in cash .(AP Photo/Jenny Kane, File) FILE - A book published by Simon & Schuster is displayed on July 30, 2022, in Tigard, Ore. Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House. Paramount Global, the parent company of the storied book publisher said on Monday, Aug. 7, 2023, that the private equity giant will buy Simon & Schuster for $1.62 billion in cash .(AP Photo/Jenny Kane, File) FILE - A book published by Simon & Schuster is displayed on July 30, 2022, in Tigard, Ore. Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House. Paramount Global, the parent company of the storied book publisher said on Monday, Aug. 7, 2023, that the private equity giant will buy Simon & Schuster for $1.62 billion in cash .(AP Photo/Jenny Kane, File) Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink the book market NEW YORK -- Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink the book market. An executive for KKR is calling the deal a chance to work with “one of the most effective” book publishers. The private equity giant will buy Simon & Schuster for $1.62 billion in cash, said Paramount Global, the parent company of the storied publishing house. Simon & Schuster will operate as a standalone entity, under the leadership of CEO Jonathan Karp. “We are delighted,” Karp said Monday. "We will remain an independent company and not only will we continue to thrive, but with the help of KKR we can become even greater. Paramount, which on Monday reported a loss of $424 million for the three months leading up to June 30, will use sale proceeds to pay down debt. The agreement is subject to government approval, but is unlikely to face the objections raised by the Penguin Random House deal. Simon & Schuster, where authors include Stephen King, Colleen Hoover and Bob Woodward, is one of the so-called “Big Five” of New York publishing, with others including Penguin Random House, HarperCollins Publishers, Hachette Book Group and Macmillan. HarperCollins, owned by Rupert Murdoch's News Corp, had expressed interest in buying Simon & Schuster. Simon & Schuster has had strong sales over the past two years, even as the book market has cooled off. The publisher has scheduled some of the most anticipated fall releases, including Britney Spears' memoir “The Woman In Me" and Walter Isaacson's biography of Elon Musk. Richard Sarnoff, chair of media at KKR, praised Simon & Schuster as effective and well run and said that it would retain editorial independence. “We're not going to tell them what to buy, what to publish or what not to publish,” said Sarnoff, a former executive at Penguin Random House's parent company, the German conglomerate Bertelsmann. “There's a 99-year legacy of editorial independence that we're going to protect.” Sarnoff said that no layoffs were planned, and that instead KKR hoped to invest in and expand Simon & Schuster, citing international sales as an area of possible growth. As with other companies that KKR has owned, it plans to give Simon & Schuster employees equity, an arrangement that could give the publisher a competitive advantage. In an industry where starting salaries range from $45,000-$50,000, a source of growing unhappiness among young people trying to afford living in the New York City area, an equity stake could end up being worth half or more of a worker's annual pay, according to Sarnoff. “The upside is big,” he said. Sarnoff added that he didn't know how long KKR would run Simon & Schuster before selling it, although he cited five to seven years as the typical range. “We don't have a set timeline,” he said. Employee equity is rare in book publishing, but not unprecedented. W.W. Norton & Company, founded in 1923, has been wholly employee owned for decades. Late in 2020, Paramount had announced the sale of Simon & Schuster to Penguin Random House for $2.2 billion, a deal that would have made the new company by far the biggest in the U.S. But the Department of Justice, which under the Biden administration has taken a tougher stance on consolidation compared to other recent presidencies, sued to block the sale in 2021. After a three-week trial in the summer of 2022, with King among those opposing the merger, U.S. District Judge Florence Y. Pan ruled in the government's favor, saying the DOJ had made “a compelling case that predicts substantial harm to competition.” Paramount declined to appeal the decision, and instead renewed its efforts to sell Simon & Schuster, which next year marks its centennial. The publisher, founded in 1924 by Richard Simon and Max Schuster, has changed ownership a handful of times since being purchased by Gulf+Western in 1975. Paramount has tried for years to sell the publisher, saying it didn't fit into the company's emphasis on video entertainment.
8 Best Meme Stocks to Buy Now 2023-08-08 - Key Points Meme stocks are companies that see massive price swings based on social media trends or viral commentary. The meme stock craze occurred through a confluence of factors like low rates, stimulus money and the COVID-19 pandemic. Meme stocks today differ from those in 2021 and retail investors can no longer depend on massive short squeeze for easy gains. 5 stocks we like better than Carvana The rise of meme stocks was one of the biggest stories during the volatile markets of 2020 and 2021. While many stocks saw unexpectedly impressive gains as the COVID-19 pandemic raged, the meme stocks were going parabolic thanks to a combination of government money, irrational enthusiasm and social media virality. But most meme stocks faded as rates began to rise and the federal money spigot turned off. Do meme stocks still exist? Yes! But the best meme stocks to buy now might not be the ones that rose to prominence in 2021. In this article, you'll learn the history of meme stocks, how the current meme stocks differ from the originals and why you shouldn't put these stocks in your basket ahead of long-term investments. Overview of Meme Stocks The meme stock craze originated in 2019 when a Redditor with a profane account handle began buying up shares of beaten-down video game retailer GameStop Corporation NYSE: GME. The stock was languishing at $5 per share at the time, and rumors of financial hardship and management uncertainty were persistent. But in June, that Redditor (later discovered as former financial analyst Keith Gill) began accumulating shares and stock options while laying out a short squeeze case for GameStop. Then in early 2020, the short squeeze catalyst occurred, but not the one Gill expected — the COVID-19 pandemic. COVID-19 shut down large swaths of the nation and resulted in unprecedented stimulus from the federal government. Now flush with not cash but time, retail investors on the WallStreetBets Reddit page began following Gill and lapping up shares of GameStop. The rest is history: GameStop went parabolic in January of 2021, reaching prices over $400 per share and greatly enriching the investors and hedge funds who purchased shares in 2020. Losers of the saga included Gabe Plotkin of Melvin Capital and thousands of retail investors who bought at the very top, then saw the price immediately crumble and never regain its high-flying peak. Other meme stocks of the time included AMC Entertainment Holdings Inc. NYSE: AMC, FuboTV Inc. NYSE: FUBO and the now-bankrupt Bed Bath and Beyond Inc. NASDAQ: BBBY. Why Invest in Meme Stocks? Meme stocks appeal to a particular group of retail investors. While many sophisticated market institutions profited from the GameStop and AMC short squeezes, these aren't the folks scouring Reddit message boards and reading internet articles. Most meme stock investors are younger individuals with strong online presences looking for big wins. If you're looking to buy meme stocks, you're likely doing it for one of two following reasons: Outsized gains: Meme stock traders aren't looking for good investments based on strong fundamentals. These companies often have poor financial data and rally based on social catalysts. Part of the meme stocks' extreme swings is the massive use of derivatives, especially out-of-the-money call or put options. The goal here is to make a large profit in a short period. Not correlated to market or economic data: While it's a stretch to say that meme stocks provide portfolio diversification, their performance rarely connects to jobs reports, earnings calls or inflation numbers . Meme stocks can rally (and even go parabolic) during the worst-performing markets or after the most gloomy economic data. 8 Best Meme Stocks to Buy Now What is the best meme stock? Many traders still point to GameStop or AMC, two of the OG meme stocks. However, most of the meme stock volume has transferred to different securities. Fundamental data is rarely the most important factor in these companies. Instead, pay attention to technical signals and social media trends, as a meme stock often rallies after "going viral" on Twitter or Reddit. Company Market Cap Industry Coinbase Global Inc. NASDAQ: COIN $21.3 billion Finance Uber NYSE: UBER $92.9 billion Transportation Rivian NASDAQ: RIVN $24.9 billion Automobiles SoFi NASDAQ: SOFI $9.5 billion Finance Carvana NASDAQ: CVNA $9.8 billion Consumer discretionary DraftKings NASDAQ: DKNG $25.6 billion Consumer discretionary GitLab NASDAQ: GTLB $7.2 billion Technology RoundHill Meme ETF NYSE: MEME $3.35 million Thematic ETF Coinbase Global Inc. Coinbase Global Inc. NASDAQ: COIN went public during the latter stages of the meme stock craze, but cryptocurrency had also bubbled up to impressive levels during the pandemic bull market run. Coinbase was extremely volatile through 2021 and 2022, but volume lightened as the bull market dissipated, and Coinbase stock suffered for much of 2023. However, Coinbase today has shown meme stock potential. The price has risen over 140% year-to-date, and its most recent Q2 2023 earnings report beat estimates (although it was the 6th consecutive quarterly loss). If cryptocurrency makes another comeback, Coinbase stock could be a big beneficiary. Uber Technologies Inc. Here's one stock with a rarity amongst the meme crowd — positive earnings per share! Uber Technologies Inc. NYSE: UBER has struggled to profit since going public despite ousting an unpopular CEO and raising service prices. However, CEO Dara Khosrowshahi announced the company's first-ever operating profit in Q2 2023, pleasing investors who approved the firm's efforts to focus on earnings instead of growth. Uber doesn't have parabolic potential due to its high market cap and low short interest, but the company's prospects are looking up heading into the end of 2023. Rivian Automotive Inc. Several electric vehicle stocks have participated in past meme stock runs, and Rivian Automotive Inc. NASDAQ: RIVN is no stranger to social media sentiment influencing asset prices. The company is far from profitability, but it's putting vehicles on the road, and the stock price has been in an uptrend for most of 2023. However, Rivian stock remains volatile, and investors should be cautious about trading unprofitable companies before earnings. SoFi Technologies Inc. SoFi Technologies Inc. NASDAQ: SOFI is a fintech company based in San Francisco that offers a variety of financial products, especially personal and student loans. As of 2022, the company had issued over $73 billion in consumer loans across its various programs and platforms. As you might expect from a company called Social Finance, there's a substantial online following, and CEO Chamath Palihapitiya is never shy about firing off a provocative or controversial tweet. SoFi previously participated in meme stock rallies, and high rates have benefitted its bottom line. Carvana Co. Car vending machines? Yep, car vending machines. Carvana Co. NYSE: CVNA was one of the beneficiaries of the first meme stock craze, and its shares skyrocketed by nearly 900% from April 2020 through August 2021. However, the end of the easy money policy sent CVNA tumbling, and shares bottomed out at around $6 in the winter of 2022. But sometimes meme stocks get a second life, and CVNA's price has again seen a massive rally in 2023. The company still isn't profitable, but short interest is high (42% of the float as of July 2023), and further price appreciation could lead to more short covering. DraftKings Inc. DraftKings Inc. NASDAQ: DKNG brought the Uber business model to the world of sports betting. As gambling became legal in more and more states, DraftKings ramped up its promotions to achieve massive customer growth. The company spent a ton of money to acquire these customers, which put it in an undesirable category: an unprofitable casino. However, DraftKings' financial situation is slowly improving. The company beat analyst expectations in its Q2 2023 earnings report, and the stock has tripled in 2023. GitLab Inc. GitLab Inc. NASDAQ: GTLB isn't a well-known brand like GameStop or AMC, but it's one way for meme stock investors to take advantage of the trend in computer innovation. GitLab offers the DevSecOps platform, enabling individuals and companies to enhance productivity and safely share data. GitLab's software is available across three different tiers (Free, Premium, Ultimate), and the stock has had momentum following a better-than-expected Q2 2023 earnings report. Roundhill Meme ETF If you don't want the burden of predicting the next viral parabolic meme stock, why not buy the entire meme market with an ETF? The Roundhill Meme ETF NYSE: MEME is a small and new entrant into the thematic ETF space, but its holdings include stocks on this list like Rivian, SoFi and Carvana, along with other meme stocks not on this list like Upstart Holdings Inc. NASDAQ: UPST, Palantir Technologies Inc. NYSE: PLTR and Nikola Corp. NASDAQ: NKLA. The ETF is new to the scene and only has $3.35 million in assets under management and a 0.69% expense rate. Meme Stocks: Meant for Short-Term Trading, not Long-Term Investing Meme stock mania will be a chapter in finance textbooks for decades. But the forces that came together to make meme stocks go parabolic were rare and unusual. It took a wave of stimulus, low interest rates, a population mostly stuck inside and a host of characters who spawned massive followings. And even with those forces coming together, the price action was short-lived, and investors who entered the trade late frequently lost their shirts. Stocks can still go viral, and many of the companies listed here have performed well because of trends on social media platforms like Reddit, TikTok or Twitter. However, only some of these companies are long-term investments. Great gains require great risks and many of these firms have poor balance sheets and non-existent profits. Refrain from getting caught in the hype and treating these stocks as quick trades, not multi-decade holdings. FAQs What to know more about the latest meme stocks? Here are a few frequently asked questions about this trend. What are meme stocks in 2023? Many original meme stocks like GameStop and AMC still have cult followings. However, these shares will likely never return to their 2021 highs. Today's meme stocks usually must be uncovered organically through social media and message boards. Are there still meme stocks? Yes, as long as social media and communities like WallStreetBets exist, there will be companies that fit the mold of a meme stock. However, these trends are always shifting, and today's meme stocks rarely create the massive short squeeze that GME traders pulled off in 2021. Are meme stocks a good investment? When buying meme stocks, it's important to understand the difference between an investment and a trade. Over the long haul, meme stocks tend to lose money. That's part of the reason they became memes in the first place. A meme stock may be a good trade in certain market conditions, but rarely will it be an excellent long-term investment. Just look at Bed Bath & Beyond. Before you consider Carvana, 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 Carvana wasn't on the list. While Carvana currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Is Now The Time To Buy XLF Financial ETF? 2023-08-08 - Key Points XLF ETF rallied nearly 10% from its June low, creating a favorable risk-reward buying opportunity as it returns to uptrend support. XLF focuses on large banks, offering low-cost passive exposure to major players in the US financials segment via a cap-weighted, S&P 500-only portfolio. Top holdings like Berkshire Hathaway, JPMorgan Chase, Visa, Mastercard, and Bank of America significantly impact XLF's performance, necessitating close monitoring by investors. 5 stocks we like better than Financial Select Sector SPDR Fund The Financial Select Sector SPDR FUND NYSE: XLF has staged an impressive rally over the past few months, climbing almost 10% from its June low. As the ETF pulls back into its uptrend support, an attractive risk: reward buying opportunity is forming. Although only up 2% year-to-date, if the ETF can find support and confirm a higher low within the uptrend, its performance could drastically increase. The XLF is an ETF providing exposure to significant players in the US financials segment. It focuses on large banks through a cap-weighted, S&P 500-only portfolio, avoiding small-cap companies. The ETF aims to provide investors with a low-cost passive approach for investing in a portfolio of equity securities of firms as represented by the Financial Select Sector Index. Geographic, Sector, and Industry Exposure The XLF predominantly has geographic exposure to the United States, with over 95.2% geographic exposure based on its current holdings. As you’d expect, the sector exposure of the ETF is almost entirely weighted towards the financial sector, with 98% exposure and 1.7% exposure to the technology sector. Within the financial sector, the ETF has 27.4% insurance industry exposure, 24.2% bank industry exposure, 22.1% diversified financial services exposure, and 21.5% capital markets exposure. Top 5 Holdings When evaluating a sector-specific ETF for potential investment, it is essential to go beyond simply examining the chart. It becomes crucial to closely monitor the most heavily weighted holdings, as they significantly influence the ETF's overall performance. Berkshire Hathaway NYSE: BRK.B has outperformed the broader financial sector, with its stock up 13.3% year-to-date. Shares last traded at $349.99, just $10 away from its ATH. JPMorgan Chase & Co. NYSE: JPM, like BRK.B, has outperformed the financial sector, up 16.35% year-to-date. The stock has a Moderate Buy rating based on eighteen analyst ratings and a consensus price target of $164.39, predicting a 5.36% upside. Visa NYSE: V shares are trading in a firm uptrend, about $12 away from its ATH. Year-to-date, the stock is up 15.03%, and analysts see a 13.11% upside for the stock based on the consensus analyst price target. Mastercard NYSE: MA recently broke above a critical resistance level at $400 but failed to hold above. Year-to-date shares are up 12.54%, and analysts, based on nineteen ratings, have the stock as a Moderate Buy. Bank of America NYSE: BAC is up close to 11% over the last month. However, the stock remains in a higher time frame downtrend. Analysts see a 15.85% upside for the stock, based on the consensus price target of $36.26. Should You Invest In XLF? Since its June low, the ETF has impressively reclaimed its key moving averages, like the 200-day SMA, and formed a steady uptrend. While the ETF has pulled back slightly over the past week, it remains above its uptrend, indicating that momentum still favors the bulls. If the ETF can find support and confirm a higher low above the uptrend, a move towards $35.5 - $36 could be possible in the short term. Before you consider Financial Select Sector SPDR Fund, 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 Financial Select Sector SPDR Fund wasn't on the list. While Financial Select Sector SPDR Fund currently has a "hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Three Ways To Play The Rise In Oil Prices 2023-08-08 - Key Points Oil prices are rising and supported by OPEC+ Russia. Given the outlook for oil prices, the energy sector faces another round of windfall profits. These 3 names are solid choices for investors looking to gain exposure to the market with less risk than speculating oil. 5 stocks we like better than Exxon Mobil Oil prices NYSEARCA: USO are on the rise and likely heading higher. The Saudis and Russia are working together with voluntary production cuts to keep the supply/demand balance tilted firmly in favor of higher prices. Because of this, demand is expected to outpace growth through 2024 and support higher prices for oil over the long-term and drive results for the energy sector. The takeaway is that energy companies had a sluggish quarter in Q2 of 2023, but this is the bottom for their results, and another round of windfall profits is on the way. WTI is showing a clear floor at $65. This floor is put in place by OPEC+, the Saudis, and Russia and may only be broken by an increase in global production, which is unlikely, or demand destruction, which is becoming less of an issue. The price of WTI is on the verge of breaking out of its consolidation range. In that event, the price will likely trend higher and move back into the $90 to $100 range or higher, given time. Speculators and traders may want to play the oil market directly, but investors will want to choose solid companies with a track record for delivering results. The Energy Sector ETF NYSEARCA: XLE The Energy Sector ETF NYSEARCA: XLE is a fine choice for broad exposure to this sector. The ETF pays a solid 3.6% dividend and is biased toward distribution growth. The payout tends to ebb and flow with the sector's success, but the trend of peaks and troughs is upwards, and the current trough is well above the pre-pandemic period. The top holdings are Exxon Mobil and Chevron, the 2 largest integrated oil companies in the US and top-10 players globally. They comprise roughly 40% of the holdings and are rounded out by oilfield services names like Schlumberger and mid and downstream operators. The chart of XLE is promising. The market has been consolidating within a trading range and formed a Symmetrical Triangle. The market broke out of the triangle pattern to the upside, signaling a new bullish trend. The trend will likely move up to the top of the trending range near $95, about 10% above the current action and may move higher. A move above $95 opens the door to a retest of the all-time highs near $100, another mid-single-digit gain for the share price. Exxon Mobil For Long-Term Distribution Growth Exxon Mobil NYSE: XOM is a singular choice for investors because of its market position and ability to produce cash flow and pay dividends. The company recently reported a 28% decline in revenue tied to the fall in oil prices and deleveraging to go with it. Still, the $1.94 is sufficient to maintain a robust dividend outlook. The payout is below average for the sector at 3.4% but has a reliable track record for growth. The company has increased the payment for the last 24 consecutive years and is in an excellent position to continue raising the payout. The rate of annual increase isn’t large, low-single-digits but compounded by share repurchases. Shares of XOM also show signs of solid support and an upward bias in the price action. Occidental Petroleum: Buffett Likes It Occidental Petroleum NYSE: OXY is the 10th largest holding within the XLE and about 3.25% of the holdings. The stock is not the highest-yielding one with a payout below 2.0%, but it is among the best-positioned to deliver value to shareholders. That’s probably why Warren Buffett likes it. The company did not use the windfall profits of the last 2 years to increase the dividend or repurchase shares significantly but to pay off debt and reposition the capital structure in favor of shareholders. That’s why Buffett is buying the stock; he and Berkshire Hathaway have been buying in large quantities and own more than 25% of the company. The Buffett Bottom is near $58, and the market is moving higher from that level. Investors might expect to see the share price trend higher over the next few years, driven by its results, cash flow, debt reduction, and dividend increases. Before you consider Exxon Mobil, 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 Exxon Mobil wasn't on the list. While Exxon Mobil currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
50% Off and a 6% Dividend...Is Crown Castle REIT Royalty? 2023-08-08 - Key Points Crown Castle is trading 50% below its January 2021 record peak and has a forward dividend yield that has doubled to 6%. Unlike most REITs that invest in buildings, Crown Castle owns, manages and leases cell towers to a single tenant or multiple tenants. T-Mobile, AT&T and Verizon combined account for approximately three-fourths of total revenue. Crown Castle has increased its dividend for eight consecutive years but the current dividend payout is unsustainable. 5 stocks we like better than Crown Castle A seven-day slide has real estate investment trust (REIT) Crown Castle NYSE: CCI trading 50% below its January 2021 record peak. The stock’s forward dividend yield has doubled to 6%. Is it time to storm the castle? Not so fast. Like other capital-intensive businesses, the communications infrastructure REIT continues to be pressured by higher interest rates — in a couple of ways. First, building or acquiring 40,000 cell towers requires heavy debt financing. After issuing $1.35 billion in long-term debt in the second quarter of this year, Crown Castle’s debt burden has swelled to $21.6 billion. Taking on more debt in a rising rate environment is less than ideal. Second, with U.S. Treasury yields increasing, the company faces stiff competition from money market funds, bonds and other income investments. Crown Castle is dealing with other challenges too. Top customer T-Mobile is expected to pull the plug on some of its tower and fiber leases over time as it consolidates its legacy Sprint network. With T-Mobile accounting for nearly 40% of revenue, this is bound to have a major impact on financial results in the next couple of years — and force the REIT to tap new revenue streams. It’s not all doom and gloom for the leading independent wireless tower operator. Some of its T-Mobile business is going away, but the longer-term benefit from global 4G and 5G deployment is not. With mobile data usage rising rapidly nationwide, wireless carriers are expected to invest tons of money on tower rentals this decade. Theoretically speaking, this should translate to steady cash flow for Crown Castle and reliable cash payouts for its shareholders. What Properties Does Crown Castle Invest In? Unlike most REITs that invest in buildings, Crown Castle owns, manages and leases cell towers to a single tenant or multiple tenants. The company also owns structures known as small cells that can host smaller-scale radio equipment and antennas that transmit data to wireless devices. Streetlights, poles and building rooftops are examples. Although traditional cell towers account for roughly two-thirds of rental revenue, small cells and fiber solutions are becoming important growth catalysts. Crown Castle is on pace to have 125,000 small cell nodes supported by over 85,000 miles of fiber by year-end. The REIT also generates revenue from service agreements. T-Mobile, AT&T and Verizon combined account for approximately three-fourths of total revenue. This is a strong tenant base that should attract smaller wireless players but also one that carries significant concentration risk. The anticipated loss of revenue from the T-Mobile/Sprint integration is the prime example — and a big part of why the stock has sold off over the last 18 months. Is Crown Castle’s Dividend Stable? Dependable dividend payments are typically the most important aspect of a REIT investment. Despite the fact that sales and profit growth are forecast to decline in 2023 and again in 2024, Crown Castle management has made dividends a priority. It’s easy to prioritize dividends when they are backed by long-term contracts with the country’s top wireless carriers whose services are mission-critical for consumers, businesses and government organizations alike. The REIT has increased its dividend for eight consecutive years, with the most recent hike to $1.565 per share (quarterly) occurring in October 2022. Management projects 7% to 8% annual dividend growth going forward. Given the weakening financial picture, this shows dividend commitment — but at a cost. Based on forward earnings projections for the current fiscal year, Crown Castle will pay out nearly 200% of its earnings as dividends. In other words, the company will have to dip into cash in other places to maintain its current dividend. That happens when cash flow growth lags dividend growth. It’s a risk the company is willing to take though in hopes of better times ahead. Should investors take that same risk? To put it mildly, Crown Castle’s current dividend payout is unsustainable. The REIT may be able to get away with paying out more than it earns in the short run but will eventually hit a crossroads. In the best-case scenario, the blow from the T-Mobile loss is milder than expected or offset by new business — and the dividend is maintained if not raised. Worst case, things go south and the dividend gets cut or even wiped out. For now, the risk is somewhere in between but skewed toward the worst case. If long-term growth tied to the 5G buildout wins out, risk-taking investors will have collected some nice cash handouts. If not, the communication between Crown Castle and its shareholders will get very choppy. Before you consider Crown Castle, 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 Crown Castle wasn't on the list. While Crown Castle currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
The 10 Stocks MarketBeat Readers Like Best 2023-08-08 - Key Points MarketBeat readers have spoken! These are the 10 stocks with the highest interest on the platform. Where retail investors go, price action usually moves higher, especially when the analysts are also buying. There are interesting opportunities and AI, tech, EV, and consumer spending within this list. 5 stocks we like better than Apple MarketBeat has many tools to help investors find great investments, and 1 of them is the Trending Stocks List. The trending stocks list can be tuned to different periods but tracks the same data: the net number of new followers for stocks on Marketbeat. That may seem like a simple statistic but don’t be fooled. The data tracks sentiment among retail investors and is a valuable source of trading information. Retail investors make up a large portion of the market and are influential in the direction of stock prices. When they move into a market, there’s a good chance it will move higher. If the analysts and institutions are also buying, the stock price could move significantly higher. The Market Still Has FAANGs, +Microsoft The top 4 followed stocks for the 1st week of August on MarketBeat are no surprise. The ranking from 1st to 4th is Apple NASDAQ: AAPL, Microsoft NASDAQ: MSFT, Meta NASDAQ: META, and Google NASDAQ: GOOG, representing half of the FAANG+ market. These stocks are also the most followed over the last 90 days, suggesting momentum in their respective markets. While the stories vary from name to name, the underlying theme with these stocks is that cloud and consumer-driven businesses are solid and compounded by repositioning and efficiencies that are driving bottom-line results. AI is also a central theme, with infrastructure at the story's core. These companies are foundational to the AI revolution; their results will show it. META isn’t the only or even the most obvious example of how AI impacts business, but its 7% boost in engagement driven by AI is a telling sign. The analysts also like them, which is another tailwind for their markets. All but 1 are in the top 10 Most Upgraded Stocks, and the outlier, Apple, is in 11th. Tesla Is The 5th Most-Followed Stock On MarketBeat It’s a little surprising that Amazon NASDAQ: AMZN is not in the top 5 Most Followed Stocks, but it isn’t surprising to find Tesla NASDAQ: TSLA in that position. Given the analysts ' activity, the company produced a solid beat with its 2Q results and will likely trend higher. The analysts' consensus target is lagging the price action and weighing on the rally now but trending solidly higher. The most recent activity includes a single downgrade to Neutral. Still, it came with a price target increase that has the market fairly valued at $270 or above the recent action, and many of the newest targets are well above that level. Regarding the business, the near-term headwind is the margin. Margin contracted YOY but resulted in a jump in sales that could gain momentum. The guidance was a little weak, only as expected, but may also be considered cautious given the jump in sales and the company’s track record of outperformance. AMC Entertainment Gets MarketBeat Readers’ Attention AMC Entertainment NYSE: AMC has caught the eye of MarketBeat readers and sits in the 6th position. The rise in interest is largely due to “Barbenheimer,” which is driving an expectation for outperformance this quarter. The risk here is that neither the analysts nor the institutions are buying, and the short interest is relatively high. Interesting Opportunities In Positions 7 Through 10 The final 4 in this countdown include interesting names like NVIDIA NASDAQ: NVDA, Amazon, NIO NYSE: NIO, and AMD NASDAQ: AMD. NVIDIA and AMD are being driven by AI interest, demand for their highest-performance chips, and the long-term outlook for AI, which is robust. NVIDIA is the 6th most followed stock and up 1 spot compared to the 90-day data. AMD is also up 1 position to #10, which shows growing momentum for these AI-powered names. Amazon is down from #7 to #8 but still solidly in the top 10. It’s driven by strength in AWS, core business, and the new CEO’s attention to detail. NIO, like Tesla, is supported by a ramp in production and deliveries; it produced a triple-digit increase for July and is supported by strength in its home market. Likewise, Tesla reported a triple-digit gain in China for July, and it could have been higher if not for a scheduled shutdown. Before you consider Apple, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Apple wasn't on the list. While Apple currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
3 Reasons the eBay Dip Is Worth Bidding On 2023-08-08 - Key Points eBay is trading nearly $10 below this year’s peak and nearly 50% off its October 2021 record high. The company’s recent acquisition spree comes with increased expenses in the short-term but increased opportunity for long-term growth. eBay is trading at huge discounts to broadline retail peers and is the 4th least expensive stock in the entire Nasdaq 100. The stock is flirting with technical oversold levels according to multiple indicators. While the market focuses on Q3 results, investors should be looking ahead to better profits in 2024 and beyond. 5 stocks we like better than eBay eBay Inc. NASDAQ: EBAY beat Wall Street earnings estimates for the second time this year. But unlike the reaction to the first quarter earnings beat, the market isn’t buying it. Shares of the e-commerce platform provider continued to slide last week following a 10.5% post-earnings drop on July 27th. In contrast to rival Amazon.com, which rode a strong Q2 report to a fresh 2023 high, eBay is trading nearly $10 below this year’s peak — and nearly 50% off its October 2021 record high. The post-earnings selling activity stems from 1) a stock market that suffered its worst week last week since the March 2023 Silicon Valley Bank collapse and 2) softer-than-expected third-quarter earnings guidance. The midpoint of management’s Q3 earnings per share (EPS) range implies a mild 1.5% decline from the same period last year. In the eyes of the market, though, this more than offset Q2 revenue coming in at the high end of guidance and consensus-topping EPS — but it shouldn’t have. Here are three reasons why a market overreaction has presented a favorable entry point for swing traders and long-term investors alike. #1 - The Market Has a Case of Myopia eBay’s conservative Q3 guidance relates to several factors. At the top of the list is recent acquisition activity. In May 2023, the company agreed to acquire AI-powered product authentication startup Certilogo. A few months prior, it bought AI fraud detection company 3 PM Shield. eBay’s recent buyout spree (largely focused on high-growth potential AI businesses) comes with increased expenses in the short-term but increased opportunity for long-term growth. This points to a classic case of market nearsightedness. Management is sacrificing near-term profitability for long-term revenue growth. Investors don’t like to see profit margins decline, but in the long run, the temporary reversal will be worth it. In addition to taking an appropriately aggressive M&A stance at a pivotal moment in technology history, eBay is investing in other areas to generate long-term growth. International shipping, payment tools and advertising all hold promise — but take time to develop. While the market focuses on Q3 results, investors should be looking ahead to better profits in 2024 and beyond. #2 - The Stock Is Undervalued…and Wall Street Knows It eBay’s tech buying spree has coincided with the launch of several new and enhanced marketplace tools for buyers and sellers. It has placed a greater emphasis on top-performing product categories which should ultimately drive stronger financial results. With activist investors Elliott Management and Starboard Value applying pressure, eBay is hiking dividends and doing large stock buybacks. It is a much more focused company than it was a year ago. The market isn’t giving enough credit for all of the above. Yes, online and mobile commerce competition is fierce. Amazon, Walmart and Etsy remain serious threats to market share. Yet eBay is holding its own with a relentless rollout of ‘tech-led re-imagination’ projects and on-trend takeovers. In spite of the enhanced growth pipeline, it is trading at huge discounts to broadline retail peers. Based on this year’s EPS estimate, EBAY has a 10x P/E ratio. AMZN trades at 63x, ETSY at 34x and WMT at 25x. EBAY is the 4th least expensive stock in the entire Nasdaq 100. Since the Q2 release, the average revised analyst price target is around $50.00. Combined with the revamped $1.00 per share annual dividend, this equates to an 18% total expected return over the next 12 months. #3 - Technical Oversold Conditions Are Setting In eBay is flirting with technical oversold levels, according to multiple indicators. On the daily chart, the relative strength indicator (RSI) is at 34. The key level to watch here is 30. If the RSI dips significantly below 30, expect buyers to swoop in. This has happened on three occasions over the past year and, in each case, led to sizable swing trade gains. The Bollinger band has also historically been a good signal for reversals. eBay rarely dips outside of its lower Bollinger band. Instead, it tends to hover around the lower band for a few days before buying pressure sparks a rally. Despite the high volume gap down, the stock is finding support at the $42.92 long-term resistance level. If it can maintain this level and break through resistance around $45 (or better yet $46), things will get reset. A run back into the $50’s may soon follow. Before you consider eBay, 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 eBay wasn't on the list. While eBay currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Euphoria Fades In Nikola, Momentum Shifts, And Bears Loom 2023-08-08 - Key Points Nikola's stock surged over 100% in the past month but plummeted by 26% following the Q2 earnings report, wiping out significant gains. Uncertainty surrounds the stock's future, with questions about whether this marks the end of the bull run or just a temporary pullback. The recent CEO change and the approval to issue new shares further add to the market's unpredictability and impact on investor sentiment. 5 stocks we like better than Nikola The past month has been a rollercoaster ride for investors in Nikola NASDAQ: NKLA as the electric vehicle manufacturer experienced a remarkable surge of over 100% in its stock value. However, the euphoria came to a halt following the company's Q2 earnings report released last Friday. The stock plummeted by 26% in a turn of events, wiping out significant gains and leaving investors wondering what’s next for the stock. To add to the uncertainty, breaking news emerged, further impacting the momentum of NKLA. The burning question on everyone's mind now is whether this is the end of the bull run for Nikola or simply a temporary pullback. Shares Drop 26% On Second Quarter Earnings For the second quarter, the company reported a loss per share of 20 cents versus estimates of a 22 cents loss per share and revenue of $15.36 million versus an estimated $15.4 million. In Q2, Nikola reported a net loss of $217.8 million (31 cents per share), including $77.8 million (11 cents per share) from discontinued operations. A year ago, the company lost $173 million (41 cents per share). Adjusted basis loss in the year-ago quarter was 25 cents per share. Revenue declined to $15.4 million from $18.1 million in Q2 2022. During the quarter, Nikola raised $233.2 million in cash through stock sales and asset divestitures, and it took steps to reduce cash consumption. Cash on hand increased to $226.7 million as of June 30, up from $121.1 million on March 31. Shareholders Approved Proposal To Issue New Shares The surge higher originally began in the run-up to the company’s annual shareholder meeting, where the company planned to put to a vote a proposal to increase its total number of authorized shares to raise capital in the future. After multiple failed attempts to pass the proposal, the company finally secured enough votes. On Thursday evening, Nikola announced they had won approval from shareholders to issue new stock, which could double its total number of shares outstanding. Nikola Announce CEO Change On Friday, the company also announced that its President and CEO, Michael Lohscheller, is stepping down immediately due to a family health matter and will leave the Board of Directors on August 31, 2023. Steve Girsky, the current Chairman of the Board, will take over as the new CEO. Lohscheller will stay in an advisory role at Nikola until the end of September to ensure a smooth transition. Has The Momentum Shifted To Favor The Bears? Over the past few months, short interest in the stock has steadily increased, indicating bearish sentiment. Despite the recent surge, the bears remain undeterred, with about 20% short interest or 129.5 million shares. The market's response to last week's news likely strengthened bearish confidence in the short term. A critical test awaits as the stock approaches the uptrend support at $2.40. Its ability to find support and sustain the uptrend will determine whether momentum continues in favor of the bulls or if the bears gain the upper hand if the support level is breached. Before you consider Nikola, 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 Nikola wasn't on the list. While Nikola currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Infrared cameras reveal more than 100 gas leaks across fossil fuel sites in Australia – video 2023-08-08 - Infrared videos show gas leaking or being vented from more than 100 places across 35 fossil fuel sites in Queensland and New South Wales, according to an investigation by environmental organisations. The Australian Conservation Foundation commissioned the US-based Clean Air Task Force, a global nonprofit, to use new technology to monitor if methane was leaking from coalmines and gas facilities owned by energy giants Santos and Origin and pipeline company Jemena. The organisations said the videos were recorded over a four-week period in which they visited 80 sites to take a snapshot of Australia’s fossil fuel infrastructure. Methane is a powerful greenhouse gas with more than 80 times the global heating impact of CO2 over a 20 year period when released into the atmosphere
Britishvolt buyer yet to make final payment in deal to rescue battery firm 2023-08-08 - The Australian company that rode to the rescue of the failed car battery firm Britishvolt earlier this year has failed to make the final payment in its purchase of the company, throwing the future of the deal into doubt. Britishvolt’s administrators, EY, said the buyer, Recharge Industries, bought the business and assets for £8.57m in a deal finalised in February but had yet to make the final payment, due on 5 April. “The final instalment remains unpaid and overdue. As a result, the buyer is in default of the business sale agreement,” EY said in a progress report. However, Scale Facilitation, the Manhattan-based parent company of Recharge, denied that it had defaulted on the deal. The company, which is run by the Australian entrepreneur David Collard, told ITV, which first reported the story: “We dispute we are in default.” Scale said: “The timing of the final instalment to the administrator is linked to a funding facility, which when closed will also cover the cost of the land acquisition and provide additional working capital for the project. The financier is in direct contact with the counterparties, and we anticipate closing in August following a period of significant due diligence.” EY said the joint administrators were using “the protections and guarantees afforded in connection with the business sale agreement to pursue the outstanding amounts due” from Scale, raising hopes the deal could still go through. Britishvolt had planned to build a £3.8bn gigafactory in northern England to supply the next generation of UK-built electric vehicles, backed by £100m in conditional funding from the UK government. However, it collapsed into administration in late January after running out of cash. Recharge’s rescue deal revived hopes that the factory, key to Britain’s ambition to become a major player in electric vehicles, could still be built. Like Britishvolt, Recharge is a startup with little experience of battery manufacturing. In June, Scale Facilitation’s Australian offices were raided by police over allegations of tax fraud. The company said in a media statement at the time: “We have and will continue to fully cooperate with the Australian Taxation Office and now the Australian federal police. We deny any wrongdoing and will continue working with our legal and other advisers to defend any matters arising from these discussions.” skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Britishvolt was once valued at close to £800m but after its collapse is worth a tiny fraction of that sum. In December 2020, when the British prime minister, Rishi Sunak, was chancellor, he tweeted support for Britishvolt’s site, claiming it would bring 8,000 jobs to the region. Scale Facilitation was approached for comment by the Guardian.
X Corp accuses climate group of helping anti-hate researchers target Twitter 2023-08-08 - Elon Musk’s X Corp has accused the European Climate Foundation of helping an anti-hate speech campaign group conduct research against its rebranded Twitter platform. The claim was made in a blogpost on Monday that alleged the ECF had given the Center for Countering Digital Hate (CCDH) access to Brandwatch, a software tool that allows organisations to monitor posts on Twitter, which Musk last month renamed X. “The CCDH gained this access with the cooperation of the European Climate Foundation, which provided credentials to CCDH in violation of their contractual obligations to Brandwatch,” said the post. X Corp is suing CCDH in a federal US court over claims that CCDH scraped the former Twitter platform for data and gained illicit access to Brandwatch. Responding to the legal complaint, CCDH has accused Musk of behaviour “straight out of the authoritarian playbook”. In the lawsuit against CCDH filed last week, the then-unnamed entity that gave CCDH access to Brandwatch is included as a “Doe defendant” that “improperly shared its login credentials with CCDH”. X’s lawyers claimed that the CCDH had used, “flawed methodologies to advance incorrect, misleading narratives”. The filing from last week also said that several unnamed advertisers were no longer spending on the platform, paused advertising or decided to not reactivate campaigns, after reading CCDH’s work. According to the filing, this included large multinational corporations and that the cost of the advertising postponements had run into tens of millions of dollars. Musk, who has described himself as a “free speech absolutist”, claimed in an interview with the BBC in April that hate speech and misinformation had decreased since he acquired the site for $44bn last October. Imran Ahmed, the founder and chief executive of the CCDH, said last week that he had no plans to suspend its research into the spread of hateful content on the social media platform. The organisation has regularly published research into the social media platform’s content since Musk’s takeover. The European Climate Foundation, which funds global heating campaign groups, has been contacted for comment.
West Midlands mayor calls for Crooked House pub to be rebuilt ‘brick by brick’ 2023-08-08 - Andy Street has called for the Crooked House pub to be “rebuilt brick by brick” after it was demolished following a huge fire over the weekend. The building, known as the Britain’s “wonkiest pub” and dating back to 1765, was gutted by a fire on Saturday night just two weeks after it was sold to a private buyer. On Monday the remains of the building in Himley, near Dudley in the Black Country, were demolished, hours after Staffordshire police said they were gathering evidence as part of an investigation into the cause of the fire. It is not yet clear who demolished the pub. Street, the mayor of the West Midlands, said he had written to the leader of South Staffordshire council, Roger Lees, asking him to ensure the building was rebuilt, and any application to change its use was blocked. The burnt-out remains of the Crooked House pub before it was reduced to rubble. Photograph: Jacob King/PA “This pub may be just over the border in your county of Staffordshire, but it clearly holds real cultural and historical significance to the West Midlands. We therefore found it deeply upsetting to see the iconic location gutted in this way,” the letter read. “We therefore ask you to consider ensuring the property is rebuilt brick by brick (using as much original material as possible) before any further discussion about the future of the site take place.” He added: “We would strongly ask you to consider not allowing any alternative use and instead keeping this iconic location as a pub. It is in all our interests that we do not allow the Crooked House pub to be consigned to history.” We’ve asked @south_staffs to ensure the Crooked House Pub is rebuilt brick by brick, & any attempt to change its use blocked 🚫@alex__claridge & I have also asked to be kept informed of the Fire & Police’s investigation We will not let the Crooked House be consigned to history pic.twitter.com/OPAHjqGbyY — Andy Street (@andy4wm) August 8, 2023 On Monday, Staffordshire police said they were “reviewing all of the available evidence alongside fire investigators to determine the cause of the incident”. Firefighters said they struggled to access the building when it was ablaze on Saturday as large mounds of dirt were blocking the road leading up to it. The station commander, Liam Hilton, from Staffordshire fire service said they were “a good 800 metres to approximately 1,000 metres distance” from the building meaning they had to get water from a “high volume pump”. In another letter to the chief constable of Staffordshire police and the chief fire officer, Street said “there are major questions to be answered given how swiftly this fire happened following the sale of the pub to an unknown private developer”. “We are also intrigued by the fact your officers faced blocked access when trying to get to the scene,” he said. Staffordshire police and Staffordshire fire and rescue service have been approached for comment.
Sales at vegan burger maker Beyond Meat fall by almost a third 2023-08-08 - Sales at the vegan burger maker Beyond Meat have slumped by almost a third as consumers opt for cheaper animal protein amid the cost of living crisis. The US company, whose plant-based products include burgers that appear to bleed and imitations of sausages and meatballs, has cut its annual revenue forecast in the latest sign that the vegan food bubble is bursting. Sweden’s Oatly, the Swiss food company Nestlé and the London-based Innocent Drinks, which is owned by Coca-Cola, are among those that have pulled vegan products from sale in the UK this year. Beyond Meat, which has co-developed McDonald’s McPlant vegan burger, said sales fell 30.5% to $102.1m (£80m) in the quarter to 1 July, missing analysts’ expectations. Its net loss shrank to $53.5m from $97.1m a year earlier. It said it had been hit by “softer demand in the plant-based meat category, high inflation, rising interest rates and ongoing concerns about the likelihood of a recession”. For example, the US trial run of the McPlant burger was cancelled last August but it is still on sale in the UK and Ireland. The company’s chief executive, Ethan Brown, said the ambiguity around the health benefits of eating plant-based meat had held back sales. “This change in perception is not without encouragement from interest groups who have succeeded in seeding doubt and fear around the ingredients and process used to create our and other plant-based meats,” he said. “As we look to the future, we remain steadfast in our belief that plant-based meat, and Beyond Meat specifically, will play an important part of the global response to a climate crisis that appears to be rapidly intensifying, while also delivering health benefits to the individual consumer.” Beyond Meat has been trialling price cuts to attract more customers by offering its core products at prices that are at or below their animal protein equivalent. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The company is now forecasting 2023 revenues between $360m and $380m, down from its previous estimate of $375m to $415m, and below last year’s revenues of $418.9m. The business was founded in 2009 with the brand promise eat what you love. In 2019, Beyond Meat was valued at more than $10bn, more than Macy’s or Xerox, but its market value has since plummeted to $981m.
Here’s what we know about Sunak now: where the anti-green extremists lead, he will follow | Polly Toynbee 2023-08-08 - The imagery is unfortunate. Our prime minister, Rishi Sunak, was apparently spotted in a gym at 7am in Santa Monica, California – where his family owns a £5.5m penthouse in a building with its own pet spa – pedalling away at an indoor SoulCycle session to Taylor Swift music. Pedalling like fury and going nowhere. Back in Blighty, staycationers may or may not brave the sea where, to Britain’s international shame, 57 world triathlon athletes in Sunderland have just fallen sick after competing in swimming events in our filthy, sewage-tainted waters. On holiday in East Sussex, I watched the Conservatives lose power last week to Liberal Democrats in a county council byelection that tipped this deep blue county’s council into a position of no overall control. They lost the Eastbourne ward of Meads, where the politics professor Tim Bale lives. “Wide implications here,” he says. “Tory since time began, it’s Eastbourne’s richest suburb, average age 60.” Rishi Sunak’s anti-green gesturing cut no ice here. No doubt while he’s on his gym bike Sunak, an assiduous data consumer, absorbs news from back in his other home. However hard he pedals it just gets worse. NHS waiting lists are likely to go on rising. The Bank of England expects an extra 350,000 people to become unemployed. Interest rates will stay high, meaning more people in mortgage hell by election day. Housebuilding has slumped. Insolvencies are up by 40%. There are empty shops for all to see. It’s no surprise that the birthrate is falling as rent and nursery fees soar, while the public sector decays. How can he face an election with that record? Ah, green wars! He gets plenty of bad advice from his fissiparous tribe. He may find misguided solace in his personal rating rising among party members on the blog ConservativeHome – though he’s still only 14th favourite in the cabinet. Paul Goodman, ConservativeHome’s editor, concludes that this rise, which follows the Conservatives’ byelection win in Uxbridge and South Ruislip, is thanks to Sunak’s “tilt from green politics” and his “pro-motorist rhetoric, new North Sea oil and gas licences [and] opposition to low-traffic neighbourhood schemes”. Tory members want a great green divide. But beware the widening gap between them and the general public. Only 27% of Tory members think there’s a climate emergency, while 67% don’t. Compare that with the government’s own official survey, which found that 82% of voters are concerned about the climate. Though there is more equivocation on “ordinary people” paying for climate mitigation, the public strongly backs taking action: YouGov finds 71% of voters support the 2050 net zero legally binding target, while only 18% of Tory members fully support it. Rachel Wolf, co-author of the 2019 Tory election manifesto and a founding partner of policy, research, opinion and strategy consultancy Public First, tells PoliticsHome it would be a “massive risk” to pander to net zero sceptics. Bale adds: “It only mobilises the Tory base, the libertarians and the nanny-state resisters.” He warns Sunak to shut his ears to siren voices in the Mail, Sun and Telegraph: “They no longer speak for England.” The trouble with Sunak’s anti-green “I’m on the side of motorists” pivot is it looks as fake as borrowing a Sainsbury’s staffer’s Kia for a photoshoot on petrol prices. Like his phoney Faragism - pulling pints when everyone knows he doesn’t drink - it only exposes his embarrassingly jittery uncertainty about who he is or what he’s for. As he pedals on, rightwing Brexiter fury is boiling up, reports the FT, over his retreat on a UK product safety mark. But if he turns to those who see themselves as the presentable face of Toryism, the advice is just as bad. No doubt he read the Times’ leader on Saturday, whose solutions to his electoral woes mainly consisted of gifts to the richest members of society: reward the highest earners with tax relief on their pensions; abolish inheritance tax (though 93% of the population don’t pay it); abolish stamp duty (without replacing it with a better wealth tax); add more tax relief loopholes; impose charges for certain NHS services and cut the state pension (both phenomenally unpopular moves). On it goes with bad advice to reduce spending on welfare (already lower than comparable EU countries), pensions (also low) and healthcare – but look where NHS cuts got us. It also suggests cutting “red tape” on childcare (that is, lowering its quality). I quote this Times editorial as it echoes advice you hear everywhere among Tory top brass who are out of touch with any but their own kind, as the cost of living crisis passes them by. It’s an electoral suicide plan that could have been written for them by Labour. At the weekend, Keir Starmer launched a broadside against Tory backtracking on green targets. “Sunak’s actions this past week have exposed a prime minister who is led and does not lead, who has given up on the national interest for his own short-term interest,” he wrote. There’s no point trying to create a wedge between motorists and people who care about the climate crisis “because British people overwhelmingly both drive cars and want to tackle climate change”, Starmer added. Ipsos finds that 52% actually want the 2050 net zero target reached faster. As Sunak pedals on, pondering how to salvage something from the wreckage, he should take a lesson from Starmer. Stand firm against the headbangers in his party. Eject them if necessary. Resist temptations to win good headlines from Tory newspapers that will badly mislead him. Aim for a lesser defeat by taking the climate emergency seriously. Resist tax cuts with public services in dire need. It’s too late to win, but it’s not too late to rescue his own reputation by putting the public good first. But I doubt he is that man. He pedals on, going nowhere.