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GOP advances defense package after adding culture war priorities 2023-07-14 - The name of the bill understates its significance. The National Defense Authorization Act, generally known as the NDAA, might sound bureaucratic, but as regular readers know, it’s actually a massive, annual defense spending bill that funds the United States military. But that’s not all it does. The NDAA also guides Pentagon policy, touching on everything from troop levels to weapons systems to military personnel policy. It takes months to negotiate the details, and by some measures, as much legislative work goes into this one package as any other bill in a typical Congress. Traditionally, the NDAA has advanced as bipartisan legislation, and this year it was shaping up to be a rare example of Democrats and Republicans working together on an important bill. The Senate Armed Services Committee, for example, advanced its legislation with a bipartisan 25-1 vote. The House Armed Services Committee advanced its version of the NDAA on a bipartisan, 58-1 vote. With this in mind, there was reason for optimism that when it came to military spending and policy, Congress would avoid the kind of political food fights that too often tarnish congressional policymaking. That optimism, of course, was misplaced: House Republicans decided to give the NDAA a far-right touch-up on the floor, turning an overwhelmingly bipartisan bill into an ugly vehicle for a culture war. NBC News reported: The House narrowly passed an annual defense policy bill on Friday after Republicans added provisions on abortion and transgender surgeries — measures that were a nonstarter for Democrats. The legislation, which will have to be reconciled with the Senate’s version, passed in a 219-210 vote. The final vote wasn’t entirely partisan — four Democrats voted for the bill, while four Republicans voted against it — but overwhelmingly, members voted along party lines. And how is it that a bill that sailed through committee on a bipartisan, 58-1 vote ended up being so contentious? Far-right House Republicans told their party’s leaders that they’d reject the legislation without votes on a series of culture war amendments. That left GOP leaders with a choice: They could pass the bill with Democratic votes, or they could move the bill sharply to the right, push Democrats away, and pass a partisan version of the NDAA with overwhelming Republican backing. Not surprisingly, the party chose the latter option, which meant a flurry of votes on amendments last night and this morning that turned a bipartisan bill into a divisive one. The result is an NDAA that would, among other things, limit abortion access for servicemembers, end diversity training in the military, curtail transgender care, prohibit work on combatting climate change, and even restrict what Defense Department schools can teach. There is no chance, of course, that the Democratic-led Senate will go along with such measures, and it’s a safe bet that the negotiations to reconcile the House and Senate versions will be incredibly difficult. Eventually, some kind of compromise is likely to emerge, but the far-right members responsible for making the House version of the NDAA worse have already said they’re not going to support a bipartisan solution. From the NBC News report: House Freedom Caucus Chairman Scott Perry, R-Pa., said Friday that his members won’t give into a bipartisan compromise. “We are not going to back down. We’re not going to give up on the cause that is righteous and we’re going to keep fighting for it,” Perry said at a press conference with members of the conservative caucus. Buckle up.
Lawsuit against Chinese fast-fashion giant Shein accuses company of racketeering 2023-07-14 - Three independent designers have brought a lawsuit against Chinese fast-fashion retailer Shein accusing the company of racketeering and “egregious” copyright infringement. The complaint, filed by Krista Perry, Larissa Martinez and Jay Baron in the United States District Court for the Central District of California Western Division, also claims the company uses a secret algorithm to rapidly identify and duplicate emerging trends and designs. “There is no Coco Chanel or Yves Saint Laurent behind the Shein empire. Rather, there is a mysterious tech genius, Xu Yangtian aka Chris Xu, about whom almost nothing is known. He made Shein the world’s top clothing company through high technology, not high design,” the complaint said, referring to the company’s CEO. A spokesperson for Shein replied to the allegations and said: “SHEIN takes all claims of infringement seriously, and we take swift action when complaints are raised by valid IP rights holders. We will vigorously defend ourselves against this lawsuit and any claims that are without merit.” Shein has grown popular in recent years among consumers who are drawn to its cheap, trendy apparel. “The brand has made billions by creating a secretive algorithm that astonishingly determines nascent fashion trends—and by coupling it with a corporate structure, including production and fulfillment schemes, that are perfectly executed to grease the wheels of the algorithm, including its unsavory and illegal aspects,” the complaint said. The details and methodology of the algorithm are not specified. The artists claim that if the algorithm produces designs copying well-known and established companies, such as Nike, the infringed company may be alerted through brand protection specialists and can quickly take action. But when small-scale designers are copied, the design theft may not be readily discovered. This is not the first time Shein has found itself embroiled in controversy. In addition to facing other lawsuits alleging intellectual property theft, the company has been sharply criticized over alleged labor rights violations. Shein responded with a statement saying it has “zero tolerance for forced labor.” Last month, Shein also received online vitriol for sponsoring an influencer brand trip to the retailer’s manufacturing facilities in China. Critics slammed the event as a thinly veiled attempt at goodwill and propaganda. A Shein spokesperson said of the backlash: “Their social media videos and commentary are authentic, and we respect and stand by each influencer’s perspective and voice on their experience. We look forward to continuing to provide more transparency around our on-demand business model and operations.” In this latest legal recourse, the designers accuse Shein of intentionally using a “decentralized structure” to redirect blame for design theft, obscuring the company’s role in infringement and violating the Racketeer Influenced and Corrupt Organizations Act. The complaint said that act could provide relief to the plaintiffs because the law is aimed at addressing the “misconduct of culpable individual cogs in an larger enterprise.” According to the complaint, one plaintiff, Perry, created art that appeared in identical form on Shein’s website. The lawsuit included side-by-side comparisons of alleged design theft including Perry’s work. When Perry reached out to Shein about the use of her art without approval, an employee of the company said the design was not produced by their company and was bought from a local vendor, the complaint said. She claimed to be offered a payment of $500. “In these cases, Shein quickly apologizes, blames an unnamed third party for the misconduct,” the lawsuit said. “Shein made its offer as if it were a mom-and-pop operation rather than one of the richest enterprises in the world.” The designers seek an unspecified amount of damages. The goal of the lawsuit, plaintiff attorney David Erikson said in an email to NBC News, is to “reign in their bad behavior, and require them to stop copying U.S. designers.” He added, “Maybe they have to hire people to look at the designs generated by their algorithm, and compare them to the designs they are taking inspiration from.”
House committee plans to hold hearing on UFOs 2023-07-14 - WASHINGTON — The House Oversight Committee will soon hold a hearing on UFOs, a Republican member of the panel told NBC News on Friday. Rep. Tim Burchett of Tennessee said the GOP-led committee is not ready to publicly announce a hearing date, but added that he expected it to take place “towards the end of the month.” The lawmaker's comments came hours after Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Mike Rounds, R-S.D., introduced an amendment to the National Defense Authorization Act that would create a review board charged with declassifying UFO-related records. While UFOs are often synonymous with aliens in popular culture, an initial Pentagon report issued in 2021 found no evidence linking the unidentified objects to extraterrestrial life. The Defense Department has received at least 366 new reports of UFOs since March 2021, and about half of them appear to be balloons or drones, according to a 2022 report from the Office of the Director of National Intelligence. About half of the new cases could not be explained and “appear to have demonstrated unusual flight characteristics or performance capabilities, and require further analysis,” the initial Pentagon assessment found. A classified version of the report was submitted to lawmakers, as mandated by a defense spending bill passed by the last Congress. Debates over potential sightings of unidentified aerial phenomena, often called UAPs or UFOs, have garnered increased attention in recent years, particularly on Capitol Hill. Burchett said he has spoken with Navy pilots "who have had their careers threatened" after reporting UFO sightings, and said the committee's hearing will aim to create the conditions for transparency. "I just want transparency. I just want the truth," he said. A spokesperson for the Pentagon declined to comment. A NASA panel tasked with studying reports of UFOs said at a hearing in May that the stigma associated with reporting UFO sightings — as well as the harassment of people who work to investigate them — may be hindering efforts to determine their origins. The panel, which was formed last year, presented preliminary findings in May and is expected to publish a final report this summer. Panel members highlighted the need for more high-quality data to properly investigate unusual sightings. Daniel Evans, the assistant deputy associate administrator for research in NASA’s Science Mission Directorate, said there has been no convincing evidence that reports of UFOs have anything to do with aliens. While extraterrestrial origins are not being ruled out, the independent group was convened to address broader national security concerns, he said in a May news briefing. “There could potentially be very serious risks to U.S. airspace as a result of us not necessarily knowing what is in our skies at a given time,” Evans said.
Consumers are starting to feel better about the U.S. economy 2023-07-14 - There's still a long way to go — but U.S. consumers are starting to feel better about the economy. The University of Michigan's monthly Consumer Sentiment Index hit 72.6 for July — the highest reading since September 2021. By comparison, the index, which polls individuals about overall business conditions and how they're getting along financially, remains below the high of 101 it reached in February 2020, just prior to the start of the Covid-19 pandemic. But the sentiment measure has now climbed eight of the past 11 months. In an interview in advance of Friday's release, index director Joanne Hsu said the tracker remains closely tied to inflation. With price increases slowing from their June 2022 highs, it makes sense that a rebound in sentiment is occurring, she said. "Even though many consumers are still bracing for a possible downturn up ahead, they've noticed how inflation has cooled, and upgraded their views," she said. Consumers still consider current prices — and expenditures — very high, Hsu said. And the latest index reading found expectations for inflation one year from now changed little from last month. But inflation isn't the only consideration: The strong labor market is also helping bolster sentiment, Hsu said. At 3.6%, unemployment is at historic lows. The so-called Misery Index, which adds the unemployment rate to the inflation rate, is now approaching pre-pandemic levels. While there is nearly uniform agreement among economists that the U.S. is not in a recession, certain segments of the American public don't seem to believe it — especially Republicans. Political affiliation is one the strongest determinants of views of the economy, Hsu said — with the Michigan index now at 96.7 among Democrats compared with 49.3 among Republicans (among Independents, it's 71.5). Historically, individuals who identify with the party out of power from the White House rate the economy lower than those who shares the president's party, Hsu said. In fact, the Michigan index shows sentiment among all three political affiliations now trending upward. Still, the partisanship gap has rarely been this acute, Hsu said. Other polls show similar breakdowns. For instance, Gallup finds that while overall, Americans rate the economy negatively, Republicans rate it at -65, while independents are at -35 and Democrats are in positive territory at +5. Even as improved economic data is published, it can take years for people to meaningfully change their minds about the economy, said Jeff Jones, senior editor with Gallup. Following the global financial crisis of 2008, views about the economy did not truly improve until about 2012 — even though economic growth technically bottomed in the spring of 2009. While earnings growth is now outpacing inflation, the improved purchasing power only amounts to a few cents. And the cumulative price increase of the post-pandemic era has been nearly 20%. “Historically, we’ve seen it takes people a while to notice when the economy has improved,” he said.
Jesse Jackson to step down as head of civil rights organization Rainbow PUSH Coalition 2023-07-14 - The Rev. Jesse Jackson plans to step down from leading the Chicago civil rights organization Rainbow PUSH Coalition he founded in 1971, his son’s congressional office said Friday. A spokesperson for U.S. Rep. Jonathan Jackson confirmed the long-time civil rights leader would be retiring from the organization. The elder Jackson, a civil rights leader and two-time presidential candidate, plans to announce his decision on Sunday during the organization’s annual convention, Rep. Jackson told the Chicago Sun-Times. Jonathan Jackson, an Illinois Democrat, said his father “has forever been on the scene of justice and has never stopped fighting for civil rights” and that will be “his mark upon history.” The Rev. Jesse Jackson, who will turn 82 in October, has remained active in civil rights in recent years despite health setbacks. He announced in 2017 that he had begun outpatient care for Parkinson’s disease two years earlier. In early 2021, he had gallbladder surgery and later that year was treated for Covid-19 including a stint at a physical therapy-focused facility. He was hospitalized again in November 2021 for a fall that caused a head injury. Jackson, a protégé of the Rev. Martin Luther King, broke with the Southern Christian Leadership Conference in 1971 to form Operation PUSH — originally named People United to Save Humanity — a sweeping civil rights organization based on Chicago’s South Side. The organization was later renamed the Rainbow PUSH Coalition with a mission ranging from encouraging corporations to hire more minorities to voter registration drives in communities of color. Its annual convention is set for this weekend in Chicago. Jackson has long been a powerful voice in American politics. Until Barack Obama’s election in 2008, Jackson was the most successful Black candidate for the U.S. presidency, winning 13 primaries and caucuses for the Democratic nomination in 1988. Jackson has helped guide the modern civil rights movement on a wide variety of issues, including voting rights and education. He stood with the family of George Floyd at a memorial for the Black man murdered in 2020 by a white police officer, whose death forced a national reckoning with police brutality and racism. Jackson also participated in Covid-19 vaccination drives to battle hesitancy in Black communities. Al Sharpton, president and founder of the National Action Network, said in a statement that he had spoken to Jackson on Friday morning and “told him that we will continue to glean from him and learn from him and duplicate him in whatever our organizations and media platforms are. Because he has been an anchor for me and many others.” Sharpton called Jackson his mentor, adding: “The resignation of Rev. Jesse Jackson is the pivoting of one of the most productive, prophetic, and dominant figures in the struggle for social justice in American history.”
ER doctors weigh in on what extreme heat does to the body 2023-07-14 - PHOENIX — The human body isn’t built to function at 118 degrees Fahrenheit. Yet, that’s the life-threatening temperature expected in Arizona this weekend, coming on top of weeks of brutal heat. Patients have already been coming in to Phoenix emergency rooms with sunburn, organ failure or in a coma from the extreme heat, doctors in the area told NBC News. Some people are arriving with dangerously high body temperatures. Dr. Aneesh Narang, an emergency medicine physician at Banner-University Medical Center in Phoenix, has had numerous patients arriving with body temperatures as high as 109 F. “They’re coming in essentially unresponsive and they’re cooked,” he said in an interview. What makes the intense heat so deadly is that a patient often has disruptions to the cooling mechanisms of the body— such as the brain's hypothalamus, which regulates temperature — that prevent a person from sweating to cool off. “You’re kind of cooking from the inside, unfortunately," Narang said. A normal body temperature typically ranges from 97 to 99 F. In comparison, a fever from an infection is typically above 100.4 F. Heatstroke occurs when the body temperature is 104 F or higher. “We are seeing quite a few heat-related illnesses,” said Dr. Amy Axberg, an emergency medicine physician at John C. Lincoln Medical Center in Phoenix. “My patient yesterday had a temperature of 107 Fahrenheit — that’s a heatstroke and that’s an emergency.” Heatstrokes can cause severe symptoms, including changes in mental status, coma and seizures. A milder form of heat-related illness, known as heat exhaustion, can cause headache, nausea or dizziness. At internal temperatures that high, the body’s vital organs can start to fail, not only because of the direct effect of the heat, but also because of the inflammation that the body produces in response. Rapid cooling saves lives. When someone calls 911 for heat illness, emergency medical services can put the patient in an ice bath out in the field, with a special thermometer used to monitor the body temperature in real time. “We continue to cool them in that ice bath until they reach a temperature of around 100 degrees and then we rapidly get them out of that ice bath,” Axberg said of the ER patient she treated. Doctors immediately try to bring a patient’s temperature down because if it’s not done in a prompt manner, the effects can be catastrophic. “If they’re in that state for a long time, your organs fail and there’s no chance for recovery,” Narang said. He worries that the heat hasn’t peaked yet. “We’re still early- to mid-July, and July and August are probably our two toughest months in this area,” Narang said. ‘’I anticipate things will get worse, unfortunately.” People of all ages, not just the elderly or those with pre-existing conditions, are coming into the ER sick from the heat, he said. Young and active people are more likely to suffer from heat exhaustion, while both the very young and the elderly are in whom he sees heatstrokes. He often sees young and healthy patients, particularly those from out of the area who may underestimate the dry heat, wind up in the emergency room with headaches, nausea or a fast heartbeat from outdoor activities. Often, they find it hard to believe it really is the heat that caused their symptoms, he said. “Regardless of how healthy you are when you’re out in the heat, if you’re not hydrating well, you can run into trouble quickly.” Medications can block warning signs Certain prescriptions — such as psychiatric drugs or diuretics for high blood pressure and beta blockers that slow the heart rate — can mask warning signs that your body is in trouble from the heat. “Psychiatric medications can work on the hypothalamus, which regulates your temperature, so some of those medications can prevent you from sweating,” he said, referring to medications like antidepressants. “It can impair the ability to thermoregulate and so patients can get into trouble that way.” However, the doctors urged patients to not stop taking their prescribed medications because of the heat. Right now, the ER doctors say, their emergency rooms aren’t overwhelmed like they were during Covid, although they are worried about the 110 F temperatures projected across the region Saturday and Sunday. “In general, we’re doing OK but during the heat of the day, it can often become overwhelming with the number of patients that are coming in,” said Dr. Brian Hess, an ER medical director at multiple emergency departments at Abrazo Health in Arizona. “We’re having to accommodate higher volumes of EMS traffic during those high heat periods.” He is particularly worried about people with substance use disorders or who have housing issues. “If you have a substance abuse disorder and you are intoxicated, you don’t have the signals to recognize that you’re experiencing a physiologic condition that can be very dangerous,” Hess said. People with dementia may not be able to recognize the warning signs of heat exhaustion. Heart failure patients who are advised not to drink a lot of fluids should also be more cautious, he said. Stages of heat exhaustion, heatstroke At triple digit temperatures, the first symptoms of heat exposure can happen in as little as 15 minutes, Hess said. For more severe heatstroke, symptoms generally take a couple of hours of exposure, depending on risk factors. Once a heatstroke starts, however, body temperatures can rise to 106 F in as little as 10 minutes, according to the Centers for Disease Control and Prevention. Early symptoms can include: Heat cramps or severe muscle spasms as a result of salt and water loss following exertion, most often in the hands, calves and feet. Dizziness. Nausea. Heart palpitations. Shortness of breath. “More severe signs are changes in your mental status,” Axberg said. “You could be getting confused, slurring your speech or just don’t feel like your normal self.” While it’s best to stay indoors as much as possible, if people go outdoors, hike or play a round of golf, hydrating is a great way to stay ahead of potential trouble. “I always recommend a glass of water before you drink your cup of coffee in the morning to prevent dehydration from kind of catching you off guard,” Hess said. One of the misconceptions people have is that if they’re not thirsty, they’re probably not dehydrated. “That’s not true,” Narang said. “By the time you’re thirsty, you’re well behind the eight ball.” Fortunately, if a heatstroke is treated early, recovery is likely. After being found unconscious in the street, Axberg’s patient with the 107 F body temperature is now eating and drinking. “Yesterday they were not even breathing,” Axberg said. “The treatment for heatstroke is rapid cooling, and if we can do that effectively and efficiently, then patients do very well.”
Iowa Gov. Kim Reynolds signs a 6-week abortion ban at conservative summit 2023-07-14 - DES MOINES, Iowa — Iowa Republican Gov. Kim Reynolds on Friday signed a six-week abortion ban into law, setting in motion a new legal battle over the future of reproductive rights in the key early presidential state, and further escalating the presence of a divisive issue in the campaign. Surrounded by a cadre of Republican state legislators and anti-abortion leaders, Reynolds inked the measure during a special, on-stage presentation at the Family Leadership Summit — a prominent political gathering hosted by an evangelical Christian group. "All life is precious and worthy of the protection of our laws," Reynolds said during the signing ceremony, adding that the law represents "an ironclad commitment to the smallest and most vulnerable among us." The law went into effect the moment Reynolds signed the bill, but it could be short-lived. Across town, at a Polk County District Court, the state judge hearing a challenge filed by a group of reproductive rights groups seeking a temporary injunction, said he would need until next week to make a ruling. “This request requires my strong and lengthy attention,” Polk County District Court Judge Joseph Seidlin said during the hearing. A ruling is possible as early as Monday. If the request for an emergency injunction is granted, the six-week ban would be blocked while the legal challenge plays out in the court system. Planned Parenthood of the Heartland, the American Civil Liberties Union of Iowa and the Emma Goldman Clinic, a women’s health care facility in Iowa City, filed the legal challenge in a state court Wednesday afternoon, arguing that the new ban violates the Iowa state constitution. Officials with the groups said they expect the case to reach the state Supreme Court. Despite the legal challenge, Reynolds, as well as a parade of Republican presidential candidates, celebrated the signing and predicted that the new law would prevail. "Our work is not done," Reynolds said. "As we gather here today at this very moment, the abortion industry is in the court trying to prevent this law from taking effect and stop, once again, the will of the people." The measure includes exceptions for the life of the mother, miscarriages and fetal abnormalities deemed by a physician “incompatible with life.” The bill also includes exceptions for pregnancies resulting from rape and incest. For those exceptions to apply, the rape must have been reported to law enforcement or a “public or private health agency” — which includes a family doctor — within 45 days, and the incest must have been reported to any of those officials or entities within 140 days. Reproductive rights advocates have said a six-week ban amounts to a total ban because many women don’t even know they are pregnant that early. Reproductive rights groups had said that if the law went into effect immediately it would send abortion clinics and patients in the state scrambling. Officials with Planned Parenthood said clinics in the state stayed open Thursday until 10 p.m. providing care in anticipation of Friday’s signing. Previously, abortion care was legal in Iowa until the 20th week of pregnancy. Reynold’s choice of venue for her signing further cements the role the divisive issue of abortion rights will play in presidential politics — both in the key early-voting state and across the U.S. In attendance at Friday's summit — moderated by conservative commentator Tucker Carlson — were Florida Gov. Ron DeSantis, former Vice President Mike Pence, former South Carolina Gov. Nikki Haley, South Carolina Sen. Tim Scott and businessman Vivek Ramaswamy, many of whom, at various points during the conference, lauded Reynolds and her bill. "Gov. Kim Reynolds knocked it out of the park," Haley said following the signing. "We’re standing here on a historic day in Iowa," Pence said during a morning session, ahead of the signing. He praised Reynolds for her plan to sign "into law historic protections for the unborn." Former President Donald Trump — who has been more reluctant to embrace strict abortion bans during the campaign than some of his rivals — skipped the event. Even as support for stronger abortion restrictions remains popular among conservative evangelical Christians — a key voting bloc in the Iowa's Republican caucuses — polling in the state, as well as nationally, finds that a majority of voters support abortion rights. And while aligning with a six-week ban could help a candidate in Iowa, it play out different in New Hampshire, the next contest in the 2024 primary. The state’s libertarian-leaning GOP electorate tends to be more open on the issue; Gov. Chris Sununu, for example, is among a small list of GOP governors who support abortion rights. Those rocky paths forward underscore the struggles that Republicans, more broadly, have endured in talking to voters about abortion rights in the year since the Supreme Court’s Dobbs ruling overturned Roe v. Wade. Part of Democrats' success in the midterms came from their ability to successful use the abortion issue to go after Republicans. Reynolds called a special legislative session dedicated exclusively to enacting “pro-life legislation” after the state Supreme Court issued a split decision this month that allowed a six-week abortion ban lawmakers had enacted in 2018 to remain permanently blocked. It took Iowa Republicans, who control the Legislature, only 15-hours on Tuesday's to pass the new six-week ban. While the new law is already facing the same type of legal challenges as the 2018 law, the outcome could be different this time around with a full state Supreme Court issuing a decision. The court’s split ruling last month on that 2018 law was a narrowly tailored decision based largely on procedural grounds, meaning it remains possible — if not likely — that a full seven-member court could find legal consensus on a new ban. One of the court’s seven justices, Dana Oxley — a Reynolds appointee — recused herself because her former law firm represented an abortion clinic that was a plaintiff in the original case.
Former Charlotte Observer Publisher Rolfe Neill dies at age 90 2023-07-14 - The publisher of The Charlotte Observer for over two decades has died CHARLOTTE, N.C. -- Rolfe Neill, a longtime newspaperman and editor who led The Charlotte Observer as its publisher when it won a pair of Pulitzer Prizes for public service, died Friday at age 90. Neill, a North Carolina native whose journalism career included two stops in Charlotte between leadership positions in other big-city papers, died of complications from peritoneal cancer at his Lake Norman-area home, daughter Ingrid Ebert told the Observer. In 1975, Neill became publisher and president of the Observer and the now-defunct afternoon Charlotte News. He retired as Observer publisher at the end of 1997, the newspaper reported. Described as a perfectionist when it came to producing a newspaper, Neill also played a significant role in helping Charlotte grow and mature into a national powerhouse through his relationships with political and business leaders in the region and state. “He had one foot in being the publisher of the newspaper and one foot in the community, and he was a force in both,” said former Duke Power CEO Bill Grigg, a longtime friend. “You can certainly say Rolfe is one of a handful of community leaders who over the past 40 years did more than just about anybody to make Charlotte what it is today.” The Observer won a Pulitzer in 1981 for a series of stories on “brown lung” suffered by textile workers breathing in dust and in 1988 for reporting on the financial misdeeds at the Charlotte-area PTL television ministry led by Jim and Tammy Faye Bakker. “I had this strong desire to influence things for the better,” Neill once said. “Some things we didn’t get done. Some things maybe we fell short in. I tried to guide and inspire and improve people. But in the end, having said my piece, I left them to do what they thought best.” Born in Mount Airy in 1932, Neill spent the second half of his childhood in Columbus, Georgia, where he delivered the local paper. He graduated from the University of North Carolina at Chapel Hill, where he became editor of The Daily Tar Heel, the Observer reported. After an Army stint that included working for Stars and Stripes and a brief time at the weekly Franklin Press newspaper in the North Carolina mountains, the Observer hired him to open the paper’s Gastonia bureau. By 1958 he was the paper’s business editor. Next he worked at several newspapers in Florida, including The Miami Beach Daily Sun, and moved in 1965 to the New York Daily News, where he ultimately became an assistant managing editor. He then became editor of the Philadelphia Daily News until he returned to Charlotte. Former Observer editors and reporters generated a range of descriptions about Neill’s work habits and demeanor. Some cited his charisma, his ability to know the names of everyone working in the Observer building, and his expression of confidence in staff even when there were disagreements. “He was one of the most personable people I’ve ever worked for,” former Observer reporter Elizabeth Leland said. Others said it was sometimes difficult to meet his expectations. “He was the smartest person I ever worked for, very strong in character and driven by high standards,” former Observer Editor Rich Oppel said. Still, he added, “I never met an editor who worked for Rolfe who felt that he or she measured up.” Neill continued in civic and charitable endeavors in Charlotte after retirement, including literacy, the arts and the protection of green spaces. Neill’s wife of 28 years, Ann Marshall Snider, died in 2016, the newspaper reported. He had several children from a previous marriage.
Video Unemployment is down but mortgage rates are up 2023-07-14 - Unemployment is down but mortgage rates are up ABC News business reporter Alexis Christoforous breaks down what this means for people trying to buy a home.
Movies and TV shows affected by Hollywood actors and screenwriters' strikes 2023-07-14 - An advertisement for streaming service Paramount+ appears above striking writers and actors at rally outside Paramount studios in Los Angeles on Friday, July 14, 2023. This marks the first day actors formally joined the picket lines, more than two months after screenwriters began striking in their bid to get better pay and working conditions. (AP Photo/Chris Pizzello) An advertisement for streaming service Paramount+ appears above striking writers and actors at rally outside Paramount studios in Los Angeles on Friday, July 14, 2023. This marks the first day actors formally joined the picket lines, more than two months after screenwriters began striking in their bid to get better pay and working conditions. (AP Photo/Chris Pizzello) An advertisement for streaming service Paramount+ appears above striking writers and actors at rally outside Paramount studios in Los Angeles on Friday, July 14, 2023. This marks the first day actors formally joined the picket lines, more than two months after screenwriters began striking in their bid to get better pay and working conditions. (AP Photo/Chris Pizzello) An advertisement for streaming service Paramount+ appears above striking writers and actors at rally outside Paramount studios in Los Angeles on Friday, July 14, 2023. This marks the first day actors formally joined the picket lines, more than two months after screenwriters began striking in their bid to get better pay and working conditions. (AP Photo/Chris Pizzello) By The Associated Press Hollywood productions and promotional tours around the world have been put on indefinite hold as actors join writers on the picket lines Hollywood productions and promotional tours around the world have been put on indefinite hold as actors join writers on the picket lines as they seek new contracts with studios and streaming services. Late-night talk shows and many television productions were put on long-term hiatus due to the writers strike, and now movie tentpoles, some in mid-production, are shutting down too. They include Ridley Scott's “Gladiator” sequel, with Paul Mescal and Pedro Pascal, and Marvel and Disney's “Deadpool 3,” starring Ryan Reynolds and Hugh Jackman. Although there may not be an immediate effect on movie releases in coming months, with many films having already completed principal photography, those coming next year are another story. Here's a selected look at shows and films in suspension. MOVIES IN PRODUCTION THAT HAVE SHUT DOWN DURING ACTORS STRIKE “Deadpool 3” - Disney/Marvel (May 3, 2024) “Mission: Impossible — Dead Reckoning Part II” - Paramount (June 28, 2024) “Gladiator 2" - Paramount (Nov. 24, 2024) “Lilo & Stitch” - Disney (TBD) “Venom 3” - Sony (TBD) Untitled Brad Pitt F1 Film - Apple (TBD) ___ SHOWS THAT HAVE PAUSED WORK DURING WRITERS STRIKE “Stranger Things” — Netflix “Cobra Kai” — Netflix “Big Mouth” — Netflix “American Horror Story” — FX “Yellowjackets” — Showtime “Billions” — Showtime “The Chi” — Showtime “A Knight of the Seven Kingdoms: The Hedge Knight” — HBO “Hacks” — Max “Penguin” — Max “Duster” — Max “1923” — Paramount+ “Severance” — Apple TV+ “Metropolis” — Apple TV+ “Daredevil: Born Again” — Disney+ “FBI: Most Wanted” — CBS “Abbott Elementary" — ABC “Family Guy” — Fox “American Dad” — Fox ___ SHOWS THAT HAVE CANCELED EPISODES DURING WRITERS STRIKE “Jimmy Kimmel Live” — ABC “The Late Show With Stephen Colbert” — CBS “The Tonight Show Starring Jimmy Fallon” — NBC “Late Night With Seth Myers” — NBC “Saturday Night Live” — NBC “Last Week Tonight With John Oliver” — HBO ___ For more on the Hollywood strikes, visit https://apnews.com/hub/hollywood-strikes/
If you can't afford your favorite Sriracha brand, try this 2023-07-14 - A bottle of Sriracha chili sauce is shown in New York on Thursday, July 13, 2023. Huy Fong Sriracha, which used to go for under $5 or $10 a bottle, is now selling for shocking amounts in some listings posted to Amazon, eBay and Walmart. (AP Photo/Peter Morgan) A bottle of Sriracha chili sauce is shown in New York on Thursday, July 13, 2023. Huy Fong Sriracha, which used to go for under $5 or $10 a bottle, is now selling for shocking amounts in some listings posted to Amazon, eBay and Walmart. (AP Photo/Peter Morgan) A bottle of Sriracha chili sauce is shown in New York on Thursday, July 13, 2023. Huy Fong Sriracha, which used to go for under $5 or $10 a bottle, is now selling for shocking amounts in some listings posted to Amazon, eBay and Walmart. (AP Photo/Peter Morgan) A bottle of Sriracha chili sauce is shown in New York on Thursday, July 13, 2023. Huy Fong Sriracha, which used to go for under $5 or $10 a bottle, is now selling for shocking amounts in some listings posted to Amazon, eBay and Walmart. (AP Photo/Peter Morgan) Bottles of a leading brand of Sriracha hot sauce are suddenly hard to find, driving up prices for them as high as $150 — but there are alternatives to opening your wallet that wide. It’s the second time in two years that Huy Fong Foods — the best-known producer of Sriracha in the U.S. — has had low inventory of their tangy sauce with the green cap and rooster label, a problem they attribute to insufficient chile pepper supplies. That and a bit of pandemic hoarding combined to send prices soaring, with some third-party sellers cashing in. Rather than fall for the hype, remember there’s a world of hot sauce alternatives. Though the brand has near iconic status, Huy Fong’s is not the only Sriracha on the market, nor is it even made in the Thai town that gave it its name. The bright-red sauce was created by Thanom Chakkapak, a home cook in Thailand who mixed a combination of fresh chiles, vinegar, garlic, salt and sugar for her own use. Around the 1930s, she began marketing the sauce as Sriraja Panich, named after her coastal hometown, Si Racha. It became Thailand’s best-selling hot sauce. Years later, a fan of the sauce, David Tran, moved from Vietnam to California and founded Huy Fong, which made a thicker, spicier hot sauce, inspired by Sriraja Panich, that ultimately conquered U.S. kitchens. Huy Fong sources its chiles from Mexico and the U.S. Southwest, where a historic drought has now disrupted the supply chain. That means a lot fewer bottles on store shelves. Luckily, hot sauces and similar condiments are not difficult to make, and cooks around the world have alternatives that deliver both heat and complex layers of flavor. Here are just three alternatives, from Barbados, Mexico and Cambodia. They won’t taste identical to Huy Fong Sriracha, but they don’t have to. All are easy to make, and you can relax about the missing rooster. —- Bajan Hot Pepper Sauce https://www.177milkstreet.com/recipes/bajan-hot-pepper-sauce Start to finish: 15 minutes Makes ½ cup This hot sauce from Barbados gets its heat from spicy Scotch bonnet chiles. If you can’t find those, habaneros are a good substitute. To keep your fingers from being coated in spicy capsaicin, use the chiles’ stems as a handle while slicing the sides from the center seed pod. A quick blanch in boiling water tames the chiles’ heat but won’t affect their subtle fruity flavor. Refrigerated in an airtight container, the hot sauce will keep for up to two weeks. Don’t use Dijon mustard in place of the yellow mustard. Along with ground turmeric, plain yellow mustard gives the sauce its vibrant yellow color. 2 Scotch bonnet or habanero chiles 3 medium garlic cloves, peeled 3 scallions, roughly chopped 3 tablespoons white vinegar 1½ teaspoons ground turmeric 1 teaspoon packed light or dark brown sugar Kosher salt 2 tablespoons yellow mustard 2 teaspoons lime juice Bring a small saucepan of water to a boil. Holding each chile by its stem, slice the sides away from the seed pod; discard the stems and seed pods. Add the chiles and garlic to the boiling water and blanch for 1 minute. Using a slotted spoon, transfer to a food processor. Add the scallions, vinegar, turmeric, sugar and ¼ teaspoon salt to the processor. Pulse until chopped, about 10 pulses. Scrape the bowl. Add the mustard and lime juice, then process until not quite completely smooth, about another 10 seconds. Transfer to a small bowl or jar, cover and refrigerate. Salsa Macha https://www.177milkstreet.com/recipes/salsa-macha Start to finish: 15 minutes, plus cooling Makes about 1 cup We first tasted salsa macha in Mexico City during an epic taco crawl. Its gets its deep, earthy, smoky flavor from toasted dried chiles, garlic, and a combination of nuts and seeds. Some versions are well blended to fully integrate the ingredients, but this one is chunky with chopped peanuts and whole sesame seeds. (We found that a blender does a better job than a food processor at breaking down the toasted chiles.) Salsa macha keeps well in the refrigerator, but bring to room temperature before serving. ¾ ounce guajillo chiles (4 medium), stemmed and seeded ½ ounce ancho chiles (1 or 2 medium), stemmed and seeded 1 or 2 chipotle or morita chiles, stemmed and seeded ½ cup extra-virgin olive oil ⅓ cup salted roasted peanuts, chopped 1½ tablespoons sesame seeds 1 medium garlic clove, finely grated Kosher salt 2½ teaspoons coconut vinegar or cider vinegar In a 10-inch skillet over medium, toast all of the chiles, turning occasionally with tongs, until fragrant and just a shade darker in color, about 2 minutes. Transfer to a blender and cool for about 5 minutes. Blend the chiles until finely chopped, 30 to 60 seconds. Transfer to a small saucepan and add the oil, peanuts, sesame seeds, garlic and ½ teaspoon salt. Cook over medium, stirring often, until fragrant and lightly toasted, 3 to 5 minutes. Off heat, stir in the vinegar. If serving right away, transfer to a small bowl and let cool; if storing, transfer to an airtight container, cool and refrigerate for up to 2 months (bring to room temperature before serving). Thai Sweet Chile Sauce https://www.177milkstreet.com/recipes/sweet-chili-dipping-sauce Start to finish: 1¼ hours Makes about 24 fritters Nam jim kai is a Thai-style chile sauce, or which there are numerous iterations, though all generally feature some combination of sweet, salty, spicy and sour flavors. Most are thick and syrupy and commonly are served with crispy Thai corn fritters or seafood. We think it also goes wonderfully with grilled meats and chicken. 3 medium garlic cloves, finely grated 2 red Thai chiles, stemmed and thinly sliced or 1 to 2 teaspoons red pepper flakes ½ cup white sugar ¼ cup white vinegar Kosher salt In a small saucepan, combine the garlic, chiles, sugar, vinegar, ½ cup water and ½ teaspoon salt. Bring to a boil over medium-high, stirring to dissolve the sugar, then reduce to medium and simmer, stirring occasionally, until lightly syrupy and reduced to about ¾ cup, about 15 minutes. Transfer to a jar or small bowl and cool completely. The sauce can be covered and refrigerated for up to 1 week; bring to room temperature before serving.
China accuses US of militarizing space following protest over Navy plane's Taiwan Strait transit 2023-07-14 - FILE - A solider wears a U.S. Space Force uniform during a ceremony for U.S. Air Force airmen transitioning to U.S. Space Force guardian designations at Travis Air Force Base, Calif., Feb. 12, 2021. Amid a freeze in military-to-military contacts, China is accusing the United States of militarizing outer space, a day after it protested the passage of a U.S. Navy P-8A Poseidon anti-submarine aircraft through the Taiwan Strait. (AP Photo/Noah Berger, File) FILE - A solider wears a U.S. Space Force uniform during a ceremony for U.S. Air Force airmen transitioning to U.S. Space Force guardian designations at Travis Air Force Base, Calif., Feb. 12, 2021. Amid a freeze in military-to-military contacts, China is accusing the United States of militarizing outer space, a day after it protested the passage of a U.S. Navy P-8A Poseidon anti-submarine aircraft through the Taiwan Strait. (AP Photo/Noah Berger, File) FILE - A solider wears a U.S. Space Force uniform during a ceremony for U.S. Air Force airmen transitioning to U.S. Space Force guardian designations at Travis Air Force Base, Calif., Feb. 12, 2021. Amid a freeze in military-to-military contacts, China is accusing the United States of militarizing outer space, a day after it protested the passage of a U.S. Navy P-8A Poseidon anti-submarine aircraft through the Taiwan Strait. (AP Photo/Noah Berger, File) FILE - A solider wears a U.S. Space Force uniform during a ceremony for U.S. Air Force airmen transitioning to U.S. Space Force guardian designations at Travis Air Force Base, Calif., Feb. 12, 2021. Amid a freeze in military-to-military contacts, China is accusing the United States of militarizing outer space, a day after it protested the passage of a U.S. Navy P-8A Poseidon anti-submarine aircraft through the Taiwan Strait. (AP Photo/Noah Berger, File) China is accusing the United States of militarizing outer space, a day after it protested the passage of a Navy P-8A Poseidon anti-submarine aircraft through the Taiwan Strait BEIJING -- Amid a freeze in military-to-military contacts, China is accusing the United States of militarizing outer space, a day after it protested the passage of a U.S. Navy P-8A Poseidon anti-submarine aircraft through the Taiwan Strait. Chinese Defense Ministry spokesperson Col. Tan Kefei said on Friday that U.S. actions, including the establishment of the Space Force in 2019 as the newest branch of the military, have “had a great negative impact on space security and global strategic stability.” “In recent years, the United States has accelerated the militarization of space,” Tan said. “I would like to reiterate here that China adheres to the peaceful use of space, firmly opposes the weaponization and the making of space into a battlefield, and opposes any form of arms race in space." The ministry said that Tan was responding to recent concerns expressed by Space Force leaders over China's rising capabilities, calling that “classic cognitive dissonance.” China's advances in space include its own orbiting space station and plans for a crewed lunar mission. In 2007, it faced international condemnation after using a missile to blow up one of its defunct weather satellites, leaving a field of debris that continues to threaten other objects in orbit. While the U.S. has sent officials to Beijing including Secretary of State Antony Blinken and Treasury Secretary Janet Yellen, ties remain at a historic low. China has pointedly refused to reestablish contact between the two militaries, possibly as a protest against U.S. sales of defensive weaponry to Taiwan and sanctions against Chinese Defense Minister Li Shangfu. Although it is recognized as international waters and airspace and functions as a crucial route for international trade, China continues to claim a proprietary role over the Taiwan Strait that separates the mainland from the self-governing island democracy. China regards close U.S. ally Taiwan as its own territory to be annexed by force if necessary, and regularly sends planes and warships to harass the island's military and seeks to intimidate its 23 million citizens. On Thursday, the Eastern Theater Command of the Chinese People's Liberation Army — whose area of operations faces Taiwan — said it had scrambled fighters to “follow and monitor the U.S. plane throughout the process and dealt with it in accordance with laws and regulations.” Theater spokesperson Col. Shi Yi was quoted as saying on social media, “theater troops maintain a high level of alert at all times and will resolutely defend national sovereignty and security along with regional peace and stability." The U.S. 7th Fleet said a Navy P-8A Poseidon transited the Taiwan Strait in international airspace on Thursday. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations,” the fleet said on its website. “The aircraft’s transit of the Taiwan Strait demonstrates the United States’ commitment to a free and open Indo-Pacific. The United States military flies, sails and operates anywhere international law allows.”
New Mexico revokes license of local marijuana retailer for selling cannabis from California 2023-07-14 - New Mexico regulators have revoked the license of a marijuana retailer in Albuquerque for selling out-of-state cannabis in violation of state law SANTA FE, N.M. -- New Mexico has revoked the license of a marijuana retailer in Albuquerque for selling out-of-state cannabis in violation of state law, the state cannabis control division announced Thursday. Regulators allege that the Paradise Exotics Distro cannabis store on a central shopping thoroughfare sold cannabis products imported from California and marked with a California stamp of origin. Representatives for the business could not immediately be reached by phone or social media. New Mexico is among at least 21 states that have legalized recreational marijuana for adults, while a federal marijuana ban still precludes interstate cannabis trade or trafficking. Amid a persistent glut of cannabis on the West Coast, the states of Oregon, California and Washington have adopted so-called trigger bills that would authorize interstate cannabis trade agreements should the U.S. government someday allow it. New Mexico prohibits the local sale of out-of-state cannabis products, with a variety of concerns among state lawmakers ranging from product safety to local economic development. Thursday marked the first time that regulators in New Mexico have revoked a cannabis business license since the start of legal recreational marijuana sales on April 1, 2022. Regulators say Paradise Exotics Distro also failed to properly document shipping manifests and inaccurately reported sales data to a state system that tracks marijuana production from seedlings to sales. “This revocation should serve as a warning to those selling or receiving out-of-state cannabis products," said Regulation and Licensing Department Superintendent Linda Trujillo in a statement. "Our compliance officers are ramping up inspections and we will work to remove bad actors from within the New Mexico cannabis industry.” Duke Rodriguez, CEO of Ultra Health, the largest cannabis operator in New Mexico, said the license suspension suggests an imbalance in New Mexico's cannabis market. He urged the state to ease restrictions on large-scale cannabis cultivation. “People should ask, ‘Why is there an apparent need for product to cross state lines?’” Rodriguez said. “Usually it is because the illicit black market fills a void when the exiting state market is unable to fill the demand.”
Top North Carolina senator says chances for approving more sanctioned gambling "better than 50-50" 2023-07-14 - FILE - North Carolina state Rep. Jason Saine, R-Lincoln, at right, speaks with Rep. Terence Everitt, D-Wake, after a House Commerce Committee at the Legislative Office Building, March, 21, 2023, in Raleigh, N.C. Saine, a chief House budget-negotiator who also shepherded this year's sports gambling legislation, said Wednesday, July 13, that he didn't know how House colleagues would respond to the idea of additional casinos and video gambling because the Senate hadn't provided a proposal. (AP Photo/Gary D. Robertson, File) FILE - North Carolina state Rep. Jason Saine, R-Lincoln, at right, speaks with Rep. Terence Everitt, D-Wake, after a House Commerce Committee at the Legislative Office Building, March, 21, 2023, in Raleigh, N.C. Saine, a chief House budget-negotiator who also shepherded this year's sports gambling legislation, said Wednesday, July 13, that he didn't know how House colleagues would respond to the idea of additional casinos and video gambling because the Senate hadn't provided a proposal. (AP Photo/Gary D. Robertson, File) FILE - North Carolina state Rep. Jason Saine, R-Lincoln, at right, speaks with Rep. Terence Everitt, D-Wake, after a House Commerce Committee at the Legislative Office Building, March, 21, 2023, in Raleigh, N.C. Saine, a chief House budget-negotiator who also shepherded this year's sports gambling legislation, said Wednesday, July 13, that he didn't know how House colleagues would respond to the idea of additional casinos and video gambling because the Senate hadn't provided a proposal. (AP Photo/Gary D. Robertson, File) FILE - North Carolina state Rep. Jason Saine, R-Lincoln, at right, speaks with Rep. Terence Everitt, D-Wake, after a House Commerce Committee at the Legislative Office Building, March, 21, 2023, in Raleigh, N.C. Saine, a chief House budget-negotiator who also shepherded this year's sports gambling legislation, said Wednesday, July 13, that he didn't know how House colleagues would respond to the idea of additional casinos and video gambling because the Senate hadn't provided a proposal. (AP Photo/Gary D. Robertson, File) One of North Carolina’s most powerful legislators is expressing optimism that further expansion of state-sanctioned gambling will be worked out before legislators leave for home later this summer RALEIGH, N.C. -- One of North Carolina's most powerful legislators expressed optimism Thursday that a further expansion of state-sanctioned gambling will be worked out before legislators end this year's regular business later this summer. The General Assembly hasn't adjourned while House and Senate Republicans negotiate sticking points on a two-year state government budget that was supposed to take effect July 1. Chamber leaders also continue to talk about whether they should permit casinos on non-tribal lands, authorize and regulate video gambling machines, or both, Senate leader Phil Berger told reporters. When asked to evaluate the chances that legislation allowing some combination of new gambling would reach Democratic Gov. Roy Cooper's desk this summer within or separate from a budget agreement, Berger replied: “I’d say better than 50-50." “It's a serious discussion,” he added. The legislature already enacted a law last month that authorizes betting on sports and horse racing statewide, with the first wagers expected in the first half of 2024. It marked the legislature's largest expansion of gambling since creating a state lottery in 2005. Cooper signed the sports gambling bill into law to public fanfare. The state currently has three casinos, operated by two American Indian tribes. But legislators, in particular Berger, are worried about casinos that have opened recently in Virginia near the North Carolina border and where North Carolina residents are betting. The latest opened in Danville, Virginia, roughly 25 miles from Berger's hometown of Eden. Berger said he traveled to Danville this month and estimates 80% of the vehicles in the casino parking lot had North Carolina license plates. Authorizing North Carolina casinos is seen by supporters as a way to neutralize out-of-state gambling, generate revenues for state and local government coffers, and help economically depressed areas where venues would create jobs. “The gaming is already taking place in North Carolina, and gaming is taking place on the border of North Carolina that is pulling money out of North Carolina,” Berger said, adding that a new additional revenue stream “has multiple benefits.” Rep. Jason Saine of Lincoln County, a chief House budget-negotiator who also shepherded this year's sports gambling legislation, said Wednesday he didn't know how House colleagues would respond to the idea of additional casinos and video gambling because the Senate hadn't yet provided a proposal. That could include how many casinos would be permitted, whether construction would be contingent on local referendums and what the state's financial cut would be. Berger and Saine confirmed this week that budget differences remain over the extent of a tax-reduction package and how to distribute reserves for items such as capital projects and economic development. And they both acknowledged a deal may not be finalized until August. Saine insisted the fate of casino expansion isn't holding up the state budget, but rather the speed at which Republicans lower taxes and what fiscal guardrails are in place while it's carried out. But additional gambling revenues could recalibrate the level of cuts with which House members could feel comfortable. The Senate's version of the budget wanted to accelerate the ratcheting-down of the individual income tax rate so that it would reach 3.99% in 2025 and not 2027 as current law directs. And senators wanted to lower it further over time to 2.49% in 2030. The House plan would have lowered slightly further the rate already planned for 2024 but the trajectory would still hit 3.99% in 2027. To ensure fiscal stability, Saine said, the House wants to block deeper rate cuts unless the state meets certain revenue levels. The Senate has concerns about "trigger" provisions with high benchmarks that could never be met, Berger said. But Saine acknowledged that locating additional revenue streams could ease such requirements. “It is much harder to sell an expedited tax reform process without the backfill of revenue," he said. An obstacle to the authorization of further gambling this year also could be a coalition of social conservatives and certain liberals within the General Assembly who say it's not worth the harm that gambling addiction causes families and children. A similar bloc helped derail sports gambling in the House last year, but it was overtaken by pro-gambling forces in 2023. Advancing more gambling this summer could be a bridge too far for some lawmakers. More gambling options would create more gamblers and “just exacerbate all of the social problems that come along with gambling," John Rustin with the anti-gambling North Carolina Family Policy Council said Thursday. "Just because other states make poor choices doesn't mean that North Carolina should do the same."
Wells Fargo's Earnings, Why Markets Are Loving The Stock 2023-07-14 - The SPDR S&P 500 ETF Trust NYSEARCA: SPY has been trading within a tight channel during the past year, hovering between the $420 and $375 per share marks. This trading range could be seen as 'indecision' from broader market participants, and only 'directional' data can bring certainty for these same participants to push the market above or below the range. Key Points Wells Fargo posted second quarter 2023 earnings results, pointing to a superior position as shown by its rising stock price relative to peers. Significant NII growth is pushed by the foundation laid by the business model itself. This trend could continue now that the underlying economy favors the consumer rather than the business cycle. Markets reward the stock with higher perceived valuations, especially around expected earnings. Expanding fundamentals and building momentum may push the stock out of the previous trading range. 5 stocks we like better than Citigroup As banking earnings kick off this summer, they can act as a reasonably reliable gauge of where consumers and businesses are in the business cycle. This is a critical metric today, considering the U.S. economy is pivoting hard due to the interest rate hikes in the FED. Wells Fargo NYSE: WFC is one of the banks that passed the annual FED 'stress test,' which consequently enabled management to boost the dividend payout for shareholders. Today, the bank is one of the diversified banks reporting second-quarter 2023 earnings results, and markets are jumping all over the stock. On a day when banks like Bank of America NYSE: BAC and Citigroup NYSE: C are seeing their stock prices fall, Wells Fargo is proving to be the maverick by rising as much as 5% during Friday's trading session. For other reasons that will become obvious to investors, Wells Fargo is the favored stock in the diversified bank peer group. The Difference Maker Net revenues for the bank rose by as much as 20% during the year, an astonishing feat considering that most other banks are expected to post declines. The secret sauce for Wells Fargo lies in its business composition; the bank focuses more on consumer banking and products rather than investment banking activity. Banks like Citigroup are seeing double-digit declines in investment banking revenue due to a slowing business and credit cycle, severely affecting net earnings for such names. Conversely, NII (Net Interest Income) for Wells Fargo considerably drove the bank's results. A 29% annual advance in NII was only made possible through the bank's focus on the consumer side, generating significant income from loans and deposits. Loans rose by $19 billion over the year, driven by commercial loans and consumer credit cards, one of the drivers pushing NII higher. The second leg supporting the 29% advance comes from rates themselves; as the FED raises the national interest rate, banks like Wells Fargo can now generate more income on loans like mortgages and credit cards. Wells Fargo analyst ratings point to a consensus upside potential of 11.3% from today's prices. A decent double-digit potential upside is acceptable. However, investors may find a solid reason to expect a higher payout. Based on the current market's 'voting system,' broken down via forward price-to-earnings ratios, investors can begin to gauge which stocks are rewarded with higher perceived values regarding future expected earnings. Today's rise in the stock price, and superior financial results, are only a prelude to the real differentiator against peers as laid out by the broader market. Rewarding Valuations, Potential Risks Wells Fargo trades at a 9.1x forward P/E, relatively superior to other names like Citigroup and Bank of America, which trade at a 7.7x and 9.0x, respectively. Some investors accustomed to picking the best stocks for the lowest price as a premise for a value investment may feel uncomfortable paying a higher valuation relative to the group. However, this 'forward' valuation can be taken as a subtle hint from markets; this willingness to overpay for each dollar of future expected earnings directly translates into higher perceived quality. This higher perceived quality comes from the underlying earnings drivers. As Wells Fargo carries a superior exposure to the consumer rather than the business cycle, markets may be placing their bets on where the stock may end up going. One angle investors should watch out for when weighing potential risks is the provision for credit losses within the bank. A $1.7 billion provision was reported for the quarter, representing a significant reserve involving office-building loans. As remote work trends draw people out of office buildings, potential losses in this department may cause some concern. Now that markets have digested a magnificent 68% increase in annual earnings per share, the stock may find enough traction to break out of its recent ranges. Like the S&P 500, markets have been indecisive toward Wells Fargo stock. However, favoritism trickling through via valuations and improving fundamentals may act as the needed push to break out of previous ranges. Before you consider Citigroup, 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 Citigroup wasn't on the list. While Citigroup currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Citigroup Leads Banking Earnings, What's Next? 2023-07-14 - Key Points After passing the FED's annual 'stress test,' commercial and diversified banks have recently raised dividends. Citigroup did not need to raise the dividend payout as much as peers for reasons that will become clear once investors review today's earnings results. These technical levels will be a heavily sought price range; once future catalysts close down valuation gaps, a discount to the sector shows investors that the time to buy could be approaching. The underlying business cycle is affecting some of the profit centers within the bank. However, these same trends are boosting profitability in other departments. These fundamental valuation metrics will show investors just how much of a value play Citigroup is. 5 stocks we like better than Bank of America Not too long ago, commercial and investment banks passed the annual FED 'stress test,' where banks are under the heat of liquidity and leverage scrutiny. The leading United States firms passed with flying colors, and some of these names followed the results by boosting their dividend payouts handsomely. Citigroup NYSE: C was part of the winner's list passing the FED's tests. However, it also turned out to be the one bank to raise dividends by the lowest amount. However, the dividend payout decision may be more positive once investors consider where the dividend yield sits today. Considering that Citigroup's annual dividend yield is 4.34% today, it marks one of the highest yields for the company during the past decade. A historically high dividend yield implies, as investors should keep in mind in terms of valuation, that it can become a dual-edged sword. Normalizing the yield would involve lowering the payout or raising the stock price to compress the yield. Citigroup reported its second quarter 2023 earnings results in the pre-market hours of Friday morning, and the figures point to a higher stock rather than a dividend cut in this case. Perspective, Cyclical Earnings Citigroup stock declines by 2.0% during Friday's trading session, an initial adverse reaction to not-so-negative earnings. Investors should briefly look back into the stock price to find key liquidity levels to begin finding pivoting prices and considering that the stock hit a 2021 peak price of approximately $80.0 per share, followed by a subsequent decline toward today's level of $46.5 per share. This decline is essential to remember when taking Wall Street's definition of a 'Bear Market,' characterized by a 20% decline from recent highs. This heavily traded level would be around $64 per share. The above image showcasing Citigroup's chart, which clarifies how this 'Bear Marker' of a 20% decline off highs is heavily traded/respected, can be a compass for investors to place their proximate targets. If a potential purchase is considered, the $64 per share mark could act as an initial proxy target. One catalyst that could get the stock there may lie in the bank's earnings results. Despite posting slowdowns in the top and bottom lines, the underlying drivers of the business are finding new traction into the next cyclical run. Investors will find that the new trends dominating banking earnings will become a steady decline in investment banking revenues now that the FED is on a mission to cool off a heating economy. By hiking interest rates and making financing harder for M&A (Mergers and Acquisitions) departments, these banks will likely see fees and revenues dry up within deal-making. Citigroup suffered an annual revenue decline of 24% in investment banking, followed by an additional 20% decline in corporate lending. This is expected; as the underlying economy slows down (measured by falling inflation), businesses will not need as much financing due to slower business activity. Future in Store Full-year 2023 expectations laid out by management may reflect what the consumer is doing and trends that offset declines in other departments. United States card loans for Citigroup comprised more than 80% above 680 FICO scores, comprising 67% branded cards. This can be a significant profit center that investors can lean on, especially when considering what could drive earnings higher and push the stock toward that $64 mark again. Since interest rates are rising, Citigroup's gross loan yield for the quarter rose to 8.63%, a significant increase from 5.81% a year ago. When investors spread valuations in the diversified banking peer group, a widening upside potential begins for Citigroup. Taking the forward price-to-earnings ratio, as opposed to the conventional P/E, potential buyers can gauge where markets value the bank's future expected earnings. Citigroup's forward P/E lies at 7.7x, well below other diversified banks like Wells Fargo & Company NYSE: WFC and Bank of America NYSE: BAC, which trade at 9.1x and 9.0x, respectively. A clear discount to the peer group begins to form, and other commonly used valuation multiples agree. Not only does the forward P/E point to high potential, but the historically high dividend yield agrees, and investors can top this trend off with the price-to-book ratio. By trading at a 0.5x P/B ratio, it can be assumed that Citigroup is selling at a discount to its 'book' value, which is usually music to any value investor's ears. Before you consider Bank of America, 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 Bank of America wasn't on the list. While Bank of America currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
BlackRock Kicks Off Financials Earnings Season, Gauge To Markets 2023-07-14 - A new earnings season is beginning to kick off, bringing on periods of increased volatility and opportunity to investors as long as they position themselves within the favored industries and names in the economy. As a nation's profit center, banks are considered one of the most important names to report during the season, as their underlying capital flows and profitability can aid asset managers and even the FED in understanding where we are in the business cycle. Key Points Financial earnings season kicks off, one of the most followed niches to gauge the underlying economy and consumer status. BlackRock announced its quarterly earnings, and the net capital flows seen within the asset manager can act as a general sentiment analysis of what the average investor is favoring. Management repurchases and rising profitability could be enough of a tailwind for investors to begin considering a potential purchase into the stock. 5 stocks we like better than Financial Select Sector SPDR Fund The financial sector has delivered a flattish performance over the past twelve months, as measured by the Financial Select Sector SPDR Fund NYSEARCA: XLF. This instrument has underperformed the broader markets by 8.7% during the period. One of the largest asset managers in the world, BlackRock NYSE: BLK, is seen trading higher in the pre-market hours of Friday morning. The 1.1% pre-market advance is due to the financial giant reporting its second-quarter 2023 earnings results, which will likely be scrutinized for detail, especially now that the economy is going through a significant turning point, creating the need for markets to find a clear direction. After giving up formidable gains seen during the 2020 to 2021 period, the stock is now hovering at a critical technical level, one that may be left behind after today's catalyst found in earnings. BlackRock Results BlackRock management's press release leads with one of the critical features traders look for, especially within this niche, to find a clear direction. The asset management giant boasts a net $80 billion of quarterly total inflows, an attribute that raised the total level of AUM (Assets Under Management). This figure ends up being the primary driver of future profit-making activity within the business. Total AUM for the quarter rose to $9.4 trillion, mainly driven by fixed-income inflows and other firm-sponsored ETFs (Exchange Traded Funds). However, one key trend may act as a warning sign for equity investors. Net equity product flows reflected a net $4.3 billion decrease, which is alarming considering that analysts expected a net inflow of $21 billion. This is extremely important for investors, even if they are not BlackRock investors. This simple metric reliably gauges what broader markets like and dislike. By pouring more capital into fixed-income and diversified ETFs while decreasing exposure to individual risk-concentrated equity products, markets are clearly indicating the future outlook. In a nutshell, bonds and diversified products are the preference today, rather than individual stocks and other equity instruments; perhaps the outlook for earnings and valuations is beginning to sour. However dire these capital flows may seem initially, the fact is that BlackRock insiders themselves (a.k.a. management) believe that the near-term outlook for the business is still steadily positive. Management repurchased up to $375 million of the common stock off the open market, a subtle hint letting public markets know that, as measured by the willingness to reinvest in the business at these valuations, BlackRock's business may be staring down at a cyclical recovery. BlackRock analyst ratings may point to the conservative scenarios currently perceived by markets today, considering that the consensus price target leads to only a 4.6% upside potential from today's prices. Implications of Buybacks and margin expansion By repurchasing as many shares as they did and achieving higher-than-expected non-operating income, BlackRock delivered earnings per share growth of 28.3%. This increase should have led to a similar rise in the stock price. However, BlackRock stock has been trading at a tight channel for the past twelve months, hovering between the $600 to $750 per share range. This range would place BlackRock into the Wall Street definition of a 'Bear Market,' otherwise known as a 20% retracement from all-time or recent high prices. The answer to this discrepancy is found in the firm's operating margins. Within management's earnings presentation, investors can find a declining chart portraying the asset manager's operating margins. Margins declined from 46.6% in the fourth quarter of 2021 to a low of 40.4% recently during the first quarter of 2023, which may have been enough of a fear factor to keep the stock from finding direction; despite the rise in EPS. Today, however, BlackRock is returning to normality, as operating margins rose to 42.5% to regain profitability not seen since the second quarter of 2022. Perhaps the catalyst markets are looking for is a continuation of margin expansion, which could be the final push this stock needs to break out of this channel. Before you consider Financial Select Sector SPDR Fund, 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 Financial Select Sector SPDR Fund wasn't on the list. While Financial Select Sector SPDR Fund currently has a "hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
JPMorgan Chase Is In Reversal But Don’t Chase It Higher 2023-07-14 - Key Points JPMorgan topped estimates on strong gains in investment income. Signs of stress are showing up in the consumer data and may impact the broad economy later this year. Cash flow is robust and capital returns are driving a reversal in the stock price. 5 stocks we like better than JPMorgan Chase & Co. The price action in JPMorgan Chase & Company NYSE: JPM has been bullish all year. The prospect of higher interest rates, widening margins, and increased earnings have helped to drive the market. That action produced a solid, if unusual, Head & Shoulders Reversal Pattern that has now been confirmed. The caveat for traders and investors is that post-release actin has increased stock significantly in premarket trading and opened a gap. That could result in additional momentum and higher prices but also suggests a pullback will come soon. In this scenario, investors and traders wanting to enter this market or add to positions are better served to wait. A pullback will come, and another entry point will reveal itself. JPMorgan Chase Has Blowout Quarter: Shares Surge JPMorgan was expected to report strength in Q2, but the results are blow-out in quality. The company reported $41.3 billion in net revenue for a gain of 34.5% versus last year. The gains are driven by solid results in all segments, led by a 13% increase in average loans, and outpaced the consensus figure by more than 1000 basis points. The gains are due primarily to the increase in interest rates and should accelerate in the coming quarters. The Fed is expected to increase rates by at least 25 basis points, and the signs are good they’ll do another 50 by the end of the year. The question is if the consumer will remain resilient and there are signs of cracking. While average loans increased by 13%, deposits fell by 6%, and charge-offs rose. The company reported a net credit reserve build of $0.326 billion, including $1.4 billion in charge-offs. Charge-offs are up roughly 100% YOY and suggest that tightening credit conditions hurt the economy, which is the intent. As for JPMorgan, the bank maintained a high 13.8% tier 1 capital ratio and improved its capital position. The company has more than $1.4 trillion in cash and securities available for use—good news for dividend and share repurchase plans. Regarding earnings, earnings were up strongly. The company reported a 67% increase in net income, including First Republic Bank's impact. Adjusted for that, net income is up 40% and well above the consensus estimate. The adjusted earnings, which include $0.91 in FRC income, beat the consensus by $0.61, and this strength can be expected to continue. If anything, tightening credit conditions will cause more banks to fail, and JPMorgan will grow even larger when it bails them out. The Sell-Side Is Supporting JPM Price Action The analysts' activity has been mixed this year but is bullish on balance. Marketbeat didn’t pick up any new revisions immediately after the release, but upward price target revisions and upgrades are possible. Until then, the consensus sentiment is Moderate Buy, trending higher than last year’s Hold. The consensus price target is about 5% above the post-release action, trending higher than last month, last quarter, and last year. As it is, the consensus target has the stock trading near $160 and within easy distance of a new all-time high. The chart is good. It shows a market in reversal following a bottom. The caveat is that the bottom formed within a trading range and may have already made most of the gains. Price action is above the mid-point of the range and may pull back to confirm support. Support is likely at the $150 level; if confirmed, this market could increase to the $170 region. Before you consider JPMorgan Chase & Co., you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and JPMorgan Chase & Co. wasn't on the list. While JPMorgan Chase & Co. currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Nikola's Stock Surges On New Deals And Rising Short Interest 2023-07-14 - Key Points After announcing two large deals for hydrogen fuel cell vehicles, Nikola's stock surged 60.87% yesterday. Short interest in NKLA has been growing, with nearly 129 million shares sold short as of June 30. Caution should be exercised when considering an investment in Nikola, as the surge appears to be driven by speculative trading rather than solid investment fundamentals. 5 stocks we like better than Nikola Shares of Nikola NASDAQ: NKLA are rocketing after the company announced two large deals for its hydrogen fuel cell vehicles. Shares of NKLA soared 60.87% yesterday off the back of the positive news and now find themselves in positive territory on the year, up close to 3%. The stock is up over 100% in the last month thanks to positive catalysts and growing short interest. Nikola Announced Two Large Deals The First Deal: BayoTech, a small-scale hydrogen producer, has entered into a supply agreement with Nikola's HYLA division. HYLA focuses on hydrogen distribution and dispensing solutions for commercial trucking applications that utilize hydrogen fuel-cell technology. As part of this agreement, BayoTech has committed to buying 50 Nikola Class 8 hydrogen fuel cell trucks within the next five years. The first batch of twelve trucks will be delivered between 2023 and 2024. Additionally, in connection with the HYLA partnership, Nikola will acquire up to 10 of BayoTech's HyFill hydrogen transport trailers. These trailers are essential for transporting high-pressure hydrogen from production sites to refueling stations. The Second Deal: During Bosch's Tech Day 2023 event held in Stuttgart, the supplier of Nikola announced that it would commence large-scale production of its fuel-cell power modules. Bosch has chosen Nikola to be its pilot customer as part of this initiative. The fuel cells manufactured by Bosch will be integrated into Nikola's Class 8 truck, which is set to be delivered to customers in North America starting in the third quarter of this year. Growing Short Interest Has Fueled The Move Month over month, the short interest has grown significantly in NKLA. As of June 30, almost 129 million shares were sold short, up from 115 million on June 15. I suspect that figure to rise considerably when the latest short data is released on June 15. With an enormous surge in trading volume and considerable momentum and range in the stock, the significant and growing short interest might become the clear catalyst and motivation for higher prices, albeit short-lived. The recent increase in buying pressure, driven by short sellers rushing to close their positions, has caused and will continue to cause an imbalance between supply and demand. Consequently, the company's share price is experiencing a significant and rapid increase. Should You Invest In NKLA? Caution should be exercised when considering an investment in Nikola. The company's cash burn remains a concern, with a modest cash balance and limited insider buying activity over the previous twelve months. The recent rally appears driven by speculative trading rather than solid investment fundamentals. Therefore, NKLA seems to be a trading vehicle, not an investment vehicle. Before you consider Nikola, 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 Nikola wasn't on the list. While Nikola currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Fastenal Falls To The Buy Zone: But Wait To Buy More 2023-07-14 - Key Points Tepid results do not overshadow the company’s strengths. The company produced $1.88 billion in net revenue for a gain of 5.9% compared to last year. The best target for solid support is the 150-day moving average, nearly $54. 5 stocks we like better than Fastenal Fastenal NASDAQ: FAST fell following its Q2 earnings release and could fall further. The caveat is that tepid results do not overshadow the company’s strengths, including a solid balance sheet, an improvement in cash flow, share repurchases, and dividend payments. While q2 results were less than hoped, they aligned with the analyst's consensus, which called for growth. In this scenario, the stock price may continue to dip within its trading range, but there should be solid support at the bottom of the range, if not higher. The market is sitting on a critical support level now; if support confirms in the next few days, the market could begin to rebound over the summer. Fastenal Has Tepid Quarter? Mixed Results Weigh On Price Action Fastenal had a tepid quarter but only regarding the analysts’ expectations. The company produced $1.88 billion in net revenue for a gain of 5.9% compared to last year. The revenue missed the consensus by a slim $0.010 billion or 0.5% but an improvement in margin offsets that. Data within the revenue figure reveals the company’s diversification and industry-supporting strategy are working. Sales were driven by an increase in Onsite locations offset by weakness in construction and reseller markets. Other led with a gain of 9.8% on a segment basis, with Safety close behind at 8% and Fasteners holding steady compared to last year. Manufacturing led on an end-market basis, with non-residential construction and others both falling. On a business-size basis, national accounts grew by 10.2% and Non-national by 0.2%. If there is a takeaway for the broad economy, it is that national-level manufacturers are buying safety and other products from Onsite systems. The margin news is the best in the report. Margin contracted at the gross and operating levels but less than expected. The operating margin fell 60 bps, leaving the GAAP EPS at $0.52. This is up 4% compared to last year versus the topline growth of 5.9%, as expected compared to the top-line miss. The takeaway is that business is slightly better than expected and is expected to remain steady, if not grow, in the coming quarters. The company continues to add new Onsite locations, the count is up 15% YOY, and deepen penetration of existing markets. The Analysts Are Holding: The Institutions Are Buying The analysts' sentiment toward Fastenal will not drive the market higher but will support the market. The analysts have the stock pegged at Hold with a price target trending higher but assuming fair value at current price levels. That’s near $56.50 and potentially strong support near the middle of a trading range. If support starts at this level, the market should consolidate near its high, possibly moving higher later in the year. As for the institutions, they own about 77% of the stock and have been buying on balance for the last year. Buying outpaces selling by 1.65:1 has netted about 3% of the post-release market cap. Buying ramped higher in recent quarters, coincident with a bottom and reversal in the price action. The chart is a little iffy but shows a market in reversal. The post-release drop in price action is a correction within a larger movement that should result in a buying signal. That signal could form at the current levels or lower. The best target for solid support is the 150-day moving average, nearly $54. The market may stall at its current level, near $56.50, and allow the EMA to catch up. In that scenario, the stock could retest the recent highs by the end of the year. Before you consider Fastenal, 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 Fastenal wasn't on the list. While Fastenal currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here