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Kevin Costner needs 'Horizon' to make roughly $65 million at the US box office to break even. It's not even halfway there. 2024-07-02 21:18:38+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 With Kevin Costner's epic three-hour Western "Horizon: An American Saga - Chapter 1" only making $11 million its opening weekend in theaters, it's going to be a long road for the Oscar winner to recoup the money he put into it. Costner, who directed, produced, and stars in the project and is one of its main financiers, had been developing the multi-part saga set in the American West for decades. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. After years of development at Warner Bros., which once considered sending the movie directly to its streaming service Max, Costner threw caution to the wind and decided to self-finance not just one "Horizon" movie, but potentially four. To get "Horizon" made, the former "Yellowstone" star mortgaged his property in Santa Barbara and invested $38 million of his own money. (It's unclear if that number refers to the cost to make the first two installments, which were shot back-to-back, or just the first film.) Costner and his other undisclosed financial backers are also covering the film's marketing, which Variety estimates cost $30 million, though it's unclear if that's an additional sum or included in Costner's own $38 million estimate. Advertisement With Warner Bros. working strictly as a distribution partner, Costner has bet on himself: According to the trade, Warner is only taking 8% of the movie's box office gross. But will the self-finance route pay off for the star? One industry insider told Business Insider they were skeptical: "He won't lose his house, but he's potentially going to lose a lot of money." Foreign presales helped reduce Costner's risk Kevin Costner at the 2024 Cannes Film Festival. Rocco Spaziani/Mondadori Portfolio/Getty Thank god for Cannes. The South of France is home to one of the most famous film festivals in the world. It's also a massive film marketplace that, if used properly, can help directors and producers navigate the murky world of movie financing. Advertisement The objective is to entice international territories to agree to distribute a movie long before they see a single frame of it. This is called presales, and it involves a lot of connections and a recognizable face to sell the project convincingly. Who better than Costner to pull that off? Costner began this process at the 2023 Cannes Film Festival when he brought on German-based sales firm K5 International to handle the foreign sales for "Horizon" Chapters 1 and 2. By the time Chapter 1 of "Horizon" had its world premiere at Cannes in May 2024, the firm had sold out most of the international territories, according to Variety. Related stories A producer familiar with foreign sales who asked to speak anonymously told BI that that money more than likely recouped Costner's $38 million investment in the movie. Advertisement But if that $30 million marketing price tag Costner and his backers are on the hook for is separate from the $38 million figure, Costner isn't out of the woods yet. Costner gets a major chunk of the movie's box office Foreign presales are great, but because this movie is an American Western, a genre that historically doesn't translate well overseas, Costner can't expect huge box office returns internationally. That's why he has to make sure to get the bulk of the domestic grosses. With Warner Bros. reportedly only taking 8% of grosses, the studio essentially has a service deal with Costner: Costner gets his cut of the box office grosses starting the first day the movie is out, as opposed to once the film turns a profit. Doing the math, that means that for every $10 million "Horizon" makes at the box office, Costner and his investors see $4.6 million back. That means to recoup the $30 million Costner invested in marketing the first "Horizon" movie, it will have to make north of $65 million domestically. (Right now, it's made $11 million.) Advertisement We haven't even started talking about profit yet. Costner needs a huge "Pay 1" deal Kevin Costner in "Horizon." Warner Bros. Costner believes in the long game. When he made the box office bomb "Waterworld" back in 1995, which was the most expensive movie ever made at the time, it took ancillary deals like paid cable and DVD sales to finally break even. And that took years. DVD sales have fallen off the map since the mid-1990s, so Costner can't lean into that. Instead, he'll have to land a major deal with a streamer or cable company for the movie's post-theatrical release. This is known in the industry as "Pay 1." Advertisement Pay 1 deals kick in after a movie is through with its Video-On-Demand option. Deals can range from a couple of years to as high as six. While pay varies, the producer who spoke to BI said Costner could negotiate a deal in the tens of millions because of his star power, especially if it's for the "Horizon" franchise and not just the first film. What sweetens the pot for a streamer is that Costner is a fixture in Westerns. As the face of "Yellowstone," (at least, until he quit), fans of that show love him. A streamer could be convinced that the true "Horizon" audience didn't show up to theaters and, due to its three-hour runtime, is waiting for the movie to hit streaming. It's a windy road, but there's a path for Costner to come out of "Horizon" without a major loss. The only problem is that there are more installments on the way, which means more money needs to be spent first: "Horizon: Chapter 2" opens August 16, "Chapter 3" has begun principal photography for a May 2024 release, and "Chapter 4" is in development. Advertisement Business Insider contacted reps for Warner Bros. and Kevin Costner to comment on this story but did not receive a response.

Russians are sending their kids to a North Korea summer camp 2024-07-02 21:17:31+00:00 - Russia is planning to send youth to a summer camp in North Korea. The decision comes after the two countries signed a new strategic pact that includes mutual defense clauses. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Hunter Biden has joined White House meetings with the president in recent days, report says 2024-07-02 21:10:50+00:00 - Hunter Biden in recent days has become more involved in meetings at the White House, per NBC News. While Hunter Biden is no stranger to the residence, his presence at meetings is a new development. The report comes as President Biden's debate performance is forcing him to defend his reelection bid. 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 This past weekend, President Joe Biden went to Camp David for a family gathering that had been planned before his widely panned debate performance against former President Donald Trump. While at the presidential retreat, Biden's family urged him to remain in the 2024 race amid some Democratic consternation over his chances this fall, with presidential son Hunter Biden being one of the most vocal advocates of his father remaining the party's nominee. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

I gave up my dream life in Japan to move to the Netherlands — now, I couldn't be happier 2024-07-02 21:07:29+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 One day in January 2022, it hit me: I had outgrown my life in Japan. I was an American living in Tokyo and still felt like a fish out of water after six years, despite my many attempts at mastering Japanese, perfecting my bow, and learning how to (politely) push my way through the crowded rush-hour trains. My first few years in Japan were exciting and dreamy, what many would expect when they imagine living in Japan. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. I visited stunning shrines and temples, sipped oolong-hai cocktails with friends in izakayas, spent hours exploring the streets of Shibuya — back then, Japan felt like my playground. Advertisement My experience in Japan changed with time Japan sometimes felt like a lonely place for me. © Marco Bottigelli/Getty Images Eventually, some of the drawbacks of living in the Land of the Rising Sun started to wear on me. No matter how quiet and inconspicuous I tried to be, I received stares (and occasionally glares) in my suburban neighborhood because of how much I stood out as someone who is not Japanese. After all, only 2.5% of the country's population is non-Japanese. Although Japanese culture is fascinating, I started to miss diversity and multiculturalism. Living in Japan also felt increasingly lonely with each year I stayed. For one, Japanese society is known for being reserved, and striking up a conversation with a stranger in big cities like Tokyo is often viewed as a transgression against the order and harmony woven into most interactions. Advertisement On top of that, Japan is literally isolated, surrounded by water on all sides. This can make it challenging to get out and visit other countries. Related stories I was eager to explore new places and make more connections — and Japan no longer seemed to align with these values. I didn't know where to move to next but going back to the US didn't feel right After my revelation in early 2022, my husband — a Japanese national I met within my first year in the East Asian country — and I assumed the only other option was to live in the US, where I'm from. But we struggled to settle on an American city that fit our ideal lifestyle and goals. To stall our decision, we sold our home in Tokyo and traveled around Europe as digital nomads for a few months. Advertisement Our adventure began in 2023 and included a stop in the Netherlands, which we were surprised to discover felt like home. In Amsterdam, we tallied up the perks that Japan lacked: multiculturalism, locals who made small talk with us about our little dog, and convenient travel to other countries, among others. And without the stares and unwanted attention I'd once received, I noticed a refreshing sense of freedom. During our trip, I also learned about the Dutch American Friendship Treaty, an agreement that allows American entrepreneurs to obtain residence in the Netherlands with little hassle. Advertisement Staying in Europe long-term never seemed realistic, but with this program, I saw it could be a feasible option. The Netherlands offers what I had missed in Japan While on a trip to Europe I started to realize maybe my husband and I didn't have to move to the US after all. Yasonya/Getty Images Less than a year after our trip to the Netherlands, we returned to the country as residents rather than tourists. I've felt welcomed by my neighbors, already made friends from numerous countries and backgrounds, and even found it easier to visit my family in the US compared to when I was living in Japan. The Netherlands is often ranked as one of the happiest countries in the world, and although many Dutch locals would scoff at their position on the list (complaining seems to be a national pastime here), I've found evidence to support it. Advertisement Aside from the open, friendly people and ease of travel, I'm routinely delighted by the little things here, like my neighborhood's "used goods" box where residents pass down their belongings to a new owner, the people leisurely reading in the park on a weekday afternoon, and the bike lanes that make it so easy to live a car-free life. These charming observations would have been rare in Tokyo. Of course, I'm still new to the Netherlands, and I know my feelings may change with time — as they did in Japan. People and places can both evolve, and though a country might feel like home during one phase of life, it might not feel that way forever. I've learned to embrace that feeling while it lasts, whether it's for two years or seven or the rest of my life. For now, I've decided that living in the Netherlands is what my dream life looks like.

Judge postpones Trump's sentencing hearing after Supreme Court immunity ruling 2024-07-02 21:01:44+00:00 - A judge on Tuesday postponed Donald Trump’s sentencing in his New York hush money case as the former president seeks to have his conviction overturned following a Supreme Court ruling that granted him some immunity in a separate criminal case. In a letter on Tuesday afternoon, Judge Juan Merchan said he would resolve Trump's motion to set aside the verdict on Sept. 6 and postponed his sentencing, "if such is still necessary," until Sept. 18. Trump's lawyers launched their effort to get the verdict tossed out just hours after the Supreme Court's Monday ruling, which said Trump is immune from criminal prosecution for some official acts in his federal election interference case in Washington. Trump’s lawyers argued on Monday that Manhattan prosecutors built their case in part based on evidence from Trump’s time in office, as The New York Times pointed out. Such evidence, they claimed, is therefore inadmissible. The Manhattan district attorney's office said Tuesday that it doesn't oppose a delay in sentencing while the court works through Trump's motion. Trump’s New York case was likely the only one of his four criminal cases to go to trial before the November election. He had been due for sentencing on July 11, four days before he is expected to be nominated for president at the Republican National Convention. Instead, Merchan has now set up a scenario in which Trump's guilty verdict might be tossed just two months before the November election. How the judge might rule on the defense's motion is unclear. Trump's hush money conviction is largely centered on acts that he took as a presidential candidate, not as president. The presumptive GOP nominee cheered the postponement of his sentencing hearing on Tuesday. In a post on Truth Social, he falsely declared it a “total exoneration."

An 11 a.m. start time and an afternoon nap: Report reveals Biden's debate prep schedule 2024-07-02 21:00:18+00:00 - The schedule didn't start before 11 a.m. and included an afternoon lie-down, sources told the NYT. Debate prep was cut short by 2 days, as the president was tired after a hectic travel week. The White House insists that Biden is healthy, despite reports of more frequent mental lapses. 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 For President Biden, debate prep was not a strict 9-to-5 job. In the six days leading up to Thursday's damaging performance, Biden never began his preparations before 11 a.m. and always had time for an afternoon nap, sources told the New York Times. The report is based on interviews with current and former aides, donors, political advisors, and administrators who spent time with the president over the past few weeks. Though the White House insists that Biden is in good physical and cognitive shape, many of the sources noted that he has seemed increasingly confused in recent months. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

U.S. Awards $504 Million for ‘Tech Hubs’ in Overlooked Regions 2024-07-02 20:57:59+00:00 - The Biden administration awarded $504 million on Tuesday to a dozen projects across the country in a bid to transform communities that had been overlooked in the past into technological powerhouses. The grants will fund “tech hubs” that aim to bolster the production of critical technologies in regions including western Montana, central Indiana, South Florida and upstate New York. The hubs are meant to accelerate the growth of advanced industries in the United States, such as biomanufacturing, clean energy, artificial intelligence and personalized medicine. The program reflects a federal effort to expand America’s science and technology funding beyond Silicon Valley and a few coastal regions, an initiative that Biden administration officials say will help revitalize areas that have traditionally received less government investment. Proponents say the projects will help create “good-paying” jobs and tap into underutilized pools of workers and resources across the country. The $10 billion program was authorized by the CHIPS and Science Act, which Congress passed in 2022 to ramp up the domestic manufacturing of semiconductors and increase funding for scientific research. The idea of spreading technology funding beyond Silicon Valley helped the legislation win broader support from lawmakers representing parts of the country that were eager to benefit.

Diamond Shruumz microdosing candies may be linked to a death and nearly 50 illnesses, FDA says 2024-07-02 20:51:19+00:00 - Federal health officials are investigating a possible death and dozens of illnesses tied to recalled “microdosing” candies laced with a chemical found in mushrooms and sold online and in vape shops nationwide. At least 48 people in 24 states said they got sick after eating Diamond Shruumz-brand products, including chocolate bars, cones and gummies, the U.S. Food and Drug Administration said Tuesday. One death is “potentially associated” with the outbreak and 27 people have been hospitalized, the agency said. People who fell ill reported severe symptoms like seizures, agitation, abnormal heart rates and loss of consciousness. The latest illness was reported Monday, FDA officials said. Prophet Premium Blends LLC, of Santa Ana, California, recalled all of its Diamond Shruumz products late last month because they contain muscimol, a psychoactive chemical found in potentially toxic Amanita mushrooms that may be tied to the illnesses. The products are marketed for microdosing, which means taking very small doses of a psychedelic drug to achieve supposed benefits while minimizing negative side effects. Diamond Shruumz products were sold nationwide in retail stores and online; at smoke or vape shops; and by retailers that sell hemp-derived products like cannabidiol, or CBD, or delta-8 THC. The FDA, the U.S. Centers for Disease Control and Prevention and America’s Poison Centers are investigating the outbreak. People who have these products should stop using them. Anyone who falls ill after using them should contact a health care provider or a poison center at 1-800-222-1222. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

Rhode Island tackles housing shortage by making it easier to add rental units on to homes 2024-07-02 20:49:29+00:00 - BOSTON (AP) — A new state law designed to streamline the process of developing accessory dwelling units — also known as “granny flats” or “in-law apartments” — is being hailed by advocates as a way to create affordable living spaces amid an ongoing housing crunch. The law, signed by Democratic Gov. Dan McKee on June 25, lets homeowners create a single accessory dwelling unit, or ADU on an owner-occupied property to encourage rental units that are likely to be more affordable than many other apartments. Supporters said the measure will also allow homeowners to generate income to help them maintain ownership of their property, bringing more stability to the housing market. To ensure Rhode Islanders benefit from the law, it bans the ADUs from being used as short-term rentals. The approach has been implemented elsewhere such as in New York, where Democratic Gov. Kathy Hochul recently announced that $59 million was awarded to local governments and nonprofits to boost the housing supply by providing resources for low- and middle-income homeowners to build or improve ADUs. In Massachusetts, House lawmakers approved a bill that would allow for the construction of one ADU of up to 900 square feet on properties in single-family zoning districts. A similar bill is before the Senate. And in Boston, where housing costs have skyrocketed, Democratic Mayor Michelle Wu pledged in in January to make it easier for residents to create ADUs. The Rhode Island law authorizes a homeowner to create a unit if they live in the building and the unit is for a disabled relative; if it’s within the existing footprint; or if the lot is greater than 20,000 square feet, provided that the ADU meets building codes, size limits and infrastructure requirements. June Speakman, chair of the House Commission on Housing Affordability, said one driver of the housing crisis is the low construction rate in Rhode Island, which she said has the country’s lowest per-capita construction rate. “We need to be creative and be willing to allow construction of housing, particularly affordable, moderate and small units like ADUs,” Speakman said. Supporters say the units can boost the amount of available and affordable housing while preserving the character of residential neighborhoods. Older adults in particular have looked to to ADUs as a way to downsize while remaining in their neighborhoods. “Our cities and towns must have housing options that are suitable for differing incomes, ages and life stages,” said Catherine Taylor, AARP Rhode Island’s state director. “ADUs are an important way to accomplish this goal.” A report released in December by Harvard’s Joint Center for Housing Studies found that as its population ages, the United States is ill prepared to adequately house and care for the growing number of older people. The report said creative ideas are needed for people with fixed or dwindling incomes and with insufficient savings, including ADUs.

We're hiking price targets on our only 'own it, don't trade it' stocks due to a common theme 2024-07-02 20:42:00+00:00 - We're raising our price targets on the Investing Club's only "own it, don't trade it" stocks — Nvidia and Apple — two mega-cap tech names that have been winners this year with more room to run. Nvidia We're boosting our Nvidia price target to $150 per share from $120 — representing an increase of more than 20% from Monday's close. The artificial intelligence giant, which briefly became the most valuable U.S. company a couple of weeks ago, has come off the boil a bit recently. On Tuesday, it was just hanging onto a $3 trillion market cap. For investors with no Nvidia exposure, the stock on Tuesday was near one of three possible buy levels we identified last week . It dipped briefly below intraday Monday. We're considering an upgrade from our wait-for-a-pullback 2 rating given the stock's roughly 12% decline from last month's all-time intraday high of nearly $141 to Monday's close. However, in 2024 alone, the stock is up over 145% — far and away our best performer this year. But given that run, we're reiterating our wait-for-a-pullback 2 rating for now. NVDA 5Y mountain Nvidia 5 years As strong as Nvidia shares have been since their October 2022 closing low of $11.23 each – an over 1,000% surge since then – we continue to see further strength ahead. The catalysts include sustained demand for the company's AI hardware solutions along with the upside potential from its growing services offerings. After soaring on earnings in May and gaining ground since last month's 10-for-1 stock split, the primary concern behind the stock's recent decline has been whether Nvidia's clients might pause hardware spending as the chipmaker transitions from its Hopper suite to the new Blackwell architecture. That worry is misplaced because industry checks continue to indicate that won't be the case. The need for accelerated computing is too great and the vast majority of the world's data centers were not built from the ground up with AI workloads in mind. As a result, we believe companies big and small are in the early stages of a massive investment cycle. Nvidia's services revenue is not yet material to earnings, but we continue to see several avenues for growth. Nvidia has solutions for many key industries including health care and autonomous vehicles. We believe the addressable markets for those verticals are large and only getting larger. Health care revenue at Nvidia has already exceeded a $1 billion run rate. The company is also proving to be a key partner for many of the world's auto industry OEMs (original equipment manufacturers). The expectation is that Nvidia will share in the revenue streams associated with self-driving vehicle subscriptions. Back in 2021, at the Nvidia investor day conference, founder and CEO Jensen Huang provided an example of how big the auto market could be one day. "There are 100 million cars sold a year and that's the entire opportunity annually for chips, 100 million cars." At the time, Jensen said hypothetically if there's $1,000 worth of Nvidia hardware in each car, that's a $100 billion opportunity. "However, those cars are driven 10 trillion miles," he estimated. If Nvidia were to get $1 per mile as part of a services subscription, he projected, "It's $10 trillion – and so, that kind of gives you a sense of the economics involved." However you want to slice it, when we consider that current revenue estimates are for Nvidia to do $120 billion this fiscal year, with only $1.4 billion coming from automotive, it's clear that this segment alone has the potential to materially impact total revenues over the coming decade. Bottom line : Near-term we expect the yet-to-be-shipped Blackwell chip platform to result in continued growth. However, we see plenty of opportunities for even more growth as we look longer-term to these new services-oriented opportunities. Apple We're also increasing our Apple price target to $240 per share from $220. But we're reiterating our 2 rating with the stock back to all-time highs intraday Tuesday. The stock had a rough start to the year. But it bottomed in mid-April and found its footing. Then better-than-feared earnings in early May catapulted the stock higher. It got another boost in June after the company unveiled its artificial intelligence strategy. Like other tech stocks, Apple dipped recently. But unlike Nvidia, that weakness was short-lived. AAPL 5Y mountain Apple 5 years We like what we saw at Apple's annual Worldwide Developers Conference (WWDC) and continue to believe that the inability to leverage the new Apple Intelligence AI offering on anything less than last year's iPhone 15 Pro provides the setup for one of the strongest refresh cycles we've seen in years. Keep in mind, we haven't even seen what new features the iPhone 16 will have beyond the AI tools. New iPhone launch events are usually in September. In addition to a hardware upgrade cycle, we think the introduction of generative AI and integrating it more deeply with users' personal devices – in a way only Apple can – will provide for a new level of service opportunities, resulting in a greater share of revenue coming from this recurring, high-margin segment of the operation. Bottom line : We think the introduction of Apple Intelligence — as well as the potential for what spatial computing (the mixed reality Vision Pro headset) can become as the form factor of devices (and prices) decrease —represents the beginning of a new generation for Apple. (Jim Cramer's Charitable Trust is long NVDA, AAPL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. HANGZHOU, CHINA - JUNE 3, 2024 - The NVIDIA logo and the Apple logo are pictured in Hangzhou city, Zhejiang province, China, June 6, 2024. On June 5, Eastern time, Nvidia's stock market value exceeded $3 trillion, officially surpassing Apple's market value and becoming the world's second largest technology giant by market value. It is worth noting that in just over 3 months, Nvidia's market value soared from $2 trillion to $3 trillion. (Photo credit should read CFOTO/Future Publishing via Getty Images) Cfoto | Future Publishing | Getty Images

Tempur Sealy's $4 billion purchase of Mattress Firm challenged by FTC 2024-07-02 20:39:00+00:00 - Tempur Sealy's proposed $4 billion acquisition of Mattress Firm is getting challenged by the Federal Trade Commission, the antitrust agency announced on Tuesday. The FTC unanimously voted to go to federal court to stop the country's biggest mattress maker from merging with the largest bedding retailer, saying the combined company would have "the ability and incentive to suppress competition and raise prices for mattresses for millions of consumers." Tempur Sealy has shown it plans to curtail competitors' access to Mattress Firm's nationwide network of stores, significantly impairing their ability to compete, the FTC said. Those predominantly American manufacturers employ thousands and would likely have to close factories and lay off workers if the deal announced were to go through, the FTC stated. "Through emails, presentations and other deal documents, Tempur Sealy has made it abundantly clear that its acquisition of Mattress Firm is intended to kneecap competitors and dominate the market," Henry Liu, Director of the FTC's Bureau of Competition, said in a statement. Tempur Sealy dismissed the FTC's concerns in a statement, saying "we continue to believe the combination of Tempur Sealy and Mattress Firm will unlock incremental benefits for all stakeholders, particularly consumers." Lexington, Kentucky-based Tempur Sealy said it believes the merger, announced in May of 2023, will survive the FTC's court challenge, allowing the transaction to close late this year or in early 2025. Tempur Sealy bedding products are sold online at more than 700 company-owned stores worldwide, while Mattress Firm, owned by South African retailer Steinhoff International, operates more than 2,400 stores in 49 U.S. states. "Mattress Firm is disappointed with the decision of the FTC and continues to believe that the transaction with Tempur Sealy will be beneficial to consumers and employees as well as the overall bedding and furniture industry," the company said in an emailed statement. "We will continue to offer the curated, comprehensive and diverse assortment that is a core element of our business, featuring both Tempur Sealy and non-Tempur Sealy branded products, and Tempur Sealy has already engaged with numerous of our suppliers on post-merger supply agreements," Mattress Firm added. The FTC lawsuit would have the antitrust agency challenging a vertical merger — deals involving companies that do not directly compete with each other but operate in the same supply chain.

Google's carbon emissions surge nearly 50% due to AI energy demand 2024-07-02 20:37:00+00:00 - Google 's emissions surged nearly 50% compared to 2019, the company said Tuesday in its 2024 environmental report, marking a notable setback in its goal to achieve net-zero emissions by 2030. Google's emissions also increased 13% year over year in 2023, per the report. The company attributed the emissions spike to an increase in data center energy consumption and supply chain emissions driven by rapid advancements in and demand for artificial intelligence. The report noted that the company's total data center electricity consumption grew 17% in 2023. The impact of AI on electricity demand is well documented. Electricity demand is forecast to grow as much as 20% by 2030, with AI data centers alone expected to add about 323 terawatt hours of electricity demand in the U.S., CNBC previously reported. While renewables will likely play an important role in meeting AI energy demands, analysts say that immediate implementation is challenging. This is due to factors such as the time required to build the power lines that transport resources to the data centers, Wells Fargo analyst Roger Read previously told CNBC. Google said in the report that its data centers are 1.8 times as energy efficient as a typical data center. The company added that it remains committed to mitigating the environmental impact of AI through model optimization, efficient infrastructure and emissions reductions. Google is not the only major tech company to face increased emissions due to AI demand. Microsoft reported in May that its total carbon emissions rose nearly 30% since 2020 primarily due to the construction of data centers.

Macron’s Rivals Say They’ll Fix France’s Economy, but Economists Are Skeptical 2024-07-02 20:33:55.095000+00:00 - One of the messages that helped propel the far-right National Rally to the brink of power in France’s parliamentary elections on Sunday — a once-unthinkable shift — is a common refrain in U.S. politics: It’s the economy, stupid. Both the National Rally and a coalition of left-wing parties called New Popular Front won large gains in part by tapping into anger over a cost-of-living crisis and a sense that President Emmanuel Macron had grown out of touch and did not understand their struggles. Voting happens in two rounds, and candidates who reached certain thresholds will move on to the next round on Sunday. A two-year streak of high inflation has left low- and middle-income French families grappling to pay for basics like energy, gas and food, while wages, in some cases, have failed to keep pace. Polls show that worries over “purchasing power” were a top concern of voters, alongside immigration and security. Blue-collar workers turned out in droves to vote for the National Rally, which is promising to aid households and curb immigration. The New Popular Front came in second with promises to raise wages and lower the retirement age.

'Originalism is a dead letter': Supreme Court majority accused of abandoning legal principles in Trump immunity ruling 2024-07-02 20:31:00+00:00 - WASHINGTON — The Supreme Court's decision to grant former President Donald Trump absolute immunity for some of his conduct in seeking to overturn the 2020 election has attracted a chorus of criticism from those who saw it as another sign of conservative justices abandoning their own judicial philosophy. The latest round of brickbats comes after the conservative justices were similarly pilloried for the court's ruling in March saying that Trump could not be kicked off the primary ballot in Colorado over his actions leading up to the Jan. 6 attack on the Capitol. After both Trump victories, the conservatives on the court faced accusations that they abandoned their commitment to the judicial philosophy known as originalism — which says questions about the Constitution should focus on its original meaning. Certain justices, including Clarence Thomas and Neil Gorsuch in particular, repeatedly stress their reliance on history and tradition when deciding legal questions about whether a law is constitutional. Most notably, the court has embraced such an approach in rulings that have expanded gun rights in recent years. "At this point at this Supreme Court, originalism is a dead letter, to be resurrected and employed only when it suits the court's purposes," said Michael Luttig, a conservative former federal judge. Smita Ghosh, a lawyer at the liberal Constitutional Accountability Center who filed a brief arguing against immunity on historical grounds, said it was surprising that the court did not wrestle with history and tradition as it has done in other contexts. "For justices who purportedly care about text, history, and tradition, this failure to engage more fully was eye-opening — and profoundly disappointing," she added. Those on the left and right critiquing the latest ruling, authored by Chief Justice John Roberts, point in part to the finding that presidents have absolute immunity for certain conduct that is core to their official duties, which they say has no basis in the Constitution. "It is anti-originalist because the historical evidence is overwhelmingly on the opposite side," said Jed Shugerman, a professor at Boston University School of Law. He noted that amicus briefs filed in the case provided historical analysis that the majority opinion did not appear to wrestle with. "It is astounding how the majority opinion ignores all the evidence," he added. "It dismisses it." Michael Rappaport, who runs the Center for the Study of Constitutional Originalism at the University of San Diego School of Law, similarly noted that "presidential immunity does not accord with the original meaning" of the Constitution. But, he added, there is plenty of non-originalist court precedent to support the idea, which is what the ruling embraced. Aspects of the majority opinion faced strong criticism from one of the court's conservatives: Justice Amy Coney Barrett. She did not join Roberts' opinion in full, criticizing the court for preventing any evidence of a president's immunized acts from being admitted into a related criminal case. The Constitution, she noted, specifically bars the president from accepting bribes, but under Monday's ruling it would be difficult to prosecute him for it if evidence of his conduct could not be admitted. Barrett wrote that "excluding from trial any mention of the official act connected to the bribe would hamstring the prosecution." Roberts responded in a footnote, saying that prosecutors "may point to the public record" in order to show that a president performed the act in question. They just would not be able to introduce "testimony or private records of the president or his advisers." Clark Neily, a lawyer at the libertarian Cato Institute, said that the back-and-forth between Barrett and Roberts on that point seemed to suggest that a president could not be prosecuted for taking a bribe for a core presidential function, such as pardoning someone. "I think this is one of the reasons people find the majority opinion so difficult to swallow, including myself," he said. On the other hand, he noted that the issue of whether presidents should have some form of immunity is a "really close call." To Michael Smith a professor at St. Mary’s University School of Law who has written a law review article called "Is Originalism Bullshit?," the immunity decision shares some of the same characteristics as the Colorado ballot decision, with the outcome being more important than the reasoning. “I do see it as fitting a similar theme of adopting an interpretive method that is better suited to accomplish a particular result," he said.

Florida Panthers games are moving from cable to local broadcast stations 2024-07-02 20:30:00+00:00 - Sergei Bobrovsky, #72, and the Florida Panthers celebrate the Stanley Cup win following a 2-1 victory over the Edmonton Oilers in Game 7 of the NHL Stanley Cup Final at Amerant Bank Arena in Sunrise, Florida, on June 24, 2024. The Florida Panthers are skating to a new TV home. The National Hockey League Stanley Cup champions have inked a deal to air regular season games on local broadcast networks in Florida and leave behind the cable TV regional sports network that has long been their home. The Panthers, which have appeared in the Stanley Cup finals two years in a row, signed a multiyear deal with E.W. Scripps that allows the broadcast station owner to televise all locally produced Panthers preseason and regular season games as well as round one of the playoffs. The Panthers are also working with Scripps Sports to launch a streaming service, with further details expected prior to the start of the 2024 season. Terms of the deal, which begins this coming season, were not disclosed. Professional sports teams have been increasingly opting for deals with local broadcast station owners as the regional sports network business is dragged down by consumers leaving the pay TV bundle in favor of streaming. In particular, Diamond Sports Group — the owner of the Panthers' prior TV home, Bally Sports Florida — has been under bankruptcy protection since March 2023. "After careful review and dialogue, Diamond reached a mutual agreement with the Florida Panthers to end our existing telecast rights contract," a Diamond spokesperson said in a statement. "We greatly value the relationships we have built with the Panthers and their fans, and we wish them the best. We remain in productive discussions with the NHL around go-forward arrangements with our remaining team partners under contract and are focused on reorganizing as a sustainable and profitable entity."

Reasons to Retain PacBio Stock in Your Portfolio Now - Pacific Biosciences (NASDAQ:PACB) 2024-07-02 20:18:00+00:00 - Loading... Loading... Pacific Biosciences of California, Inc. PACB, popularly known as PacBio, has been gaining from its continued focus on research and development. The optimism led by a decent first-quarter 2024 performance and its product development activities are expected to contribute further. However, stiff competition and macroeconomic concerns persist. In the year-to-date period, this Zacks Rank #3 (Hold) stock has lost 87.8% against 5.4% growth of the industry. The S&P 500 Composite also gained 15% in the same time frame. The renowned global provider of sequencing systems has a market capitalization of $373.1 million. The company projects 18% growth for 2024 and expects to maintain a strong performance in the future. PacBio's earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters, with third-quarter earnings being in line, delivering an average surprise of 11.6%. Let's delve deeper. Focus on R&D: We are optimistic about PacBio's continued R&D efforts that focus on programs to develop new and existing platforms, as well as increasing throughput and decreasing costs on behalf of its customers. PacBio is working toward improving commercial execution to drive the adoption of both the Revio and Onso platforms. With respect to Onso, in the first quarter, PacBio scaled the manufacturing of the platform, enabling it to deliver instruments based on demand much more rapidly, which aided in its ability to sell the system. Per management, PACB is also developing a high-throughput short-read platform that is expected to enable the company to serve high-throughput labs with PACB's leading Sequencing by Binding technology. The company believes that it will be highly competitive in terms of both throughput and cost relative to other high-throughput offerings. Per the management, the addressable market for this platform is estimated to be more than $1 billion per year. PacBio also continues to develop its next-generation SMRT cell. This cell is expected to power a new, extremely high-throughput long-read platform, enabling throughput dramatically higher than that of the Revio system. Product Development Activities: We are optimistic about PacBio's solid potential in the RNA-sequencing market, which has been fortifying the company's footprint worldwide. PacBio recently announced the PureTarget repeat expansion panel, a new approach that makes it possible to thoroughly examine 20 genes linked to severe neurological conditions, including difficult-to-sequence genes with tandem repeat expansions, is now possible. In March, PacBio announced the PureTarget repeat expansion panel, a new solution designed to enable the comprehensive analysis of 20 genes associated with serious neurological disorders. In February, the company announced two new high throughput library preparation kits and workflows optimized for its Revio sequencing system — the HiFi Prep Kit 96 and the HiFi Plex Prep Kit 96. In January, PacBio announced PanDNA, a versatile Nanobind DNA extraction kit designed to efficiently extract high-quality, high molecular weight DNA across a wide range of sample types, including cells, bacteria, blood, tissue, plant nuclei and insects. PacBio is also continuously enhancing its software, along with launching new library prep and sample prep solutions that would make PacBio sequencing more accessible. Management believes that the new products may contribute to a recurring revenue stream apart from the core SMRT cells and sequencing reagents. Decent Q1 Results: PacBio exited the first quarter of 2024 with decent results where earnings aligned with the Zacks Consensus Estimate and revenues beat the same. PACB saw an uptick in Product as well as Consumables revenues. Strong geographical performances in the Asia-Pacific region and EMEA were also encouraging. The expansion of adjusted gross margin also raises optimism. Continued strong prospects in the Revio system, with customers placing orders, looked promising for the stock. Downsides Macroeconomic Concerns: Macroeconomic dynamics, including rising inflation and global supply-chain constraints, have negatively impacted PacBio's customers and lengthened customer sales cycles. These factors could affect its revenues and operations throughout 2024. Business Seasonality: PacBio operates on a December year-end basis and believes that there are significant seasonal factors that may hinder sales of its products, and particularly its sequencing instruments, to vary on a quarterly or yearly basis, contributing to the lengthy sales cycle for its sequencing instruments, and increase the magnitude of quarterly or annual fluctuations in its operating results. Estimate Trend PacBio has been witnessing a positive estimate revision trend for 2024. Over the past 60 days, the Zacks Consensus Estimate for its adjusted loss per share has narrowed from $1.00 to 91 cents. The Zacks Consensus Estimate for the company's fiscal 2024 revenues is pegged at $177.5 million, indicating an 11.5% decrease from the year-ago reported number. Key Picks Some better-ranked stocks in the broader medical space that have announced quarterly results are DaVita, Ecolab and Universal Health Services. DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. DaVita's shares have gained 44% compared with the industry's 20.4% rise in the past year. Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 1.7%. Ecolab's shares have rallied 33.8% against the industry's 9.3% decline in the past year. Universal Health Services has an Earnings ESP of +2.91% and a Zacks Rank #2 at present. UHS has an estimated earnings growth rate of 30.5% for 2024. UHS' earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 8.12%. To read this article on Zacks.com click here.

GE Healthcare Enters Partnership to Boost MRI Technology - DaVita (NYSE:DVA), Ecolab (NYSE:ECL) 2024-07-02 20:15:00+00:00 - Loading... Loading... GE Healthcare Technologies, Inc. GEHC, in collaboration with the University of Cincinnati (UC), UC Health, and Cincinnati Children's, has announced a cutting-edge initiative to accelerate MRI innovation. This collaboration will provide a well-established MRI Research and Development (R&D) center of excellence on UC's medical campus, enabling direct interaction between clinical investigators and GE HealthCare scientists. The initiative is supported by an R&D grant from JobsOhio, aimed at boosting engineering and manufacturing job growth at GE HealthCare's Aurora, OH, MRI facility and creating new clinical and scientific roles at the Cincinnati R&D center. Significance of the Collaboration Per GE HealthCare, this collaboration represents a significant advancement in MRI technology, combining the technical expertise of GE HealthCare with the clinical perception of UC, UC Health and Cincinnati Children's. The research center will enable Ohio-based healthcare innovators to develop next-generation MRI technology, enhancing the accessibility, productivity, precision and personalization of MRI exams. With the involvement of leading research institutions and support from JobsOhio, this initiative unveils Ohio's leadership in healthcare innovation and its commitment to improving patient care and helping doctors on a global scale. More on the News The UC campus research center will feature GE HealthCare's most powerful 3.0T wide-bore MRI scanner, the SIGNA Premier. This MRI platform highlights GE's innovative AIR Coils and the latest AI software technologies, such as AIR Recon DL and Sonic DL, to enhance image quality and reduce scan times. Its advanced imaging capabilities have made it popular at many academic sites for neurology, oncology, cardiovascular and musculoskeletal studies in both adults and children. The research facility will conduct studies to develop and validate next-generation MRI technology. These studies aim to increase MRI scanner accessibility and productivity, as well as improve the precision and personalization of MRI exams. Many projects will be built on Ohio-designed and manufactured AIR Coil technology. Industry Prospects Per a report by MARKETSANDMARKETS, the global MRI system market was estimated to be valued at $5.2 billion in 2023. It is anticipated to reach $6.6 billion in 2028 at a CAGR of 5%. The major factors responsible for the growth of this segment are advanced AI features and the rising use of novel equipment that allows precise targeting of internal organs supporting real-time imaging. Recent Developments In the previous month,Heart Hospital of New Mexico at Lovelace Medical Center (HHNM) became the first U.S. site to install GE HealthCare's Allia IGS Pulse system, enhancing image quality and workflow for cardiovascular disease diagnosis and treatment. This advanced system supports various cardiology procedures, improving precision and patient outcomes. HHNM's adoption reflects its commitment to innovative heart care, bolstered by GE HealthCare's partnership and technological advancements In the same month,GE HealthCare and MediView XR Inc. announced the first installation and clinical use of the OmnifyXR Interventional Suite at North Star Vascular and Interventional in Minneapolis. This augmented reality-based suite enhances image-guided therapy by improving workflow efficiency, visualization and remote collaboration. Clinicians successfully performed two embolization procedures using the system's innovative holographic heads-up display and 3D anatomy models, marking a significant advancement in interventional radiology. Price Performance Shares of GE Healthcare have risen 0.8% so far this year against the industry's 20.9% decline. The S&P 500 has witnessed a 14.7% rise in the same time frame. Zacks Rank & Key Picks Currently, GE Healthcare carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, Universal Health Services UHS and Ecolab Inc. ECL. DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. DaVita's shares have gained 43.4% compared with the industry's 15.2% rise in the past year. Universal Health Services, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 14.80%. UHS's earnings surpassed estimates in each of the trailing four quarters, with the average being 8.12%. Universal Health Services has gained 21.3% against the industry's 20.4% decline in the past year. Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 14.3%. ECL's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.3%. Ecolab's shares have rallied 31.3% against the industry's 12.9% decline in the past year. To read this article on Zacks.com click here.

Ailing Spirit Airlines drops some junk fees in hopes of drawing travelers 2024-07-02 20:12:00+00:00 - Low-cost airline carrier looks to win customers by dropping some hidden junk fees Spirit Airlines, known for its cheap fares and à la carte flight upgrades, is rolling out another perk it hopes will draw travelers: fewer fees. In May, the Miramar, Florida-based carrier stopped charging customers for canceling and changing flights, a move Spirit executives expect will pay off despite the loss of fee revenue. The airline also increased the weight for checked bags from 40 pounds to 50 pounds, the industry standard. Although the airline's domestic business is growing, it saw a dip in traffic for international flights in the first quarter, federal transportation data shows. "What we've seen over time is that less people are actually flying on Spirit," Matt Klein, the airline's chief commercial officer, told CBS News senior transportation correspondent Kris Van Cleave. "So we believe the changes we're making are about attracting new customers." Klein added that eliminating fees was also about lowering fares for loyal Spirit passengers, noting that "it's something our customers wanted." Spirit isn't alone in dropping fees. Delta and American Airlines, which had axed their change flight fees early in the pandemic, eliminated cancellation charges in late 2023. Budget carrier Frontier Airlines, a direct competitor to Spirit, also cut cancellation fees in May. Along with nixing charges that many travelers regard as onerous, airlines are also facing government scrutiny. Biden administration officials have targeted a range of so-called junk fees, and in May announced final consumer protection rules that will require airlines and travel agents to reveal service charges upfront, among other things. As a result, airlines must now disclose the fees on the first website page where they quote the price for a flight. Travel experts and consumer advocates have also long criticized carriers for using "drip pricing" to mask the true price of airfare. To be sure, eliminating cancellation and change flight fees will cost Spirit big bucks — in 2023, the carrier generated $150 million in those fees alone. But one industry analyst said low-fare airlines like Spirit must do what it takes to retain customers. JetBlue in March abandoned a bid to buy Spirit after a federal judge blocked the $3.8 billion deal over concerns the merger would hurt competition in the airline industry. Collapse of the deal left Spirit reeling, and the carrier's financial performance has continued to skid amid mounting competition from larger airlines. For the first quarter, Spirit reported a net loss of $142.6 million, up from a loss of $103.9 million in the year-ago period, while operating revenue dipped roughly 6% to $1.3 billion. Its stock prices, which hovered above $16 at the start of the year, has descended to $3.64. "Right now, Spirit and Frontier are fighting, fighting to stay in business," Henry Harteveldt, an airlines industry analyst at Atmosphere Research, told CBS News. "They're reacting to the changes that larger airlines have made."

Bruce Bastian, a Founder of WordPerfect, Is Dead at 76 2024-07-02 20:08:42+00:00 - Bruce Bastian, a founder of the WordPerfect Corporation, whose word processor was the favored tool for writing during the early days of personal computing — and who later, after coming out as gay, renounced his Mormon faith and funded L.G.B.T.Q. causes — died on June 16 at his home in Palm Springs, Calif. He was 76. Michael Marriott, the executive director of the B.W. Bastian Foundation, said the cause was complications of pulmonary fibrosis. Mr. Bastian was finishing graduate school at Brigham Young University in the late 1970s when he founded the company that became WordPerfect with Alan C. Ashton, his computer science professor and a grandson of David O. McKay, the influential former president of the Church of Jesus Christ of Latter-day Saints.

Is holding too much cash a mistake? Here's why that may lead to regrets, experts say 2024-07-02 19:48:00+00:00 - It wasn't long ago that investors earned practically 0% returns on cash. As the Federal Reserve has kept interest rates high to combat high inflation, you can easily earn 5% annual percentage yields on savings accounts and other low-risk vehicles. Some experts are now warning it's possible to get too comfortable with those super-safe returns and miss out on bigger market returns. "We're too obsessed with cash," Callie Cox, chief market strategist at Ritholtz Wealth Management, wrote last week in a blog post. An estimated $6 trillion in cash is parked in money market funds. Industry research finds younger investors — those with the longest time horizon to absorb risk — are allocating the most to cash. More from Personal Finance: Is the U.S. stock market too 'concentrated'? Americans struggle to shake off a 'vibecession' Retirement 'super savers' have the biggest 401(k) balances More than half — 55% — of wealthy younger investors ages 21 to 43 ramped up their cash allocations in the past two years, compared to 46% of individuals ages 44 and up, recent research from Bank of America found. While Bank of America focused on investors with at least $3 million in investable assets, trading and investment platform eToro earlier this year found younger investors are twice as likely as their parent's generation to have increased their cash assets. The eToro survey polled 1,000 U.S. retail investors as part of a bigger pool of 10,000 in 13 countries, and respondents held at least one investment product. "The bigger issue that not enough people are talking about is the fact that younger investors are over-allocating the cash because of the allure of the 5% savings rate," Cox said in an interview with CNBC.com. "Under-investing is a risk, and it's one that I think more younger investors are susceptible to," Cox said.