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NFL suspends Broncos' Eyioma Uwazurike indefinitely for gambling on games 2023-07-25 - DENVER — The NFL indefinitely suspended Denver Broncos defensive end Eyioma Uwazurike on Monday for betting on league games during the 2022 season. Uwazurike, a fourth-round draft pick from Iowa State in 2022 who played in eight games as a rookie, becomes the 10th player this offseason to be suspended for gambling on games or betting on other sports while in NFL locker rooms. He will be eligible to petition for reinstatement no earlier than July 24, 2024. “Our organization fully cooperated with this investigation and takes matters pertaining to the integrity of the game very seriously,” the Broncos said in a statement. “The Denver Broncos will continue to provide all members of our organization with the necessary education, resources and support to ensure compliance with the NFL’s gambling policy.” NFL players and personnel are not allowed to gamble while in NFL facilities, disclose any nonpublic NFL information, enter a sportsbook during the NFL season, or maintain any social, business or personal relationships with sports gamblers. They are permitted to place non-sports wagers at legally operated casinos and horse or dog racing tracks on their personal time, including during the season. The rules have been in place for years, but the league has cracked down on violators as sports gambling becomes legal in more states. Former Indianapolis cornerback Isaiah Rodgers, linebacker Rashod Berry and free agent Demetrius Taylor were suspended indefinitely last month for betting on NFL games last year. The Colts waived Rodgers and Berry following their suspensions. Tennessee offensive tackle Nicholas Petie-Frere was suspended for the first six regular-season games for betting on non-NFL sports at the club facility. In late April, the league suspended Detroit receivers Jameson Williams, Quintez Cephus, Stanley Berryhill and safety C.J. Moore, and Washington defensive end Shaka Toney for violating the gambling policy. Last December, New York Jets receivers coach Miles Austin was suspended for a year for betting on non-NFL sports. Wide receiver Calvin Ridley was suspended for the entire 2022 season for gambling on NFL games; he was later traded from Atlanta to Jacksonville and eventually reinstated. In November 2019, Arizona Cardinals cornerback Josh Shaw was suspended for gambling on an NFL game; he has not played in the league since. The causes for gambling-related suspensions have ranged from players who placed wagers on their own teams while not participating to players who have not abided by the league’s prohibition of betting on non-NFL sports while at the club facility.
3rd person charged in arson attack on California Planned Parenthood 2023-07-25 - A federal grand jury has indicted three men, including an active-duty Marine, in the firebombing attack on a Southern California Planned Parenthood clinic last year, prosecutors said Monday. The Marine, Chance Brannon, 23, and another California man, Tibet Ergul, 21, were arrested last month and charged in the March 13, 2022, firebombing at the Costa Mesa facility. Both men, as well as a Florida man, Xavier Batten, 21, were indicted on July 14 and the indictment was unsealed Monday, the U.S. Attorney’s Office for the Central District of California said. Planned Parenthood clinic in Costa Mesa, Calif. Google Maps A motive is under investigation, but "there are strong indications of animus toward women with regards to the three defendants," U.S. Attorney Martin Estrada said. All three men knew one another, Estrada said. Brannon and Ergul allegedly “scoped out” the clinic and attacked it shortly after midnight, and Batten told Brannon how to make the Molotov cocktail and encouraged the attack, Estrada said. The damage was not extensive, and firefighters put out the fire, but the clinic had to close and cancel around 30 appointments, Estrada said. Someone who was friends with Brannon and Ergul tipped off the FBI after the law enforcement agency asked for help identifying two people seen in security video footage, according to court documents. Ergul had sent that person messages about the arson, including a photo showing the firebomb, the documents say. All three are being held without bail, Estrada said. Batten is being held in Florida. Police found a second Molotov cocktail in Ergul’s garage, and an illegal short-barreled rifle and silencers when they searched Brannon’s home, Estrada said. All three are charged with conspiracy and malicious destruction of property by fire and explosion, which carries between five to 20 years in prison, prosecutors said. Burn marks on the exterior of the Planned Parenthood clinic in Costa Mesa, Calif., in 2022. U.S. District Court for the Central District of Calif. Ergul and Brannon are also charged for the firebombing and the weapons. They are charged with one count of possession of an unregistered destructive device and one misdemeanor count of intentional damage to a reproductive health services facility. The misdemeanor count is part of the Freedom of Access to Clinic Entrances Act, passed in 1994, officials said. Brannon's attorney, Kate Corrigan, said that he pleaded not guilty in court Monday, and she looks forward to discovery and defending her client. Attorneys listed as representing the other two men charged did not immediately respond to requests for comment Monday evening.
How major US stock indexes fared Monday, 7/24/2023 2023-07-25 - By The Associated Press Wall Street ticked higher to start a week full of updates on where interest rates and profits for the stock market’s most influential companies are heading Wall Street ticked higher to start a week full of updates on where interest rates and profits for the stock market’s most influential companies are heading. The S &P 500 rose 0.4% Monday, coming off its eighth winning week in the last 10. The Dow added 183 points, or 0.5%, and the Nasdaq composite climbed 0.2%. Becton Dickinson led the S &P 500 after getting FDA clearance for one of its products. Treasury yields were relatively steady after a report suggested economic growth is slowing. Traders expect the Federal Reserve on Wednesday to raise interest rates for perhaps the final time this cycle. On Monday: The S &P 500 rose 18.30 points, or 0.4%, to 4,554.64. The Dow Jones Industrial Average rose 183.55 points, or 0.5%, to 35,411.24. The Nasdaq composite rose 26.06 points, or 0.2%, to 14,058.87. The Russell 2000 index of smaller companies rose 5.42 points, or 0.3%, to 1,965.68. For the year: The S &P 500 is up 715.14 points, or 18.6%. The Dow is up 2,263.99 points, or 6.8%. The Nasdaq is up 3,592.38 points, or 34.3%. The Russell 2000 is up 204.43 points, or 11.6%.
Salesforce CEO shares his predictions for AI and the future of work 2023-07-25 - Salesforce founder Marc Benioff is among the few tech pioneers who is also still CEO at a groundbreaking company born in the 1990s SAN FRANCISCO -- Salesforce founder and CEO Marc Benioff has become something of a vanishing breed during the nearly quarter century he has been running the company that pioneered the concept of selling software as an online subscription. While Benioff remains in charge at Salesforce, other billionaire founder/CEOs such Amazon's Jeff Bezos, Google's Larry Page and Netflix's Reed Hastings have all stepped away from groundbreaking companies born during the 1990s. Benioff, 58, isn't ready to leave Salesforce yet, even though he has amassed an $8 billion fortune and just went through a challenging stretch that might have caused many CEOs to head for the exit. In January, Benioff decided to lay off 8,000 Salesforce employees after overseeing a pandemic-driven expansion that included a nearly $28 billion acquisition of the popular workplace tool Slack and then grappled with an investor backlash triggered by a nearly 50% drop in the company's stock price last year. The shares have recovered most of their losses so far this year on the strength of a revived revenue growth. The Associated Press recently sat down with Benioff for an interview that has been lightly edited for clarity. Q: How does the landscape look to you as the pandemic fades into the rearview mirror? A: When I look back at 2019, we had really gone through three huge waves of technology: cloud computing, mobile and social. And now we are going into the fourth wave, which is probably the most important one in AI (artificial intelligence), which is not just the most important technology of our lifetime, but probably the most important in any lifetime. It’s going to be a new world of technology that’s as exciting as all the other worlds put together. Q: Is this on the scale of the development of nuclear bombs back in World War II? A: Technologies are never good or bad, it’s what we do with them that matters. Nobody wants a Hiroshima moment to understand how dangerous AI is. We want to be able to kind of get our heads around the tremendous consequences of the technology that we are working with. And that’s going to require a multi-stakeholder approach — companies, governments, non-governmental organizations and others to put together the guidelines for this technology. Q: Have you been surprised or alarmed by how quickly things seem to be advancing since the release of the ChatGPT bot late last year? A: We are moving from the generative ChatGPT phase, which is phase one, into a stage where we are about to see agents that are quite alive and aware and able to take these kinds of massive actions. These are called multimodal agents, that is they can move from text to speech to video. And then we are going to move into something that is maybe more multisensory, where these agents are going to be more aware of us and we are going to be more aware of them. None of us are really ready for this because none of us have had this experience before. We are on the threshold of a dramatic change in the way we work with computers. We are going to work side by side with them. And, in many cases, they are going to augment or extend what we have been doing. They are going to be taking actions without our knowledge. Q: Salesforce is one of many tech companies that now allow employees to work remotely at least a few days a week. How has the pandemic changed the nature of work? A: We are all using technology to find more freedom in our lives. Things are back to normal, but people do go to the office less. And that is not going to change. We are never going back to they way it was. Q: The tech industry expanded rapidly during the pandemic and then abruptly reversed course with a waves of layoffs that included Salesforce. What happened? A: Companies were too optimistic, including ours. And we unfortunately had to make adjustments, some that we did not want to make. I think everyone got hypnotized during the pandemic that that was what the future was going to look like. And when the pandemic was over, there was a snapback. Q: Have you given much thought to how much longer you want to remain Salesforce's CEO? A: I think about my career every day, but I have never been more excited about the future of the industry and the potential to help all our customers. This technology revolution that is going on in artificial intelligence and the importance of bringing trust to AI is a real call to arms.
Proposal before Maine lawmakers would jumpstart offshore wind projects 2023-07-25 - FILE - A lobster boat passes the country's first floating wind turbine off the coast of Castine, Maine, Sept. 20, 2013. Maine is poised to launch an offshore wind program to meet clean energy goals with a goal of producing enough power for about 900,000 homes from floating wind turbines in the Gulf of Maine. (AP Photo/Robert F. Bukaty) FILE - A lobster boat passes the country's first floating wind turbine off the coast of Castine, Maine, Sept. 20, 2013. Maine is poised to launch an offshore wind program to meet clean energy goals with a goal of producing enough power for about 900,000 homes from floating wind turbines in the Gulf of Maine. (AP Photo/Robert F. Bukaty) FILE - A lobster boat passes the country's first floating wind turbine off the coast of Castine, Maine, Sept. 20, 2013. Maine is poised to launch an offshore wind program to meet clean energy goals with a goal of producing enough power for about 900,000 homes from floating wind turbines in the Gulf of Maine. (AP Photo/Robert F. Bukaty) FILE - A lobster boat passes the country's first floating wind turbine off the coast of Castine, Maine, Sept. 20, 2013. Maine is poised to launch an offshore wind program to meet clean energy goals with a goal of producing enough power for about 900,000 homes from floating wind turbines in the Gulf of Maine. (AP Photo/Robert F. Bukaty) Maine is poised to launch an offshore wind program that would meet clean energy goals and produce enough power for about 900,000 homes from floating wind turbines in the Gulf of Maine AUGUSTA, Maine -- Maine is poised to launch an offshore wind program that would meet clean energy goals and produce enough power for about 900,000 homes from floating wind turbines in the Gulf of Maine. The goal calls for requests for proposals to be issued for 3,000 megawatts of electricity from offshore wind turbines by 2040. That’s enough electricity to power about half of Maine's electricity load. The bill was revised after a veto by Democratic Gov. Janet Mills to ensure non-union companies can get into the business, setting a path to approval by the Maine Senate and House on Tuesday. Approval would put Maine on a path to catch up with other states that already have offshore wind projects. The catch, however, is that the wind turbines would be farther offshore than those projects, and would involve floating turbines. It also includes incentives aimed at ensuring wind power developers steer clear of lucrative lobster fishing grounds. The bill’s sponsor, Sen. Mark Lawrence, D-York, said he believes the compromise bill has necessary "guardrails in place to make sure this is done right and truly benefits Mainers.” The U.S. Bureau of Ocean Energy Management already approved projects that are now under construction off Massachusetts and off New York and Rhode Island, and it gave the green light earlier this month for New Jersey's first offshore wind to begin construction. Next month, it will hold an auction for leases in the Gulf of Mexico. In Maine, the timeline calls for the federal lease sales to be completed next year and for the state to release request for proposals to operate the offshore wind turbines in early 2026. The Gulf of Maine is considered a prize when it comes to consistent, powerful winds, but the water is too deep for traditional wind turbines that are anchored to the ocean floor. Maine officials hope companies will license technology from the University of Maine, which has been pioneering precast floating turbines that can be built on land and towed to sea. "This is the bill that will jumpstart the offshore wind industry in Maine, said Jack Shapiro, climate and clean energy director for the Natural Resources Council of Maine. More than a decade ago, the state was poised to host a $120 million wind project led by Norwegian company Statoil, but Statoil backed out after the state reopened bidding to provide an opportunity to the University of Maine. The U.S. could need roughly 2,000 of the most powerful turbines to meet its goals to ramp up offshore wind. Doing so would dramatically cut its use of fossil fuels, protect the atmosphere and reduce climate change. ___ Follow David Sharp on Twitter @David_Sharp_AP
Indoor farming company backed by Martha Stewart files for bankruptcy 2023-07-25 - Officials say a Kentucky-based indoor farming company that was backed by Martha Stewart when it began shipping tomatoes in early 2021 has filed for bankruptcy MOREHEAD, Ky. -- AppHarvest, a Kentucky-based indoor farming company that was backed by Martha Stewart when it began shipping tomatoes in early 2021, has filed for bankruptcy, officials announced on Monday. The Chapter 11 filing on Sunday came following several months of financial difficulties, including the potential foreclosure of its greenhouse in Richmond and concerns about cash flow, news outlets reported. In addition, AppHarvest Founder Jonathan Webb was replaced earlier this month as chief executive officer and chairman of the board. The company said in a statement that it is looking to restructure while business operations continue at its four farms. “The AppHarvest board of directors and executive leadership evaluated several strategic alternatives to maximize value for all stakeholders prior to the Chapter 11 filing,” said AppHarvest CEO Tony Martin. “The Chapter 11 filing provides protection while we work to transition operation of our strategic plan, Project New Leaf, which has shown strong progress toward operational efficiencies resulting in higher sales, cost savings and product quality.” The company had over $609 million in assets and over $341 million in debts at the end of March, according to filings in bankruptcy court. The Morehead-based company, one of many players in the fast-growing field of indoor farming, began shipping beefsteak tomatoes to Kroger, Walmart, Publix and other grocers in early 2021.
With ‘Barbie,’ Greta Gerwig breaks a box office record for female directors 2023-07-25 - Writer/director/executive producer Greta Gerwig poses for photographers upon arrival at the premiere of the film 'Barbie' on Wednesday, July 12, 2023, in London. (Scott Garfitt/Invision/AP) Writer/director/executive producer Greta Gerwig poses for photographers upon arrival at the premiere of the film 'Barbie' on Wednesday, July 12, 2023, in London. (Scott Garfitt/Invision/AP) Writer/director/executive producer Greta Gerwig poses for photographers upon arrival at the premiere of the film 'Barbie' on Wednesday, July 12, 2023, in London. (Scott Garfitt/Invision/AP) Writer/director/executive producer Greta Gerwig poses for photographers upon arrival at the premiere of the film 'Barbie' on Wednesday, July 12, 2023, in London. (Scott Garfitt/Invision/AP) “Barbie” didn’t just break the opening weekend record for 2023; It also shattered the first weekend record for a film directed by a woman “Barbie” didn’t just break the opening weekend record for 2023; It also shattered the first weekend record for a film directed by a woman. With $162 million in ticket sales from North American theaters, according to studio totals Monday, “Barbie” catapulted past both “Captain Marvel,” which was co-directed by Anna Boden and opened to $153.4 million in 2019, and “Wonder Woman,” Patty Jenkins ’ 2017 film that debuted to $103.3 million. Boasting a reported price tag of $145 million, “Barbie” also cost less to produce than “Captain Marvel” ($152 million) and “Wonder Woman” ($200 million). Globally, it far surpassed “Wonder Woman’s” debut with over $337 million versus $228.3 million, though “Captain Marvel’s” global launch was higher at $455 million. “Barbie’s” debut, $7 million higher than estimated on Sunday, is also significant because its audience was 65% women — not a surprise in and of itself, but as far as box office history is concerned, movies that open over $100 million often have a majority male audience (including both “Captain Marvel” and “Wonder Woman”). This, many have noted, is perhaps less a rule and more of a lack of big films that have been made and promoted with a blockbuster female audience in minds. A close, but imperfect comparison is “Fifty Shades of Grey,” which was directed by Sam Taylor-Johnson, and made $85 million in its first three days. The R-rated adaptation opened on Presidents Day weekend in 2017 for a five-day haul of $93 million. “Barbie” also earned the title of the third biggest July debut ever, surpassing Christopher Nolan’s “The Dark Knight” and “The Dark Knight Rises" — not adjusted for inflation — and trailing only the live-action “The Lion King” and “Harry Potter and the Deathly Hallows: Part 2.” Gerwig co-wrote and directed “Barbie” which is intended to be the first of many Mattel-inspired spinoffs. And in just one weekend it’s already surpassed the domestic grosses her last two films, “Little Women,” which earned $108.1 million and “Lady Bird,” with $49 million. In 2018, Gerwig also made history by becoming the fifth woman to be nominated for the best director Oscar (for “Lady Bird” ). As of 2023, there have now been seven women nominated for best director, and some are already predicting that Gerwig will notch another nod for next year's ceremony. “Barbie” and Gerwig's success was celebrated widely online with many in Hollywood pausing to reflect on the moment. Reese Witherspoon posted “way to go, GG!” on Instagram, while director Ry Russo-Young wrote that “'Barbie' and its success looms as a beacon of hope" amid the strikes and widely shut-down productions. “It's wildly original, feminist, giant in scope and swing, and feels singular to a perspective,” Russo-Young wrote. “These are rare qualities for big movies these days. I hope to see more made like this in the coming years.” Filmmaker Nancy Meyers also celebrated the “triumph” on Instagram, but bristled at the focus on the glass ceiling aspect asking if “Christopher Nolan has ever once in his life been referred to as a male director.” Meyers and Nolan are among only a handful of writer-directors who have had two or more of their original films gross over $100 million domestically. “Greta Gerwig’s ‘Barbie’ accomplished something so profound,” Melissa Silverstein, the founder of the blog Women and Hollywood and the artistic director of the Athena Film Festival, wrote in an email Monday. “The fact that she made a funny, entertaining feminist critique and broke so many box office records with a movie about a doll that has been such a lightning rod in our culture is a monumental feat that should not be underestimated.” Now it’s a question of how high “Barbie” can go and if it can outgross other top films directed by women. In North America, to get the No. 1 spot, “Barbie” will have to earn more than “Frozen II,” co-directed by Jennifer Lee, which tallied out with $477.4 million. “Captain Marvel” is in second place with $426.8 million. With good reviews and audience scores in its arsenal, word-of-mouth enthusiasm and watercooler buzz, as well as no direct new competition on the calendar, it's likely that “Barbie” will have “long legs,” a common phrase in the exhibition business that means a movie will continue selling significant numbers of tickets far past its opening weekend. “This film is working everywhere,” said Jeff Goldstein, Warner Bros.’ head of domestic distribution. ‘This historic result reflects the intense heat, interest and enthusiasm for ‘Barbie.’”
In 'Barbie,' 'Oppenheimer' smash success, audiences send message to Hollywood: Give us something new 2023-07-25 - From left, Gabrielle Roitman, Kayla Seffing, Maddy Hiller and Casey Myer take a selfie in front of an "Oppenheimer" movie poster before they attended an advance screening of "Barbie," Thursday, July 20, 2023, at AMC The Grove 14 theaters in Los Angeles. (AP Photo/Chris Pizzello) From left, Gabrielle Roitman, Kayla Seffing, Maddy Hiller and Casey Myer take a selfie in front of an "Oppenheimer" movie poster before they attended an advance screening of "Barbie," Thursday, July 20, 2023, at AMC The Grove 14 theaters in Los Angeles. (AP Photo/Chris Pizzello) From left, Gabrielle Roitman, Kayla Seffing, Maddy Hiller and Casey Myer take a selfie in front of an "Oppenheimer" movie poster before they attended an advance screening of "Barbie," Thursday, July 20, 2023, at AMC The Grove 14 theaters in Los Angeles. (AP Photo/Chris Pizzello) From left, Gabrielle Roitman, Kayla Seffing, Maddy Hiller and Casey Myer take a selfie in front of an "Oppenheimer" movie poster before they attended an advance screening of "Barbie," Thursday, July 20, 2023, at AMC The Grove 14 theaters in Los Angeles. (AP Photo/Chris Pizzello) In the massive movie weekend of “Barbie” and “Oppenheimer,” there were many winners NEW YORK -- In the massive movie weekend of “Barbie” and “Oppenheimer,” there were many winners. Greta Gerwig, who made history for female directors. Christopher Nolan, who set a non-Batman career high. Movie theaters, more crowded than anytime post-pandemic. Lovers of unlikely double features. The color pink. Matchbox Twenty. But one of the most important triumphs in the moviegoing monsoon of “Barbenheimer” was originality. Here are two movies that are neither sequels nor reboots pushing the box office to highs not seen in years. “Barbie” and “Oppenheimer” became a meme because of their worlds-apart differences but they're each indelibly the work of those filmmakers. “Barbie,” based on the Mattel doll, had some extremely well-known intellectual property going for it. And the story of J. Robert Oppenheimer and the atomic bomb comes from no small moment in history. Nolan is himself a brand, too. But Hollywood’s biggest zeitgeist in years was propelled by a pair of movies without a roman numeral, a Jedi or a superhero in sight. At the same time, some of the most dependable franchises in movies, from Marvel to “Fast and the Furious,” are no longer leading the pack. The movie business may be shifting. Audiences are showing a renewed taste for something fresh. “Barbenheimer” could, just maybe, be a turning point. “I’ve always joked that if there’s a tornado movie that works that the next year there will be three tornado movies. There’s an internal prejudice to doing what works,” says Richard Gelfond, IMAX chief executive. “I’m hopeful that these movies were original by noted filmmakers will convince studios to lean into that direction rather than doing what’s safe. “The numbers don’t lie,” added Gelfond. And the numbers are eyepopping. The total box office in U.S. and Canadian theaters on the weekend was more than $300 million, the fourth highest ever. Warner Bros.’ “Barbie” grossed $162 million domestically, the best opening of the year. Universal’s “Oppenheimer” took in $82.4 million. Those results, riding critical acclaim and months of a viral double-feature drum beat, nearly doubled expectations and astonished Hollywood. In the wake of “Barbenheimer,” many are hoping Hollywood will draw a lesson other than greenlighting more toy adaptations and the inevitable “Barbie” sequel. “Everyone came out this weekend for two ORIGINAL, smart, quality movies,” wrote Clare Binns, managing director of indie distributor Picturehouse, on Twitter. “It’s what audiences want. Reboots, superheroes and films with bloated budgets that often cover a lack of ideas -- time to take stock. No algorithms this weekend.” Lately, some of the movies’ biggest franchises have shown signs of wear and tear. “Indiana Jones and the Dial of Destiny,” coming 42 years after “Raiders of the Lost Ark,” has failed to ignite in theaters. It’s made $335 million worldwide with a budget more than double that of “Barbie,” which cost $145 million. The 10th “Fast and the Furious” movie, “Fast X,” was a dud domestically, though international sales have been robust. In three days, “Barbie” already surpassed its total North American haul of $145.9 million. The seventh “Mission: Impossible” film, “Dead Reckoning Part One,” fell shy of expectations before getting blown away by “Barbenheimer.” It declined 64% in its second weekend. Meanwhile, recent Marvel films and DC movies haven’t approached the kinds of grosses once assured of comic-book adaptations. Marvel's “Guardians of the Galaxy Vol. 3,” with $843 million worldwide, has been a big seller but movies like “Ant-Man and the Wasp: Quantumania" and “The Flash” have fallen well shy of expectations. The nostalgia business isn’t going anywhere, nor is Hollywood’s dependence on remakes and sequels. In last year’s top 10 films at the box office, one movie was a reboot (“The Batman”) and the rest were sequels. But such overdependence on more-of-the-same was sure to run out of steam one day — and this year’s best performers are coming from some new places. “The Super Mario Bros. Movie” ($1.3 billion worldwide) isn’t anyone’s idea of cutting-edge cinema but it reflects Hollywood’s new embrace of the giant gaming industry. The year’s second-biggest hit, “Spider-Man: Across the Spider-Verse” ($375.2 million domestically) is yet one more “Spider-Man” movie. But it and its predecessor, “Into the Spider-Verse,” are hellbent on upending comic-book convention and expanding the notion of who can be a superhero. Originality can be riskier for studios, but the payoff can be immense — just ask James Cameron. His reigning franchise goliath, “Avatar,” reached $2.3 billion with “Avatar: The Way of Water,” a futuristic, sci-fi epic that essentially created its own IP. What else is working? Movies that appeal to audiences that have historically been underserved. “Creed III," starring Michael B. Jordan, blew past expectations in March and ended up with more than $275 million globally on a $75 million budget. “Sound of Freedom," from the faith-based distributor Angel Studios, has made $124 million in three weeks — though its distributor is using an unusual “Pay it Forward” purchasing program. And of course, horror remains the easiest money. “Insidious: The Red Door” is just the latest in long, bloody line of low-budget, high-performance Blumhouse titles. It's made $156 million worldwide on a $16 million budget. “Barbie” and “Oppenheimer" are widely expected to play strongly for weeks. They've reminded everyone of the limitless cultural potency of the movies. When stars, marketing muscle and filmmaking vision collide, anything can happen. And, sure, it doesn't hurt when their names make a funny smushed-together nickname. Whether that momentum will dissipate in the waning weeks of the summer will be left up to a series of releases — “Teenage Mutant Ninja Turtles: Mutant Mayhem,” “Haunted Mansion,” “Gran Turismo,” “Strays,” “Blue Beetle” — that may struggle to keep the spark alive. Meanwhile, the ongoing strike by actors and screenwriters has begun to play havoc with the fall movie schedul e. Hollywood remains locked in battle over its future. Since the pandemic, studios and theater owners have tried various ways to bring back moviegoers to cinemas after the rush to streaming platforms — everything from Tom Cruise jumping off a cliff to $3 tickets for a day. But it could be that what moviegoers are most craving is the chance to see something new. Mark Harris, author of the Hollywood history “Pictures at a Revolution: Five Movies and the Birth of the New Hollywood,” believes a developing shift has “become undeniable.” “In ‘Pictures at a Revolution’ I wrote that an unexpected big hit is much more disruptive to the Hollywood system than a big flop is,” Harris wrote on Twitter. "That’s where we are: TWO surprise smashes that suggest you get people back to the movies by giving them what they haven’t seen, not what they have." ___ Follow AP Film Writer Jake Coyle on Twitter at: http://twitter.com/jakecoyleAP
Why did 'Barbie' set records at the box office? Experts weigh in. 2023-07-25 - The film had the highest-grossing debut weekend of 2023. Greta Gerwig’s “Barbie” defied a sluggish pandemic recovery at movie theaters to rake in $155 million domestically over its opening weekend. The haul made it the highest-grossing debut of 2023 and the top contributor to the fourth-largest weekend at the box office in the U.S. of all time. At first glance, a comedy based on a children’s toy and bathed in pink may not fit the mold for a blockbuster at a time when superhero movies reign. However, the longstanding and widely appealing resonance of the toy offers a unique advantage for a film that capitalizes with a fresh perspective from Gerwig and an immense marketing campaign promising summertime escape, analysts told ABC News. “It’s the right movie at the right time,” Daniel Loria, editorial director and senior vice president of content strategy at BoxOffice.com, told ABC News. A top reason, analysts said, is the cultural prominence of the 64-year-old “Barbie” brand, which transcends generations and geographies. According to Mattel, “Barbie” has 99% brand awareness worldwide. “This is one of those movies that a grandma, mother and daughter can all go to together and enjoy,” Ayalla Ruvio, a professor of marketing at Michigan State University’s Broad College of Business who studies consumer behavior, told ABC News. “The brand has strong nostalgic value,” she added. “It doesn’t matter how old people are -- 30, 40, 60 -- they all think the movie is targeted toward them.” The mass appeal of the intellectual property, or IP, risked giving rise to a “generic film” but movie studio Warner Bros. realized the work needed to “have something to say to bring in an audience,” Loria said. By choosing Gerwig, Loria added, the studio drew upon the creative artistic vision she displayed in previous independent films, such as “Lady Bird.” “Audiences are willing and happy to go see IP films as long as they have some creative touch from a filmmaker behind them,” Loria said. “That’s precisely what ‘Barbie” and Greta Gerwig were able to do.” On top of that, the movie benefited considerably from a relentless marketing campaign that began months before the film’s release, analysts said. Greta Gerwig and Margot Robbie attend the "Barbie" Celebration Party at Museum of Contemporary Art, June 30, 2023, in Sydney, Australia. Hanna Lassen/Getty Images “Barbie” took part in more than 100 crossover product advertisements, allowing the brand to reach consumers of everything from Xbox to yogurt, Sheri Lambert, a marketing professor at Temple University, told ABC News. While some of that blitz was likely lost in “clutter,” it contributed to an engaging, multi-pronged outreach campaign that made the brand nearly inescapable in the lead-up to the release, she added. Many consumers welcomed the pull toward "Barbie," she added. “We know from all of our marketing textbooks that emotion sells,” Lambert said. “It’s goofiness, it’s fun. It takes you back to your childhood and playing with things.” To Lambert, the standout marketing tactics included selfie filters, pop-up activities featuring human-size Barbie boxes and pink double-decker buses in London. “Barbie” was not the only high-profile debut over the weekend. Christopher Nolan’s R-rated “Oppenheimer” pulled in $80.5 million at the domestic box office, making it the first weekend in U.S. movie history with one film at more than $100 million and another over $80 million, Loria said. The twin releases helped create a sense of destination viewing at theaters over the weekend, softening consumer habits hardened during the pandemic that treat the trip to the theater as a rare outing for individual, sought-after films. “What we saw with ‘Barbie’ and ‘Oppenheimer’ this weekend was people talking about going to the movies rather than a movie,” Loria said. Still, the top performer made itself known, Lambert said, referencing a plot point in “Barbie” in which she travels away from home and into human society. “She’s coming out into the human world while we are definitely going into Barbie Land now,” Lambert said.
3 Housing Stocks to Avoid as Interest Rates Rise 2023-07-25 - On July 26, the Federal Reserve is likely to raise interest rates by 25 basis points (0.25%). As much hype as analysts put on the Federal Reserve’s decision, the announcement itself tends to be a non-event. The Fed doesn’t like to surprise Wall Street and generally doesn’t. Key Points The housing market has remained remarkably stable, but another rate hike is likely to create short-term demand destruction. Opendoor Technologies will be a solid AI play, but investors have time to wait. Zillow stock looks ripe for some profit-taking. D.R. Horton’s stock soared after a Fed pause but is likely to give back some gains after the July hike. 5 stocks we like better than Opendoor Technologies It’s the wording of the announcement that tends to move markets. Since the Fed paused its interest rate campaign in June, stocks have rallied as investors believe that the Fed is closer to the end of its cycle than the beginning. And housing stocks have been among the biggest gainers. The thinking is once interest rates hit a ceiling, the only direction they have to go is down. And if the economy teeters into a recession sometime in the next 12 months, investors betting on lower interest rates may be right. However, the Federal Reserve has had strong message discipline in this hiking cycle. And the message continues to be that consumers, businesses and investors should prepare for interest rates that will be higher for longer. That means an interest rate hike is likely to erase at least some of the recent gains in housing stocks. Over time, the housing market will recover. And when it does, the three stocks in this article are likely to thrive. But that day is not today. And so, at least for now, these three stocks are only for long-term investors with the time to wait on a recovery. Opendoor Will Be an AI Play, But Not Today Before I get some investors fired up, I’ll state that I like the business model of Opendoor Technologies, Inc. NASDAQ: OPEN. As someone who’s bought and sold a house or two, the process is a bit … laborious. And Opendoor simplifies that. However, OPEN stock is up almost 45% since mid-June and it’s not because of a red-hot housing market. It’s largely due to artificial intelligence (AI). Opendoor uses AI and machine learning to generate those fast offers to prospective buyers and sellers. The concern here is that the efficiency of AI can’t change the math of higher interest rates, especially when borrowing costs seem to be changing as fast as the company’s algorithms. And it also can’t change the laws of supply and demand. The future for Opendoor is promising. But the present is far less clear. In May, the company reported revenue that was down from the prior year. And the company is not profitable and won’t be for some time. Zillow Group is Likely to Face Profit Taking After a Strong Rally Zillow Group, Inc. NASDAQ: ZG is another company that is shaking up the real estate business. And like Opendoor Technologies, Zillow has an AI story that has been lifting ZG stock. However, also like Opendoor, AI, not market dynamics, is lifting the stock. In the 30 days ending July 24, Zillow Group stock is up 12%. Revenue on a year-over-year basis is down sharply. That may not be fair, considering that it would be tough for any company to beat the sizzling real estate market 2021. But if you look at 2020, which is the first year that Zillow went public, revenue is also down by a significant percentage. This isn’t a critique of the company’s business model. When the housing market recovers, Zillow is likely to snap back. But investors should be aware that institutional investment in Zillow is only at around 19%, and selling activity outweighs buying activity. That’s a heavy lift for retail investors at a time when there are better options. D.R. Horton is Building, But Will Buyers Come? Homebuilder stocks had the wind at their backs in June. For starters, housing starts, which is a measure of new home construction, increased sharply in May. Then, the Federal Reserve announced it was pausing its interest rate hike campaign. D.R. Horton, Inc. NYSE: DHI stock is up nearly 10% in that time. And to be fair, the company’s quarterly earnings report in July showed strong year-over-year revenue growth. However, this is likely to be a temporary break from the overall downward trend. Housing starts in June came in weaker than expected. And even after the expected hike of July 26, there may be at least one more rate hike before the end of the year. Plus, the bottom line on the company’s current earnings report showed a 16% year-over-year decline. Put it all together, and DHI stock appears to be priced for a perfection that is not likely to come in 2023. To be fair, housing starts will be a leading indicator of a recovery, so D.R. Horton is one to keep on your watch list. But with expected weakness in the housing market to continue, now is not the time to buy. Before you consider Opendoor Technologies, 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 Opendoor Technologies wasn't on the list. While Opendoor Technologies currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
AMC: Is a Big Squeeze in the Coming Attractions? 2023-07-25 - Key Points AMC shares gapped up as much as 33% this morning, thanks to recent headlines and a strong operating weekend. AMC is currently dealing with two lawsuits, an annual meeting date and the protested conversion of AMC Preferred Equity Units (APE) to AMC stock. Roughly 29% of AMC’s float is in the hands of short sellers, making it one of the top 10 most-shorted U.S. mid-caps. 5 stocks we like better than AMC Entertainment Could the recent action in AMC Entertainment Holdings Inc. NYSE: AMC stock be a preview of last summer's blockbuster short squeeze? Nearly eight million moviegoers worldwide visited an AMC Theater over the highly anticipated "Barbenheimer" weekend. It marked the movie chain operator's busiest extended weekend since 2019 and the second-largest food and beverage sales haul ever. With trading volume as strong as theater attendance, AMC shares gapped up as much as 33% on Monday morning. While the early popularity of the "Barbie" and "Oppenheimer" films bodes well for AMC's third-quarter financials, the company started making waves before Saturday rolled around. On July 17, an AMC shareholder sued the company for being late to hold an annual meeting that last occurred in mid-June 2022. While the headline had little effect on the stock price, it likely put AMC stock back on traders' radar after four months of muted activity. A few days later, AMC announced that it scrapped a seat-based pricing plan to charge customers more for spots with "preferred sightlines" and less for the dreaded first row. A failed pilot test of the idea has the company shifting to a new initiative — front-row seats "with extensive seat recline." The seemingly desperate attempt to make sore-neck seating more desirable did little to inspire traders but reminded them of how wacky and misguided the leadership team can be. What is the Status of AMC's Stock Conversion Settlement? Among the criticisms of the July 17 lawsuit was shareholders' need to frequently turn to litigation because of poor corporate governance. The most recent example is a lawsuit brought by AMC common stockholders to block the conversion of AMC Preferred Equity Units (APE) to AMC stock. AMC was sued in Feb. 2023 for allegedly rigging a vote to convert APE to hundreds of millions of AMC shares. AMC shareholders oppose the move because it would further dilute an already highly diluted stock resulting from repeated new share issuance. There are nearly 520 million outstanding AMC shares, five times more than three years ago. An increase in the number of shares outstanding would give each subsequent share a smaller claim on the company's earnings. On Friday, a judge rejected a proposed Delaware court settlement that would've allowed the world's largest movie theater chain to issue even more AMC common shares through the APE conversion. The market cheered the decision, sending AMC stock flying 70% higher in after-hours trading — and APE shares lower. Although the proposed settlement would've compensated AMC shareholders for the dilution to $129 million, it would've unlawfully settled claims of APE shareholders who were not represented in the highly objected lawsuit. AMC was quick to amend the proposal. On Sunday, the company filed an amended conversion settlement with the court. In a letter to investors, CEO Adam Aron said the modification was made alongside the plaintiffs but the details still need to be discovered. He also reiterated that without the ability to raise new equity capital, the cash-burning company could become insolvent or bankrupt as early as next year. Expect the court's next decision to create more fireworks for a stock experiencing renewed volatility. If AMC shareholders like the outcome, there could be another big rally. If not, it could be the last straw for the loyal, patient following and lead to a mass selloff. What is the Short Interest on AMC Stock? AMC traders will be on edge in the coming days awaiting the next headline. It's uncertain how soon the judge will return a decision, but AMC likely won't go forward with its second-quarter earnings release until the matter settles. The company has also yet to announce an annual meeting date in response to the other lawsuit, which requested a meeting by August 18. As the market awaits these key events, plenty of powder is in the keg for another short squeeze event. Roughly 29% of AMC's float is in the hands of short sellers. This makes it one of the top 10 most shorted U.S. mid-caps. Combined with the stock's low price, bearish Wall Street sentiment and passionate investor base, the pieces are in place for a big-time squeeze. There have been major short squeezes in the last two summers, including an epic run above $70 in June 2021. Investors may experience an encore presentation. Before you consider AMC Entertainment, 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 AMC Entertainment wasn't on the list. While AMC Entertainment currently has a "Strong Sell" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Rivian: A Roaring Rise Or Time To Cash Out? 2023-07-25 - Key Points Rivian stock has surged nearly 87% in the last month and 106% in the previous three months. Analysts maintain a Moderate Buy rating with a consensus price target of $27.11, implying a 7.63% upside for RIVN shares. Rising short interest may impact the stock's future momentum, making critical support and resistance levels essential to watch. 5 stocks we like better than Rivian Automotive Since breaking out over critical resistance at $16, shares of Rivian Automotive NASDAQ: RIVN haven’t looked back. The stock is up almost 87% in the last month and 106% over the previous three months. Initially fueled by production and delivery figures that crushed estimates, the move has been sustained by increasing short interest, analyst upgrades, and favorable price action for the bulls. However, with shares up triple digits over the last three months, is it time to think about cashing in, or might RIVN have another leg up its sleeve? Rivian Automotive is a leading EV manufacturer specializing in pickup trucks and SUVs. They prioritize environmental sustainability and aim to achieve carbon neutrality earlier than the Paris Climate Accord timeline. Rivian offers R1T and R1S models, five-passenger pickup trucks, and SUVs. Founded in 2009, the company is headquartered in San Jose, California. Is There Still Positive Momentum? Analysts remain bullish on the stock with a consensus rating of Moderate Buy based on sixteen analyst ratings. Ten of the sixteen analysts have RIVN as a Buy, one as a Sell, and five at Hold. The consensus price target is $27.11, predicting a 7.63% upside for shares of RIVN. Most recently, Mizuho, on July 19, boosted their price target from $27 to $30, predicting a 21.5% upside on the report date. Barclays also raised their price target from $22 to $30 earlier in the month. The rising short interest also plays an essential role in RIVN’s ability to trade higher. As of June 30, the short percentage of the float was 13.48%, up from 13.14% as of June 15. Based on that figure, 87.9 million shares of RIVN are sold short, equalling $1.46 billion in dollar volume. As the short interest continues to increase steadily, short sellers might begin to doubt their positions and start to cover. Is The Positive Momentum Enough To Push RIVN Higher? Last week, RIVN closed the week in positive territory, up close to 7%, while the SPDR S&P 500 ETF NYSE: SPY managed to finish the week slightly positive, up 0.67%. The relative strength displayed by RIVN is impressive. Will the relative strength and momentum continue? After clearing significant resistance at $16, RIVN quickly traded above another critical resistance level, $22. Since breaking above $22, RIVN has traded sideways, successfully digesting the recent surge higher and price action. The consolidation over the past several weeks has created new critical levels of support and resistance that could dictate the trend and momentum of the stock once one of the levels is broken. For example, $24 has emerged as a critical level of support in the short term. If RIVN breaks below and holds below $24, it might signal a shift in momentum, and further downside could be on the cards as investors look to take profits and short sellers gain confidence. On the flip side, if the stock can break above and hold above $27, short sellers might begin to cover, and momentum traders might go long the stock for another leg higher, resulting in a significant buy imbalance for the stock. Before you consider Rivian Automotive, 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 Rivian Automotive wasn't on the list. While Rivian Automotive currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Can Domino’s Pizza Rise To New Highs In 2023? 2023-07-25 - Domino’s Pizza NYSE: DPZ has been working hard to grow its business over the past 2 years, and those efforts are starting to regain traction. The contraction in business caused by the bursting social-distancing bubble had a profound impact on the comps, which has had a similarly profound impact on share prices. Key Points Domino's Pizza had a mixed quarter, but underlying growth remains solid. Margins improved compared to last year and left GAAP EPS ahead of consensus. Analysts like the stock and have been driving it higher in 2023. 5 stocks we like better than Domino's Pizza While the Q2 results are mixed, they reveal improving leverage that has the company set up to return to growth by early in fiscal 2024, if not by the end of fiscal 2023. The combination of growing store count and improved margins should lever the company to new business heights, if not the share price. The share price is up about 40% from 2019’s highs, consistent with the 40% increase in EPS over the same time. Assuming the company can sustain earning growth, the stock price should follow earnings higher. Domino’s Pizza Has Mixed Quarter, Shares Wobble Domino’s Pizza had a mixed quarter, and the news sent shares lower immediately after the release. The move appears to be a knee-jerk reaction to the headline, which has revenue down 3.8% compared to last year and 500 basis points weaker than expected. The decline is due in large part to the comps but also to declining volume and pricing adjustments. The company lowered its market basket pricing to franchisees by 2.4% but could sustain margin improvement despite the reduction. On a retail basis, global sales are up 5.8% on an FXN basis, 4.5% reported, with US comps up 0.1% and International 3.6%. Store count increased by 197 net or about 5.8% YOY to underpin systemwide sales growth. The margin news is the best part of the report. The company widened the operating margin and net income margins by mid-to-high single digits and beat the Marketbeat.com consensus on the bottom line. The GAAP $3.08 in EPS is up 9.2% compared to last year, beating the consensus by $0.01 despite the top-line weakness and outpacing retail revenue growth. The company doesn’t give formal guidance but commented on the effect it was continuing to address US comp store growth through operational improvement and staffing while remaining focused on the International market. Among the developments that will impact growth over the next few quarters and years is the deal with Uber NYSE: UBER. That provides access to Uber technology for roughly ⅔s of Domino’s global business. Domino’s Capital Returns Will Continue In 2023 Domino’s Pizza is not a high-yielding stock but a steady and stable payment with a growth outlook. The company pays about 35% of its earnings and has increased the distribution for 9 years. The Q3 declaration was released with the Q2 report at the previous payout level of $1.21 or 1.25%, with shares near $385. That is compounded by share repurchases which amount to 0.67% of the market cap for the quarter. The company has about $289 million left under the current authorization, worth about 2.10% of the pre-release market cap. The company is net debt but managing its position with little changes to the balance sheet over the past year. Analysts like the stock and have it pegged at a firm Hold that has been steady for over 12 months. That is compounded by a rising price target, up 5.6% since the Q1 earnings release, and likely to rise again now that Q2 results are in. Marketbeat did not pick up any new revisions immediately after the release, but the trend ahead of the report was bullish. There are 11 updates in July, including 11 price target increases and 1 upgrade to Buy. They see the stock trading 4.5% to 20% above the current action and at a level that could trigger a reversal in the market. The Technical Outlook: Dominos Pizza Is On The Brink Of Reversal The price action in DPZ shares was mixed immediately after the report, but the dip was quickly bought. The stock is indicated to open about 2.0% above its pre-release price and could continue higher. If the market follows through on the signal, the next target for significant resistance is $400 to $425. If the market can get above there, it should continue to drift higher through the end of the year. If not, Domino’s Pizza could remain range bound at current or lower levels. Before you consider Domino's Pizza, 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 Domino's Pizza wasn't on the list. While Domino's Pizza currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Is Ryanair Overbought? Earnings Say Not Likely 2023-07-25 - Key Points Ryanair stock is trading lower by nearly 10% during Monday's pre-market session, a fatal reaction that comes after the company's release of its first quarter 2024 earnings results. Price action relative to the S&P 500 would beg to differ from short-term adverse reactions, suggesting that some sector (and company) favoritism is concentrated in the space. Ryanair is the winning stock within this industry; as these valuation metrics will show, analysts are also placing the stock front and center. Management quickly leaves behind a massive advance in financials shown in quarterly figures. It focuses on further growth drivers ahead, justifying momentum towards a new all-time high price. 5 stocks we like better than Southwest Airlines A word of warning for investors holding shares in Ryanair NASDAQ: RYAAY, with high potential upside, comes high potential volatility. Shares of the European airline are down by as much as 9.6% during the pre-market hours of Monday morning, an initial sign of disapproval from markets. As the company releases its first quarter 2024 earnings results, some participants may be finding enough reason to sell the stock despite what seems to be more than reasonable growth across the board. Today's decline is, however, only a shadow of the massive rally investors enjoyed in 2023. As investors get in the weeds (simplified here) of earnings, it will become evident that the unjustified dip in the stock price only presents a value opportunity. When the picture is zoomed out from today's events, Ryanair is within the top five preferred airline stocks. Winning Industry, Industry Winner During the past twelve months, virtually every airline stock has delivered a decent chunk of returns to investors, considering that the U.S. Global Jets ETF NYSEARCA: JETS has outperformed the broader S&P 500 by as much as 11% during the period. Showing the first signs of sector favoritism for investors to begin further diligence for a winning investment. Ryanair has further outperformed the market by a staggering 35.3% during the same twelve months, taking the spotlight as a clear winner. Will the stock have enough fuel left in the tank to make it another twelve months? Considering broader market perceptions relative to competitors can help investors understand where the smart money is betting. Companies like Delta Airlines NYSE: DAL and Southwest Airlines NYSE: LUV are the other two at play here, showcasing symptoms of favoritism by broader investor bases. Delta and Ryanair have taken the bulk of returns on a price-action basis. At the same time, Southwest has fallen behind significantly, so the focus will remain on the two international players. Ryanair analyst ratings point to a 19% upside from today's prices, a ceiling not yet reflective of the near 10% dip. Meanwhile, Delta analyst ratings only see a 17% potential target from today. The tiny - though precious - difference between these two targets can only be attributed to the financials driving Ryanair today. Regarding financials, especially future expectations, investors should note that the room for growth lies in Ryanair rather than Delta. Considering a forward price-to-earnings ratio rather than the traditional P/E can help investors gauge where the perceived 'growth' lies. Fasten your Seatbelts Ryanair stock trades at a 10.2x forward P/E, above Delta's 6.4x. Before the value investing crowd begins to withdraw, thinking that this only makes Ryanair the more 'expensive' choice, check this out. Markets are willing to pay more of a premium for each dollar of future earnings in Ryanair instead of Delta; shouldn't that say it all? Being forward-looking, markets may be seeing today's earnings trends as a continuation of a more extensive expansion in the underlying financials, therefore bringing the comfort of 'overpaying' for the stock. Double-digit growth rates are the catch of the day. As Ryanair's press release will show, revenue grew by as much as 40% during the past twelve months, a massive feat considering the average growth rates in the sector. Moving down the headlines, earnings per share more than doubled from 16.53 Euros a year ago to 58.22 Euros today, delivering a 252% annual advance. Oddly, the main stock price driver, EPS, was up by such a staggering percentage, while the stock did not even double during the year. Perhaps these analyst targets are falling on the conservative side of the spectrum—other critical drivers in the business point to a new potential all-time high price in the works. The earnings presentation says it all. Ryanair grew market share in virtually every country they operate within, and management also pointed to further fleet expansion and 'modest growth' in volumes and fares coming for the year's second half. Management is looking to increase the total fleet from 537 total aircraft in 2023 to a total of 652 by 2027, aspiring for a 21% increase in capacity. Ryanair stock is reaching a substantial resistance range of $115 to $125 per share; however, these ceilings are being challenged by an even stronger uptrend channel. A rise that started in the second half of 2022 has kept the stock's momentum alive and heating by the week, creating a tight channel accompanied by rising momentum indicators. Before you consider Southwest Airlines, 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 Southwest Airlines wasn't on the list. While Southwest Airlines currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Light & Wonder is Riding the Gaming Rebound 2023-07-25 - Global gaming company Light & Wonder Inc. NYSE: LNW was formerly Scientific Games. It's a worldwide leader in gaming machines and products for licensed casinos, lotteries and gaming markets based in Las Vegas, Nevada. Its products include casino slot machines, tabletop games, lottery systems, sports betting solutions and digital gaming solutions. Key Points Light & Wonder is a global gaming company providing gaming and supplies to licensed casinos and gaming markets in over 100 countries. Gaming machine sales grew 55% YoY. Its SciPlay social gaming and iGaming online casinos generated record revenues in Q1 2023. So far, there are six states where iGaming is legalized in the U.S., with Michigan as the most recent. The Company plans on expansion as more states approve iGaming. LNW shares trade at 50.5X forward earnings and have a 4.36% short interest. 5 stocks we like better than Light & Wonder Clients utilize its products and services in over 100 countries. Light & Wonder has grown through acquisition. They completed 100% of the acquisition of SciPlay Co. NASDAQ: SCPL, which they initiated in December 2021, a leading provider of social media gaming with over $180 million in sales. It acquired SG Digital 2022, a sports betting, gaming and online gaming provider. These acquisitions expand Light & Wonder’s footprint in digital gaming. It competes with International Gaming Technology PLC (NYSE IGT), a mega slots and gaming machines supplier to licensed casinos. The Many Parts of the Whole Light & Wonder had expanded its footprint into social gaming, mobile gaming and online gaming casinos with its completion of SciPlay. SciPlay has a 40% YoY revenue growth rate, contributing 27% of the revenues or $671 million in 2022. SciPlay generated $22 million in 2012 and has grown 2X faster than the social casino market. iGaming iGaming generated $240 million and 9% of total revenues. SciPlay targets 1 to 2 new game launches annually and a direct-to-consumer platform launch in 2023. iGaming Live-Casino is launching in Michigan due to the passage of its iGaming legislation for DraftKings Inc. NASDAQ: DKNG and Golden Nugget Online. Each new region that legalizes sports betting and iGaming is a win for the Company. Casino Gaming Its main gaming business of video slot machines, tabletop games and gaming supplies brought in the lion’s share of revenues at 64% or $1.6 billion in full-year 2023. The Company has over 4,800 live games with over 4.5 billion monthly game spins. It has over 300 operator brands, including Draft Kings, MGM Resorts International NYSE: MGM, BetMGM, Caesar’s Entertainment Inc. NASDAQ: CZR and Golden Nugget. Growth Metrics Improving On May 9, 2023, Light & Wonder reported its fiscal Q1 2023 earnings for the quarter ended in March 2023. The Company reported an earnings-per-share (EPS) profit of 23 cents missing consensus analyst estimates by $0.03. Revenues grew 17.1% year-over-year (YoY) to $670 million, beating analyst expectations of $632.14 million. The Board of Directors approved a secondary Australian Securities Exchange (ASX) listing. Revenues by Business Segment Gaming revenues rose 18% to $419 million, driven by robust Gaming machine sales, operations and systems. Gaming machine sales rose 53% YoY, shipping 7,600 units globally, 4,000 in the U.S. and 3,600 internationally. SciPlay hit record revenues of $186 million, up 18% YoY. Strength was driven by its core social casino business, gaining market share and delivering strong player metrics. iGaming revenue hit another quarterly record of $65 million, up 10% YoY. Robust growth in the U.S. is driving sales. Light & Wonder CEO Matt Wilson commented, “This new approach is already producing results. Eight key game themes will be fully launched tri-channel throughout the year. Five digital native games will debut in the land-based market, and 38 land-based titles will go into the digital ecosystem this year. These significant milestones further validate that proven games are in demand and players want to play their favorite games across multiple platforms.” Light and Wonder analyst ratings and price targets are at MarketBeat. Weekly Cup and Handle Breakout Attempt The weekly candlestick chart on LNW illustrates a cup and handle breakout attempt. The cup lip line started at $69.80 in November 2022. LNW shares sank to a low of $40.10 by September 2022. It formed a sharp, rounded bottom and staged a rally back up to retest the lip line by June 2023. Shares pulled back to $53.77 in March 2023. LNW formed a weekly market structure low (MSL) breakout through the $60.16 trigger to the lip line forming the handle. Shares are still testing the lip line after overshooting it in July 2023. The weekly relative strength index (RSI) coiled back up to the 60-band, where it's stalling. Pullback support levels are at $62.16, $60.16 weekly MSL trigger, $57.64 and $53.77 handle low. Before you consider Light & Wonder, 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 Light & Wonder wasn't on the list. While Light & Wonder currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Sirius-ly? Sirius XM Stock Squeezes 40% in 3 Hours 2023-07-25 - Key Points Short squeeze refers to when bullish buying pressure in a stock causes bearish short sellers to cover their positions by buying, thereby accelerating a strong uptrend. Last week, shares of Sirius XM surged 42% in an apparent short squeeze event. Most Wall Street analysts remain skeptical of the company’s financials. The stock’s low price makes it particularly attractive to retail traders. 5 stocks we like better than Sirius XM The Liquid Metal and Octane hard rock stations aren’t the only things making noise at Sirius XM Holdings Inc. NASDAQ: SIRI these days. On Thursday, shares of the nation’s top satellite radio operator surged 42% in an apparent short squeeze event. Short squeeze refers to when bullish buying pressure in a stock causes bearish short sellers to cover their positions by buying — thereby accelerating a strong uptrend. In the case of Sirius XM, the intense buildup materialized in a span of a few hours after traders returned from lunch. Social media buzz gained momentum around 1:00pm EST, catapulting the normally docile stock to a 30-month high of $7.95. More than 127 million shares were traded, the highest daily volume since January 2021 when SIRI squeezed during the GameStop craze. Unlike then, when a satellite failure drew attention to the company, there weren’t any relevant press releases to stoke Thursday’s stunner. Instead, some other nuances were likely responsible. Short sellers weren’t just shorting the stock but also using a complex trade based on the reformulation of stocks that track Liberty Media. With a spinoff of Liberty subsidiary Braves Holdings (of Major League Baseball’s Atlanta Braves) a driving force, the architects of the trade may have been forced to unwind a Liberty Sirius XM spread trade. The ‘pairs trade’ involves going long tracking stock Liberty Sirius XM and shorting Sirius XM. Adding more fuel to fire was the rebalance of the Nasdaq 100 scheduled for July 24th. With mega cap technology companies like Nvidia, Meta Platforms and Tesla flying this year, index methodology dictates that big cap tech stocks combined will be capped at 40%. This means that the rest of the index, including Sirius XM, will get a weighing boost come Monday. Since billions of dollars of exchange traded funds (ETFs) and mutual funds track the Nasdaq-100, anticipation of the rebalance likely contributed to SIRI buying activity. How Did Wall Street React to the Sirius XM Squeeze? Things took a turn for the worse on Friday. Profit taking and a wave of analyst downgrades led to SIRI retreating 9% in trading volume that exceeded that of Thursday’s surge. It's also possible that Sirius XM bears hopped back over the short side of the fence after the stock had more than doubled from its 2023 low. Absent any catalyst, Wall Street certainly wasn't buying Thursday’s rally. Four firms downgraded Sirius XM to Sell. One firm, Benchmark Company, stuck with a Buy rating for a business it deems “fundamentally attractive.” While this should stir the debate around SIRI’s fair valuation, most on the Street are skeptical of the satellite radio provider’s financials. A balance sheet that contains $9.4 billion in long-term debt compared to $53 million in cash is only part of the problem. In a weak ad spending environment, Sirius XM is facing increased content and programming costs that are weighing on profits. Earnings per share (EPS) have declined year-over-year for four straight quarters — and are expected to be flat when the company announces second quarter results on August 1st. Intense competition from Apple Music, Spotify and others also makes SIRI turnaround proponents hard to listen to. Where Does Sirius XM Stock Go From Here? We have probably not heard the end of the SIRI story. While the Q2 earnings release may be the next big catalyst, heavy short interest holds the potential for another squeeze event. Roughly one-third of the stock's float — the amount of shares available for trading — is held short. And with the 634 million share float just 16% of shares outstanding, an ideal short squeeze stage remains. In an age where Wall Street Bets, Stocktwits and other social investor platforms have a significant influence on market movements, this makes Sirius XM vulnerable to a steep climb at a moment’s notice. The stock’s low price makes it particularly attractive to retail traders. Stay tuned. Sirius XM’s trading volume could be turned up for weeks to come. Before you consider Sirius XM, 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 Sirius XM wasn't on the list. While Sirius XM currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Marmite and Dove maker’s profits soar on back of price rises 2023-07-25 - The maker of Marmite, Dove soap and Ben & Jerry’s ice-cream, Unilever, has reported rising revenues after it increased prices by nearly 10%, even as consumers squeezed by the cost of living crisis bought fewer products. The FTSE 100 company said its underlying sales rose by 9.1% in the first half of the year compared with a year earlier, in a statement to the stock market on Tuesday. Price rises accounted for the entirety of the growth, with the volume of goods sold dropping by 0.2%. Consumer goods companies have been on the frontline of inflationary pressures as material and energy costs have risen as a result of coronavirus pandemic disruption followed by Russia’s war in Ukraine. Many firms have responded by raising prices. Rising corporate profits have proved controversial as inflation has caused a cost of living crisis in many parts of the world, with some politicians accusing big business of “greedflation”. Researchers at the International Monetary Fund last month found that rising corporate profits accounted for almost half the increase in Europe’s inflation over the past two years – although that finding is disputed by some economists. Unilever’s 9.4% price rises helped sales to beat analyst forecasts and contributed to rising revenues. Operating profits for the first six months of 2023 rose to €5.5bn (£4.8bn), a 22% increase compared with the previous year. Emma-Lou Montgomery, an associate director at Fidelity International, said: “There’s no doubt that higher prices are boosting Unilever’s coffers, with the company acknowledging that volumes were virtually flat, aside from the beauty and wellbeing and personal care businesses. “The cost of living is proving profitable for this global giant, with full-year underlying sales growth expected to beat forecasts.” Unilever forecast that price growth would “moderate through the year”, but added that it expected sales growth to remain strong. The company said Europe was particularly exposed to price growth because of the popularity of ice-cream brands such as Magnum and Ben & Jerry’s and other products such as salad dressings, on which Unilever had increased prices most rapidly. Revenues in the UK rose by more than 10%, and was “price-led”. The company said brands such as Hellman’s mayonnaise, Sunsilk hair products and Rexona deodorant – known as Sure in the UK and Degree in the US – had increased sales by volume. Hein Schumacher, who was chosen as Unilever’s new chief executive in January, has been leading the business for only a month, after taking over from Alan Jope amid pressure from the activist investor Nelson Peltz. Schumacher said he wanted a simplified operating model to “drive improved performance and competitiveness”. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Schumacher will also have to decide whether to continue Unilever’s business in Russia, which accounted for 1.5% of the group’s profits in the first half of 2023. Many large companies have abandoned operations in the country but Unilever has argued that its products are essentials and that it had stopped all capital from flowing across Russia’s borders. That stance has proved controversial, with the Ukrainian government naming it as an international sponsor of war. The company was also criticised on Sunday after an executive wrote that it would comply with all laws where it operated, including a Russian law permitting conscription. Unilever has said exiting is not a straightforward prospect, given it has a physical business in the country, and if it were to abandon its business and brands there “they would be appropriated – and then operated – by the Russian state”.
TikTok introduces text-only posts as Elon Musk rebrands Twitter as X 2023-07-25 - TikTok has announced the introduction of text-only posts, as it becomes the latest tech company seeking to capitalise on people who may be looking for an alternative to Twitter. Video sharing platform TikTok announced on Monday that it will now allow users to create “text-based content”, in a move it characterised as “expanding the boundaries of content creation for everyone on TikTok” and “giving the written creativity we’ve seen in comments, captions, and videos a dedicated space to shine.” Users will also be able to add coloured backgrounds and stickers to the posts, which have a limit of 1,000 words. Variety compared the feature to Instagram, where rather than facilitating a conversation, the posts can simply be commented on. Website TechCrunch reported that the introduction of the feature was “likely to take on Twitter (now X) and Meta’s Threads.” In his latest change since buying Twitter in October, Elon Musk rebranded the company X this week, in a move labelled “extremely risky” by commentators. Twitter is suffering financially, announcing in July that its ad revenue had dropped by 50% as advertisers withheld spending on the site. Rival tech companies have used the perceived chaos and upheaval of Musk’s purchase of Twitter as an opportunity to attract some of its user base and launch rival platforms. Threads is Instagram’s text-based app, which makes use of the existing base of Instagram users and was launched to much fanfare earlier this month. While Threads saw 100 million people sign up in fewer than five days after its launch, the number of active daily users has since fallen by 70%, Forbes reports. TikTok has just over a billion users, according to the company website, whereas Instagram has 2.3 billion users, according to industry website, Business of Apps. TikTok’s audience is younger than Instagram’s, with the UK Communications watchdog finding this week that it is the number one news source for 12 to 15-year-olds, followed by YouTube and Instagram. TikTok has however faced criticism over its links to the China, with the Canadian, US, UK and Australian governments restricting the app on government-owned devices. This week, the company revealed that its China-based employees can access some Australian user data.
Big pay rises for top earners in London have masked cuts in rest of UK, says IFS 2023-07-25 - Big pay increases for highly paid workers in London and the south-east have masked real wage cuts across large swathes of the economy and led to a widening in the UK’s geographical earnings gap, a leading thinktank has said. A study from the Institute for Fiscal Studies (IFS) found that while workers in some sectors – such as manufacturing, education and hospitality – had fallen in inflation-adjusted terms, there had been significant rises for those employed in the business services sector, the City and IT. Yet, despite evidence of labour shortages since the end of Covid-19 lockdown, many workers – including those in London – were now between 1% and 4% worse off than they were before the virus first arrived in the UK. There are more than 1m job vacancies, with employers saying they are having trouble hiring staff. Using payroll data from HMRC, the IFS said pay growth since the start of the pandemic has been concentrated in well-paid parts of the economy that tended to be located in London. That had led to real mean earnings for employees living in London rising by 5% since February 2020 – to £4,400 a month before tax – compared with a national increase of 2.7%. Workers who live in London’s commuter belt received a real pay rise of 4.5% on average. Xiaowei Xu, the senior research economist at the IFS, said: “Inequality in mean earnings across the country had been falling in the two decades leading up to the pandemic, with the poorest areas seeing the highest pay growth. Since 2020 we have seen a reversal of this trend, with strong pay growth in business services benefiting London’s top earners. “But not everyone in London has had a big pay rise. Middle earners in London have only seen their pay go up by 1.7% over the last three years, which is low by both national and historical standards.” The IFS study showed the biggest real pay increases in the 2020-23 period had been enjoyed by workers in the energy and the administration and support sectors, which saw rises of close to 10%. Business services recorded increases of 8.6% and wages in finance – despite a fall from their peak in mid-2022 – were 7.6% above their pre-pandemic level. Earnings in information and communications were up by 5.5%. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion By contrast, there were 10 sectors in which inflation-adjusted earnings were lower than they were at the start of 2020. The biggest drop – close to 4% – was in the real estate sector, but there were also declines of 1% or more in mining and quarrying; accommodation and food; manufacturing; transportation and storage; construction; arts and entertainment; education; water; and public administration.
Don't give the Fed credit for crushing inflation, Nobel economist Paul Krugman says 2023-07-25 - Inflation hasn't cooled because of the Federal Reserve's interest-rate hikes, Paul Krugman says. The Nobel Prize-winning economist says it's more likely that pandemic disruptions have dissipated. Still, the US economy might be in worse shape today if the Fed hadn't raised rates, Krugman says. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy US inflation has plunged not because of the Federal Reserve's hikes to interest rates, but because pandemic disruptions have faded, Paul Krugman says. The pace of price growth hit a 40-year high last year, spurring the central bank to lift borrowing costs from nearly zero to north of 5% since last spring. Inflation has slowed from 9.1% to 3% over the last 12 months, but it's unlikely the Fed's tightening is responsible, the Nobel Prize-winning economist argued in his latest New York Times column. "The more I look at that claim, the less plausible it seems," Krugman wrote. Giving credit to the Fed for disinflation strikes him as "at least mostly wrong," he added. The retired Princeton and MIT professor said it was more likely that the COVID-19 pandemic discombobulated the economy. Now markets have adjusted those disruptions, "recombobulation" has taken place, he said. He pointed out that higher rates typically curb inflation by discouraging spending, hiring, and investing. That leads to higher unemployment, which weakens demand and eases upward pressure on prices. But inflation has cooled without joblessness spiking, indicating other factors are at work, he said. Krugman highlighted that business closures, lockdowns, and travel restrictions shifted demand to goods from services. That roiled global supply chains and sent everything from shipping costs to used-car prices skyward. More importantly, the work-from-home boom ignited demand for houses, which had the knock-on effect of lifting rental costs. Those forces plateaued more than a year ago, but have only been reflected in recent months due to lags in inflation measures, Krugman said. The economist also underscored that the surge in workers quitting their jobs during the pandemic — dubbed "The Great Resignation" — has dissipated. As a result, labor shortages have eased and wage growth seems to have waned. Krugman summed up recombobulation as "the fading away of pandemic-era distortions." There's much more evidence of that happening versus "sketchier and more speculative" claims that the Fed is responsible for disinflation, he said. However, the author and columnist emphasized the Fed had little choice but to hike rates and risk a recession to crush inflation before it became entrenched. The US economy seems to have shrugged off the rate increases so far, with stocks, home prices, and employment holding up, and no sign of a near-term recession. "This suggests to me that the Fed may have done the right thing for the wrong reasons," Krugman said. He explained that surprisingly resilient US demand could indicate the Fed stopped the economy overheating and inflation surging by raising rates, which allowed recombobulation to relieve pricing pressures. "When it comes to disinflation, which has so far been incredibly painless, we got lucky," Krugman concluded.