Latest News

See the latest news and get GPT analysis of articles

Wally Amos, Creator of Famous Amos Cookies, Dies at 88 2024-08-14 18:08:51+00:00 - Wally Amos, an indefatigable entrepreneur who in 1975 took a $25,000 loan from a few friends in Hollywood to start Famous Amos, one of the first brands to push high-quality cookies in its own stores and one of the world’s best-known names in baked goods, died on Tuesday at his home in Honolulu. He was 88. His children Shawn and Sarah Amos said the cause was complications of dementia. At a time when flavorless, preservative-packed cookies were about the only thing available to consumers not blessed with a baker in the family, Mr. Amos’s confections stood out. Derived from a recipe he had learned from his aunt, they used real ingredients, no coloring or chemicals added, and he kept them as close to handmade as possible, even as his company exploded into national distribution through the early 1980s. What began with a single store in Los Angeles that made $300,000 in revenue its first year became by 1981 a $12 million company (about $42 million in today’s currency), with dozens of Famous Amos stores across the country and packaged products sold in grocery and specialty stores as well.
Hidden report reveals how workers got sick while cleaning up Ohio derailment site 2024-08-14 18:08:21+00:00 - The creeks around East Palestine, Ohio, were so badly contaminated by last year’s disastrous Norfolk Southern derailment that some workers became sick during the cleanup. Workers who reported headaches and nausea — while shooting compressed air into the creek bed, which releases chemicals from the sediment and water — were sent back to their hotels to rest, according to a report obtained by The Associated Press about their illnesses. The findings were not released to the public last spring, despite residents’ concerns about the potential health effects of exposure to the long list of chemicals that spilled and burned after the disaster. The workers’ symptoms, as described in the report, are consistent with what Centers for Disease Control and Prevention workers going door-to-door in town had reported shortly after the Feb. 3, 2023, derailment. Since then some residents have also reported unexplained rashes, asthma and other respiratory problems, and serious diseases including male breast cancer. Researchers are still determining how many of those health problems can be linked to the derailment and how the disaster will impact the long-term health of residents in the area near the Ohio-Pennsylvania border. Many wonder whether there will be cancer clusters down the road, which of course won’t be clear for years. In the meantime, residents have until Aug. 22 to decide whether to accept up to $25,000 — as part of a $600 million class action settlement with the railroad to compensate them for any future health problems. Accepting that money though means giving up the right to sue later, when the cost of health care coverage and specific treatments needed will become more clear. Norfolk Southern spokesperson Heather Garcia said none of the workers who got sick during the cleanup “reported lingering or long-term symptoms.” “The health and safety of our employees, contractors, and the community has been paramount throughout the recovery in East Palestine,” Garcia said. The creek cleanup work continued, but nearly three weeks later, another worker got sick. This time, it was halted altogether. While there’ve been other cleanup projects since then, they’ve stopped using high-pressure air knife tools. Independent toxicologist George Thompson who has been following the aftermath of the Ohio wreck said the cleanup contractors, overseen by the Environmental Protection Agency, should have known the work they were doing would release chemicals from the sediment into the air and water. In fact, that is what CTEH was monitoring while the project was underway. And with one of the main streams, Sulphur Run, going directly through town and in culverts under homes and offices, Thompson said those chemicals could have infiltrated buildings. “You’re just spreading out the chemicals for exposure,” Thompson said. “And I just think that it was not an informed decision to use air knifing at all.” Resident Jami Wallace said she lost her voice for two weeks after she got too close to one of the air knifing machines, which was placed near her driveway. She said when the machine was turned on, it felt like being hit by an invisible wall emitting a sweet chemical smell much like when the train derailed. The report from CTEH was submitted to Unified Command, the group overseeing disaster response — which included federal, state and local officials along with Norfolk Southern — but no one released it despite significant public interest. CTEH’s principal toxicologist Paul Nony confirmed the report was given to the command center, and officials there were alerted about the illnesses. When CDC workers got sick — also with headaches and nausea — it generated headlines nationwide. East Palestine resident Misti Allison said not enough is being done to monitor long-term health effects on the community, and this report substantiates their health concerns. She said this report should have never been kept from the public. “It’s absolutely egregious, and that shouldn’t happen. I think that any type of information like that — just like when the CDC workers came to the area and got sick — that should be disclosed instead of diminished,” Allison said. “Especially when it comes to human health, nothing should be swept under the rug.” The East Palestine derailment that happened on the night of Feb. 3, 2023, was easily the worst rail disaster since a crude oil train leveled the small Canadian town of Lac Megantic and killed 47 people in 2013. It prompted a national reckoning with rail safety and calls for reform — although proposals for new industry rules have stalled in Congress. Thirty-eight cars derailed, including 11 carrying hazardous materials such as butyl acrylate and vinyl chloride. After the crash, a fire burned for days. Fearing the five vinyl chloride cars would explode, officials then needlessly blew them open, and intentionally burned the toxic plastic ingredient. That created a massive plume of thick black smoke over the area. The NTSB determined that the decision-makers that day never received the key opinion — that the cars were not likely to explode — from the chemical manufacturer. The major freight railroads responded by pledging to add hundreds more trackside detectors nationwide to help spot mechanical problems. They also reevaluated the way they respond to alerts and even before alerts, the way they track rising temperatures from an overheating wheel bearing. This summer’s completion of the NTSB investigation into the crash brought renewed hope that Congress might pass a rail safety bill, but little action has been taken outside of a House hearing on the subject last month. CTEH said that its environmental testing around the creeks confirmed there were elevated levels of an assortment of chemicals in the air and sediment. Still, the group didn’t find either of the two chemicals of greatest concern: vinyl chloride or butyl acrylate. Sediment testing at nine locations along the creeks where cleanup workers reported strong odors did show 37 different chemical compounds that were primarily either hydrocarbons or polycyclic aromatic hydrocarbons. Because of that, CTEH said it was clear that some of the contamination in the creeks came from industries that operated in the area years before the 2023 derailment. Still, those compounds could have also been created from chemicals burning after the train crash. Nony, the head CTEH toxicologist, said that his company’s responsibility during the air knifing operation was primarily to monitor air quality. The EPA has said that it doesn’t believe people are being exposed to any toxic chemicals on an ongoing basis because concerning levels of chemicals haven’t been found in their air and water tests since the evacuation order was lifted. In follow-up testing this year, the agency did find small amounts of vinyl chloride and other chemicals at the crash site, but citing only small amounts and the fact that the contaminated soil was removed, the agency said they don’t represent a risk to human health. The overall clean up effort in East Palestine is expected to be completed sometime later this year.
Top official says Federal Reserve can’t risk being too late with rate cuts 2024-08-14 18:05:14+00:00 - WASHINGTON (AP) — A top Federal Reserve official warned Wednesday that the Fed needs to cut its key interest rate before the job market weakened further or it would risk moving too late and potentially imperil the economy. In an interview with The Associated Press, Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said that because the Fed’s rate decisions typically affect the economy only after an extended time lag, it must avoid waiting too long before reducing rates. With inflation steadily easing, the Fed is widely expected to start cutting its benchmark rate next month from a 23-year high. Goolsbee declined to say how large a rate cut he would favor. Most economists envision a modest quarter-point cut next month, with similar rate cuts to follow in November and December. The Fed’s key rate affects many consumer and business loan rates. “There is a danger when central banks fall behind events on the ground,” Goolsbee said. “It’s important that we not assume that if the labor market were to deteriorate past normal, that we could react and fix that, once it’s already broken.” Goolsbee spoke with the AP just hours after the government reported that consumer prices eased again last month, with yearly inflation falling to 2.9%, the lowest level in more than three years. That is still modestly above the Fed’s 2% inflation target but much lower than the 9.1% peak it reached two years ago. Goolsbee emphasized that Congress has given the Fed a dual mandate: To keep prices stable and to seek maximum employment. After two years of focusing exclusively on inflation, Goolsbee said, Fed officials now should pay more attention to the job market, which he said is showing worrying signs of cooling. Chair Jerome Powell has made similar comments in recent months. “The law gives us two things that we’re supposed to be watching, and one of those things has come way down, and it looks very much like what we said we’re targeting,” Goolsbee said, referring to inflation. “And the other is slowly getting worse, and we want it to stabilize.” Goolsbee’s urgency regarding rate cuts stands in contrast to some of the 18 other officials who participate in the Fed’s policy decisions. On Saturday, Michelle Bowman, who serves on the Fed’s Board of Governors, sounded more circumspect. She said that if inflation continued to fall, it would “become appropriate to gradually lower” rates. The Chicago Fed president also stressed that as inflation falls, inflation-adjusted interest rates in effect rise. Higher rates mean that the Fed’s policies are doing more to restrict borrowing and spending and to potentially cool the economy. “Inflation, it’s clear, has been coming down for some time, and we’re quite restrictive,” Goolsbee said. Adjusted for inflation, Goolsbee noted that the Fed’s key rate has increased even as inflation has fallen and is at the highest point in decades. And he pointed out that the job market is cooling. He noted that Fed officials, in their latest quarterly economic projections, predicted that they would cut their key rate at least five times by the end of 2025. Those forecasts assumed that the unemployment rate would be 4% at the end of this year, Goolsbee noted, yet the rate is now 4.3%. And the policymakers also forecast that inflation, according to the Fed’s preferred measure, would be 2.8% by the end of this year. But it is already below that now, at 2.6%. “In the long arc, it’s clear inflation’s coming way down,” Goolsbee said. “That’s what the path to 2% looks like. It’s clear what the trend is. We’re way, way down from from where we were. And the job market is cooling, and it needs to settle at full employment.”
Spain to investigate unauthorized Katy Perry music video in a protected natural area 2024-08-14 18:04:10+00:00 - MADRID (AP) — In her new music video, Katy Perry pretends to be one of the thousands of tourists having the time of their lives on Spain’s Balearic Islands in the Mediterranean. But some parts, filmed in a protected natural enclave, could get her into trouble. The regional government is investigating the video for her latest song, “Lifetimes,” for the clips in which the 39-year-old American singer and songwriter appears jumping and running across dunes of the Ses Salines Natural Park, a protected area on the islands of Ibiza and Formentera, apparently without permission. The images taken on the dunes of the private islet of S’Espalmador, “one of the most ecologically valuable sites on the islands” and in an area cordoned off from the public with sticks and ropes, sparked the controversy, according to local media. The regional authorities have opened “preliminary investigation proceedings,” according to a statement released Tuesday, after the production company failed to apply for the appropriate permits. The filming wouldn’t have been an environmental offense, because this type of production can be authorized with a permit, the department of natural environment added. The production company and Perry didn’t immediately respond to a request for comment. The video, directed by Colombian-American photographer and director Matías Vasquez, Stillz, shows Perry sailing, swimming or clubbing on the islands, one of the most popular and crowded tourist resorts in the Spanish Mediterranean, especially during the summer. Perry’s new album “143” will be released on Sept. 20.
Coming to ‘iPhone City’: An Electric Car Factory From Foxconn 2024-08-14 18:00:12+00:00 - The core of Foxconn’s business is in Zhengzhou, the capital of Henan province in central China, known as “iPhone City.” That’s where a network of suppliers, infrastructure and factories, and sometimes as many as 250,000 Foxconn employees, manufacture most of the world’s iPhones for Apple. Now Foxconn, a Taiwanese electronics giant, is planning to build a new, 700-acre campus in Zhengzhou to make electric cars. The question is, who will be the customers? In February, Apple canceled its long standing project to develop electric cars after plowing more than $10 billion into it. Many of its rivals in China have charged ahead. For Foxconn, the investment in Zhengzhou is part of a broader push to reduce its dependence on Apple. Sales of iPhones in China have slumped, and Apple and other American device makers have shifted some manufacturing to other countries.
Boeing Faces a Steep Climb in Catching Up to Airbus 2024-08-14 18:00:11+00:00 - Four years ago, Airbus scored a major victory: For the first time in its history, more of its passenger planes were flying around the world than those made by its rival, Boeing. Airbus has only tightened its grip on the market since. Shifting the balance of power back in Boeing’s favor will be one of the most difficult challenges facing its new chief executive, Kelly Ortberg, who started last week. Pulling that off will require navigating the industrywide challenges hampering both companies while also landing a string of successes — starting with getting plane production back on track. “Boeing is in a situation that is way more difficult than Airbus,” said Saïma Hussain, an analyst at AlphaValue, an equity research firm. “Airbus is gaining market share while Boeing needs to recover.” The two companies form a duopoly in the global passenger plane market, but Airbus has far outproduced and outsold Boeing in recent years. Airbus has delivered over 3,800 planes to customers since the start of 2019, while Boeing has handed about 2,100, according to Cirium, an aviation data provider.
Computer tablet use linked to angry outbursts among toddlers, research shows 2024-08-14 17:47:00+00:00 - New study sheds light on possible downsides of young kids using tablets While allowing little kids to stare at a computer screen often gives parents a much-needed respite, new research suggests cutting back on the practice, with early tablet use linked to increased outbursts later on. Children logging 75 minutes or more of daily screen time at 3 1/2 years old were more apt to outbursts of anger and frustration a year later, a study published in the journal JAMA Pediatrics found. Further, the findings suggest a vicious cycle is in play, with little kids who were more apt toward expressions of anger and frustration at 4 1/2 years old likely to spend even more time on an iPad a year later. "It might allow parents to immediately avoid a temper tantrum but in the long term, repeated use of this kind of strategy does not allow children to develop strong, internal emotional regulation skills," the study's author, Caroline Fitzpatrick, a professor of child development at the University of Sherbrooke in Quebec, told CBS Evening News. The study's findings are based on a survey of 315 parents of preschool-aged children living in Nova Scotia, Canada. Participants self-reported tablet use by their kids at 3 1/2 years of age, a year later at 4 1/2 years old, and then at 5 1/2 years, in 2022. Parents also answered standard questions to access their children's expressions of anger. Still, some parents find a little bit of tablet time can be a big help, without causing any apparent harm. Atlanta mother Farrah Butler occasionally allows her 3-year-old son, Oliver, to play on an iPad, particularly when she needs a break or is trying to get something done, such as cook dinner. "The screen is helpful when you're trying to get daily tasks done, when they want you to play and you just need to take a few minutes," Butler said. She and her husband have found that Oliver and his two siblings didn't mind too much when their mobile screens were taken away. "They found other things to do with their time," she relayed.
Tory donor Lycamobile handed HMRC winding-up order amid tax dispute 2024-08-14 17:43:00+00:00 - Lycamobile, a telecoms company that has given more than £2m to the Conservative party, has been issued with a winding-up petition by HM Revenue and Customs, amid a long-running VAT dispute. The company, founded by businessman Allirajah Subaskaran in 2006, sells pay-as-you-go sim cards that are popular with low-paid workers wanting to make cheap phone calls to family overseas, as well as in the UK. While the company generated revenues of more than £145m in 2022, it is now loss-making. Its accounts have repeatedly been filed late and have at times confounded its own auditors. Successive accounting firms have raised concerns about the opacity of Lycamobile’s books, while the company has also been locked in an eight-year tussle with HMRC over its treatment of VAT on phone “bundles” sold to customers over seven years. View image in fullscreen Allirajah Subaskaran, chair of Lycamobile Group, pictured at Canary Wharf in east London in 2012. Photograph: Rex/Shutterstock The amount in dispute is £51m, according to a tax tribunal that ruled in favour of HMRC last month. In accounts filed earlier this year, Lycamobile estimated the potential cost to the company at £99m. A winding-up petition is a formal legal process that creditors can use against a company that owes them money and is unable to pay its debts. HMRC regularly issues such petitions, which can result in assets being forcibly sold, against companies that have not paid their tax bill. HMRC issued the winding-up petition against Lycamobile UK Ltd on Monday, according to a court filing seen by the Guardian and first reported by City AM. Identical petitions were served against sister companies Lycatel Services Ltd and, a week earlier, against Lycamoney Financial Services Ltd. All are ultimately owned by Subaskaran, a British-Sri Lankan entrepreneur who is Lycamobile’s founder and chair. Lycamobile was one of the Tory party’s most generous donors between 2011 and 2016, giving more than £2.1m. It also supported Boris Johnson’s successful attempt to become London mayor. It came under scrutiny in 2015 when an investigation by BuzzFeed revealed that Lycamobile employees were depositing rucksacks full of cash, some containing up to £250,000, at the Post Office. There is no suggestion of any connection to the VAT dispute and Lycamobile said at the time that its cash deposits were part of “day-to-day” banking sanctioned by the Post Office. Lycamobile has repeatedly filed its accounts late, putting it at risk of being struck off the corporate register. In 2016, the auditor KPMG said it was unable to account for £134m of assets, citing an arcane corporate structure including offshore entities. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The company’s latest auditor, PKF Littlejohn, said in June that it could not sign off Lycamobile’s accounts because it had “not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion”. Those results, for the year to the end of December 2022, showed a £24m loss, compared with an £8m profit the previous year. In the subsequent financial year, for which accounts are not yet available, the company suffered a malware attack that reportedly prevented customers making calls or topping up their accounts. The Guardian has approached Lycamobile for comment. HM Revenue and Customs said it could not comment due to rules regarding taxpayer confidentiality.
WHO declares mpox a global public health emergency for second time in two years 2024-08-14 17:38:00+00:00 - The World Health Organization on Wednesday declared mpox a global public health emergency for the second time in two years, following an outbreak of the viral infection in the Democratic Republic of Congo that has spread to neighboring countries in Africa. A “public health emergency of international concern,” or PHEIC, is the WHO’s highest level of alert, and it can accelerate research, funding and international public health measures and co-operation to contain the disease. Earlier this week, Africa’s top public health body similarly declared mpox, formerly known as monkeypox, an emergency after warning that the viral infection was spreading at an alarming rate. More than 17,000 suspected mpox cases and 517 deaths have been reported on the African continent so far this year, a 160% increase compared to the same period last year, the Africa Centers for Disease Control and Prevention said. Cases have been reported in 13 countries. Mpox has two distinct viral clades, I and II. Both versions can spread through close contact with an infected person or via direct contact with infected animals or contaminated materials. The outbreak in Congo began with the spread of clade I, a strain that is endemic in central Africa and known to be more transmissible. Clade I can cause more severe infections; previous outbreaks have killed up to 10% of people who got sick. A new version of that strain, clade Ib, is now spreading and appears to be more easily transmissible through routine close contact, including sexual contact. It has spread from Congo to neighboring countries, including Burundi, Kenya, Rwanda and Uganda, triggering the action from the WHO. “It’s clear that a coordinated international response is essential to stop these outbreaks and save lives,” said WHO Director-General Tedros Adhanom Ghebreyesus. A strain of clade II, meanwhile, was responsible for the global spread of mpox in 2022. Infections from that clade are far milder than clade I — more than 99.9% of people survive, according to the U.S. Centers for Disease Control and Prevention. But it's still capable of causing severe illness, particularly in people with weakened immune systems. The version of the virus that prompted the WHO to declare a public health emergency in 2022 was known as clade IIb. It spread largely through sexual contact among men who have sex with men. The WHO ended that emergency declaration 10 months later. In the U.S., mpox cases have declined considerably since their peak in 2022. Average daily cases fell to zero in the week ending Aug. 1. However, given the virus' spread in the Democratic Republic of Congo and its bordering countries, the CDC asked doctors last week to be on alert for mpox among people with characteristic symptoms who have recently spent time in the area. No cases of clade I have been reported outside central and eastern Africa, the agency said, but it warned about the risk of further transmission. Mpox usually starts with a rash that can look similar to chickenpox, syphilis or herpes. The rash typically progresses to small bumps on the skin, then to blisters that fill with whitish fluid. The illness is often accompanied by fever, headache, muscle aches, back pain, low energy and swollen lymph nodes. A vaccine for mpox is available in the U.S. but not generally available in the Democratic Republic of Congo. The CDC recommends that people who are exposed to the monkeypox virus — or who belong to groups with an elevated risk of infection, such as men who have sex with men — receive two doses of the vaccine. It is effective against both clades of mpox.
Union calls for urgent action to protect jobs as Asda ‘fights for survival’ 2024-08-14 17:38:00+00:00 - The GMB union has called on the owner of Asda to take “urgent action” to protect jobs amid signs the supermarket is “in a fight for survival”. On Tuesday data revealed sales at Asda fell 6% in the three months to 4 August, despite continuing grocery price inflation, taking the retailer’s share of the UK take-home grocery market to 12.6% – the lowest level in at least 13 years. The 1.1 percentage point drop marks the fifth month of declining market share for the retailer in the index compiled by analysts at Kantar, with the pace gradually accelerating. The big slump in market share – from 13.7% in the same period a year before – comes amid a chaotic period at the top of the group, which was bought by the billionaire Issa brothers from Blackburn and private equity firm TDR Capital for £6.8bn in October 2020. Zuber Issa is selling his 22.5% stake to TDR while his brother Mohsin will retain his stake but is expected to step back from day-to-day running of the business when the deal completes in the autumn. Nadine Houghton, national officer for the GMB union, which represents thousands of Asda staff, said the union would write to government ministers to “raise our concerns around job protection and value for consumers”. She said TDR Capital had “heaped debt on to this British institution and now the rot is creeping in” and “urgent action” was required to protect jobs. She added that cutting staff hours had led to lower standards and a loss of customers’ trust. “Asda’s plummeting market share is entirely down to TDR Capital’s financial mismanagement and Asda is now in a fight for survival. “Its time for TDR Capital to get serious – over 150,000 jobs are on the line if they get this wrong. TDR must start listening to its workers to arrest this worrying and dramatic decline.” At the weekend, Stuart Rose, the chair of Asda, said he was “embarrassed” by its performance under his supervision. Lord Rose suggested Mohsin Issa should step back from running the supermarket. Issa’s presence is seen as unhelpful to the company’s efforts to hire an experienced executive to lead a turnaround in Asda’s fortunes. Reports earlier this year suggested there had been a rift between the Issa brothers after the breakdown of Mohsin’s marriage, which was said to have “sent shock waves” through the family. However, in March Mohsin Issa denied there had been an estrangement, saying the pair “get on exceptionally well”. An Asda spokesperson said: “We recognise and accept that there are areas that need improvement and have set out the priorities we need to focus on to address that challenge.” The group said it was investing an additional £30m in stores this year to improve customer service and product availability and was also spending on IT to enable it to separate its systems from its former majority owner, Walmart. “Since acquiring Asda in 2021, the shareholder group have invested more than £3.8bn to transform the business into a diversified retail group to position Asda for long-term success. “Unlike our competitors, Asda is undertaking an extensive period of transformation,” the spokesperson said. “While we have recognised that our recent sales performance is not reflective of where we want to be, Asda remains firmly the third largest supermarket in the country. We delivered total revenue growth, excluding fuel, of 2% in the first half of 2024 and continue to see growth in both our online division and George business.” TDR declined to comment on the GMB’s criticisms. However, when announcing the deal to buy out Zuber Issa in June, Gary Lindsay and Tom Mitchell, managing partners of TDR Capital, defended their record at Asda, saying they had made “significant progress in transforming” the chain. They added: “We have added a scale convenience business, grown Asda’s store footprint from 623 to 1,200 stores and food-to-go sites, and launched a hugely successful loyalty app, which now has 6 million active customers, accounting for around half of total sales.”
NASA still deciding whether to keep 2 astronauts at space station until next year 2024-08-14 17:23:20+00:00 - CAPE CANAVERAL, Fla. (AP) — NASA said Wednesday it’s still deciding whether to keep two astronauts at the International Space Station until early next year and send their troubled Boeing capsule back empty. Rather than flying Boeing’s Starliner back to Earth, Butch Wilmore and Suni Williams would catch a ride on SpaceX’s next flight. That option would keep them at the space station until next February. The test pilots anticipated being away just a week or so when they rocketed away as Starliner’s first crew. But thruster failures and helium leaks marred the capsule’s trip to the space station, raising doubts about its ability to return safely and leaving the astronauts in limbo. NASA officials said they’re analyzing more data before making a decision by end of next week or beginning of the next. These thrusters are crucial for holding the capsule in the right position when it comes time to descend from orbit. “We’ve got time available before we bring Starliner home and we want to use that time wisely,” said Ken Bowersox, NASA’s space operations mission chief. NASA’s safety chief Russ DeLoach added: “We don’t have enough insight and data to make some sort of simple, black-and-white calculation.” DeLoach said the space agency wants to make room for all opinions unlike what happened on NASA’s two shuttle tragedies, Challenger and Columbia, when dissenting views were ignored. “That may mean, at times, we don’t move very fast because we’re getting everything out, and I think you can kind of see that at play here,” he said. Switching to SpaceX would require bumping two of the four astronauts assigned to the next ferry flight, currently targeted for late September. Wilmore and Williams would take the empty seats in SpaceX’s Dragon capsule once that half-year mission ends. Another complication: The space station has just two parking places for U.S. capsules. Boeing’s capsule would have to depart ahead of the arrival of SpaceX’s Dragon in order to free up a spot. Boeing maintains Starliner could still safely bring the astronauts home. The company earlier this month posted a list of testing done on thrusters in space and on the ground since liftoff. NASA would like to keep SpaceX’s current crew up there until the replacements arrive, barring an emergency. Those four should have returned to Earth this month, but saw a seventh month added to their mission because of the uncertainty over Starliner, keeping them up there until the end of September. Most space station stays last six months, although some have gone a full year. Wilmore and Williams are retired Navy captains who spent months aboard the space station years ago. They eased into space station work as soon as they arrived, helping with experiments and repairs. “They will do what we ask them to do. That’s their job as astronauts,” said NASA chief astronaut Joe Acaba. He added: “This mission is a test flight and as Butch and Suni expressed ahead of their launch, they knew this mission might not be perfect.” Eager to have competing services and backup options, NASA hired SpaceX and Boeing to transport astronauts to and from the space station after the shuttles retired in 2011. SpaceX’s first astronaut flight was in 2020. Boeing suffered so much trouble on its initial test flight without a crew in 2019 that a do-over was ordered. Then more problems cropped up, costing the company more than $1 billion to fix before finally flying astronauts. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.
US considers breaking up Google after illegal monopoly ruling, reports say 2024-08-14 16:44:00+00:00 - A week after a judge ruled the tech giant illegally monopolized the online search market, the US Department of Justice is considering options that include breaking up Alphabet’s Google, worth some $2tn, according to reports from the New York Times and Bloomberg News. Divesting the Android operating system was one of the remedies most frequently discussed by justice department attorneys, the reports said. Officials were also considering trying to force a possible sale of AdWords, Google’s search ad program, and a possible divestment of its Chrome web browser, according to the reports. A justice department spokesperson said it was evaluating the court’s decision and would assess the appropriate next steps consistent with the court’s direction and the applicable legal framework for antitrust remedies. The spokesperson said no decisions had yet been made. A Google spokesperson declined to comment. Google is planning to appeal the ruling. It faces another antitrust suit by the US justice department set to go to trial next month. The justice department’s other options include forcing Google to share data with competitors and instating measures to prevent it from gaining an unfair advantage in AI products, the reports said, citing people familiar with the matter. During the trial, it was revealed that Google paid companies, including Apple, more than $26bn in 2021 alone to remain the default option for search in Safari. Those deals allowed Google to build a monopoly over search and unfairly suppress competition, the judge found. Shortly after the judge made his ruling, the competing search engine DuckDuckGo proposed banning those exclusive agreements. The verdict, delivered last week, held that Google violated antitrust law, spending billions of dollars to create an illegal monopoly and become the world’s default search engine. The ruling is seen as the first big win for federal authorities taking on the market dominance of big tech. skip past newsletter promotion Sign up to TechScape Free weekly newsletter Alex Hern's weekly dive in to how technology is shaping our lives Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Federal antitrust regulators have sued Meta Platforms, Amazon.com and Apple in the past four years, claiming the companies illegally maintained monopolies. Microsoft had settled with the justice department in 2004 on claims it forced its Internet Explorer web browser on Windows users.
Brinker International’s Price Dip is an Appetizing Entry Point 2024-08-14 16:22:00+00:00 - Brinker International Today EAT Brinker International $62.86 -7.54 (-10.71%) 52-Week Range $28.23 ▼ $76.02 P/E Ratio 18.65 Price Target $57.34 Add to Watchlist Brinker International’s NYSE: EAT stock price fell 15% following its Q4 release, which presented an appetizing dip for investors to snack on. Weaker-than-expected earnings and softer-than-expected guidance caused the dip, but that is the worst news to be found. The remaining details prove the company’s strategy is working. Brinker International is growing, improving margins and shareholder value, and setting itself up for longer-term success. Among the details impacting the earnings are increased operational quality and customer satisfaction costs, which will help sustain growth over time and diminish in future quarters. Brinker International operates and franchises the Chili's Grill & Bar and Maggiano's Little Italy restaurant brands. Additionally, the company runs the virtual brand It's Just Wings. Get Brinker International alerts: Sign Up Brinker International Had a Good Quarter, But the Market Wanted More Brinker International had a good quarter despite missing earnings estimates. The company’s revenue grew by 11.1% to $1.2 billion and beat the consensus reported by MarketBeat by 350 basis points. The strength is due to a 13.5% increase in comps at Chili’s offset by slower 2.5% growth at Maggiano’s. Chili’s growth is attributed to a 5.9% increase in traffic compounded by increased menu pricing. The launch of the Big Smasher burger was also cited as a traffic driver. Growth in the core business would have been stronger without the strategic decision to deemphasize virtual brands like It’s Just Wings, which operate out of Chili’s locations. Brinker International Stock Forecast Today 12-Month Stock Price Forecast: $57.34 -7.52% Downside Hold Based on 16 Analyst Ratings High Forecast $90.00 Average Forecast $57.34 Low Forecast $35.00 Brinker International Stock Forecast Details Margin and profits are why the stock price fell. The company reported $1.61 in adjusted earnings to miss the consensus by $0.11 or 625 basis points. However, as bad as the miss is, it is offset by the fact that the restaurant-level operating margin and the system-wide operating income margin rose, resulting in a leveraged gain on the bottom line. The GAAP and adjusted earnings are up compared to last year, adjusted by nearly 16%, and margin improvements are expected to stick. Guidance echoes the Q4 results in that revenue is expected to grow at an above-consensus pace, but margins will not expand as much as forecasted. The company is targeting $4.55 in adjusted earnings compared to the consensus of $4.78, which is not good for market sentiment. Brinker International Reached an Inflection Point in Q4 F2024 The real takeaway is that the company reached an inflection point in Q4. The company’s efforts to improve operations and operational quality improved cash flow to the point that cash is building on the balance sheet while it pays down debt and reinvests in the business. The net result is that the shareholder deficit dwindled to zero and turned positive and is expected to continue improving in F2025. Leverage remains high at 20x equity but is also expected to fall dramatically over the coming quarters. MarketBeat did not track any analysts' revisions within the first few hours of the release, but the trends are positive. Sixteen analysts have pegged the stock at a consensus of Hold, showing a relatively high conviction in the $57.60 consensus price target. The consensus price target lags the market even with the double-digit price implosion but is rising and up 55% from last year, providing substantial support in alignment with the critical 150-day EMA. Brinker Falls Into the Buy-Zone: Institutions Are Scooping Up This Stock Institutional activity in this stock has been robust for the last year. The institutions have bought on balance for four consecutive quarters and own more than 90% of the shares. Their activity aligns with the rise in share prices and will likely continue to support the stock at current levels. The early indications are that the market is buying the price dip and giving a strong buy signal. The signal strength is indicated by the spike in volume, confirming support above the recent low. Brinker International stock may consolidate at these levels for the next few months, but a move below $57.50 is not expected, and a new all-time high is likely sometime in 2025. Before you consider Brinker International, 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 Brinker International wasn't on the list. While Brinker International currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
3 Stocks That Could Beat the September Blues 2024-08-14 15:52:00+00:00 - Whether the product of genuine market forces or psychology, the September Effect — the tendency for September to be, on average, the worst month of the year for the market — can have a very real impact. Couple that with mounting fears of a recession, and things get even more uncertain for investors as the summer reaches a close. Investors looking to mitigate the potential negative effects of September trading should keep in mind that market volatility is natural and expected and that sudden or rash moves may only make things worse. Get Vertiv alerts: Sign Up While no stock is a sure thing, Vertiv Holdings Co. NYSE: VRT, Mondelez International NASDAQ: MDLZ, and e.l.f. Beauty NYSE: ELF may offer some stability during a period of potential market tumult. Organic Sales Growth Fuels Vertiv Guidance Increase Vertiv Today VRT Vertiv $80.16 +3.92 (+5.14%) 52-Week Range $32.38 ▼ $109.27 Dividend Yield 0.12% P/E Ratio 77.08 Price Target $96.22 Add to Watchlist Even if September is volatile for markets, it's a good bet that AI hype will remain steady. The AI market has ballooned by more than a third to $184 billion in the last year, and forecasts suggest growth could continue at roughly the same pace through 2025. Vertiv, a company specializing in data centers and digital infrastructure and services, stands to gain from the growing interest in AI technologies. The company topped analyst expectations for the second quarter of the year with net sales of $2 billion and operating profit of $336 million, an increase of 13% and 63% year-over-year, respectively. Vertiv Stock Forecast Today 12-Month Stock Price Forecast: $96.22 19.89% Upside Buy Based on 9 Analyst Ratings High Forecast $115.00 Average Forecast $96.22 Low Forecast $49.00 Vertiv Stock Forecast Details CEO Giordano Albertazzi cited "increased scaling of AI deployment" and Vertiv's unique position connecting IT and facilities in data centers as drivers. AI interest has translated into real increases in demand for Vertiv's services, as second-quarter organic orders climbed by 57% year-over-year and 37% on a trailing 12-month basis. The firm signaled its belief that this will continue throughout the rest of the year by raising sales and operating profit guidance to $7.7 billion and $1.3 billion at the midpoint, respectively. Analysts are bullish on Vertiv. Based on nine analyst ratings, the company has an average price target of $96.22 and an upside potential of over 26%. Mondelez Boosted Dividend Amid Efficiency Project Mondelez International Today MDLZ Mondelez International $71.20 +0.86 (+1.22%) 52-Week Range $60.75 ▼ $77.20 Dividend Yield 2.64% P/E Ratio 22.60 Price Target $78.61 Add to Watchlist With a market capitalization of more than $94 billion, Mondelez is a titan of the food and beverage business. The firm has a broad reach across the Americas, Europe and Asia. What's more, executives are guiding the company to reduce inefficiencies while simultaneously offering an attractive dividend prospect for investors. Mondelez International Stock Forecast Today 12-Month Stock Price Forecast: $78.61 10.41% Upside Buy Based on 18 Analyst Ratings High Forecast $88.00 Average Forecast $78.61 Low Forecast $73.00 Mondelez International Stock Forecast Details Mondelez reported 1.9% and 34.8% declines year-over-year, respectively, in net revenues and diluted earnings per share in the second quarter. These figures are somewhat misleading, though, as they reflect both unfavorable currency-related items and the impact of the firm's 2023 sell-off of its gum business. For example, adjusted EPS was up 25% year-over-year on a constant currency basis. The company's free cash flow remained strong at $1.5 billion. Efficiency is key for an operation as large as Mondelez. The firm plans to dedicate $1.2 billion to a large-scale enterprise resource planning and supply chain operations overhaul through 2028. In the latest quarterly report, Mondelez announced an 11% boost to its dividend as a sign that it expects the project to be a success and to avoid disruptions. Opportunity to Buy on the Dip for e.l.f. Beauty? e.l.f. Beauty Today ELF e.l.f. Beauty $145.43 -3.21 (-2.16%) 52-Week Range $88.47 ▼ $221.83 P/E Ratio 65.51 Price Target $216.43 Add to Watchlist e.l.f. Beauty stands out among cosmetics companies for its budget-friendly pricing, which is especially helpful if the economy slips into a recession. Investors may have a unique opportunity to bulk up on e.l.f. shares at a bargain, as the company's share price surprisingly slipped by 20% in the last five days following a strong earnings report for the fiscal first quarter. From April to June, e.l.f. logged net sales of $324.5 million, 50% higher than the prior-year quarter. Surging sales are always good, particularly for a company with a gross margin of 71%. Net sales growth for e.l.f. is driven by improvements in in-person retail and e-commerce and an increase in market share of 260 basis points. The company has managed to carve out a section of the competitive cosmetics space through its strong brand and affordable prices compared to many legacy firms. e.l.f. Beauty Stock Forecast Today 12-Month Stock Price Forecast: $216.43 48.82% Upside Buy Based on 15 Analyst Ratings High Forecast $260.00 Average Forecast $216.43 Low Forecast $115.00 e.l.f. Beauty Stock Forecast Details As e.l.f. continues to expand to new retail channels, it is well-positioned for either an economic downturn or a scenario in which the FOMC cuts rates next month. It's no surprise, then, that analysts have set an average price target of $216.43, representing an upside potential of more than 45%. Though the September Effect could put a damper on investments in the coming weeks, some firms are in a better position than others to emerge unscathed or even up. Weighting your investments toward defensive plays like consumer staples stocks is an approach that may be helpful. Before you consider Vertiv, 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 Vertiv wasn't on the list. While Vertiv currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Canopy Growth Stock: Can It Sustain Recent Gains? 2024-08-14 15:31:00+00:00 - Canopy Growth Today CGC Canopy Growth $6.84 +0.04 (+0.59%) 52-Week Range $2.76 ▼ $19.20 Price Target $4.53 Add to Watchlist Canopy Growth NASDAQ: CGC is one of the North American players in the cannabis industry. The company’s shares have seen massive fluctuations since going public in 2014 under the name Tweed Incorporated. The company's value reached nearly $20 billion in early 2021 but now sits at just $575 million. That current valuation is despite the fact that over the last 12 months, shares are up 69%. The question is what catalysts are on the horizon for this rise to continue. Get Canopy Growth alerts: Sign Up Let's explore the firm's operations to provide context. The discussion will include highlights from the fiscal Q1 2025 earnings, reported on Aug. 9, and a look at potential legal changes in the marijuana industry. Find out what key developments investors should be watching. Canopy Growth: Canadian Business with Unreportable U.S. Operations Canopy Growth operates through four reportable segments: Canada Cannabis, International Markets Cannabis, Storz & Bickel, and The Works. In the Canada Cannabis segment, the company produces and sells medical and recreational cannabis and hemp products within Canada. The international segment relates to sales in Australia and Europe. Storz & Bickel makes and distributes cannabis vaporizers and accessories. The Works segment was sold at the end of 2023 and will not be included in future financial results. In 2023, 56% of the company's net revenues were generated by the Canada Cannabis segment. The majority of these sales occurred through business-to-business channels rather than direct-to-consumer. Medical revenue comprises 30% of the Canada Cannabis segment revenue. Storz and Bickel accounted for 19% of net revenue, and international markets for 12%. Storz & Bickel was the only profitable segment. However, the Canada Cannabis and International Markets segments saw huge improvements in gross margin from 2022 to 2023. They improved 3,200 and 2,700 basis points, respectively. Readers are probably wondering, “What about the United States?" Canopy operates in the U.S. indirectly through owning 72% of the outstanding shares of Canopy USA; however, the shares do not have voting rights. Current U.S. laws and stock exchange rules prevent consolidating the entity's results in Canopy Growth's financials. Canopy Earnings: Still Unprofitable, But Margins are Improving Canada Growth disappointed substantially in its latest earnings release, reporting a loss of $1.60 per share versus an expected loss of $0.48. Revenue of $48.2 million was down 13% from the previous year and 8% below expectations. The company said this decrease was mostly due to the divestment of the Works segment, which accounted for 8% of revenue in 2023. The rest of this change came from Canada Cannabis, where revenues declined 6%. The other segments were essentially flat. The company is moving closer to profitability, with the last 12 months' operating loss at its lowest level since the end of 2018. Gross margin and operating margin are also at their best levels. Canopy Growth Co. (CGC) Price Chart for Wednesday, August, 14, 2024 Potential Legal Changes in the United States In the spring of 2024, the U.S. Drug Enforcement Administration and the U.S. Department of Justice made moves to help change the classification of marijuana under the Controlled Substances Act. The proposed changes would reclassify marijuana from a Schedule I drug to a Schedule III drug. However, this change would not federally legalize marijuana, and Canopy Growth would still face legal issues in the U.S. The federally legal sale of medical cannabis would also still require FDA approval. Canopy would only experience significant benefits from the legalization of marijuana, which Congress must pass. With growing support for marijuana legalization, there's potential for bipartisan agreement on this issue. Recent legislation in states and broad public backing indicate a shift towards acceptance, suggesting that change could occur regardless of presidential election outcomes. However, for now, investors should assume no big changes to Canopy's U.S. operations. Analysts' Price Targets and What to Watch For Canopy Growth MarketRank™ Stock Analysis Overall MarketRank™ 0.65 out of 5 Analyst Rating Reduce Upside/Downside 33.7% Downside Short Interest Bearish Dividend Strength N/A Sustainability -0.83 News Sentiment 0.42 Insider Trading Selling Shares Projected Earnings Growth Growing See Full Details Among Wall Street analysts, Piper Sandler appears to be the only firm that has recently updated its price target to $2. This represents a downside of 71% from the current price. Without transparency into the performance of the firm’s U.S. business and legalization not coming anytime soon, investors should exercise caution. Canopy's first priority should be becoming profitable in its home country. Investors should continue to monitor this progress, which will help signal how successful Canopy could be if the U.S. market opens fully. The combination of these factors could vastly increase Canopy’s value. Before you consider Canopy Growth, 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 Canopy Growth wasn't on the list. While Canopy Growth currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Cooling Price Growth Has Democrats Tasting Victory Over Inflation 2024-08-14 15:02:11+00:00 - After more than two years of being politically battered over soaring prices, Wednesday’s inflation report left many Democrats feeling victorious. Consumer prices rose 2.9 percent in the year through July, falling below 3 percent for the first time since 2021. The report keeps the Federal Reserve on track to cut interest rates next month, a move that could lift economic sentiment in the United States ahead of the November election. “We’ve won the battle against inflation,” Bharat Ramamurti, former deputy director of the National Economic Council, wrote on X. “It’s time for the Fed to begin cutting rates.” Congressional Democrats were also using the report to push the Fed to cut aggressively. “Inflation is down,” Senator Martin Heinrich of New Mexico, the chairman of the Joint Economic Committee, said in a news release. “The price of gas or a new car have fallen over the last year. And many families can now breathe a bit easier. Now, we need to make sure that this relief is reaching all Americans.”
Serve Robotics Is Serving Up a Selling Opportunity 2024-08-14 14:55:00+00:00 - Serve Robotics Today SERV Serve Robotics $11.37 +1.00 (+9.64%) 52-Week Range $1.77 ▼ $24.09 Add to Watchlist Serve Robotics NASDAQ: SERV is up by double-digits following its Q2 release and may continue increasing because of its operational improvements. However, every positive detail is offset by a negative, raising doubts about the stock price trajectory. The market for SERV remains below a critical resistance point in pre-market trading, suggesting the upside is limited. The primary causes for concern are the mounting losses, the source of Q2 strength, and the threat of dilution. Among the more troubling details is the company’s assurance that it would need more capital to continue operations, which evokes memories of the EV OEM start-up industry; those companies are plagued by high costs, persistent losses, shareholder dilution, and downwardly trending share prices. Get Serve Robotics alerts: Sign Up Serve Robotics Pops on Mixed Results: Don’t Chase This Market Serve Robotics stock price is surging by double-digits on mixed results. The move is most likely a knee-jerk reaction compounded by the high short interest, leaving the market vulnerable to volatility and a return to the recent lows. The company’s revenue is the good news, up by 655% on strength in all three operating segments. However, the strength is centered in the Software Services segments, which brought in nearly $300 million compared to nothing last year due to a single large contract. The risk for investors is that the contract with Magna isn’t expected to generate revenue in future quarters, so the financial strength isn’t going to last. The core business is growing and on track to grow by triple digits over the next two years, but it is a small part of the Q2 result and is offset by rising costs. Regarding the robot fleet, the number of bots in service and daily service hours more than doubled, led by daily service hours. The margin news is also mixed, with gross profit coming in positive compared to losses last year, but once again, the cause is Magna. Moving down the report, operating expenses more than doubled due to general and administrative, operating, R&D, and marketing increases. The operating losses have more than doubled, and the net losses have about doubled. Much of the cost is related to the production of the new fleet. The company expects to have an additional 250 bots in service in LA by Q1 of F2025 and says it is well-positioned to deliver on Uber’s NYSE: UBER 2,000 bot order. Serve Robotics Is Well-Capitalized, For Now Serve Robotics made significant progress on cleaning up its balance sheet and shareholder structure during the quarter but at the cost of shareholder value. The company logged a cash-flow positive quarter due to note and share sales that left the cash balance near $29 million. The bad news is that the diluted share count is up 45% compared to last year, and $29 million is only enough capital to ensure operations for about 3.25 quarters at the current cash burn rate. Shareholders should expect additional dilutive activities by the end of the calendar year. Serve Robotics Up 30% on Q2’s News; Deal with Shake Shack Is a Nothing Burger A new collaboration with Shake Shack NYSE: SHAK is among the catalysts for Serve Robotic’s share price surge. The news promises to increase the company’s bot usage but is a nothing burger regarding the outlook. The deal is part of Uber's commitment to deploy 2,000 bots and does not increase the number of expected service units. Shares of SERV are up about 30% in premarket trading but may already be at their ceiling. The market is trading below a critical resistance target that will likely cap gains. Failing to rise above the $14.50 level will set the stage for a sell-off, which may be sharp and severe given the financial health, outlook for revenue, and short interest. One analyst rates this stock at Strong Buy but gives no price target; only two institutions are tracked by MarketBeat as owning this technology stock. Before you consider Serve Robotics, 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 Serve Robotics wasn't on the list. While Serve Robotics currently has a "Strong Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Defying the Market: 3 Mega-Cap Stocks Soaring to New Highs 2024-08-14 14:33:00+00:00 - In a market characterized by uncertainty and volatility, it's increasingly rare to find stocks that are weathering the storm and thriving. Yet, a select few from various sectors are doing just that—hitting all-time highs even as the broader market indices attempt to regain their footing. These three stocks, outlined below, showcase remarkable relative strength, which could signal potential buying opportunities for discerning investors. But what is driving this outperformance, and can it be sustained? Let's look at these three stocks from different sectors that have defied the odds, reaching new highs despite the turbulent market environment. Get AstraZeneca alerts: Sign Up Why AstraZeneca's Market Strength Makes It a Top Biopharma Stock AstraZeneca Today AZN AstraZeneca $83.76 +0.39 (+0.47%) 52-Week Range $60.47 ▼ $83.79 Dividend Yield 1.17% P/E Ratio 41.06 Price Target $89.75 Add to Watchlist AstraZeneca NASDAQ: AZN, a biopharmaceutical giant with a market capitalization of $259 billion, is hitting new all-time highs despite recent market turbulence. As one of the largest biopharmaceutical companies globally, AstraZeneca is a top-rated stock, boasting a Moderate Buy rating and a consensus price target, forecasting a 7.7% upside. The stock also offers a dividend yield of 1.18%. The healthcare sector, represented by the XLV ETF, is up 10.88% year-to-date and is just 0.36% away from its 52-week high. However, AstraZeneca has outperformed significantly, climbing nearly 24% and reaching new highs. This impressive relative strength is primarily attributed to positive developments in its oncology franchise, with successful clinical trials like LAURA, ADRIATIC, and DESTINY-Breast06 driving momentum. Moreover, AstraZeneca has provided long-term revenue guidance for the first time, projecting $80 billion in revenue by 2030—a 75% increase from its 2023 revenue of $45.8 billion, suggesting an annual growth rate of 8% over seven years, surpassing the growth targets of its competitors. Adding to its growth prospects, AstraZeneca is expanding its footprint in the weight loss market. The company announced in May that it had committed $80 million in non-dilutive funding to Swiss biotech SixPeak Bio, which is developing a bispecific antibody therapy for weight loss. This funding will be disbursed over the next two years, with AstraZeneca retaining exclusive rights to acquire SixPeak Bio during this period. While the exact acquisition price remains undisclosed, AstraZeneca can execute the buyout at the time of the investigational new drug (IND) application submission for the lead candidate. AstraZeneca PLC (AZN) Price Chart for Wednesday, August, 14, 2024 Analysts Favor T-Mobile: A Top Pick in Telecommunications T-Mobile US Today TMUS T-Mobile US $196.49 +1.16 (+0.59%) 52-Week Range $131.47 ▼ $197.03 Dividend Yield 1.32% P/E Ratio 26.73 Price Target $198.63 Add to Watchlist T-Mobile US NASDAQ: TMUS, a leading telecommunications company in the United States, has consistently proven its strength in the market. With a $228 billion market capitalization, T-Mobile is one of the largest wireless carriers in the country, serving millions of customers nationwide. The stock is well-regarded by analysts, carrying a Buy rating and a consensus price target forecasting a nearly 2% upside. Additionally, TMUS offers a dividend yield of 1.33%. The stock's performance over the past year has been remarkable, rising over 40% and currently up nearly 22%, trading at all-time highs. With a forward P/E of 17.21 and strong earnings growth, T-Mobile's valuation and growth prospects appear robust. In its most recent quarterly earnings report, released on July 31st, 2024, T-Mobile posted $2.49 earnings per share (EPS), surpassing analysts' consensus estimates of $2.27 by $0.22. The company reported revenue of $19.77 billion for the quarter, slightly ahead of the $19.61 billion expected by analysts, representing a 3.0% increase year-over-year. The company's EPS growth this year is an impressive 34.47%, with EPS growth over the next five years expected to reach 26.15%. Following its merger with Sprint, T-Mobile has solidified its position as a dominant player in transitioning to 5G service. With a bold growth strategy and a consistent track record of success, T-Mobile is well-positioned to maintain its leadership in the US mobile market. This strong performance and forward-looking growth potential have contributed to T-Mobile's relative strength, making it a stock to watch amid market uncertainty. T-Mobile US, Inc. (TMUS) Price Chart for Wednesday, August, 14, 2024 Intuitive Surgical: Innovation-Driven Growth in Medical Technology Intuitive Surgical Today ISRG Intuitive Surgical $471.21 +1.98 (+0.42%) 52-Week Range $254.85 ▼ $473.75 P/E Ratio 85.06 Price Target $442.30 Add to Watchlist Intuitive Surgical NASDAQ: ISRG, a leader in medical technology, specializes in robotic-assisted surgical systems, notably the da Vinci Surgical System. With a market cap of $166.44 billion, ISRG stands out for its innovation and dominance in the industry. ISRG's P/E ratio of 84.7 reflects its strong growth, appealing more to aggressive growth investors. In its latest earnings report on July 18th, 2024, the company posted $1.78 earnings per share (EPS), beating estimates by $0.24, with revenue of $2.01 billion, up 14.5% year-over-year. Despite its impressive 39% year-to-date surge, analysts see a nearly 6% downside due to its high valuation, though projected earnings growth of 17.05% keeps it attractive for those focused on long-term growth. Intuitive Surgical, Inc. (ISRG) Price Chart for Wednesday, August, 14, 2024 Before you consider AstraZeneca, 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 AstraZeneca wasn't on the list. While AstraZeneca currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Microsoft Stock: Is Now The Time To Be Greedy? 2024-08-14 14:07:00+00:00 - It’s been a funny couple of weeks for investors. After a great start to the year, which saw the S&P 500 index rally more than 20%, the first week of August saw some of the worst days for stocks in years. A poor jobs report fueled fears that the Fed might have waited too long to cut rates, then made worse by the unwinding of the long-favored carry trade with the Japanese yen. Microsoft Today MSFT Microsoft $416.86 +2.85 (+0.69%) 52-Week Range $309.45 ▼ $468.35 Dividend Yield 0.72% P/E Ratio 36.09 Price Target $494.72 Add to Watchlist Even stocks that had been performing well all year saw the legs cut from under them as investors rushed for the door amid a spike in risk-off sentiment. But this is exactly what can create some golden buying opportunities. Take, for example, Microsoft Inc NASDAQ: MSFT. It’s not often that you see a $3 trillion stock drop of nearly 20% in a single month, especially from an all-time high, but that’s exactly what happened with the Washington state-based tech titan. At the worst of the panic last week, Microsoft had effectively given back all its hard-earned gains since the middle of January. This would have been a bitter pill for investors to swallow, especially as the company had been performing well fundamentally from quarter to quarter. Get Microsoft alerts: Sign Up Microsoft's Strong Fundamental Performance Microsoft’s fiscal Q4 earnings, for example, were released at the end of July, which smashed analyst expectations for both headline numbers. It was also the company’s biggest-ever revenue print and their second-biggest EPS print, the latter landing just a few cents below last year’s record. By many measures, that should have been enough to keep shares rallying through the end of summer and into the final few months of the year. Even from a valuation perspective, things felt good. A price-to-earnings ratio in the mid-30s, while a tech stock is setting all-time highs, would have been hard to imagine in years gone by. This statement highlights Microsoft's strong performance, indicating its successful position in the market. However, some question marks remained over the company’s forward guidance from that report, which probably didn’t help once the broader market sell-off gathered pace. For its fiscal Q1, Microsoft is expecting revenue to land somewhere between $63.8 billion and $64.8 billion, which was well below the previously forecasted $65.07 billion. Growth in the company’s Azure cloud unit was also felt to be a little low, even though it was up 30% year on year. Analysts' Bullish Outlook for Microsoft Microsoft Stock Forecast Today 12-Month Stock Price Forecast: $494.72 18.88% Upside Moderate Buy Based on 33 Analyst Ratings High Forecast $600.00 Average Forecast $494.72 Low Forecast $375.00 Microsoft Stock Forecast Details Suffice it to say that all this, combined with the sudden spike in risk-off sentiment, led to Microsoft shares plummeting through the back half of July and the first week of August. However, you can’t help feeling that it was an overreaction. The company is performing well fundamentally, and the prospects for a Fed rate cut have increased. While its shares are still trading for less than $420, almost every recent analyst update calls for them to be above $500. Take Royal Bank of Canada, for example, which recently reiterated its Outperform rating and gave Microsoft shares a $500 price target; Morgan Stanley, which gave them a $506 price target; or UBS Group, which gave them a $510 price target. These calls alone point to a targeted upside of at least 20% from current levels, and they’re not even the most bullish. Why Microsoft's RSI Signals a Strong Buying Opportunity The team at Wedbush reiterated their Overweight rating the other week, as well as their $550 price target, which would have Microsoft shares gaining more than 30% in the coming weeks. Only this week, Wedbush analyst Dan Ives again commented on Microsoft’s underlying strength and the strong potential for gains through the rest of the year and into 2025. There’s also the technical setup to consider. The stock’s RSI fell to 24 last week, its lowest in nine years, all but confirming that the recent drop is extremely overdone. Already, Microsoft shares are starting to recover and are up 7% from last week’s low. Don’t be surprised if they make a full recovery and more before the year is out. Microsoft Co. (MSFT) Price Chart for Wednesday, August, 14, 2024 Before you consider Microsoft, 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 Microsoft wasn't on the list. While Microsoft currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
How to Invest in Mutual Funds 2024-08-14 13:00:00+00:00 - Earlier this year, the mutual fund industry celebrated its 100th birthday as the Massachusetts Investment Trust reached a century of operation. Since 1924, investors have been able to pool capital into funds that buy large swaths of stocks or other assets, providing unique types of diversification through a single security. Mutual funds make up a large chunk of America’s investments and retirement savings, but they function differently than the assets traditionally traded on exchanges. A mutual fund company must calculate the price of its funds at the end of each trading session by dividing the total value of its holdings by the number of shares outstanding. Unlike stocks or exchange-traded funds (ETFs), mutual fund orders won’t be filled during the open session — only after the final bell sounds. Get investing news alerts: Sign Up Before investing in mutual funds, you must ensure they suit your investment goals and long-term plan. Since they can’t be traded on exchanges, mutual funds are long-term assets, not short-term trading vehicles. In this article, we’ll explain how mutual funds fit into an investment plan and the different types available for your portfolio. Decide on Your Goals Why are you investing in the first place? Is it for a long-term goal like retirement or a more time-sensitive endeavor like a house down payment or a child’s education? Your goals and timeline will dictate which mutual funds you’ll choose for your portfolio. Mutual funds don’t invest in the same pool of stocks — some are narrowed to specific sectors, company sizes, asset classes, or countries. Mutual funds investing in higher-risk companies will have a higher risk factor. For example, a mutual fund that tracks the tech sector will have more volatility than one that invests in bonds or a broad index like the S&P 500. Before constructing your portfolio, set your goals in writing and have an investment plan you can revisit. If your goals change, you can always adjust your plan, but having a set roadmap will help with asset selection and prevent emotional decision-making. Know the Lingo If you aren’t familiar with mutual fund investing, you might not understand some of the terminology advisors or analysts use. Here are a few investment terms from the mutual fund world that investors should know. Net Asset Value (NAV): When a mutual fund performs its daily calculations, it looks for net asset value or the total value of all the fund’s holdings (minus liabilities) divided by the outstanding number of shares. NAV is calculated at the end of the trading session. When a mutual fund performs its daily calculations, it looks for net asset value or the total value of all the fund’s holdings (minus liabilities) divided by the outstanding number of shares. NAV is calculated at the end of the trading session. Expense Ratio: The expense ratio is the amount the fund charges investors to cover its expenses and overhead costs, expressed as a percentage of assets. For example, if you have $10,000 invested in a fund with a 0.05% expense ratio, you’ll pay $5 annually in fees. The expense ratio is the amount the fund charges investors to cover its expenses and overhead costs, expressed as a percentage of assets. For example, if you have $10,000 invested in a fund with a 0.05% expense ratio, you’ll pay $5 annually in fees. Prospectus: The prospectus is a detailed document that mutual funds are required by law to produce. It contains information about the fund’s goals and objectives, risk factors, fees and expenses, management profiles, and past performance data. The prospectus is a detailed document that mutual funds are required by law to produce. It contains information about the fund’s goals and objectives, risk factors, fees and expenses, management profiles, and past performance data. Active vs. Passive: Mutual funds come in many different varieties, but they tend to fall into one of two camps: active or passive. Active funds employ a fund manager who selects securities based on their personal analysis. Passive funds track an index like the S&P 500 or Nasdaq 100. Actively managed funds try to beat benchmark indices, while passive funds simply try to match the index's performance. Mutual funds come in many different varieties, but they tend to fall into one of two camps: active or passive. Active funds employ a fund manager who selects securities based on their personal analysis. Passive funds track an index like the S&P 500 or Nasdaq 100. Actively managed funds try to beat benchmark indices, while passive funds simply try to match the index's performance. Capital Gains Distributions: When the fund sells securities for a profit, it returns these profits to shareholders through capital gains distributions. The tax status of these distributions depends on the fund’s holding period, not the amount of time the investor has owned shares. However, the distribution is considered taxable income for the shareholder, so mutual fund owners must plan for taxes if they hold shares in a taxable account. Choose the Right Type of Mutual Fund Once you familiarize yourself with the terminology and build an investment plan, you must choose the mutual funds that suit your goals. Here are seven types of mutual funds you’ll encounter when researching assets. 1. Equity Funds Equity funds invest in stocks, but the composition depends on the individual fund's objectives and goals. For example, value funds hold low P/E stocks, while growth funds hold stocks with solid revenue and earnings growth. Equity funds are designed for long-term investment, so they’re the primary choice for 401(k) account holders. 2. Bond Funds If equity funds are pools of stocks, bond funds are naturally pools of different fixed-income securities like Treasuries and corporate bonds. While the risk factors vary, bond funds tend to be less volatile and produce more income through dividends. Bond funds are ideal for investors focused on consistent income and long-term growth. 3. Balanced Funds Balanced funds combine stocks and bonds into a single asset, giving investors diversification across asset classes through a single security. Balanced funds mix long-term growth and short-term income production. Additionally, balanced funds can adjust their allocation over time to match investor preferences. Target-date funds are prime examples of balanced funds as they reduce stock allocation over time as the chosen retirement year approaches. 4. Money Market Funds Money market funds are designed for capital preservation by investing in short-term debt securities like T-bills, commercial paper and certificates of deposit (CDs). These assets differ from bond funds, which may hold long-term debt, such as Treasuries or long-duration corporate bonds. Money market funds are safer than stock or bond funds but don’t provide much growth. 5. Index Funds Mutual funds that track a particular index are known as index funds. Index funds are passive, meaning no fund manager picks stocks, which helps keep expenses down. Index funds are often the cheapest in the industry, and many outperform long-term stock pickers. 6. Sector and Industry Funds Mutual funds can narrow their exposure to specific sectors or industries, such as consumer discretionary, tech, or the financial sector. Sector-specific funds are usually actively managed and often carry heavier expenses than broader funds. 7. Specialty Funds Specialty funds invest in a particular investment theme or focus, such as international small caps or U.S. artificial intelligence stocks. Specialty funds are usually the most expensive mutual funds to own. Evaluate the Mutual Funds Once you’ve selected mutual funds for your portfolio, you must evaluate them before risking any capital. Here are some areas to review when picking funds: Performance History Past performance is not indicative of future results, but it's never a bad idea to see how a particular fund performed during different periods. For example, how did the fund do during bear markets or periods of rising inflation? Look at the fund’s track record in different environments before investing. Mutual Fund Manager’s Track Record If you're buying actively managed funds, you need a fund manager with a solid history. Make sure you know how long the manager has been at the fund and if the fund’s performance has changed under their watch. Just note that even the best managers, like Peter Lynch, eventually close shop when they feel their edge is gone. Fees and Expense Ratio Market returns and volatility are out of our control, but the price we pay for investments is not. It's okay to pay a high expense rate for a narrow or specialty fund; just be sure to compare the expenses of similar funds before investing. A few basis points can add up to a significant loss of investment profit when timeframes are measured in decades. Turnover Ratio How often does the fund buy and sell securities? High-turnover funds create capital gains distributions, which can create tax headaches for unprepared investors. Before buying any shares, always have an idea of how often the fund turns over its holdings. Select an Investment Platform Where can mutual funds be purchased? Here are some common options: Brokerage Accounts Most mutual funds can be purchased directly from your brokerage app. Just type in the mutual fund ticker and enter your order. For more information, check out our guide on selecting a brokerage account for your investments. Financial Advisor If you employ a financial advisor, you can purchase shares through them. Contact your advisor to review your options if you want to change your investment plan and buy mutual fund shares. Mutual Fund Companies You can buy shares directly from the mutual fund companies themselves. If you’re interested in a particular family of funds, visit the company website and look for information about directly purchasing shares. Retirement Plans Since mutual funds are the main investments in 401(k) accounts, many employees can purchase them through their employer’s retirement plan. To find out which mutual funds are available, you'll need to contact your employer or plan administrator. Monitor Your Portfolio Even though mutual funds are not as liquid as stocks and ETFs, you still need to monitor your investments, especially since your goals can change over time. If you own a target-date fund in a retirement account, you won’t need to do much portfolio rebalancing. But if you self-direct your mutual fund investments, you’ll need to monitor financial and economic conditions to ensure your goals are still on track to be met. Periodic rebalancing can help minimize volatility and create efficient tax situations. Diversification Through a Single Asset Mutual funds have provided investors with easy diversification for a century, and the industry has never been more affordable and diverse. Broad market index funds often carry expense rates of just a few basis points, and there are thousands of funds for investors to choose from. However, mutual funds have a unique structure that investors must understand to prevent tax surprises. Be sure to consult with an advisor before making significant adjustments to your portfolio. Start Your Research with MarketBeat Want to learn more about mutual funds? Click here to check out MarketBeat’s library of research and tools. Before you make your next trade, 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. Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list. They believe these five stocks are the five best companies for investors to buy now... See The Five Stocks Here