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Rats, roaches, and other creatures are winning against climate change, and it's bad news for humans 2024-07-25 20:43:32+00:00 - By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Access your favorite topics in a personalized feed while you're on the go. download the app Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. In the game of climate change, there are both winners and losers. Experts predict that one-third of Earth's plants and animals — millions of species — could disappear by 2050 if the current rate of greenhouse gas emissions persists. And some are already disappearing. But other animals are more resilient to temperature changes and habitat disruption. There are a few species that could not only survive but thrive in a warming world. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Climate models have shown that "we have a lot of species that might actually benefit from climate change," expanding their ranges into new geographic areas that were previously inhospitable to them, Giovanni Strona, quantitative ecology researcher at the European Commission's Joint Research Centre, told Business Insider. Advertisement Many of these climate change "winners" are hardy, fast-breeding scavengers that already live in some of the most degraded habitats on Earth: cities. They're not all cute and cuddly, and some are considered pests that pose risks to human health. Whether you like them or not, it doesn't look like these four critters are going away any time soon. Cockroaches probably won't need to worry about a food shortage Cockroaches have evolved to be practically invincible. They can survive extreme temperatures, radiation, and even decapitation. Shutterstock Roaches are a city-dweller's worst enemy. These indestructible insects can inhabit every corner of their urban environment, from the dredges of subway tunnels to skyrise apartments. And once they've moved in, it's extremely difficult to get rid of them. That's because the humble cockroach has evolved to be one of the most resilient animals in the world. Advertisement These ancient arthropods have been around for over 300 million years, surviving every challenge they've faced. They even made it through the Cretaceous-Paleogene extinction, which eliminated 80% of Earth's animal life. What didn't kill them only made them stronger. Cockroaches have lived through periods of extreme environmental change, including significant climatic shifts. They prefer hot, humid conditions, and can survive temperatures up to 120 degrees Fahrenheit. Related stories What's more, cockroaches can live for a month without food, and a week without water. When it comes to what they eat, they aren't picky, which means they probably don't have to worry about climate change eliminating their food source. These characteristics and their long history of survival lead scientists to believe that cockroaches will do just fine in a warmer world, and perhaps even outlive humans. Advertisement Rats can probably evolve to tackle anything climate change throws their way Rats breed all year round and reproduce in massive numbers. That means their species is better adapted and more resilient to environmental change. Shutterstock Like cockroaches, rats eat pretty much anything and can live almost anywhere. But the real source of their resilience is their adaptability. Rats reproduce in massive numbers. They breed year-round, producing roughly six litters annually. The average litter size is eight to 18 pups, so that's up to 108 rats a year from a single female. Because of how rapidly they reproduce, rats evolve faster than many other mammals, adapting to changes in their environment or climate faster and more effectively. Plus, there's strength in numbers. Having lots and lots of babies means that rats can sustain large population numbers, so when challenges arise, there's a greater chance that at least some individuals will survive. Advertisement Research has shown that rising global temperatures will only make it easier for rats to reproduce. Because as winters grow warmer, fewer rats will die from the cold, leaving more rats to reproduce year-round. We're already beginning to see their numbers increase worldwide. New York City's rat population has increased by nearly one million over the last decade, M&M Pest Control estimated in 2023. If climate change is driving a "ratpocalypse," as some evidence suggests, that could have big consequences for human health. Rats can carry diseases that are dangerous to humans, such as hantavirus, leptospirosis, and salmonella. If they thrive in a warming world, that means these diseases could too. Advertisement Mosquitos can grow faster in a warming world Rising global temperatures are driving mosquitos — and the diseases they carry — to new geographic areas. iiievgeniy/Getty Images Mosquitos aren't just annoying, they're also a major driver of disease worldwide. These tiny bloodsuckers can carry a whole host of viruses and parasites, including malaria, dengue, Zika virus, and more. When transmitted to humans, these illnesses can be fatal. Each year, over one million people around the world die from mosquito-borne illnesses. Mosquito-borne illness is most prevalent in Africa and tropic regions of southeast Asia and South America. That's because mosquitos thrive in warm, wet climates. But as climate change raises temperatures and alters precipitation trends, their range is expanding and shifting to new geographic areas. For example, a disease-carrying species of mosquito from South America appeared in Florida in 2021. Advertisement Additionally, studies have shown warmer temperatures can speed up a mosquito's growth, biting rates, and the incubation of disease inside them. This means that climate change could cause mosquito-borne illnesses to spread to new places, and increase case numbers worldwide. Some evidence suggests that we're already seeing this happen. In 2023, Florida and Texas saw their first cases of locally-transmitted malaria in 20 years. And In Europe, dengue outbreaks spiked significantly in 2022, largely driven by heat waves and flooding. So, we can expect mosquitoes to stick around for a long time if warming continues. Advertisement Ticks are staying active year-round now that winters are more mild Climate change is causing ticks to spread northward and remain active longer throughout the year. AP/CDC Move over mosquitos, there's another blood-sucking insect taking our warming world by storm. Ticks thrive in warm, humid climates. They typically remain dormant during the winter, but as this season grows milder, they're staying active year-round. They're also emerging earlier and feeding longer throughout the year. Additionally, warmer temperatures are expanding their range northward into areas where they were previously uncommon, including northeastern states such as Vermont. That's bad news for human health, because like mosquitos, ticks carry dangerous diseases. Lyme disease, anaplasmosis, and babesiosis are just a few examples of tick-borne illnesses. All three of them can become serious if left untreated. Advertisement In the US, cases of Lyme disease have nearly doubled since 1991, with the Northeast seeing the sharpest rise in cases. Studies suggest climate change has contributed significantly to this increase. And another 2023 study found that ticks are more resilient to extreme temperatures than scientists previously believed. All of this suggests ticks are weathering climate change with little issue and they'll likely stick around as temperatures continue to rise. If you live in an area where ticks are present, it's a good idea to take preventative measures against them year-round. And that goes for your pets too. But you should still be extra vigilant from April to September when ticks are most active.
What's Going On With Tech Giant Meta's Stock Today? - Meta Platforms (NASDAQ:META) 2024-07-25 20:28:00+00:00 - Meta Platforms Inc META shares are trading lower on Thursday. The technology giant is poised to receive its first EU antitrust fine for linking its classified advertisements service, Marketplace, with its Facebook social network, Reuters writes in its exclusive report. This decision from the European Commission comes more than 18 months after Meta was accused of unfairly bundling the two services together. The EU competition authority claims Meta misused its dominance by imposing unfair trading conditions on rival online classified ad services that use Facebook or Instagram. Meta could face a fine of up to $13.4 billion, representing 10% of its 2023 global revenue, although EU fines are typically much lower. The European Commission is expected to issue its decision in September or October before EU antitrust chief Margrethe Vestager leaves office in November. Also Read: Meta Oversight Board Calls For Clearer Rules Against AI-Generated Pornographic Content Meta spokesperson Matt Pollard told Reuters, "The claims made by the European Commission are without foundation. We continue to work constructively with regulatory authorities to demonstrate that our product innovation is pro-consumer and pro-competitive." Last year, Meta attempted to resolve the EU investigation by restricting the use of competitors' advertising data for Facebook Marketplace, but the EU enforcer rejected this offer. However, the U.K. competition regulator accepted a similar proposal. Earlier this month, the European Commission charged Meta with failing to comply with new tech regulations due to its recently introduced pay-or-consent advertising model launched in November. Meta stock has gained more than 56% in the last 12 months. Investors can gain exposure to the stock via Vanguard Communication Services ETF (VOX) and Communication Services Select Sector SPDR Fund XLC. Price Action: META shares are trading lower by 0.28% at $460.00 at the last check on Thursday. Read Next: Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image via Pixabay
Norfolk Southern profits complicated by derailment insurance payments, proxy fight and productivity 2024-07-25 20:27:13+00:00 - Norfolk Southern got a boost during the second quarter from insurance payments related to last year’s disastrous East Palestine derailment, but it also made progress in reducing its expenses and getting more efficient. The Atlanta-based railroad said it earned $737 million, or $3.25 per share, in the quarter, but there were several unusual factors influencing the results. And last year’s $356 million profit, or $1.56 per share, was heavily weighed down by costs related to the derailment near the Ohio-Pennsylvania border. But CEO Alan Shaw is most proud of the $250 million in productivity and safety gains the railroad has made this year. Norfolk Southern also hauled 5% more freight during the quarter thanks to the efficiency and new business it was able to attract. “I’m really encouraged by our progress and I’m really confident in our future,” Shaw said. “We did everything we said we were going to do.” The $156 million in insurance payments the railroad received as it recovered some of the more than $1.7 billion it has spent in response to the 2023 derailment in eastern Ohio more than offset the $91 million in costs this quarter. That resulted in a $65 million net boost to earnings. Much of the derailment costs, including the $600 million class action settlement the railroad agreed to this spring, will likely eventually be covered by the railroad’s insurance. Further complicating the financial picture is the fact that Norfolk Southern spent $22 million in the quarter to fight back against investor Ancora Holdings’ campaign to take over the board and fire the railroad’s management. Ancora’s nominees ultimately won three board seats, but not enough to take control. Without any of those unusual factors, Norfolk Southern estimated that it would have earned $694 million, or $3.06 per share, in the quarter. The analysts surveyed by FactSet Research expected the railroad to report earnings per share of $2.86. Norfolk Southern endorsed all of the recommendations the National Transportation Safety Board made in its final East Palestine report, and the railroad said it has largely addressed the safety concerns the Federal Railroad Administration raised in a report last year. But the rail industry has been lobbying against many of the proposed regulations Congress has been considering. During the proxy fight, Shaw hired a new operations chief and promised to make the railroad more efficient, though he still says he doesn’t want to cut so deep that Norfolk Southern won’t have the resources it needs to handle additional freight when the economy does improve. The railroad said has already parked more than 320 locomotives and pulled some 7,000 cars off its network as it moved to run fewer but longer trains to handle the same freight without as many engines or crews. Over the next two years, Norfolk Southern predicts will improve productivity by about $550 million and boost its profit margin. The railroad’s revenue grew 2% to $3.04 billion in the quarter, in line with Wall Street’s forecast. Norfolk Southern is one of the nation’s largest railroads operating trains across the eastern United States.
Honeywell drops on cuts to guidance. Here's why it may provide an opportunity 2024-07-25 20:26:00+00:00 - Shares of Honeywell slid Thursday as strong second-quarter results are being overshadowed by a mixed update to management's outlook for the remainder of the year. But we're looking through the weakness on a belief that the industrial conglomerate is heading toward a healthy 2025. Revenue for the three months ended June 30 totaled $9.58 billion, topping Wall Street expectations of $9.41 billion, according to estimates compiled by LSEG. Adjusted earnings per share of $2.49 advanced roughly 8% compared with the year-ago period, ahead of the $2.42 consensus forecast, LSEG data showed. It also came in above the high end of management's guidance. Segment margin , similar to an adjusted operating income margin, expanded about half a percentage point on an annual basis to 23%, slightly below expectations but in line with management's previously forecasted range. Honeywell Why we own it: Honeywell is a provider of industrial technology solutions to companies in various industries. We appreciate its exposure to the aerospace industry as a parts supplier. The portfolio has, however, become a bit bloated. We think further upside will come as the company divests non-core businesses and focuses both internal investments and acquisition efforts around management's three targeted mega-trends: automation, the future of aviation, and the energy transition. Competitors: Emerson Electric, RTX, 3M Weight in portfolio: 3.14% Most recent buy: April 10, 2024 Initiated: July 5, 2020 Bottom line Honeywell's actual results were strong. The nearly 5% decline in the stock is all about the company's more subdued outlook. Second-quarter sales, earnings, organic growth and cash flow all outpaced expectations, with quality performance across Honeywell's four operating segments. Its overall segment profit margin came up slightly short, but the weakness there is entirely attributable to a miss in Aerospace Technologies profitability. HON YTD mountain Honeywell's year-to-date stock performance. But here's the root of Thursday's selling: Honeywell downwardly revised its full-year guidance for segment margin, earnings per share, and cash flow guidance. The changes are tied to the inclusion of previously closed and announced acquisitions, as well as a slower-than expected-rebound for short-cycle businesses. That is carrying much more weight than the bump to Honeywell's full-year sales outlook and the low end of its organic sales growth forecast. Management had been clear that the swing factor for achieving the higher end of its previous guidance was the pace of a rebound for short-cycle businesses, which tend to be more profitable. Unfortunately, despite some "pockets of short-cycle strength," other short-cycle businesses "are not accelerating as much as we had hoped," CFO Greg Lewis said on the call. For context, long-cycle businesses are less sensitive to near-term economic conditions since there's a lengthier period between when order placement and delivery. Aerospace is a good example. Honeywell's building products unit, which includes offerings like fire-protection systems, is an example of short-cycle business. Obviously, this is not an ideal forecast. But we still walk away from the report believing things are getting better — even with the obstacles in short-cycle areas and the signs that other investors are throwing in the towel. Supply chain dynamics are improving, and profitability is expected to rebound as we work our way into next year. Moreover, management is hard at work executing on CEO Vimal Kapur's vision of better aligning the overall business to the megatrends of automation, the future of aviation, and energy transition. Following Thursday's report and guidance revisions, we are reiterating our price target of $225 a share as we see a favorable setup for 2025 and anticipate a stronger rebound in the short-cycle businesses. We also reaffirm our 2 rating as we look for a better entry point below the $200-per-share level. Guidance Looking at the guidance table above, management's outlook for the current quarter — its fiscal 2024 third quarter — was mixed. Sales were guided to be better than expected, though profitability came up short of Wall Street estimates. On the call, Honeywell executives said the third quarter is expected to be the low point of the year for segment margins, "reflecting the closing of [defense firm] CAES and less favorable quarterly mix." But the situation is set to improve. "In Industrial Automation, we're benefiting from solid orders, momentum in most of our long-cycle businesses, while our short-cycle businesses are showing varying signs of sequential progress," finance chief Lewis said. "In the third quarter, we expect modest sequential improvement in [Industrial Automation] and a return to year-over-year growth in the back half." On a full-year basis, management's boosted its sales and organic growth outlook. However, its forecast for segment margin, earnings and cash flow were all revised lower. These updates reflect the impact of Honeywell's $5 billion acquisition of Carrier's Global Access Solutions business, which closed in June , and two previously announced acquisitions expected to close in the third quarter: the $1.9 billion purchase of CAES Systems Holdings and the $1.8 billion acquisition of Air Products' LNG Business . Of the 15-cent reduction to the midpoint of the team's full-year adjusted earnings guide, roughly one-third (5 cents) is attributable to acquisition-related costs. The other two-thirds (10 cents) are attributable to the sales mix as less profitable long-cycle businesses are outgrowing short-cycle businesses. "While we are encouraged by our performance year to date and our robust backlog, the back half will remain influenced by the dynamic macroeconomic backdrop and varying levels of channel improvement across our portfolio," Lewis said on the call. Quarterly commentary As we can see above, a slight miss in Aerospace Technologies profitability due to the sales mix was the only real miss in the reported results and dragged down the companywide segment margin. Even still, actual Aerospace segment profit dollars came in ahead of expectations thanks to its strong topline performance. Aerospace continued to lead the way for organic growth, which management expects to continue throughout the year. Honeywell anticipates the second quarter "to be our low point of the year for growth as some related supply chain challenges abate," Lewis said. Aerospace benefited from double-digit growth in both the defense and space, and commercial aviation, the latter of which realized its 13th consecutive quarter of double-digit growth. Equally important, the supply chain continues to improve, with output increasing 14% in the second quarter. Industrial Automation sales were hampered by volume declines in warehouse and workflow solutions, though overall sales were up 1% compared with the first quarter. Sales in productivity solutions and services declined on a reported basis. However, they were up year over year and sequentially when "excluding the impact of payments under the license and settlement agreement that ended in the first quarter," according to a press release. Sensing and safety technologies business sales were down compared with the year-ago period, though orders and sales improved sequentially. The segment's book-to-bill came in at 1.1. A book-to-bill ratio measures the amount of business booked versus the amount billed. The higher the ratio, the better because it means that demand is exceeding supply and resulting in backlog growth. Building Automation sales were up only 1% organically year over year. But they increased 10% sequentially when including the one-month contribution of Carrier's Global Access Solutions operations. The book-to-bill ratio came in at 1.1 for the segment. In Energy and Sustainability Solutions, overall sales growth was led by 8% growth in advanced materials. However, sales in UOP, its petrochemicals business, fell 4% due "difficult year-over-year comps from large gas processing equipment projects, partially offset by growth in refining catalysts and aftermarket services," the company said in a release. The book-to-bill ratio came in at 1.2 for the segment. (Jim Cramer's Charitable Trust is long HON. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. The Honeywell International sign sits outside of the company's former global headquarters in Morristown, New Jersey. Daniel Barry | Bloomberg | Getty Images Shares of Honeywell slid Thursday as strong second-quarter results are being overshadowed by a mixed update to management's outlook for the remainder of the year. But we're looking through the weakness on a belief that the industrial conglomerate is heading toward a healthy 2025. Revenue for the three months ended June 30 totaled $9.58 billion, topping Wall Street expectations of $9.41 billion, according to estimates compiled by LSEG. for the three months ended June 30 totaled $9.58 billion, topping Wall Street expectations of $9.41 billion, according to estimates compiled by LSEG. Adjusted earnings per share of $2.49 advanced roughly 8% compared with the year-ago period, ahead of the $2.42 consensus forecast, LSEG data showed. It also came in above the high end of management's guidance. of $2.49 advanced roughly 8% compared with the year-ago period, ahead of the $2.42 consensus forecast, LSEG data showed. It also came in above the high end of management's guidance. Segment margin, similar to an adjusted operating income margin, expanded about half a percentage point on an annual basis to 23%, slightly below expectations but in line with management's previously forecasted range. Honeywell Why we own it: Honeywell is a provider of industrial technology solutions to companies in various industries. We appreciate its exposure to the aerospace industry as a parts supplier. The portfolio has, however, become a bit bloated. We think further upside will come as the company divests non-core businesses and focuses both internal investments and acquisition efforts around management's three targeted mega-trends: automation, the future of aviation, and the energy transition. Competitors: Emerson Electric, RTX, 3M Weight in portfolio: 3.14% Most recent buy: April 10, 2024 Initiated: July 5, 2020 Bottom line Honeywell's actual results were strong. The nearly 5% decline in the stock is all about the company's more subdued outlook. Second-quarter sales, earnings, organic growth and cash flow all outpaced expectations, with quality performance across Honeywell's four operating segments. Its overall segment profit margin came up slightly short, but the weakness there is entirely attributable to a miss in Aerospace Technologies profitability. Stock Chart Icon Stock chart icon Honeywell's year-to-date stock performance. But here's the root of Thursday's selling: Honeywell downwardly revised its full-year guidance for segment margin, earnings per share, and cash flow guidance. The changes are tied to the inclusion of previously closed and announced acquisitions, as well as a slower-than expected-rebound for short-cycle businesses. That is carrying much more weight than the bump to Honeywell's full-year sales outlook and the low end of its organic sales growth forecast. Management had been clear that the swing factor for achieving the higher end of its previous guidance was the pace of a rebound for short-cycle businesses, which tend to be more profitable. Unfortunately, despite some "pockets of short-cycle strength," other short-cycle businesses "are not accelerating as much as we had hoped," CFO Greg Lewis said on the call. For context, long-cycle businesses are less sensitive to near-term economic conditions since there's a lengthier period between when order placement and delivery. Aerospace is a good example. Honeywell's building products unit, which includes offerings like fire-protection systems, is an example of short-cycle business. Obviously, this is not an ideal forecast. But we still walk away from the report believing things are getting better — even with the obstacles in short-cycle areas and the signs that other investors are throwing in the towel. Supply chain dynamics are improving, and profitability is expected to rebound as we work our way into next year. Moreover, management is hard at work executing on CEO Vimal Kapur's vision of better aligning the overall business to the megatrends of automation, the future of aviation, and energy transition. Following Thursday's report and guidance revisions, we are reiterating our price target of $225 a share as we see a favorable setup for 2025 and anticipate a stronger rebound in the short-cycle businesses. We also reaffirm our 2 rating as we look for a better entry point below the $200-per-share level. Guidance Zoom In Icon Arrows pointing outwards Honeywell's third-quarter and full-year guidance. Looking at the guidance table above, management's outlook for the current quarter — its fiscal 2024 third quarter — was mixed. Sales were guided to be better than expected, though profitability came up short of Wall Street estimates. On the call, Honeywell executives said the third quarter is expected to be the low point of the year for segment margins, "reflecting the closing of [defense firm] CAES and less favorable quarterly mix." But the situation is set to improve. "In Industrial Automation, we're benefiting from solid orders, momentum in most of our long-cycle businesses, while our short-cycle businesses are showing varying signs of sequential progress," finance chief Lewis said. "In the third quarter, we expect modest sequential improvement in [Industrial Automation] and a return to year-over-year growth in the back half." On a full-year basis, management's boosted its sales and organic growth outlook. However, its forecast for segment margin, earnings and cash flow were all revised lower. These updates reflect the impact of Honeywell's $5 billion acquisition of Carrier's Global Access Solutions business, which closed in June, and two previously announced acquisitions expected to close in the third quarter: the $1.9 billion purchase of CAES Systems Holdings and the $1.8 billion acquisition of Air Products' LNG Business. Of the 15-cent reduction to the midpoint of the team's full-year adjusted earnings guide, roughly one-third (5 cents) is attributable to acquisition-related costs. The other two-thirds (10 cents) are attributable to the sales mix as less profitable long-cycle businesses are outgrowing short-cycle businesses. "While we are encouraged by our performance year to date and our robust backlog, the back half will remain influenced by the dynamic macroeconomic backdrop and varying levels of channel improvement across our portfolio," Lewis said on the call. Quarterly commentary Zoom In Icon Arrows pointing outwards Honeywell's second-quarter earnings compared with Wall Street estimates and the year-ago period.
Hollywood Actors to Go on Strike Against Video Game Companies 2024-07-25 20:14:10.712000+00:00 - The SAG-AFTRA actors’ union on Thursday called a strike against video game companies that use actors’ images or voices in games, echoing its broader strike against television and movie studios last year. The strike will start at 12:01 a.m. Pacific time on Friday, after more than a year and a half of negotiations. Until the latest strike is resolved, members of the 160,000-person union will no longer “act” in video games produced by Activision Blizzard, WB Games, Electronic Arts and seven other companies covered by an interactive-media agreement. The agreement expired in November 2022, and last summer the union terminated an extension. SAG-AFTRA’s demands are similar to those it sought from television and movie studios last year: higher wages and job protections from the threat of artificial intelligence. “We’re not going to consent to a contract that allows companies to abuse A.I. to the detriment of our members,” Fran Drescher, the union’s president, said in a statement. “Enough is enough.”
Rents are finally cooling off, bolstering Fed's case for cutting interest rates 2024-07-25 20:14:00+00:00 - Renting vs. buying, here's what you need to know Renting vs. buying, here's what you need to know 02:45 After years of soaring housing costs, renters may finally have something to celebrate. Economists say the most recent Consumer Price Index (CPI) report signals that inflation in the rental market is easing, giving millions of Americans some financial relief. And with rents markedly slower to ease than other spending categories, the downshift highlights that the ferocious inflation that slammed households starting in 2022 is relenting in earnest. "Rent was one of the key factors keeping inflation elevated," said Stephen Brown, an economist with investor advisory firm Capital Economics. "That's obviously quite a good sign that overall inflation is probably now heading back towards 2%." The CPI measure of shelter inflation has fallen from a peak of 8.3% in early 2023 to 5.2% this month, according to the Bureau of Labor Statistics. Capital Economics expects that trend to continue, forecasting annualized rent growth to decline to slightly below 3% by the end of 2025. What renters can expect With inflation cooling, renters are unlikely to see any major hikes in rent – at least not for a while. Although rents could tick up or down slightly, they will essentially remain flat, economists said. This is largely due to an increase in housing supply, which makes it harder for landlords to boost rents much beyond market rates. The pandemic laid bare the nation's severe housing shortage, leading to a huge building boom, especially in the South and the Sun Belt states. As a result, the supply of dwellings has surged, particularly in cities like Austin, Dallas, Miami, and Phoenix, said Thomas Ryan, another economist at Capital Economics. It will take time to fill these units, experts told CBS MoneyWatch, especially given that some of the construction is still ongoing. "We have just a tremendous number of units that are in the pipeline that we know are coming but haven't been completed yet," said Chen Zhao, who leads the economics team at Redfin. The upshot: Landlords will focus on getting people in the door before making any drastic changes to rent, Ryan said. Capital Economics projects that rent growth will increase to upwards of 3% by the end of 2025. In the meantime, it's a renter's market. And depending on where they live, apartment hunters might have an easier time finding deal, Ryan said. "Not only can you look for a good deal online, if you actually speak to your landlord you can get a discount or a very good deal — better than what's advertised online." Still, renters with existing leases can still expect to see increases when they renew, Brown said. But rent hikes will be more modest, and well short of the the 10% or even 20% jumps during the pandemic. "Now the rent increases are going to be closer to kind of overall inflation, hopefully in the single digits," he said. Another reason to cheer more affordable rent A dip in housing costs would not only benefit inflation-weary Americans — it would also buttress the confidence of Federal Reserve officials as they edge closer to lowering interest rates for the first time since March 2020, just as the pandemic was shutting down the economy. Redfin's Zhao said the latest CPI data "helps to cement the case for a September rate cut." Shelter accounts for over one third of the CPI, making it the biggest component of inflation. So if shelter inflation is down, that is a good sign for the entire economy. "The slowdown in shelter inflation will do a lot of the heavy lifting in terms of pulling inflation back down toward 2%," Brown added. Capital Economics predicts the Fed will ratchet back its benchmark rate from the current level of 5.25% to 5.50% to between 3.5% and 3.75% by the end of next year. In the short term, the firm expects rate cuts in September and December, though Brown said there's a "reasonable chance" of an additional cut in November. "That's our forecast, but the election result could obviously upend some of that, particularly when it comes to the end point in 2025," he said.
General Motors Funds Israeli EV Battery Tech Firm Addionics - General Motors (NYSE:GM) 2024-07-25 20:11:00+00:00 - Israel-based battery technology company Addionics has announced a Series B funding round of $39 million, co-led by General Motors Co's GM venture capital arm, GM Ventures and Deep Insight. The investment, which also saw participation from Scania, will be used to enhance Addionics' manufacturing capabilities and global business engagements. The funding will enable Addionics to expand teams worldwide and advance its manufacturing and commercialization efforts, including the construction of a U.S. based giga-factory for producing Addionics 3D Current Collectors. These 3D Current Collectors offer benefits, including better heat dissipation, faster charging, increased power, and improved stability, leading to superior battery performance at lower costs. The collectors/electrodes, which resemble sheer silk scarves, use 60% less copper, charge faster, and increase EV range by 30%, potentially saving automakers up to $7.50 per kilowatt hour, reported Reuters. The Addionics drop-in solution allows smooth integration of the 3D Current Collectors into existing manufacturing processes, facilitating cost-effective production and rapid deployment. Also Read: General Motors Should Leave China, Analyst Says: ‘It's A Material Drag' The financing will also support the development of future manufacturing facilities and accelerate the commercial distribution of Addionics' 3D Current Collector solution. The initiative aims to meet the increasing demand for advanced battery technology from leading automotive OEMs and battery manufacturers. "Addionics' current collector design shows promise in enabling improved battery performance at a lower cost. We are eager to support the company's growth and look forward to continuing to explore opportunities to collaborate in the future," said Managing Director, GM Ventures. Earlier this year, Addionics announced plans to build a $400 million factory in the U.S. by 2027 to produce copper anodes for EV batteries, aiming to supply enough for about 1 million EVs annually. CEO Moshiel Biton mentioned that the company will start delivering battery cells to automakers for testing in late 2024, with full-scale production expected by 2027 or 2028. Price Action: GM shares are trading lower by 4.99% at $44.17 at the last check on Thursday. Read Next: Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo Courtesy: buffaloboy on Shutterstock
Michigan bans gay and trans 'panic' as a criminal defense 2024-07-25 20:09:44+00:00 - Michigan became the 20th state on Tuesday to bar defendants from using a so-called gay or trans "panic" defense in court. Gov. Gretchen Whitmer signed legislation, House Bill 4718, that bans the use of a victim's actual or perceived sexual orientation or gender identity in defense arguments. Supporters of the bill have said that these defenses play into anti-gay and anti-trans biases and reinforce the belief that LGBTQ lives have less value. The bill passed the state House along party lines, but four Republicans in the state Senate voted with Democrats to green-light the bill. State Rep. Laurie Pohutsky, who sponsored the bill, said in a statement through Whitmer's office on Tuesday that the legislation is "a huge step toward securing a safe and inclusive state for all Michiganders." The law goes into effect in October. According to a 2021 report from the Williams Institute at the University of California Los Angeles School of Law, no state in the U.S. “recognizes the gay and trans panic defenses as free-standing defenses under their respective penal codes.” Rather, they have been used to support arguments of provocation, diminished capacity, insanity or self-defense. W. Carsten Andresen, an assistant professor of criminal justice at St. Edward’s University in Austin, wrote in 2020 that his early analysis determined that such defenses can reduce a defendant's murder charges about one-third of the time. Andresen told The Washington Post this week that he has found more than 700 instances of the defense being used in murder cases since 1970, including 18 in Michigan. The American Bar Association urged local and federal governments in 2013 to take legislative action to curtail gay and trans panic defenses. California became the first state to ban the practice in 2014 and dozens of states followed suit, but efforts to outlaw such defenses at the federal level have faced challenges, as The Appeal reported in 2021.
We're in a 'buffalo' market, Bank of America says. Here's what that means for investors 2024-07-25 20:06:00+00:00 - The Charging Bull in the Financial District in New York City. After weeks of hitting new highs, the S&P 500 index on Wednesday suffered its worst trading session since 2022. The market broadly began to recover Thursday amid a sell-off in technology stocks. Experts say those stock moves and shuffling sectors are common during a bull market. But Bank of America is calling today's conditions something else — a buffalo market — which is still in the bull family. But unlike the bull market, it may get tired after a strong runup. "It might roam, it might wander in the summer months," said Marci McGregor, head of portfolio strategy at Merrill and Bank of America Private Bank. "But ultimately, what will turn the buffalo back to a proper bull is fundamentals." The firm's outlook sees markets finishing higher this year, based on factors including earnings, the investment cycle, financial conditions, interest rates and generative artificial intelligence. "We think those fundamental ingredients are in place for the uptrend to continue," McGregor said. "But you may get some choppiness."
OpenAI tests ChatGPT-powered search engine that could compete with Google 2024-07-25 20:05:39+00:00 - SAN FRANCISCO (AP) — OpenAI is testing a ChatGPT-powered search engine that could put the artificial intelligence company in direct competition with search giant Google and affect the flow of internet traffic seeking news and other timely information. San Francisco-based OpenAI said Thursday it is releasing a preview of the SearchGPT feature to get feedback from a small group of users and publishers. Google upended its search engine in May with AI-generated written summaries now frequently appearing at the top of search results. The summaries aim to quickly answer a user’s search query so that they don’t necessarily need to click a link and visit another website for more information. Google’s makeover came after a year of testing with a small group of users, but still resulted in errors showing the risks of ceding the search for information to AI chatbots. OpenAI’s close business partner, Microsoft, is also testing AI summaries on its Bing search engine. —— The Associated Press and OpenAI have a licensing and technology agreement that allows OpenAI access to part of AP’s text archives.
Many early-adopting EV owners around the world want to gas up again 2024-07-25 20:02:00+00:00 - In this article TSLA GM F Follow your favorite stocks CREATE FREE ACCOUNT Ford Mustang Mach E electric vehicles are offered for sale at a dealership on June 05, 2024 in Chicago, Illinois. Scott Olson | Getty Images News | Getty Images Car buyers who were among the first to make the EV switch are far from wholly converted. Nearly 30% of electric vehicle owners globally are likely to switch back to internal combustion engine vehicles, according to a recent survey of consumers around the world conducted by McKinsey. Many U.S. EV owners, in particular, are having second thoughts. According to the McKinsey survey, 46% of U.S. EV owners claimed they were likely to switch back to ICEs, well above the 29% global average of EV owners who stated they were likely or very likely to switch back to gas-powered cars, which included drivers from Australia, Brazil, China, Germany, Norway, France, Italy, and South Korea. EV adoption has slowed in the U.S., even as the recent earnings and delivery reports from both GM and Ford showed sizable increases in EV sales. But those sales gains come off a very low base, and with both major automakers indicating that they are pulling back on growth and production forecasts for EVs in the near term. At GM, for example, EV deliveries increased 40% in Q2 compared to a year ago, but comprised only 3.2% of total U.S. sales. Ford said EV sales were up 60%, to nearly 24,000 units, but CEO Jim Farley described a "more realistic and sharpened" EV plan during its earnings call. Tesla remains the leader, but its EV sales have been falling and it has aggressively slashed prices. watch now In addition to the McKinsey data on current EV owners, a recent Gallup poll found fewer non-EV owners in the U.S. saying they might consider an EV purchase, down from 43% in 2023 to 35% in 2024. The percentage of American adults who do not intend to buy an EV went up from 41% to 48% year over year. GM CEO Mary Barra recently said at a CNBC Councils: Leaders' Library event that the EV experience is one that more drivers will be sold on once they "get in that electric vehicle and drive it." However the McKinsey data is reinforced by a study from auto market researcher Edmunds, which found that in Q2, 39.4% of EVs utilized as a trade-in were used to purchase or lease a new ICE vehicle. "Once you turn someone off, it's a lot harder to get them back," said Ivan Drury, Edmunds director of insights. "Their experience is already mired in negativity. For someone for whom it's going to be the charging component, or maybe the range wasn't good enough, or battery degradation. Maybe [EV buyers] experienced it firsthand, and it was so bad, and they lived in a cold weather state where they said, 'You know, I'm never gonna buy one again.'" The EV sales pressure has not only resulted in automakers slashing prices and offering more incentives to move EVs — in many cases with lower interest rates and better terms on leases than for gas-powered cars — but also led to a steep decline in the value of used EVs, which before 2024 had been selling at a premium. EV charging infrastructure remains a major hurdle The lack of adequate public charging infrastructure remains a major issue. There are large disparities in distribution of EV chargers. In the U.S., 60% of urban residents live less than a mile from the nearest public charger, compared to 41% of suburban residents and 17% of rural residents. Even in high-growth EV markets, charging is behind. With one public port for every 29 EVs, California, which has the highest rate of EV purchases, ranks 49th among states in the ports-to-drivers ratio. Of electric vehicle drivers likely to purchase an ICE as their next vehicle, 35% cite the lack of adequate public charging infrastructure as the basis for their decision, and 21% cite anxiety about charging access, according to McKinsey. "Real-world concerns that consumers have voiced through the mainstream surveys are finally coming to fruition," Drury said. "And that speaks to both current adoption rates that have stalled out, but also the idea that not everyone's going to buy another." Drury said that some distinctions are becoming clear between all EV owners and those who are most satisfied. Among early EV adopters for whom the electric vehicle is their primary mode of transportation, there is more dissatisfaction with the vehicle and a higher likelihood of trading in an EV for ICE. Meanwhile, high-income drivers with garages and multiple car options are more likely to be satisfied with their purchase. Drury said luxury EV buyers are the most likely to purchase another EV. "The affluent homeowner, who can have multiple cars and has their own home charging system, and most of the time they're going less than 100 miles on their daily driving, it's beautiful for that person to use an EV, because it's never inconvenient for them," said iSeeCars executive analyst Karl Brauer. "Especially for expensive EVs, they're just looking for another flashy product." As battery range and density increase, and EV charging infrastructure improves, and prices continue down, Brauer said the picture should brighten for EV sales. "As all these things shift, it should theoretically make EVs more perfect or more functional and logical for a wider band of the consumer market. But we don't know what the time frame is to solve all these problems," he said. In her recent appearance at the CNBC Councils: Leaders' Library event, Barra spoke in terms of a decade or more for the EV story to play out. watch now
Gambler Turns $5 Into $2.2M On Side Bet In Las Vegas: Here's How - VICI Props (NYSE:VICI) 2024-07-25 20:00:00+00:00 - A lucky gambler in Las Vegas won $2.2 million off of a $5 side bet playing Pai Gow at The Venetian Las Vegas Casino and Resort. Pai Gow is a card game based on Chinese dominoes and was created in 1985 by Sam Torosian, the then-owner of Bell Card Club. The gambler, whose name is unknown, hit a $5 side bet when the dealer dealt him a 7-card straight flush. This means all of the cards were consecutive, 7 through King and all of the same suit, in this case, clubs. According to reports, the hand triggered a progressive jackpot, the largest Pai Gow progressive jackpot in the Venetian's history. The official jackpot was worth $2,211,469 off the gambler's $5 side bet. A gambler at the Venetian turned a $5 side bet into $2.2 million on Sunday after being dealt a 7 card straight flush playing Face Up Pai Gow. It was the largest Pai Gow Progressive jackpot in the resort's history, and the second largest in Las Vegas history. pic.twitter.com/BNLgmhy4qr — Las Vegas Locally 🌴 (@LasVegasLocally) July 24, 2024 See Also: Viva Las Vegas: Tourists Enjoy Sin City, But Gambling? Depends Where Many casino card games, like blackjack, give players the option to play a “side bet” in addition to the traditional hand. The side bets can pay off large amounts and sometimes include progressive jackpots, but are less likely to hit compared to the normal hand. Vici Properties Inc VICI, a real estate investment trust (REIT) owns the Venetian Resort, which was sold by Las Vegas Sands in 2022. Vici also owns other properties on the Vegas Strip, including MGM Grand Las Vegas, Mandalay Bay and more. An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages — such as VICI‘s page, for example — there are factors such as whether or not a company pays a dividend or buys a large portion of its stock each quarter. These are known as capital allocation programs. VICI pays a dividend, which yields 5.6% per year as of the closing price on July 25, 2024. Feel free to search Benzinga's dividend calendar for the next company due to pay a dividend and determine what kind of yield you can earn for holding a share of the company. For example, if looking to earn an annualized return of 11.56%, buy a share of Marketing Alliance by Aug. 9, 2024. Once done, you can expect to receive a nominal payout of $0.05 on Aug. 16, 2024. Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on VICI will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand. Read Next: • Las Vegas Sands Stock Dips After Worse-Than-Expected Q2 Results Photo: Kitreel via Shutterstock
Company says manufacturing problem was behind wind turbine blade breaking off Nantucket Island 2024-07-25 19:59:33+00:00 - NANTUCKET, Mass. (AP) — The maker of a massive wind turbine blade that broke apart off Nantucket Island and washed up on the beaches says a manufacturing problem was responsible. GE Vernova CEO Scott Strazik said on an earnings call Wednesday that insufficient bonding at one of its factories in Canada was responsible for the blade coming apart and that there was no indication of a design flaw. As a result, the company will reinspect all 150 blades that had been made at the factory. “To identify deviations, we are going to go and do this on every blade. Prudent, thorough process,” he told the call. “We’re not going to talk about the timeline today. We have work to do. But I have a high degree of confidence that we can do this.” Parts of the blade, which is more than 100 meters (109 yards) long, began to fall into the ocean July 13 at the Vineyard Wind project and crews in boats and on beaches have been collecting truckloads of debris ever since. The company said that the debris consists of nontoxic fiberglass fragments and that any washing ashore are pieces of one square foot or less. The federal Bureau of Safety and Environmental Enforcement said last week that operations at Vineyard Wind have been suspended until it can be determined whether the “blade failure” impacts other turbine blades on the development. “As GE Vernova continues the investigation into the root cause of the damage to its blade, Vineyard Wind 1 remains focused on coordinating with the Bureau of Safety and Environmental Enforcement, assisting in the recovery of debris, and prioritizing the safety of personnel, local communities, and the environment,” Craig Gilvarg, a company spokesman, said in a statement. Vineyard Wind is a joint venture between Avangrid and Copenhagen Infrastructure Partners and said no personnel or third parties were near the turbine when the damage occurred. It said in a statement that blade manufacturer and installation contractor GE “will now be conducting the analysis into the root cause of the incident.” The development’s massive wind turbines began sending electricity to the grid this past winter. It said it will deploy trained individuals to collect the debris for the next several days
Republicans want to sow doubt about Kamala's Blackness. Here's why. 2024-07-25 19:58:37+00:00 - Republicans can’t keep their bigoted stories straight on Kamala Harris’ Blackness. In recent days, several Republicans have attacked Harris as a “DEI hire,” suggesting her race (and potentially her gender) is the only reason she’s positioned to take over the Democratic nomination. Less prominent — but no less insidious — are the right-wing social media influencers and other anti-immigrant types who are fueling claims that Harris somehow isn’t Black enough. Influencers like former Republican House candidate Laura Loomer and right-wing pundit Eric Erickson have sought to use Harris’ Indian and Jamaican heritage to suggest Harris — an HBCU-educated Black woman who’s been clear in identifying herself as such — isn’t actually a Black American or can’t relate to the so-called Black experience. Or take for example a particularly rich clip of right-wing commentator Nikki Stanzione telling Black voters “she’s not one of you” (forgive me if I don’t take Stanzione’s guidance on who is and isn’t Black). Similar claims are also being promoted by social media accounts linked to the ADOS movement, which purports to represent "American Descendants of Slaves" and which I’ve written about previously for its xenophobic rhetoric toward immigrants. This tired, ahistorical smear against Harris is designed to drive a wedge between Black people, and the social media campaign echoes one that was deployed against her in the lead-up to the 2020 election. The Wall Street Journal conducted a study in 2019 that found these claims about Harris not being Black were largely fueled by bot-like social media accounts and far-right influencers, from Donald Trump Jr. to the extremist activist Ali Alexander. “Now, as in 2020, users frequently claim Harris isn’t Black enough or Indian enough to claim those identities,” disinformation expert Nina Jankowicz wrote for MSNBC this week. Jankowicz’s op-ed explores the racist, xenophobic and sexist propaganda targeting Harris in the context of the larger trend of attacks on women in politics, and it provides a noteworthy example of a Russia-based propagandist spreading a similar claim. It’s important to see how these attacks align with the ways in which Donald Trump’s campaign and its allies have tried to win over Black voters: by suggesting they’re at odds or in competition with immigrants. This is the background for the widely denounced — and patently false — claim that Trump made during the first presidential debate that immigrants are taking “Black jobs.” Having extremely online trolls frame Harris as insufficiently Black, not Black at all or incapable of crafting pro-Black policies because of her immigrant background only serves Republican interests. Keep this in mind as you scroll and post online.
OpenAI announces a search engine called SearchGPT; Alphabet shares dip 2024-07-25 19:55:00+00:00 - OpenAI on Thursday announced a prototype of its own search engine, called SearchGPT, which aims to give users “fast and timely answers with clear and relevant sources.” The company said it eventually plans to integrate the tool, which is currently being alpha-tested with a small group of users, into its viral chatbot, ChatGPT. Since the launch of ChatGPT in November 2022, Alphabet investors have been concerned that OpenAI could take market share from Google in search by giving consumers new ways to seek information online. With this prototype, OpenAI is testing the waters for doing just that, promising users the chance to “search in a more natural, intuitive way” and ask follow-up questions “just like you would in a conversation.” “We think there is room to make search much better than it is today,” OpenAI CEO Sam Altman wrote Thursday in a post on X. Alphabet shares were trading about 2.5% lower on Thursday, while the Nasdaq was up slightly. In May, Google launched AI Overview, which CEO Sundar Pichai called the biggest change in search in 25 years, to a limited audience, allowing users to see a summary of answers to queries at the very top of Google Search. Though Google had been working on AI Overview for more than a year, public criticism mounted after users quickly noticed that queries returned nonsensical or inaccurate results within the AI feature — without any way to opt out. The SearchGPT announcement follows OpenAI’s launch last Thursday of a new AI model, “GPT-4o mini.” The new model is an offshoot of GPT-4o, the startup’s fastest and most powerful model to date, which it launched in May during a livestreamed event with executives. OpenAI, backed by Microsoft, has been valued at more than $80 billion by investors. The company, founded in 2015, is under pressure to stay on top of the generative AI market while finding ways to make money as it spends massive sums on processors and infrastructure to build and train its models. Last Month, OpenAI announced the hiring of two top executives as well as a partnership with Apple that includes a ChatGPT-Siri integration. Sarah Friar, previously CEO of Nextdoor and finance chief at Square, joined as chief financial officer, and Kevin Weil, an ex-president at Planet Labs and former senior vice president at Twitter and a vice president at Facebook and Instagram, joined as chief product officer. OpenAI is bolstering its C-suite as its large language models gain importance across the tech sector and as competition rapidly emerges in the burgeoning generative artificial intelligence market. Both OpenAI’s new mini AI model and the prototype of SearchGPT are also part of the company’s push to be at the forefront of “multimodality,” or the ability to offer a wide range of types of AI-generated media, like text, images, audio, video and search, inside one tool: ChatGPT. For SearchGPT, OpenAI’s blog post said the tool’s visual results will lead to “richer understanding” for users. Last year, OpenAI Chief Operating Officer Brad Lightcap told CNBC: “The world is multimodal. If you think about the way we as humans process the world and engage with the world, we see things, we hear things, we say things — the world is much bigger than text. So to us, it always felt incomplete for text and code to be the single modalities, the single interfaces that we could have to how powerful these models are and what they can do.”
Here are some money moves to make before the Fed starts cutting interest rates 2024-07-25 19:54:00+00:00 - With interest rate cuts from the Federal Reserve on the horizon, it could be a good time to shift cash, experts say. Traders expect a rate cut in September, according to the CME FedWatch Tool, which could lower the target range for the federal funds rate by a quarter percentage point or more. Meanwhile, many investors are sitting on hefty cash allocations, including trillions in money market funds, which are generally still paying above 5%. After a series of rate hikes, investors piled into money market funds, which typically invest in shorter-term, lower-credit-risk debt, such as Treasury bills. Total U.S. money market funds hovered near a record of $6.15 trillion as of July 17, with $2.48 trillion in funds for retail investors, according to Investment Company Institute data. However, money market fund yields will likely fall if the Fed starts cutting rates in September, explained Ken Tumin, founder and editor of DepositAccounts. “Most [money market funds] seem to closely follow the federal funds rate,” he said. There is still time to 'lock in' CD rates Next week’s Fed meeting could signal whether a September rate cut will happen. But banks typically start slashing rates for high-yield savings accounts and certificates of deposits ahead of Fed rate cuts, Tumin said. “CD rates will likely fall pretty quickly once it becomes clear that the Fed is on the verge of cutting,” he said. As of July 25, the top 1% average rate for high-yield savings accounts was hovering below 5%, while the top 1% for one-year CDs was around 5.5%, according to DepositAccounts. CD rates will likely fall pretty quickly once it becomes clear that the Fed is on the verge of cutting. It is a great time to “lock in rates” for a 9-month or one-year CD, said certified financial planner Ted Jenkin, CEO and founder of oXYGen Financial in Atlanta. Jenkin is a member of CNBC’s Financial Advisor Council. Shift to longer-term bonds When building a bond portfolio, advisors consider duration, which measures a bond’s sensitivity to interest rate changes. Expressed in years, the duration formula includes the coupon, time to maturity and yield paid through the term. Some experts suggest shifts from money market funds to longer-duration bonds for longer-term investments, which could pay off once interest rates fall. Bond prices typically rise as interest rates fall, whereas money market fund investors can expect lower yields without price appreciation. While it is difficult to predict Fed policy, bonds could see “a healthy lift” if the Fed cuts interest rates by a full percentage point over the next year, Jenkin said. Like any investment, the best place for cash ultimately depends on your goals, risk tolerance and timeline.
Why Is ChargePoint Stock Gaining Today? - ChargePoint Hldgs (NYSE:CHPT) 2024-07-25 19:49:00+00:00 - ChargePoint Holdings, Inc. CHPT shares are trading higher on Thursday. The company said in a press release that it now enables drivers to charge at more than one million places across public, private, and roaming ports in North America and Europe. The ChargePoint network has also enabled more than 10 billion electric miles to date. “With more EVs on the road, ensuring drivers have access to reliable charging everywhere they need it is imperative,” said Rick Wilmer, CEO of ChargePoint. With the expanding EV market, the demand for charging stations is rising. ChargePoint said its mobile app facilitates locating, using, and paying for charging across its extensive network of over one million stations, ensuring convenience wherever drivers need it. Also Read: Keurig Dr Pepper Beats Revenue Expectations In Q2 With 3.5% Growth – ‘Our Consumer-Centric Innovation Model Is Resonating In Market’ In the past year alone, it has supported approximately four billion of those miles, underscoring the accelerating demand for EV charging solutions. “Enabling access to more than one million ports, on a network that has enabled more than ten billion electric miles to be driven, underscores ChargePoint’s commitment to delivering a world-class driver experience,” Wilmer added. According to Benzinga Pro, CHPT stock has lost over 74% in the past year. Investors can gain exposure to the stock via SPDR S&P Kensho Intelligent Structures ETF SIMS and Invesco WilderHill Clean Energy ETF PBW. Is CHPT A Good Stock To Buy? Wall Street analysts view ChargePoint on the whole as a Buy, given the history of coverage over the past three months. Michael Legg from Benchmark in ChargePoint Hldgs is the most bearish, expecting a 29.41% fall in the stock in the coming year. But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, ChargePoint Hldgs rose 61.49%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 17.68% over the past year. A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free. Price Action: CHPT shares are trading higher by 6.23% to $2.05 at last check Thursday. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo via Wikimedia Commons Read Next:
Boeing's crewed Starliner flight won't return until at least August, NASA says 2024-07-25 19:49:00+00:00 - Boeing’s crew spacecraft Starliner will stay docked with the International Space Station into August, NASA confirmed on Thursday, as the mission remains on hold while the company and agency study problems that arose early in the flight. Starliner capsule “Calypso,” which carried NASA astronauts Butch Wilmore and Suni Williams to the ISS, has now been in space 50 days and counting. The Boeing crew flight test has been extended several times while NASA conducted testing back on the ground prior to clearing the spacecraft to carry the pair of astronauts back to Earth. NASA’s Commercial Crew manager Steve Stich said during a press conference Thursday that the agency was not prepared to set a return date. Boeing's Starliner lifts off from the Cape Canaveral Space Force Station in Cape Canaveral, Fla., on June 5, 2024. John Raoux / AP file “We’re making great progress, but we’re just not quite ready to do that,” Stich said. NASA needs to conduct a review that won’t happen until the first week of August, Stich said, and only after that review will the agency schedule Starliner’s return. The indefinite extension of Starliner’s flight test is difficult to put into context of other human spaceflights due to the unique circumstances and developmental nature of the mission. Any crewed spaceflight comes with heightened risk and scrutiny. Originally, Calypso was expected to spend a minimum of nine days in space before returning. The Boeing Starliner spacecraft, circled in red, docked with the International Space Station’s forward port on June 7. Maxar “I think we all knew that it was going to go longer than that. We didn’t spend a lot of time talking about how much longer, but I think it’s my regret that we we didn’t just say we’re going to stay up there until we get everything done that we want to go to do,” Stich said on Thursday. Both NASA and Boeing leadership have repeatedly stressed that Wilmore and Williams “are not stranded in space.” Officials previously said that Starliner is safe to return in the event of an emergency and that the pair of astronauts are enjoying the extra time on the ISS and assisting the rest of the station’s crew with tasks in the meantime. Boeing and NASA earlier this month began testing the spacecraft’s malfunctioning propulsion system back on the ground in White Sands, New Mexico. Stich and Boeing’s Mark Nappi, vice president of the Starliner program, outlined the next steps that must be completed before making the call on when to bring back Starliner. Boeing on Thursday is finishing dissection of the thruster that was tested in New Mexico. On Thursday afternoon, NASA and Boeing will hold a mission management meeting to plan the docked test firings that are expected to happen on Saturday or Sunday. Then, on Monday or Tuesday, the teams will do “an integrated assessment of all the data” from the docked tests, Stich said, before “some significant education of [NASA] leadership” ahead the final big review, also known as “Agency Flight Test Readiness Review.” Stich also acknowledged again that NASA has contingency plans in case the agency determines that Starliner should return without Wilmore and Williams — alternatives that include using SpaceX’s Dragon capsule to bring back NASA’s astronauts. “NASA always has contingency options. We know a little bit of what those are, and we haven’t worked on them a whole bunch, but we kind of know what those are,” Stich said. “Right now we’re really focused on bringing Butch and Suni home on Starliner.”
JD Vance calls Kamala Harris a 'cat lady.' Jennifer Aniston has thoughts. 2024-07-25 19:44:27+00:00 - Jennifer Aniston, Kamala Harris and women across America are getting really sick of the GOP's bizarre, misogynistic insults. In the aftermath of President Joe Biden’s decision to drop out of the 2024 presidential race, Democrats have quickly united behind his vice president. In one day, Harris raised a record-breaking $81 million, and more than 28,000 people signed up to volunteer for her campaign. By Monday evening she had secured enough delegates to become the de facto Democratic nominee. Across the aisle, the Republican Party is scrambling to pivot a presidential campaign that was focused heavily on Biden and his age. Republican nominee Donald Trump (and his team) have spent a lot of time on social media platform Truth Social trying out numerous “names” for and various attacks against his likely opponent, including “Lying’ Kamala.” Conservatives have argued Harris’ laugh “turns off voters,” claimed “people don’t view her as Black,” thrown around labels like the “DEI” candidate, and have threatened erroneous legal action to keep Harris off the November ballot. One of the more ridiculous attacks to emerge against Harris is the claim that she is not “fit” to lead the country because she’s not a biological mom. But one of the more ridiculous attacks to emerge against Harris is the claim that she is not “fit” to lead the country because she’s not a biological mom. In a recently resurfaced clip of then-Senate candidate JD Vance speaking to Tucker Carlson in 2022, Trump’s newly minted 2024 running mate calls Harris a “childless cat lady” who, like other child-free women, "are miserable at their own lives and the choices they have made, so they want to make the rest of the country miserable, too.” Vance also argued, as have other conservatives, that in order to have a vested interest in America and its future, you have to give birth — a stance that is equal parts insulting and hilariously false. Vance’s comments have gone understandably viral, with Jennifer Aniston weighing in Wednesday on social media. “All I can say is… Mr. Vance, I pray that your daughter is fortunate enough to bear children of her own one day,” she wrote on Instagram. “I hope she will not need to turn to IVF as a second option. Because you are trying to take that away from her, too.” Aniston has had to deal throughout her entire career with speculation about why she does not have children. In 2022, the “Friends” icon told Allure that she had tried IVF, unsuccessfully. Vance voted against a Senate bill that would have protected IVF. Aniston’s response highlighted the hypocrisy of Vance’s comments. But they are also cruel. Aniston’s response highlighted the hypocrisy of Vance’s comments. But they are also cruel. To be clear, Harris is herself the proud mom to two stepchildren — Ella and Cole Emhoff — and has been since she married their father, second gentleman Doug Emhoff, in 2014. Like the 4 in 10 Americans who have at least one step-relative in their family, Harris and her blended family know there are a myriad ways to create, and love, a family — a vaginal or C-section birth is not a requirement. Conservative pundit Will Chamberlain disagrees. “Really simple, underdiscussed reason why Kamala Harris shouldn’t be President. No Children,” Chamberlain posted on X. “And no, becoming a step-parent to older teenagers doesn’t count. The concerns of parents and families will always be abstract to her.” Chamberlain went on to say that he wants “a president with skin in the game, a stake in the future, and the lived experience of raising children.” Chamberlain and Vance seem to be on the same page. “You have Kamala Harris, Pete Buttigieg, AOC, the entire future of the Democrats is controlled by people without children,” Vance said in his 2022 Carlson interview, ignoring the fact that, like Harris, Buttigieg has two children. “How does that make any sense when we’ve turned our country over to people who don’t have a direct stake in it?” Far-right political activist and conspiracy theorist Laura Loomer — whom Trump has embraced — also made the same argument this week, while simultaneously accusing Harris of terminating past pregnancies (Harris has never said she had an abortion) and pushing the lie that having an abortion causes infertility (it does not, abortion is 14 times safer than childbirth). Just like with small children throwing tantrums, I understand why some people may think it’s best just to ignore such baseless, asinine attacks. And yet we’ve all seen the damage that can be done when extreme rhetoric goes unchecked. The truth is, fear and concern for the future is one of the many reasons why people are now deciding to prolong or avoid having children altogether. In 2023, 13 studies conducted between 2012 and 2022 involving over 10,000 participants in numerous countries, found that climate change concerns are associated with “less positive attitudes towards reproduction and a desire or intent for fewer children or none at all.” Meanwhile, child-free politicians are among the many leaders working hard to make the future better for the next generation of Americans. They have helped spearhead efforts to help reduce the maternal mortality crisis, expand the child tax credit and universal free lunch, and policies that protect immigrant families. Perhaps this logic makes sense for a political party that prioritizes vengeance, victimhood and selfishness over equality. Here’s another data point for Vance and co. In 2020, half of all eligible youth voted in the presidential election — an 11-point increase from the previous election in 2016. Did all of these young people have children? Certainly not. And yet they showed up to the polls. Because obviously, a lack of biological offspring does not determine your level of investment in America. Perhaps this logic makes sense for a political party that prioritizes vengeance, victimhood and selfishness over equality. Or maybe this is just another example of Republicans grasping at straws after being out-politicked by an 81-year-old man who (eventually) put party, country and democracy over his ego. Either way, we can be sure Harris will face an onslaught of racist and sexist attacks between now and November, all designed to undermine her as a person, a politician and a parent. But like so many of her fellow moms, the de facto Democratic nominee for president knows how to ignore these childlike tantrums — all the way to the White House.
Walgreens Mulls Bond Sale As JPMorgan Gauges Investor Appetite: Report - Walgreens Boots Alliance (NASDAQ:WBA) 2024-07-25 19:37:00+00:00 - JP Morgan Chase & Co. JPM is reportedly gauging investor interest in a possible issuance of high-yield bonds by Walgreens Boots Alliance, Inc. WBA, aimed at managing the drug-store chain’s recently downgraded near-term debt obligations. Preliminary discussions on pricing suggest a yield in the vicinity of 7.5%, reported Bloomberg, citing people familiar with the discussions. The specific size and duration of the deal have not been finalized. Walgreens currently holds a $1.16 billion note maturing on November 18, trading close to par, and a £300 million ($387 million) bond due in late 2025, as per Bloomberg data. Should Walgreens proceed with a bond sale, it would mark their first issuance since being downgraded to junk status by both Moody’s Ratings and S&P Global Ratings. Also Read: Rite Aid Forges Path To Financial Recovery With Major Settlement: Report This move would entail significantly higher costs, with the highest coupon rate currently at 4.8% on a 2044 bond issued a decade ago. In January, Walgreens nearly halved its dividend following a CEO change. Meanwhile, Rite Aid Corp RADCQ is in bankruptcy, CVS Health Corporation CVS faces retail challenges, and Walmart Inc. WMT scrapped plans for low-cost clinics due to cost and reimbursement issues. S&P’s recent BB downgrade indicates Walgreens’ leverage ratio could remain above five times into fiscal 2025 and beyond, Bloomberg added. Price Action: WBA shares are trading higher by 2.24% to $11.41 at last check Thursday. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: refrina/Shutterstock.com Read Next: