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Grand jury accuses Trump of conspiring to defraud the United States 2023-08-01 - WASHINGTON — Former President Donald Trump was indicted Tuesday on charges he conspired to defraud the country he used to lead and attempted to prevent the peaceful transfer of presidential power to Joe Biden. “The purpose of the conspiracy was to overturn the legitimate results of the 2020 presidential election by using knowingly false claims of election fraud to obstruct the government function by which those results are collected, counted and certified,” the indictment from special counsel Jack Smith’s office says. The indictment accuses Trump of taking part in three criminal conspiracies: "to defraud the United States by using dishonesty, fraud and deceit" to obstruct the electoral vote process; to "impede the January 6 congressional proceeding at which the collected results of the presidential election are counted and certified;" and "against the right to vote and to have that vote counted." He's due to be arraigned on the charges on Thursday. The indictment was handed down two weeks after Trump announced that he'd been notified he received a target letter in the probe led by special counsel Jack Smith, who brought charges against the former president last month in a separate case over Trump's handling of classified documents after leaving office. Trump called the indictment "fake" in a post on his social media website shortly before news of the filing was made public. "Why didn’t they do this 2.5 years ago? Why did they wait so long? Because they wanted to put it right in the middle of my campaign. Prosecutorial Misconduct!" his Truth Social post said. Trump has repeatedly denied any wrongdoing over his actions after the 2020 election, blasting Smith as "corrupt" and labeling the investigation as "election interference." Trump launched his 2024 presidential bid in November, after the Justice Department had already been investigating his ties to the violence that took place at the U.S. Capitol during the presidential vote count on Jan. 6. Attorney General Merrick Garland appointed Smith as special counsel in November to determine “whether any person or entity unlawfully interfered with the transfer of power following the 2020 presidential election or the certification of the Electoral College vote held on or about January 6, 2021.” Grand jurors heard testimony from dozens of witnesses in the wide-ranging investigation, including former Vice President Mike Pence, who is now running against Trump for the Republican nomination. Earlier in July, federal grand jurors heard testimony from William Russell, a Trump aide who was asked questions that raised issues of executive privilege. The questions, NBC News reported, focused on Trump’s state of mind between his 2020 election loss and Jan. 6. The indictment is the second case that Smith has brought against Trump in less than two months. In June, Smith brought a 37-count indictment against Trump for allegedly mishandling national security information and obstruction. Trump has pleaded not guilty in that case, which he's labeled "the boxes hoax." He was hit with additional counts in the case last week, including new obstruction charges related to alleged efforts to delete surveillance video footage that had been subpoenaed from his Mar-a-Lago resort. Trump became the first former president to be indicted in March, when Manhattan District Attorney Alvin Bragg hit him with a 34-count felony indictment for allegedly falsifying business records related to hush money payments. Trump has pleaded not guilty in that case as well, maintaining that the prosecution is politically motivated. The former president is also the focus of an election probe in Georgia. Fulton County District Attorney Fani Willis opened an investigation in 2021 into whether Trump and his allies interfered in the 2020 election. She has indicated that indictments stemming from that probe could come in early August. This is a developing story. Please check back for updates.
Global AIDS program targeted in abortion battle gets new home in State Department bureau 2023-08-01 - WASHINGTON — The State Department launched a new bureau Tuesday aimed at making the battle against global outbreaks a lasting priority of U.S. foreign policy, even as one of its key elements — a widely acclaimed HIV program — has become caught up in the political battle over abortion. The bureau is to include the 20-year-old initiative known as the President’s Emergency Program for AIDS Relief, or PEPFAR. The program is relatively unknown to Americans but has succeeded beyond most early expectations in addressing the AIDS crisis and is credited with saving up to 25 million lives worldwide. The bureau will be led by a public health official integral to PEPFAR, John N. Nkengasong. Born in Cameroon, Nkengasong was a founder of U.S. Center for Disease Control and Prevention operations in Africa. He helped set up some of the sub-Saharan’s first sophisticated labs for work with HIV and AIDS. President George W. Bush started PEPFAR in Africa in 2003. The program retains bipartisan support. But anti-abortion groups and some House Republicans, including Rep. Chris Smith of New Jersey, are pushing to attach abortion-related limits on U.S. health support overseas to the reauthorizing legislation. They are also seeking yearly votes on PEPFAR’s continuance. While the Democratic-controlled Senate is expected to try to squash any such GOP conditions on the HIV program, the skirmish signals the PEPFAR program is now likely a captive of U.S. abortion politics going forward. Secretary of State Antony Blinken, in a ceremony for the new Bureau of Global Health Security and Diplomacy, made only a passing reference to the abortion fight threatening PEPFAR’s normally assured support from lawmakers, saying he hoped Congress approved the program for another five years, without amendments. The $100 billion in U.S. support for the PEPFAR program over 20 years is credited with lasting improvements in health care systems globally. Nkengasong helped establish one of the first local government-run HIV drug programs, in Ivory Coast at a time that HIV and AIDS medications were too scarce and too costly for most people in the sub-Saharan country. The lessons learned from the U.S. HIV program “are applied daily” in dealing with other threats, he said Tuesday. The success of the PEPFAR program as it grew across Africa and around the world over decades made it “the single greatest health achievement in history,” said Samantha Power, head of the U.S. Agency for International Development. Power cited the economic and human toll of the COVID-19 pandemic, and pointed to estimates that the warming climate and other changing conditions make for a 40% increase in the chances that another pandemic on the same scale as COVID will happen in our lifetimes. Creation of the new bureau is meant to raise health security as a global priority, build up the capacity of U.S. diplomats and local health systems globally to better curb outbreaks, and get the most out of U.S. assistance to health systems globally, Blinken said.
July reader favorites: AirTags, body washes, and more 2023-08-01 - July was full of shopping and sales events — everything from July Fourth sales to Prime Day and Target Circle Week. This month we reviewed some more tech products, including Apple’s AirTags and Google’s new Pixel tablet. We also recommended more summer essentials as the sun has gotten stronger, including ice trays, charcoal grills, beach umbrellas and even everything you need to know about pickleball. Aside from the shopping guides above, our readers showed the most interest in travel accessories, body washes and tower fans. Here are 12 of the most purchased products we covered this July, excluding Prime Day 2023 bestsellers. 4.5-star average rating from 14,126 reviews on Amazon Learn more: 34 top-rated Amazon travel accessories for your next trip 4.7-star average rating from 7,073 reviews on Amazon Learn more: 10 best razors for women, according to experts 4.7-star average rating from 3,714 reviews on Amazon Learn more: The best body washes for every skin type, according to experts 4.7-star average rating from 130,572 reviews on Amazon Learn more: Are Apple AirTags actually worth it? We say yes. 4.7-star average rating from 2,746 reviews on Amazon Learn more: 7 top-rated tower fans to keep you cool 4.5-star average rating from 23,264 reviews on Amazon Learn more: The best vacuums in 2023, according to experts 4.0-star average rating from 6,316 reviews on Amazon Learn more: 15 best grilling accessories, according to food experts 4.8-star average rating from 1,573 reviews on Amazon Learn more: Everything you need to play pickleball 4.8-star average rating from 11,827 reviews at Boll & Branch Learn more: The 11 best bed sheets of 2023, according to experts 4.8-star average rating from 1,492 reviews at Eagle Nest Outfitters Learn more: The 9 best hammocks for leisure and camping, according to experts 4.5-star average rating from 1,066 reviews on Amazon Learn more: How to shop for a life vest for your child Catch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram, Twitter and TikTok to stay up to date.
FBI finds 200 sex trafficking victims, 59 missing children in two-week sweep 2023-08-01 - The FBI found 200 sex trafficking victims and more than 125 suspect during a two-week child explotation operation in July, federal officials said Tuesday. During "Operation Cross County," the FBI located 59 victims of child sex trafficking and child sexual exploitation and 59 missing children. The FBI teamed with state and local agencies to identify or arrest 126 suspects of child sexual exploitation and human trafficking and 68 suspected traffickers. “Sex traffickers exploit and endanger some of the most vulnerable members of our society and cause their victims unimaginable harm," Attorney General Merrick B. Garland said in a statement. “This operation, which located 59 actively missing children, builds on the tremendous work the FBI has undertaken over many years to rescue minor victims and arrest those responsible for these unspeakable crimes. The FBI-led initiative in partnership with the National Center for Missing and Exploited Children (NCMEC) "focused on identifying and locating victims of sex trafficking and investigating and arresting individuals and criminal enterprises involved in both child sex and human trafficking," federal officials said. Operation Cross Country 13, an FBI-led nationwide law enforcement initiative, which included other federal agencies, state and local police, and social services agencies aiming to find and assist victims of human trafficking, particularly child victims. FBI “Behind every statistic, there is a person with dreams, aspirations, and the right to live a life free from child sex trafficking and exploitation," NCMEC President and CEO Michelle DeLaune said in a statement. "As a society, we must work together to ensure the protection, support, and empowerment of those impacted by this heinous crime.”
Zendaya pays tribute to late ‘Euphoria’ co-star Angus Cloud: ‘Words are not enough’ 2023-08-01 - Zendaya is saying farewell to her friend and co-star Angus Cloud, who died this week at the age of 25. For two seasons of “Euphoria,” fans knew Cloud as the dealer with a heart of gold, Fezco. His co-star Zendaya memorialized the late actor in a post on Aug. 1, writing that she will “cherish” every memory. “Words are not enough to describe the infinite beauty that is Angus (Conor). I’m so grateful I got the chance to know him in this life, to call him a brother, to see his warm kind eyes and bright smile, or hear his infectious cackle of a laugh (I’m smiling now just thinking of it),” she wrote in her post, alongside a black and white photo of Cloud. “I know people use this expression often when talking about folks they love…’they could light up any room they entered’ but boy let me tell you, he was the best at it. I’d like to remember him that way. For all of the boundless light, love and joy he always managed to give us. I’ll cherish every moment." “My heart is with his mother and family at this time and please be kind and patient as grief looks different for everyone,” she concluded. From the beginning, Cloud’s character, Fez, looked out for Zendaya’s troubled Rue much like an older brother. In the second season, Fez began a sweet friendship with Maude Apatow’s Lexi, cementing him as a fan-favorite on the show. Back in February, when the second season of the show premiered, Zendaya shared a photo from the set that included Cloud and Apatow. “It’s been a long but beautiful road, last euphoria day for a while…we hope you enjoy it,” she wrote alongside the Instagram pic. In an interview with the Wall Street Journal, Cloud shared that he and Zendaya both attended Oakland School for the Arts at the same time. “We had some of the same friends I guess, but I didn’t really know her,” he told the magazine in 2019. Cloud’s family confirmed his death in a statement shared with NBC News on July 31. “It is with the heaviest heart that we had to say goodbye to an incredible human today. As an artist, a friend, a brother and a son, Angus was special to all of us in so many ways,” the statement read. “Last week he buried his father and intensely struggled with this loss. The only comfort we have is knowing Angus is now reunited with his dad, who was his best friend.” “Angus was open about his battle with mental health and we hope that his passing can be a reminder to others that they are not alone and should not fight this on their own in silence,” the statement continued. “We hope the world remembers him for his humor, laughter and love for everyone. We ask for privacy at this time as we are still processing this devastating loss.” “The Line” actor died in Oakland, California. While the actor’s cause of death has not been determined at this time, NBC News has learned Cloud had been battling severe suicidal thoughts after getting back from Ireland, where they laid his father to rest. The actor was trying to work through the grief and staying with family as he did so.
Taco Bell accused of skimping on beef for Crunchwraps and Mexican Pizzas in class action lawsuit 2023-08-01 - A lawsuit filed in federal court on Monday accuses Taco Bell of falsely advertising how much beef it offers in its popular Crunchwrap and Mexican Pizza menu items. The class action suit, filed in the Eastern District of New York, alleges that the fast food chain "materially overstates the amount of beef and/or ingredients" in its ads compared to what is actually offered to customers. The plaintiff, Frank Siragusa, purchased a Mexican Pizza from a location in Ridgewood, New York, on Sept. 20, 2022, that he alleges "contained approximately half of the beef and bean filling that he expected." "Taco Bell’s actions are especially concerning now that inflation, food, and meat prices are very high and many consumers, especially lower income consumers, are struggling financially," the lawsuit states. The lawsuit has side-by-side images comparing the Taco Bell advertisements for items such as the Crunchwrap Supreme, Grande Crunchwrap, and Mexican Pizza. Images included in the filing appear to show a paltry serving of meat in what customers allegedly received in store, compared to the images Taco Bell advertises. Taco Bell’s advertisement for the Mexican Pizza and what the plaintiff says he received. U.S. District Court for the Eastern District of N.Y. "Taco Bell’s promise to consumers of a large portion of food with their purchase are also causing consumers to come to, or order from, Taco Bell’s restaurants and make purchases that they would not have otherwise made," the lawsuit states. Siragusa's suit is filed on behalf of anyone who purchased "a Crunchwrap Supreme®, Grande Crunchwrap®, Vegan Crunchwrap®, Mexican Pizza, or Veggie Mexican Pizza, from a Taco Bell, located in the state of New York" since July 31, 2020 and the final action in the case. The filing includes a demand for a jury trial, damages "in an amount according to proof at trial," and a request that Taco Bell either correct its "deceptive" practice or stop selling the menu items listed in the suit. Taco Bell did not immediately respond to a request for comment from NBC News on Tuesday.
Starbucks reports record quarterly revenue as China sales boom 2023-08-01 - Starbucks reported record revenue in its fiscal third quarter as sales in China roared back to life Starbucks reported record revenue in its fiscal third quarter as its China business roared back to life. Same-store sales — or sales at stores open at least a year — jumped 46% in China, reversing last year’s declines due to COVID infections. Still, the company’s results were mixed for the 13 weeks ending July 2. While its earnings surpassed Wall Street’s forecast, its sales were lower than expected. Starbucks shares were down 1% in after-market trading Tuesday. The Seattle-based coffee giant said its revenue rose 12% to $9.2 billion in the quarter. Analysts had expected revenue of $9.3 billion, according to FactSet. Starbucks’ overall same-store sales increase of 10% was also lower than Wall Street’s forecast of 11%. North American same-store sales rose 7% for the quarter. That was largely due to higher prices and customers ordering more items per visit; customer traffic was up just 1%. Starbucks said its net income rose 25% to $1.1 billion, or 99 cents per share. Excluding restructuring costs, the company earned $1 per share. That was higher than the 95 cents analysts forecast.
Vintage computer that helped launch the Apple empire is being sold at auction 2023-08-01 - This photo provided by RR Auction shows a vintage Apple computer built in the 1970s and signed by company co-founder Steve Wozniak. It is being sold at auction in Boston. The Apple-1 set in motion the company that in June became the first publicly traded company to close a trading day with a $3 trillion market value. (Nikki Brickett/RR Auction via AP) This photo provided by RR Auction shows a vintage Apple computer built in the 1970s and signed by company co-founder Steve Wozniak. It is being sold at auction in Boston. The Apple-1 set in motion the company that in June became the first publicly traded company to close a trading day with a $3 trillion market value. (Nikki Brickett/RR Auction via AP) This photo provided by RR Auction shows a vintage Apple computer built in the 1970s and signed by company co-founder Steve Wozniak. It is being sold at auction in Boston. The Apple-1 set in motion the company that in June became the first publicly traded company to close a trading day with a $3 trillion market value. (Nikki Brickett/RR Auction via AP) This photo provided by RR Auction shows a vintage Apple computer built in the 1970s and signed by company co-founder Steve Wozniak. It is being sold at auction in Boston. The Apple-1 set in motion the company that in June became the first publicly traded company to close a trading day with a $3 trillion market value. (Nikki Brickett/RR Auction via AP) BOSTON -- A vintage Apple computer signed by company co-founder Steve Wozniak is being sold at auction. The Apple-1 set in motion the company that in June became the first publicly traded business to close a trading day with a $3 trillion market value, according to RR Auction in Boston. The computer has been restored to a fully operational state and comes with a custom-built case with a built-in keyboard, the agency said. “It's an incredibly rare commodity," said Tim Bajarin, chairman of Creative Strategies, a technology research firm with deep knowledge of the industry. “You can trace the growth of the PC industry to the Apple-1." The computer, which originally sold for about $666, is expected to sell for about $200,000 at an auction that runs through Aug. 24. An Apple-1 prototype sold last year for nearly $700,000. “Before this, the idea of having a personal computer was totally outrageous," Bajarin said. About 200 were manufactured in Steve Jobs' garage in Los Altos, California, in 1976 and 1977 and about 175 of them were sold, RR's Executive Vice President Bobby Livingston said. “It is the legendary computer that launched Apple," he said. Jobs approached Paul Terrell, owner of The Byte Shop in Mountain View, California, and he agreed to buy 50 Apple-1 computers, but only if they were fully assembled, according to RR Auction. The Apple-1 thus became one of the first personal computers that did not require soldering by the purchaser, RR said, although it did not come with a power supply, case, keyboard or monitor. It was followed by the introduction of the Apple-2 in 1977, which revolutionized the personal computing industry. The Apple-1 up for auction was signed “Woz" by Wozniak at an event at Bryant University in 2017. The signature “adds to the desirability," Livingston said. It was acquired used by the owner in 1980 at a computer hobbyist show in Framingham, Massachusetts, and was used throughout the 1980s. It was brought to an operational state earlier this year by Apple expert Corey Cohen, the auction house said. The auction also includes Apple company check No. 2 signed by Jobs and Wozniak and dated March 19, 1976. The check for $116.97 was made out to Ramlor Inc., a circuit board maker, and experts think it was likely linked to the production of the first Apple-1 computers, RR Auction said. The check was expected to sell for $50,000, but early bidding has already surpassed that total.
Tiger Woods joins PGA Tour board and gives commissioner his support as Saudi deal talks continue 2023-08-01 - FILE - At left, the PGA Tour logo is shown during a press conference in Tokyo, Nov. 20, 2018. At right LIV Golf flags are shown during the second round of LIV Golf Orlando at Orange County National in Winter Garden, Fla., April 1, 2023. The alliance between LIV and the PGA Tour has been met with skepticism and a raised eyebrow in most circles, including the U.S. Congress. (Steve Szurlej/LIV via AP, File) FILE - At left, the PGA Tour logo is shown during a press conference in Tokyo, Nov. 20, 2018. At right LIV Golf flags are shown during the second round of LIV Golf Orlando at Orange County National in Winter Garden, Fla., April 1, 2023. The alliance between LIV and the PGA Tour has been met with skepticism and a raised eyebrow in most circles, including the U.S. Congress. (Steve Szurlej/LIV via AP, File) FILE - At left, the PGA Tour logo is shown during a press conference in Tokyo, Nov. 20, 2018. At right LIV Golf flags are shown during the second round of LIV Golf Orlando at Orange County National in Winter Garden, Fla., April 1, 2023. The alliance between LIV and the PGA Tour has been met with skepticism and a raised eyebrow in most circles, including the U.S. Congress. (Steve Szurlej/LIV via AP, File) FILE - At left, the PGA Tour logo is shown during a press conference in Tokyo, Nov. 20, 2018. At right LIV Golf flags are shown during the second round of LIV Golf Orlando at Orange County National in Winter Garden, Fla., April 1, 2023. The alliance between LIV and the PGA Tour has been met with skepticism and a raised eyebrow in most circles, including the U.S. Congress. (Steve Szurlej/LIV via AP, File) Tiger Woods has joined the PGA Tour policy board for the first time in his 27 years on tour Tiger Woods has joined the PGA Tour policy board for the first time in his 27 years on tour, giving Commissioner Jay Monahan key support as he rebuilds trust while forging ahead with details of a business partnership with Saudi backers of LIV Golf. Woods will become a sixth player director — a year ago, the PGA Tour had only four players on its board — as part of a broad agreement that gives the players a greater voice and awareness of any major deals going forward. The announcement Tuesday is a response to the PGA Tour having secret talks with the head of Saudi Arabia's national wealth fund that led to a proposed partnership that was announced in June and stunned players who had lined up behind the tour to fend off the Saudi threat. Woods, as the sixth player director, marks the first time players have outnumbered the five independent directors on the board. The 12th board member is the PGA of America president, John Lindert. Equally critical to Monahan was the support from Woods. Monahan is seeing players this week at the Wyndham Championship in Greensboro, North Carolina, for the first time since he took a monthlong leave because of a medical situation. He returned to work two weeks ago. “I am honored to represent the players of the PGA Tour,” Woods said in a statement, his first public comments since the Saudi deal was announced. “This is a critical point for the tour, and the players will do their best to make certain that any changes that are made in tour operations are in the best interest of all tour stakeholders.” Woods thanked Monahan for agreeing to act on the players' concerns and said “we look forward to being at the table with him to make the right decisions for the future of the game. “He has my confidence moving forward with these changes.” Woods had been one of the strongest opponents of LIV Golf and helped run a meeting of select players last August in Delaware to restructure the PGA Tour model, geared toward bringing the top players together more often for $20 million purses. While limited in his appearances because of injuries from a February 2021 car crash, Woods remains the most powerful voice among players. He has never served on the Player Advisory Council or the PGA Tour policy board. But his opinions have always been sought — and often heard — in private with Monahan and his predecessor, Tim Finchem. “Tiger's voice and leadership throughout his career have contributed immeasurably to the success of the PGA Tour, and to apply both to our governance and go-forward plan at this crucial time is even more welcomed and impactful,” Monahan said. The tour said “player leaders” asked for certain steps to be taken immediately, and Monahan agreed. That starts with amending the board's governing documents to ensure no major decision can be made without prior involvement and approval of the players on the board. Monahan recently appointed Colin Neville, a partner at The Raine Group, as an adviser to the player directors as the tour works out a definitive agreement with the Public Investment Fund and the European tour. Under the agreement announced Tuesday, Neville will be kept abreast of negotiations on the framework agreement and given full access to documents as he represents the players. Neville was in the Delaware player meeting last August that led to the restructuring. He was involved in the team concept of the Premier Golf League some five years ago, which was to be supported by private capital. It never got going, and many of the ideas were adopted by LIV Golf. Monahan said he was committed to restoring “any lost trust or confidence” from what he described as the surprise announcement on June 6. According to the framework agreement, the sides have until Dec. 31 to reach a definitive deal, although that can be extended. “Any agreement we reach must be shaped by our members' input and approval earned through our player directors,” Monahan said. The other player directors are Rory McIlroy (the first international player on the board ), Webb Simpson, Charley Hoffman and Peter Malnati. Patrick Cantlay was the fifth player added to the board at the start of the year. The independent directors are Chairman Ed Herlihy and Jimmy Dunne, who worked privately with Monahan on the Saudi agreement, along with Mary Meeker and Mark Flaherty. Former AT &T Chairman Randall Stephenson recently resigned, saying he could not support the Saudi agreement. Players are involved in the search to replace him. The framework agreement would allow Yasir Al-Rumayyan, governor of the PIF, to join the board as an independent director. Monahan had told The Associated Press in June that Al-Rumayyan would not be an additional board member but would replace someone whose term expires. The tour listed 41 players who supported the changes, including Woods, McIlroy, Cantlay, Scottie Scheffler, Jon Rahm and Jordan Spieth. The 41 players include every PGA Tour member from the top 20 in the world ranking, along with all 16 members of the Player Advisory Council. “I think it’s very obvious last year that a pretty good amount of us were frustrated and taken back with how some things took place,” Justin Thomas said. “We were just kind of put in a funky or tough position with how stuff was handled in the past. We want to have a say of what’s going on because it is our tour and ... how it’s structured and how it looks is important to us.” ___ AP golf: https://apnews.com/hub/golf
Israeli high-tech investment plummets in first half of 2023, industry monitor says 2023-08-01 - An Israeli tech industry monitor says investment in Israeli start-ups has plummeted in the first half of 2023 JERUSALEM -- Investment in Israeli technology startups plummeted in the first half of 2023, an Israeli tech industry monitor said Tuesday, citing the government's divisive judicial overhaul plan as a main driver of the downturn. Start-Up Nation Central, a nonprofit organization that tracks and engages with Israel's technology industry, said that it had seen a 29% decrease in private funding in Israeli tech in the first half of 2023 compared to the second half of 2022, and a steep drop in investor participation. Initial public offerings and mergers and acquisitions also hit a five-year low, it said. The organization said that uncertainty in Israel because of the judicial overhaul “is already being felt with indicators such as decreased fundraising and fewer emerging Israeli startups.” Yaniv Lotan, a vice president at Start-Up Nation Central, said the correlation between the judicial overhaul and investor hesitancy is clear. He said that while technology investment has stabilized in the U.S. and globally over the past year, over the same period “here in the Israeli high-tech market, we are experiencing a continued downward trend.” Israel's high-tech sector is a major engine of the country's economy, making up half of the country's exports. It employs tens of thousands and its startup companies have drawn billions of dollars in investment in recent decades. “In the end, markets don't like uncertainty," Lotan said. The report was released a week after Prime Minister Benjamin Netanyahu and his allies passed a law that weakens the Supreme Court's oversight of government decisions, a key part of the government's proposed judicial overhaul. Since the plan was announced in January, Israel has been gripped with weekly mass protests, including from the tech industry itself, which warned that the overhaul would take a toll on its work. The plan has also drawn consternation from the White House and American Jewish organizations. Opponents to the judicial overhaul have cautioned that changes to the system of government could impel the country's economy. Recent weeks have seen international credit agencies warn about greater financial risk in Israel because of the Netanyahu government's planned overhaul and the deep division it has caused. Netanyahu and his allies say the changes are necessarily to curb what they say is an overly activist court and its unelected judges. Critics of the plan say that if passed, they will erode the system of checks and balances between branches of government and lead Israel toward autocracy. Netanyahu took office in December at the head of the most ultranationalist and ultra-Orthodox government in Israel's history following the country's fifth election in under four years. Each of those parliamentary elections were largely seen as referendums on the longtime leader's fitness to serve while on trial for corruption.
Henrietta Lacks’ family settles lawsuit with a biotech company that used her cells without consent 2023-08-01 - FILE - Attorney Ben Crump, second from left, walks with Ron Lacks, left, Alfred Lacks Carter, third from left, both grandsons of Henrietta Lacks, and other descendants of Lacks, outside the federal courthouse in Baltimore, Oct. 4, 2021. The family of Henrietta Lacks is settling a lawsuit against a biotechnology company it accuses of improperly profiting from her cells. Their federal lawsuit in Baltimore claimed Thermo Fisher Scientific has made billions from tissue taken without the Black woman’s consent from her cervical cancer tumor. (AP Photo/Steve Ruark, file) FILE - Attorney Ben Crump, second from left, walks with Ron Lacks, left, Alfred Lacks Carter, third from left, both grandsons of Henrietta Lacks, and other descendants of Lacks, outside the federal courthouse in Baltimore, Oct. 4, 2021. The family of Henrietta Lacks is settling a lawsuit against a biotechnology company it accuses of improperly profiting from her cells. Their federal lawsuit in Baltimore claimed Thermo Fisher Scientific has made billions from tissue taken without the Black woman’s consent from her cervical cancer tumor. (AP Photo/Steve Ruark, file) FILE - Attorney Ben Crump, second from left, walks with Ron Lacks, left, Alfred Lacks Carter, third from left, both grandsons of Henrietta Lacks, and other descendants of Lacks, outside the federal courthouse in Baltimore, Oct. 4, 2021. The family of Henrietta Lacks is settling a lawsuit against a biotechnology company it accuses of improperly profiting from her cells. Their federal lawsuit in Baltimore claimed Thermo Fisher Scientific has made billions from tissue taken without the Black woman’s consent from her cervical cancer tumor. (AP Photo/Steve Ruark, file) FILE - Attorney Ben Crump, second from left, walks with Ron Lacks, left, Alfred Lacks Carter, third from left, both grandsons of Henrietta Lacks, and other descendants of Lacks, outside the federal courthouse in Baltimore, Oct. 4, 2021. The family of Henrietta Lacks is settling a lawsuit against a biotechnology company it accuses of improperly profiting from her cells. Their federal lawsuit in Baltimore claimed Thermo Fisher Scientific has made billions from tissue taken without the Black woman’s consent from her cervical cancer tumor. (AP Photo/Steve Ruark, file) The family of Henrietta Lacks is settling a lawsuit against a biotechnology company it accuses of improperly profiting from her cells BALTIMORE -- More than 70 years after doctors at Johns Hopkins Hospital took Henrietta Lacks’ cervical cells without her knowledge, a lawyer for her descendants said they have reached a settlement with a biotechnology company that they accused of reaping billions of dollars from a racist medical system. Tissue taken from the Black woman’s tumor before she died of cervical cancer became the first human cells to continuously grow and reproduce in lab dishes. HeLa cells went on to become a cornerstone of modern medicine, enabling countless scientific and medical innovations, including the development of the polio vaccine, genetic mapping and even COVID-19 vaccines. Despite that incalculable impact, the Lacks family had never been compensated. Lacks’ cells were harvested in 1951, when it was not illegal to do so without a patient’s permission. But lawyers for her family argued that Thermo Fisher Scientific Inc., of Waltham, Massachusetts, continued to commercialize the results long after the origins of the HeLa cell line became well known. The company unjustly enriched itself off Lacks’ cells, the family argued in their lawsuit, filed in 2021. The settlement came after closed-door negotiations that lasted all day Monday inside the federal courthouse in Baltimore. Some of Lacks’ grandchildren were among the family members who attended the talks. Attorney Ben Crump, who represents the family, announced the settlement late Monday and said the terms are confidential. In a joint statement, Thermo Fisher representatives and attorneys for the Lacks family said they were pleased to resolve the matter and declined to comment further on the agreement. A poor tobacco farmer from southern Virginia, Lacks got married and moved with her husband to Turner Station, a historically Black community outside Baltimore. They were raising five children when doctors discovered a tumor in Lacks’ cervix and saved a sample of her cancer cells collected during a biopsy. Lacks died at age 31 in the “colored ward” of Johns Hopkins Hospital. She was buried in an unmarked grave. While most cell samples died shortly after being removed from the body, her cells survived and thrived in laboratories. They became known as the first immortalized human cell line because scientists could cultivate them indefinitely, meaning researchers anywhere could reproduce studies using identical cells. The remarkable science involved — and the impact on the Lacks family, some of whom had chronic illnesses and no health insurance — were documented in a bestselling book by Rebecca Skloot, “The Immortal Life of Henrietta Lacks,” which was published in 2010. Oprah Winfrey portrayed her daughter in an HBO movie about the story. Johns Hopkins said it never sold or profited from the cell lines, but many companies have patented ways of using them. In their complaint, Lacks’ descendants argued that her treatment illustrates a much larger issue that persists today: racism inside the U.S. medical system. “The exploitation of Henrietta Lacks represents the unfortunately common struggle experienced by Black people throughout history,” the complaint reads. In a brief filed in support of the Lacks family, attorneys advocating for civil rights, women’s rights and health care equity said the case is one of many in which U.S. doctors and scientists have exploited minority patients. Another example they cited involved James Marion Sims, a 19th century Alabama surgeon heralded as the father of modern gynecology who performed experimental surgeries on a dozen enslaved women without the use of anesthesia, claiming Black people could endure more pain than white people. “Indeed, a great portion of early American medical research is founded upon nonconsensual experimentation upon systemically oppressed people,” the attorneys wrote. In another supporting brief, Southern University law professor Deleso Alford highlighted the discrepancy in status and financial stability between Lacks’ descendants, including grandson Ron Lacks who wrote a book in 2020, and the medical professionals profiting off her cells. “In the same year Mr. Lacks was self-publishing a book in the hopes of finding some help for his family, the CEO of Thermo Fisher received a compensation package of over $26 million,” the brief says. Thermo Fisher argued the case should be dismissed because it was filed after the statute of limitations expire. But lawyers for the Lacks family said that shouldn’t apply because the company is continuously benefiting. In a statement posted online, Johns Hopkins Medicine officials said they reviewed all interactions with Lacks and her family after the publication of Skloot’s book. While acknowledging an ethical responsibility, the statement said the medical system “has never sold or profited from the discovery or distribution of HeLa cells and does not own the rights to the HeLa cell line.” Though her relatives hadn’t received financial compensation, they reached an agreement with the National Institutes of Health in 2013 that gave them some control over how the DNA code from HeLa cells is used. Crump, a civil rights attorney, has become well known for representing victims of police violence and calling for racial justice, especially in the aftermath of George Floyd’s murder. The Lacks family joined him Tuesday near Baltimore’s waterfront to announce the settlement and pay tribute to Lacks on what would have been her 103rd birthday. The group brought balloons and a cake to celebrate. Lacks’ only surviving child, Lawrence Lacks Sr., lives to see justice done, grandson Alfred Lacks Carter Jr. said. Now 86, Lawrence Lacks was 16 when his mother died. “There couldn’t have been a more fitting day for her to have justice, for her family to have relief,” Carter said. “It was a long fight — over 70 years — and Henrietta Lacks gets her day.”
Bed Bath & Beyond is back, this time as an online retailer 2023-08-01 - FILE - A Bed Bath & Beyond sign is displayed, May 9, 2012, in Mountain View, Calif. Overstock.com is dumping its name online and becoming Bed Bath & Beyond. Overstock has officially relaunched Bed & Bath & Beyond site online Tuesday, Aug. 1, 2023, in the U.S., after acquiring the bankrupt retail chain’s intellectual property assets for $21.5 million. (AP Photo/Paul Sakuma, File) FILE - A Bed Bath & Beyond sign is displayed, May 9, 2012, in Mountain View, Calif. Overstock.com is dumping its name online and becoming Bed Bath & Beyond. Overstock has officially relaunched Bed & Bath & Beyond site online Tuesday, Aug. 1, 2023, in the U.S., after acquiring the bankrupt retail chain’s intellectual property assets for $21.5 million. (AP Photo/Paul Sakuma, File) FILE - A Bed Bath & Beyond sign is displayed, May 9, 2012, in Mountain View, Calif. Overstock.com is dumping its name online and becoming Bed Bath & Beyond. Overstock has officially relaunched Bed & Bath & Beyond site online Tuesday, Aug. 1, 2023, in the U.S., after acquiring the bankrupt retail chain’s intellectual property assets for $21.5 million. (AP Photo/Paul Sakuma, File) FILE - A Bed Bath & Beyond sign is displayed, May 9, 2012, in Mountain View, Calif. Overstock.com is dumping its name online and becoming Bed Bath & Beyond. Overstock has officially relaunched Bed & Bath & Beyond site online Tuesday, Aug. 1, 2023, in the U.S., after acquiring the bankrupt retail chain’s intellectual property assets for $21.5 million. (AP Photo/Paul Sakuma, File) Overstock has officially relaunched the Bed & Bath & Beyond site online Tuesday in the U.S., after acquiring the bankrupt retail chain’s intellectual property assets for $21.5 million NEW YORK -- Overstock has officially relaunched the Bed Bath & Beyond domain online Tuesday in the U.S., after acquiring the bankrupt retail chain’s intellectual property assets for $21.5 million in June. The online retailer Overstock.com said in late June that it was dumping its name online and it will become Bed & Bath & Beyond, which declared bankruptcy earlier this year. The name change was made in Canada on June 29, but at the time the Midvale, Utah-based company didn't specify a date for the U.S. relaunch. Overstock.com’s CEO Jonathan Johnson told The Associated Press in a phone interview last week that the relaunch in Canada has “run without a hitch.” The company has added roughly 600,000 bed and bath items since its bid for the retailer became public last month, Johnson said. The company has still not made any decisions on a corporate name, he said. Johnson had said that the name change was necessary because Overstock still confuses some customers and suppliers who thought it was a liquidator. That’s how it got its start in 1999. It transformed in 2004 into a general merchandise retailer, selling a wide variety of items. In 2021, Overstock fine-tuned its strategy to focus on furniture and home decor, getting rid of items like clothing.
Greek prime minister seeks improved relations with Turkey but says Ankara must drop aggression 2023-08-01 - Cyprus' President Nikos Christodoulides, second left, and Greek Prime Minister Kyriakos Mitsotakis, left, review a military guard of honor before their meeting at the Presidential Palace in Nicosia, Cyprus, on Monday, July 31, 2023. Mitsotakis is in Cyprus for an official visit. (AP Photo/Petros Karadjias) Cyprus' President Nikos Christodoulides, second left, and Greek Prime Minister Kyriakos Mitsotakis, left, review a military guard of honor before their meeting at the Presidential Palace in Nicosia, Cyprus, on Monday, July 31, 2023. Mitsotakis is in Cyprus for an official visit. (AP Photo/Petros Karadjias) Cyprus' President Nikos Christodoulides, second left, and Greek Prime Minister Kyriakos Mitsotakis, left, review a military guard of honor before their meeting at the Presidential Palace in Nicosia, Cyprus, on Monday, July 31, 2023. Mitsotakis is in Cyprus for an official visit. (AP Photo/Petros Karadjias) Cyprus' President Nikos Christodoulides, second left, and Greek Prime Minister Kyriakos Mitsotakis, left, review a military guard of honor before their meeting at the Presidential Palace in Nicosia, Cyprus, on Monday, July 31, 2023. Mitsotakis is in Cyprus for an official visit. (AP Photo/Petros Karadjias) Greece’s prime minister says his country wants to take full advantage of a more positive climate with neighboring Turkey in order to improve bilateral relations despite a string of decades-old disputes NICOSIA, Cyprus -- Greece’s prime minister said Monday that his government wants to take full advantage of an improving political climate with neighboring Turkey in order to improve bilateral relations despite a string of decades-old disputes. But Greek Prime Minister Kyriakos Mitsotakis said that didn't mean Turkey had “substantially changed” its stance on key differences between the two countries and must “decisively abandon its aggressive and unlawful conduct” against Greece’s sovereignty and territorial integrity. Turkey and Greece remain at odds over maritime boundaries in the eastern Mediterranean, a dispute that affects irregular migration into the European Union, mineral rights and the projection of military power. Mitsotakis said that he agreed with Turkish President Recep Tayyip Erdogan during a NATO summit in Vilnius, Lithuania, on July 11-12 to initiate new “lines of communication” and to maintain “a period of calm.” High-level talks between the the two countries are expected to take place in the Greek city of Thessaloniki later this year. However, the Greek prime minister said that Erdogan’s outreach to the EU couldn't come at the expense of efforts to heal nearly half a century of ethnic division in Cyprus, which has been split into separate Greek and Turkish entities since 1974. Speaking after talks with Cypriot President Nikos Christodoulides, Mitsotakis said that he told Erdogan that improved European-Turkish ties couldn't exclude a Cyprus peace accord and that the issue couldn't be “left by the wayside.” Turkey and the breakaway Turkish Cypriots have insisted on a two-state solution since July 2017 when the most recent round of U.N.-facilitated peace talks collapsed. That position overturned a long-standing agreement sanctioned by the U.N. Security Council in numerous resolutions that any peace deal would aim for a reunified Cyprus as a federation made up of Greek- and Turkish-speaking zones. Cyprus was divided in 1974 when Turkey invaded following a coup by supporters of union with Greece. Only Turkey recognizes a Turkish Cypriot declaration of independence in the island’s northern third, where more than 35,000 Turkish troops are stationed. On Friday, Turkish Cypriot leader Ersin Tatar repeated that peace talks could resume only if Greek Cypriots recognized the Turkish Cypriots’ “sovereign equality.” Christodoulides said Monday that any improvement in European-Turkish relations should be based on reciprocal action by Turkey, adding that the EU prioritizes a Cyprus peace deal in line with U.N. resolutions.
JetBlue Airlines May Have Entered A Buy Zone, Check This First 2023-08-01 - Shares of JetBlue Airlines NASDAQ: JBLU are declining by as much as 8.5% during Tuesday's trading session; the significant move down is coming from the company's release of its second quarter 2023 earnings results. Markets may be overreacting by selling highly cyclical stocks, like JetBlue, as the United States manufacturing PMI index was reported below expectations this morning. Key Points JetBlue Airlines has reported its second quarter 2023 earnings results, sending the stock plummeting as investors may be misrepresenting the potential future developments in the company. As management pivots the company's business model into one better suited for the industry's volatility, investors have a new reason to disregard today's sell-off. A pending transaction may be a significant catalyst pushing the financials and the stock price higher. Thanks to management initiatives and this technical factor, expanding margins can make the perfect storm for investors to consider a potential purchase today. 5 stocks we like better than American Airlines Group Understanding that the reaction to the stock is an overextension relative to what happened regarding the company's financials, as well as a relative valuation within the sector benefitting investors today, can begin to paint a picture of JetBlue being a value play in the making. JetBlue analyst ratings point to a potential double-digit upside from today's prices. This opinion is backed by factors that will become clear shortly. Now that JetBlue's stock chart is showing signs of a potential pivot, backed by a new surprising management strategy, investors may be in for a treat. Being able to gain exposure in a turnaround story, which also happens to be the cheapest alternative in the airline sector, can be the right pocket to look into for outsized returns in a potential purchase. Management's New Strategy After other domestic airlines like Southwest Airlines NYSE: LUV reported a drying up of domestic travel volumes, alongside expected rises in underlying fueling and maintenance costs, JetBlue management has decided to jump the gun and pivot into a more diversified model. Despite lowering guidance and showcasing some contracting financials, investors have to give management a break for recognizing what needs to be done and acting toward its achievement. Within the company's earnings release, JetBlue's management stated the intention of redeploying capacity in the coming months. The company began its daily service network to and from New York and Paris, expanding its transatlantic service options with further plans to develop into a Boston to and from Paris in 2024. Furthermore, JetBlue has expanded its routes to the Caribbean via new service availability to Puerto Rico and other islands such as Belize and St. Kitts. Steering away from the concentration of U.S.-only domestic travel, the company will not only accrue to its top-line net sales figures but also diversify the cyclical risk that comes with relying on one single market. Understanding that today's decline in JetBlue's stock may be coming from a tendency to judge the name based on its past and current business model rather than weighing the potential benefits of management's future pivot can lead contrarian investors into the promised land. Only a few market participants are considering the pending merger with Spirit Airlines NYSE: SAVE, which regulators may expedite and approve now that JetBlue's Northeast Alliance with American Airlines NASDAQ: AAL has been. The revenue expansion coming from this mix and cost savings are being underrated by markets today. Speaking of costs, management made sure to highlight to investors their recent achievements in their cost-saving program. The company delivered over $75 million in cost reductions from their fleet modernization initiatives as the airline transitions into the Airbus A220 model. And referring to the fleet on hand is more efficient than ever and more considerable as the company grew capacity by 5.8% during the past twelve months. The Perfect Storm Net revenues grew by 6.7% over the year for JetBlue, nothing to punch the 'Buy' button at. However, investors can begin to wake up to reality when this growth rate is taken along with the 12.2% reported contraction in operating expenses. As margins expand and are expected to grow as the fleet is modernized and the benefits of a merger hover over the company's future, profitability and EPS growth are set to kick in soon. Looking at the above chart, investors can see that the thick blue line, which has acted as a heavily traded support and accumulation level, is close to being tested after today's extraordinary decline. More importantly than this double - even triple - the bottom is the infamous 200-day moving average represented by the thick purple line across the price candles. Now that the stock has crossed above the moving average, typically taken as a proxy for bull and bear markets, investors are beginning to get a taste of potential future momentum. Traveling above the moving average is one thing; however, seeing that the moving average has turned upward further confirms a pivot in the previous downtrend, opening the way for a potential new rally. Before you consider American Airlines Group, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and American Airlines Group wasn't on the list. While American Airlines Group currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Investors Are Staying Bullish On Marriot International 2023-08-01 - Marriot International NASDAQ: MAR is becoming a mouthwatering value play within a sector that is breaking out above all others, a significant factor during questioning economic times such as today. Shares of Marriot are relatively flat, despite posting their long-awaited second quarter 2023 earnings results, where most market participants had been biting their nails given the highly cyclical nature of Marriot's industry. Key Points Marriot International reported its second quarter 2023 earnings results during the pre-market hours of Tuesday morning, proving bearish expectations of an industry slowdown wrong. Monumental bullish sentiment in the stock's technicals will be hard to stop, aided by further bullish factors in the financial results will make Marriot an easy target for investors considering a purchase. Double-digit growth, massive stock buybacks, and analyst expectations for future EPS growth make the perfect cocktail for a new rally. Investors will find Marriot the cheaper alternative for exposure in a booming sector. 5 stocks we like better than Hyatt Hotels One of the main benefits of owning - and potentially holding - Marriot stock is that the company's size acts as a risk-diversification tool, considering that net sales grew over the year, especially in places outside of the United States, taking away the risk of a single country's economy affecting business to a level that was perhaps expected to be seen in today's results. Understanding where Marriot stands against other giant names in the space, especially competitors like Hilton Worldwide NYSE: HLT and Hyatt Hotels NYSE: H, can begin to lead investors into the right pockets of opportunity within a niche that is poised to push onward as tailwinds start to make their presence known. There is much for investors to quarrel with today, as analyst ratings may send mixed signals on the face of a contrary sentiment being delivered within quarterly results. An Unstoppable Force Meets... A Movable Object? Marriot's stock chart has an exciting story to tell and acts as a critical key for investors to begin capturing the perspective of where the stock may be headed next. During the past year and a half, the stock has been forming a steep and narrow trading channel, pointing confidently upwards. While most of the market has been trading sideways, a symptom of indecision and 'directionless' trading, Marriot seems to be sure how it wants to step. The above chart will showcase this bullish pattern alongside a few other significant developments that investors should consider when considering a potential purchase upon new financial data. The thick purple line will represent the infamous 200-day moving average, also seen as a proxy for bull and bear markets; considering that the stock is comfortably moving away from this average by the week, it would be reasonable to assume that bullish momentum is ever increasing. Another technical factor driving new investors into the stock, apart from the hidden fundamental gems, is that the stock is seemingly resting above its previous all-time high price of $196.40. A lack of rejection or apparent resistance can be taken as broader markets accept the new norm, and Marriot's new place is up up and away. Analyst earnings expectations for the next two years can be accredited with the newly found momentum, as the average estimated earnings per share (EPS) growth for 2023 lies at 25.3%, while 2024 EPS growth projections currently reflect a rate of 9.2%. This may drive the stock higher, though the future can always change, especially regarding estimates. Investors can find more solid ground by understanding how the company is performing thus far this year. Fundamentals and Valuations Make Way Within Marriot's earnings press release, investors can begin to digest what management is mainly proud of in the highlights. Comparable systemwide revenues grew by an astonishing 13.5% during the year, which is not that fantastic; however, taken together with market expectations that the lodging and tourism industry was sure to slow down, any growth becomes a more decisive win. Placing the weight of rampant inflation rates in the United States on top of these bearish views on the industry makes the double-digit advance for the company all the more impressive. One segment gave enough cause for investors to raise their eyebrows, a 39.1% international market revenue growth rate. Growth in overseas markets doubled the company's 6.0% growth in the United States market. Net income grew by 7%, another respectable advance for a company facing a challenging period. However, earnings per share increased by 15.5%, more than double the net income growth rate. The difference between these two line items is driven by one single action by management, though one that says a thousand words regarding insider sentiment. Marriot management deployed as much as $903 million into repurchasing shares off the open market, an approximate total of 5.2 million shares. By retiring as many shares as they did, management directly drove a wedge between net income and EPS, pushing the latter's growth to be more than double that of the former. Furthermore, deploying as much cash as they did, management hints that they believe the stock to be cheap. Comparing Marriot stock to competitors on a forward valuation basis via the forward price-to-earnings ratio can justify this insider purchase. Hilton and Hyatt trade at a 22.8x and 34.6x forward P/E, respectively, which will top Marriot's. Marriot stock is being sold for a 22.0x forward P/E, making it the cheaper stock on today's terms and based on the next twelve months' earnings. Understanding that analysts expect respectable growth for the coming two years, investors can acquire this growth for relative cheapness today. Before you consider Hyatt Hotels, 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 Hyatt Hotels wasn't on the list. While Hyatt Hotels currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Do Caterpillar's Results Hint at a Looming Infrastructure Bubble? 2023-08-01 - Caterpillar, Inc. NYSE: CAT stock is up nearly 8% in early trading after the company blew past revenue and earnings expectations. The question will be whether the report will be enough to move analyst sentiment which, while generally positive, suggests that these results are priced into the stock. Key Points Caterpillar stock is soaring after the company reported earnings that were 21% higher than estimates. The company’s forecast, however, lends credence to market bears who believe that the company’s stimulus-driven growth is unsustainable. CAT stock is serving as a proxy for what many investors are navigating in a tricky bull market. 5 stocks we like better than Caterpillar The headline numbers for the company’s earnings report were very strong. Caterpillar posted earnings per share of $5.55 on revenue of $17.30 billion. Of particular note was the $5.55 EPS which was more than 21% higher than the consensus estimate of $4.57. Even at a time when earnings are being revised lower, a beat of more than 20% is something that shouldn’t be dismissed too quickly. At the same time, the company guided for earnings in the third quarter that would be higher on a year-over-year basis, but lower than the $5.55 it generated this quarter. Some analysts remark that this is justified due to rising dealer inventories and a declining backlog of orders. A Proxy for a Tricky Bull Market Caterpillar may be a proxy for what many investors are feeling about this market rally. The company’s revenue and earnings growth is being fueled, in large part, by infrastructure spending. On one hand, Caterpillar has several catalysts that may give the company’s revenue and earnings a long runway. Many companies are moving quickly to onshore manufacturing. There is still a need for our nation’s infrastructure to be repaired. Mining operations around the world picking up steam due to the need for lithium, copper and rare earth metals. All of these projects will require the heavy equipment that Caterpillar provides. On the other hand, you can look at the historic Infrastructure Act as stimulus and therefore unsustainable (i.e., not organic) revenue. If you’re in that camp, there is evidence in the report to confirm that view. CAT Stock is a Hold but Maybe More If you’ve been avoiding CAT stock, you’ve missed out on a 42% gain in the last year, a 15% gain in 2023 alone and a 27% gain in the three months ending July 31. And that doesn’t include a solid, if not spectacular dividend. The yield is only 1.84%. But the annual payout is $5.20 per share. And Caterpillar is a dividend aristocrat that has increased its dividend in each of the last 31 consecutive years. The takeaway is this. The stock market is not the economy, yet many investors have left profits on the table because of preconceived notions about what the market should be doing. Still, CAT stock is at the top of its 52-week range. Analysts estimates suggest a pullback of 15% from the stock’s current levels. Yet profits are expected to grow by about 4% and the company’s forward P/E ratio is 14x. A key for investors looking to take a new position in, or add to their existing position, will be to watch analyst sentiment. So far, analysts like the stock, but have the current growth fully priced in. If there are no higher price targets, there won’t be much juice to send the stock higher. Before you consider Caterpillar, 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 Caterpillar wasn't on the list. While Caterpillar currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Smells Like New Highs for This Fragrance Boom Winner 2023-08-01 - Since Inter Parfums, Inc. NASDAQ: IPAR commemorated its 35th anniversary by ringing the Nasdaq closing bell on February 13th, its stock is up more than 25%. And while some say the ceremony is a self-fulfilled blessing, the reality is Inter Parfum shares have been trending sharply higher since last summer. Key Points Perfumes and cosmetics continue to be one of the hottest areas to invest in. Last week, Inter Parfums CFO Michel Atwood provided updated full year sales guidance of $1.3 billion. The company's growth strategy includes broader geographic reach, product extensions, new acquisitions and expanded e-commerce presence. Earlier this year, the Board of Directors increased the company’s annual cash dividend by 25% to $2.50 per share. 5 stocks we like better than Inter Parfums Perfumes and cosmetics continue to be one of the hottest areas to invest in. While most industries have been slowed by inflation and rising interest rates, the beauty industry is still seeing strong demand. Whether they are back at the workplace, resuming social activities or more focused on self-image and mental health, consumers keep spending on fragrances. As a top player in the fragrance market, New York City-based Inter Parfums is smelling profits. The company is the exclusive global licensee for over 20 prestige brands, including lead dogs Coach, Jimmy Choo and Montblanc. It is coming off a milestone year in which sales topped $1 billion — and showing no signs of slowing down. Last week, management announced preliminary second-quarter sales ahead of its August 9th report. Sales rose 26% year-over-year to a record $309 million, led by 42% growth in U.S. product sales. Guess brand fragrances like the newly launched Seductive Blue and Uomo Acqua continued to be a bright spot. CFO Michel Atwood provided updated full-year sales guidance of $1.3 billion, marking the second time that 2023 guidance has been raised. Chances are there will be at least a third time. Inter Parfums recently added Italian fragrance maker Roberto Cavalli to its lineup, and the products won’t ship until November/December 2023. Anticipated sales from the newly acquired brand have yet to be included in the guidance. What Are Inter Parfums’ Growth Drivers? In the near term, Inter Parfums will look to the holiday shopping season to boost second-half results. Expecting resilient consumer demand, the company will soon launch gift sets in the U.S. with an emphasis on the Donna Karan, DKNY, Ferragamo and Guess brands. U.S.-based products account for around one-third of total sales, with the remainder coming from European-based products. So unlike most U.S. consumer staples companies, Inter Parfums has the most room for growth in its domestic market. And unlike most beauty industry players, China hasn’t been much of a problem. While Estee Lauder and others get clobbered by a slow China recovery, Inter Parfums expects China to have a “marginal” impact on second-half sales. In 2022, company sales in the Asia-Pacific region represented 14% of overall sales compared to 31% at Estee Lauder. But with China’s cosmetics market slated to reach $78 billion in sales by 2025, the country will be a key growth catalyst going forward. Aside from achieving growth through a broader geographic reach, Inter Parfums will continue to lean on product extensions and new acquisitions. In 2024, the popular Lacoste brand will become the latest to join the prestige fragrance portfolio. Entering new categories, such as hotel amenities and an expanded e-commerce presence, are also key pillars of the growth strategy. What Is Inter Parfums Total Return Potential? Management’s revised 2023 sales guidance implies 20% growth from last year, highlighting the beauty industry’s stunning outperformance. The International Monetary Fund’s latest projection for 2023 global economic growth is 3%. Inter Parfums’ EPS guidance for 2023 (which management noted could be revised during next week’s Q2 release) is $4.25. This means the stock is currently trading at 35x this year’s earnings. It is a multiple that is roughly on par with the stock’s five-year median P/E ratio — but one that suggests 46% upside if it expands to the five-year high. It may take a few years to get there. With IPAR up more than 80% over the past year, Wall Street sees a more modest upside over the next 12 months. The average analyst target of $173 points to a 15% gain, but that’s just a share price return. Earlier this year, the Board of Directors increased the company’s annual cash dividend (payable quarterly) by 25% to $2.50 per share. At the current share price, this equates to a 1.7% forward dividend yield, making the total return potential 16.7% over the next year. What has the stock’s total annualized return been over the last 10 years? 16.6% — putting IPAR’s current projection on par with its historical average. Now that’s a thing of beauty! Before you consider Inter Parfums, 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 Inter Parfums wasn't on the list. While Inter Parfums currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
New Leaders Emerge: S&P 500 Shows Shift in Top Performers 2023-08-01 - It wasn’t that long ago that the “Magnificent 7” stocks, Apple Inc. NASDAQ: AAPL, Microsoft Corp. NASDAQ: MSFT, Nvidia Corp. NASDAQ: NVDA, Tesla Inc. NASDAQ: TSLA, Amazon.com Inc. NASDAQ: AMZN, Alphabet Inc. NASDAQ: GOOGL and Meta Platforms Inc. NASDAQ: META were pretty much the only game in town. Key Points This year, a few mega-cap tech stocks dominated the market, but since late May, other stocks have been rotating into leadership. Cruise line companies, Carnival and Royal Caribbean rank third and fourth in YTD S&P 500 performance, with returns of 129.40% and 119.64%, respectively. Tesla, PulteGroup, Align Technology, Palo Alto Networks, Norwegian Cruise Line, and General Electric also make the top performers list. The equal-weighted S&P 500 index shows how smaller companies contribute to the market's overall performance. Increased market breadth signals broad confidence and positive sentiment, contributing to a potentially more sustainable market rally. 5 stocks we like better than Align Technology Since late May, other stocks have been rotating into leadership. As of July 31, the top S&P 500 performers and their year-to-date returns were: That’s quite a different list from the one you would have seen a couple of months ago. In particular, as cruise lines sail to higher prices, the makeup of S&P top performers is changing. Equal-Weighted S&P As Gauge Of Breadth One informative way to slice and dice the performance of S&P internals is by comparing the performance of the equal-weighted index with the traditional market-cap weighted. As its name implies, the S&P 500 equal-weighted index assigns an equal weighting to each constituent, providing a balanced representation of all included stocks. That means no component, regardless of its market capitalization, has outsized influence over index performance. This approach tends to tilt the index toward the smaller holdings, which are frequently more volatile than the mega-caps that dominate the market-cap-weighted index. That volatility isn’t necessarily a bad thing, as it can, at times, lead to outperformance. You can track the S&P equal-weighted index with the Invesco S&P 500 Equal Weight ETF NYSEARCA: RSP. While the equal-weighted index can provide a more diversified representation of components, giving smaller companies an equal sway as larger ones and potentially reducing concentration risk, the traditional market-cap weighted index is still outperforming by a wide margin. Not Unusual To See Performance Divergence So far this year, the market-cap-weighted S&P 500 is outpacing the equal-weighted index by 97%. It’s not necessarily unusual to see that disparity at this juncture; there’s generally a cyclical nature to the indexes’ returns, as the market-cap weighted tends to outperform as the market is rebounding, as is happening this year. Still, the performance of the equal-weight index offers one more data point to support the case that breadth is returning to markets. A look at the Invesco S&P 500 Equal Weight ETF’s chart shows the fund is within a whisker of clearing a base that began in early February. So what does the performance of equal-weighted S&P leaders mean for market breadth? How Smaller Companies Contribute To Index Return The equal-weighted index shows how smaller companies are contributing to the overall market; as their performance improves, as we’re clearly seeing with the cruise lines, they frequently bring other industry peers along with them. To use a cliche that’s appropriate in this case: A rising tide can lift all - or at least other - boats. Stock market breadth is considered bullish when many stocks across various sectors and market capitalizations participate in an uptrend. A broad-based rally indicates a healthy market as more companies see positive price movements, reflecting overall investor optimism. Greater Breadth Suggests Greater Confidence A high degree of market breadth suggests broad confidence and positive sentiment, often indicating a robust and more sustainable rally. It also signifies that multiple industries and companies are contributing to the market's strength, making it less reliant on the performance of a few heavily-weighted stocks or sectors. It’s that latter point that has made investors nervous all year, even as AI, cloud computing and electric vehicles sent some stocks on rocket rides. While it’s certainly possible the market will see a pullback before year’s end, it’s statistically unlikely that 2023 will be a down year in the market. Historically, down years are most often followed by a year with S&P 500 price gains. Increased breadth only makes that likelihood stronger, as it’s not up to just big techs to carry the entire market on their backs. Before you consider Align Technology, 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 Align Technology wasn't on the list. While Align Technology currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Is Avis Budget Group A Value Play? Earnings Have This To Say 2023-08-01 - Avis Budget Group NASDAQ: CAR stock has been trading within a relatively tight channel for the past year; this can be taken as a sign of indecision from markets facing a directionless market. Despite these initial trends, the underlying transportation industry and its derivatives have shown promising growth in the past few months, aiding the results posted in Avis Budget's second quarter 2023 earnings results. Key Points Avis Budget Group has reported its second quarter 2023 earnings results, sending the stock relatively flat in the post-market hours of Monday evening, despite some severe contractions in the year-to-year financials. The stability comes after management has laid out nearly 2.3% of the company's market cap into share repurchases, hinting that the stock may be undervalued today. Other drivers in the business, along with an industry breakout per economic data, suggest that the cycle may have just bottomed for Avis to regain its glory days. They are finding that the cheaper alternative in the space can make for one attractive value play. 5 stocks we like better than WillScot Mobile Mini Understanding that, despite some contracting levels in the company's financials, there are subtle hints from management pointing to the possibility of the stock being undervalued. Furthermore, looking into the industry's valuation can add to the pool of evidence investors can use to weigh the possibility of a potential purchase. Considering that Avis Budget has performed in lockstep with competitors like WillScot Mobile Mini NASDAQ: WSC during the past twelve months, the central wedge being driven between Avis and the rest of the industry will come from valuation multiples. Showcasing a clear discount to the sector is just another pillar for investors to lean on, and management is well aware of the higher potential ceilings to be had by investing in this stock. Quarterly Results: A Hidden Gem Breaking down the company's quarterly earnings results can paint a clearer picture of where the new momentum will come from. As the highlights in the earnings release state, net revenues declined by 4% compared to the same quarter a year prior, which is not affecting shareholders by that much considering the stock's mellow reaction during the post-market hours of Monday evening. Considering that the stock rose by a mere 0.5% after the earnings results, markets could be taking the financial contractions seen during the quarter as a sign of a bottoming in the underlying cycle that affects the industry. Net earnings declined by a scary 44%, which could have been enough to send the stock plummeting on the breakout of the news. However, earnings per share declined by a more compressed 30% during the period. The discrepancy between the two line items comes mainly from a management share repurchase program that allocated as much as $200 million toward retiring shares off the open market. Considering that this program represents nearly 2.3% of the company's market capitalization (computed as the stock price multiplied by the number of shares), this could be a significant sign that management believes the stock is undervalued. A critical driver for the business can be found in the "Rental Days" section of KPIs (Key Performance Indicators), one that grew by 3% during the past year, a trend that ties in with the company's CEO comments. "Summer travel has continued to be robust with elevated peak period demand and seasonality improved pricing..." Seasonal costs may have cost the company its seasonal profitability. However, rising demand may save the day just in time for the cycle to return. The stock is probably reacting to this seasonality bottoming, as well as the commitment from management to lay down a decent chunk of capital into repurchasing the stock. A final look at the industry dynamics and valuations can close the loop for investors to weigh in on a potential purchase decision. Tailwinds and Value Gaps When investors break down the past three months of data within the United States manufacturing PMI index, it becomes clear where the transportation equipment industry has been headed for the past quarter. By showcasing an 'expansion' reading, the transport industry has provided some tailwinds that will eventually trickle down into Avis Budget's financials. Traders and investors alike follow the industry trends within this index for the much-needed direction within industries, allowing them to drill down into the best choice when it comes to stocks. As the industry begins to show potential through a consecutive quarter of growth, Avis could start to pop in many of these wealthy radars. Taking a valuation angle at this stock, investors can reiterate these tailwinds by realizing that this stock is cheaper. Avis Budget stock becomes a bargain on a forward price-to-earnings ratio basis, which considers the next twelve months of expected earnings rather than the past, as the traditional P/E would do. Using this valuation metric, investors can gauge whether they would be overpaying or underpaying for the expected growth within a company's earnings. In the case of Avis Budget stock, when compared to WillScot Mobile stock, a forward P/E of 8.9x would pale next to a much richer 20.9x. This relative value gap can help investors understand why management has been buying back so much stock during the past twelve months and why they should consider following along now that the industry is beginning to wake up. 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4 Reasons Carnival Shares May Keep Sailing North 2023-08-01 - Up 129% year-to-date, Carnival Corporation & plc NYSE: CCL is one of five S&P 500 stocks that have doubled in 2023. Rival Royal Caribbean is another. The unlikely pair is tucked between mega cap technology companies NVIDIA, Meta Platforms and Tesla as this year’s best S&P performers — and they may not be done. Key Points Carnival is one of five S&P 500 stocks that have doubled in 2023. The company returned to positive cash flow during fiscal Q2 and is expected to return to profitability in fiscal 2024. As Carnival’s fundamental picture improves, so too does its technical picture. The majority of the firms that actively cover the stock now have targets in the $20 to $25 range. 5 stocks we like better than Carnival Co. & A recent Cruise Lines International Association (CLIA) report shows that cruises remain one of the fastest-growing tourism sectors. Some 31.5 million passengers are forecast to climb aboard an ocean-going vessel this year, a 54% jump from 2022. And with pent-up cruise demand expected to set the stage for lasting demand, cruise line operators are ramping their fleets. CLIA projects that global cruise capacity will increase by approximately 100,000 by 2028 as more trips and destinations are added to the cruise lineup. When you’re the world’s top cruise line by passenger volume as Carnival is, rising industry demand and supply is a dream scenario. Carnival bears argue, however, that volatile fuel prices and geopolitical tensions remain powerful headwinds. And with U.S. Covid cases and hospitalizations on the rise, pandemic risks may be far from over. For a company whose stock price has tripled over the last 10 months, these are valid concerns. But barring a major global health setback, Carnival appears to have the wind at its back to overcome these challenges. Here are four reasons why. #1 - Fundamental Improvements Carnival’s third consecutive bottom-line beat in fiscal Q2 showed that the market is still being surprised by the state of the cruise industry. But the more impressive metric is that the company returned to positive cash flow during the period — and now has a much improved $7.3 billion liquidity position. Sitting on this level of cash should allow it to operate the business without having to tap into the capital markets for more money. Absent the threat of new share issuance (and its dilutive effect), traders are more likely to bid Carnival shares higher. This is a welcomed change of direction for a company that has raised $23.6 billion since March 2020 to stay afloat. A fundamentally healthier Carnival is also more likely to attract big institutional investors that require certain marks of financial strength. #2 - Out With the Old, In With the New Carnival is expected to return to profitability in fiscal 2024. A significant reason why? Its fleet is getting younger. Since the pandemic began, the company has replaced 20 older ships with 12 newer ones. As a result, fuel efficiency has trended higher and could continue to do so as this process continues. Fuel-efficient ships translate to lower costs and higher profits — especially when ticket prices are up. It is a well-timed shift, given the industry’s elevated labor and food costs. Carnival’s current fleet consists of 25 ships that sail under the Bahamas and Panama flags. Later this year, the Mardi Gras-themed Carnival Jubilee will join the fun, followed by the Italian-style Carnival Firenze in 2024. #3 - CCL Chart Developments Are Bullish As Carnival’s fundamental picture improves, so too does its technical picture. A ‘golden cross’ recently emerged on the daily chart. This is a bullish moving average crossover that often leads to a sustained uptrend. The last time it happened, the stock ran from roughly $20 to $30 over the course of seven months ended June 2021. CCL continues to get good support from the 50-day line, which could ultimately navigate the stock back to its post-Covid highs. If it can break through 250-day resistance at $18.83, things could be smooth sailing from there. #4 - Wall Street Price Targets Are Floating Into the $20’s The market’s immediate reaction to a better-than-expected performance and bright outlook was nonsensical. After dipping below $14, CCL has moved higher — but remains below the $19 consensus price target (3% upside). Sell-side research groups have been adjusting their Carnival price targets since the Q2 report — and in many cases, upward. The majority of the firms that actively cover the stock now have targets in the $20 to $25 range. Current Street targets for Royal Caribbean (no upside) and Norwegian Cruise Lines (-9% downside) are less inviting. Before you consider Carnival Co. &, 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 Carnival Co. & wasn't on the list. While Carnival Co. & currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here