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Florida judge rules against Disney in feud with DeSantis 2023-07-28 - Companies Walt Disney Co Follow WILMINGTON, Delaware, July 28 (Reuters) - A Florida judge on Friday rejected a Walt Disney Co (DIS.N) request to dismiss a lawsuit by an oversight district, a move that could make it harder for the entertainment giant to pursue its own case against Governor Ron DeSantis as part of a yearlong feud. The ruling allows the oversight district to pursue its case that seeks to void "backroom deals" favorable to Disney that were struck with a prior district board earlier this year. If those deals were voided, the district has said it would nearly wipe out Disney's federal case against DeSantis. A Disney spokesperson said the decision "has no bearing" on the federal lawsuit seeking to "vindicate Disney's constitutional rights." "We are fully confident Disney will prevail in both the federal and state cases," the spokesperson said in an email. A spokesperson for the oversight district declined to comment. The skirmish began last year after Disney criticized a Florida law banning classroom discussion of sexuality and gender identity with younger children. DeSantis, who is running for the Republican presidential nomination, has repeatedly attacked "woke Disney" in public remarks. DeSantis rallied lawmakers to pass bills that reconstituted the district as the Central Florida Tourism Oversight District and transferred power over the board to the governor from Disney. Lawmakers also retroactively invalidated agreements that Disney reached with the prior board of what was then the Reedy Creek Improvement District on the eve of it being brought under DeSantis's control. Disney filed its lawsuit in April against the governor in federal court, claiming DeSantis "weaponized" state government against the company for attacking the classroom gender discussion law. Disney asked the federal court to prevent the state from enforcing the laws directed at the company and to reinstate the development agreements favorable to Disney that were struck with the prior district's board. Reporting by Tom Hals in Wilmington, Delaware, and Jody Godoy in New York; editing by Deepa Babington, Jonathan Oatis and Richard Chang Our Standards: The Thomson Reuters Trust Principles.

Auction sizes set to increase at US Treasury refunding 2023-07-28 - July 28 (Reuters) - The U.S. Treasury Department is likely to begin gradually increasing the size of its note and bond auctions when it announces its financing plans for the coming quarter next week, in order to finance higher spending as its tax revenues decline. The Treasury has largely relied on sales of bills since the debt ceiling was suspended in June to replenish its cash holdings and fund its growing budget deficit. But to keep the proportion of bills within the recommended range of its overall debt load, the government will also need to increase the size of coupon-bearing debt sales. Some market participants had worried that a surge in Treasury bill issuance after the debt ceiling was temporarily lifted could adversely impact bank reserves and lead to tighter credit conditions, but these negative impacts have not materialized. The bills have seen strong demand from money fund investors. Analysts said the Treasury’s note and bond auction increases are likely to be measured and should not disrupt the market either, with auction sizes holding below the peaks reached in 2020-2021, at least in the near-term. The government quickly ramped up issuance in 2020 to pay for COVID-19-related spending. "It’s gradual," said Steven Zeng, U.S. rates strategist at Deutsche Bank. "I think the market’s not going to have any function issues." WORSENING DEFICIT The government is facing falling revenues as its outlays also increase. The Treasury earlier this month posted a $228 billion budget deficit for June, up 156% from a year earlier. "Financing needs were higher in fiscal year 2023 than what I think many were anticipating," said Meghan Swiber, a rates strategist at Bank of America. "They have to grow coupon auction sizes - not just at the August refunding, not just at the November refunding, but also at the February refunding as well, because they are ultimately trying to balance this supply picture between bills vs coupons and this growing financing need," Swiber said. The Treasury Borrowing Advisory Committee (TBAC) recommends that bills make up 15-20% of the total marketable debt. This ratio has grown to around 18% and analysts say it may briefly surpass the 20% level in fiscal year 2024, before coming back down. Ben Jeffery, an interest rate strategist at BMO Capital Markets, notes that seven-year and 20-year auctions may be increased by less than other maturities. These issues suffered from relatively lower demand in 2020-2021 as they have a less established buyer base. The Treasury will release its quarterly borrowing requirement Monday afternoon, and its refunding news comes Wednesday at 0830 ET/1230 GMT. QT WILL INFLUENCE BORROWING NEED BofA's Swiber added that the Federal Reserve's quantitative tightening (QT) program, in which it is letting bonds mature without replacement to shrink its balance sheet, is also likely to impact how much the Treasury will need to borrow. "The longer that the Fed does QT, the more the Treasury ultimately needs to rely on the public to finance that," said Swiber. The Treasury may also give an update on its plans to launch a buyback program, which is expected to begin in the first quarter of 2024. The Treasury surveyed dealers about their opinion on how some details of the program should work ahead of the August refunding. The buybacks are meant to improve liquidity in the market by allowing Treasury to buy back less traded securities and issue more in the most liquid benchmark issues. Reporting by Karen Brettell; Additional reporting by Davide Barbuscia; Editing by Gertrude Chavez-Dreyfuss and Hugh Lawson Our Standards: The Thomson Reuters Trust Principles.

US DOJ may file antitrust lawsuit against Live Nation - Politico 2023-07-28 - July 28 (Reuters) - The U.S. Department of Justice could file an antitrust lawsuit against concert promoter Live Nation Entertainment (LYV.N) and its unit Ticketmaster by the end of the year, Politico reported on Friday, citing three people with knowledge of the matter. Shares of Live Nation dropped 5% in extended trading on Friday. The company did not respond to a Reuters request for comment, while the DOJ declined to comment. Earlier this year, U.S. senators slammed Live Nation's lack of transparency and inability to block bot purchases of tickets following a major fiasco involving ticket sales for Taylor Swift's long-awaited concert tour. The potential lawsuit could claim that the entertainment giant is abusing its power over the live music industry, Politico reported, adding that the timing of the case was not firm and the DOJ could decide to drop it. Reporting by Urvi Dugar and Yuvraj Malik in Bengaluru; Editing by Devika Syamnath Our Standards: The Thomson Reuters Trust Principles.

Fed's 'discount window' should be part of bank contingency plans -regulators 2023-07-28 - July 28 (Reuters) - U.S. banks should incorporate the Federal Reserve's emergency lending facility known as the "discount window" as part of their contingency funding plans, federal banking regulators said in updated guidance on Friday. The discount window is "an important tool" banks can use to manage liquidity risk, bank regulators including the Federal Reserve and Federal Deposit Insurance Corp said in an updated interagency policy statement. Bank runs in mid-March that forced regulators to shut down Silicon Valley Bank and Signature Bank "underscored the importance of liquidity risk management and contingency funding planning," the agencies said. Dallas Fed President Lorie Logan said in May that banks should be prepared to borrow regularly from the Fed's discount window, particularly after the March bank failures showed the importance of effective liquidity risk management. Fed Chair Jerome Powell said at a press conference on Wednesday the central bank found in March that the discount window could be "a little clunky," slowing down borrowing time. "Banks are now working to see that they are ready to use the discount window, and we are strongly encouraging them to do that," he said. Reuters Graphics The guidance also said financial institutions should establish and maintain operational readiness to use the discount window, including conducting periodic small value transactions. Firms should also ensure that they are familiar with the pledging process for different types of collateral and even consider pre-pledging collateral in case a need for liquidity were to arise quickly, the agencies said. Discount window borrowing hit a record of nearly $153 billion in March following the SVB and Signature collapses, and the Fed was forced to set up a new emergency lending facility as well. Total emergency credit from the Fed in that period rocketed to more than $350 billion when FDIC-guaranteed loans to the failed banks are included, and remains near $260 billion as of Wednesday, Fed data shows. Lending from the traditional discount window - which will remain in place after the other emergency programs expire in the months ahead - has since dropped to $2.25 billion, the lowest in about a year. Reporting by Hannah Lang in Washington; Editing by Dan Burns, Marguerita Choy and Richard Chang Our Standards: The Thomson Reuters Trust Principles.

US proposes raising vehicle fuel economy standards to 58 miles per gallon by 2032 2023-07-28 - WASHINGTON, July 28 (Reuters) - The Biden administration on Friday proposed to hike fuel economy standards by 2032 to a fleet-wide average of 58 miles per gallon as it seeks to cut greenhouse gas emissions and reduce fuel use. The National Highway Traffic Safety Administration (NHTSA) proposal, which covers the 2027 through 2032 model years, would boost Corporate Average Fuel Economy (CAFE) requirements by 2% per year for passenger cars and 4% per year for light trucks. The agency is also proposing new fuel efficiency standards for heavy-duty pickup trucks and vans for 2030-2035 rising 10% per year. NHTSA in 2022 finalized rules for 2024-2026 requiring a fleet average of 49 mpg by 2026. The rules boosted efficiency requirements by 8% in 2024 and 2025 and 10% in 2026. The agency's new proposal would save 2032 vehicle owners about $1,043 per vehicle in lifetime fuel costs, while increasing average vehicle costs by $932. NHTSA says the rule "will encourage manufacturers producing (internal combustion engine) vehicles during the standard-setting timeframe to achieve significant fuel economy, improve energy security, and reduce harmful pollution by a large amount." CAFE requirements are not as stringent as an Environmental Protection Agency proposal in April to cut vehicle tailpipe emissions. NHTSA is barred by law from considering electric vehicles fuel economy in setting standards. The EPA said its proposed 2027-2032 standards would cut emissions by 56%, or 13% annual average pollution cuts and result in 67% of new vehicles in 2032 being electric. NHTSA estimates its proposal would cut gasoline consumption by 88 billion gallons through 2050. NHTSA wants comment on five alternatives, including not hiking requirements to raising them annually by 6% for cars and 8% for light trucks. The agency said its preferred alternative "comes at a cost we believe the market can bear without creating consumer acceptance or sales issues." The Alliance for Automotive Innovation representing General Motors (GM.N), Toyota Motor (7203.T), Volkswagen (VOWG_p.DE) and others, asked EPA to soften its emissions proposal saying it is "neither reasonable nor achievable," while Tesla (TSLA.O) said EPA should make it tougher. The alliance Friday said it was reviewing NHTSA's proposal. Reporting by David Shepardson; Editing by Diane Craft Our Standards: The Thomson Reuters Trust Principles.

Young conservatives reflect GOP’s move away from economic priorities, political scientist says 2023-07-28 - Spend a day with young conservatives, and you may find that they don’t have much to say about the U.S. economy. Their priorities could be a signal that the modern conservative movement is moving away from its traditional free-market-based messaging, one political scientist says. Many of the young people attending the National Conservative Student Conference this week in Washington, D.C., said the economy was not a burning issue for them. The event, hosted by Young America’s Foundation — an organization that calls itself an outreach organization of the conservative movement — features speakers like Newt Gingrich, a Georgia Republican who served as speaker of the House from 1995 to 1999. Among older conservatives, you’d be more likely to hear support for things like “anti-tax, anti-IRS, anti-government regulation” policies, said Matthew Dallek, a professor of political management at George Washington University. Although inflation is the most important issue to 77% of Republicans, according to a report from Pew Research, college students, in interviews with MarketWatch, instead mentioned education, abortion, identity politics, guns and “transgenderism” as the main issues facing the country. This reflects “what the energy of the Republican Party is in the conservative movement,” Dallek said. “All these questions of identity and culture, and the sense that America is, as they see it, slipping away from them” is what animates the modern conservative movement, he said. “It’s not energized so much by tax cuts or deregulation.” But when pressed, even the young people who claimed indifference to economic issues expressed frustration about the economy. Breana Marsh, who is the director of membership at Young America’s Foundation and has a degree in finance, said that for her, the biggest issues are, “from the conservative perspective, the Second Amendment as well as transgender issues.” When asked about the economy, Marsh said, “I don’t like the way that we’re going,” adding, “The policies being implemented across the United States just are not good.” When asked about specific policies, she said, “Truthfully, I couldn’t name you any right now.” William Wight, a student at Utah Valley University in Orem, Utah, said that mental health is the most important issue the country faces. But among economic issues, the high cost of living is particularly troubling to him. In an ideal world, he said, the solution should be up to businesses, but, if need be, the government should get involved because “the cost of living has to go down.” He added: “My hope gets lower when I look at the economy.” Other conference attendees who said they took a particular interest in economic issues also shared their views. Some said that the economy is in fact the most important issue, because Americans across the board are suffering. “I vote for the money,” said Victoria Bringol, a student at the University of Oklahoma. She said that although the cost of living keeps rising, wages are not going up. She described friends who work full-time jobs to put themselves through college, saying they sacrificed their mental health and grades but that $13-per-hour wages still weren’t enough to make ends meet. “We’re not asking for handouts, just wages that pay better,” she added. Bringol said the most frustrating cost increase is that of college tuition. Other students sitting around her at a table echoed that sentiment, although they said that canceling student loans is a bad idea because, as one noted, “people should pay what they owe.” Bringol agreed with someone who said that “paying thousands of dollars to attend a school where your voice as a conservative student isn’t valued is extremely frustrating.” YAF’s Marsh also weighed in on this topic. “Students, when they’re feeling alone on campus, even though they’re not alone, and they feel ostracized and they feel like everyone is screaming at them that they’re crazy … they look to YAF,” which she described as an organization that “fights for [conservative] students’ rights on campus in a very tangible way.” Dallek sees this feeling of being ostracized, rather about economic motivations, as a primary reason that many younger people join the conservative movement. The Republican Party “gives them a sense of identity and empowerment,” he said — a feeling that “they’re fighting this sort of dominant liberal culture.” He continued: “My sense is that young conservatives see themselves as part of this almost minority on college campuses, for example, that they’re kind of the the ones who are being oppressed and being canceled. “I think that’s probably a more pronounced feeling, at least amongst some young conservatives, than it is among older generations,” he said.

Citigroup raises S&P 500 target for 2023 on increased chances of ‘soft landing’ 2023-07-28 - Citigroup analysts have raised their S&P 500 index target for the end of this year by 600 points to 4,600, a revision they said reflects the increased chances of a “soft landing” for the U.S. economy. “Clearly, we are chasing the tape,” the analysts said in a Citi Research note Friday. “However, growing conviction in out-year earnings growth acceleration is a key point of differentiation.” The S&P 500 SPX, +0.99% has seen a strong rally so far this year, finishing Friday at 4,582.23. That’s its highest closing value since April 4, 2022, bringing the index’s year-to-date gains to 19.3%, according to Dow Jones Market Data. Citi also raised its mid-2024 target for the S&P 500 to 5,000, from 4,400. “No doubt, these new targets will be perceived as chasing the year-to-date move in the S&P 500,” the analysts said. “They better reflect an evolving macro and fundamental backdrop.” U.S. stocks have risen this year against the backdrop of a resilient economy and easing inflation, fueling investor hopes that the Federal Reserve may succeed in bringing down the elevated cost of living without causing a recession. “The ability of the Fed to perfectly thread the needle is still questionable,” the Citi analysts said. The central bank has this year slowed the pace of interest-rate hikes, which are aimed at lowering inflation. “The lagging impacts of Fed rate hikes to this point should be expected to be felt further into ’24,” the Citi analysts said. But they also pointed to “stronger earnings growth” heading into next year, saying “we look to buy pullbacks to position for an earnings growth acceleration call in ’24.”

Feds propose 18% fuel-economy increase — to 43.5 MPG — for new vehicles by 2032 2023-07-28 - The U.S. government is proposing an 18% increase in the requirement for new-vehicle fuel economy beginning with the 2027 model year and fully enforced by the 2032 model year. That means the new average across all cars, pickups, SUVs and commercial vans would be about 43.5 miles per gallon when measured in real-world driving, not in testing. The proposed numbers were released Friday by the National Highway Traffic Safety Administration. A 60-day comment period now opens. Currently, the fleet of new vehicles must average 36.75 mpg by 2026 under corporate average fuel economy, or CAFE, standards adopted by the Biden administration. Biden’s rule marked the reversal of a lessening of fuel-economy requirements made by former President Donald Trump, the latter of which came at the urging of the auto industry. Increasing the fuel economy of vehicles is popular with consumers. A 2022 Consumer Reports survey found that 95% of Americans say fuel economy is important to them when considering their next vehicle, and seven in 10 say it is “very important” or “extremely important.” Fuel economy standards from NHTSA differ from but are largely complementary to the emission standards proposed by the Environmental Protection Agency (EPA), which sets rules that aim to make vehicles in the U.S. less polluting. State agencies can set rules that are stricter than the federal regulations if they choose. The highway safety agency said it will try to align regulations with the EPA’s proposed vehicle reductions in greenhouse gas emissions. But if there are discrepancies, automakers likely will have to follow the most stringent regulation. “I want to make clear that EPA and NHTSA will coordinate to optimize the effectiveness of both agency standards while minimizing compliance costs,” NHTSA Acting Administrator Ann Carlson said. Environmental groups generally welcomed the proposed boost to the CAFE standards. “All Americans, and particularly low-income drivers, are burdened with volatile gas RB00, +0.05% prices. Cleaner cars are good for our lungs, our climate and our wallets,” said Katherine Garcia, who leads environmental group Sierra Club’s Clean Transportation for All program. Read: Why are gas prices going up again? Brace for further increases, analysts say “This proposal —alongside the EPA’s proposal to reduce emissions from vehicles —are key tools to addressing the nation’s top source of pollution,” Garcia added. Don’t miss: We warned you about this heat, Joe Biden, a leading scientist scolds. ‘Declare a climate emergency’ NHTSA estimates the new regulations will save more than $50 billion on fuel used across the new fleet on American roads, over the vehicles’ lifetimes. The proposal will save more than 88 billion gallons of gasoline collectively through 2050 if NHTSA’s preferred alternative is adopted. Sen. Ted Cruz, the Republican of Texas and ranking member on the Commerce Committee, was critical of the more-stringent proposal. “Commerce Republicans warned the failed radical NHTSA nominee Ann Carlson not to take this step in a May 1st letter because American families should be free to purchase any vehicle they want,” Cruz said in a statement. “This de facto [electric vehicle] mandate will dramatically raise car prices, weaken energy security and is likely contrary to the law.” A leading auto industry trade group which includes General Motors GM, -2.36% , Toyota TM, +1.04% , Ford F, -3.42% , Crysler and Jeep parent Stellantis STLA, +3.79% and others said requirements from the agencies should be lined up to provide clarity for manufacturers. “If an automaker complies with EPA’s yet-to-be-finalized greenhouse gas emissions rules, they shouldn’t be at risk of violating CAFE rules (from NHTSA) and subject to civil penalties,” John Bozzella, CEO of the Alliance for Automotive Innovation, said in a statement. Read: Ford revenue jumps 12%, but stock dips as Wall Street spooked by shifting EV production goal But that auto alliance has also expressed its concerns that EPA-led emissions policy will require a huge increase in electric vehicle sales TSLA, +4.20% that’s not reachable by the proposed deadline of 2032, even if EV sales are on the rise. The EPA says the industry can reach the greenhouse gas emissions goals if 67% of new vehicles sold in 2032 are electric. Currently, EVs make up about 7% of new vehicle sales. And, automakers can meet the new requirements with a mix of EVs, gas-electric hybrids and efficiency improvements in gas and diesel vehicles. NHTSA said its proposal includes a 2% annual improvement in fuel mileage for passenger cars, and a 4% increase for light trucks. It’s proposing a 10% improvement per year for commercial pickup trucks and work vans. The Associated Press contributed.

U.S. bank lending declines for second straight week 2023-07-28 - The numbers: U.S. commercial and industrial loans — a key driver economic driver — fell by $1 billion to $2.75 trillion in the week ended July 19, the Federal Reserve said Friday. This is the second straight weekly decline. C&I loans hit a peak of $2.82 trillion in mid-March, right before the collapse of Silicon Valley Bank. Uncredited Key details: Lending by large banks rose $2.5 billion to $1.55 trillion in the latest week. Lending by small banks fell $1.8 billion to $718.2 billion. This is the second straight weekly decline. Total bank deposits rose by $47.1 billion to $17.3 trillion in the same week. Deposits peaked at $18. 21 billion in mid-April. Big picture: Economists are watching the lending data closely to gauge whether banks are pulling back on lending. If banks pull back sharply, this could cause a “credit crunch” and slow the economy rapidly. Commercial and industrial lending has fallen for four months in a row. There is a separate Fed survey, to be released Monday, that tracks whether banks are raising loan standards. Federal Reserve Chairman Jerome Powell has said the economy is facing headwinds from tighter credit conditions on households and businesses. “You’ve got lending conditions tight and getting a little tighter, you’ve got weak demand, and you know, it gives a picture of a pretty tight credit conditions in the economy,” Powell said at his press conference on Wednesday following the central bank’s decision to raise interest rates. “I think it’s really hard to tease out whether how much of that is from this source or that source, but I think what matters is the overall picture is of tight and tightening lending conditions,” he said.

DraftKings is powering toward a big milestone — but a budding threat looms 2023-07-28 - DraftKings Inc. is making big strides in its business, so much so that SVB MoffettNathanson now expects the company to hit a big milestone. Analyst Robert Fishman predicts the online-gambling company will post its first quarter of profitability on the base of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) when it posts results next week. The feat would reflect improved market conditions as well as DraftKings’ DKNG, +4.59% own inroads — the company “is even closing the market-share gap with FanDuel in key states,” he wrote. The FactSet consensus also calls for positive adjusted Ebitda, with analysts modeling $16 million on the metric on average. Fishman, however, also flagged a potential budding threat on the horizon. Fanatics outbid DraftKings for PointsBet U.S. and will look to close the deal in the months to come. He titled his note to clients: “Is It Time To Worry About Fanatics Yet?” See also: DraftKings’ stock has been on a tear, but one analyst cautions the rally has gone too far On one hand, PointsBet U.S. is a money-bleeding entity with just 3% or so of the market, Fishman notes, but it could prove beneficial as Fanatics, known for selling sportswear and collectables, seeks to expand its empire. “While Fanatics may still be in beta mode in its four launched states of Ohio, Massachusetts, Maryland, and Tennessee, its planned acquisition of PointsBet will provide a jumpstart in the states in which it is active,” Fishman said in his latest report. The company also brings various advantages to the table, such as its relationships with leagues and athletes. “How aggressively the company plans to use these assets and the appetite for sports fans to be open to another [online sports-betting] app remains to be seen,” Fishman said, but at the very least, incumbent leaders DraftKings and FanDuel will be up against a rival with stronger financial backing than before. Investors seem upbeat about DraftKings’ position in the world of online sports betting, sending shares up more than 180% so far this year, when factoring in a 3% rally in Friday trading. Fishman, however, is more measured, with a market-perform rating on the stock and a $25 target price that stands below its roughly $30 intraday level Friday. Read: Why DraftKings CEO Jason Robins isn’t celebrating the company’s big year Wall Street will find out more about the company’s positioning Thursday afternoon when DraftKings posts second-quarter results. Women’s World Cup 2023: What time does the USWNT play? How much do the players make?

These money and investing tips can keep you going even if stocks slump 2023-07-28 - Don’t miss these top money and investing features: Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly! Your psychology plays a big role in determining whether you’ll be an early or late claimer of Social Security Read More Remember the Beanie Babies craze? It’s back, and people are paying thousands for some rare ones. The new Apple TV+ movie ‘The Beanie Bubble’ starring Zach Galifinakis hits as ’90s nostalgia is fueling fresh appetite for Beanie Babies collectibles Read More August used to be the best month for the stock market. Then it became the worst. A strange change in behavior, without a clear explanation. Read More Shunned commodity ETFs starting to ‘perk up’ as Fed watches grain prices Exchange-traded funds that provide exposure to commodities are rising lately, but ETF investors have been shunning them after a recent broad correction. Read More Main Street is struggling while Wall Street celebrates, and that spells trouble for stocks Consumer confidence appears strong, but looks are deceiving, writes Mark Hulbert. Read More You can still run with the stock market’s bulls, but watch the exits Sell-signals are becoming more evident; keep a core bullish position for now, writes Lawrence McMillan. Read More How you can profit in the stock market from an incredible financial services trend over the next 20 years The coming “great wealth transfer” has been covered, but right now stocks of companies set to ride a two-decade growth wave are trading at low valuations. Read More Nasdaq 100 has lightened up on Big Tech stocks, but investors don’t seem to care Recent ‘special rebalancing’ is unlikely to hurt the performance of the index itself or the stocks that are affected. Read More 15 value-stock picks for momentum investors from a money manager who has outperformed the S&P 500 for 30 years These stocks all pass The Prudent Speculator’s value screens, are rated a “buy” under the newsletter’s methodology and have been soaring since the end of May. Read More These 7 momentum stocks ignited the market. Look out when they start to fall. TheoTrade’s Jeffrey Bierman on algorithmic trading: ‘Nothing matters except what the algos can chase higher.’ Beware the ‘Magnificent Seven’ stocks. Read More ‘No chance we’re having a soft landing’: Stock-market strategist David Rosenberg gives Powell’s Fed no credit — and no mercy With recession in his forecast, Rosenberg steers investors into bonds and rate-sensitive stocks including utilities, consumer staples and REITs. Read More How much do you believe in this market? Your gut feeling matters more than the stocks and bonds you like. For a better all-weather portfolio, mix traditional assets with investors’ current mood. Read More ‘Oppenheimer’ gives stock investors another reason to be bullish about nuclear energy Nuclear power is seen as an ally in the global effort to slow climate change. Read More CFOs are good market timers. Is that a bad thing? ‘Managers correctly identify the undervaluation of their stocks and purchase more shares with market timing’ Read More Here’s how your spending habits and views about money look to a financial adviser Financial planners ask about cars, meals and impulsive shopping sprees. Read More You track savings, spending and investments. But are you paying attention to the right numbers? These tips can help you see household finances and portfolio investments more completely. Read More

Ex-Liberty University head Jerry Falwell Jr. files trademark suit against school over use of father’s image 2023-07-28 - Thou shalt not use my dad’s image in vain. Former-Liberty University president Jerry Falwell Jr., who resigned in 2020 amid a sex scandal, has filed a trademark infringement suit against the Christian college claiming it has been using the image of the school’s founder, his late father, without permission. The suit, filed in federal court in Virginia, is the latest salvo in an ongoing-legal battle between the younger Falwell and the university since he was pushed out following allegations involving his wife and a Miami pool boy that scandalized the private, evangelical institution. Earlier this year, Falwell, who had run the Virginia-based university since his father’s death in 2007 until 2020, filed a suit against the school claiming they owed him $8.5 million in retirement benefits. He had previously filed defamation and breach of contract suits against the university. The school has similarly filed a breach of contract and fiduciary suit against Falwell. The most recent suit alleges that the school has pressed forward since Falwell’s removal with plans to build a $35 million Jerry Falwell Center in homage to his father, who founded the school in 1971. Plans for the building include an engraving of the elder Falwell’s signature at the entrance, a hologram tour featuring his likeness and quotes from him emblazoned on the walls. The younger Falwell says that a trust controlled by him and his siblings holds the trademark to his father’s name, intellectual property and likeness, but that the school has continued to use them without the family’s permission. Calling it “an ostentatious Disney-esque shrine,” the younger Falwell accused the school of ignoring the family’s request to enter into a licensing agreement. “I asked the university to stop improperly using my father’s intellectual property and sent the university leadership a proposed license agreement that would cover the Jerry Falwell Center, assuming there was meaningful consultation with the family about the use of my father’s intellectual property,” he said in a statement. “Unfortunately, they chose to continue using it without authorization, and in an undignified manner that seems to attempt to aggrandize and deify my father in a fawning way that he would never have wanted or approved.” A spokesman for Liberty University said in a statement that the school is “confident it will ultimately prevail in this case and will be able to maintain its use of the name of its founder.” “This lawsuit is in response to a specific request by Mr. Falwell, one trustee of the Falwell Family Trust, for the university to pay $7 million dollars for his permission to continue to use the name of Liberty’s founder for the next four years,” the spokesman said. “Included in his demand is the expectation that, in effect, former president Falwell would also have total editorial control of Liberty’s use of the name of Liberty’s founder. The university declined the request; so, this lawsuit was filed by Mr. Falwell.”

First Country To Legalize Weed Celebrates 6 Years Of Pot Sales; Promised Land Of Cannabis And More Global Updates - Cambria Cannabis ETF (BATS:TOKE), Global X Cannabis ETF (NASDAQ:POTX) 2023-07-28 - Canadian Company Can Sell Its Stash To Stay Afloat Tantalus Labs Ltd . received permission from a British Columbia Supreme Court to sell over 1,200 kilograms of marijuana (its remaining stock of cannabis flower). . received permission from a British Columbia Supreme Court to sell over 1,200 kilograms of marijuana (its remaining stock of cannabis flower). The decision comes after Canada Revenue Agency denied Tantalus’ excise tax license earlier, prompting financial troubles for the company. Most of Tantalus' employees were laid off as a result. With the license poised to expire, Tantalus could not sell its remaining inventory, which is why it sought help from the court. Uruguay Celebrates Sixth Anniversary Of Policy Change During the six years of legal marijuana sales in Uruguay, the first country worldwide to legalize the recreational use of cannabis in 2013 under the leadership of former President José Mujica , pharmacies sold nearly 10.7 million grams of cannabis. , pharmacies sold nearly 10.7 million grams of cannabis. The Institute for Regulation and Control of Cannabis released the data to commemorate six years of cannabis sales. So far, 61,509 individuals have been registered to legally buy marijuana produced by three companies sold at 37 pharmacies countrywide. Some 14,592 registered users are approved for domestic cultivation, while there are 10,486 cannabis club members across 306 clubs. Slovenia May Be The Promised Land For Cannabis Why? The answer is the country’s honeybee population. Five out of every 1,000 Slovenes are beekeepers, producing some of the best quality honey worldwide. Scientists study pollen-collecting bees to determine contamination levels. Turns out, Slovenia is one of the cleanest countries on earth. That means it's well-equipped to produce premium cannabis, Petra Marinko, founder of food supplement and skincare company Nabie , explained. founder of food supplement and skincare company , explained. “We are noticing high demand for products with clean inputs, with ingredients that do no harm, and are carefully chosen and analyzed,” Marinko said. “Slovenia is a small country, but we have all the necessary knowledge and know-how to provide top-quality cannabis products.” Price Action Cambria Cannabis ETF TOKE is down 0.25% at about $6 a share on Friday. is down 0.25% at about $6 a share on Friday. Amplify Seymour Cannabis ETF CNBS is up 1.47% at last check on Friday, at about $3.87 a share is up 1.47% at last check on Friday, at about $3.87 a share AdvisorShares Pure Cannabis ETF YOLO is up 2.15% Friday at about $2.53. is up 2.15% Friday at about $2.53. ETFMG Alternative Harvest MJ is up 3.96 % at about $ 396 . is up 3.96 % at about $ 396 . AXS Cannabis ETF THCX is up 1.11% at $1.82. is up 1.11% at $1.82. Global X Cannabis ETF POTX is up 1.23% at last check on Friday, hovering at around $6.60. The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding. Photo: Beniznga edit of photo by Greg Rosenke and Matthew Brodeur on Unsplash

12 Consumer Discretionary Stocks Moving In Friday's After-Market Session - Jianzhi Education Tech (NASDAQ:JZ), Phoenix Motor (NASDAQ:PEV), SunCar Tech Gr (NASDAQ:SDA), E-Home Household Service (NASDAQ 2023-07-28 - Gainers Visionary Education Tech VEDU stock moved upwards by 7.6% to $0.42 during Friday's after-market session. This security traded at a volume of 217.6K shares come close, making up 27.6% of its average volume over the last 100 days. The market value of their outstanding shares is at $16.4 million. stock moved upwards by 7.6% to $0.42 during Friday's after-market session. This security traded at a volume of 217.6K shares come close, making up 27.6% of its average volume over the last 100 days. The market value of their outstanding shares is at $16.4 million. a.k.a. Brands Holding AKA shares rose 7.34% to $0.52. The market value of their outstanding shares is at $67.2 million. shares rose 7.34% to $0.52. The market value of their outstanding shares is at $67.2 million. Coursera COUR stock moved upwards by 6.13% to $16.25. Trading volume for this security closed at 334.0K, accounting for 29.1% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $2.4 billion. The company's, Q2 earnings came out yesterday. stock moved upwards by 6.13% to $16.25. Trading volume for this security closed at 334.0K, accounting for 29.1% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $2.4 billion. The company's, Q2 earnings came out yesterday. REE Automotive REE stock moved upwards by 4.42% to $0.35. The market value of their outstanding shares is at $87.3 million. stock moved upwards by 4.42% to $0.35. The market value of their outstanding shares is at $87.3 million. Jianzhi Education Tech JZ shares increased by 3.96% to $1.05. The company's market cap stands at $63.5 million. shares increased by 3.96% to $1.05. The company's market cap stands at $63.5 million. Phoenix Motor PEV shares moved upwards by 3.43% to $0.72. The market value of their outstanding shares is at $15.4 million. Losers Grove Collaborative Hldgs GROV shares declined by 22.8% to $1.49 during Friday's after-market session. The market value of their outstanding shares is at $54.2 million. shares declined by 22.8% to $1.49 during Friday's after-market session. The market value of their outstanding shares is at $54.2 million. Unique Fabricating UFAB shares decreased by 12.72% to $0.3. Trading volume for this security closed at 27.8 million, accounting for 592.8% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $3.5 million. shares decreased by 12.72% to $0.3. Trading volume for this security closed at 27.8 million, accounting for 592.8% of its average full-day volume over the last 100 days. The market value of their outstanding shares is at $3.5 million. E-Home Household Service EJH shares fell 4.75% to $0.11. At the close, E-Home Household Service's trading volume reached 176.5K shares. This is 6.9% of its average volume over the last 100 days. The company's market cap stands at $2.7 million. shares fell 4.75% to $0.11. At the close, E-Home Household Service's trading volume reached 176.5K shares. This is 6.9% of its average volume over the last 100 days. The company's market cap stands at $2.7 million. SunCar Tech Gr SDA shares fell 4.46% to $14.37. The market value of their outstanding shares is at $1.2 billion. shares fell 4.46% to $14.37. The market value of their outstanding shares is at $1.2 billion. Traeger COOK shares decreased by 4.38% to $4.15. The company's market cap stands at $514.2 million. shares decreased by 4.38% to $4.15. The company's market cap stands at $514.2 million. Chijet Motor Co CJET shares decreased by 3.82% to $2.62. The company's market cap stands at $419.8 million. See Also: www.benzinga.com/money/best-consumer-cyclical-stocks/ This article was generated by Benzinga's automated content engine and reviewed by an editor.

12 Health Care Stocks Moving In Friday's After-Market Session - Mesoblast (NASDAQ:MESO), Impel Pharmaceuticals (NASDAQ:IMPL), Intelligent Bio Solutions (NASDAQ:INBS), OKYO Pharma (NASDAQ:OKYO), Annexo 2023-07-28 - Gainers Intelligent Bio Solutions INBS stock rose 8.6% to $2.14 during Friday's after-market session. The company's market cap stands at $4.9 million. stock rose 8.6% to $2.14 during Friday's after-market session. The company's market cap stands at $4.9 million. MSP Recovery LIFW shares increased by 6.68% to $0.23. The company's market cap stands at $76.1 million. shares increased by 6.68% to $0.23. The company's market cap stands at $76.1 million. Mesoblast MESO stock increased by 5.0% to $4.2. The market value of their outstanding shares is at $683.4 million. stock increased by 5.0% to $4.2. The market value of their outstanding shares is at $683.4 million. Annexon ANNX stock rose 4.98% to $3.37. The market value of their outstanding shares is at $178.8 million. stock rose 4.98% to $3.37. The market value of their outstanding shares is at $178.8 million. Matinas BioPharma Hldgs MTNB shares increased by 4.87% to $0.39. The market value of their outstanding shares is at $85.7 million. shares increased by 4.87% to $0.39. The market value of their outstanding shares is at $85.7 million. Renalytix RNLX stock increased by 4.72% to $3.1. The market value of their outstanding shares is at $146.9 million. Losers OKYO Pharma OKYO shares declined by 29.6% to $1.55 during Friday's after-market session. This security traded at a volume of 249.0K shares come close, making up 245.0% of its average volume over the last 100 days. The company's market cap stands at $39.5 million. shares declined by 29.6% to $1.55 during Friday's after-market session. This security traded at a volume of 249.0K shares come close, making up 245.0% of its average volume over the last 100 days. The company's market cap stands at $39.5 million. Science 37 Hldgs SNCE shares declined by 7.14% to $0.25. The market value of their outstanding shares is at $29.1 million. shares declined by 7.14% to $0.25. The market value of their outstanding shares is at $29.1 million. Impel Pharmaceuticals IMPL stock fell 6.21% to $1.36. The market value of their outstanding shares is at $32.2 million. stock fell 6.21% to $1.36. The market value of their outstanding shares is at $32.2 million. OptiNose OPTN stock fell 5.99% to $1.1. The company's market cap stands at $123.1 million. stock fell 5.99% to $1.1. The company's market cap stands at $123.1 million. eFFECTOR Therapeutics EFTR shares decreased by 5.21% to $0.77. The company's market cap stands at $47.5 million. shares decreased by 5.21% to $0.77. The company's market cap stands at $47.5 million. Navidea Biopharmaceutical NAVB stock declined by 5.16% to $0.09. Navidea Biopharmaceutical's trading volume hit 2.9 million shares by close, accounting for 40.5% of its average volume over the last 100 days. The market value of their outstanding shares is at $3.1 million. See Also: www.benzinga.com/money/best-healthcare-stocks/ This article was generated by Benzinga's automated content engine and reviewed by an editor.

12 Industrials Stocks Moving In Friday's After-Market Session - SkyWest (NASDAQ:SKYW), American Rebel Holdings (NASDAQ:AREB), Corporacion America (NYSE:CAAP), Greenwave Tech Solns (NASDAQ:GWAV), Redwi 2023-07-28 - Gainers SOS SOS shares rose 5.8% to $5.83 during Friday's after-market session. The company's market cap stands at $37.1 million. shares rose 5.8% to $5.83 during Friday's after-market session. The company's market cap stands at $37.1 million. Applied UV AUVI shares rose 4.99% to $0.78. The market value of their outstanding shares is at $6.9 million. shares rose 4.99% to $0.78. The market value of their outstanding shares is at $6.9 million. Fluence Energy FLNC stock moved upwards by 4.28% to $28.5. The company's market cap stands at $3.3 billion. stock moved upwards by 4.28% to $28.5. The company's market cap stands at $3.3 billion. Greenwave Tech Solns GWAV shares moved upwards by 4.08% to $1.02. The company's market cap stands at $11.4 million. shares moved upwards by 4.08% to $1.02. The company's market cap stands at $11.4 million. C3is CISS stock rose 3.85% to $0.63. C3is's trading volume hit 66.3K shares by close, accounting for 4.7% of its average volume over the last 100 days. The market value of their outstanding shares is at $4.1 million. stock rose 3.85% to $0.63. C3is's trading volume hit 66.3K shares by close, accounting for 4.7% of its average volume over the last 100 days. The market value of their outstanding shares is at $4.1 million. Nauticus Robotics KITT stock moved upwards by 3.44% to $2.1. The market value of their outstanding shares is at $99.7 million. Losers Redwire RDW stock fell 4.4% to $3.29 during Friday's after-market session. The company's market cap stands at $212.0 million. stock fell 4.4% to $3.29 during Friday's after-market session. The company's market cap stands at $212.0 million. Fathom Digital Mfg FATH stock fell 3.41% to $0.57. The company's market cap stands at $39.8 million. stock fell 3.41% to $0.57. The company's market cap stands at $39.8 million. American Rebel Holdings AREB stock declined by 3.11% to $1.56. The company's market cap stands at $1.1 million. stock declined by 3.11% to $1.56. The company's market cap stands at $1.1 million. Corporacion America CAAP stock declined by 3.06% to $13.32. The company's market cap stands at $2.1 billion. stock declined by 3.06% to $13.32. The company's market cap stands at $2.1 billion. SkyWest SKYW shares declined by 2.61% to $43.38. The company's market cap stands at $1.9 billion. The company's, Q2 earnings came out yesterday. shares declined by 2.61% to $43.38. The company's market cap stands at $1.9 billion. The company's, Q2 earnings came out yesterday. Seanergy Maritime Hldgs SHIP stock decreased by 2.56% to $5.72. The market value of their outstanding shares is at $114.4 million. See Also: www.benzinga.com/money/best-industrials-stocks/ This article was generated by Benzinga's automated content engine and reviewed by an editor.

12 Information Technology Stocks Moving In Friday's After-Market Session - UTime (NASDAQ:UTME), Data Storage (NASDAQ:DTST), FOXO Technologies (AMEX:FOXO), Sigma Additive Solutions (NASDAQ:SASI), Nano 2023-07-28 - Gainers FOXO Technologies FOXO stock moved upwards by 27.0% to $0.17 during Friday's after-market session. Trading volume for this security closed at 3.3 million, accounting for 326.1% of its average full-day volume over the last 100 days. The company's market cap stands at $8.3 million. stock moved upwards by 27.0% to $0.17 during Friday's after-market session. Trading volume for this security closed at 3.3 million, accounting for 326.1% of its average full-day volume over the last 100 days. The company's market cap stands at $8.3 million. Nano Labs NA stock increased by 20.13% to $1.73. The company's market cap stands at $96.4 million. stock increased by 20.13% to $1.73. The company's market cap stands at $96.4 million. Akerna KERN shares rose 9.59% to $0.57. The market value of their outstanding shares is at $3.9 million. shares rose 9.59% to $0.57. The market value of their outstanding shares is at $3.9 million. Addvantage Technologies AEY shares rose 5.03% to $0.67. This security traded at a volume of 533.2K shares come close, making up 658.5% of its average volume over the last 100 days. The market value of their outstanding shares is at $9.9 million. shares rose 5.03% to $0.67. This security traded at a volume of 533.2K shares come close, making up 658.5% of its average volume over the last 100 days. The market value of their outstanding shares is at $9.9 million. Alpine 4 Holdings ALPP stock moved upwards by 4.18% to $1.99. The market value of their outstanding shares is at $50.1 million. stock moved upwards by 4.18% to $1.99. The market value of their outstanding shares is at $50.1 million. UTime UTME shares moved upwards by 3.92% to $0.5. The market value of their outstanding shares is at $4.1 million. Losers Hitek Global HKIT shares declined by 9.3% to $9.16 during Friday's after-market session. The company's market cap stands at $129.9 million. shares declined by 9.3% to $9.16 during Friday's after-market session. The company's market cap stands at $129.9 million. Backblaze BLZE shares decreased by 4.83% to $4.93. The market value of their outstanding shares is at $170.2 million. shares decreased by 4.83% to $4.93. The market value of their outstanding shares is at $170.2 million. Castellum CTM stock fell 4.05% to $0.42. The company's market cap stands at $19.9 million. stock fell 4.05% to $0.42. The company's market cap stands at $19.9 million. Sigma Additive Solutions SASI shares declined by 3.85% to $0.25. This security traded at a volume of 56.4K shares come close, making up 13.3% of its average volume over the last 100 days. The market value of their outstanding shares is at $2.6 million. shares declined by 3.85% to $0.25. This security traded at a volume of 56.4K shares come close, making up 13.3% of its average volume over the last 100 days. The market value of their outstanding shares is at $2.6 million. Rekor Systems REKR shares fell 3.85% to $2.5. The company's market cap stands at $154.5 million. shares fell 3.85% to $2.5. The company's market cap stands at $154.5 million. Data Storage DTST shares fell 3.45% to $2.8. The market value of their outstanding shares is at $19.1 million. See Also: www.benzinga.com/money/tech-stocks/ This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In ASML Holding 15 Years Ago Would Be Worth This Much Today - ASML Holding (NASDAQ:ASML) 2023-07-28 - ASML Holding ASML has outperformed the market over the past 15 years by 14.7% on an annualized basis producing an average annual return of 23.72%. Currently, ASML Holding has a market capitalization of $282.61 billion. Buying $1000 In ASML: If an investor had bought $1000 of ASML stock 15 years ago, it would be worth $24,638.97 today based on a price of $718.37 for ASML at the time of writing. ASML Holding's Performance Over Last 15 Years Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time. This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning ResMed Stock In The Last 5 Years - ResMed (NYSE:RMD) 2023-07-28 - ResMed RMD has outperformed the market over the past 5 years by 5.93% on an annualized basis producing an average annual return of 16.1%. Currently, ResMed has a market capitalization of $32.78 billion. Buying $1000 In RMD: If an investor had bought $1000 of RMD stock 5 years ago, it would be worth $2,132.94 today based on a price of $223.11 for RMD at the time of writing. ResMed's Performance Over Last 5 Years Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time. This article was generated by Benzinga's automated content engine and reviewed by an editor.

Prosecutors ask federal judge to jail Sam Bankman-Fried over witness tampering 2023-07-28 - FTX Founder Sam Bankman-Fried arrives at Manhattan Federal Court for a court appearance in New York, United States on June 15, 2023. Federal prosecutors asked a judge to revoke FTX founder Sam Bankman-Fried's bail in a Manhattan court filing Friday, claiming that the billionaire had violated the terms of the release and repeatedly tampered with witnesses. "What the defendant may not do, and what he has now done repeatedly, is seek to corruptly influence witnesses and interfere with a fair trial through attempted public harassment and shaming," prosecutors wrote. If granted, the order from U.S. District Judge Lewis A. Kaplan would return Bankman-Fried to jail, months after his extradition from the Bahamas and ahead of his expected October trial. Bankman-Fried, whose crypto company sank into bankruptcy last year, faces multiple fraud and money laundering charges over his role in the implosion of the multibillion-dollar exchange. A federal prosecutor argued in court Wednesday that "no set of release conditions can ensure the safety of the community." Prosecutors and Bankman-Fried's team met in federal court Wednesday after Bankman-Fried leaked the private diaries of his former girlfriend, Caroline Ellison, to a New York Times reporter. Bankman-Fried is barred under the terms of his bail from conventional smartphone access and has restricted internet access abilities. Federal prosecutors alleged that Bankman-Fried's only intent in sharing Ellison's diary was to intimidate her. Ellison, who also was the top executive at Bankman-Fried's hedge fund, has pleaded guilty to federal fraud charges and is cooperating with the government's prosecution of Bankman-Fried. WATCH: FTX sues former execs to recoup millions