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U.S. drivers lost 42 hours—a full work week—to traffic in 2023: Congestion 'hinders economic growth,' expert says 2024-06-26 21:25:00+00:00 - The United States is home to some of the most congested cities in the world. The 2023 Global Traffic Scorecard report by INRIX, a transportation analytics company, found the typical U.S. driver lost 42 hours to traffic congestion — the equivalent of a full work week — that resulted in $733 worth of time lost. Congestion cost the U.S. more than $70.4 billion in 2023, a 15% increase from 2022. The report also states the return to the office post-Covid has continued to affect other modes of transportation. In the U.S., transit ridership is down 28% from 2019 levels, though ridership grew 15% over 2022. "More people over the last few decades have been moving into urban areas and that's a global phenomenon," Bob Pishue, a transportation analyst at INRIX, tells CNBC Make It. "As they do that, we do see more congestion. It is a reflection of a good economy, but it can also hinder economic growth because it comes at a cost." The report measured the change in average peak period travel times across more than 15 months. It states that the 2023 scorecard incorporated three years of historical data to provide a complete year-over-year comparison. To rank the cities, INRIX looked at travel delay comparisons, collision trends, last-mile speeds, economic costs and time lost. Pishue says the biggest takeaway from the report was that of the urban areas studied globally, 78% saw increased traffic delays in 2023. In addition, the report shows that because the number of people working from home is still above what it was pre-Covid, it has changed the way people travel. "What we're seeing is instead of a morning peak, then a midday peak and then an afternoon peak and traffic, the congestion is much more gradually building throughout the day," he added. "That's huge because it has planning implications."
Trump Media closes up nearly 8%, continuing post-sell-off rally 2024-06-26 21:24:00+00:00 - Shares of Trump Media & Technology Group closed up nearly 8% on Wednesday, adding to the stock's post-sell-off rally. The stock initially sank more than 6% mid-morning but closed up 7.92% at $39.25 per share on Wednesday. Trump Media, which trades under the ticker "DJT," plummeted nearly 50% in the three weeks following the felony conviction of former President Donald Trump, Trump Media's majority shareholder. The sell-off continued last week after the U.S. Securities and Exchange Commission declared the company's registration of additional shares effective, which sent the stock tumbling in after-hours trading on June 18. Shares of Trump Media closed at $26.75 last Thursday, its lowest level since April, but began rebounding on Friday. By Tuesday, the stock had surged more 36% from Thursday's close, and Wednesday's move brings its recent gains to more than 45%. The stock is still down 23% from Trump's conviction on May 30. Trump Media, the parent company of social media platform Truth Social, started publicly trading on March 26 after merging with a special purpose acquisition company. Its wild swings since then — like Wednesday's — have often come without a clear reason. In its latest earnings report filed in May, the company disclosed a net loss of $327.6 million and total revenue of $770,500 for the first quarter of the year. Truth Social has struggled to maintain its user base, and the company recently warned investors that a change in usage from its most well-known user — Trump — could have a "a material adverse effect" on the platform. The former president owns a nearly 65% stake in Trump Media, but he cannot sell any of his 114,750,000 shares until a postmerger lock-up period ends in late September. Trump Media's market capitalization stood at nearly $7 billion at Wednesday's close.
Micron shares slide after revenue forecast fails to top estimates 2024-06-26 21:24:00+00:00 - Sanjay Mehrotra, Micron Technology President & CEO at the WEF in Davos, Switzerland on May 24th, 2022. Micron shares fell about 3% in extended trading on Wednesday as investors looked past better-than-expected results and focused instead on a revenue forecast that was in line with estimates. Here's how the company did versus LSEG consensus estimates for the fiscal third quarter ended May 30: Earnings per share : 62 cents adjusted vs. 51 cents expected : 62 cents adjusted vs. 51 cents expected Revenue: $6.81 billion vs. $6.67 billion expected Micron, which makes computer memory and storage, said it expects adjusted earnings per share of $1.08 on revenue of $7.6 billion in the current quarter. Analysts were expecting earnings per share of $1.05 on revenue of $7.6 billion. The shares have more than doubled in the past year as the company rides the artificial intelligence boom. Micron's most advanced memory is needed for AI graphics processing units (GPUs) like Nvidia's , putting the company in position to benefit from demand for technology to train and deploy AI applications like OpenAI's ChatGPT. Micron reported $332 million in net income, or 30 cents per share, versus a net loss of $1.9 billion, or $1.73 per share, in the year-ago quarter. Micron CEO Sanjay Mehrotra highlighted the company's AI business in a statement while saying that its smartphone and PC markets remain sluggish. Mehrotra said the company's AI-oriented products were likely to increase in price and that the company's data center business grew 50% on a quarter-to-quarter basis. "Robust AI-driven demand for data center products is causing tightness on our leading-edge nodes," Mehrotra said in a statement. "Consequently, we expect continued price increases throughout calendar 2024 despite only steady near-term demand in PCs and smartphones." On a call with analysts, Micron said that its high bandwidth memory, the kind used in AI chips, is sold out through 2025. "We believe that Micron will be one of the biggest beneficiaries in the semiconductor industry in the multiyear growth opportunity driven by AI," Mehrotra said. WATCH: Micron CEO on CHIPS Act grant
Trump-backed congressional candidates suffered rare losses in Tuesday's primary elections 2024-06-26 21:21:15+00:00 - Trump-backed candidates lost primary races in Utah, South Carolina, and Colorado. These defeats mark a rare trend of Trump endorsements failing in the 2024 election cycle. Results suggest some Republican voters are shifting away from Trump's influence in primaries. 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 endorsement from Donald Trump usually spells success for congressional candidates. But in this week's primary elections, some Trump picks experienced rare losses. In Utah, Republican Rep. John Curtis — who has been critical of Trump — beat out Trump's chosen candidate Trent Staggs to take over Mitt Romney's open Senate seat. Staggs lost to Curtis by 20 points, according to projected race calls from the Associated Press, compiled by The New York Times.
A mechanic for a Boeing subcontractor says he was fired after complaining about poor repair work 2024-06-26 21:15:14+00:00 - SEATTLE (AP) — A mechanic for a Boeing subcontractor claims he was fired after complaining about poor repair work on planes in a Boeing factory near Seattle. Boeing says the man’s concerns did not raise safety issues. Lawyers for the mechanic said Wednesday that the man saw “substandard manufacturing and maintenance processes” during work on several Boeing 787 Dreamliners. The work included drilling holes to attach fasteners and use of sealant on a part that is designed to keep planes pressurized. The mechanic, Richard Cuevas, worked for a firm that was hired by Boeing supplier Spirit AeroSystems to repair Boeing planes and was fired in March after raising concerns with both Spirit and Boeing, according to his lawyers. The lawyers, Debra Katz and Lisa Banks, accused Spirit of “routinely cutting corners” on the work on pressure bulkheads and accused Boeing of allowing “shoddy work” to continue. Boeing said it “thoroughly investigated” the claims. “Engineering analysis determined that the issues raised did not present a safety concern and were addressed,” Boeing said in a statement. The company said it is reviewing documents the man filed with federal agencies “and will thoroughly investigate any new claim. We are not involved in personnel decisions of subcontractors.” Spirit AeroSystems management “is aware of the allegations and looking into the matter. We encourage all Spirit employees with concerns to come forward, safe in knowing they will be protected,” company spokesperson Joe Buccino said. The mechanic’s lawyers said he filed whistleblower complaints with the Federal Aviation Administration and the Labor Department.
Levi's shares drop 12% as jeans maker's sales disappoint despite denim craze 2024-06-26 21:11:00+00:00 - Denim is having a moment with consumers, but it hasn't led to a major sales boost at Levi Strauss . The jeans creator on Wednesday posted fiscal second-quarter revenue that fell just short of Wall Street's expectations at a time when shoppers are stocking their wardrobes with denim dresses, skirts and ultra low-rise baggy pants. Levi's posted better-than-expected earnings as its direct sales to consumers and cost cutting continue to bear fruit. The company raised its dividend by 8% to 13 cents per share, its first increase in six quarters. Still, shares fell about 12% in extended trading. Here's how Levi's performed during the quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: Earnings per share: 16 cents adjusted vs. 11 cents expected 16 cents adjusted vs. 11 cents expected Revenue: $1.44 billion vs. $1.45 billion expected The company's reported net income for the three-month period that ended May 26 was $18 million, or 4 cents per share, compared with a loss of $1.6 million, or zero cents a share, a year earlier. Excluding one-time items, Levi's posted earnings of $66 million, or 16 cents per share. Sales rose to $1.44 billion, up about 8% from $1.34 billion a year earlier. However, the sales jump was coming off of an easier comparison. In the year-ago period, sales were down 9% after Levi's shifted its wholesale shipments from its fiscal second quarter into its fiscal first quarter. The shift reduced sales last year by about $100 million, the company said previously. Excluding the shift, as well as the exit of Levi's Denizen business, sales would have been up by only about 1% in its most recent quarter compared to the year-ago period. Finance chief Harmit Singh attributed the sales miss to unfavorable foreign exchange conditions and weak sales at Docker's. During the quarter, the khaki and chinos brand saw $82.4 million in sales, up 8.6% from $75.8 million in the year ago period. It's not clear how sales at Docker's were affected by the timing of Levi's wholesale orders. "People are generally cautious," Singh told CNBC in an interview. "It's not necessarily an environment where people are buying a lot, people are cautious." While Levi's posted a strong earnings beat, it only reaffirmed its full-year guidance, which was in line with estimates. The company continues to expect full-year earnings per share to be between $1.17 and $1.27, which now includes a 5-cent hit coming from the company's new distribution and logistics strategy. Levi's said it is transitioning from a primarily owned-and-operated distribution and logistics network in the U.S. and Europe to one that relies more on third parties. "In the near term, these changes require the parallel operation of new and old facilities for the rest of 2024, resulting in a transitory increase in distribution costs," the company said. The change allows Levi's to shift the responsibility of final mile delivery to third parties. The denim maker noted that it has new terms with its supplier that result in Levi's taking ownership of inventory closer to the point of shipment rather than its eventual destination. Levi's distribution network was built for a business that primarily sold to wholesalers, and now it needs to change into one that's more focused on selling directly to consumers. The changes are necessary because nearly half of Levi's sales these days are coming from its own website and stores. Direct-to-consumer sales jumped 8% during the quarter, representing 47% of overall sales. Online sales increased 19%. "Our transformational pivot to operating as a DTC-first company is yielding positive results around the world, giving me great confidence that we will achieve accelerated, profitable growth for the rest of the year and beyond," CEO Michelle Gass said in a statement. During the quarter, wholesale revenue grew 7%, but excluding the shift in timing of wholesale orders, sales in the channel decreased 4%. Singh noted that wholesale revenue improved on a sequential basis, but the company has a "conservative" view of the channel's growth moving forward. By building out its own direct channels, Levi's enjoys higher profits, better data on its consumers and less reliance on shaky wholesalers like Macy's and Kohl's, which are continuing to shrink and fall out of favor with consumers. However, selling directly can also be more expensive, and can come with unexpected hiccups that can impact sales and drain profits. For example, when someone buys a pair of Levi's from Macy's and wants to return them, Macy's typically bears that cost. Under a direct model, that responsibility, including the cost and logistics, would fall on Levi's. Nike has come to be known as a cautionary tale for retailers long reliant on wholesalers that try to expand direct sales. For a while, Nike's focus on direct sales boosted revenue and profits, but some critics said the strategy shift led to a slowdown in innovation, and ultimately, market share losses. Recently, the company acknowledged that it erred when it cut off so many of its wholesale partners and said it has since "corrected" that. Read the full earnings release here.
NIO's Upcoming Onvo L60 Reportedly Shows Striking Similarities To Tesla Models In Spy Shots - NIO (NYSE:NIO) 2024-06-26 21:02:00+00:00 - Loading... Loading... Two spy shots of NIO Inc.’s NIO Onvo L60 are reportedly circulating in multiple WeChat group chats. The shots showcase the model’s interior with detailed features, which may undergo adjustments for the final mass production. The model features an oval steering wheel with minimal buttons, resembling Tesla TSLA models, CnEV Post reported. Check This Out: XPeng’s Mona Sub-Brand Following NIO’s Onvo? Launches Debut Model M03 Powered By BYD Batteries The Onvo L60 features a gear shifter located under the right side of the steering wheel, reminiscent of older Tesla models before their shift to touchscreen-based gear shifting. The report read that it distinguishes itself with a horizontal 17.2-inch center screen, a departure from NIO’s current vertical screen design, a preference voiced by the NIO community for several years. Last month, NIO stated that the model lacks a traditional dashboard but instead incorporates a Heads-Up Display (HUD) system. The latest spy photos reveal that the Onvo L60 features a glass roof akin to Tesla models. Additionally, the interior includes a smaller screen for passenger use, showcasing ample space, CnEV Post added. Also Read: NIO Plans Organizational Changes At Onvo Sub-brand: What’s Going On? NIO commenced pre-sales of the Onvo L60 on May 15, offering it at a pre-sale price of RMB219,900, which is RMB 30,000 lower than Tesla Model Y’s base version, the report read. As previously indicated by NIO, the official launch and deliveries of the Onvo L60 are slated for September, although a specific date has not been disclosed. Price Action: NIO shares closed higher by 6.18% to $4.64 on Wednesday. Read Next: Tesla China Gets Morale Boost As Laid-Off Employees Return: Report Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo by Andy Feng on Shutterstock
DOJ opposes Steve Bannon's bid before the Supreme Court to stay out of prison 2024-06-26 20:50:20+00:00 - Steve Bannon is days away from reporting to prison on Monday, July 1, unless the Supreme Court keeps him out while he appeals his contempt of Congress conviction. On Wednesday, the Justice Department urged the high court to reject Bannon’s application. In its opposition filing, the federal government cited the recent example of another Trump-world figure: Peter Navarro. Referring to the former White House adviser, the U.S. solicitor general reminded the justices that they “recently denied a similar application for release by another defendant who engaged in complete defiance of a subpoena issued by the same committee that subpoenaed applicant.” Both Bannon and Navarro were convicted for refusing to comply with the House Jan. 6 committee’s subpoena. In Navarro’s case, Chief Justice John Roberts took the rare step of writing an opinion to explain why Navarro wasn’t allowed to remain free while he appealed. Navarro then tried his luck with another justice, Neil Gorsuch, who referred the matter to the full court, which rejected Navarro without further comment. Bannon’s lawyers cited Roberts’ opinion rejecting Navarro as a reason to side with Bannon now. In his application to the chief justice, who oversees emergency filings from Washington courts, they wrote: “Your Honor issued an in-chambers decision — the first in many years issued by a Justice — to explain that the denial was only because of procedural concerns specific to Navarro’s case, which were ‘distinct from his pending appeal on the merits.’” But the Justice Department says Bannon overlooks that the full court denied Navarro’s attempt without explanation. “The Court should likewise deny the application here,” it said. Subscribe to the Deadline: Legal Newsletter for weekly updates on the top legal stories, including news from the Supreme Court, the Donald Trump cases and more.
South Korea's military fires on border islands for the first time in 7 years as a North Korean missile fails and the balloon war rages on 2024-06-26 20:44:31+00:00 - South Korea has resumed live-fire drills after seven years. South Korea previously paused the drills due to a 2018 military accord, which North Korea is accused of violating 3,600 times. The drills follow a flurry of other activity on the peninsula lately. 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 The South Korean military resumed live-fire drills on border islands Wednesday after a seven-year pause. The exercise follows a failed North Korean missile test and a flurry of other activity and comes as the two countries battle with balloons. North Korea conducted a suspected hypersonic missile test Wednesday morning, but it is believed to have exploded in midair. The launch came as North Korea expresses frustration with the trilateral drills between the US, South Korea, and Japan, for which a US Navy aircraft carrier is present. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
900 Pre-Rolls Per Hour? Upgrade From Manual To Automatic Speeds Up Joint Production, Enhances Margins 2024-06-26 20:40:00+00:00 - Loading... Loading... As pre-rolls continue to dominate the cannabis market, companies are searching for strategies to enhance margins in an increasingly competitive landscape. RollPros' latest upgrade to the Blackbird machine, which now produces up to 900 pre-rolled cannabis joints per hour, presents a compelling solution. This improvement boosts production capacity and enhances the precision of pre-roll weights—a critical factor in optimizing cost structures and maintaining quality amidst growing market demands. Good Is Never Good Enough "The Superspeed upgrade is a major overhaul of several key components, both hardware and software. The impact is that the machine runs faster, produces more accurate weights, and requires less operator oversight. Good is never good enough,” said Jonathan McFarlane, VP of sales & marketing at RollPros on the impact of upgrades. “The Blackbird was designed to be modular, so whenever we do release an upgrade or improvement of some kind it's not just limited to new machines; virtually all upgrades are backward compatible and can be installed on any machine. That's how we ensure all our customers can access the latest and greatest pre-roll technology from RollPros." Enhancements And Features Dubbed 'Superspeed,' this upgrade is now standard on all new Blackbird machines. It includes dual vibe trays and scales as well as numerous hardware and software updates, allowing for more precise material measurement. Operators now have enhanced control over the material, significantly boosting the pre-roll accuracy. "Our tests indicate a two to three times increase in joint accuracy with the new Superspeed system, reducing the need for operator intervention and minimizing downtime," added McFarlane. "It’s not merely about increasing output; it’s about maintaining the hand-rolled quality our clients expect, without compromise." Strategic Impact And Availability Priced at $25,000, the upgrade is designed to be backward compatible, ensuring existing Blackbird owners benefit from the latest advancements. This strategic enhancement facilitates larger account opportunities and streamlines operations, keeping pace with expanding businesses. McFarlane noted with this upgrade, RollPros reaffirms its commitment to continuous improvement and solidifies its role as a pivotal player in the technological evolution of the cannabis industry, setting new standards for production efficiency and quality. How to improve margins in cannabis production and how to invest wisely will be hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the industry. Hear directly from top executives, investors, advocates, and policymakers. Get your tickets now before prices go up by following this link. All Photos: Courtesy of RollPros.
IRS is creating unconscionable delays for a major issue, watchdog says. Here's what to know. 2024-06-26 20:34:00+00:00 - The IRS is far too slow in resolving a major problem for taxpayers, who must wait almost two years for the tax agency to clear up identity theft cases, according to a new report from the National Taxpayer Advocate, an independent watchdog that's part of the IRS. In April 2024, the IRS took more than 22 months to resolve identity theft victims' assistance cases, up from 19 months earlier this year, the report said. The IRS had about 500,000 unresolved cases of identity theft as of April, the NTA added. These occur when fraudsters file a tax return using a taxpayer's Social Security number with the goal of claiming their tax refund — an issue that is typically discovered when the actual taxpayer files their own return. In these cases, the IRS freezes the second return so it can figure out which taxpayer is the legitimate one. The nearly two-year wait to resolve identity theft cases comes even as the IRS has been bolstered by billions in funding from the Inflation Reduction Act that President Joe Biden signed into law in August 2022. Overall, this year's tax season went much smoother than prior years, but Erin M. Collins, who leads the organization assigned to protect taxpayers' rights under the Taxpayer Bill of Rights, called out the delays to help victims of identity theft. "IRS delays in resolving identity theft victim assistance cases are unconscionable," Collins said. And further harm could befall identity theft victims, who are often dealing with other related issues. For instance, tax refunds can be delayed, contributing to financial insecurity, especially as two-thirds of identity theft victims are low-income and rely on their refunds to pay for their basic living expenses. "These delays are particularly challenging for low-income taxpayers who may rely on these refunds to pay their day-to-day living expenses or expenses accrued throughout the year, such as medical bills. In addition, these identity theft victims may struggle to secure certain kinds of loans, such as mortgages," the report said. In an emailed response to CBS MoneyWatch, the IRS said it "recognizes that the backlog of identity theft cases remains one of the most significant ongoing service gaps," and added it appreciates the NTA calling attention to the issue. "It's important to note that the IRS is actively working to implement a range of improvements to provide faster service to victims of identity theft, including identifying, training and moving additional resources to work these important cases," the agency said. "Other actions planned are to review our processes and identify new practices that will improve the process." The IRS noted that it has tripled its closure rate of identity theft cases since 2020, and that increased funding from the IRA will help improve its ability to resolve these issues. 2024 tax filing season The report details the federal tax collector's performance in modernizing its technologies, the speed with which it answers its phones and the rate it sends out refund checks, among other things. Overall, the 2024 filing season went far more smoothly than recent years, especially compared with the "abysmal" service that taxpayers experienced during the pandemic, the NTA said. "Not to be overly dramatic, but during the last four years, I believe we have progressed from a place of despair to a place of hope and optimism for the future of the agency and therefore for taxpayers," Collins said. The IRS originally received an $80 billion infusion under the Inflation Reduction Act, but that money is vulnerable to potential cutbacks. Last year's debt ceiling and budget cuts deal between Republicans and the White House resulted in $1.4 billion rescinded from the agency and a separate agreement to take $20 billion from the IRS over the next two years and divert those funds to other nondefense programs. Additional money for the IRS has been politically controversial since 2013, during the Obama administration, when the agency was found to have scrutinized political groups that applied for tax-exempt status. A report by the Treasury Department's internal watchdog found that both conservative and liberal groups were chosen for close review. "I believe the IRS has turned the corner, and with the additional multiyear funding provided by the Inflation Reduction Act, particularly for Taxpayer Services and information technology modernization," Collins said. "I am bullish that the taxpayer experience will continue to improve and move onward and upward." —With reporting by the Associated Press.
Amazon can keep its record run going due to a major catalyst — and it's not the cloud 2024-06-26 20:32:00+00:00 - Amazon stock surged to all-time highs Wednesday, and we have every reason to believe that its run can continue as the e-commerce giant becomes the largest U.S. delivery company. Bank of America on Wednesday projected that Amazon will deliver over 9 million packages globally this year. Leveraging the buildout and regionalization of its logistics network, the analysts said delivery speeds have "dramatically improved, with nearly 25% of estimated units now delivered same-or-next day." BofA estimates Amazon delivered 5.9 million packages domestically in 2023 — more than United Parcel Service and FedEx . Despite "significant improvement" last year, analysts said the efficiency of Amazon's logistics operations are below 2018 levels for numerous metrics. That gap is part of their argument for "more runway ahead for efficiency gains" and "retail margin leverage upside in 2024." For those reasons, BofA raised its Amazon price target to $220 per share from $210 and kept its buy rating. BofA called out the importance of Amazon's retail margin because it has generated more estimated outperformance than its cloud business Amazon Web Services (AWS). Over the past 18 months, Street estimates for retail profit growth for 2025 have grown 219% while AWS profit estimates have dropped by 2%. The analysts estimate that retail will drive 50% of Amazon's generally accepted accounting principles (GAAP) operating income in 2027 — up from 33% in 2023. Shares of Amazon surged more than 4% on Wednesday — pushing its year-to-date gains to more than 27%. The stock topped a $2 trillion market cap during the session. In April, we raised our Club price target to $200 after Amazon delivered a strong first quarter and what we saw as conservative guidance. On the post-earnings call, CEO Andy Jassy said that Q1 saw the fastest delivery times to Prime customers ever. Amazon is set to report its second quarter next month. AMZN YTD mountain Amazon YTD Management's focus on further reducing Amazon's overall cost to serve its e-commerce customers and boosting its logistics efficiencies should be cause for concern among competitors. Jassy said customers look to Amazon for more purchases in categories such as everyday essentials, increasing total spending and purchase frequency. "They're bringing down the cost of a package, which means they can do more same-day, which means look out CVS [and ] Walgreens ," Jim said Wednesday. Logistics efficiency has allowed Amazon to carry a high volume of products across different brands and categories that appeal to Prime members. Add on same-day delivery, Jim asked, rhetorically, "Why would you go to the store on the way home when it's at your home." He added, "At your door more cheaply, same-day — that has been the holy grail for Amazon. They're pulling it off." It's no surprise, according to Evercore ISI's annual retail survey, that "faster shipping speeds lead to more frequent buying." Fifty-one percent of respondents, a survey record, said they opted for Amazon's same-day delivery option. Among Prime members, it was even higher at 58%. Based on these results, Evercore believes Prime same-day delivery is a "multiplier to purchase frequency and overall spend." Amazon's retail prowess will be on display on July 16 and 17, when the company holds its latest Prime Day event. Last year, total online sales in the U.S. for the two days grew more than 6.5% to a record $12.7 billion, according to Adobe Analytics. Amazon said it sold 375 million items during the two-day discount event, up from 300 million in 2022. The latest Wall Street analysis and thoughts from Jim support the idea of further room for Amazon stock to run higher. But for Club members with little to no shares, who are curious where good entry points are for a stock trading at all-time highs, we pointed out some buy levels for Amazon and other big tech players that have had massive runs this year. (Jim Cramer's Charitable Trust is long AMZN. 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. An Amazon workers pull a cart of packages for delivery on E 14th Street on July 12, 2022 in New York City. Michael M. Santiago | Getty Images
Banks Could Weather Even Extreme Economic Tumult, Fed Finds 2024-06-26 20:30:20+00:00 - A severe spike in inflation. A plummet in the value of the dollar. The collapse of their biggest clients. The largest banks in America could survive even those dire economic scenarios, according to analysis released by the Federal Reserve on Wednesday. The results are particularly noteworthy, because in addition to the Fed’s annual bank stress tests, this year, for the first time, the industry’s main regulator put big lenders through an enhanced hypothetical gantlet that mirrored and amplified some news events — including the unwinding of an investment fund that ultimately contributed to the fall of Swiss banking giant Credit Suisse. The industry cleared the higher bars, with as close to a clean bill of health as its leaders might have hoped.
Disney World is making it more expensive to skip the lines 2024-06-26 20:29:47+00:00 - Disney World is replacing its Genie+ service and individual Lightning Lane entry pass. Guests can use the Lightning Lane Multi Pass and Lightning Lane Single Pass starting July 24. Guests staying at Disney Resort hotels can plan Lightning Lane passes seven days in advance. 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 Walt Disney World will allow guests to make ride reservations a week in advance — but there's a catch. The official Disney Parks Blog said the Genie+ service and Lightning Lane entry would be discontinued at the Florida theme parks. Instead, guests can register for two new reservation programs that go into effect on July 24. "Walt Disney World will introduce new, simpler names to provide more clarity for everyone," a press release published Tuesday read. "Disney Genie+ service will become Lightning Lane Multi Pass, while individual Lightning Lane will now be known as Lightning Lane Single Pass." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
2 'potentially hazardous' asteroids will streak by Earth this week, one as big as a mountain. You can watch it live. 2024-06-26 20:25:05+00:00 - On Thursday and Saturday, two different "potentially hazardous" asteroids will fly by Earth. The first is as big as a mountain, and the second will be one of the brightest in recent history. Neither of them poses a threat to Earth, and you can watch their fly-bys live. 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 Two rare asteroids will zoom past Earth at close range this week, within just 42 hours of each other. Due to their size and trajectory, both of these space rocks are labeled "potentially hazardous." But that doesn't mean they pose an immediate threat to Earth. In fact, both of them will safely fly by at thousands of miles per hour. There's a zero percent chance that either will collide with our planet, according to the European Space Agency. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
US health officials strengthen endorsement of RSV shots for oldest Americans 2024-06-26 20:24:27+00:00 - NEW YORK (AP) — U.S. health officials on Wednesday made a stronger endorsement for RSV vaccinations for people 75 and older, but offered a narrower recommendation for people 60 to 74. The director of the Centers for Disease Control and Prevention accepted the recommendations from a committee of outside advisers, making it the government’s updated guidance to doctors. A year ago, the same advisory group said that people 60 and older should simply talk to their doctors about whether to get the shots. Physicians have said that kind of lukewarm recommendation is confusing to patients, challenging to explain, and a likely reason that fewer than 25% of older Americans have gotten a shot. RSV, or respiratory syncytial virus, is a common cause of cold-like symptoms but it can be dangerous for infants and the elderly. Last year, the U.S. Food and Drug Administration licensed single-dose RSV vaccines made by two companies, GSK and Pfizer, for older people. At the time, the vaccine advisers refrained from saying all older Americans should get the shots because of questions about possible side effects and the duration of protection. Some of those questions still exist, and panel members on Wednesday declined a request by vaccine manufacturers to more forcefully recommend the shots for all Americans 60 and older. Instead, they voted that people 75 and older should get the shots and that those 60 to 74 should do so only if they are higher risk for severe disease. The panel also declined to endorse giving the GSK vaccine to people in their 50s, even though the FDA this month licensed the company’s shot for that age group. A newly approved RSV shot from Moderna will be subject to the same guidance. Panel members said data has demonstrated that the shots make sense for all people 75 and older, because they are at higher risk for severe RSV cases. For people who are 60 and older, the conditions that put them at higher risk of severe illness include chronic heart disease, advanced-stage kidney disease, chronic lung illnesses and severe obesity. About 39% of people in that age group would qualify under the strictest interpretation of that guidelines, CDC officials said. The committee also recommended the vaccine for 60- to 74-year-olds who live in nursing homes or are deemed by their doctors to be frail for other reasons. Underlying the panel’s hesitancy are reports of a nervous system disorder, Guillain-Barre syndrome. Though rare, there have been a higher-than-expected number of Guillain-Barre cases among RSV vaccine recipients, particularly in those who got the Pfizer shot. FDA officials on Wednesday said there is no clear evidence that the shots are causing the disorder, but some panel members noted research is ongoing. “I do agree with the overall conclusion that the risks of RSV vaccination are greatly outweighed by the overall benefits,” said one panel member, Dr. Camille Kotton, an infectious diseases expert at Massachusetts General Hospital. “Nonetheless, I remain quite concerned” about recurring indicators of Guillain-Barre in vaccination surveillance data, she added. ___ 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.
What Makes Amtech a New Strong Buy Stock - Amtech Systems (NASDAQ:ASYS) 2024-06-26 20:24:00+00:00 - Loading... Loading... Amtech Systems ASYS could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time. As such, the Zacks rating upgrade for Amtech is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price. Most Powerful Force Impacting Stock Prices The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock. Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Amtech imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher. Harnessing the Power of Earnings Estimate Revisions Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions. The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. Earnings Estimate Revisions for Amtech This provider of equipment for solar panel and semiconductor makers is expected to earn -$0.05 per share for the fiscal year ending September 2024, which represents a year-over-year change of -150%. Analysts have been steadily raising their estimates for Amtech. Over the past three months, the Zacks Consensus Estimate for the company has increased 48%. Bottom Line Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term. The upgrade of Amtech to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term. To read this article on Zacks.com click here.
It looks like Nvidia failed to soothe skittish investors 2024-06-26 19:55:14+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 Nvidia briefly dethroned Microsoft to become the world's most valuable company just last week when it hit a valuation of $3.34 trillion. But since then, it's dropped by around $500 billion. Now, investors are left wondering if the chip-making giant — whose shares have, until now, been on a dizzy upward trajectory thanks to its dominance of the AI semiconductor market — has peaked. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The annual shareholder meeting on Wednesday didn't ease their concerns. Related stories Nvidia CEO Jensen Huang didn't say anything to sound off alarms during the meeting. But he also didn't say anything particularly reassuring about how it will fend off competitors and maintain its position at the top — or anything game-changing that hadn't already been touched on at the GTC conference in March. Advertisement CEOs like Sam Altman and Elon Musk still view the graphics processing unit chips as a key component of the generative AI boom. However, other tech giants have started to develop their own alternatives. It's worth noting that even if companies do come out with their own versions, it could take a while before they become fully reliable. Still, Google said it's making its own Arm-based CPU processor, Axion, in April, and Microsoft is also attempting to create its own AI chips. Huang also failed to mention during the meeting when exactly the company's next-generation AI chip, Blackwell will become available, although he said it would be "the most successful product" in Nvidia's history. He unveiled the chip at the GTC conference but hasn't provided information on its price or availability since. The chip is supposed to operate at least two times faster than its predecessor, the H100. Huang talked positively about the prospects for Nvidia, saying that the company has created a path forward for the future of computing, which took about two decades to reach. Nvidia serves over five million developers and 40,000 companies, including thousands of AI companies. Advertisement "Nvidia accelerated computing, has reached a tipping point and achieved a virtuous cycle," Huang said. That wasn't enough for shareholders, however. The stock stayed down more than 2%. Nvidia is still one of the world's biggest companies, but time will tell if it can maintain its position as the main provider of computing chips — and if its massive market cap is sustainable. Nvidia declined a request for comment from Business Insider.
Few have flood insurance to help recover from devastating Midwest storms 2024-06-26 19:54:36+00:00 - SOUTH SIOUX CITY, Neb. (AP) — Rick Satterwhite’s house backs up to the Missouri River, but flood insurance hadn’t really seemed necessary – until this week, when he had to pump water out of his basement after a round of destructive storms. It’s not the first time he’s had to dry out his basement from floodwater, but bad storms are getting more frequent, he said. Satterwhite watched with dread Monday as the river came within 2 feet (61 centimeters) of his backdoor in Dakota City, Nebraska, after torrential rain produced record-setting Midwestern floods, destroying hundreds of properties. “I talked to our agent today,” Satterwhite said. “We’re going to get flood insurance now.” Satterwhite is hardly alone. As the Midwest begins to recover, many won’t have flood insurance, which must be purchased separately from homeowners insurance. Federal data shows that across the flooded states of Nebraska, South Dakota, Iowa and Minnesota, the government has only issued about 26,500 flood insurance policies combined. Lack of insurance can burden homeowners with out-of-pocket repair costs and place more need on nonprofits and the government, said Emily Rogan, senior program officer at United Policyholders, an insurance consumers group. In Iowa, for example, consulting firm Milliman estimates that in 22 of the counties covered by the governor’s disaster proclamations, less than 1% of single-family homes have flood insurance from the government, which issues the vast majority of policies. Many think flooding won’t happen to them and is hardly worth the cost of another bill, according to Tom O’Meara, CEO of Independent Insurance Agents of Iowa. Iowa property insurance rates have skyrocketed in recent years after a series of expensive weather disasters, he said. Avoidance of flood insurance comes as climate change increases flood risk, creating conditions that produce wetter rainstorms. And this past week’s storms also badly flooded smaller rivers that don’t frequently overflow, catching people off guard. “I don’t think people have a personal experience with floods like this very often,” said Nathan Young, associate director of the Iowa Flood Center. In 2022, the average annual price of federal flood insurance was $935. Federally-backed mortgages and many banks require flood insurance in high risk zones identified by the Federal Emergency Management Agency, but those maps don’t consider flooding from all sources, like rain. FEMA’s recently-updated pricing reflects more factors, and the agency says these prices – not flood maps – are the best indicator of risk. In Iowa, hundreds are being helped at American Red Cross shelters. Workers ask people about their loved ones and basic needs. Then they help victims assess the damage and what can be done. This is when some people first realize they needed to buy a separate flood insurance policy, said Charles Blake, disaster services senior executive with the American Red Cross. People who do have policies are so thankful, he said. “It gives you a leg up,” Blake said. Others like Ben Thomas consciously avoid flood insurance and assume risk themselves. For nearly two days, Thomas pumped water out of his basement on the north side of the Little Sioux River in Spencer, Iowa, moving between his house, his parents’ riverfront property across the street and other neighbors. “I don’t believe that insurance is the answer to life’s problems,” he said. “I would say we made a very well informed decision, but in this case, we got burned.” While he doesn’t regret his decision not to buy an expensive policy, he acknowledged residents might feel differently on the south side of the river, where some homes are unlivable with water on the main floor. The National Flood Insurance Program covers up to $250,000 for a building and offers policies to protect contents worth as much as $100,000. That’s not always enough to replace an entire destroyed house, and even though the private market is small, it provides policies that can fill the gap. There is some help available for the uninsured. The federal government’s disaster declaration for parts of the flooded area allows it to issue grants and low interest loans to help with temporary housing, some home repairs and essentials like cleaning supplies and baby formula. “We can still help,” said John Mills, a FEMA response team spokesperson, but flood insurance provides much more money. FEMA’s new pricing method increased rates for about three quarters of policy holders, but others saw decreases for the first time. Selling more policies is a struggle nationwide; slightly fewer people are buying them this year. One problem is that FEMA is prohibited from discounting premiums for low-income residents, according to Rob Moore, director of flooding solutions at the Natural Resources Defense Council. “Only Congress can fix that,” he said. And when rebuilding starts, that’s the easiest time to mitigate the risk of the next flood, said Chad Berginnis, executive director of the Association of State Floodplain Managers. “Instead of rebuilding the same way you did immediately, stop, think about what you can do to protect yourself,” Berginnis said. “Nobody wants to elevate their house or do flood proofing projects on a sunny day.” ___ Associated Press reporter Hannah Fingerhut in Des Moines, Iowa, contributed to this report. Phillis reported from St. Louis. ___ The Associated Press receives support from the Walton Family Foundation for coverage of water and environmental policy. The AP is solely responsible for all content. For all of AP’s environmental coverage, visit https://apnews.com/hub/climate-and-environment
Right-wingers are spreading misinformation to Black voters through podcasts and influencers 2024-06-26 19:52:06+00:00 - A new report released Tuesday highlights how the far right is spreading misinformation to Black voters through popular influencers, social media and podcasts. Over the past few years on the ReidOut Blog, I’ve written extensively about how popular, ostensibly Black news outlets, influencers and hip-hop podcasters have been used to spread far-right propaganda and misinformation or undermine civic engagement. This report is easily the most thorough examination I’ve seen into how false and manipulative claims make their way from bad actors to Black folks. I clicked on it so fast that I almost hammered a hole in my desk. The report's analysis from the organization Onyx Impact can be found here. NBC News summarized it well: At least 40 million Americans may be regularly targeted and fed disinformation within Black online spaces by a host of sources across social media, fueling false information around the election, according to a new report published Tuesday. Touted as the first deep dive into understanding disinformation targeting Black America, the report, published by Onyx Impact, a nonprofit organization working to combat disinformation within the Black community, identified half a dozen core online networks “reaching or targeting” Black Americans online with false and misleading narratives. The report highlights how extremists and other misinformation peddlers use outlets and influencers popular among Black folks to spread far-right claims and indoctrinate audiences with a conservative worldview. It lists several “gateway influencers and platforms” — media entities that are popular among Black folks and have been targeted by extremists — that have promoted misleading or bigoted views. That list mentions the online tabloid The Shade Room, the syndicated radio show "The Breakfast Club," influencer 19 Keys, the Joe Budden Podcast, The Stephen A. Smith Show, and the podcast “Earn Your Leisure.” Joe Budden, Stephen A. Smith and 19 Keys. Wire Image; NBC; Getty None of the aforementioned platforms responded to NBC News’ request for comment. The report notes that some of these outlets’ large audiences could make them very useful in dispelling false and misleading claims, but it also highlights how some of these entities have already platformed extremist right-wingers. It also talks about some other concepts we’ve discussed here on the blog, including efforts to promote anti-immigrant sentiment within the Black community (a Trumpian strategy we’re seeing unfold today) and efforts to promote toxic hypermasculinity among Black men. And it talks about how artificial intelligence tools will likely exacerbate the spread of targeted disinformation without measures to combat it. But it’s not all doom and gloom. The report includes suggestions on how to combat the spread of disinformation through Black influencers and outlets. In our increasingly fragmented media landscape, this is essential reading for anyone wanting to understand how to fight back against far-right manipulation.