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Mortal Kombat 1 Unveils Final DLC Character Takeda In Gameplay Trailer - Warner Bros. Discovery (NASDAQ:WBD) 2024-07-15 21:10:00+00:00 - Loading... Loading... Warner Bros. Discovery Inc‘s WBD Warner Bros. Games and NetherRealm Studios lifted the veil on the final DLC character for Mortal Kombat 1 — Takeda Takahashi. Scheduled for release on July 23 alongside Kameo character Ferra, Takeda joins a roster of fighters, showcasing his formidable skills and trademark bladed whips, IGN reported. See Also: Gaming Industry Revenues To Hit $307 Billion By 2027: Analysis The Legacy Of Takeda Takahashi Takeda, known as one of the “Kombat Kids” alongside Cassie Cage, Kung Jin, and Jacqui Briggs, brings a blend of martial arts prowess and deadly weaponry to the arena. His backstory, steeped in intrigue and conflict, adds depth to his character: “Similar to his cousin Kenshi, Takeda Takahashi was raised a Yakuza. Unlike him, Takeda enjoyed this lifestyle,” WBD’s description of the character says. Furthermore, the gameplay video features Takeda’s dynamic moveset, highlighting his adeptness with serrated whips, explosive kunai projectiles, and teleportation tactics. Fans can expect a visceral experience, including Takeda’s trademark fatality, promising a blend of brutality and precision: “Takeda wraps his hapless victim tightly in his bladed whips before slowly retracting them.” Future Prospects: Kombat Pack 2 And Beyond Looking beyond Mortal Kombat’s Year 1 plans, NetherRealm has teased upcoming developments during San Diego Comic-Con 2024, promising insights into Mortal Kombat 1’s Year 2 plans. Speculation swirls around potential story DLC and surprises on the horizon: Moreover, the studio’s strategic rollout strategy includes accessibility details for Takeda, initially available to Mortal Kombat 1 Premium Edition or Kombat Pack 1 owners from July 23, with broader availability a week later. Read Next:

Billionaires and millionaires at Sun Valley showed off the must-have accessory of the summer: colorful sunglasses 2024-07-15 21:05:31+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Last week, the ultrawealthy flocked to Idaho for Allen & Co.'s annual Sun Valley Conference. The conference, often called "summer camp for billionaires," started in the 1980s and brings some of the world's wealthiest and most powerful business leaders to one space for several days of presentations, outdoor activities, and networking. This year, it was held from July 9 to 13. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Sun Valley also doubles as a fashion trend pulse for the 1%, as high-profile attendees typically wear casual looks that offer a peek into their day-to-day style. Pops of red and the classic tech-bro vest were in at Sun Valley 2024, but the weekend's standout style trend was a smaller accessory: tinted sunglasses. Advertisement Colorful sunglasses were the hit accessory of Sun Valley 2024 Oprah Winfrey and Gayle King at the Sun Valley Conference 2024. Kevork Djansezian/Getty Images Take a peek at some photos from the conference, and you'll quickly spot some of the richest people in the world wearing colorful lenses. For instance, Oprah Winfrey and Gayle King were spotted walking side-by-side in purple and blue lenses. Winfrey also wore glasses with soft-brown lenses during the week's festivities. Diane von Furstenberg and Barry Diller at the Sun Valley Conference 2024. Kevork Djansezian/Getty Images Likewise, Diane von Furstenberg sported taupe lenses alongside her husband, Barry Diller, who rocked bright yellow glasses. Film producer Brian Grazer was also photographed in yellow sunglasses. Jeff Bezos and Lauren Sánchez didn't embrace bright-colored lenses, but their light brown and gray tinted shades were still a step away from traditional black. Advertisement Brian Grazer attends the 2024 Sun Valley Conference. Kevork Djansezian/Getty Images Celebrity stylist and author Kim Appelt told Business Insider that colorful sunglasses perfectly merge multiple trends that have been popular in 2024, including the revival of vintage fashion from the 1970s and 1990s. "There's a retro revival right now with the '70s and '90s coming back, so these sunglasses obviously fit perfectly into that," she said. Related stories Gen Z, in particular, has embraced retro looks. Still, as Sun Valley shows, multiple generations are jumping on board, according to Appelt, who recently styled Justin Bieber's mother, Pattie Mallette, in custom-tinted sunglasses from Holly Eyewear. Appelt also noted that colorful sunglasses are an easy way for people to play with quiet luxury, so it made sense to her that Sun Valley attendees leaned into the trend. Advertisement "That's a big thing for billionaires," she said. "They don't want to be overly flashy." Perhaps the trend caught on at Sun Valley because attendees' futures are so bright they need a little help shading them. However, according to Appelt, the sunglasses likely appeal to the group because they are as functional as they are stylish. Plus, they help the wearer balance privacy and being seen when they're likely to be photographed in public. "If you're a little tired, but maybe it's not super sunny out, you've got a tinted pair," she said, adding that they give you "a little bit of privacy without really obscuring your view." Lauren Sánchez and Jeff Bezos at the Sun Valley Conference 2024. Kevork Djansezian/Getty Images There are many ways to play with the trend If you want to try the trend, there are high-end and more affordable glasses in nearly every shape and size imaginable. Advertisement Holly Sharma of Holly Eyewear recommends glasses from Linda Farrow or Gucci if you want to splurge on high-end tinted sunnies. For instance, Linda Farrow's $1,075 Magali Angular Sunglasses, which have a narrower fit, can be made with purple or green lenses. At the same time, Gucci's ombre pink Cat-Eye Frame Sunglasses cost $650 and are printed with the Gucci label on the frames themselves. Other retailers offer more moderately priced glasses, like Madewell's all-green Linbrook Sunglasses, which are on sale for $49.99, and Warby Parker's $95 green-lensed Kadri glasses. And Amazon also has plenty of affordable options if you're not looking to spend less than $20 on sunglasses. Whatever budget you're working with, the world might look slightly different when you slip on a pair of the trendiest sunglasses of the season.

Everything we know about the 20-year-old behind Trump rally shooter 2024-07-15 21:03:14+00:00 - The FBI identified Thomas Matthew Crooks as the man who shot at former president Donald Trump during his rally on July 13. Here's what we know. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

65-year-old quit his job and emptied his life savings to start a business—now he's worth $11 billion 2024-07-15 21:01:00+00:00 - This story is part of CNBC Make It’s The Moment series, where highly successful people reveal the critical moment that changed the trajectory of their lives and careers, discussing what drove them to make the leap into the unknown. Jay Chaudhry never thought he’d run a business, amass a fortune or help popularize an entire industry. Not growing up in rural India, not upon moving to the U.S. in 1980 to study engineering and marketing, not even after landing jobs at tech giants IBM and Unisys. “I have no background of entrepreneurship in my family of small-scale farmers. So if you asked me, ‘Did I ever think about becoming an entrepreneur in my childhood [or] early years of my career?’ Not really,” Chaudhry, the billionaire founder and CEO of cloud security company Zscaler, tells CNBC Make It. It took Silicon Valley’s dot-com boom — the wild success stories of tech startups like Netscape — to get Chaudhry thinking in 1996, “Why shouldn’t I start a company?” He made the rash decision to quit his job as an executive at Atlanta-based tech company IQ Software, and his wife Jyoti quit her job as a systems analyst at telecommunications giant BellSouth. Together, they plunged their life savings — roughly $500,000 — into SecureIT, a cybersecurity software startup they co-founded in 1997. At the time, “maybe less than 5% of Fortune 500 companies had firewalls,” Chaudhry says. “Within 18 months, we had deployed firewalls in about 50% of [the] Fortune 500.” His timing was perfect: In 1998, Chaudhry sold SecureIT to VeriSign in an all-stock deal worth nearly $70 million. Over the ensuing decade, the husband-and-wife duo founded two more cybersecurity companies and an e-commerce business, each of which got acquired. By 2007, they were already wealthy entrepreneurs, and Chaudhry — who gets “bored” without something to work on — decided it was time to launch “one big company and put 200% focus on that,” he says. That company was Zscaler, which aimed to help companies transition away from outdated firewalls and into the cloud era. The couple invested $50 million of their own money, says Chaudhry. Today, it brings in $1.6 billion in annual revenue and has a market value of roughly $30 billion. Chaudhry’s own net worth is estimated at $11.5 billion by Forbes. Here, Chaudhry talks about putting his family’s savings on the line to follow his gut, how his upbringing influenced his relationship with money and the advice he’d give someone who wants to quit their job to start a business. CNBC Make It: What prompted you to stake your entire life’s savings on a startup idea — in an industry that didn’t really exist yet? Chaudhry: This thing happened because I love to read and I love technology. In 1996, Netscape had just launched and gone public, and I was fascinated by it. I said, “If [Netscape co-founder] Marc Andreessen could start a company — he was a young guy [right] out of college — why shouldn’t I start a company?” My wife and I talked a few times, and the more we thought about it, the more conviction we got around it: [Netscape’s web browser] is the way to access information, and it should become popular. But if every company is connected to the internet, that means there will be security risks. That was my simple thinking. There was no IDC or Gartner study about the market size. It was largely based on what the gut told us. A gut feeling is one thing. Betting every dollar to your name is another. It started out with us saying, “Let’s go get venture capital funding.” I had no experience raising funds, and I realized soon that it wasn’t that easy. This was [1996], Atlanta was not a VC mecca and we kept hearing, “Hey, you don’t have any experience.” We were disappointed, but our conviction was building, which led to me saying, “Why don’t we put our life-savings on the line?” I didn’t know anything. So, I really didn’t know how big the risk was. I couldn’t quantify it. How did you make peace with that risk? After talking back and forth, we asked each other, “What’s the worst thing that can happen?” The company could shut down, we’d lose all of our savings. The next question was, “Can we find jobs?” There was lots of confidence that we could. I never had money in my early childhood, so there was never a notion that I must buy A and B and C. Our lifestyle was pretty simple. Our house in Alpharetta, Georgia, was $200,000 — a nice, typical middle-class house at that time — and we didn’t have any fancy cars or fancy payments. Our only child at that time was going to a public school. There wasn’t a lot of overhead. We said, “Let’s take a chance.” When a bet pays off, does that success make you more confident to take on bigger risks? Were any of your other ventures as risky as that first one? The [financial] risk of SecureIT was, like, 1,000 times more than the risk of Zscaler. The amount I invested in Zscaler was a small fraction of my net worth. But Zscaler was much harder. I put more money in it than all the others combined. I took bigger bets. I hired people more quickly to solve some very hard problems. I wanted to do something big, something lasting. We were trying to solve a problem that was futuristic. Will it be successful or not? Will the market take off or not? That was all unknown. So if you asked me the chances of success of Zscaler, there was a much higher risk. Because, with SecureIT, it was fairly obvious that as you connect to the internet, you need firewalls. What’s your best advice for someone who’s thinking about quitting their job to start their own business? First, build conviction by learning more about what you want to do. Don’t just do some of the cursory work. Second, start by putting in your own money. That actually is part of testing your conviction. If you really have conviction, you’ll take a chance on yourself. That also means you’ve done some serious homework, you’re ready, you’re committed. You can also make decisions the way you want to make decisions. If Zscaler was largely owned by VCs, they probably could have shut it down. It took us a few years to really start getting traction in the market, and VCs can write you off and move on. They say, “It’s one of my 20 investments.” When you put in your own money, this is the only business you have.

Dow rises 200 points to close at a record 2024-07-15 20:54:00+00:00 - The Dow Jones Industrial Average advanced on Monday as investors bet the unsuccessful assassination attempt on former President Donald Trump will lead to big gains for the Republican presidential candidate and the GOP at the polls in November. Friendlier fiscal policies ahead were seen as further spurring a broadening out of the bull market that started to take shape last week. Small-cap shares and banks climbed on Monday. The blue-chip Dow jumped 210.82 points, or 0.53%, to 40,211.72. The S&P 500 added 0.28% to 5,631.22. Both touched new intraday highs in the session, while the former also saw a record close. The Nasdaq Composite rose 0.4% to 18,472.57. “The good news is that former President Trump was not injured more than the ear, that he was not killed,” said Sam Stovall, chief investment strategist at CFRA Research, on CNBC’s “Worldwide Exchange.” “As a result, I think the market will continue on its momentum ways.” The Republican National Convention commenced Monday in Milwaukee, Wisconsin, with Trump leading President Joe Biden in national polls. Humana and UnitedHealth Group each rose in the session. The insurers could benefit from fewer cost pressures coming from a Republican administration. The Russell 2000 gained 1.8%, touching its highest level since 2022 and recording a fourth straight positive day. Goldman Sachs said a second Trump term could help small caps outperform, citing their strong record after his victory in 2016. Goldman Sachs shares added 2.6% after posting earnings that exceeded analysts’ expectations. The SPDR S&P Bank ETF (KBE) and SPDR S&P Regional Banking ETF (KRE) both added more than 2%. Goldman is one of the more than 40 S&P 500 companies reporting second-quarter earnings this week as the new season ramps up. This list also includes household names such as Bank of America, United Airlines and Netflix. Beyond earnings, investors parsed comments from Federal Reserve Chair Jerome Powell, who said the central bank wouldn’t wait until inflation was at its goal of 2% before lowering interest rates. He also said a hard landing scenario was unlikely for the economy. “We are getting very close to the point of the Fed … seeing the data that they need to see to be comfortable cutting rates,” said Bill Merz, head of capital market research at U.S. Bank Asset Management. “That’s what is the first and foremost thing in the psyche of the market.”

Immutep Up as Combo Therapy Meets Carcinoma Study Goals - Annovis Bio (NYSE:ANVS), Arcutis Biotherapeutics (NASDAQ:ARQT) 2024-07-15 20:53:00+00:00 - Loading... Loading... Immutep Limited IMMP jumped 14.9% after it announced positive results from cohort B of the late-stage TACTI-003 (KEYNOTE-PNC-34) study. The study evaluated the combination of its pipeline candidate eftilagimod alfa (efti) and Merck's MRK Keytruda (pembrolizumab) as a first-line treatment for patients with recurrent or metastatic head and neck squamous cell carcinoma (1L HNSCC) with negative PD-L1 expression. Efti is Immutep's proprietary soluble LAG-3 protein and MHC Class II agonist, which is being developed for cancer treatment. Per the data readout from cohort B of the phase III study, the investigational immuno-oncology combination achieved an objective response rate (ORR) of 35.5% and a disease control rate (DCR) of 58.1% in 1L HNSCC patients with negative PD-L1 expression, according to RECIST 1.1 criteria. Please note that the ORR was the primary endpoint of the study. These results, obtained for a chemotherapy-free approach, are notably higher than the historical control of 5.4% ORR and 32.4% DCR for anti-PD-1 monotherapy. The combo regimen of efti and Merck's Keytruda also showed a high complete response rate of 9.7% compared with 0% in historical controls from anti-PD-1 monotherapy in the same patient population. Year to date, shares of Immutep have lost 3.7% compared with the industry's 2.5% decline. Image Source: Zacks Investment Research Furthermore, Immutep also reported promising durability of responses upon treatment of 1L HNSCC patients with the combo therapy of efti and Merck's Keytruda. More than 50% of patients in cohort B have already been treated with combo therapy for at least six months, with three more nearing this duration. The combination also maintains a favorable safety profile, with no new safety concerns observed. This new data strengthens the evidence that efti's novel mechanism of action significantly boosts the immune system, enhancing the effectiveness of immune checkpoint inhibitors like Keytruda. Per Immutep, efti is currently the only MHC Class II agonist in clinical development. Based on such reassuring efficacy and safety data, the company is gearing up to discuss the path forward with regulatory agencies. The company is also evaluating efti combination therapy for the second-line treatment of HNSCC in a separate mid-stage study. Apart from HNSCC, Immutep is also evaluating efti in combination with other agents for the treatment of a variety of solid tumors, including non-small cell lung cancer and metastatic breast cancer. Merck's Keytruda is currently marketed as the standard of care in the frontline treatment of metastatic non-small cell lung cancer patients. Keytruda, an anti-PD-1 therapy, is MRK's blockbuster oncology drug. It is approved for several types of cancer, accounting alone for 47% of the company's pharmaceutical sales in 2023. Keytruda is continuously growing and expanding into new indications and markets globally, bolstering Merck's position in the oncology market. Zacks Rank and Stocks to Consider Immutep currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the drug/biotech industryare Arcutis Biotherapeutics ARQT and Annovis Bio ANVS, each carrying a Zacks Rank #2 (Buy) at present. In the past 30 days, the Zacks Consensus Estimate for Arcutis Biotherapeutics' 2024 loss per share has remained constant at $1.60. During the same period, the consensus estimate for 2025 loss per share has remained constant at $1.14. Year to date, shares of ARQT have skyrocketed 228.8%. Arcutis Biotherapeutics beat estimates in three of the trailing four quarters and missed once, delivering an average earnings surprise of 14.93%. In the past 30 days, the Zacks Consensus Estimate for Annovis' 2024 loss per share has remained constant at $2.46. During the same period, the consensus estimate for 2025 loss per share has narrowed from $1.95 to $1.91. Year to date, shares of ANVS have plunged 35%. ANVS beat estimates in three of the trailing four quarters and missed once, delivering an average negative surprise of 1.39%. To read this article on Zacks.com click here.

Elon Musk explains why Tesla's Robotaxi event is delayed 2024-07-15 20:52:48+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Elon Musk has seemingly confirmed Tesla's Robotaxi event has been delayed and revealed one reason the company needs more time before the big reveal. Bloomberg reported last week that the event had been delayed from August 8 to October. The delay was relayed internally and the design team was told to modify some aspects of the vehicle, according to the report. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Musk spoke publicly about the delay for the first time in a social media post on Monday. "Requested what I think is an important design change to the front, and extra time allows us to show off a few other things," Musk said on X. Advertisement The Tesla CEO's post was in response to a video posted by Tesla shareholder Warren Redlich examining the potential reasoning behind a delay. Musk has said Tesla's driverless taxi business — which will eventually allow Tesla drivers to opt into adding their vehicles to the fleet when not in use — is meant to function like "a combination of Airbnb and Uber." Related stories So far, we've only seen a preview of what the app element of the service could look like. A few weeks ago, Tesla released a demo clip showing Rosalie Nathans, whose profile says she's a senior manager for used cars and online sales at Tesla, requesting the service on the app and getting in the vehicle. The app display in the video seemed to allow passengers options to personalize their experience by listing the car temperature, audio volume, and song playing on the display. Advertisement The apparent reveal event delay isn't a complete shock — Musk often underestimates how long it will take to bring the ideas he has to market, saying he tends to be optimistic about product timelines. The same happened with the Cybertruck, Tesla's Full Self-Driving software, and Starlink's high-speed internet access in remote areas. Not much is known about Tesla's Robotaxi event aside from that the public will get a glimpse at whatever the company has been working on. Tesla's Full Self-Driving software, which would power the Robotaxis, is still in beta and a work in progress — it currently requires human oversight at all times in case an intervention is needed. Tesla is also facing a number of lawsuits and regulator scrutiny related to safety concerns over its self-driving software. Tesla has yet to officially announce a new date for the Robotaxi event. The EV company did not immediately respond to a request for comment.

Biden to call for 5% cap on annual rent increases, as he tries to show plans to tame inflation 2024-07-15 20:52:40+00:00 - WASHINGTON (AP) — President Joe Biden is ready to propose a 5% cap on annual rent increases for tenants of major landlords as he tries to show he’s doing something about the high cost of housing, according to a person familiar with the plan. The proposal, to be announced while the president visits Nevada on Tuesday, is being championed by Biden in the middle of a tense presidential campaign and a time when housing costs have been a major driver of overall inflation. But the plan would require solid Democratic control of Congress to become law. Additionally, most policymakers have said the best way to limit housing costs would be through more construction and changes to land use regulations. The person familiar with the plan spoke on the condition of anonymity because the proposal has not yet been formally announced. Biden himself previewed the announcement at his NATO news conference Thursday, folding it into comments that blamed inflation on companies trying to maximize their profits in the aftermath of the pandemic. “It’s time things get back in order a little bit,” Biden said. “If I’m reelected, we’re going to make sure that rents are kept at 5% increase.” The Washington Post first reported Monday the details of the plan, which would only apply to landlords who own 50 or more units. The price cap would not apply to units that have yet to be built. What to know about the 2024 Election Democracy: American democracy has overcome big stress tests since 2020. More challenges lie ahead in 2024. American democracy has overcome big stress tests since 2020. AP’s Role: The Associated Press is the most trusted source of information on election night, with a history of accuracy dating to 1848. Learn more. The Associated Press is the most trusted source of information on election night, with a history of accuracy dating to 1848. We want to hear from you : Did the attempted assassination on former president Donald Trump change your perspective on politics in America? : Did the attempted assassination on former president Donald Trump Read the latest: Follow AP’s live coverage of this year’s election. White House officials declined to comment. The median national rent was $1,411 a month in June, up from roughly $1,150 in early 2021 when Biden became president, according to Apartment List. Asking prices for rentals jumped in the aftermath of the pandemic and have since cooled, but the Harvard University Joint Center for Housing Studies found in its most recent report that half of renters were “cost burdened” because they spend more than 30% of their income on housing and utilities. In recent months, housing has been a primary contributor to keeping the consumer price index elevated at 3% annually. Inflation has been a fundamental obstacle for Biden politically as he competes against Donald Trump, the former president and Republican nominee. The president has proposed policies designed to increase home construction, but industry representatives were quick to criticize the rent cap as ineffective for addressing the overall shortage and possibly leading to fewer habitable units than the country would otherwise have. “This is not going to create a single unit of housing — which is what is needed to create more housing opportunities for Americans,” said Sharon Wilson Géno, CEO of the National Multifamily Housing Council. “This is really a campaign-driven piece of rhetoric.” Géno noted that landlords need to be able to keep up with costs such as maintenance, insurance and state and local taxes. If those costs exceed what they can charge for rent, the risk is that landlords will do less to maintain their properties and tenants could be worse off. “What does that mean — the quality of the housing suffers,” she said. But affordable housing advocates said that if Biden’s proposal had already been in effect, it would have likely reduced evictions and homelessness. “The recent unprecedented increases in homelessness in communities across the country are the result of those equally unprecedented — and unjustified — rent hikes of a couple years ago,” said Diane Yentel, president and CEO of the National Low Income Housing Coalition. “Had such protections against rent gouging been in place then, many families could have avoided homelessness and stayed stably housed.”

Quest Diagnostics Set to Acquire OhioHealth's Lab Services - Quest Diagnostics (NYSE:DGX), DaVita (NYSE:DVA) 2024-07-15 20:52:00+00:00 - Loading... Loading... Quest Diagnostics DGX recently announced a definitive agreement to purchase the select assets of OhioHealth's outreach laboratory services business. The transaction will expand access to the company's cost-effective and advanced laboratory services in Ohio. The transaction is likely to be completed in the third quarter of 2024, subject to customary regulatory reviews. However, the financial details of the deal were kept under wraps. More on the News Quest Diagnostics' diagnostic insights are derived from one of the world's largest databases of de-identifiable clinical lab results, offering new ways to identify and treat disease, inspire healthy behaviors and enhance healthcare. The latest agreement supports the strategy of growing through accretive outreach lab acquisitions and also broadening its presence across Ohio. Colombia, OH-based OhioHealth is a nationally recognized, not-for-profit, charitable healthcare outreach of the United Methodist Church. Apart from a robust team, it has a network of 15 hospitals, three joint-venture hospitals, one managed-affiliate hospital, more than 200 ambulatory sites and other health services spanning a 50-county area. With this partnership, Quest Diagnostics showcases its ability to attract and collaborate with leading health systems that are seeking to optimize their lab services. Image Source: Zacks Investment Research Following the close of the acquisition, providers and patients will gain access to Quest Diagnostics' industry-leading test menu, a network of patient service sites throughout the state, extensive health plan coverage and lower out-of-pocket costs for many services. The majority of the outreach testing performed by OhioHealth will transition to Quest Diagnostics' full-service laboratory in Pittsburgh, PA. At the same time, OhioHealth will continue to maintain full ownership and operation of its hospital labs, providing high-quality laboratory services for inpatient and hospital-based outpatient care, as well as anatomic pathology and oncology. Industry Prospects Per a report by Precedence Research, the global clinical laboratory services market was valued at $210 billion in 2022 and is expected to witness a CAGR of 3.7% by 2032. The market growth is fueled by the growing number of clinical trials and R&D activities in the healthcare sector. Also, the rising prevalence of targeted disorders globally remains a key factor driving this increase. Notable Developments Earlier this month, the company entered a definitive agreement with OMERS to acquire LifeLabs — the Canadian provider of community laboratory tests. The company will offer new expertise, innovations and resources to bolster the services provided by LifeLabs' more than 6,500 employees, including improved online appointment scheduling and faster patient service center processing. DGX also aims to help accelerate LifeLabs' data security enhancements while ensuring Canadian patients' health data remains in Canada. In late June 2024, Quest Diagnostics announced that it would buy select laboratory assets from Allina Health to improve access and the affordability of innovative laboratory services across Minnesota and western Wisconsin. The transaction stems from a shared commitment to helping a range of communities benefit from the quality and cutting-edge laboratory services that people can afford. Price Performance In the past year, shares of DGX have risen by 3% compared with the industry's growth of 11.5%. Zacks Rank and Key Picks Quest Diagnostics currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space are Hims & Hers Health HIMS, DaVita DVA and Haemonetics HAE. While Hims & Hers Health sports a Zacks Rank #1 (Strong Buy), DaVita and Haemonetics each carry a Zacks Rank #2 (Buy) at present. Hims & Hers Heath shares have surged 138.2% in the past year. Estimates for the company's earnings have increased from 18 cents to 20 cents in 2024 and from 33 cents to 38 cents in 2025 in the past 30 days. HIMS' earnings beat estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 79.2%. In the last reported quarter, it posted an earnings surprise of a staggering 150%. Estimates for DaVita's 2024 earnings per share have remained constant at $9.62 in the past 30 days. Shares of the company have surged 35.4% in the past year compared with the industry's 11.5% growth. DVA's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 29.4%. In the last reported quarter, it delivered an earnings surprise of 21.4%. Estimates for Haemonetics' fiscal 2025earnings per share have moved north 0.4% to $4.57 in the past 30 days. Shares of the company have increased 2.5% in the past year against the 0.8% decline in the industry. HAE's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 13.2%. In the last reported quarter, it delivered an earnings surprise of 2.3%. To read this article on Zacks.com click here.

RFK Jr. to receive Secret Service protection after Trump assassination attempt 2024-07-15 20:50:00+00:00 - Independent presidential candidate Robert F. Kennedy Jr. addresses the Libertarian Party's national convention in Washington, U.S., May 24, 2024. Independent presidential candidate Robert F. Kennedy Jr. will receive Secret Service protection at the direction of President Joe Biden as a result of the attempted assassination of former President Donald Trump, U.S. Homeland Security Secretary Alejandro Mayorkas said Monday. "In light of this weekend's events, the president has directed me to work with the Secret Service to provide protection to Robert Kennedy Jr.," Mayorakas said at the White House during a daily briefing. "Thank you to President Biden for granting me Secret Service protection," Kennedy said on X. Trump, who was shot at Saturday by a 20-year-old gunman during a rally in Pennsylvania, has urged the U.S. government to provide Secret Service protection to Kennedy, who had been repeatedly denied a Secret Service detail. "Given the history of the Kennedy Family, this is the obvious right thing to do!" Trump wrote a post on the Truth Social app.

The AR-15 Rifle Used To Shoot Trump Is A Symbol Of American Gun Rights, Which He Vowed To Protect 2024-07-15 20:48:00+00:00 - Loading... Loading... The AR-15, dubbed "America's Rifle" by the National Rifle Association (NRA), is one of the most commonly owned firearms for U.S. civilians. It has also become emblematic in the debate over gun laws. The weapon was used to shoot Donald Trump at a rally on Saturday, July 13. It has also been used in 10 of the 17 most deadly mass shootings since 2012. A politically charged battle over its legality has made it one of the most controversial and sought-after firearms. See Also: Trump Shooting Recalls Memories Of Reagan Assassination Attempt: Here’s How Markets React To Political Violence Assassination Attempt On Trump An AR-15-style rifle was recovered from the scene at a Trump rally on Saturday in Butler, Pennsylvania. The weapon was used by 20-year-old gunman Thomas Matthew Crooks to shoot the former president, authorities confirmed. The particular rifle found at the scene has been tracked to have been bought by Crooks’ father. It’s lightweight, easy-to-use weapon has also been sold by the millions. Between the early 1990s and the 2020s, the number of AR-15-style rifles in the U.S. went from 400,000 to over 20 million, according to the Wall Street Journal. Models of the AR-15 are currently manufactured by most weapons companies in the U.S. Prices might range from a few hundred dollars to several thousands. Saturday was the first time such a weapon was used to target a president or presidential candidate. The technical features of the AR-15 allow for the shooting of several bullets quickly, but doesn't make it especially useful for targeted shooting at far distances, although accuracy can be achieved for up to 600 yards, for some models. Its popularity spiked after the end of the federal ban on assault weapons which became active in 1994 and expired in 2004. About 1 in 20 Americans owns one, according to a poll by Ipsos and the Washington Post. The ban prohibited the manufacture of certain types of semi-automatic firearms, called "assault weapons" for civilian use. While the ban has been lifted federally, similar laws continue to apply only in nine states: Washington, California, New York, Connecticut, New Jersey, Massachusetts, Maryland, Illinois and Delaware. AR-15-style rifles were developed as a civilian version of the military's M16 rifle. This type of rifle was developed in the 1950's and deemed by the Pentagon "an outstanding weapon with phenomenal lethality." Its legality amongst the civilian population has been a partisan bone of contention ever since the ban was lifted. Trump has expressed support for keeping this weapon and those of its kind legal. At an NRA rally in February, Trump said to the crowd: "No one will lay a finger on your firearms." The sentiment is of course shared by the NRA, which insists that the firearm is “lawfully owned by millions of Americans” and used in “competitions, for recreational purposes, hunting and home protection.” Its controversy stems from the fact that civilian ownership of this style of weapon correlates with the spike in the mass killing of civilians across the country. ‘We Have To Get Over It’: Trump After the Parkland high school shooting in 2018, where 17 children were killed and 17 others were injured, Trump reportedly floated the idea of reinstating the ban, but was quickly convinced not to approach the subject in fear of losing NRA backing. Reinstating the ban on assault rifles has long been a goal in the Democrat agenda. President Joe Biden has consistently pushed for this goal during his time in office, only to find resistance from Republican lawmakers and a conservative-leaning Supreme Court. In June, the Supreme Court struck down a ban on bump stocks, which speed up the rate of fire of semi-automatic weapons. In March, Biden signed an executive order on gun control, strengthening background checks — a move that angered Republicans. "It is within our power to once again ban assault weapons and high-capacity magazines, to require safe storage of guns, to end gun manufacturers' immunity from liability, and to enact universal background checks," he said last year. The Biden re-election campaign also began circulating clips of Trump saying, “We have to get over it” in response to an Iowa school shooting in January in which a 17-year-old killed a sixth-grade student and wounded seven other people. Now Read: Shutterstock image.

Trump goes all in by selecting JD Vance as his MAGA heir apparent 2024-07-15 20:46:02+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Former President Donald Trump is running like he has nothing to lose. On Monday, Trump announced that he had selected Sen. JD Vance of Ohio as his vice presidential pick. In selecting Vance, Trump stiff-armed the establishment and Wall Street voices that settled on another finalist, North Dakota Gov. Doug Burgum. Instead, the voices of Tesla CEO Elon Musk and Donald Trump Jr. held the most sway. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "I've seen him on TV," Trump Jr. told CNN on the convention floor shortly after Vance's selection was announced. "I've seen him prosecute the case against the Democrats. No one is more articulate than that." While he was once an outspoken "Never Trumper," Vance is now the MAGA heir apparent. As the senator alluded to earlier this year, Trump can serve at most four more years as president. It means the 39-year-old is now in the prime position to cement the populist takeover of the Republican Party. Advertisement Trump's selection shows he is confident in his lead. In national polling, he is in the best place for a Republican presidential nominee in over two decades. His opponent, President Joe Biden, also threw the Democratic Party into chaos after a disastrous debate performance. It remains to be seen how the assassination attempt on Trump will alter the race. But almost immediately, Republicans have embraced Trump's defiant response. Vance is a firebrand who rarely embraces subtlety. In May, he expressed skepticism that former Vice President Mike Pence's life was ever truly in danger during the Capitol riot. Hours after Trump survived an assassination attempt, Vance suggested that it was Democrats to blame for the shots being fired even before a suspect had been named or a motive identified. And yes, Vance once compared his now running mate to Hitler. Like Trump, Vance has embraced conspiracies about the 2020 election. The Ohio Republican has also clearly stated that he would have done the opposite of what Pence did on January 6. A Vice President Vance would have allowed lawmakers to consider alternative slates of electors even if that meant that the certified election results of a particular state could be rejected. President Joe Biden's campaign wasted no time tearing into Vance, illustrating the extent to which the president's reelection campaign may try to focus on him. Advertisement "Donald Trump picked J.D. Vance as his running mate because Vance will do what Mike Pence wouldn't on January 6: bend over backwards to enable Trump and his extreme MAGA agenda, even if it means breaking the law and no matter the harm to the American people," Biden-Harris 2024 Chair Jen O'Malley Dillon said in a statement. Trump is betting that Vance will help him lock down states like Pennsylvania by extolling his blue-collar roots that were at the center Vance's New York Times bestseller "Hillbilly Elegy." Related stories Vance was just sworn into the Senate last year. In terms of elected office experience, he would be one of the least experienced vice presidents in history. Even in his short time in the chamber, Vance has staked out clear territory for himself. Among a group much closer to the Reagan-era GOP, the Ohioian has been an unrepentant populist in favor of protectionist trade policies. Like Trump, Vance has also strongly questioned sending defense aid to Ukraine. Advertisement Vance took his case against Ukraine aid to the Munich Security Conference in February. The gathering of the West's top defense officials was once a major stop for Sen. John McCain, who, more than any Republican, embodied the interventionist foreign policy that prized Europe's role in shaping the post-Cold War world. In addressing the gathering, Vance said it was "time for a wake-up call." Trump delivered one to the party he has forcibly molded in his image. Vance could make sure the GOP never goes back.

Live updates: Trump officially becomes the Republican nominee as delegates vote 2024-07-15 20:41:00+00:00 - Editor's note: This is a developing story and will be updated throughout the day. Former President Donald Trump on Monday officially received the 1,215 delegates required to become the official GOP presidential nominee at the Republican National Convention in Milwaukee. The designation came moments after Trump on Truth Social announced Sen. JD Vance, R-Ohio, to be his running mate, solidifying the Republican ticket for November. The convention kicks off days after Trump's attempted assassination at a Pennsylvania rally on Saturday where one rally attendee was killed, and two others were critically injured. The alleged gunman, 20-year old Thomas Matthew Crooks, was shot dead moments after he opened fire. The RNC schedule is expected to go on relatively unchanged, though the assassination attempt will likely supercharge the emotional energy of a convention that was already expected to be revved up with Trump fanfare. "When he [Trump] walks in that arena for the first time, the decibel level will be so high it will be almost unmeasurable," Corey Lewandowski, a close Trump ally who is advising the RNC, said Sunday. Day one of the convention has a slate of speakers including Georgia Rep. Marjorie Taylor Greene, rapper Amber Rose, Trump fundraiser David Sacks, along with former VP hopefuls like South Carolina Sen. Tim Scott and South Dakota Gov. Kristi Noem. From Monday to Thursday, over 80 of Trump's closest allies, big-ticket donors and other lawmakers are expected to speak. The City of Milwaukee expects roughly 50,000 attendees. Here is the full list of speakers set to headline on Monday:

No More Getting High On Hemp In America? Multiple States Begin Intoxicating Hemp Crackdown 2024-07-15 20:34:00+00:00 - Loading... Loading... This article was originally published on Cannabis.net and appears here with permission. The burgeoning market for hemp-derived products, particularly those that contain intoxicating compounds like Delta-8 THC, has been met with increasing scrutiny and regulation across various states in the U.S. This shift comes in response to growing concerns over public health, safety, and the integrity of hemp legislation initially aimed at promoting non-intoxicating uses of the plant. In some cases, over 90% of tested hemp products contain well over the 0.3% THC threshold to be considered hemp and not intoxicating cannabis. An earlier article by Cannabis.net called, "America is Getting High on Hemp" pointed out the subtle differences between natural marijuana and lab-produced Delta-8 and Delta-9 THC. As more states implement stringent regulations, the landscape of the hemp industry is poised for significant changes. This article delves into the reasons behind the regulatory crackdown, the implications for the industry, and the potential future of hemp-derived products. The Rise Of Intoxicating Hemp Products Hemp, a variety of the Cannabis sativa plant, was legalized federally in the United States under the 2018 Farm Bill, provided it contains no more than 0.3% Delta-9 THC, the psychoactive compound commonly associated with marijuana. This legislation was primarily aimed at promoting the agricultural and industrial use of hemp, including the production of non-intoxicating cannabinoids such as CBD (cannabidiol). However, the market soon saw the emergence of products containing Delta-8 THC, a cannabinoid that occurs naturally in small amounts in hemp but can be synthesized from CBD through a chemical process. Delta-8 THC produces psychoactive effects similar to, but generally milder than, Delta-9 THC. The popularity of Delta-8 THC products has surged, driven by their legality under the broad language of the 2018 Farm Bill and consumer interest in an alternative to traditional marijuana. Regulatory Concerns And Crackdowns Despite their popularity, Delta-8 THC and other intoxicating hemp products have raised significant concerns among lawmakers, health officials, and industry stakeholders. These concerns include: Public Health and Safety: There is limited research on the safety and long-term effects of Delta-8 THC. Reports of adverse reactions, including hallucinations, vomiting, and loss of consciousness, have prompted calls for regulation. Additionally, the unregulated production processes raise the risk of contamination with harmful chemicals. Youth Access: The marketing and packaging of Delta-8 THC products, often mimicking candy and other snacks, have led to fears about their appeal to children and teenagers. Without strict regulations, these products can easily end up in the hands of minors. Legal Ambiguities**: The current federal stance on Delta-8 THC is ambiguous, with the Drug Enforcement Administration (DEA) stating that all synthetically derived tetrahydrocannabinols remain Schedule I controlled substances. This has created a gray area that states are now moving to address. Consumer Confusion: The similarity in names and effects between Delta-8 THC and Delta-9 THC can confuse consumers, leading to unintentional intoxication and impaired driving, among other issues. State-By-State Regulatory Responses In light of these concerns, several states have initiated regulatory measures to control the sale and distribution of intoxicating hemp products. Here is an overview of the actions taken by some states: New York: New York has banned the sale of Delta-8 THC products, citing health concerns and the potential for abuse. The state’s new cannabis regulations do not allow Delta-8 THC under the definition of hemp-derived products. Colorado: Colorado, a state with a well-established marijuana market, has also prohibited Delta-8 THC, aligning its hemp regulations with the stricter standards applied to marijuana products. Oregon: The Oregon Liquor Control Commission (OLCC) has imposed strict testing and labeling requirements for all hemp products, including those containing Delta-8 THC. These measures are aimed at ensuring consumer safety and preventing youth access. Kentucky: In Kentucky, where hemp farming is significant, the state agriculture department has issued warnings about the legality of Delta-8 THC and is considering further regulatory actions. Texas: Texas has seen legal battles over the status of Delta-8 THC, with temporary bans and subsequent legal challenges reflecting the contentious nature of its regulation. The state is in the process of clarifying its stance through legislative means. Florida - Gov. Desantis vetoed a bill limiting intoxicating hemp in a strategic move to cause problems in the upcoming recreational marijuana amendment vote in November. A bizzarre tactic for sure and one that may backfire on his anti-pot policy in Florida. Implications For The Hemp Industry The regulatory crackdown on intoxicating hemp products has several significant implications for the hemp industry: Market Adjustments: Producers and retailers of Delta-8 THC and similar products face the prospect of losing substantial revenue streams as states impose bans and restrictions. This could lead to a shift in focus towards non-intoxicating cannabinoids like CBD and CBG (cannabigerol). Compliance Costs: Meeting new regulatory requirements, such as enhanced testing and labeling standards, will increase operational costs for businesses. This could disadvantage smaller companies that lack the resources to adapt quickly. Legal Challenges: The evolving regulatory landscape is likely to result in continued legal challenges as businesses and advocacy groups push back against state bans and seek clarity on federal regulations. Consumer Access: Consumers who rely on Delta-8 THC for its perceived benefits, such as pain relief and anxiety reduction, may find it harder to obtain these products. This could drive demand for alternative cannabinoids or result in a resurgence of the illicit market. Innovation and Research: The scrutiny of Delta-8 THC highlights the need for more comprehensive research into the safety and efficacy of all cannabinoids. This could spur innovation in the industry, leading to the development of new, safer products that meet regulatory standards. The Future Of Hemp-Derived Products As the regulatory landscape continues to evolve, the future of hemp-derived products remains uncertain but filled with potential. Key factors that will shape this future include: Federal Legislation: Clarification from federal agencies, including the DEA and FDA, on the status of Delta-8 THC and other cannabinoids will be crucial. Clear guidelines and consistent enforcement can help stabilize the market and protect consumers. State Regulations: States will continue to play a critical role in regulating hemp products. Collaboration between state and federal authorities, as well as input from industry stakeholders, will be essential in developing balanced regulations that safeguard public health while supporting economic growth. Consumer Education: Educating consumers about the differences between cannabinoids and the importance of purchasing from reputable sources will help reduce confusion and ensure safe consumption practices. Innovation: The challenges posed by regulation can also drive innovation. Companies that invest in research and development to create novel, compliant products will likely thrive in the long term. Advocacy and Collaboration: Ongoing dialogue between industry representatives, lawmakers, and advocacy groups will be vital in shaping fair and effective regulations. Transparent communication and collaboration can help address concerns and promote the benefits of hemp-derived products. Conclusion The regulatory crackdown on intoxicating hemp products across multiple states underscores the complex interplay between innovation, consumer demand, and public safety. As states move to impose stricter controls on products like Delta-8 THC, the hemp industry must navigate a challenging landscape marked by legal ambiguities and evolving standards. While these regulations aim to protect public health and prevent misuse, they also present significant challenges and opportunities for industry stakeholders. The future of hemp-derived products will depend on clear regulatory guidance, ongoing research, and the industry's ability to adapt and innovate in response to changing conditions. By prioritizing safety and compliance, the hemp industry can continue to grow and offer valuable products that meet consumer needs in a regulated and responsible manner. This article is from an external unpaid contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Black Voters Matter criticizes Democrats for Biden drop out campaign 2024-07-15 20:30:18+00:00 - A top voting rights group has issued a scathing rebuke of Democrats who’ve been pressuring President Joe Biden to end his 2024 campaign after a poor debate performance. And it packs a punch. Black Voters Matter is one of the pre-eminent Black voter advocacy and mobilization groups in the country. In the statement, the group’s leaders accused liberal elites of leading the effort to oust Biden and said that doing so would undermine the democratic process by overruling Black primary voters, many of whom have dedicated their time and energy to re-electing the Biden-Harris administration. Black Voters Matter is one of the pre-eminent Black voter advocacy and mobilization groups in the country. The statement, written by Black Voters Matter co-founders LaTosha Brown and Cliff Albright, along with the group’s national legal director, April England-Albright, says the Biden-Harris administration has delivered on promises to invest in Black communities, implement police accountability, fund historically Black colleges and universities, and more. But they wrote that “the recent nervous cry for Biden to step aside” is being “led largely by white congresspeople, pundits, and donors” and add that it threatens to “mute and overlook the voices of Black Voters.” The sentiment reflects a palpable irritation I’ve detected from Black folks lately — journalists and otherwise — as they’ve watched some in the media push for Biden to drop out or cite polls that they believe indicate he should, when that hasn’t seemed to match what many Democrats, especially Black Democrats, say when asked face-to-face. Ditching the Biden-Harris ticket could negatively “impact Black turnout for decades to come while deepening the widespread belief that the Democratic Party takes our voters for granted,” Black Voters Matter argues. The statement speaks to frustrations that the calls to replace Biden have generally been made without articulating realistic plans for how voter mobilization groups could re-educate voters about whatever fantasy ticket these Democrats want instead. Admittedly, it’s a thought that’s come to mind as I’ve read and heard about what I feel are far-fetched scenarios for a change atop the ticket. Because despite what George Clooney or James Carville might want, for example, I don’t think they’re going to be knocking on doors to turn out the vote. The statement addresses this: Also, time and time again grassroots organizers on the ground are called upon and depended upon to deliver the vote of marginalized communities. Billionaires, celebrities and political pundits have the right to their opinions but they don’t speak with or motivate our communities. Groups like ours do. Based on our years of organizing in some of the most difficult circumstances we DO NOT believe this is the moment to take a risky and ill prepared move that can further splinter the vote and add confusion to the process for voters. The group’s leaders make clear they’re not denouncing people who voice principled policy disagreements with the Biden administration. They write: But the hyperbolic, coordinated and well-funded dissent over the past two weeks is something very different. Dissent that seeks to dismantle the Biden/Harris ticket solely on a debate performance, unreliable polls (which are actually moving in favor of President Biden) and/or quiet but racist paranoia over the vice president potentially stepping into the presidency, is not productive dissent and should cease immediately. The statement ends with a call to “[b]uckle up, do the work, have some courage and stay the course to create the society and the world we all need and deserve.” You should really read the statement in full. I think the Blacklash toward those who have been driving the “Biden drop out” campaign is an underreported story these days. At minimum, it seems to have saved the Biden-Harris campaign from a feeding frenzy.

Terrell Davis, N.F.L. Hall of Famer, Says He Was Unjustly Detained on Flight 2024-07-15 20:06:01.587000+00:00 - Terrell Davis, a Pro Football Hall of Fame member, said he was detained by the authorities on Saturday in California after he “lightly” tapped a United Airlines flight attendant’s arm to ask for a cup of ice — an episode that he said left him feeling “humiliated, embarrassed, powerless and angry.” Mr. Davis, 51, was traveling from Denver to Orange County, Calif., on a United Airlines flight with his family, he wrote in a statement released by his lawyers. During the flight, Mr. Davis said, his son asked for a cup of ice, and that the flight attendant “either didn’t hear or ignored” his son. Mr. Davis said he then “lightly tapped” the attendant on the arm to get his attention, and that the attendant shouted, “Don’t hit me,” and rushed to the front of the plane. “I was confused, as were the passengers in front of me who witnessed the exchange,” Mr. Davis wrote. “I thought nothing of it other than this particular employee was incredibly rude and blatantly wrong in his accusations of me hitting him.”

Powell indicates Fed won't wait until inflation is down to 2% before cutting rates 2024-07-15 20:04:00+00:00 - Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut interest rates. Speaking at the Economic Club of Washington D.C., Powell referenced the idea that central bank policy works with “long and variable lags” to explain why the Fed wouldn’t wait for its target to be hit. “The implication of that is that if you wait until inflation gets all the way down to 2%, you’ve probably waited too long, because the tightening that you’re doing, or the level of tightness that you have, is still having effects which will probably drive inflation below 2%,” Powell said. Instead, the Fed is looking for “greater confidence” that inflation will return to the 2% level, Powell said. “What increases that confidence in that is more good inflation data, and lately here we have been getting some of that,” he said. Powell also said he thinks a “hard landing” for the U.S. economy was not “a likely scenario.” Monday was Powell’s first public speaking appearance since the Consumer Price Index report for June showed cooling inflation, with prices actually falling month over month. Powell said at the beginning of his appearance that he was not intending to make any signals about when the Fed might start to cut interest rates. The central bank’s next policy meeting is at the end of July. Powell made the remarks as part of a discussion with David Rubenstein, chairman of the Economic Club of Washington, D.C., and co-founder of The Carlyle Group, where the Fed chair previously worked. The target range for the federal funds rate is currently 5.25% to 5.50%. That is up from a range of 0% to 0.25% during the Covid-19 pandemic, and a range of 1.50%-1.75% before that health crisis. The federal funds rate influences, directly or indirectly, the cost of money throughout the economy, such as mortgage rates. “People I don’t know will always say, ‘hey, cut rates.’ Somebody said that in the elevator this morning,” Powell said jokingly.

BlackRock's ETF business just keeps growing, but the search for revenue goes on 2024-07-15 20:01:00+00:00 - The BlackRock logo is pictured outside the company's headquarters in the Manhattan borough of New York City on May 25, 2021. At the time, $13 billion seemed like an awful lot of money to spend on a tiny business. ETFs were still in their infancy: there was roughly $700 million in total assets under management, a paltry sum compared to the trillions then in mutual funds. When BlackRock CEO Larry Fink bought the iShares ETF business from Barclays for roughly $13 billion in 2009, the economy was still reeling from the great financial crisis. By these metrics, Fink's gamble has proven to be one of the greatest financial investments of all time. Doing a sum-of-the-parts analysis of Blackrock's ETF business would be a difficult endeavor, but certainly revenue, assets under management (AUM), and growth potential are important factors. According to Greggory Warren, equity strategist at Morningstar, Blackrock total revenue was $17.8 billion in 2023. Of that, iShares equity ETF pulled in $4.41 billion and iShares fixed income tallied $1.23 billion (They don't break down alternative ETFs and multiasset class, but they are both relatively small.) So the iShares ETF revenue was about a third of Blackrock's revenue, and Warren said that segment is still growing. Revenue growth: Check. Assets under management for Blackrock's ETF business was $3.85 billion, a number that has roughly doubled from the $1.79 trillion of ETF AUM announced five years earlier in November 2018. It appears this figure includes ETFs that listed and traded outside the United States, including London and Canada, but even excluding ETFs outside the U.S., Blackrock still has the dominant position in total AUM. ETFs: Where the money is Blackrock: $2.9 trillion Vanguard: $2.7 trillion State Street: $1.3 trillion Invesco: $570 billion Schwab: $360 billion Remainder: approximately $1.5 billion Source: ETF Action AUM growth: Check. As for growth potential, inflows were $83 billion in the second quarter, or $150 billion year-to-date. To give you an idea of how large that is, it's about one-third of the inflows into the entire ETF business. Inflow growth: check. By any metric, Blackrock's ETF business just keeps getting more valuable. Revenue: growing. AUM: growing. Inflows: growing. The entire ETF business is growing Blackrock's ETF business is a gold mine, but total AUM for the entire ETF business now a bit over $9 trillion, which means Blackrock and a few rivals control a staggering amount of ETF investment dollars. If you look at the list above, it's clear the rich are getting richer. There's about 300 ETF providers, but the top five represent about 85% of all the ETF assets. The search for new revenue is endless The ETF business is still raking in money, but there is tremendous fee pressure across the entire ETF universe, so the search for more revenue goes on. Neither Fink at Blackrock nor anyone else in the asset management business can afford to rest on their AUM. For example, Blackrock recently announced their LifePath Paycheck program, an attempt to muscle into a difficult area: the annuities business. Investors have historically been deeply suspicious of annuities due to low payouts and high commissions. LifePath Paycheck uses Blackrock's existing target date fund framework, which automatically adjusts asset allocation as participants approach retirement (less equities, more bonds). Here's the kicker: starting at age 55, a participant can allocate a portion of their assets to a lifetime-income asset class. Participants can begin redeeming their investment at 59½ and purchase annuities from insurers selected by BlackRock. Another area of potential growth is private equity. Blackrock recently purchased Preqin, a leading provider of alternative equity data, for approximately $3.2 billion in cash. What they want is more access to private equity data. With the IPO market still range-bound, there's big money to be made in private equity. There's the potential to create indexes for private equity investment. But the investment is bigger than just data. The big hope — that somehow an ETF of private equity investments could be created — remains, for the moment, a pipe dream, for the simple reason that buying the underlying private equity assets and managing them in an ETF wrapper is exceedingly difficult. (To create and redeem ETF shares, the market makers would have to be allowed to buy and sell the underlying assets, difficult, if not impossible, to do on a daily basis when you are dealing with private equity.) Might it be possible to create an index and then find a way to synthetically mimic the index without owning any underlying private equity? That is a possibility. The bottom line: It's good to have a business that scales big Regardless of the challenges, remember that this is a scale business. You could take in billions of dollars more, and because it is so technologically advanced, the costs are minimal. And that is what keeps a smile on Fink's face. "We have $2 trillion more in assets than we did a year ago with the same amount of employees. That is technology at work," Fink said on CNBC's "Squawk on the Street" Monday morning.

Here's why Nextracker and Constellation Brands are tumbling — and where we stand on both stocks now 2024-07-15 19:58:00+00:00 - Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets check: Stocks were up to kick off the new week, though they were trading off their higher levels of the session. The vicious rotation out of tech and into the "broadening out" trade that dominated the end of last week is playing out again Monday, but to a lesser extent. We're seeing the small caps continue to catch a bid — with the Russell 2000 up almost 2% in the session — as the market increases expectations of multiple interest rate cuts before year-end. But one could also attribute the strength Monday in S & P 500 sectors like energy, financials, and industrials to the market pricing in greater odds of another Donald Trump presidency. Those are the top-performing sectors Monday, led by energy up more than 2%. Election risk: While a potential Trump presidency is sending shares of banks, oil and gas, and health insurance stocks higher, some groups face political risk. Perhaps the most obvious in the portfolio Nextracker , which is down more than 6% in Monday's session. When we first bought the solar stock in late June , we called out how it would be sensitive to changes in government policy. This volatility is why we've been intentional about buying small into weakness. A potential Trump presidency is expected to be less favorable to clean energy, but it won't change our thinking about the energy challenges that lie ahead, driven by growth in data centers, electrification and reindustrialization across the U.S. We expect the hyperscale companies — Club holdings Amazon , Meta Platforms , Microsoft and Alphabet — to increase their usage of utility-scale solar to help meet their decarbonization targets. Those projects will need tracker systems from Nextracker to increase their energy yields. We'll look to add to our position when it falls below our last buy at about $47.70. The other is Constellation Brands . Shares of the Mexican beer maker are falling about 3% on concerns about tariffs and a tougher stance on immigration under a Trump presidency. The company's exposure to the Hispanic consumer is a big reason why its beer business is growing in an otherwise sluggish category. Political risk came up in the Q & A section of Constellation Brands' recent earnings call on July 3. Management played down those concerns, citing the success it had during the previous Trump administration. We trimmed some Constellation on the day of its earnings and downgraded it to a 2 rating. There's no change to our view that a more substantial pullback is necessary before viewing the stock as a buying opportunity again. Nextracker and Constellation are the two worst-performing Club stocks Monday. Up next: Second-quarter earnings season is underway with a handful of banks scheduled to report Tuesday morning, including Club name Morgan Stanley . We'll also get numbers from Bank of America , Charles Schwab and regional lender PNC . The one non-financial name to keep an eye on is UnitedHealth Group , which is considered a bellwether for the health-care sector. On the macro data side, June retail sales are due out. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) 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. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.

Macy's ends buyout talks with Arkhouse and Brigade after months of negotiations 2024-07-15 19:56:00+00:00 - Department store Macy’s said Monday its board has unanimously decided to end negotiations with the activist group that had been looking to take the retailer private for roughly $6.9 billion, saying in a statement that questions on financing and premium were insurmountable. “We have concluded that Arkhouse and Brigade’s proposal lacks certainty of financing and does not deliver compelling value,” Macy’s lead independent director Paul Varga said in a press release. Arkhouse and Brigade had for months been attempting to buy out the storied retailer. Earlier this month, the bidders increased their offer to $24.80 per share, the latest in a series of price hikes since they first launched their takeover effort last year. Macy’s said the company had gone “well beyond what is customarily required” in a due diligence period, offering the bidder group store-by-store profit and loss information and leases for each location. The company also noted that Arkhouse and Brigade had been allowed to share that confidential information with more than a dozen “credible financing sources.” Arkhouse, after its initial efforts had been rebuffed, said earlier this year it intended to mount a proxy fight for control of Macy’s. The two sides were able to reach a settlement in April, adding two independent directors to the Macy’s board. Arkhouse did not immediately respond to CNBC’s request for comment. Shares of Macy’s fell roughly 14% in early trading Monday. Macy’s is in the middle of a turnaround effort led by CEO Tony Spring, who stepped into the top job in February. The department store operator announced earlier this year that it would close about 150 of its namesake stores and open new locations of Bloomingdale’s and Bluemercury, its two brands that have put up stronger results. It is also opening smaller Macy’s locations in bustling strip malls in the suburbs. But the legacy department store operator’s efforts to grow sales have been stymied by high inflation, as consumers became more selective about spending on discretionary items. Macy’s has had to fight to stay relevant, too, as younger shoppers turn to online players such as Shein, big-box stores such as Target and off-price chains such as T.J. Maxx instead of department stores. For the fiscal year, Macy’s expects net sales to range between $22.3 billion and $22.9 billion, which would be a drop from $23.09 billion in 2023. It expects comparable sales, which take out the effect of store openings and closures, to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis and including third-party marketplace sales. On an earnings call in late May, Spring said Macy’s is in the “early innings” of revitalizing its namesake stores. Yet, he pointed to better sales results at the first 50 stores where Macy’s had invested in more staffing, sharper merchandise displays and special events. Prior to Monday’s losses, shares of Macy’s had fallen about 5% so far in 2024 for a market value of roughly $5 billion, trailing behind the S&P 500′s roughly 18% gain during the same period. Arkhouse is a well-known real estate investment firm led by Gavriel Kahane and Jonathon Blackwell. While it is not a conventional activist investing firm, it has made a handful of unsolicited bids for REITs over the past few years. Brigade Capital Management focuses on retail companies, and has previously invested in names such as Sears and Neiman Marcus. Together, the bidding group sought to unlock what it saw as trapped value inside Macy’s real estate holdings, while simultaneously overhauling the company’s operations. Other department store names have been activist targets in the recent past for similar reasons. In 2022, activist fund Macellum urged Kohl’s to sell itself.