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A Rising Wedge Pattern Signals Reversal for This Stock 2024-07-12 14:10:00+00:00 - JPMorgan Chase & Co. Today JPM JPMorgan Chase & Co. $204.94 -2.51 (-1.21%) 52-Week Range $135.19 ▼ $210.38 Dividend Yield 2.24% P/E Ratio 11.43 Price Target $198.61 Add to Watchlist JPMorgan Chase & Co. NYSE: JPM shows a Rising Wedge Pattern. Like all technical patterns, it is never 100% correct but often signals a bearish reversal in the underlying market. A rising wedge occurs at the end of an uptrend and consists of two rising but converging trend lines that end at a peak. The question is which way the market will break; today, it is to the downside. The Q2 results are solid, and the outlook is steady, but risks are mounting, and this market is extended. JPM shares are up more than 100% from the 2022 lows and 55% from the 2023 lows, with divergence and bearish signals in the charts. The takeaway is that this financial stock is set up for a significant correction and could fall 10% to 15% by fall. Get JPMorgan Chase & Co. alerts: Sign Up JPMorgan Stock Falls on Rising Costs and Inflation Outlook JPMorgan had a solid quarter, with revenue growing 21.5% to over $50 billion. However, the strength is offset by numerous one-offs that sap much of it. The leading cause is JPM’s investment in Visa, which paid off a net $7.9 billion or about $2.04 in EPS. That aside, the company exhibited strengths in most areas of its business, driving robust cash flow and earnings. In investment banking, fees rose by 50% on increased activity and market share gains. In community banking, average deposits are down, but client assets are up, partly driven by first-time investors. Card loans also drive business up 12%, as its asset management with fees up 13%. Margin is good but, again, offset by one-offs that sap its strength. The company reported increased charge-offs and a net build of credit reserves to compound the losses of $546 million in net investment securities. The takeaway is that the $4.40 in adjusted earnings is sufficient to keep the company well-capitalized, almost too capitalized. However, it fell $0.11 short of the MarketBeat.com reported consensus, and the outlook is for growth to slow and inflation to remain sticky. JPMorgan doesn’t provide much guidance, but CEO Jamie Dimon has much to say that impacts the outlook. The most pertinent is his view on inflation, which suggests that inflation will remain sticky and interest rates will be high. Drivers of this problem include high sovereign debt levels, government spending on infrastructure projects, infrastructure needs, and remilitarization. Additionally, Basel III is still in play and comes with unknown ramifications once completed. The upshot for investors is that JPM is still in a solid position. A correction today will likely result in a buying opportunity later this year due to the company’s financial position. The business was mixed regarding analysts' expectations and concerns related to consumer health and credit levels, but the balance sheet is still a fortress. The Tier 1 capital ratio improved to 15.3%, well above requirements, and the loss-absorbing capacity exceeds the need. Analysts Consensus Says JPM Stock is Fairly Valued JPMorgan Chase & Co. MarketRank™ Stock Analysis Overall MarketRank™ 4.45 out of 5 Analyst Rating Moderate Buy Upside/Downside 3.1% Downside Short Interest Healthy Dividend Strength Strong Sustainability -0.78 News Sentiment 0.56 Insider Trading Selling Shares Projected Earnings Growth 0.67% See Full Details The analyst sentiment has supported the JPM market all year, but the upside is limited without fresh upgrades and price target revisions. As it is, the twenty analysts covering the stock rate it as a Moderate Buy but see it moving about 5% lower at their consensus estimate. Recent updates have the stock trading at the high end of the range, but that only gives a 10% to 15% upside, which isn’t attractive enough given the potential for a decline in the share price. JPMorgan Chase stock is set up to fall, but inventors should take this news with a grain of salt. The correction will likely be a healthy bull-market selloff rather than a precursor for a bear market and will set up a buying opportunity. The question is how long the correction will last and when the buying signal will be fired. Based on the results, cash flow, capital return, business outlook, and analysts' support, the answers will likely not be too long and reasonably soon unless there is a significant change in the economic fundamentals. The only expected change is an interest rate cut that should help sustain the business, if not help it grow. Before you consider JPMorgan Chase & Co., you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and JPMorgan Chase & Co. wasn't on the list. While JPMorgan Chase & Co. currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Stock market today: Stocks fall from records as Tesla, Nvidia lead tech sell-off 2024-07-12 05:45:00+00:00 - US stocks rolled over on Thursday as investors rotated out of tech after a key inflation report showed consumer prices unexpectedly fell on a month-over-month basis for the first time since 2020. The S&P 500 (^GSPC) dropped 0.9% to fall back below 5,600 after crossing the level for the first time on Wednesday. The Dow Jones Industrial Average (^DJI) rose nearly 0.1%. The tech-heavy Nasdaq Composite (^IXIC) led the way down, sinking almost 2%. Big Tech sold off hard with heavyweights like Nvidia (NVDA) down more than 5%, while the entire "Magnificent 7" group of stocks had its worst day in nearly a year. Tesla (TSLA) shares snapped an 11-day winning streak to drop more than 8% in its worst day since January after a Bloomberg report that the EV maker will delay the unveiling of its robotaxi. Investors flocked to rate sensitive sectors like Real Estate (XLRE) and Utilities (XLU) following June's cooler than expected inflation print. The Consumer Price Index (CPI) last month declined 0.1% over the previous month and increased just 3.0% over the prior year. The annual gain was the slowest rise in consumer prices since early 2021. Stock gains had picked up pace this week as Fed Chair Jerome Powell suggested that conditions are almost right for the Federal Reserve to start making interest-rate cuts. Thursday's inflation look bolstered bets on a cut by September, with around 90% of traders expecting such an outcome, according to the CME FedWatch tool. Another earnings season kicks off on Friday when JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) all report their second quarter results.

Were High-Income Americans Really Paying 91% Income Tax In The 1950s? 2024-07-12 05:00:00+00:00 - Were High-Income Americans Really Paying 91% Income Tax In The 1950s? There's a common belief that wealthy Americans were heavily taxed in the 1950s, with a top income tax rate of 91%. But was this the case? Let’s breakdown what was happening with taxes back then. The top federal income tax rate was 91% for much of the 1950s. However, this figure is a bit misleading regarding what the wealthy paid. The Tax Foundation explains that the 91% tax rate is only applied to incomes over $200,000, about $2 million in today's dollars. Don't Miss: Are you rich? Here’s what Americans think you need to be considered wealthy. How do billionaires pay less in income tax than you? Tax deferring is their number one strategy. This means only a tiny fraction of taxpayers reached this income level. The Wall Street Journal said fewer than 10,000 households fell into this top bracket. Even for those who did earn more than $200,000, not all of their income was taxed at 91%. The 91% rate only applied to the portion of their income above the $200,000 threshold. When all taxes (federal, state, and local) are considered, the richest 1% paid an average of 42% of their income in taxes during the 1950s. Wealthy Americans back then also had many ways to reduce their taxable income through deductions and shelters. For instance, a doctor could claim paper losses from real estate investments to greatly lower their taxable income. Imagine a doctor in the 1950s who made $50,000 from his medical practice. He could use $50,000 in paper losses or property depreciation from real estate investments to reduce his taxable income to zero. Many professionals used these kinds of tricks to lower their taxes. Trending: Rory McIlroy’s mansion in Florida is worth $22 million today, doubling from 2017 — here’s how to get started investing in real estate with just $100. Today, if a doctor makes $500,000, he can only deduct a maximum of $3,000 from his taxable income, regardless of how much he loses on paper. It’s hard to figure out how much taxable income was hidden using tax shelters in the 1950s, making it challenging to compare that time to now. However, per WSJ, we know that from 1958 to 2010, the share of total income taxes paid by the top 3% of earners went up from 2.72% to 3.96%. In contrast, the share of taxes paid by the bottom two-thirds of taxpayers dropped significantly, from 2.7% to just 0.51%. So, while the official tax rate was high, the amount of income subject to this rate was much lower due to different loopholes. How does this compare to today? Despite lower official tax rates now, the tax burden on the wealthy hasn't changed as much as you might think. As the Tax Foundation writes, in 2014, the top 1% of taxpayers paid an average of 36.4% of their income in taxes — or about 5.6 percentage points less than in the 1950s. Story continues The idea that high-income Americans in the 1950s paid significantly more taxes is largely a myth. While the top marginal tax rate was 91%, the effective tax rate — the actual percentage of income paid in taxes — was much lower due to deductions and tax shelters. See Also: Many are surprised that they are eligible for a tax reduction on their home, with just a few seconds you can see if you can save in 3 minutes or less. Today’s wealthiest Americans don’t face an unusually low tax burden compared to the 1950s. The tax system has changed in many ways, but the overall impact on the tax bills of the rich isn’t as dramatically different as the top rates suggest. So, next time you hear someone talking about the good old days of 91% tax rates, remember that the reality was much more complex. High-income Americans had ways to significantly reduce their tax bills back then, just as they do today. Nevertheless, many suggest a global minimum tax to stop billionaires from avoiding taxes. In 2021, over 130 countries agreed to make big multinational companies pay at least 15% in taxes. This means that no matter where companies say their profits are, they still have to pay at least this minimum tax rate. The general public is vastly in favor of higher taxes for the rich. According to a survey, 70% of people favor higher income tax rates on wealthy individuals, while 69% support higher tax rates on large businesses. Read Next: How much money will a $200,000 annuity pay out each month? The numbers may shock you. Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune — How much is that worth today? "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Were High-Income Americans Really Paying 91% Income Tax In The 1950s? originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

44% Of Americans Reach 'Super Saver Status' For Their Retirement Savings — Are You Among Them? 2024-07-12 04:00:00+00:00 - Many Americans are increasingly concerned about the retirement crisis threatening their savings and planning. However, 44% of Americans, referred to as "super savers," are on the right path toward a successful retirement. Don't Miss: Are you rich? Here’s what Americans think you need to be considered wealthy. Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average? Recent research from the Transamerica Institute shows super savers contribute more than 10% of their salaries to their retirement plans. The study reveals that 56% of those surveyed are saving less than 10% of their income, while the other 44% have reached "super saver" status by contributing 11% or more. The study also found that 29% of those surveyed contribute more than 15% toward retirement. Super savers come from all age groups. Gen Z takes the lead at 53%, while 44% of millennials and boomers can be considered super savers. Gen X follows last, with 40% of their group in the super saver category. Ted Jenkin, the CEO and founder of oxygen Financial, tells CNBC that becoming a millionaire through a 401(k) requires consistent contributions at a high rate over many years. "I always tell people there are no microwave millionaires." Focusing on your savings rate is a big part of becoming a super saver. According to Fidelity, the average total 401(k) savings rate, including employee and employer contributions, rose to 14.2% during the first quarter of 2024, approaching their recommended 15% savings rate. Trending: Rory McIlroy’s mansion in Florida is worth $22 million today, doubling from 2017 — here’s how to get started investing in real estate with just $100. Automatic enrollment plans and annual savings increases have helped many employees boost their deferral rates, with about 60% of employees in such plans enrolled at deferral rates of 4% or higher. However, reaching the optimal 15% target takes time. Catherine Collinson, founding CEO and president of the Transamerica Institute, noted that learning to aim for a higher savings rate often comes through informal channels like word-of-mouth. "If they have a financial mentor, a family member, or a friend who has taught them about the importance of saving, that also has a huge impact on their focus on saving," Collinson said. Following an example in their life can also aid savers in managing other financial aspects such as budgeting, spending, and finding better-paying jobs. For those who want to steadily increase their savings rate, experts suggest increasing it by 1% each year until you reach your target — like the 15% Fidelity recommends. Jenkin tells clients to follow the rule of thirds when they receive raises or bonuses to help increase savings further. The rule of thirds is to put one-third of the bonus toward taxes, one-third toward savings and investments, and one-third into discretionary spending. "That's your opportunity to not let lifestyle inflation get in the way," Jenkin explained. Story continues As more people work toward super saver status, it’s important to prioritize long-term financial goals. Whether you’re already among the 44% of super savers or wish to join them, consulting a financial advisor can provide valuable insight into your financial future. They provide personalized advice to help your savings strategies align with your financial goals. Read Next: How much money will a $200,000 annuity pay out each month? The numbers may shock you. Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune — How much is that worth today? "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article 44% Of Americans Reach 'Super Saver Status' For Their Retirement Savings — Are You Among Them? originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Down More Than 40%: Analysts Say Buy These 2 Beaten-Down Stocks Before They Rebound 2024-07-12 03:52:00+00:00 - Successful investors are also successful bargain hunters; buying low and selling high might be cliché, but it’s also a sure way to build up a profitable stock portfolio. The only trick to it is recognizing which low-priced stocks are the right ones to buy. It’s a trick because a stock may be down due to a whole range of circumstances, sometimes due to not quite meeting Street expectations and sometimes just due to shifting market dynamics, amongst other factors. The key, of course, lies in finding the names that have maybe taken too much of a beating and are poised for a recovery, making them ripe for the picking. We’ve opened up the TipRanks database to look for bargain-priced shares, and found two that the Street’s analysts are tagging as solid Buys. Both are down by more than 40% so far this year – but both have analysts saying that they’re likely to jump sharply in the coming months. Let’s give them a closer look, to find out just what makes these beaten-down stocks stand out – and why the analysts are recommending to grab them now, before they rebound. Li Auto (LI) We’ll start by looking at Li Auto, one of the leading electric vehicle (EV) companies in the Chinese market. The company has built up a leading reputation as a producer of high-end electric drivetrains, a key technology field in the larger realm of EVs. Li bills its drivetrains as an important technical differentiator from the competition – another important point, in a field as crowded as China’s EVs. In addition to its technology and its lineup of full production electric cars, Li also boasts a network, across China, of dealerships and vehicle service centers to provide support for its customers. Currently, Li has a family of electric SUVs in production. These vehicles include the L-series, launched in March 2024 and including the L7, L8, and L9. Also launched this year was the L6, which features extended range capability, provided by a four-cylinder gasoline combustion engine capable of engaging and recharging the battery when it runs low. The L6 is not a true gas-electric hybrid, as the gasoline engine is not capable of running the vehicle – the drivetrain is entirely electric. The same cannot be said, however, for Li’s MEGA, also launched in March of this year. The MEGA is the company’s high-tech flagship MPV, with an 800-volt battery electric platform. The vehicle features a next-generation body design optimized for low drag and efficient energy consumption. In Li’s most recent delivery update, for June of this year, the company announced delivery of 47,774 vehicles for the final month of the first half, a figure that was up an impressive 46.7% year-over-year. Li’s total 2Q24 deliveries came to 108,581, and the company’s total cumulative deliveries, as of June 30, 2024, were given as 822,345 vehicles, the highest among China’s emerging EV firms. Story continues Li’s last earnings release, made public on May 20, covered 1Q24, and featured a top line of $3.6 billion in US currency. This was up more than 36% from the prior year, but it missed the forecast by $200 million. The company’s Q1 bottom line, of 17 cents per ADS, by non-GAAP measures, was 3 cents below the forecast. Shares in LI are down 43% so far this year, but Morgan Stanley’s Tim Hsiao thinks there could be an opportunity here for investors. “We think the stock has been punished by the missed expectations on the part of both management and the capital market, resulting in de-rating,” Hsiao explained. “With an average 30k monthly run rate in 2Q, US$10.5bn in net cash, and 18% vehicle margin (vs. guided 20%+), with minimal contributions from BEV and overseas, we think the company is worth revisiting with consensus’ expectations being reset materially.” Looking ahead, Hsiao adds, “Although negative sentiment around deliveries, BEV recalibrating, competition, and macro risks could linger in the near term, we think the share price correction since its prior peak late in February 2024 should have more than discounted the fundamental disappointment. With the stock at 1x 2024e P/S (vs. peers at 1.1-1.2x) with reasonable profits and cash flow, we think investors may start to reconsider the potential for more positive outcomes at the company.” The analyst goes on to maintain his Overweight (Buy) rating on the shares, and sets a price target of $53, pointing toward a robust 149% upside potential for the coming year. (To watch Hsiao’s track record, click here.) There are 13 recent analyst reviews of this stock on file, and their breakdown of 11 Buys and 2 Holds gives LI a Strong Buy consensus rating. The stock is trading for $21.25 and its $34.72 average target price implies a 63% gain on the 12-month horizon. (See Li Auto’s stock forecast.) Five Below (FIVE) Next on our beaten-down list is Five Below, a relatively recent entrant to the discount store niche. The company was founded in 2002, and caters to lower-income customers as well as tweens and teens, offering a wide variety of discount and specialty goods, mainly priced at $5 or lower. The company is based in Philadelphia, Pennsylvania, and the chain counts more than 1,600 stores across 43 states. The discount store niche has been showing strength in the early 2020s, especially during the pandemic lockdown period when customers were looking for bargains. While that trend is fading, the company still registered a total of $3.56 billion in sales last year, and saw a compound annual growth rate of 18% in the last 6 full years (2018 through 2023). Despite this solid background, however, the company’s stock is down more than 51% for the year-to-date. A look at the company’s fiscal 1Q24 report, the last released, may help explain why. The report covers the fiscal quarter that ended on May 4 of this year, and it missed the forecasts at both the top and bottom lines. Revenues, at $811.9 million, were up almost 12% year-over-year – but were also more than $22.5 million below expectations. The company’s quarterly bottom line, of 60 cents per share by non-GAAP measures, was 3 cents per share less than had been anticipated. Nevertheless, covering this stock for Jefferies, analyst Randal Konik sees plenty of underlying positives in this company. He says of Five Below, “We like FIVE’s value-oriented offering, nimble and scaling business model, ample real estate growth opportunity, and the upside potential offered by Five Beyond. We see a path to FIVE’s LT store-count target of 3,500 units, which we think may be conservative. The inclusion of higher-price-point products in its assortment should enhance FIVE’s value offering and yield many benefits.” These comments back up Konik’s Buy rating, and his $180 price target implies that the stock has a one-year upside potential of 74.5%. (To watch Konik’s track record, click here.) The 19 current analyst reviews of this stock include 14 Buys and 5 Holds, giving the shares a Moderate Buy consensus rating. The stock is trading for $103.20 right now, and its average target price, at $159.88, suggests it has an upside potential above 55% this coming year. (See Five Below’s stock forecast.) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

Dave Ramsey Says You Should Withdraw At 8% In Retirement, But Suze Orman Says Absolutely Not And Calls Even 4% 'Very Dangerous' — Who's Right? 2024-07-12 02:00:00+00:00 - A debate over retirement withdrawal strategies has erupted, with financial experts Dave Ramsey and Suze Orman at the center. This topic was recently posted on the Power of Zero YouTube channel, where differing opinions have sparked a broader discussion among financial advisors and retirees. Don't Miss: Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average? How much money will a $200,000 annuity pay out each month? The numbers may shock you. The controversy began when a 30-year-old man with $120,000 saved for retirement called into "The Ramsey Show" seeking advice on how much of his assets he should withdraw annually over a 30-year retirement period. He mentioned a recent video by "The Ramsey Show" co-host George Kamel, which suggested a 3% withdrawal rate for those aiming to make their nest egg last. Ramsey vehemently disagreed, saying, "I don't know what the hell George is doing with a 3% withdrawal rate because that's absolutely wrong. It's ridiculous." Ramsey recommended an 8% withdrawal rate instead, provided that retirees could earn a 12% annual return from "good mutual funds," aligning with the historical average annual return of the S&P 500. He argued that setting aside 4% for annual inflation made this approach feasible. Ramsey's retirement advice quickly sparked backlash. Financial expert Rick Edelman responded, "Anyone following Ramsey's retirement withdrawal strategy is doomed." He added, "I and every other legitimate financial adviser have recommended to our clients that when you're in retirement and need to start withdrawing money from your investment, you should withdraw no more than 4% per year." The 4% rule has been a widely accepted standard for over 30 years. Suze Orman also entered the fray, challenging the 8% and 4% rules with her conservative stance. In an interview with Moneywise, Orman stated, "It doesn't work anymore," adding, "I think it's very dangerous." Trending: Rory McIlroy’s mansion in Florida is worth $22 million today, doubling from 2017 — here’s how to get started investing in real estate with just $100. Orman has emphasized the need to preserve as much of the portfolio as possible for unexpected challenges, such as health issues. She recommends a 3% withdrawal rate, noting, "The less money you withdraw each year, the better off you are." The implications of these differing strategies are significant, as pointed out in a YouTube video posted by the Power of Zero. For a 35-year-old planning to retire at 65 and live on $80,000 annually, Ramsey's 8% rule requires saving approximately $882 per year, assuming an 8% return. In contrast, Orman's 3% rule necessitates saving about $23,450 annually to meet the same retirement income goal. Story continues This major difference underscores why Ramsey favors his higher withdrawal rate; it makes the savings goal seem more attainable. Choosing the right withdrawal rate depends on individual circumstances and risk tolerance. While Ramsey's approach offers a more optimistic savings goal, Orman's conservative strategy aims to ensure long-term financial stability amidst unforeseen challenges. Financial advisors continue to debate the merits of each approach, urging retirees to consider their unique needs and consult with professionals to make informed decisions. Read Next: Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune — How much is that worth today? Many are surprised by Mark Cuban’s advice for lotto winners: Cash or annuity? "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Dave Ramsey Says You Should Withdraw At 8% In Retirement, But Suze Orman Says Absolutely Not And Calls Even 4% 'Very Dangerous' — Who's Right? originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Why Opendoor Technologies, Medical Properties Trust, and Kilroy Realty Stocks All Popped on Thursday 2024-07-12 01:16:00+00:00 - Shares of Opendoor Technologies (NASDAQ: OPEN) stock jumped 6.6% through 12:15 p.m. ET Thursday, and it's not the only winner in the real estate sector today. Real estate investment trusts (REITs) Medical Properties Trust (NYSE: MPW) and Kilroy Realty (NYSE: KRC) also spiked in morning trading, albeit with caveats. As morning turns to afternoon, Kilroy stock is maintaining its momentum with a 5.7% gain, while Medical Properties Trust has abruptly turned tail. Fifteen minutes past the noonday mark, its early gains have turned into a 2% loss. What's happening in real estate today So what's the unifying factor behind all these real estate stock moves? Inflation. And interest rates. This morning, the U.S. Department of Labor reported the Consumer Price Index (a proxy for the national inflation rate) declined 0.1% in June as compared to May. This puts inflation on course to fall to 3% for the year, its lowest level in 13 months, and a level approaching the Federal Reserve target of 2%. As CNBC commented, this gives the Fed cover to potentially begin lowering interest rates later this year -- which could save heavily indebted REITs like Medial Properties Trust and Kilroy Realty a lot of money. In fact, CNBC notes interest rates could begin falling as early as September. Why this is good news for real estate stocks Lower interest rates on debt would be obviously great news for Medical Properties Trust and Kilroy, which carry debt loads of more than $10 billion and $5 billion, respectively -- both multiples of the companies' own market capitalization, according to data from S&P Global Market Intelligence. It would be good news, too, for Opendoor, which owes $2.4 billion but has a market cap of only $1.3 billion. Even better news for Opendoor is that lower interest rates would remove an obstacle to residential homebuying, and probably encourage more owners of existing homes to sell, knowing the interest on their next home won't be too high. If you're wondering why Opendoor is outperforming the others -- that's why. Should you invest $1,000 in Opendoor Technologies right now? Before you buy stock in Opendoor Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Opendoor Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $826,672!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. Story continues See the 10 stocks » *Stock Advisor returns as of July 8, 2024 Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Opendoor Technologies. The Motley Fool has a disclosure policy. Why Opendoor Technologies, Medical Properties Trust, and Kilroy Realty Stocks All Popped on Thursday was originally published by The Motley Fool

Tech Stocks Tumble As Small Caps, REITs, Gold Miners Rally; Soft June Inflation Ignites Rate Cut Expectations: What's Driving Markets Thursday? 2024-07-11 23:46:00+00:00 - Tech Stocks Tumble As Small Caps, REITs, Gold Miners Rally; Soft June Inflation Ignites Rate Cut Expectations: What's Driving Markets Thursday? A lower-than-expected inflation report for June caused wild market reactions, leading to a surge in traders’ expectations of Federal Reserve rate cuts and boosting assets that are particularly sensitive to high interest rates. As the annual inflation rate slowed from 3.3% to 3%, below the predicted 3.1%, and the monthly reading indicated the first contraction (-0.1%) in four years, traders swiftly increased their odds of a September rate cut, now placing a 92% chance. Surprisingly, large-cap indices such as the S&P 500 and the tech-heavy Nasdaq 100 index fell, dropping 0.9% and 2.1% respectively, with the latter eyeing its worst daily performance of 2024, previously seen on April 30. These reactions suggest that market participants had likely already priced in rate cut expectations into tech stock valuations and are now rotating from top-performing sectors to laggards. The outperformance of the S&P 500 real estate sector over tech by more than 5 percentage points marked the largest one-day relative change in over four years, indicating a potential sectoral shift. Other assets making significant moves included small caps, with the iShares Russell 2000 ETF (NYSE:IWM) up 3.3%, its strongest one-day return since mid-December 2023; gold, up 1.7%; and long-dated Treasury bonds, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rallying 1.5%. Equity industries showing notable growth were those positively impacted by the prospects of lower interest rates. Homebuilders, tracked by the SPDR Homebuilders ETF (NYSE:XHB), were up 6.7% for the day, their strongest one-day performance since mid-December 2023. Regional banks, represented by the SPDR S&P Regional Banking ETF (NYSE:KRE), rose 3.4%. Gold miners, tracked by the VanEck Gold Miners ETF (NYSE:GDX), climbed 2.4%, on track for their highest close since April 2022. Bitcoin (CRYPTO: BTC) was flat at $57,800. Thursday’s Performance In Major US Indices, ETFs Major Indices Price 1-day %chg Russell 2000 2,120.27 3.4% Dow Jones 39,754.72 0.1 % S&P 500 5,583.95 -0.9% Nasdaq 100 20,246.76 -2.1% Updated at 1:05 PM ET According to Benzinga Pro data: The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.9% lower to $556.201. The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.1% higher to $397.59. The tech-heavy Invesco QQQ Trust (ARCA: QQQ) tumbled 2.1% to $492.83. Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:XLRE) outperformed, up by 2.5%, while the Technology Select Sector SPDR Fund (NYSE:XLK) lagged, falling 2.4%. Story continues Thursday’s Stock Movers Tesla Inc. (TSLA) fell over 6%, after Bloomberg flagged delays in the Robitaxi project. Top-performers within real estate stocks were Communications Corporatio n (NYSE:SBA) Alexandria Real Estate Equities, Inc. (NYSE:ARE), both up 6.5%. PepsiCo Inc . (NYSE:PEP) was 0.4% higher, following quarterly earnings. Other stocks reacting to earnings were Delta Air Lines Inc. (NYSE:DAL), ConAgra Brands Inc. (NYSE:CAG), up 0.4% and down 2% respectively. Caesars Entertainment Inc. (NASDAQ:CZR) rose 6.7%. Read Next: Image created using artificial intelligence via Midjourney. "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Tech Stocks Tumble As Small Caps, REITs, Gold Miners Rally; Soft June Inflation Ignites Rate Cut Expectations: What's Driving Markets Thursday? originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Microsoft's decision to give up OpenAI board observer seat doesn't quell key concerns 2024-07-11 22:37:00+00:00 - Microsoft CEO Satya Nadella (R) speaks as OpenAI CEO Sam Altman (L) looks on during the OpenAI DevDay event in San Francisco on Nov. 6, 2023. Microsoft has given up its observer seat on OpenAI's board. Apple , which was reportedly expected to take a similar observer position, will no longer pursue one, according to the Financial Times. But whatever clarity this week's changes were intended to provide, many of the same concerns persist. Regulators aren't turning away, and for those focused on ethics in artificial intelligence, the same fears — about profits taking precedence over safety — remain. Amba Kak, co-executive director of the nonprofit AI Now Institute, described the announcement as "subterfuge" designed to obscure the relationships between large tech companies and emerging players in AI. "The timing of this move matters," Kak wrote in a message to CNBC. "It should be seen as a direct response to global regulatory scrutiny to these unconventional relationships." The tight Microsoft-OpenAI bond and the outsized control the two companies have over the AI industry will continue to be scrutinized by the Federal Trade Commission, according to a person with knowledge of the matter, who asked not to be named due to confidentiality. Meanwhile, the large swaths of AI developers and researchers who are concerned about safety and ethics in the increasingly for-profit AI industry are unmoved. Current and former OpenAI employees published an open letter on June 4, describing concerns about the rapid advancements taking place in AI, despite a lack of oversight and whistleblower protections. "AI companies have strong financial incentives to avoid effective oversight, and we do not believe bespoke structures of corporate governance are sufficient to change this," the employees wrote in the letter. They added that AI companies "currently have only weak obligations to share some of this information with governments, and none with civil society," and they can not be "relied upon to share it voluntarily." Days after the letter was published, a source familiar confirmed to CNBC that the FTC and the Justice Department were set to open antitrust investigations into OpenAI, Microsoft and Nvidia , focusing on the companies' conduct. FTC Chair Lina Khan has described her agency's action as a "market inquiry into the investments and partnerships being formed between AI developers and major cloud service providers." Kak told CNBC that regulators' pursuits are helping to get answers and deliver transparency.

Social Security recipients could see the smallest COLA increase since 2021. Here's what to expect. 2024-07-11 22:22:00+00:00 - When Social Security mistakenly overpays benefits, you might get a bill | 60 Minutes Each year, the Social Security Administration adjusts its benefits to account for inflation, providing an annual cost-of-living increase that's meant to offset rising prices. This year, the program's 67 million recipients may see their smallest boost since 2021. The 2025 cost-of-living adjustment is projected to come in around 2.63%, the Senior Citizens League, an advocacy group for older Americans, said on Thursday. That figure is based on recent inflation data, with consumer prices in June rising 3%, the smallest increase since June 2023 and less than the 3.1% economists were forecasting. If enacted, a 2.63% increase would represent a monthly payment increase of about $50, based on the current average monthly benefit of $1,907. To be sure, official word on this year's cost-of-living adjustment, or COLA, won't come until October, when the Social Security Administration traditionally sets the next year's benefit hike for beneficiaries. The first payment with the new COLA will show up in most recipients' January benefit check. While U.S. inflation is easing, many seniors aren't feeling relief, the Senior Citizens League noted. Poverty among senior citizens has been on the rise in recent years, and almost half of people over 65 years old said they were having difficulty in paying their household bills, according to the most recent Census Household Pulse, which surveyed people from May 28 to June 24. "Rising grocery prices is creating food insecurity for many retirees," the Senior Citizens League said in its statement. "Feeding America estimated that 5.5 million Americans age 60 and above suffered from food insecurity in 2021, in the most recent study available on the subject, and that number is likely higher today." How Social Security sets its COLA The Social Security Administration sets its annual COLA based on inflation during the third quarter, or from July through September. The agency takes the average inflation rate over that period from what's known as the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, which tracks spending by working Americans. If that inflation rate is higher than the same period a year earlier, the COLA is adjusted upwards by the difference. But some advocacy groups and lawmakers have criticized the use of the CPI-W, given that older Americans spend differently than younger workers. For instance, the Senior Citizens League has noted that the CPI-W assumes workers spend about 7% of their income on health care, but older Americans can spend up to 16% or more on health costs.

Biden campaign asked and got edits to Black radio interview after Trump debate 2024-07-11 21:51:00+00:00 - U.S. President Joe Biden delivers remarks at a campaign event in Harrisburg, Pennsylvania, U.S., July 7, 2024. The campaign of President Joe Biden asked for and received two edits to an interview he gave a Milwaukee radio station on the heels of his disastrous debate in late June against former President Donald Trump, the station said Thursday. The disclosure by Civic Media of the edits comes days after its host for the Biden interview, and another Black radio host in Philadelphia, revealed that the Biden campaign fed them questions in advance to ask the president. It also comes amid sharpened scrutiny of Biden's interviews and his ability to deliver his message in unscripted settings without a teleprompter. During the June 27 debate against Trump, Biden struggled to maintain his train of thought and delivered garbled responses to simple questions. Since then, a growing number of Democratic lawmakers and other allies have called on Biden to drop out of the 2024 presidential contest, citing questions about his competency and ability to serve another four-year term.. Civic Media, which aired the Biden interview by host Earl Ingram on July 4, said that the Biden campaign asked Ingram's production team to cut one comment in which the president said he had, "more Blacks in my administration than any other president." The campaign also asked the show to edit out a short section of the interview related to Trump's demand that the death penalty be given to a group of teenagers who were accused of raping a jogger in New York City's Central Park in 1989. Their convictions were later vacated after a serial rapist confessed to the crime, but not before each of the teens served time behind bars. "I don't know if they even call for their hanging or not, but he–but they said […] convicted of murder," Biden said in the Ingram interview, before it was cut from the final version. Civic Media said that right after Ingram taped the interview with Biden on July 3, the campaign called and requested the edits. The production team for the show made the edits before the interview aired, after deciding that the requested changes were "non-substantive," according to Civic Media. The station said it disagreed with the decision to make the edits, and it posted clips online of the sections that were edited out, as well as the full unedited interview with Biden. "With a high-profile interview comes a listener expectation that journalistic interview standards will be applied, even for non-news programming," Civic Media said. "We did not meet those expectations." "Civic Media disagrees with the team's judgments in the moment, both with respect to the handling of the interview questions and the decision to edit the interview audio. CNBC has requested comment on the statement from Biden's campaign. Civic Media's disclosure comes five days after Ingram said Biden aides "gave me the exact questions to ask" Biden in the interview. "There was no back and forth," Ingram told the Associated Press on Saturday, two days after his interview aired on 20 Wisconsin radio outlets.

Did King Charles just spend $6.6 million on a Billionaire's Row condo in NYC? 2024-07-11 21:46:13+00:00 - An entity that appears to be affiliated with King Charles scooped up a $6.6 million NYC condo. It's located on Billionaires' Row, a neighborhood with south of Central Park. A building rep told BI that consulates have historically purchased in residential buildings. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up 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. Advertisement An entity that appears to be affiliated with King Charles III has scooped up a lavish apartment on New York City's Billionaires' Row. The buyer on closing documents for the almost 3,600-square-foot condo, which sold for $6.6 million on June 27, is listed as "His Majesty the King in Right of Canada, represented by the Minister of Foreign Affairs." The deed was signed by Robert McCubbing, whose LinkedIn page identifies him as the senior trade commissioner and director of trade and investment for the Consulate General of Canada in New York. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

How Project 2025 could help an ex-Trump bodyman pack the White House 2024-07-11 21:39:48+00:00 - This is an adapted excerpt from the July 10 episode of "All In with Chris Hayes." Donald Trump really wants you to believe he has nothing to do with Project 2025, the 900-page wish list of far-right proposals ready to go should he win the presidency in November. He even went so far as to claim, “I have no idea who is behind it.” Well, someone who is behind Project 2025 is John McEntee. He was frequently seen in photos with Trump holding the former president's bag. McEntee used to be Trump's bodyman — basically a personal assistant — during the early years of his administration ... and it didn’t end well. Former chief of staff John Kelly effectively had him tossed off the White House premises. In 2018, McEntee was abruptly forced out of his post and escorted off the White House grounds amid an investigation by the Secret Service for serious financial crimes. According to The Wall Street Journal, McEntee was a habitual gambler, betting tens of thousands of dollars at a time, and was deemed a security risk as a result. The chief of staff at the time, John Kelly, effectively had him tossed off the White House premises. We should note, McEntee was never charged with a crime. Despite it all, McEntee remained loyal to Trump. The former college football player and Fox News production assistant was such a strong believer in Trump’s message that, back in 2015, he repeatedly cold-emailed the Trump campaign, begging for a job. The campaign eventually brought him on as a volunteer and then as a paid staffer. McEntee was so committed to the cause he worked out of a space in Trump Tower with just three walls and an unfinished floor. His loyalty to the boss paid off. After Trump fired Kelly he brought McEntee back, this time as the director of the Presidential Personnel Office — the guy who decided who got to work for the president. In that role, McEntee worked to purge staffers deemed insufficiently loyal, all while ensuring only the most rabid Trump toadies got jobs in the White House. He was also deeply involved in Trump’s attempted coup, including efforts to pressure Mike Pence to reject the results of the 2020 election. Journalist Jon Karl called him “The Man Who Made Jan. 6th Possible." After the coup failed, McEntee spun his notoriety into a career as something of a conservative influencer: selling a MAGA dating app and posting deranged videos on social media. Including one in which he bragged about giving homeless people fake money. McEntee later claimed the video was a joke. That sounds like a pretty gross and weird joke to me. That means the grifting, gambling Jan. 6 henchman — who was too much of a security issue for the Trump administration — is going to be the guy vetting resumes the second time around. So why are we talking about John McEntee? Well, he's now a senior adviser to Project 2025, specifically, its “Presidential Personnel Database." It's Project 2025's plan to staff the White House if Trump wins in November. That means the grifting, gambling Jan. 6 henchman — who was too much of a security issue for the Trump administration — is going to be the guy vetting resumes the second time around. Is that someone you want in charge of the most important personnel office in the country?

Meet Lady Sarah Rose Hanbury, a British noblewoman whose family has been linked to royals for generations 2024-07-11 21:39:21+00:00 - Reports that Prince William had an affair with Rose Hanbury have been quietly deleted from some news websites. Rumors circulating about Rose Hanbury and Prince William first emerged in 2019. Max Mumby/Indigo/Getty Images, Chris Jackson/Getty Images Rumors about a relationship between Hanbury and William have been swirling since at least 2019. According to the Daily Beast, lawyers representing William issued a firm warning to "at least one British publication" that allegations of any relationship were "false and highly damaging" and that to cover them would be to infringe upon his privacy under Article 8 of the European Convention on Human Rights. The talk about Hanbury and William ebbed and flowed in the years that followed, sometimes given a wider audience on social media as well as US and UK media publications. However, a July 2024 Vulture investigation revealed that some UK news outlets have quietly deleted or substantially amended coverage related to the Hanbury-William relationship. Vulture said it was unclear whether the outlets that erased or edited sentences or stories, including the Daily Mail and The Sun, did so at the request of representatives for William or Hanbury. The outlets, Kensington Palace, and representatives for Hanbury didn't respond to July 10 requests for comment from BI.

NASA is investing in a rocket that could get humans to Mars and back in 2 months — and travel at 100,000 mph 2024-07-11 21:38:16+00:00 - NASA aims to send astronauts to Mars by the 2030s. But with current technology, the journey will be years long. That's why NASA invested in a new type of rocket that could shorten the trip to just 2 months. Reducing the amount of time astronauts spend in spaceflight is critical to their health. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up 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. Advertisement NASA has invested $725,000 in a new rocket system that could solve one of the major obstacles standing in our way of sending humans to Mars: travel time. With current technology, a round-trip to the red planet would take almost two years. For astronauts, spending that much time in spaceflight comes with big health risks. They'd be exposed to high levels of solar and cosmic radiation, the harmful effects of zero-gravity, and a long period of isolation. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

NATO is taking greater control of Western efforts to back Ukraine's fight as US politics raise questions about its reliability 2024-07-11 21:35:50+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 NATO is moving forward with a new initiative that will see it take greater control over Western efforts to arm and train Ukraine's military. The move comes as the alliance aims to solidify the long-term support for Kyiv as it battles the Russian invasion. The development also comes as uncertainty surrounds American reliability. It follows a political fight in Congress that jammed up critical aid for months and comes ahead of a pivotal US presidential election, which could see former president Donald Trump — an outspoken critic of NATO and some of its allies and a skeptic of the large amount of security assistance that has been sent to Ukraine — back in the White House. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Growing concern about the potential change in US leadership has hung over the highly consequential NATO summit in Washington this week. Top government officials from various allied countries insist that they are ready to work with whichever administration is in the White House come November, but ensuring that Ukraine will continue to enjoy lasting Western support is a significant priority. Advertisement Allied governments on Wednesday signed off on the decision to establish the NATO Security Assistance and Training for Ukraine, or NSATU, to coordinate the future supply of military aid and training for Kyiv. US President Donald Trump at a 2019 meeting with NATO leadership at the White House. Photo by NICHOLAS KAMM/AFP via Getty Images This new NATO initiative's "aim is to place security assistance to Ukraine on an enduring footing, ensuring enhanced, predictable, and coherent support," the allies said of the initiative in their summit declaration. "NSATU will not, under international law, make NATO a party to the conflict, they said, explaining that the purpose is to "support the transformation of Ukraine's defense and security forces, enabling its further integration with NATO." How it works NSATU will be headquartered in Germany with several logistics hubs along the alliance's front — in Poland, Romania, and Slovakia — and include a staffing of around 700 people reporting to a three-star general. Advertisement The initiative will focus on coordinating the training of soldiers, facilitating the delivery of equipment, and future force development on behalf of allies, and it is expected to roll out over the following months. A NATO official who spoke to reporters Thursday on the sidelines of the summit said that the idea for the new initiative began to formulate earlier this year. The alliance essentially sought to "cohere" all the different ways that Ukraine has been supported throughout the war to make the different efforts more consistent and sustainable in the long run. Related stories The new NSATU program will not replace the US-led Ukraine Defense Contact Group, a coalition of nations that has met regularly for more than two years to coordinate the surge of security assistance from other countries to Kyiv. The NATO official said this group is more of a "diplomatic" forum. Ukraine's President Volodymyr Zelenskyy and US President Joe Biden at the 2024 NATO summit. AP Photo/Susan Walsh "What we're aiming for with Ukraine is to get a certain set of its forces interoperable with NATO," the official said, adding that "if it was not wartime conditions, and if resources were unlimited, then maybe we could achieve that within the course of five, eight years — something like that." Advertisement "But during wartime, it's very difficult," they said. Beyond NSATU, the alliance is also taking other steps to ensure long-term military equipment, support, and training for Ukraine — including a pledge of at least $43.4 billion in security assistance within the next year. They also announced the transfer of additional air-defense systems at the onset of the summit, a day after Russian missile strikes killed dozens of people in Ukraine and destroyed part of a children's hospital in Kyiv. The Trump factor The new initiative is NATO's attempt to help keep support flowing to Ukraine and has been referred to as a so-called way to "Trump-proof" long-term military aid should he win the upcoming presidential election. To what extent that's the case is unclear, but the former president's rhetoric has, at times, triggered concern. "A big reason for the change is to Trump-proof the assistance effort to Ukraine," Ivo Daalder, the former US ambassador to Ukraine, told the Wall Street Journal recently. Advertisement "Rather than having Washington in charge of managing the training and assistance, NATO will be in charge," he said, explaining that "even if the US reduces or withdraws support for the effort, it won't be eliminated." M142 HIMARS launches a rocket at a Russian position. Global Images Ukraine via Getty Images Trump has previously criticized NATO countries for not spending enough on defense, even going as far as to say that not only would he not protect countries not meeting their spending goals, but he would also encourage Russia to do whatever it wants with them. The former president has also threatened to cut off military aid to Ukraine and has criticized its president, Volodymyr Zelenskyy, for lobbying efforts to secure more support. The US has provided over $53 billion in security assistance to Ukraine since the start of the full-scale war, which is more than any single European country — one of Trump's grievances. However, according to the Kiel Institute for the World Economy, European countries have collectively spent some $30 billion more than the US in support of Ukraine, underscoring the monumental effort across the continent to assist Kyiv. Advertisement Allies will undoubtedly be closely watching the high-stakes US election in the fall, and no matter who wins, they are certain to say that they intend to work with Washington so that it will continue to invest in European security — which they assert is ultimately dependent on the outcome of the Ukraine war. There is no "safe and secure" Europe without US support, Laurynas Kasčiūnas, Lithuania's defense minister, said at an event hosted by Politico and German television outlet Welt on Tuesday. "We should be prepared to work with" Republican or Democratic leadership. "There are 32 countries in the alliance," the NATO official who spoke on the condition of anonymity said Thursday. "Governments change on a regular basis, and the NATO work continues."

AOC Moves To Impeach Clarence Thomas And Samuel Alito 2024-07-11 21:35:48+00:00 - This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.

Trump set for another playdate with Hungary's authoritarian leader, Viktor Orban 2024-07-11 21:30:23+00:00 - Donald Trump on Thursday is scheduled to have another authoritarian playdate with Hungarian Prime Minister Viktor Orban. The meeting, juxtaposed to the NATO summit President Joe Biden has been hosting this week, highlights the stark contrast between a campaign that’s chosen to align itself with dictatorial foreign leaders and an administration that’s aligned with democratic ones. By the week’s end, Biden will have delivered a forceful speech and held various meetings in support of maintaining America’s alliances and the democratic values they uphold. Trump, on the other hand, will have admitted he barely knew what NATO was before he became president and will have met with one of the group’s most unreliable members in Orban. Trump and his followers have openly celebrated Orban’s illiberal ways over the last few years, with right-wing activists going so far as to host a Conservative Political Action Conference event in Hungary in 2022. In March of this year, Trump claimed “there’s nobody that’s better, smarter or a better leader than Viktor Orban,” going on to call him “fantastic” and boasting about his authoritarian style. “He’s a noncontroversial figure because he says, ‘This is the way it’s going to be,’ and that’s the end of it. Right?” Trump gushed. “He’s the boss.” Orban, for the record, has condemned “mixed race” nations, has cracked down on press freedoms, has said his vision for Hungary is “illiberal democracy,” and has overseen the rigging of Hungary’s political system to favor his political party over others. In many ways, he has done to his country what Trump and his allies aspire to accomplish in the United States. Which apparently includes turning Hungary into Russian President Vladimir Putin’s proxy. Orban has turned Hungary into a dubious — if not deliberately destructive — NATO partner through his efforts to distance his country from the group and his coziness with Putin. Just last week, Orban met with Putin privately to discuss Ukraine and emerged from the meeting parroting Putin’s talking points. Trump, of course, said in February that he would encourage Russia to “do whatever the hell they want” to NATO countries that don’t pay into the group what he thinks they should — a theme he has returned to repeatedly (as my colleague Steve Benen wrote in 2020, Trump “still doesn’t fully understand the basics of the alliance’s finances”). And after their meeting earlier this year, Orban said that Trump told him that if he’s elected president, he won’t give “a penny” to Ukraine, essentially allowing Russia to continue its deadly power grab. Thursday’s meeting between the two men is likely to touch on Orban's unilateral machinations to engineer a cease-fire between Russia and Ukraine. But the meeting itself is a revealing signal of how a Trump administration is likely to alienate America’s allies, with potentially disastrous results — in contrast to a Biden administration that would continue to maintain those bonds.

Check Out George R.R. Martin's Stunning New 'Game Of Thrones' Covers: 'Raw And Gritty Quality — Right For This World' 2024-07-11 21:27:00+00:00 - Loading... Loading... George R.R. Martin has revealed a striking set of new covers for his epic fantasy series, A Song of Ice and Fire. The announcement, made via Martin’s blog, “Not a Blog,” showcases a collection of artwork that promises to redefine the visual identity of this beloved saga. See Also: George R. R. Martin Fuels Rumors About Elden Ring Movie Or TV Show The new covers, set to grace both individual volumes and a boxed set of the entire series, feature artwork crafted using traditional linocut and woodcut techniques. According to the post, the designs were brought to life through the collaborative efforts of linocut artist Mark Seekins, designer Tim Green, and art director David G. Stevenson. The process involved meticulous sketching, carving intricate designs into linoleum blocks, and layering multiple colors to achieve a rich, textured effect. “There is a raw and gritty quality to linocut and woodcut art,” Martin’s blog post explained, “A certain starkness that seemed to fit the stories, and a long history to the art form that felt right for this world.” Introducing New ‘Song of Ice And Fire’ Covers The unveiling of these covers marks a significant moment for fans, who can expect to find the boxed set available online and in stores starting October 2024. However, specific pricing details have yet to be disclosed. Meanwhile, despite the excitement surrounding this visual refresh, Martin’s announcement inevitably raises questions about the progress of the series’ eagerly anticipated next installment, The Winds of Winter. Originally slated for completion years ago, the novel remains a work in progress, with Martin acknowledging the challenges of bringing the intricate narrative to a satisfying conclusion. “No writer is blessed with producing a perfect first draft,” Martin commented in his blog, addressing the ongoing saga of The Winds of Winter’s development. Despite having reportedly written 1,100 pages of the novel as of November 2023, he admits the meticulous process of revision and refinement continues. Here Are Some Of R. R. Martin’s New Covers: Image Credit: George R.R. Martin – Not a Blog Image Credit: George R.R. Martin – Not a Blog Image Credit: George R.R. Martin – Not a Blog Read Next: Image credits: Shutterstock.

JetBlue passenger sues airline for $1.5 million after she was allegedly burned by hot tea 2024-07-11 21:21:00+00:00 - Is turbulence increasing or does it just seem that way? Is turbulence increasing or does it just seem that way? 02:09 A Connecticut woman is suing JetBlue for $1.5 million after she allegedly suffered extreme burns from hot tea she claims was spilled on her chest and lap during a turbulent flight. On May 15, Tahjana Lewis was traveling with her 5-year-old daughter on a JetBlue flight from Orlando, Florida, to Hartford, Connecticut, when flight attendants started beverage service during a bout of turbulence, according to the lawsuit filed in June. In her suit, Lewis claims that a passenger seated in the row in front of her requested a cup of hot tea, the contents of which spilled onto Lewis as it was being served by the flight attendant, resulting in severe burns. Lewis is suing the New York-based carrier for negligence, arguing that JetBlue's flight staff served water for tea and other beverages at an unreasonably hot temperature that was beyond food service standards. The flight staff also failed to properly administer first aid to Lewis after the incident happened, according to the lawsuit. "They did basically nothing to dissuade her pain," Lewis' attorney Edward Jazlowiecki told CBS MoneyWatch. Lewis claims she suffered severe burns on her upper chest, legs, buttocks and right arm as a result of the spill, and that some of burns will be permanently disabling and involve a great deal of pain and medical expenses. JetBlue didn't immediately respond to a request for comment Thursday. Turbulence The lawsuit serves as an example of how airlines are not doing enough to keep customers safe in the air, specifically during turbulence, Lewis' attorney Edward Jazlowiecki told CBS MoneyWatch. "There's a lot of turbulence out there and the airlines really don't care about the comfort of the passengers or their safety," Jazlowiecki said. Lewis' case comes just weeks after flight turbulence led to a 73-year-old British man dying while on board a Singapore Airlines flight to Bangkok. At least 20 other passengers on that flight were treated in an intensive care unit after the flight landed. In May, a dozen people were injured during a Qatar Airways flight hit by turbulence while en route from Doha, Qatar, to Dublin, Ireland. Aircraft turbulence, which can range from mild bumps and jolts to dramatic changes in altitude, is caused by "atmospheric pressure, jet streams, air around mountains, cold or warm weather fronts, or thunderstorms," according to the Federal Aviation Administration, and is considered a normal occurrence in the airline industry. According to a 2021 National Transportation Safety Board report, deaths and serious injuries caused by turbulence are rare.