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Georgia Supreme Court denies Trump bid to derail Fulton County election probe 2023-07-18 - ATLANTA — Georgia's Supreme Court on Monday denied Donald Trump's bid to halt the Fulton County district attorney's probe into whether the former president and his allies interfered in the state's 2020 presidential election. The rejected petition was one of two Trump’s lawyers filed in different Georgia courthouses last week, both seeking to effectively derail District Attorney Fani Willis’ investigation into whether there were “coordinated attempts to unlawfully alter the outcome of the 2020 elections.” The petition sought to disqualify Willis from investigating Trump and to quash a report from the special grand jury she used to help her investigation. In a brief, unanimous ruling, the nine-judge state Supreme Court said what Trump was seeking "is not the sort of relief that this Court affords, at least absent extraordinary circumstances that Petitioner has not shown are present here." "Moreover, even if the petition were procedurally appropriate, Petitioner has not shown that he would be entitled to the relief he seeks," the court said. A representative for Trump did not immediately respond to a request for comment. The DA’s office declined to comment. Fulton County District Attorney Fani Willis in court in Atlanta on July 11. Brynn Anderson / AP A similar Trump petition filed Friday is pending before Fulton County Superior Court. Both petitions sought a court order barring Willis “from introducing any evidence obtained via the special purpose grand jury process to a regular grand jury.” The special grand jury recommended indicting more than a dozen people, its foreperson, Emily Kohrs, said on “NBC Nightly News” in February. Their names have not been made public. Trump's petition asked both courts to act swiftly because Willis “has signaled that she will use the report — itself the fruit of contorted and coopted process — to secure an indictment against Petitioner within weeks, if not days.” Trump filed a similar petition in Fulton County Superior Court in March. The judge who has overseen the grand jury investigation, Robert McBurney, has yet to rule on that filing. Willis began her sprawling investigation in January 2021. Trump has denied any wrongdoing and maintained that Willis, a Democrat, is conducting a politically motivated "witch hunt." In letters to local law enforcement agencies, Willis has indicated that she would most likely seek indictments during the first half of August.
Plane emergency evacuation slide lands in Chicago neighborhood 2023-07-18 - An emergency evacuation slide from a plane that landed Monday at O’Hare International Airport in Chicago apparently fell off and was found in a nearby neighborhood, officials said. No injuries were reported. Pictures from NBC Chicago showed what looked like a large section of plastic-like material being removed by officials. It landed in a backyard, the station reported. Maintenance workers at the airport noticed the slide was missing from United Airlines Boeing 767 that had just arrived from Switzerland, the Federal Aviation Administration said. “We immediately contacted the FAA and are working with our team to better understand the circumstances around this matter,” United Airlines said in a statement. The flight from Zurich landed safely and had 155 passengers and 10 crew members aboard, the airline said. No injuries were reported in the incident. The slide is in a compartment near the wing and exit door and the door wouldn’t have to open for it to fall off, a source with knowledge of the situation said. That compartment door was open when it landed, the source said. The FAA said it is investigating.
Miranda Lambert fan says she was called out for taking a photo during concert 2023-07-18 - A woman said she is "appalled" after she and her friends were called out by Miranda Lambert on Saturday at the country singer's Las Vegas show for taking a group photo. Adela Calin said the country singer stopped midway through her performance of “Tin Man” after spotting her and five of her friends posing for a photo. "It was 30 seconds at most," Calin, a social media influencer from Las Vegas, said in a phone interview. "We took the picture quickly and were going to sit back down." A video clip of the moment went viral on TikTok, where many users came to Calin and her friends' defense. “I’m gonna stop right here for a sec,” Lambert is heard saying in the video, which has over 1.4 million views and 81,000 likes. “These girls are worried about a selfie and not listening to the song, and it’s pissing me off a little bit.” While the audience roared in support of Lambert during the video, many users on TikTok and Twitter said they felt Lambert’s reaction seemed harsh. “She could have finished her song and just said some blanket statement like, ‘Let’s try to be in the moment and stay off our phones’ if she felt like she needed to,” one person commented on the TikTok video. “This was completely uncalled for, and disrespectful to her fan base. They paid their money and was enjoying the music,” one user tweeted. A representative for Lambert declined to comment. Calin, 43, said she believes Lambert’s reaction might be due to the growing number of artists having things thrown at them onstage by overzealous fans. Fans online have expressed safety concerns for touring artists, specifically female musicians, several of them pointing out that most of the viral videos involved women being struck. Many have called on concertgoers to be respectful of the musicians they come to see, noting that many people forget that celebrities are also human. While Calin understands the overall safety concerns for artists, she said she was disappointed by Lambert’s behavior. “It felt like I was back at school with the teacher scolding me for doing something wrong and telling me to sit down back in my place,” she said. “... I feel like she was determined to make us look like we were young, immature and vain. But we were just grown women in our 30s to 60s trying to take a picture.” Calin said the group — which was seating very close to the stage — had tried to take photos before the show started, but the lighting wasn’t great. So she asked the woman behind them to take a photo of her and her friends towards the end of the show. "We just couldn’t get one good picture," Calin said. "We were so excited because I think we had the best seats in the house in the whole theater." On Monday, she posted the photos to her Instagram, writing in the caption, "These are the 2 pictures we were [taking] when Miranda Lambert stopped her concert and told us to sit down and not take selfies."
Powerball jackpot getting close to record territory with $900M prize 2023-07-18 - Lottery fans are eagerly awaiting the chance for a mighty payout Monday night as the Powerball total climbed to its third-largest jackpot in history. The prize totals $900 million after Saturday night's drawing failed to find its perfect match — white balls 2, 9, 43, 55, 57 and red Powerball 18, according to the website. The most recent Powerball jackpot winner was an Ohio player, who scored a $252.6 million win in April. It's been 37 consecutive drawings without a match, boosting the total potential payout to a near-record level. Powerball, which is operated by the Multi-State Lottery Association, noted that this would be the seventh-largest U.S. lottery prize overall. A winner could choose either a lump sum of $465.1 million before taxes or $900 million in annual payments over 30 years.
State Department expands passport phone center hours, and U.S. senator calls for more hiring amid flood of applications 2023-07-18 - Amid an unprecedented surge in demand for U.S. passport processing, the State Department is expanding its application-processing call-center hours on weekends, as at least one U.S. senator says the agency should take additional measures to staff up. In a statement to NBC News, a Department official said the agency is now offering weekend call-center service Saturdays and Sundays from 10 a.m. to 3 p.m. ET. The spokesperson said the agency has also tripled the number of phone lines available at the National Passport Information Center, and that it is "aggressively" hiring and training additional staff to handle the influx of calls it continues to receive. The Department said this month that it is experiencing a surge in passport demand this year, with approximately 400,000 applications coming in each week. That is only down slightly from the more-than 500,000 applications a week it was receiving in the first half of the year, as American international travel soars this summer. Overall, the State Department expects to receive nearly 2 million more applications this fiscal year than in its previous record-setting, pre-pandemic year in terms of applications. The Department is advising passport applicants to apply at least six months in advance of their departure date. Following a visit Friday to a passport processing center in Washington, Sen. Mark Warner, D-Va., told NBC that he was sympathetic to Americans' frustrations. "We have to do better," he said, adding, "You shouldn’t have to wait three hours on the phone." While he said it was evident from his visit that department officials were working as hard as they could, he said the agency should be looking to hire as many workers as possible for call-center positions, since those don't require security clearances. "We ought to be able to have that surge capacity. ... You shouldn't have to call your senators," Warner said, though he also believed the biggest demand wave had passed. A call to both his U.S. senators and his representative has failed to produce results for Jhonas Amulacion, a Spokane, Washington, resident who has been planning since last year to visit his family in the Philippines this summer with his partner. They submitted their applications in early May and paid the $60 expedited-processing fees. So far, they've received no updates about whether they'll get their documents in time. Amulacion is bracing for the possibility of having to travel to Seattle — an approximately four-hour drive — for a last-minute in-person appointment. He said such a trip would already add to the thousands of dollars they paid for their plane tickets — though luckily those are refundable — and the hours spent waiting on hold before dawn to reach a customer-service representative first thing in the morning. A State Department spokesperson said in an email that customers like Amulacion and his partner would be eligible for a refund of their $60 if they failed to receive their documents in time. "I understand everyone being swamped, and that it’s a luxury service to even be able to fly," Amulacion said. "But we were really hoping to be able to go on this trip with family — I haven’t been there in a long time."
Nike permanently ends sponsor partnership with Hockey Canada 2023-07-18 - Nike has permanently ended its sponsor partnership with Hockey Canada. The sports apparel giant was one of several major partners that paused its sponsorship deal with Canada’s governing hockey body in 2022 amid heavy criticism of Hockey Canada’s handling of sexual assault allegations and settlement payouts. Nike’s decision comes almost two weeks after equipment brand Bauer reinstated its partnership with Hockey Canada following the hiring of former Curling Canada CEO Katherine Henderson as Hockey Canada president and CEO. Hockey Canada said in a statement that it is appreciative of the relationship it had with Nike over the past two decades and respects the apparel company’s decision to discontinue the partnership. In addition to Henderson’s appointment, Hockey Canada has made several changes at the top as it tries to restore its image. Its board of directors resigned last October along with interim chair Andrea Skinner. President and CEO Scott Smith also left the organization. A new board of directors was named and Hugh Fraser, a retired judge, came on board as chair, and the federation has implemented many of the governance changes outlined in a damning independent report. ___ AP sports: https://apnews.com/hub/sports and https://twitter.com/AP_Sports
Union Pacific railroad to renew push for 1-person crews by testing conductors in trucks 2023-07-18 - FILE - The crew on a Union Pacific freight train works at a siding area, Jan. 24, 2020, south of Tucson, Ariz. Union Pacific will renew its push for one-person train crews later this summer when the railroad tests out the idea of having a conductor in a truck respond to problems on trains in Nebraska and Colorado. UP's Jason Pinder confirmed the pilot program on Monday, July 17, 2023, when he testified against a proposed Kansas rule that would require two-person crews. (AP Photo/David Boe, File) FILE - The crew on a Union Pacific freight train works at a siding area, Jan. 24, 2020, south of Tucson, Ariz. Union Pacific will renew its push for one-person train crews later this summer when the railroad tests out the idea of having a conductor in a truck respond to problems on trains in Nebraska and Colorado. UP's Jason Pinder confirmed the pilot program on Monday, July 17, 2023, when he testified against a proposed Kansas rule that would require two-person crews. (AP Photo/David Boe, File) FILE - The crew on a Union Pacific freight train works at a siding area, Jan. 24, 2020, south of Tucson, Ariz. Union Pacific will renew its push for one-person train crews later this summer when the railroad tests out the idea of having a conductor in a truck respond to problems on trains in Nebraska and Colorado. UP's Jason Pinder confirmed the pilot program on Monday, July 17, 2023, when he testified against a proposed Kansas rule that would require two-person crews. (AP Photo/David Boe, File) FILE - The crew on a Union Pacific freight train works at a siding area, Jan. 24, 2020, south of Tucson, Ariz. Union Pacific will renew its push for one-person train crews later this summer when the railroad tests out the idea of having a conductor in a truck respond to problems on trains in Nebraska and Colorado. UP's Jason Pinder confirmed the pilot program on Monday, July 17, 2023, when he testified against a proposed Kansas rule that would require two-person crews. (AP Photo/David Boe, File) Union Pacific will renew its push for one-person train crews later this summer when the railroad tests out the idea of having a conductor in a truck respond to problems on trains in Nebraska and Colorado OMAHA, Neb. -- Union Pacific will renew its push for one-person train crews later this summer when the railroad tests out the idea of having a conductor in a truck respond to problems on trains in Nebraska and Colorado. The railroad will continue using two crew members on its trains during the test, but officials say this could bolster their case in future negotiations for cutting crew size if it is successful. UP's Jason Pinder confirmed the pilot program Monday when he testified against a proposed Kansas rule that would require two-person crews. The Omaha, Nebraska-based railroad has long been a leading proponent in the industry's push to go down to one-person crews. This plan had to be shelved earlier this year after the Transportation Division of the International Association of Sheet Metal, Air, Rail and Transportation Workers union that represents conductors opposed it. But that union later agreed to let Union Pacific test out ground-based conductors as long as it maintained current crew sizes and agreed to drop ongoing negotiations over reducing crew size. Even though UP abandoned its current proposal to eliminate conductors on trains, the railroad can reintroduce the idea in the next contract negotiations that begin in 2025. Union officials say there has been no change in SMART-TD's longstanding opposition to the idea of eliminating the second person in the cab of a locomotive because of safety concerns. In fact, the union's Ty Dragoo testified Monday that “We're huge proponents” of the proposed Kansas rule. If that state's regulators approve, Kansas would join at least nine other states that have passed laws requiring two-man crews. The others are California, Wisconsin, Arizona, West Virginia. Minnesota, Washington, Nevada, Colorado and Ohio. Railroad safety has been a key focus nationwide this year in the wake of a fiery February derailment in eastern Ohio that forced evacuations and created lingering health concerns and several other rail crashes. The railroads strongly oppose state laws on their operations and usually challenge them in court because they argue that the federal government should be the only one to regulate the industry to ensure there is a uniform set of rules nationwide. The Federal Railroad Administration is also currently considering a proposed rule that would require two-person crews, but it's not clear when they will act on the rule. Members of Congress have also proposed requiring two-man crews as part of a package of rail reforms drafted after the East Palestine, Ohio, derailment. That bill garnered bipartisan support initially but hasn't yet been debated on the floor of the Senate, and it faces uncertain prospects in the Republican-controlled House where most lawmakers are reluctant to approve new regulations. The pilot program will run in western Nebraska between North Platte and Morrill and in Colorado and Wyoming between Denver and Cheyenne starting in August and September. The railroad’s idea is to test out how quickly a conductor in a truck can respond to any problem compared to how quickly a conductor on the train will be able to walk back along the train to find an issue. UP still has to work out exactly how big of a territory a ground-based conductor might cover. Railroads have fought any crew size requirement because they say there isn't enough data to show operating trains with one crew member would be riskier, and they argue that railroads have become safer in recent decades even as crews shrank from five to the current standard of two. The railroads have argued that modern technology — particularly the automatic braking system railroads were required to install in recent years — makes the conductor unnecessary on a train and executives believe that moving conductors off of trains would improve their quality of life by giving them more predictable schedules and keeping them from going on the road. While all the major freight railroads continue to use two-person crews, a number of short-line railroads have already been using one-person crews for years. Chuck Baker, the president of the American Short Line and Regional Railroad Association, testified at the Kansas hearing Monday that many of those smaller railroads have also found other benefits of having a conductor based in a truck such as having them adjust switches ahead of a train or go ahead to visit with customers before a train arrives. But all the rail unions have long opposed moving conductors out of locomotives, arguing they help monitor track conditions and radio communications while ensuring that engineers remain alert and respond to any emergencies or mechanical problems on the train. In the case of a derailment or collision, conductors are the first ones to respond before any additional help can arrive. The unions say the value of having a conductor onboard has been demonstrated time and time again including during a fiery 2013 derailment near Casselton, North Dakota, when the conductor was able to help separate undamaged tank cars filled with crude oil from the rest of the train so they could be pulled away from the fire. Critics of the idea of moving conductors out of the locomotive cabs have also raised practical questions about whether a conductor driving a truck would even be able to reach a train in remote locations where no roads are near the tracks. Plus, a conductor in a truck could be delayed in traffic. A major highway runs next to the tracks in Western Nebraska that UP plans to test, but it may be harder for a conductor in a truck to reach trains in the mountainous territory of Colorado.
Inflation has plummeted but these prices are still soaring 2023-07-18 - Prices for some staples are rising six times faster than overall inflation. A better-than-expected inflation report last week bolstered hopes that a prolonged bout of severe price hikes is near its end -- but the costs of some staple items continue to soar. Consumer prices rose 3% last month compared to a year ago, marking a significant slowdown from a peak last summer of more than 9%, government data showed. The aftereffects of pandemic-induced supply chain blockages and the Russia-Ukraine war, however, have kept price hikes elevated for some crucial goods, such as bread and frozen vegetables, experts told ABC News. Here's what to know about which prices are still rising and what's causing the surge. Bread and beer The price of bread jumped 11.5% in June compared to a year prior, marking a cost increase nearly four times higher than overall inflation. The cost of cookies jumped 8.8% over that period, while the price of beer leapt 5.4%, according to government data. Taken together, these sharp price hikes stem in large part from grain supply shortages imposed by the Russia invasion of Ukraine, the world's fifth-largest exporter of wheat, said Mark Hamrick, a Washington bureau chief and senior economic analyst at Bankrate.com. "It begins with the war in Ukraine," Hamrick told ABC News. "And there have been ripple effects from that." On Monday, Russia paused its participation in a key deal allowing for the export of Ukrainian grain, potentially exacerbating the global supply shortage, said David Ortega, a food economist at Michigan State University. And even as global supply chains have tried to adapt to the grain shortage, elevated fuel prices have added transport costs, Ortega said. "There's a reality of higher energy costs compared to pre-COVID," he said. Sodas on shelves at a Vons grocery store in Pasadena, California, June 10, 2020. Mario Anzuoni/Reuters Processed fruits and vegetables Some of the most eye-popping price increases have struck packaged fruits and vegetables. Frozen vegetable prices soared more than 17% in June compared to a year prior, which makes for an inflation rate nearly six times higher than the overall pace. The cost of canned fruits jumped more than 8% over that period, meanwhile, and the price of canned vegetables rose more than 5%, government data showed. Such foods have resisted a cooldown in prices because they require a "long supply chain" that calls for packaging and processing, which in turn exposes them to elevated supply costs as the global economy works out remaining kinks from the pandemic disruption, Ortega said. By comparison, Ortega noted, price increases for fresh produce have slowed significantly. The prices of fresh fruits and vegetables climbed just 1.1% in June compared to a year prior. "In the perimeter of stores, we're seeing food prices abating," Ortega said, highlighting the presence of fresh food in that area. "In the center of the store, that's where we're seeing food-price inflation persist." Underwear and jewelry Price hikes also remain sky high for some apparel goods. The prices for women's underwear and swimwear jumped more than 7% in June compared to a year ago; the price of men's underwear climbed over 4% during that period. "I did purchase underwear myself recently and literally made a comment to the store clerk saying it's getting expensive to wear underwear these days but there's no alternative," said Hamrick, of Bankrate.com. In general, such price spikes result from a "mismatch between supply and demand," Hamrick added, noting that he did not know the exact cause of the rise in underwear prices. Similarly, the price of jewelry jumped more than 7% in June compared to a year ago, far outpacing the inflation rate for overall apparel costs during that period, which stands at 3.1%. Other notably high price increases over the past year include a roughly 12% leap in pet food costs and a nearly 9% rise for tools and outdoor equipment, government data showed. The price of eggs, which spiked last summer due to an avian flu outbreak, has fallen nearly 8% over the past year.
How Benjamin Franklin laid groundwork for the US dollar by foiling early counterfeiters 2023-07-18 - A magnified photo provided by the Proceedings of the Natural Academy of Sciences shows a twenty shillings Pennsylvania note printed by Benjamin Franklin on August 10, 1739, featuring "nature printed" patterns of leaves that counterfeiters found difficult to duplicate. (Proceedings of the National Academy of Sciences via AP) A magnified photo provided by the Proceedings of the Natural Academy of Sciences shows a twenty shillings Pennsylvania note printed by Benjamin Franklin on August 10, 1739, featuring "nature printed" patterns of leaves that counterfeiters found difficult to duplicate. (Proceedings of the National Academy of Sciences via AP) A magnified photo provided by the Proceedings of the Natural Academy of Sciences shows a twenty shillings Pennsylvania note printed by Benjamin Franklin on August 10, 1739, featuring "nature printed" patterns of leaves that counterfeiters found difficult to duplicate. (Proceedings of the National Academy of Sciences via AP) A magnified photo provided by the Proceedings of the Natural Academy of Sciences shows a twenty shillings Pennsylvania note printed by Benjamin Franklin on August 10, 1739, featuring "nature printed" patterns of leaves that counterfeiters found difficult to duplicate. (Proceedings of the National Academy of Sciences via AP) Benjamin Franklin, the colonial inventor, publisher, diplomat and U.S. founding father, was so busy that it's easy to lose track of his accomplishments SAN FRANCISCO -- Benjamin Franklin was so busy as an inventor, publisher, scientist, diplomat and U.S. founding father that it’s easy to lose track of his accomplishments. So add one more to the roster: his early work in printing colonial paper currency designed to counter a constant threat of counterfeiting. Franklin was an early innovator of printing techniques that used colored threads, watermarks and imprints of natural objects such as leaves to make it far harder for others to create knockoffs of his paper bills. A team at the University of Notre Dame has shed new light on his methods using advanced scanning techniques that reveal some of Franklin’s methods in greater detail — along the way, also providing one more reason Franklin appears on the $100 bill. The new research, published Monday in the Proceedings of the National Academy of Sciences, describes data gathered with techniques such as spectroscopy and fluorescence tests, which use light to identify elements such as carbon, calcium and potassium in test samples. Researchers also used electron microscopes for imaging fine details. The intent, said lead author Khachatur Manukyan, a Notre Dame associate professor of physics, was to learn more about the materials used by Franklin and his network of affiliated printers and how they served to distinguish their bills from cheaper copies. “The goal was to decode what type of material they used,” Manukyan said in an interview. “And then we found some very interesting differences between this money and other printers.” The researchers examined Franklin's penchant for including watermarks, tiny indigo-dyed threads and “fillers” of special crystal in printed bills to create barriers to copycats. The paper also highlights Franklin's use of “nature printing,” a technique by which he transferred the detailed vein patterns of tree leaves to printing plates. These techniques raised numerous barriers to would-be copycats. Counterfeiters naturally sought to keep their costs low, and thus were often slow to invest in improving their own printing techniques. Franklin's fillers served to make bills hardier and thus extend their life over the cheaper paper preferred by criminals, while his dyed threads added another production barrier. Similarly, Franklin's nature-printed images produced fine details that were particularly difficult for less skilled printers to duplicate. The Notre Dame team also learned that Franklin developed his own graphite-based ink at a time when competing printers were mostly using inks derived from “boneblack,” a charcoal-like substance produced by heating animal bones to high temperatures in a kiln that limited the flow of oxygen. The significance of Franklin's graphite-based ink isn't clear and needs further study. Later, though, the Revolutionary War brought on such a surge of counterfeiting — much of it, apparently, courtesy of the British Army — that the subsequent U.S. government shunned paper bills for decades in favor of coinage. It didn't reconsider until the onset of the Civil War in 1861, when the federal government first authorized the printing of dollar bills called “greenbacks.” Among the features in those U.S. banknotes were, of course, colored threads. These remain in use today, albeit in a more modern form. Today's U.S. currency, for instance, features an embedded “security thread” in bills denominated $5 or more, although it's now a thin vertical band that fluoresces under ultraviolet light. __ This story has been revised to correct the name of the University of Notre Dame.
Sean 'Diddy' Combs aspires to create new Black Wall Street through online marketplace Empower Global 2023-07-18 - FILE - Sean "Diddy" Combs arrives at the BET Awards, June 26, 2022, at the Microsoft Theater in Los Angeles. Combs wants to strengthen the Black dollar: The music mogul is spearheading a new online marketplace called Empower Global that will specifically feature Black-owned businesses. (Photo by Richard Shotwell/Invision/AP, File) FILE - Sean "Diddy" Combs arrives at the BET Awards, June 26, 2022, at the Microsoft Theater in Los Angeles. Combs wants to strengthen the Black dollar: The music mogul is spearheading a new online marketplace called Empower Global that will specifically feature Black-owned businesses. (Photo by Richard Shotwell/Invision/AP, File) FILE - Sean "Diddy" Combs arrives at the BET Awards, June 26, 2022, at the Microsoft Theater in Los Angeles. Combs wants to strengthen the Black dollar: The music mogul is spearheading a new online marketplace called Empower Global that will specifically feature Black-owned businesses. (Photo by Richard Shotwell/Invision/AP, File) FILE - Sean "Diddy" Combs arrives at the BET Awards, June 26, 2022, at the Microsoft Theater in Los Angeles. Combs wants to strengthen the Black dollar: The music mogul is spearheading a new online marketplace called Empower Global that will specifically feature Black-owned businesses. (Photo by Richard Shotwell/Invision/AP, File) LOS ANGELES -- Sean “Diddy” Combs wants to strengthen the Black dollar: The music mogul is spearheading a new online marketplace called Empower Global that will specifically feature Black-owned businesses. “I want to create our own Black Wall Street,” Combs told The Associated Press about his e-commerce platform, which launched last week. He feels passionate about building substantial wealth in his community similar to the Greenwood community, the thriving Black-owned business district in Tulsa, Oklahoma, that was decimated in a two-day attack by a white mob in Oklahoma in 1921. Combs said he’s not looking for financial benefit after he invested $20 million into Empower Global, which allows consumers to purchase products exclusively created and sold by Black entrepreneurs. The curated marketplace featuring Black-owned brands will allow consumers to purchase clothing, shoes, beauty accessories including skin care and fragrances, and even wall art. The platform was designed and created by two Black-owned companies, TechSparq and ChatDesk. The platform launched with 70 brands with plans to introduce new Black businesses monthly. He hopes to showcase more than 200 brands by the end of the year. “This is about building our own infrastructure and ecosystem,” Combs said. “I’m not doing this for profit. This is about us.” Combs said he feels more excited about launching into Empower Global than before the start of his widely-popular label Bad Boy Records. “I’m going into these areas to diversify things and fight for our inclusion. This is a platform about sharing power and empowering each other," he said. "This is something that is for my people. It’s a tipping point for us to wake up start paying attention and supporting each other while taking responsibility and accountability.” Combs, who's worked on the platform for years, said it’s important for Black people to circulate money in their own community. “It benefits the community to empower and take care of itself,” he said. “Right now, our dollar in the Black community doesn’t even last an hour. Most other communities and ethnic groups, they understand the power of unity. Their dollars stay in their communities for days and get passed on to other people that are like them and from their same community.” Combs said he’s accomplished his dreams of building one of hip-hop’s biggest empires, blazing a trail with several entities. He’s the founder of Bad Boy Records and a three-time Grammy winner who has worked with top-tier artists including Notorious B.I.G., Mary J. Blige, Usher, Lil Kim, Faith Evans and 112. He created the Sean John fashion clothing line, launched the Revolt TV with a focus on music and has his own vodka. He’ also produced the reality show “Making the Band” on MTV. “My dreams have always been to be successful in music, being obsessed with fashion and the greatest Black serial entrepreneur to ever live,” said Combs, who along with Tyler Perry and Byron Allen is interested in purchasing the network BET. He’s also in a dispute with spirits giant Diageo after he sued the company over allegations of racism over how they handled his liquor brands. “I’ve graduated from me to we. I’m able to use my God-given intelligence to create," he said. "I’m passionate about the possibility of showing Black economic unity. I’m not going to stop until I’m working with the best brands, the best Black-owned digital mainstream, so we can start fueling our own economic system.”
Southwest Airlines adds former Republican Sen. Roy Blunt of Missouri to its board of directors 2023-07-18 - File - Sen. Roy Blunt, R-Mo., during a Senate Rules Committee hearing on Capitol Hill in Washington, Monday, Dec. 19, 2022. Southwest Airlines said Monday, July 17, 2023, it added former U.S. Senator Blunt, to its board of directors. Blunt, 73, spent 14 years in the U.S. House of Representatives and served in the Senate from 2011 until leaving office in January as the fourth-ranking Republican. (AP Photo/Matt Rourke, File) File - Sen. Roy Blunt, R-Mo., during a Senate Rules Committee hearing on Capitol Hill in Washington, Monday, Dec. 19, 2022. Southwest Airlines said Monday, July 17, 2023, it added former U.S. Senator Blunt, to its board of directors. Blunt, 73, spent 14 years in the U.S. House of Representatives and served in the Senate from 2011 until leaving office in January as the fourth-ranking Republican. (AP Photo/Matt Rourke, File) File - Sen. Roy Blunt, R-Mo., during a Senate Rules Committee hearing on Capitol Hill in Washington, Monday, Dec. 19, 2022. Southwest Airlines said Monday, July 17, 2023, it added former U.S. Senator Blunt, to its board of directors. Blunt, 73, spent 14 years in the U.S. House of Representatives and served in the Senate from 2011 until leaving office in January as the fourth-ranking Republican. (AP Photo/Matt Rourke, File) File - Sen. Roy Blunt, R-Mo., during a Senate Rules Committee hearing on Capitol Hill in Washington, Monday, Dec. 19, 2022. Southwest Airlines said Monday, July 17, 2023, it added former U.S. Senator Blunt, to its board of directors. Blunt, 73, spent 14 years in the U.S. House of Representatives and served in the Senate from 2011 until leaving office in January as the fourth-ranking Republican. (AP Photo/Matt Rourke, File) Southwest Airlines is adding a former Republican senator to its board of directors DALLAS -- Southwest Airlines has added former U.S. Senator Roy Blunt, a Republican from Missouri, to its board of directors. Blunt, 73, spent 14 years in the U.S. House of Representatives and served in the Senate from 2011 until leaving office in January as the fourth-ranking Republican. He did not seek re-election last year. Since April, Blunt has worked at Husch Blackwell Strategies, a Washington, D.C., lobbying firm that also employs his son and former aides. The firm said Blunt would focus on advising clients and did not plan to register as a lobbyist. Southwest Chairman Gary Kelly said Monday in prepared remarks that Blunt's experience as chairman of the Senate aviation subcommittee would be helpful to the airline. The appointment took effect Sunday. Dallas-based Southwest now has 15 directors.
Is It Time To Take Another Bite Of Chewy, Inc? 2023-07-18 - Key Points Chewy.com got an upgrade that may lead to a full reversal in the market. The company is expected to post significant growth and may easily outpace the target. A move to the top of a range is expected, if the stock breaks to a new high, a sustained rally may follow. 5 stocks we like better than Chewy A reversal has been brewing for Chewy, Inc stockholders NASDAQ: CHWY, and it looks like it is about to take off. An upgrade from Goldman Sachs highlights the company’s recent strengths and suggests a complete reversal is possible. In this scenario, the market will regain the top of its consolidation range and break to new highs. If the next few earnings reports show the strengths that investors are starting to expect, the market for Chewy, Inc stock could double in value by early 2024. Chewy.com Looks Tasty To Goldman Sachs Analysts Goldman Sachs NYSE: GS upgraded Chewy to Buy from Neutral, citing a better risk-to-reward profile with shares at their current level. The firm is increasingly optimistic about Chewy’s ability to maintain 10% or better top-line growth, and there is an opportunity for significant outperformance. Growth channels such as International, sponsored ads, and insurance offer ways for Chewy to grow the top line, deepen penetration of existing customers, and widen its margins. In its view, Chewy’s margins may also expand above target due to its supply chain improvements and lean into private label brands. The analysts were warming to Chewy before the upgrade, which has amped the outlook. Marketbeat.com is tracking 20 analysts with published ratings who have it pegged at Moderate Buy. The Moderate Buy rating is steady over the past year but comes with a price target that has declined by 15% in the last 12 months. The caveat for bearish traders is that the price target is firm compared to last month and shows a bottom in the sentiment. The $50 target from Goldman is $7 above the consensus and 30% above the pre-upgrade price action. Institutional activity is also telling and consistent with a bottom-in-the-price action. The institutions and large private owners hold about 97.5% of the stock and have been buying on balance for the last 12 months. That activity is consistent with bottoming action that began in late spring 2022 and is confirming this year with a higher low. Chewy.com Could Outpace Consensus In Q2 Chewy is expected to report Q2 results in late August, and the bar has been lowered in recent weeks. Five analysts have lowered their revenue and earnings targets, while only 3 have raised theirs. The consensus is for revenue growth to accelerate to 13% compared to last year’s 12%, and the company may outpace the target. Likewise, adjusted earnings are expected to double compared to last year and may outpace the consensus by a significant margin. A recent channel check by Sensor Tower suggests Chewy.com com sales could accelerate more than expected. The latest app download data shows Chewy.com leading its peers with a 19% increase in app downloads. That was later compounded by Amazon’s NASDAQ: AMZN record-setting Prime Day, which was seen as a boost for all eCommerce-related names. As for Amazon, it says sales grew 6.1% on a 3.4% increase in the average purchase size. Chewy.com Rallies On Upgrade Chewy.com shares rallied on the upgrade and gained over 5.0% in premarket trading. The move confirms support at the 150-day EMA. That is near the mid-point of the consolidation range and has the market set to extend the gains. If the market follows through on this signal, a move up to the top of the range near $50 should come next. A move above $50 will be bullish and could take the stock up to $60 and $70 by the end of the year. Before you consider Chewy, 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 Chewy wasn't on the list. While Chewy currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
GreenPower Motor Company Shifts Into High Gear 2023-07-18 - Key Points GreenPower Motor Company releases Q1 results, and shares rocket higher. Reporting delays were offset by robust outperformance and a healthy outlook for sales growth. Sell-side interest is almost non-existent in this market, leaving it nowhere to go but up. 5 stocks we like better than GreenPower Motor GreenPower Motor Company NASDAQ: GP has had its share of hurdles and headwinds but has overcome the challenges. The company’s FQ4 results, which were delayed for several months, have finally been released, proving the company is building momentum and not just specialty EVs. Among the takeaways from the report is that demand is growing across several product lines, including EV Star Cab + Chassis combinations. That’s due to the partnership with Workhorse Group NASDAQ: WKHS, which may gain momentum in the 2nd half of 2023. The deal with Workhorse Group has GreenPower supplying EV Star cab/chassis for the W750 lineup. That lineup went into production earlier this year, and Workhorse is beginning to ramp production. It recently announced its first commercial sales partner, Smyrna Truck, in Smyrna, GA, and the first sales should follow soon. The W750 is a class-4 all-electric delivery vehicle that will compete with Mullen Automotive's NASDAQ: MULN vans. Mullen has shown a significant demand for class 1 through 4 all EV delivery vehicles, so this is a significant opportunity for Workhorse Group and GreenPower. GreenPower Motors Has Blow-Out Quarter The delay in filing Q4 results caused some anxiety among GreenPower Motors’ investors, but those fears have been put to rest. The company reported another record quarter with substantial outperformance and provided an outlook that suggest business could double soon. The company reported revenue of $15.33 million, a gain of 255% compared to last year. The revenue beat consensus by 780 basis points due to strength in EV Star Cab + Chassis sales compounded by strength in other EV Star models and BEAST Type A EV School Busses. Margin also widened, with gross margin growing 87% compared to last year. SG&A also fell and came in at 36% of sales. This is the 4th consecutive quarter of double-digit SG&A decline; additional improvement is expected. The company didn’t offer profitability guidance but showed solid cash flow and the ability to invest in growth while it ramps production. The company’s working capital and inventory positions improved, including $31.9 million in finished goods. Given the time lag with the results, those goods are expected to sell or have already sold. Sales expectations include more than 100 active orders for EV Star vehicles and BEAST school buses compounded by written orders that will double the production outlook when activated. The bottom line is that cash flow allows operations without using credit facilities, and operations are ramping. GreenPower Motor Has Nowhere To Go But Up The sell-side interest in GreenPower Motors is almost non-existent, leaving almost nowhere for the stock price to go but up. The institutions sold at a pace of 4:1 over the last 12 months but only own about 1.25% of the shares, which is insufficient to provide significant downward pressure in the face of a bullish catalyst. The analysts aren’t much better. Marketbeat.com is tracking 3 with ratings less than a year old, and the freshest was set in February 2023. The takeaway from that data is that analysts buy the stock and see about 70% of the upside, but the community is not fully engaged with the market. If that should change, including renewed interest from institutions, the stock could see a sharp rally by the end of the year. The chart is favorable to reversal. The market hit bottom earlier in 2023 and is confirming the bottom now. Support was found at a higher level in early July, and now the Q4 results have shares up another double-digit amount. Price action is back above the 150-day EMA, suggesting sell-side interest and long-term investors are returning to the market. If the market follows through on the signal, the stock could increase to $8, $12, and $16. Before you consider GreenPower Motor, 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 GreenPower Motor wasn't on the list. While GreenPower Motor currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Is the Microsoft Deal Driving Applied Optoelectronics 300% Gain? 2023-07-18 - Key Points Applied Optoelectronics is a leading manufacturer of fiber-optic access network products and lasers for the cable broadband and internet datacenter and telecom industries. An 8-K filing on June 21, 2023, disclosed a five-year design, supply and assembly services contract with Microsoft. No financial terms were disclosed. Applied shares fell from $5.67 to a low of $3.59 the following two days before rallying for the next three weeks to a high of $11.48 on July 13, 2023. Applied Optoelectronics is selling its transceiver business for $150 million to concentrate on its CATV and laser manufacturing business. AAOI stock has a 19.77% short interest with a 27.5 million share float. 5 stocks we like better than Applied Optoelectronics It’s highly unlikely you’ve heard of Applied Optoelectronics Inc. NASDAQ: AAOI until maybe recently, as shares soared more than 300% on its new supply agreement with Microsoft Co. NASDAQ: MSFT. The company is a vertically integrated optical networking product and laser manufacturer for datacenter, cable broadband and telecom customers. Incidentally, the company didn't have a press release announcing the deal, as it was quietly disclosed in an 8-K filing on June 22, 2023. There were no financial details. Applied shares sold off nearly 30% after the news for the next two days. Strangely, shares started to recover and build momentum for the next 15 trading days reaching a high of $11.48 on July 13, 2023. The stock has a small float of 27.5 million shares and a 19.5% short interest which fueled a short squeeze. Was Microsoft Deal Really the Driver? Investors credit the Microsoft contract for the 300% rise after the "news." However, could there be something else driving shares higher? The company didn't put out a press release or announce the deal, and no financial terms were disclosed in the 8-K. Incidentally, Microsoft had already been a customer for Applied as it inked a three-year manufacturing agreement for certain lasers to be manufactured under Microsoft's specifications on December 16, 2022, good through December 30, 2025. In fact, Microsoft had already been a customer as far back as 2017, along with Amazon.com Inc. NASDAQ: AMZN and Meta Platforms Inc. NASDAQ: META Facebook supplying products for their data centers. Back then, Amazon accounted for more than 50% of Applied revenues in 2017 before they got dumped by Amazon. Lasers and Datacenters Was the new contract a revision of the previous contract extended for five years? As for the products, Microsoft could be ordering lasers for its data centers. Diode lasers are the key component of optical fiber, enabling large amounts of data to travel long distances instantaneously. Data centers are prime customers for lasers and components, using them for data storage and processing. Could the new contract be an upgrade due to the overwhelming data traffic generated by its partnership with ChatGPT developer Open.ai? Could artificial intelligence mania be driving the need for more lasers to be manufactured? Selling the Chinese Transceiver Facilities On Sept. 22, 2022, Applied Optical announced it had entered an agreement to sell its Chinese manufacturing facilities and assets related to its transceiver business to Yuhen Optoelectronics Technology for $150 million. The deal is subject to regulatory approvals and is expected to be completed in the second half of 2023. Applied's founder Dr. Thompson Li commented, "After careful consideration, we concluded that it is in the best interest of the company and our shareholders for AOI to exit the transceiver market and focus our resources on our CATV business and manufacturing lasers and laser components for the data center, CATV, telecom, and FTTH markets. Further, we believe that this transaction opens up new opportunities for customer expansion with our existing data center laser business, which has a large addressable market." Most funds will be reinvested in its CATV business and new laser-related products. Applied Optoelectronics analyst ratings and price targets are at MarketBeat. Weekly Breakout Short-Squeeze The weekly candlestick chart on AAOI illustrates the trading range between $1.60 and $3.90 since September 2022. AAOI broke out on huge volume up to $5.67 heading into the Microsoft deal disclosure. This caused a sell-the-news initial reaction, but buying resumed the following three weeks sending shares up to $11.48 by mid-July 2023. Much of the run-up has to be credited to a short squeeze with a 19.77% short interest on a 27.5 million share float. The weekly relative strength index (RSI) momentum oscillation surged from the 35-band up to the 86-band in extremely overbought territory as shares had a 14% reversion from their peak. The weekly 20-period exponential moving average (EMA) rises at $3.93, followed by the 50-period MA at $2.76. Pullback support levels are at $5.71, $4.99, $4.50 and $3.90. Before you consider Applied Optoelectronics, 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 Applied Optoelectronics wasn't on the list. While Applied Optoelectronics currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Can Unity Software Sustain The Momentum? 2023-07-18 - Key Points Unity broke above a critical resistance area, indicating potential momentum continuation. Friday's sharp selloff might have left investors feeling uncertain about the recent breakout. Analysts predict downside for U, with a consensus price target of $41.35. Investors should closely watch if U can hold above the previous resistance at $44 in the upcoming week. 5 stocks we like better than Unity Software Unity Software NYSE: U broke above a critical resistance level last week. The stock, now up 55% year-to-date, looks set to continue its impressive momentum on the year after last week's action. Despite pulling back over 5% on Friday, U still closed above the previous resistance, indicating that resistance may have turned into support. However, the sharp pullback on Friday, just a day after breaking out, might leave investors wondering if a false breakout occurred in the stock. Unity is a game development platform that allows users to create and build interactive 2-D and 3-D environments for gaming and other applications. Unity was one of the first developers to fully support the iPhone operating system, making it a go-to choice for game developers. Over the years, Unity has expanded its offerings to include desktop, mobile, tablets, consoles, 3-D, web-based, and virtual reality platforms. The Price Action In Unity Since the end of last year, $43 to $44 has acted as a critical area of resistance for U. In late November of last year and February of this year, shares tested this level but failed to hold above. More recently, after making multiple attempts in June and early July, the stock broke above this area of resistance and notably closed above on Thursday. Despite pulling back 5% on Friday, along with the overall market, shares of U still closed above the critical level of $44. While the stock was able to close above the previous resistance, the selling on Friday opened the door for a potential false breakout. If the stock trades back into the range and under $44, then a false breakout might be confirmed, and a further move lower would be likely. However, if the stock can find support over $44, and turn previous resistance into support, a move towards last week's high near $48 could be a likely short-term target. The upcoming action this week will be vital to determine whether or not the breakout will have momentum. Analysts Predict Downside Analysts are currently predicting a downside for U, with the consensus price target of $41.35, predicting a 6.74% downside for the stock. Based on the 16 analyst ratings, the consensus rating is Hold. Month over month, the consensus price target has risen from $40.06 to $41.35. Most recently, on July 12, Barclays boosted their price target from $31 to $40. Of the 16 analyst ratings, 8 have U as a Buy, 7 as a Hold, and 1 as a Sell. Insiders Are Selling Unity Software Despite the positive momentum in shares this year and the partnership with Apple NASDAQ: AAPL for the Apple Vision Pro headset, insiders have consistently sold stock each quarter so far this year. Over the last twelve months, the total amount of insider selling is $22.82 million, comprised of ten insiders. Over the same period, there have been no insider purchases. Should You Invest In Unity Software? Unity has shown impressive performance lately in the market, with the stock up close to 10% last week despite Friday's selloff and 55% YTD. However, Friday's selloff cast doubts over Thursday's breakout and whether the breakout will continue to the upside. The upcoming week will be important for the stock and specifically to note whether U can hold above the previous resistance. Will the analysts be correct in predicting the downside, or will the stock hold over $44 and continue to trend higher into earnings? Unity is set to report earnings on August 2, after the market close. Before you consider Unity Software, 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 Unity Software wasn't on the list. While Unity Software currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Nvidia Invested $50 million into This AI Drug Discovery Biotech 2023-07-18 - Key Points Recursion Pharmaceuticals is a clinical-stage biotech using artificial intelligence (AI) and machine learning (ML) models to accelerate drug discovery for various cancers and diseases. Shares doubled on announcing a $50 million PIPE investment by Nvidia. The Nvidia investment is a sign of confidence and credibility of Recursions technology. Recursion acquired two AI firms in May. RXRX shares have a 15.69% short interest. 5 stocks we like better than Recursion Pharmaceuticals Clinical-stage biotechnology company Recursion Pharmaceuticals Inc. NASDAQ: RXRX saw its stock double on the announcement of a $50 million investment from artificial intelligence (AI) leader Nvidia Co. Nasdaq: NVDA. The news generated volume not seen in years, bringing the spotlight onto the AI-powered drug discovery that Recursion engages in. Its AI platform is notable for its massive proprietary biological and chemical datasets spanning over 23 petabytes and aptly called the Recursion Data Universe. Its Recursion Map is a collection of hundreds of billions of searchable biological and chemistry inferences enabling millions of weekly wet lab experiments. The company competes with AI-powered drug discovery leader Schrodinger Inc. NASDAQ: SDGR. Clinical Trials and Partnerships Recursion has four clinical trials and multiple preclinical projects targeting various cancers and diseases. The company acquired two leading AI drug discovery companies, Cyclica (leading digital chemistry software suite) and Valence (AI/ML powered state-of-the-art chemical property prediction), for $87 million. Recursion has partnered with pharmaceutical companies like Roche Holding AG OTCMKTS: RHHBY. They have up to 40 collaboration programs that have the potential to generate upwards of $300 million in royalties from Roche. How AI Powers the Drug Discovery Process The process of drug discovery is long and tedious. It can take up to 15 years and $2.5 billion to bring a new drug to market, from the discovery process to identifying and optimizing lead compounds, preclinical testing to clinical trials to be submitted for regulatory review by the U.S. Food and Drug Administration (FDA) and, if lucky, an FDA authorization. AI and ML can accelerate this process infinitely faster using exceptionally large datasets of biological data to identify new drug targets. It can help design new molecules that could engage specific drug targets by analyzing oceans of data to find matchable components. AI can be used to predict the efficacy and safety of new drugs ahead of clinical trials, which can cut down on time and money. It can be instrumental in personalized drug therapy utilizing a patient's medical data and genetic makeup. The beauty is that the more it's used and the more data is created, the more it improves. Data: Where Watson Failed, Recursion Can Succeed Earlier attempts by International Business Machines Co. NYSE: IBM with its AI platform Watson failed miserably after years of training attempts with 2,000 employees and $5 billion spent. The problem was the limited and lacking data required to train the ML algorithms. Watson couldn't correctly pare drug treatments for cancer patients and, in many cases, resulted in potentially fatal recommendations. Recursion fills this gap with its massive 28 petabytes of biological and chemical data, which include data on the pathways, genes and proteins associated with a disease. Nvidia Investment On July 12, 2023, Recursion announced a $50 million investment from GPU maker Nvidia through a private investment in public entity (PIPE). PIPEs are private placements to raise capital quickly. This inspires more confidence in the platform and bolsters the credibility of Recursion’s AI-powered drug discovery strategy. The Nvidia investment is a major vote of confidence in Recursion’s technology. Recursion will use Nvidia’s cloud platform to train its AI models. Recursion is considering commercially licensing or releasing its AI models using Nvidia’s BioNeMo platform, a generative AI cloud service for accelerating drug discovery. This could be a lucrative future revenue stream for Recursion. Recursion Pharmaceuticals analyst ratings and stock price targets are at MarketBeat. Weekly Descending Triangle Breakout The Nvidia investment news triggered the weekly descending triangle breakout pattern for RXRX. The weekly triangle commenced formation upon peaking at $20.21 in December 2021. Shares collapsed to a low of $4.92 by May 2022. RXRX staged a rally that peaked at $14.18 and $13.29 from September to November 2022. Each subsequent rally attempt continued to fail at lower highs. This created a descending trendline when it converged with the flat-bottom lower trendline at $4.92. RXRX triggered a weekly market structure low (MSL) breakout through the $6.44 trigger in May 2023 as it made four failed attempts to break out through the descending trendline. The $6.44 MSL trigger was able to hold support on the pullback leading up to the Nvidia news, which surged shares straight through the descending trendline and out of the descending triangle. The weekly relative strength index (RSI) momentum oscillator rises towards the 70-band. Pullback supports are at $8.59, $7.48, $6.44 weekly MSL trigger and $5.53. Before you consider Recursion Pharmaceuticals, 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 Recursion Pharmaceuticals wasn't on the list. While Recursion Pharmaceuticals currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
eBay Steps Aboard the AI Bandwagon with Certilogo Acquisition 2023-07-18 - Key Points eBay’s acquisition of Certilogo further bolsters its credibility for offering original designer brand apparel and fashion to buyers. Certilogo is an artificial intelligence (AI) powered authentication platform to protect consumers against counterfeit designer products. Fashion brands using Certilogo include Palm Angels, Stone Island, Guess, Louis Vuitton and many more. eBay already has an Authenticity Guarantee program where sellers ship their sold items to eBay to verify authenticity before shipping to the buyer with a guarantee. eBay is entering the authentication monetization services with its Certilogo acquisition, which could lead to charging a fee down the road for authentication, which is free for now. 5 stocks we like better than eBay Global digital marketplace platform eBay Inc. NASDAQ: EBAY is taking a large step towards establishing itself as a safe and trusted source for designer and branded fashion, jewelry, apparel and collectibles destination. eBay has been stepping up its authentication services to assure buyers of its credibility. Many e-commerce and digital marketplaces for branded fashion and resale items, like The RealReal Inc. NASDAQ: REAL, ThredUp Inc. NASDAQ: TDUP, and Farfetch Limited NYSE: FTCH, have beefed up verification and authentication services to establish credibility and shore up buyer confidence. Counterfeit Culture Counterfeiting is the largest criminal enterprise in the world, according to the U.S. Patent and Trademark Office. As of 2018, it's estimated that sales of counterfeit goods total $1.7 trillion to $4.5 trillion annually. According to the U.S. Customs and Border Patrol, nearly 90% of counterfeit seizures occur through international mail, express environments and e-commerce packages to the U.S. Approximately 10% of all branded goods sold are counterfeit. eBay has steadily been growing its anti-counterfeit programs to ensure trust in its products. Authentication Actions eBay took action to authenticate and verify collectibles like trading cards. eBay has a verification and authentication team where cards can be sent for verification and, stored in "the Vault" resold by eBay with a verification guarantee. It promotes having "Certified By Brand" products directly from the brands or authorized sellers. eBay is accommodating its growing collectibles segment with authentication while jumping in on the artificial intelligence (AI) frenzy with its Certilogo acquisition. Authenticity Guarantee The eBay Authenticity Guarantee is a service that involves authenticators physically inspecting brand items before shipping them to the buyer. Sellers ship their product to eBay for verification and authentication, and they will ship it to the customer with an NFC-enabled card and Authenticity Guarantee badge within three days. This inspires confidence in buyers as every authentic guaranteed item comes with a money-back guarantee. It also protects sellers if a buyer reports the item as not a describer. If the item is returned, authenticators inspect it before sending it back to you. Fashion Brands and Jewelry Authentication The Authentic Guarantee is available to select brands and merchandise for items sold for $500 or more. Eligible brands range from Chanel and Balenciaga to Louis Vuitton, Parada and Versace. Jewelry is inspected by experts from the Gem Institute of America (GIA) following the same process where the seller ships to the authentication team, which goes thru a multi-point inspection to verify authenticity and ship to the buyer. This Authenticity Guarantee service is free for now. It could be another revenue stream if eBay starts charging a fee as sellers and buyers experience the benefits. Collectors are a Growth Driver The collectibles market is estimated to be worth over $300 billion and growing at a 10% annual rate. eBay has taken notice of collectibles being a growth driver. Collectors are classified as enthusiast buyers and have grown to over 16 million accounts. This group accounts for over 50% of its gross merchandise volume (GMV). Trading Cards Authentication eBay has been beefing up its collectibles business as a key growth driver. The Authenticity Guarantee service applies to trading cards and sneakers. eBay has partnered with professional grading companies like CGC, CSG, GMA and PSA. Sellers can ship single ungraded and graded cards to the authenticators, who verify authenticity and ship them to the buyer. It's worth noting that eBay doesn't grade the cards, just authenticates them. Sneaker Authentication As for sneakers, they are shipped to a team of independent authenticators that inspect the box, sizing labels, soles, stitching, logos, heel tabs and laces before verification by attaching an NFC-enabled tag on the left shoe. Grading and authentication is a growing business, as evidenced by BlackRock )NYSE: BLK) acquiring the largest comic book authentication company Comics Guarantee Corp. (CGC), for $400 million in November 2021. Certilogo and Certilogo step in front of the sequence by having the brands include a Certilogo-verified digital ID stitched into the apparel or QR-coded on the tag. The buyer can type this ID on the Certilogo app or platform to verify authenticity, origin, shipping footprint and more details. Certilogo uses AI, image recognition and machine learning algorithms to identify and flag counterfeit products. AI can improve the accuracy and efficiency of its brand protection services. It also enables brands to attain buyer data, manage returns, authenticate products and combat counterfeiting. Authentication Monetization With this acquisition, eBay enters the authentication services market by monetizing its services directly with the brands. Certilogo collects its fees directly from the brands. This monetization initiative could also lead to value-added authentication fees if eBay sellers and buyers adopt and embrace the Authenticity Guarantee service on a wide scale. It's the Uber Technology Inc. NASDAQ: UBER strategy of offering a service for cheap or free until you hook the users as it becomes a standard. Once users have adopted the service, they raise prices and monetize it. eBay analyst ratings and price targets are at MarketBeat Weekly Symmetrical Triangle Pattern EBAY has formed a symmetrical triangle pattern on its weekly candlestick chart. This triangle chart pattern comprises lower highs forming the descending upper trendline and higher lows forming the lower ascending trendline. As the trendlines converge at the apex point, the stock should break out or break down before reaching the apex. The weekly 20-period exponential moving average (EMA) is flat at $44.54. The weekly market structure low (MSL) trigger is above $43.84. The relative strength index (RSI) momentum oscillator attempts to bounce through the 55-band. With a breakout or breakdown imminent, waiting for the resolution of the symmetrical triangle entering is prudent. Pullback supports are $43.84 weekly MSL trigger, $42.63, $39.90 and $38.72. Before you consider eBay, you'll want to hear this. 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How the NASDAQ 100 Special Rebalancing Will Hurt Performance 2023-07-18 - Key Points The Nasdaq 100 will have a special rebalancing after the close on July 21, 2023, to reduce the overconcentration in the most heavily weighted stocks in the index. The rebalancing will likely drag down the Nasdaq 100 year-to-date (YTD) performance of 43.33%. The Nasdaq 100 index is up 43.33% year-to-date (YTD), while the Equal-Weighted Nasdaq 100 index is up 24.17% YTD. The S&P 500 index, which hasn’t triggered rebalancing, is up 17.98% YTD. Index funds and ETFs that track the Nasdaq 100 will have to adjust their weightings accordingly by downsizing the heaviest market cap stocks and upsizing smaller market cap stocks as outlined by the Nasdaq. Critics argue that this is rewarding underperforming companies while punishing strong performers. 5 stocks we like better than Invesco QQQ On July 7, 2023, the Nasdaq announced it would implement a special rebalancing for the Nasdaq 100 index, tracked by the Invesco QQQ ETF NASDAQ: QQQ effective after hours on July 21, 2023, and pre-market on July 24, 2023. It will be based on the index securities closing prices and outstanding shares as of July 3, 2023. The spotlight has been drawn on the index's seven heaviest-weighted stocks, dubbed the Magnificent Seven. They account for 55% of the Nasdaq 100 index. The Nasdaq will adjust the weightings, not add or remove stocks from the index. What does this mean for the indexes? Special Rebalancing Parameters The Nasdaq regularly rebalances the index every quarter. The rally in Tesla Co. NASDAQ: TSLA triggered the special rebalancing, pushing the aggregate weighting of the largest stocks over 48%. Of course, Tesla can't be completely blamed as the other company stocks have all risen, contributing towards the 48% threshold break. The Nasdaq can conduct a special rebalancing when the aggregate weight of its index stocks with more than a 4.5% index weighting exceeds 48%. The rebalancing aims to drop the market cap weighting to 40% while no other stock weightings can exceed 4.4%. The five heaviest-weighted stocks were Microsoft Co. NASDAQ: MSFT, Apple Inc. NASDAQ: AAPL, Nvidia Co. (NASDAQ NVDA), Amazon.com NASDAQ: AMZN) and Tesla. Alphabet Inc. NASDAQ: GOOGL and Meta Platforms Inc. NASDAQ: META round out the Magnificent Seven. What Does it Mean? The aggregate weight of the subset of issuers whose weights exceed 4.5% will be set to 40% using a reference date of the end of day July 3rd, 2023.. Weightings will increase on smaller market cap stocks. It's spreading the investments to improve the breadth and not be concentrated in the heaviest-weighted stocks. Nasdaq will release the changes to the Nasdaq 100 index weightings, including which stocks will be downsized and which will be upsized. What’s the Impact on Returns? The weighting adjustments will have an impact on the Nasdaq 100 performance. The initial result will likely be a pullback in performance as it sheds some of the best-performing stocks to date. The question is whether the effects from the upsized stocks will offset the effects on the downsized stocks in the final calculation of the index on the close of July 24, 2023. Expect Nasdaq 100 Performance to Adjust Lower In other words, the 43.33% year-to-date (YTD) returns on the QQQ will likely be lower when the smoke clears after the rebalance. Compare the current Nasdaq 100 QQQ ETF gains of 43.33% as of July 16, 2023, with the First Trust Equal Weighted Nasdaq 100 Index Fund NASDAQ: QQEW gains of just 24.17%. The rebalancing will not result in an equal-weighted Nasdaq 100, but it will likely dilute some YTD performance to fall between the 43.33% and 24.17% performance range. Is the S&P 500 Next? All this leads to whether the S&P 500 index, tracked by the SPDR S&P 500 ETF Trust NYSEARCA: SPY, will follow along with its special rebalancing. Under current weightings, the heaviest market cap-weighted stocks in the index have yet to cross the threshold. The S&P 500 index rebalancing occurs when stocks heavier than 4.8% weight cumulatively exceed the 50% threshold of the total index. Only AAPL at 7.47% and MSFT at 6.76% weighting exceed the 4.8% threshold to qualify for the aggregate total surpassing 50%. The third heaviest market cap is AMZN, with a 3.18% weighting. Technically, there would be no need to rebalance the S&P 500 index, up 17.98% YTD. This overconcentration is a Nasdaq 100 issue, not an S&P 500 problem. However, that may not be the case when compared to the Invesco S&P 500 Equal Weight ETF NYSEARCA: RSP YTD performance of just 7.75%, less than half of the S&P 500 index gains. Weekly Cup Formation Pattern The weekly QQQ (Nasdaq 100 ETF) chart illustrates an impressive recovery to complete the cup formation. The cup started after peaking a rally attempt at $368.97 in March 2022. The QQQ sank to a low of $252.91 in October 2022. It formed a rounding bottom, gradually accelerating higher to retest the $368.97 cup line and breakout to a high of $382.86 in July 2023. The all-time high sits at $404.02, achieved in November 2021. The relative strength index (RSI) oscillator is overbought at the 75-band. In fact, it's been overbought since breaking through the 70-band in May 2023 when it was priced in the $330-$340 range. A reversion back under the cup lip line would form a handle, followed by a breakout through the cup line again would complete a cup and handle formation. Before you consider Invesco QQQ, 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 Invesco QQQ wasn't on the list. While Invesco QQQ currently has a "hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Public sector pay rises of 10% would add little to inflation, says UK thinktank 2023-07-18 - Higher pay increases for public sector workers would not be inflationary, a leading thinktank has said. In a report undermining Rishi Sunak’s central argument against larger wage settlements, the Institute for Public Policy Research (IPPR) said raising pay by 10% on average for public sector workers would not add significantly to inflation. Last week the prime minister announced a pay rise of at least 6% for millions of teachers, nurses, doctors and police, telling them the latest offer was “final” and there would be no more negotiations, despite the threat of further strike action. Paul Nowak, the general secretary of the Trades Union Congress, said: “It is nonsense to blame workers for stubborn inflation when pay packets have been obliterated. Real wages have been falling and have been for almost two years.” Sunak has argued that unions pushing for more are behaving like bullies with “unrealistic” demands that would damage the government finances and risk making inflation worse. The IPPR said a settlement of as much as a 10.5% could be used to restore public sector pay to pre-pandemic levels after inflationwas taken into account while adding at most 0.14 percentage points to inflation if funded by higher borrowing. The effect would be smaller still, approaching zero, if the additional increase in pay was financed from taxation. A pay increase of 10.5% would cost £7.2bn beyond the offer announced by the prime minister, it said. Highlighting a “triple crisis” in the public sector, the left-of-centre thinktank said successive years of below-inflation pay rises had hit the living standards of public sector workers, contributing to a recruitment and retention crisis that was undermining the quality of services. There are more than 100,000 unfilled vacancies in the NHS in England, while recruitment into teacher training is 40% below Department for Education targets. According to the IPPR, even with the 6% pay settlement, an average public sector worker would be £1,400 worse off this year compared with just before the pandemic because wages have not kept pace with rising prices. Separate research from the TUC shows that the only sector of the economy where pay levels have managed to outstrip inflation since the 2008 financial crisis is the finance and business services sector. Annual growth in public sector pay has accelerated in recent months to 5.8%, the fastest rate since 2001. It still lagged behind the private sector by the largest amount on record last year and was significantly lower than in the rest of the economy. The latest official figures showed private sector wage growth at 7.7%. 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 Inflation has remained stubbornly high at 8.7%, driven by higher energy costs and food prices rising at among the fastest rates since the late 1970s. Economists have said shortages in the UK labour market, exacerbated by Brexit and record levels of long-term ill health limiting participation in the workforce, have added to inflationary pressure. However, analysis by the TUC shows average earnings in seven out of eight sectors of the economy have failed to keep pace with inflation since 2008. The public sector and construction industry were hardest hit, with a real-terms decline of more than 8%. Finance and business services was the only sector to have a real-terms gain, with a jump of more than 6% since 2008. Nowak said: “Ministers should be setting their sights on the City and clamping down on corporate excess. But the Conservatives have lifted the cap on bankers’ bonuses and seem more interested in rewarding wealth than work.” Joseph Evans, a researcher at IPPR, said it was wrong for the government to claim that larger pay increases in the public sector would further embed inflation. “Research shows that there is very little inflationary impact from a significant pay rise, but that the need to stop the fall in living standards for public sector workers is urgent,” he said. “Without an inflation-matching pay rise, the public sector will continue to face a triple crisis of falling living standards, a recruitment emergency and declining quality of public services.” A government spokesperson said its pay awards were the highest for 30 years and “broadly in line with pay growth across the economy”. They said: “They are fair, responsible and sit alongside further work to improve retention in the public sector. High inflation is the most destabilising force in our economy, eating into pay cheques and slowing growth – and further borrowing to fund these pay rises would only prolong the pain.”
BBC faces review of licence fee model with alternative methods considered 2023-07-18 - The BBC is facing a review into its funding model with subscription, a broadband levy and even advertising touted as potential alternatives to the licence fee. Ministers are expected to formally announce a review of its funding model in the autumn that will assess the advantages and disadvantages of each option. The BBC’s annual report, published last week, revealed that the number of active licences had fallen by 500,000 to 24.4m since last year. A government source told the Times: “The evidence that there is a growing unwillingness to pay is shown by figures each year. The licence fee model is becoming unsustainable.” With the reduction in licences, the BBC made £3.74bn in fees last year, down from £3.8bn the year before. In the BBC’s annual report and accounts for 2022-23, the broadcaster said the “increasingly competitive” media landscape had led to increased financial pressure. News of the funding review comes as the licence fee faces its biggest increase for 20 years in April next year after a two-year freeze. The BBC’s royal charter – which sets out the corporation’s mission, purpose and funding model – is up for renewal in 2027. The Times reports that the review of BBC funding is expected to examine “all options” for the future of the corporation. A partial subscription model, where some premium content is paid for while the bulk of the corporation’s output remains free to air, is said to be a frontrunner. The review will also assess whether the BBC could make more money commercially. BBC Studios, the corporation’s production arm, made £240m in profit last year. Advertising, the main source of funding for commercial television channels, is also reportedly up for consideration. skip past newsletter promotion Sign up to First Edition Free daily newsletter Archie Bland and Nimo Omer take you through the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The BBC has previously floated the idea of funding its services through a levy on broadband connections. It said that linking the fee directly to an existing household bill, such as broadband, could make the licence fee easier to enforce. Recently, the former chair of the BBC Richard Sharp called the licence fee system “regressive” and said that wealthier families may have to pay more to access the corporation’s services, potentially through a tax on broadband bills or a household levy based on property value. A spokesperson for the Department for Digital, Culture, Media and Sport said: “We remain committed to reviewing the licence fee model ahead of the next charter period to explore the potential for alternative ways to ensure the BBC remains appropriately funded over the long term.” Last week one of the BBC’s news presenters, Huw Edwards, was accused of paying a young person paying for sexually explicit photographs.