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Budget airline Spirit is trying to go upmarket — and blocking middle seats 2024-07-30 15:30:00+00:00 - Free Wi-Fi? Free checked bag? Free snacks? On Spirit? The Florida-based carrier that is practically synonymous with budget air travel in the U.S. said Tuesday that it plans to offer packages for its highest-priced tickets, wrapping in perks it used to charge for a la carte. It’s a bid to increase revenue as it struggles with the aftermath of a U.S.-blocked takeover by JetBlue, engine recalls, an oversupplied domestic market, and larger rivals who have capitalized on premium and cost-conscious travelers alike. Starting late next month, Spirit will offer four categories of service: “Go Big” Tickets will include a spot in one of the airline’s Big Front Seats, its roomy seats at the front of its Airbus planes. Instead of upselling travelers for the seat alone, the assignment will come with free Wi-Fi, a checked bag, one piece of cabin luggage, and, CEO Ted Christie told CNBC, “unlimited” snacks and drinks, including alcoholic beverages. Below that package is “Go Comfy,” which will offer travelers a seat with standard legroom but a blocked middle seat for extra space. That offer also includes earlier boarding, one snack, one nonalcoholic beverage, and checked baggage and a carry-on. “Go Savvy” fares come with either a checked bag or a carry-on. Then there’s just “Go,” essentially Spirit’s original product, with just a seat and fees for checked bags, cabin luggage, seat selection, Wi-Fi and snacks. The options will be available to book Aug. 16, and all four will be available on flights from Aug. 27. Spirit is competing with larger airline rivals like United that have capitalized on cost-conscious travelers with their own bare-bones products but still offer higher-priced options like extra legroom and first class. “What we realized now is that we were sort of ceding other markets to other airlines,” Christie said in an interview. “Now we’re saying, no, we can still do what we were doing before, but we’re also going to compete for people who are willing or want a little bit more of a premium feel and and would pay for that. They just didn’t have it on us.” Spirit earlier this month warned of a wider-than-expected loss after nonticket revenue — what it collects in the form of fees — came in lighter than it had previously forecast. The carrier has also warned pilots about potential furloughs in the coming months. Spirit isn’t the only carrier looking to increase its upmarket seats to attract more customers. Southwest Airlines, also under pressure to raise revenue, last week said it plans to ditch open seating and offer “premium” seats with more legroom, the biggest overhaul in the airline’s more than 50 years of flying. Frontier Airlines in March said it would start offering blocked middle seats at the front of the plane for a higher price.
Texas AG wins $1.4B settlement from Facebook-parent Meta over facial-capture charges 2024-07-30 15:21:00+00:00 - Texas Attorney General Ken Paxton has won a $1.4 billion settlement from Facebook-parent Meta over charges that it captured users' facial and biometric data without properly informing them it was doing so. Paxton said that starting in 2011, Meta, then known as Facebook, rolled out a “tag” feature that involved software that learned how to recognize and sort faces in photos. In doing so, it automatically turned on the feature without explaining how it worked, Paxton said — something that violated a 2009 state statute governing the use of biometric data, as well as running afoul of the state's deceptive trade practices act. "Unbeknownst to most Texans, for more than a decade Meta ran facial recognition software on virtually every face contained in the photographs uploaded to Facebook, capturing records of the facial geometry of the people depicted," he said in a statement. As part of the settlement, Meta did not admit to wrongdoing. Facebook discontinued how it had previously used face-recognition technology in 2021, in the process deleting the face-scan data of more than one billion users. The settlement amount, which Paxton said is the largest ever obtained by a single state against a business, will be paid out over five years. “This historic settlement demonstrates our commitment to standing up to the world’s biggest technology companies and holding them accountable for breaking the law and violating Texans’ privacy rights," Paxton said. "Any abuse of Texans’ sensitive data will be met with the full force of the law.” A Meta spokesperson said the company was "pleased to resolve this matter, and look forward to exploring future opportunities to deepen our business investments in Texas, including potentially developing data centers.” Paxton, an outspoken conservative who was nearly forced out as attorney general last year after he was impeached by the state's House on abuse-of-power charges, has long railed against large tech companies while closely aligning himself with right-leaning figures in Silicon Valley like Elon Musk. As a result, he has been floated as a potential U.S. attorney general in a second Trump administration, even as he still faces a federal investigation.
Aerospace Stock Fires Up a Solid EPS Beat and Raises Guidance 2024-07-30 15:21:00+00:00 - RTX Today RTX RTX $116.88 +2.44 (+2.13%) 52-Week Range $68.56 ▼ $117.03 Dividend Yield 2.16% P/E Ratio 45.84 Price Target $151.71 Add to Watchlist Leading aerospace and defense contractor RTX Co. (NYSE: RTX) shares surged to new 52-week highs after reporting robust Q2 2024 earnings. Raytheon officially changed its name to RTX Corporation on July 17, 2023, to broaden its identity as more than a defense contractor but also a booming aerospace company. Raytheon is now a division of RTX and is the world's second-largest defense contractor. Its aerospace division is no slouch as it continues building up a record backlog. RTX is also on the cutting edge of automation and artificial intelligence (AI) development for its various systems. RTX operates in the aerospace sector and competes with Lockheed Martin Co. NYSE: LMT, General Dynamics Co. NYSE: GD, L3Harris Technologies Inc. NYSE: LHX, and Northrop Grumman Co. NYSE: NOC. Get RTX alerts: Sign Up RTX is 3 Companies Under 1 Roof RTX is comprised of three subsidiaries: Pratt & Whitney, Collins Aerospace, and Raytheon. Pratt & Whitney manufactures and services aircraft engines for commercial and military clients. Their PW4000 engines are used in The Boeing Co. NYSE: BA 747, 767, and 777 models. The F135 engine is considered the world’s most advanced operational fighter engine. It powers the F-35 and the 5th Gen F-35 Lightening II. Collins Aerospace provides aerospace products, advanced systems, and services, including avionics, mechanical systems, and interiors, for commercial and military clients. Its commercial aircraft parts can be found in Airbus A220, A320, and A350 airplanes, Boeing 737 MAX, 777X, and 787 Dreamliner airplanes, and commercial and military helicopters. RTX's Raytheon subsidiary, formerly called Raytheon Intelligence & Space, designs, develops, and manufactures advanced defense systems, including missiles, electro-optical sensors, radars, and cybersecurity solutions. Raytheon became a household name with the popularity of the Patriot Missile system, which was a missile interceptor system that received much acclaim during the Persian Gulf War. The company merged with United Technologies to become the world's second-largest defense contractor. The subsidiary generates more than half its revenues from U.S. government and foreign military sales. RTX Forms a Descending Triangle Breakout The daily candlestick chart on RTX illustrates a descending triangle breakout pattern. A descending triangle is a bearish chart pattern comprised of a falling upper trendline representing lower highs converging with the flat-bottom lower trendline support. As the stock edges closer to the apex point, it will break down through the lower trendline, or, as RTX did, it will break out through the upper trendline. The breakout was accelerated by the earning gaps to the $109.45 level, which is now a support. The daily relative strength index (RSI) surged to the 77-band. Pullback support levels are at $109.45, $105.86, $102.64, and $100.67. RTX Smokes Q2 2024 Earnings RTX reported strong earnings results for its second quarter of 2024. RTX reported Q2 EPS of $1.41, up 9% YoY, beating consensus estimates by 11 cents. GAAP EPS was 8 cents. Revenues rose 8% YoY to $19.72 billion, beating $19.29 billion consensus estimates. Operating cash flow was $2.7 billion, and free cash flow was $2.2 billion. Company backlog rose to $206 billion, comprised of $129 billion of commercial and $77 billion of defense. Every RTX Segment Was Firing on All Pistons A breakdown of revenues indicated growth across all segments. The company also realized $120 million in incremental gross cost synergies. Pratt & Whitney generated a 19% YoY revenue surge to $6.8 billion. Operating profit rose 136% YoY to $542 million. The sales increase was driven by 33% growth in commercial original equipment (OE), 16% increase in military, and 15% in commercial aftermarket. Collins Aerospace grew revenues 10% YoY to $7 billion. Sales growth was driven by a 12% increase in commercial aftermarket, a 10% increase in commercial OE, and a 7% increase in military. An increase in commercial air traffic drove the commercial increase. Raytheon revenues dipped 3% YoY to $6.5 billion. The higher volume of land and air defense systems, including Global-Patriot, Counter-UAS programs, and Stinger, was offset by the divestiture of the Cybersecurity, Intelligence, and Services business in Q1 2024. RTX Raises Full-Year 2024 Guidance RTX MarketRank™ Stock Analysis Overall MarketRank™ 4.89 out of 5 Analyst Rating Hold Upside/Downside 29.8% Upside Short Interest Healthy Dividend Strength Weak Sustainability -3.81 News Sentiment 0.42 Insider Trading Selling Shares Projected Earnings Growth 18.63% See Full Details The company treated investors by raising its full-year outlook. RTX Raised its full-year 2024 EPS forecast to $5.35 to $5.45, up from $5.25 to $5.40, versus $5.39 consensus estimates. The full-year 2024 revenue guidance has been revised upwards to a range of $78.75 billion to $79.5 billion, from the previous estimate of $78 billion to $79 billion, versus $78.96 billion. Free cash flow is expected to be around $4.7 billion, down from $5.7 billion. RTX CEO Chris Calio was upbeat, commenting, "With a $206 billion backlog and unprecedented demand across our portfolio, we are focused on executing on our customer commitments powered by our CORE operating system, investing in innovative technologies and capabilities, and leveraging the breadth and scale of RTX to drive long-term shareowner value." RTX Corp. analyst ratings and price targets are at MarketBeat. There are 17 analyst ratings on RTX stock comprised of three Buys, 12 Holds, and two Sells with a 30.48% upside to the consensus price target of $148.69. Before you consider RTX, 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 RTX wasn't on the list. While RTX currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Pharma Stock Cuts Earnings Outlook: Still a Buying Opportunity 2024-07-30 14:55:00+00:00 - Merck & Co. Inc. NYSE: MRK delivered a solid earnings report before the market opened on July 30, 2024. However, the stock was down over 4% in early trading after the company cut its full-year earnings forecast. The pullback comes as MRK stock is up 17% in 2024. If you look beyond the headline numbers, this could be a good buy-the-dip opportunity. Merck & Co., Inc. Today MRK Merck & Co., Inc. $115.25 -12.53 (-9.81%) 52-Week Range $99.14 ▼ $134.63 Dividend Yield 2.67% P/E Ratio 128.06 Price Target $135.36 Add to Watchlist First, the good news. Merck delivered a double beat with revenue of $16.11 billion, beating estimates for $15.89 billion. The biopharmaceutical company also delivered earnings per share (EPS) of $2.28, which was 6.3% higher than the expected $2.15 EPS. Get Merck & Co., Inc. alerts: Sign Up A key reason for the beat came from continued strength from its blockbuster oncology drug, Keytruda. Sales of Keytruda were up 16% to $7.3 billion, 44% of the company’s quarterly revenue. The company also raised its sales guidance for the year to a range of $63.4 billion to $64.4 billion. However, the company lowered its profit outlook to between $7.94 and $8.04 EPS. It is forecasting a one-time charge of around $1 billion for its acquisition of EyeBio. Looking Beyond Keytrudra Keytruda is Merck’s signature oncology drug. It’s also a significant driver of revenue and profits for the company. However, as AbbVie Inc. NYSE: ABBV faces with its blockbuster drug, Humira, Keytruda is running up against a loss of patent protection. By 2028, the company will face biosimilar competition for Keytruda. That seems like a long time, but for investors in the biopharmaceutical sector, it’s right around the corner. That's because even when a drug successfully makes it into a Phase 3 clinical trial, it can take up to four years for the drug to complete that trial. That's why investors want to see a plan for how Merck plans to replace that revenue. The company has high hopes for Winrevair, a first-in-class activin signaling inhibitor for treating pulmonary arterial hypertension (PAH). This rare disease primarily affects women between 30 and 60. Currently, PAH has a mortality rate of 40% in five years. Winrevair was approved by the FDA in March 2024 and is meant to be given every three weeks. Merck is Building From Its Strength Merck & Co., Inc. Dividend Payments Dividend Yield 2.67% Annual Dividend $3.08 Dividend Increase Track Record 13 Years Annualized 3-Year Dividend Growth 6.08% Dividend Payout Ratio 342.22% Next Dividend Payment Oct. 7 See Full Details Merck is a recognized leader in oncology and vaccines. But with Winrevair, it’s beginning to branch out into areas like cardiovascular-metabolic disorders. The company also has a GLP-1 drug in Phase 2 trials. The drug was granted fast-track approval by the U.S. Food & Drug Administration (FDA) for the treatment of fatty liver disease. Both of these drugs complement Merck’s deep pipeline that includes up to 80 candidates. This includes an RSV candidate who recently met its main goals in a mid-to-late-stage trial. MRK Stock Offers Good Value and a Chance for Growth Merck currently trades at around 14x forward earnings. That's lower than the sector average for medical stocks, around 17x. The company also has an attractive dividend with a 2.56% yield. Merck has increased that dividend for the last 13 years. Based on the company’s history, it’s likely to issue another dividend hike in the coming quarter. However, value is only one reason to consider MRK stock. At various points in 2024, the stock has met resistance around $131 and $132 per share. This dip is bringing the stock down to a key support level that is matched by a reading of around 34 on the relative strength indicator (RSI). Analysts have yet to weigh in on the company’s earnings, but the consensus price coming into earnings was $135.36, which is now a 13% upside along with the dividend. Before you consider Merck & Co., Inc., 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 Merck & Co., Inc. wasn't on the list. While Merck & Co., Inc. currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
This Semiconductor Stock Is ON Track for a New High 2024-07-30 14:30:00+00:00 - Onsemi Today ON Onsemi $73.97 -4.30 (-5.49%) 52-Week Range $59.34 ▼ $111.35 P/E Ratio 15.10 Price Target $88.36 Add to Watchlist Onsemi’s NASDAQ: ON Q2 results were no blowout. Still, its operational quality and outlook for success have the stock price in rebound mode, and the market is on track to hit a one-year high soon. The critical details are that the business contraction is less than feared, cash flow remains robust, and a return to growth is expected. The return to growth will be driven by inventory normalization in key markets and ramping activity among the major automobile OEMs. Major automobile OEMs are pushing hard to electrify their operations and fleets, and that effort relies heavily on Onsemi’s industry-leading SiC semiconductor technology. Get Onsemi alerts: Sign Up Onsemi Has Better-Than-Feared Quarter: Analysts Raise Price Targets Onsemi struggled in Q2, with sluggish demand and inventory issues plaguing the business. However, the 17.2% revenue contraction was less than expected and offset by optimistic commentary from management. Management remains committed to growing market share and building leverage in preparation for demand growth expected to resume in 2025. Demand growth will be centered on SiC-based chips, which are needed for high-power switching solutions and industrial applications. All segments contracted, led by a 22% decline in ISG offset by smaller 18% and 15% declines in PSG and AMG segments. Onsemi MarketRank™ Stock Analysis Overall MarketRank™ 4.65 out of 5 Analyst Rating Moderate Buy Upside/Downside 18.6% Upside Short Interest Bearish Dividend Strength N/A Sustainability -1.10 News Sentiment 0.98 Insider Trading Selling Shares Projected Earnings Growth 21.14% See Full Details Margin news is mixed. The company’s margin contracted at the gross and operating levels on a GAAP and adjusted basis but less than expected. The takeaway is that adjusted earnings contracted accelerated compared to revenue but outpaced the consensus by 500 basis points. The salient detail is that cash flow remains solid, leaving the balance sheet in fortress conditions despite robust capital returns. Onsemi targets a 100% FCF payout ratio and spends entirely on share repurchases. Over the last 12 months, repurchases have reduced the count by an average of 3.45% for Q2 and are expected to continue. Onsemi's guidance was better than expected due to numerous downward revisions leading into the report. The company expects business to be flat compared to Q2, down about 20% YoY, aligning with the consensus but well above the most recent revisions. Earnings guidance is also favorable, aligning with the consensus estimate and leading numerous analysts to raise their stock price targets. MarketBeat is tracking about a dozen revisions issued immediately after the earnings release; all include an increased stock price target, leading the market to the $88 level. Onsemi Capital Return is Safely Driving Value for Investors The balance sheet is a fortress. Highlights from Q2 include a flat cash position, increased current and total assets offset by flat debt, and reduced liabilities. The net result is a 2.6% sequential improvement in shareholder equity that brings the gain to 7% on a YTD basis and 19% compared to last year. Debt is present but ultra-low; total liabilities are about 0.6x equity, while debt is about 1x the cash, leaving the business in a nimble position to reinvest as needed, make acquisitions if targets arise, and continue buying back stock. Onsemi’s price advanced following the release, removing a resistance target and opening the door to a larger advance. The market shows signs of resistance at the two-week high, but it may not last because it is on the brink of a significant shift. That shift is marked by the cluster of moving averages providing support. The EMAs are set up to fire a strong Golden Crossover, a bullish signal that may increase volume and momentum over the next few weeks. The market could easily reach the consensus $88 price target in this scenario. If not, and the Golden Crossover fails, Onsemi stock will likely remain range-bound at current levels until better indications of growth are present. Before you consider Onsemi, 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 Onsemi wasn't on the list. While Onsemi currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Why SoFi Stock is an Unmissable Growth Opportunity 2024-07-30 14:15:00+00:00 - More investors should focus on the road ahead rather than the rearview mirror to start monetizing some of the newer ideas and trends about to hit the stock market. Among these is the Federal Reserve and its promise to start cutting interest rates before 2024 is over. According to the CME’s FedWatch tool, these cuts could be here as soon as September, with over 90% certainty. SoFi Technologies Today SOFI SoFi Technologies $7.42 +0.09 (+1.23%) 52-Week Range $6.15 ▼ $11.70 Price Target $9.44 Add to Watchlist What that means for the market is a sort of “melt-up” scenario, where everything will see bullish price action on the rate cuts and then some. However, not all stocks are made equal. It seems like those in the technology and financial sectors are poised to do better than most. Investors cannot choose one or the other but combine the two into an incredible growth opportunity. Get Robinhood Markets alerts: Sign Up Sofi Technologies Inc. NASDAQ: SOFI is the stock to deliver on this potential. The stock has underperformed the broader S&P 500 by as much as 55% over the past 12 months, getting left behind by most of its peers in both the technology and financial space, but that could soon be about to change. As the company released its second quarter 2024 earnings results, investors could face one of the biggest market catch-up plays today. SoFi Stock Delivers in All the Ways That Matter Every business has its set of key performance indicators (KPIs), where markets and investors alike can assess results and determine whether the company—and the stock price—are headed in the right direction. In the case of SoFi, it looks like green checks all over. In SoFi’s earnings presentation, investors will note that total members grew by 41% over the year to reach 8.7 million, which is also a new high for the company. Of course, having more users doesn’t mean much if there are no ways to monetize. Following in the playbook of Robinhood Markets Inc. NASDAQ: HOOD, which is finding every way to monetize its growing user base, SoFi saw 19% annual growth in lending products and 39% growth for financial services products. This attractive growth translates into more earnings, which can excite investors. Revenue jumped by 22% over the year to reach $597 million, but that’s not even the best part. SoFi managed to swing from a net loss of $47.5 million in the same quarter last year to a net profit of $17.4 million this quarter, which sent investors into positive earnings per share (EPS) territory. Leaning on what could be consistent and expanding profitability, management felt comfortable issuing even more optimistic guidance. For 2024, investors can expect up to 19% revenue growth, with EPS of roughly $0.10 a share driven by $185 million of net income (ten times the quarterly net income reported). SoFi Technologies, Inc. (SOFI) Price Chart for Tuesday, July, 30, 2024 Wall Street's Bullish Case for SoFi Stock With all this evidence on hand, analysts on Wall Street couldn’t just sit on the sidelines and let this stock pass them by. This is why there is a consensus forecast for up to 212% EPS growth in the next 12 months, which is still subject to adjustment now that management laid out its own view of the future. Those at Needham & Company felt comfortable slapping on a $10-a-share valuation for SoFi stock, daring it to rally by 37% from where it trades today. Now, a stock with over 200% growth prospects, growing all of its KPIs at double-digit rates, and achieving new and consistent profitability should command a higher valuation, shouldn’t it? Maybe analysts are waiting for a higher confirmation level, and this is where the Fed’s promise of cutting interest rates comes into play. SoFi Technologies MarketRank™ Stock Analysis Overall MarketRank™ 2.52 out of 5 Analyst Rating Hold Upside/Downside 28.2% Upside Short Interest Bearish Dividend Strength N/A Sustainability N/A News Sentiment 0.51 Insider Trading Selling Shares Projected Earnings Growth 212.50% See Full Details Home prices are still, on average, over 32% more expensive than pre-COVID levels, yet higher-than-normal inflation rates during the period have eroded the average American’s earning power. This widening gap makes homes more expensive, as buying a house now takes roughly 7 to 10 years of the average salary. Add to this the fact that mortgage rates have been hovering above 7% for most of 2023 and 2024, making any available home on the market as inaccessible as ever for most would-be homebuyers. If and when the Fed cuts interest rates, mortgage rates will come down as well, giving SoFi customers even more momentum to shop for a mortgage with the platform. More than that, other financial services and products will become more accessible at lower interest rates. Considering that U.S. home listings are starting to tick up, the markets look ready for a potential housing demand boom. Before you consider Robinhood Markets, 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 Robinhood Markets wasn't on the list. While Robinhood Markets currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Housebuilding targets could force councils in England to build on ‘grey belt’ 2024-07-30 13:44:00+00:00 - The government has set out its intent to massively increase housebuilding, with a shake-up of planning rules that could force councils in England to build on low-quality green belt sites if they fail to reach mandatory construction targets. The proposed framework, which will instruct all regions apart from London to prepare for thousands more homes, is the start of a wider effort to streamline council planning procedures and review the right to buy scheme. Announcing the plans to MPs, Angela Rayner, the deputy prime minister and housing secretary, said urgent action was needed after the Conservative government made local targets voluntary, allowing many projects to be blocked. Rayner said the overall target for new homes would increase from 300,000 a year to 370,000, contrasting this to forecasts that fewer than 200,000 homes would be completed this year, with little more than 100,000 of these being affordable. “Some will find this uncomfortable, and others will try and poke holes,” she said. “To this I say: we have a housing crisis and a mandate for real change, and we all must play our part.” While councils and planning organisations broadly welcomed the proposals, the Conservatives condemned them as confusing and overcentralised. Under a proposed new National Planning Policy Framework (NPPF) for England, local authorities will have a duty to build more homes. Unless they come up with a clear plan for this, ministers could step in and take over. What is likely to be among the more contentious elements of the shake-up is the provision for councils to review local green belt land and identify so-called grey belt sites, within the green belt but deemed as not contributing to it. Where councils fail to properly do this, housebuilding companies can present their own proposals for development on what they believe is a grey belt area. The new NPPF defines grey belt land as areas of the green belt that have already been developed or make a limited contribution to green belt purposes, for example sites on the edges of existing towns and villages or next to roads, and former petrol stations or car parks. Any green belt projects will be subject to particular rules, including that at least 50% of the homes be affordable. Rayner denied the mandatory targets would mean “riding roughshod over local decisions and what local people want. “What we’re saying – and what we said at the general election – is that we will build 1.5m homes. We said that really clearly and we have a mandate to do that,” she said. All councils will need to have a new local plan in place by next year. Currently, two-thirds of them have plans that are at least five years old. The new regime will get rid of the stipulation for new developments to be “beautiful”, which officials said was too subjective. An updated list of housing targets for each area shows some significant increases – in the north-west of England it rises from 21,500 to just under 38,000, and in the east from 35,000 to nearly 45,000 – but the former target of nearly 100,000 new homes in London is cut to 80,000. The revised plan said the reduction for London was to make its plan “credible”, given actual building had been about a third of the previous target. Another potentially contentious area of change is right to buy, which allows councils tenants to purchase their homes at a significant discount, reducing the number of homes for social rent. As well as an immediate review into the scale of discount offered, changes in the planning and infrastructure bill could limit eligibility and stop new social homes being sold off. Other changes include a doubling of the cost for householders to submit a planning application, to cover the costs, and changes to streamline the work of planning committees so they mainly consider bigger projects, with officials taking responsibility for minor ones. Kemi Badenoch, the shadow housing secretary, criticised the removal of the “beautiful” stipulation, and questioned why building targets in London were being reduced. “The government is in danger of choosing the worst of all worlds,” she said. “It’s not addressing the basic economics of housebuilding, it’s centralising decision-making, and when you look at all that it looks like 1.5m will be a distant aspiration rather than a meaningful target.”
Stock market news today: S&P 500, Nasdaq inch higher to kick off huge week for markets 2024-07-30 05:26:00+00:00 - US stocks closed mostly flat on Monday to kick off a big week filled with a Federal Reserve rate decision, the jobs report, and Big Tech earnings. The Dow Jones Industrial Average (^IXIC) closed down 0.1%, coming off a surge of over 650 points for the blue-chip index on Friday. The S&P 500 (^GSPC) gained nearly 0.1% while the tech-heavy Nasdaq Composite (^IXIC) rose just above the flatline. Stocks kicked off the week on the front foot after surging on Friday, as investors welcomed a promising inflation reading that cemented bets for interest-rate cuts. But after a volatile run of sessions and a huge tech sell-off, the watch is on for surprises that could put the fragile rally to the test. No move is expected from the Federal Reserve at the end of its meeting on Wednesday, despite signs the US economy and inflation have hit a sweet spot. Many on Wall Street see other reasons for the central bank to wait until September to act. Read more: 32 charts that tell the story of markets and the economy right now The July nonfarm payrolls report that follows on Friday — expected to show cracks in the jobs market — will play into after-the-fact calculations on timing and depth of rate cuts in 2024. Looming earnings this week from Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), and Meta (META) also have investors on alert, given the stock wipeout that followed the first pair of "Magnificent Seven" results. On Monday shares of EV giant Tesla (TSLA) gained more than 5% after Morgan Stanley's Adam Jonas designated the stock a 'top pick.' McDonald's (MCD) stock rose despite an earnings miss across the board as consumers pulled back on spending at the fast food chain.
Wells Fargo must face lawsuit over sham job interviews 2024-07-30 05:20:00+00:00 - By Jonathan Stempel (Reuters) - A U.S. judge ordered Wells Fargo (WFC) to face a lawsuit alleging it defrauded shareholders by proclaiming its commitment to hiring diversity, even as it conducted sham job interviews of non-white and female applicants it had no plans to hire. U.S. District Judge Trina Thompson in San Francisco, who dismissed a version of the lawsuit last August, on Monday found direct and indirect evidence that the San Francisco-based bank intended to defraud shareholders about its hiring practices. She rejected arguments that there was insufficient proof that fake interviews were widespread, or that top officials including Chief Executive Charles Scharf knew about it. Shareholders challenged 11 bank statements touting the success of a policy adopted in March 2020 that at least 50% of candidates interviewed for jobs paying at least $100,000 be minorities, women or people in other disadvantaged groups. They cited interviews with former employees, an internal whistleblower email, and the sudden retirement of a senior wealth manager who allegedly pressured the whistleblower into conducting fake interviews. "The employee-submitted complaints, the peculiar timing of [the manager's] departure, and defendants' demonstrated focus on diversity issues supports a strong inference of [fraudulent intent] that is cogent and at least as compelling as an opposing inference that defendants remained oblivious," Thompson wrote. In a statement, Wells Fargo said it would continue defending against the lawsuit. It noted that the Department of Justice and Securities and Exchange Commission closed investigations into its hiring practices without taking action. "Wells Fargo is deeply dedicated to diversity, equity and inclusion and does not tolerate discrimination in any part of our business," it added. Lawyers for the shareholders did not immediately respond to requests for comment. The fourth-largest U.S. bank has since 2016 faced many complaints and public criticism over its business practices, and remains under a Federal Reserve cap on asset growth. Wells Fargo's share price fell 10.2% over two days in June 2022, wiping out more than $17 billion of market value, after the New York Times reported the Justice Department probe. The case is SEB Investment Management AB et al v Wells Fargo & Co, U.S. District Court, Northern District of California, No. 22-03811. (Reporting by Jonathan Stempel in New York; Editing by Aurora Ellis)
Microsoft to report fiscal Q4 earnings as Wall Street eyes AI revenue and spending 2024-07-30 05:18:00+00:00 - Microsoft (MSFT) will report its fiscal fourth quarter earnings after the bell on Tuesday as Wall Street continues to look for signs that the massive wave of AI investments among Big Tech firms is starting to pay off. For the quarter, Microsoft is expected to report earnings per share of $2.94 on revenue of $64.5 billion, according to data compiled by Bloomberg. Microsoft reported EPS of $2.69 on revenue of $56.2 billion during the same period last year. Cloud revenue is expected to come in at $36.8 billion with Intelligent Cloud revenue, which includes Azure, set to hit $28.7 billion. During its prior quarter, Microsoft announced that AI services contributed 7 percentage points of growth to its Azure and other cloud services revenue. That was up from 6 percentage points in Q2 and 3 percentage points in Q1. The company initially began reporting AI contributions in Q4 of last year, saying AI added 1 percentage point of growth to Azure at the time. Shares of Microsoft are up 13% year to date. Microsoft’s report follows rival and Google parent Alphabet’s (GOOG, GOOGL) earnings announcement last week, during which the company said it is seeing an uptick in cloud revenue partially due to interest in AI products. Still, Google didn’t offer specific numbers on the impact of AI on the cloud business, leaving some analysts like UBS Global Research’s Stephen Ju to predict that revenue benefits from the company’s AI spending might not come until the first half of 2025 at the earliest. Microsoft CEO Satya Nadella speaks during the Microsoft Build conference at Seattle Convention Center Summit Building in Redmond, Washington, on May 21, 2024. (Jason Redmond/AFP via Getty Images) (JASON REDMOND via Getty Images) “Our checks for Microsoft have been robust this quarter again, as we believe the AI tidal wave with Redmond in the driver's seat is accelerating cloud deal flow for Azure with strong momentum into the rest of 2024/2025,” Wedbush analyst Dan Ives wrote in an investor note ahead of Microsoft’s announcement. According to UBS Global Research analyst Karl Keirstead, Microsoft has also been grabbing more market share from Google and Amazon. “In terms of share shifts among AWS, Microsoft Azure, and Google Cloud, the most consistent theme in this round of checks was the number of customers and partners that cited share gains by Microsoft resulting from its early lead on the AI front,” Keirstead wrote in a recent note about the three major cloud players. “This has been a recurring theme from checks over the last 6-12 months and the commentary about Azure’s relative strength felt consistent with prior checks,” he added. Outside of how much Microsoft is making on AI, investors will want to know how much more the company plans to spend on the technology moving forward. In Q3, Microsoft reported capital expenditures of $14 billion as it continues to build out its AI infrastructure. Story continues During Alphabet’s earnings call, CFO Ruth Porat said the company spent $13 billion on capital expenditures, up from $12 billion in the prior quarter, adding that the vast majority of that spending is going toward AI. Amazon (AMZN) is set to report earnings on Aug. 1. Shares of Google are up 22% year to date, while shares of Amazon are up 23%. Subscribe to the Yahoo Finance Tech newsletter. (Yahoo Finance) Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley. For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here Read the latest financial and business news from Yahoo Finance StockStory aims to help individual investors beat the market.
Suze Orman's $100,000 Wake-Up Call: Why Your 'Responsible' Financial Plan Is a Ticking Time Bomb 2024-07-30 04:00:00+00:00 - Suze Orman's $100,000 Wake-Up Call: Why Your 'Responsible' Financial Plan Is a Ticking Time Bomb While the set-it-and-forget-it retirement strategy is attractive to many, financial expert Suze Orman warns that you could be sitting on a financial disaster down the road without some simple financial housekeeping. Like other housekeeping tasks, financial housekeeping is rarely as bad as it seems – and you’ll feel great when it’s done. Here are the steps that can help save you $100,000 or more and make sure your money is working for you and not against you: Don't Miss: Rebalance retirement accounts At least once a year, check your retirement accounts and ensure they’re balanced in an appropriate ratio of stocks, bonds, and cash for your long-term goals. If you don’t know how to balance a portfolio, check out Benzinga’s investing resources. Depending on how close you are to retirement, you might want to capitalize on stocks’ strong performance over the past years or dial back growth and rebalance to a higher percentage of bonds and cash reserves. Remember that you can move money inside retirement accounts by selling shares of one stock, bond, or fund and buying shares of another without a capital-gains tax bill. See Also: The average American couple has saved this much money for retirement — How do you compare? Check Retirement Account Beneficiaries While in your retirement accounts, check who you named as the beneficiary. This is more important than most people realize. Your stated account beneficiary on file with the administrator will get the money in the account, even if your will names a different beneficiary. This one cannot only be embarrassing; it can be disastrous for your loved ones. How awful would it be for your estranged ex or someone you haven’t spoken to in 20 years to get your hard-earned money? If you can’t remember who you named as a beneficiary, check and update it if necessary. Updating the account beneficiary becomes even more essential if you’ve gotten divorced, had children, or been through any other life changes. And if you have a life insurance policy or any annuities, you will want to ensure those beneficiary forms are up to date. Trending: Unlock the hidden potential of commercial real estate — This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today! Double-check subscriptions Companies of all sizes depend on you forgetting about those monthly or annual subscriptions you signed up for and then forgetting to cancel. While you might not use them, you’re still paying for them. Story continues According to C&R Research, the average American spends $219 monthly on subscription services. That’s $2,628 a year, or over $26,000 in 10 years, which could be saved, invested, or used for other goals. Take inventory of all subscriptions and cancel any you don’t use. Then pause any you use infrequently to see if you even miss them – potentially saving yourself $100 a month or more. The biggest personal finance take-away? Small actions add up to long-term gains or losses. Cut back on subscriptions you don’t need, check on your investment portfolio, and keep named beneficiaries up to date to save more and protect your future wealth. Read Next: "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Suze Orman's $100,000 Wake-Up Call: Why Your 'Responsible' Financial Plan Is a Ticking Time Bomb originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
What Income Makes You 'Upper Class'? Here's What You Need To Rank Among The Top 20% 2024-07-30 03:30:00+00:00 - What Income Makes You 'Upper Class'? Here's What You Need To Rank Among The Top 20% The term “upper class” evokes images of wealth and privilege. But what does it truly mean in terms of income? While there’s no definitive line, households in the top 20% of earners are generally considered upper class. According to the U.S. Census Bureau, the median household income in 2022 was $74,580. To reach the upper class in 2024, you’d typically need an income exceeding $153,000 – more than double the national median. Don't Miss: Are you rich? Here’s what Americans think you need to be considered wealthy. A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today. Now, this might seem attainable, but other sources define the middle class a little differently since there are no strict or firm standards defining the upper class threshold. According to the Pew Research Center report, in 2022, the median household income for a three-person upper-class family was $256,920. For the middle class, the median income was $106,092 for a family of three. Income isn’t the sole determinant. Where you live significantly impacts your financial standing. For example, in a high-cost area such as Santa Clara, you need $297,800 to be classified as upper class. On the other hand, households in rural areas may qualify for upper class status at lower income levels due to reduced living expenses. See Also: Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average? U.S. census data from 2021 shows that the median net worth varies considerably across economic classes. The upper class possesses nearly 67 times the net worth of the lower class. Here's a breakdown: Lower class: $12,000 Lower-middle class: $61,260 Middle class: $145,200 Upper-middle class: $269,100 Upper class: $805,400 Trending: Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today! Education plays a crucial role in wealth accumulation. In 2021, households headed by individuals with graduate or professional degrees had a median net worth of $555,900, compared to just $8,460 for those without a high school diploma. According to a Pew Research Center report conducted in 2022, men were slightly more likely than women to be in upper-income households, with 18% of men and 16% of women falling into this category. Marriage appears to significantly boost the economic status of Americans. Among those married in 2022, 24% are in upper-income households. In contrast, only 7% of those who were separated, divorced, widowed, or never married were in upper-income households. Additionally, 19% of veterans were in upper-income households compared to 16% of nonveterans. Story continues See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? For the upper class, wealth protection and growth are essential. Common strategies include diversifying investment portfolios, engaging in real estate investments, and utilizing high-yield savings accounts. These methods help safeguard against inflation and economic volatility, ensuring long-term financial stability. No matter where you fall on the income scale, remember that it's your life and you control your financial future. Consulting a financial advisor can provide personalized strategies to help you meet your goals and manage your finances – whether striving to be in the top 20% or the top 1%. Read Next: "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article What Income Makes You 'Upper Class'? Here's What You Need To Rank Among The Top 20% originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wall Street is still jittery on GLP-1s 2024-07-30 02:38:00+00:00 - Wall Street's concerns about GLP-1s' impact on medical device makers was back in full swing after glucose monitoring device seller Dexcom (DXCM) slashed its full-year guidance after an earnings miss last week. However, Dexcom's troubles appear unrelated to the weight loss and diabetes drug frenzy, as competitors such as Abbott (ABT) and Medtronic (MDT) haven't been pressured by the miss, once again allaying Wall Street's fears. The company attributed its guidance to a fumbled sales strategy. "It was a much more disruptive expansion that we've had in the past, and that did lead to a lot of disruption, particularly at the beginning of the quarter. We saw things getting better toward the end," said CEO Kevin Sayer on an earnings call. The Street previously pressured food and beverage stocks on fears of long-term declines expected from GLP-1 use. That has proven to not be the case, even as the GLP-1 market is expected to reach $130 billion by 2030. Still, medical device stocks have been through a roller-coaster ride in the past year, in part on Wall Street's reaction to data and updates about GLP-1s. Take, for example, an announcement in June from Eli Lilly (LLY), maker of the weight-loss drug Zepbound, that its GLP-1 formula helps reduce incidents of sleep apnea. The data showed greater reduction for those who use pressurized breathing masks, known as CPAP machines, but the news still sent stocks of CPAP makers down. That includes ResMed (RMD), a leader in the space. CEO Mick Farrell told Yahoo Finance he sees the news as a tailwind rather than a sign of trouble. "They're going to bring more patients into my funnel, and we're going to continue to grow," Farrell said. He sees the opportunity growing further as tech companies like Apple (AAPL), Google (GOOG, GOOGL), Samsung, and the Oura ring offer sleep monitoring software on their devices. This, he said, will bring more awareness about sleep apnea, and therefore more patients. Bay Saunders, 12, with Dexcom G6 patch on her arm for the treatment of her Type 1 diabetes, attends a Senate Appropriations Committee hearing on how the Special Diabetes Program is creating hope for those Living with Type 1 Diabetes, together with other children with Type 1 diabetes, Tuesday, July 11, 2023, in Washington. (AP Photo/Manuel Balce Ceneta) (ASSOCIATED PRESS) Underpenetrated market In the past year, there have been multiple instances of Wall Street predictions dooming sectors based on GLP-1 data, but experts insist the reality is that the potential frenzy has been tamped primarily by supply constraints. JPM analysts said in a note in August 2023, in response to one company's earnings showing lower volumes of bariatric surgery in a quarter, "Unless patients commit to using GLP-1s for life, which many aren’t keen to do, they’ll likely still progress to bariatric surgery, which remains extremely underpenetrated." Story continues The idea of being an underpenetrated market holds true for continuous glucose monitoring devices and CPAP machines, along with bariatric surgery. And it's also true for GLP-1s, which have only been available in a limited number of countries and markets to date, as both the market leaders work to add manufacturing capacity. Wall Street jitters haven't spared the GLP-1 makers, either. The current duopoly of Eli Lilly and Novo Nordisk (NVO) is being threatened by several hundred clinical trials for rival GLP-1s. Among those being closely watched are Roche (RHHBY), Amgen (AMGN), Pfizer (PFE), and the biotech Viking Therapeutics (VKTX). Roche recently announced positive early-stage trial data, while Viking is beginning its final-stage clinical trial — the news within the span of a week sent Eli Lilly's stock diving. It traded down 14% in eight days and lost $120 billion in market value. But the same news didn't drag Novo's stock as much. Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, care services, digital health, PBMs, and health policy and politics. Follow Anjalee on all social media platforms @AnjKhem. For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here Read the latest financial and business news from Yahoo Finance
Diamond Sports, Comcast reach a deal to return Bally regional sports to cable customers 2024-07-29 22:38:00+00:00 - A Bally Sports display is shown in the eighth inning of the game between the MLB's Houston Astros and Minnesota Twins at Target Field in Minneapolis, Minnesota, on April 9, 2023. Bally Sports regional channels are returning to Comcast cable TV customers. Diamond Sports — the owner of Bally Sports-branded regional sports networks — reached a deal with Comcast on Monday that will see its networks go live for cable customers on August 1. The networks, which air regular season local games for MLB, NBA and NHL teams in various markets, had gone dark for Comcast cable customers on May 1 at the start of MLB's regular season. Fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins, were affected. The deal paves the way for Diamond Sports' survival after filing for bankruptcy last March. It has been working on securing contracts with various pay TV providers like Comcast. "Entering a new carriage agreement with Comcast, our third largest distributor, is a critical step forward in our restructuring effort, and we are pleased that fans will again be able to access broadcasts of their local teams through Xfinity," said Diamond CEO David Preschlack in a news release. Diamond has also reached carriage deals with Charter Communications , DirecTV and Fubo . "With certainty on our distribution, we are focused on finalizing an agreement with the NHL and resolving our ongoing negotiations with the NBA. We are mindful that time is of the essence with basketball and hockey seasons fast approaching, and once agreements with our team and league partners are complete, we intend to move expeditiously to present a plan of reorganization to the Court," Preschlack said in the release. The leagues have recently voiced concerns over Diamond Sports' future in court hearings, questioning whether the company could put together a viable business plan ahead of the upcoming NBA and NHL seasons this fall. Diamond had been scheduled to seek court approval on Monday for its reorganization plan in the U.S. Bankruptcy Court for the Southern District of Texas, but postponed the hearing as it sought to reach an agreement with Comcast. The company has said it intends to emerge from bankruptcy protection under the ownership of its creditors. The negotiations between Diamond and Comcast broke down in May following a dispute over terms — namely how quickly the cable provider could shift the sports networks into a tiered model, meaning customers would have to opt into the packages that include the channels at a higher rate rather than having them included in broader cable packages. The deal reached on Monday allows for Comcast to offer Diamond Sports networks on such tiers outside of the broader cable package, according to people familiar with the matter, who asked to remain anonymous to discuss specifics of the deal. Pay TV companies like Comcast have been bleeding customers in recent years as customers opt for cheaper streaming options. Comcast said last week it lost 419,000 domestic cable customers during the second quarter and now has roughly 13.2 million subscribers in total. Once a lucrative business, regional sports networks have been particularly squeezed by customers leaving the cable bundle. Disclosure: Comcast is the parent company of NBCUniversal and CNBC.
SAG-AFTRA Strike Hits Video Game Industry, But GTA 6 Remains Unaffected - Take-Two Interactive (NASDAQ:TTWO) 2024-07-29 21:51:00+00:00 - On July 26, SAG-AFTRA officially commenced a strike involving video game voice actors, impacting numerous games currently being developed. However, one highly anticipated title, Take-Two Interactive Software Inc‘s TTWO Grand Theft Auto 6, stands out as it remains unaffected by the strike. See Also: GTA 6 Clue Found In Online Update: What Does It Mean? First reported by Kotaku and independently verified by IGN, Grand Theft Auto 6 is exempt from the strike. Understanding The Exemption The exemption of Grand Theft Auto 6 from the strike can be traced back to an existing agreement between SAG-AFTRA and gaming companies. Games that were already in production before August 25, 2023, including live service games, fall under a previous contractual agreement. This agreement allows these projects to proceed without being impacted by the current strike. Despite this, SAG-AFTRA members working on GTA 6 can choose to show solidarity by not signing new contracts, although they are not mandated to do so. A message on SAG-AFTRA’s website clarifies the situation: “While not struck, this game is produced by a struck company. If you have been engaged under a daily contract for this game, you can show solidarity with your fellow union members by choosing not to sign new contracts on the game. However, you may work the game and will not be disciplined for doing so.” Grand Theft Auto 6: A Closer Look Grand Theft Auto 6, officially revealed in December 2023, is set in a modern-day, fictionalized version of Florida. The game features two protagonists, Lucia and an unnamed male character, rumored to be named Jason. The first trailer for GTA 6 became a massive hit, setting a record on YouTube as the most-viewed video game reveal within 24 hours. Rockstar initially announced a 2025 release for GTA 6. This timeline was further narrowed down in May 2024, when Take-Two Interactive’s CEO, Strauss Zelnick, expressed high confidence in meeting a Fall 2025 release date for PS5 and Xbox Series X/S during an interview with IGN. AI Protections At The Core Of SAG-AFTRA Strike The strike's primary catalyst is the inability to reach a consensus on AI protections. SAG-AFTRA president Fran Drescher stated: "We're not going to consent to a contract that allows companies to abuse AI to the detriment of our members. When these companies get serious about offering an agreement our members can live — and work — with, we will be here, ready to negotiate." In contrast, Audrey Cooling, a spokesperson for the video game producers, told The Verge: "We are disappointed the union has chosen to walk away when we are so close to a deal, and we remain prepared to resume negotiations. We have already found common ground on 24 out of 25 proposals, including historic wage increases and additional safety provisions." Now Read: Survey Reveals 87% Of Game Developers Embrace Open-Source Amid AI Concerns, Layoff Fears And added: "Our offer is directly responsive to SAG-AFTRA's concerns and extends meaningful AI protections that include requiring consent and fair compensation to all performers working under the IMA. These terms are among the strongest in the entertainment industry." Meanwhile, the strike encompasses a wide range of activities prohibited under SAG-AFTRA's directive, including singing, acting, dancing, performing motion capture, rehearsals, and auditions. Read Next: Photo: Shutterstock
Harris VP short list stacked with contenders who can raise big money 2024-07-29 21:51:00+00:00 - U.S. Vice President Kamala Harris delivers remarks during a campaign event at West Allis Central High School, in West Allis, Wisconsin, U.S., July 23, 2024. Vincent Alban | Reuters Pennsylvania Gov. Josh Shapiro will rub elbows this week with a group of Vice President Kamala Harris' allies at a meet and greet in the ritzy New York beach enclave of the Hamptons hosted by PR executive Mike Kempner, according to an invitation reviewed by CNBC. Sen. Mark Kelly, D-Ariz. has raised money from those working for tech giants as Harris and those close to her try to recruit more supporters from that community. Both of these lawmakers have two things in common: they are among those being considered to be Vice President Harris' running mate and can help raise a boatload of money for her heading into November. A Harris fundraiser who is familiar with at least half a dozen of the potential running mates who are being vetted said, "Any of these VPs could make it work. They all have different strengths." This person was one of several who were granted anonymity by CNBC to speak freely about private efforts to raise money for Harris. In addition to Shapiro and Kelly, Harris's team is also vetting Minnesota Gov. Tim Walz and Transportation Secretary Pete Buttigieg, among others, according to NBC News. Harris' political operation has already raised over $200 million since July 21, when President Joe Biden dropped out of the race and endorsed her, according to her campaign. Still, in order to keep up that momentum, they may need to select a candidate for vice president who can help bolster her campaign coffers to take on former President Donald Trump. Trump is raising big money Despite Harris' momentum, Trump is still raising a lot of money. Trump's running mate Sen. JD Vance, R-Ohio is headlining a fundraiser in Silicon Valley on Monday that is being hosted by BitGo CEO Mike Belshe, with tickets going for up to $50,000. Trump was hosted in New Jersey for a fundraiser on Sunday that raised over $10 million, according to people familiar with the matter. Tickets went from $3,300 to $500,000, according to the invitation. There were over 300 people at the event, one of the people explained. Next month, Cantor Fitzgerlad CEO Howard Lutnick plans to host a Trump fundraiser at his home in the Hamptons which is expected to raise at least $10 million, according to a person familiar with the gathering. watch now The money for these events is going toward the Trump 47 Committee, a joint fundraising committee that benefits the campaign, the Republican National Committee and dozens of state parties. CNBC cannot confirm these estimates, which come from people close to the Trump campaign, until Oct. 15, when the committee will file its mandatory quarterly report with the Federal Election Commission. The Harris campaign figures cannot be independently verified either, until Aug. 20, when her campaign disclose its financials. Her associated committees must file federal disclosures by Oct. 15. "Vice President Harris has directed her team to begin the process of vetting potential running mates," the Harris campaign said in response to a request for comment. "That process has begun in earnest and we do not expect to have additional updates until the Vice President announces who will be serving as her running mate and as the next Vice President of the United States." A Trump campaign spokesperson did not reply to a request for comment from CNBC. Shapiro hits the Hamptons Shapiro's fundraising strengths could be on full display on Sunday when he heads to the Hamptons for a lunch with top party donors at Kempner's home in Water Mill. "Starting with Kamala Harris at the top of the ticket, many Governors and Senators are ready to be her partner in leading the nation with sensible, moderate, common-sense solutions," Kempner wrote in an email to potential attendees which was obtained by CNBC. "None more so than Josh Shapiro. I know you will love meeting him (he's a fantastic person) and will be inspired by what he has to say," wrote Kempner. The event is not technically a campaign fundraiser. In fact, the invitation has a donation link at the bottom of the page for Shapiro's 2026 statewide reelection campaign. U.S. Vice President Kamala Harris and Pennsylvania Governor Josh Shapiro react during a visit to the Reading Terminal Market in Philadelphia, Pennsylvania, U.S., July 13, 2024. Kevin Mohatt | Reuters Shapiro's 2022 campaign for governor set new fundraising and spending records for Pennsylvania statewide races. In that race, Shapiro raised $1 million from billionaire Mike Bloomberg, who has spent millions backing candidates who support gun safety reforms, according to campaign finance records. He also raised an additional $3 million from longtime Democratic donor Jennifer Duda, who lives in California. Bloomberg has yet to publicly endorse Harris. But some of the vice president's allies are planning to approach the former New York mayor for his support, according to a person familiar with the matter. Bloomberg has a net worth of over $100 billion, according to Forbes. A spokesman for Bloomberg did not return a request for comment. Duda did not return emails seeking comment. Shapiro is one of the more moderate contenders to be Harris' running mate. He supported a Republican backed state plan to send $100 million to families for private school tuition and school supplies, according to the Associated Press. The plan was ultimately scrapped. Shapiro has taken a pro-Israel stance in its 10 month war on Hamas in Gaza, although he has also acknowledged Palestinian suffering. Shapiro is also an advocate for gun reform legislation. A spokesperson for the governor did not respond to a request for comment from CNBC. Kelly's tech ties When it comes to fundraising, the Arizona senator has an advantage that most of Harris' potential running mates do not: a record of support from the tech sector. As Trump makes headways with the traditionally progressive donor class in Silicon Valley — in part by promising laissez faire regulations — Harris' allies in the tech space have been trying to raise money from Silicon Valley donors, too. U.S. Sen. Mark Kelly (D-AZ) looks at reporters during a press conference following the weekly Senate caucus luncheons on Capitol Hill in Washington, U.S., April 9, 2024. Amanda Andrade-Rhoades | Reuters As a senator, Kelly has pushed for tech related investments in Arizona, including around the U.S.-Mexico border. Kelly and fellow Arizona senator Kyrsten Sinema celebrated when it was announced that Arizona-based Amkor Technology Inc. would receive $400 million from the CHIPS and Science Act. Kelly's 2022 reelection campaign raised almost $90 million, according to OpenSecrets. Employees from Microsoft , Apple , Amazon , AT&T, Alphabet and Meta combined to donate over $1.5 million to his campaign coffers. Kelly, though, could have his detractors in the tech sector, too. He introduced a bill last year that would require internet giants to contribute to Federal Communications Commission's universal service fund program, according to Broadband Breakfast. A spokesperson for Kelly did not reply to a request for comment from CNBC. Walz has strong union support Though many of Harris' options to be her running have ties to unions, few have allegiances to them stronger than Walz. Since he first ran for Congress in 2005, Walz has received regular campaign donations from the National Education Association, the International Brotherhood of Electrical Workers and International Brotherhood of Teamsters, according to the campaign finance website Follow The Money. U.S. Vice President Kamala Harris speaks with Dr. Sarah Traxler and Minnesota Governor Tim Walz as she visits an abortion clinic in Minneapolis, Minnesota, U.S., March 14, 2024. Nicole Neri | Reuters A career high school teacher and former union member himself, Walz and has been advocating for years for the importance of organized labor. But Walz could also have a tougher time making inroads with the kinds of donors who are meeting with Shapiro this weekend, or some Silicon Valley and Wall Street Democratic donors who believe organized labor wields too much power in the party's broader coalition. A spokesperson for Walz did not reply to a request for comment from CNBC. Buttigieg has his own fundraising network Ever since Buttigieg ran in the 2020 Democratic primary for president, he's maintained his own national fundraising network. After he dropped out of the race, he launched a political action committee called Win the Era. After he was confirmed as transportation secretary, the PAC remained active, and it had over $1 million cash on hand heading into July, according to Federal Election Commission records. His primary campaign for president raised almost $100 million, according to OpenSecrets. He too received donations from those working in tech. watch now
Disney's Marvel needed a direction. With a big box office and familiar faces, it may have one 2024-07-29 21:38:00+00:00 - Robert Downey Jr. speaks onstage during the Marvel Studios Panel in Hall H at SDCC in San Diego, California on July 27, 2024. Editor's note: This article contains spoilers for "Deadpool & Wolverine." Marvel is on the rebound. After its worst performance of all-time at the box office last November, the studio is back on top with "Deadpool & Wolverine." The 34th entrant in the Marvel Cinematic Universe hauled in $211 million during its domestic debut, the highest debut of 2024 and of an R-rated film ever. It's also the highest-opening MCU film since 2021's "Spider-Man: No Way Home." It's a promising development for the Disney -owned Marvel Studios, which has struggled to maintain box office momentum in the wake of 2019's historic "Avengers: Endgame." A push for quantity of theatrical titles and streaming series led to a decline in quality, and audiences balked. "Welcome to the MCU," Reynold's Deadpool says to Hugh Jackman's Wolverine in the film, which arrived in theaters over the weekend. "You're joining at a bit of a low point." That low point is 2023's "The Marvels," which generated the lowest domestic opening ($46.1 million) and lowest global box office haul (under $200 million) for the MCU ever. At the same time Marvel Studios was still reeling from pandemic-related production shutdowns and dual Hollywood labor strikes. Then, its heir apparent Jonathan Majors was convicted of misdemeanor assault and harassment, leading to his firing and questions about the future of the villainous Kang. However, with the recent success of "Deadpool & Wolverine" and several strategic hires, Marvel looks to be on its way to righting the ship. And that's good news for a studio that has generated more than $30 billion in box office since 2008. The MCU is the highest-grossing film franchise of all time and one of the most consistent ticket sales drivers in cinematic history.
New Mexico gets OK to seek $675M in federal grant to expand high-speed internet across the state 2024-07-29 21:36:42+00:00 - SANTA FE, N.M. (AP) — New Mexico has received final federal approval to pursue $675 million in federal grant funding to expand high-speed internet across the state, officials said Monday. That means the New Mexico Office of Broadband Access and Expansion can now start the grant application process. The state must submit a final proposal within a year. “This funding empowers New Mexico to bridge the digital divide and create equal opportunities across the state, especially for our rural and tribal communities,” Gov. Michelle Lujan Grisham said in a statement. Federal and state data show that 16% of New Mexico’s nearly 874,000 serviceable broadband locations are either unserved or underserved. Government officials said they hope to connect tens of thousands of New Mexico households to the internet for the first time.
7 steps to start an LLC for your small business 2024-07-29 21:34:19+00:00 - Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money. The exact steps for forming an LLC vary by state, but it's a similar process in most states. You'll need a business name, a registered agent, articles of organization, and an operating agreement in certain states. If you're working on setting up your own business, there's a good chance you're looking to open a limited liability company, or LLC. This business structure gives you limited liability protection similar to a corporation, plus the flexibility of a sole proprietorship or partnership, making it a popular choice for small business owners. The main perk of an LLC is that it generally can protect your personal assets (like the money you're saving up to buy a home or retire) from certain liabilities or debt that come with owning your business. In other words, in many cases, a creditor you owe money to through your business usually won't be able to come for the money in your personal accounts. Having an LLC can also legitimize your business, which may be a benefit to many small business owners. If that sounds good, follow these steps to open your LLC. 7 Steps to Form an LLC Check what requirements your state has Name your business Pick a registered agent File your articles of organization Create an operating agreement Plan for the future Consider a professional service 1. Check what requirements your state has LLCs are regulated by states, which means that you'll have to meet the specific requirements outlined by the state where you're registering the LLC. You'll find this information easily on your Secretary of State's website. While most steps necessary to establish an LLC will need to be done no matter which state you live in, the specific guidance for how to do each step — like naming your business and picking a registered agent — can vary. 2. Name your business Now that you have a business, it's time to choose a name for it. While you'll want something catchy and easy to market, it's also important to make sure that the name you choose meets your specific state's requirements. First, you'll need to ensure that the name you choose isn't being used by another LLC in your state. You can typically do a name search on the Secretary of State's website (here's Illinois' search tool, for example). In general, you'll need to have certain words in the name that make it clear your business is an LLC, such as "Limited Liability Company," "LLC," or "L.L.C." Many states will also prohibit you from including certain words in the name. In New York, for instance, you can't include the words "academy," "bank," "finance," "union" and many more. 3. Pick a registered agent Every LLC has to have a registered agent who acts as the point person for any legal matters that may come up and for the Secretary of State to send any official paperwork to. Generally, that person (or business) must have a physical address in the state where your LLC is registered and be available to receive mail there during working hours. They also have to be at least 18 years old. You can name yourself as the registered agent, but it may not be the best idea. If you're worried you might not be available to serve as the point person or might not be able to keep up with important mail, it might be best to outsource this role. There are registered agent services you can use, though they'll come at a cost. 4. File your articles of organization Next, head back to the Secretary of State's website to find the articles of organization that you'll need to file. You can also meet with someone in the department in person or by phone if you prefer. The exact information you'll have to fill out for the articles of organization will vary by state. Still, you can expect to be asked for basic information like your LLC's name, address, services, and how you expect it to be managed. You'll also need to pay a filing fee. Keep in mind that the articles of an organization may be called something different, depending on the state. Alabama and Texas, for example, call it a "certificate of formation." Some states also have publication requirements, which means you need to publish an announcement of your new business in a newspaper. 5. Create an operating agreement While you'll likely divvy up responsibilities for anyone in your business on your own, you may also be required to do so via an operating agreement. These agreements outline how your business will be run and delegate roles and power to different members. That may include voting procedures, rules around daily operations, and ownership rights within the company. Only some states require you to create this type of agreement, but it is a good idea to do so even if you don't technically have to. 6. Plan for the future Opening an LLC may be your first priority, but there are other tasks to take care of during the process, like getting your employer identification number (EIN). An EIN is an identifying number that the IRS will use for tax reasons, but it's not always required for opening an LLC. You may also want to open a business bank account to ensure you keep your personal and business assets separate for bookkeeping and tax purposes. Plus, look into what exactly you need to keep your LLC active in your state, which may include filing an annual report. 7. Consider using a professional A lot goes into opening and operating your own business, but you don't have to take care of everything on your own. Block Advisors, part of H&R Block, can help you decide which type of business structure is best for you, such as an LLC, and help you open that business. Using an online service to incorporate your business will help ensure that you submit all of the necessary paperwork required in your state of incorporation. This could save you time now and headaches later. With Block Advisors, you're not on your own once your business is up and running. The service provides tax help, including filing your taxes with a professional or on your own with help from a live expert. You can also opt for one of its bookkeeping services, which range from a step-by-step guide to doing your own bookkeeping to working with your own dedicated accountant. If you're looking to scale, Block Advisors also offers payroll services, which help you pay your employees each pay cycle and can make sure you stay compliant. There are three tiers to choose from — the basic service comes with a dedicated accountant, up to the premium service, which includes timekeeping, human resources assistance, and more.
Hit with a shockingly high ambulance bill? Here's what to do. 2024-07-29 21:30:00+00:00 - How quickly an ambulance arrives on the scene can spell the difference life and death, yet for those facing a medical emergency a speedy trip to the ER often leads to a surprise, and shockingly high, bill. In roughly half of ambulance trips, the service is out of network and not covered by insurance, according to U.S. PIRG Education Fund. Those bills carried a median out-of-pocket balance of $450, while in some states they averaged more than $1,000, according to research cited by the non-profit group. That's because when people dial 911, the dispatcher sends whatever emergency medical transport services are most readily available. "Nobody should be asking about coverage — you just want the closest response," Patricia Kelmar, senior director of health care campaigns at U.S. PIRG, told CBS MoneyWatch. "Always call, don't try to second guess it." What the law says The federal No Surprises Act protects people from many types of out-of-network health care bills, including unexpected charges for ER services, air ambulances and most out-of-network care at in-network facilities. Yet that law, passed by Congress in late 2020, doesn't address ground ambulances, an industry in which so-called balance billing — in which patients are charged the difference between the in-network and out-of-network rate — is the prevailing practice. For instance, the law didn't prevent one family from getting hit with a $97,599 bill for an 86 mile air ambulance flight to San Francisco from Salinas, California, to get specialized care for a baby fighting for his life. That's because health plans determine what care is "medically necessary," and insurers get to define what that means in each case. Another such case involved a rural Tennessee resident who died at 70 at Vanderbilt University Medical Center in Nashville last year, leaving being a early $82,000 air ambulance bill that her estate was expected to pay. And, while 18 states have enacted protections against surprise ambulance billing, the laws only cover people in state-regulated insurance plans, with federal action needed to extend the protections to those with private employer-sponsored coverage, which is about 65% of the country. Many communities contract EMT services from one provider, and unless it has an agreement with a person's insurer, the service would be 100% out of network, Kelmar said. Additionally, patients transported from one hospital to another are basically at the mercy of medical staff, who are not necessarily focused on what is covered by insurance. Asked how to avoid such a scenario, Kelmar replied that "it may not be possible. If you call 911, they send who is available." Indeed, she strongly advises that people get get the emergency care they need and then deal with the bills. Get an itemized bill, then negotiate But when consumers do get hit with an exorbitant ambulance bill, there are several steps people should take, Kelmar told CBS MoneyWatch. 1. Get an itemized bill. That's essential for identifying and potentially challenging individual charges. Towns typically negotiate mileage rates, and if you find a community two miles down the road with a lower rate, you can suggest paying that rate instead. 2. Negotiate. It can be hard to get patients to pay for ambulance services, so if a person is willing to cover even a portion, some companies are willing to bargain. "Talk about your financial situation, tell them, 'I'm on this kind of budget, that I've been out of work X number of days'," she said. Ambulance providers are often willing to cut a deal, such as 40% off in a person pays by the end of the day, said Kelmar, who advised putting such charges on a high-interest credit card. 3. Make sure the bill went through insurance. Even out-of-network, insurance plans would pay a portion akin to a negotiated rate, so make sure that has occurred. "In the course of an emergency, sometimes the ambulance doesn't get your insurance or the hospital is not forthcoming, so you want to verify that the bill has been run through insurance. Sometimes the ambulance bills you the very next day, so verify that this is the final bill," Kelmar said. 4. Go back to your insurance company and ask them to pay more. "That's also an important call to make," Kelmar said. "Then you can tell the ambulance company you are trying to get them more money."