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'Walk in there with a good deal of ammunition': Veteran debate advisers say Trump and Biden should come out swinging 2024-06-26 09:00:00+00:00 - WASHINGTON — For all the memos and briefing books that presidential candidates absorb, there comes a time during debate prep when an aide simply needs to step forward with a bit of helpful, plainspoken encouragement. “At some point, you have to walk into the room and say, ‘We’re going to kick his f------ ass,’” James Carville, an architect of Bill Clinton's White House victory in 1992, said in an interview. “‘We’re going to clock this mother------, you understand?’” Ahead of the first general election debate Thursday, President Joe Biden has been holed up at Camp David, Maryland, with advisers, scripting put-downs and one-liners that they hope will trigger a tantrum that makes Donald Trump sound unglued. Trump is taking a more casual approach, mixing private policy sessions with campaign appearances in which he has predicted without evidence that Biden will be “jacked up” on drugs that sharpen his performance on the debate stage. Millions of voters will watch the debate live; those who don’t will undoubtedly see their social media feeds crammed with memes that might indelibly shape their perceptions of the candidates. No other event this election season may have quite the same potential to upend a race that is rated a toss-up. NBC News spoke to more than a dozen strategists and former officials from both parties who’ve worked on presidential debates to see what Biden and Trump should do to win. A consensus is that if Trump shows up composed and disciplined, he’ll go a long way toward reassuring Americans who worry about his stability and gain ground with the voters he needs. Should he use his time to rehash old grievances that have nothing to do with peoples’ lives, he's in for a tough night, many of the strategists agreed. "If Trump remains calms and collected, they [the Biden campaign] have got problems," said Judd Gregg, a Republican former senator from New Hampshire who has played various opponents over the years in mock presidential debates. ‘Blurting out words for no reason’ So, which Trump will the nation see in Atlanta? “We don’t know, do we?” said Newt Gingrich, a Republican former House speaker and Trump ally. Trump’s political base is locked in, but MAGA isn’t a big enough movement to swing an election outright. He’ll need independent and suburban female voters, and for them he must appear “sane,” said Jim Messina, who was President Barack Obama’s campaign manager in 2012. The debate rules might work to Trump’s advantage, some operatives said. When it’s not a candidate’s turn to speak, CNN will cut his microphone. So viewers may not hear Trump if he tries to interrupt Biden, which he did so often during a 2020 debate that Biden snapped at him to “shut up.” “The muting thing is great for us and democracy,” said Philippe Reines, who played Trump during Hillary Clinton’s debate rehearsals in 2016. “But they’ll be able to hear each other, and there will be some weird moments.” “He’s not going to sit there quietly,” Reines said of Trump. “He’s going to continue to talk, and Biden will hear him, and Biden will respond at some point. You’ll have this weird situation where Biden will look like he is blurting out words for no reason.” 'Stay away from the age issue' For Biden, the debate is a chance to overcome misgivings about his age and acumen that amount to the biggest drag on his candidacy. If he can fluently field questions from the moderators while deflecting Trump’s attacks, he may allay doubts that he’s up to the job. Hard as that sounds, the boot camp Biden is immersed in is a strain in its own right — one that has left younger candidates visibly angry and resentful. Obama stopped a prep session during his 2012 re-election campaign and told his aides, “‘If you guys think this is so g------ed easy, you do it,’” Messina recalled. With that, Obama left the room to take a walk. Jack Kemp, the Republican vice presidential nominee in 1996, got so annoyed with Gregg, who played the part of Al Gore, that he gave him the finger and stalked off. No one zinger that Biden’s team cooks up will be enough to make voters forget his age, the strategists agreed. Concerns about Biden’s overall fitness are too deeply rooted. The master class in deflecting the age issue came in 1984, when President Ronald Reagan, then 73, said at a debate with Democrat Walter Mondale that he wouldn’t “exploit, for political purposes, my opponent’s youth and inexperience.” Even Mondale had to laugh. “The age issue will never entirely go away,” said Jennifer Palmieri, a senior aide in Hillary Clinton’s 2016 campaign. “It’s not like Biden is going to set a new paradigm, as Reagan did." “Periodically, the president needs to prove to people the vigor with which he’s doing the job,” she continued. “The State of the Union speech [in March] was a big moment to accomplish that. And the debates are another big moment.” Reagan entered the crucial debate with Mondale having flubbed an earlier one. Among those privately coaching him through an intermediary was Republican former President Richard Nixon. In his forthcoming book, “Behind Closed Doors — In the Room with Reagan and Nixon,” ex-Reagan speechwriter Ken Khachigian writes about Nixon's private advice: “Reagan should not be concerned with facts and figures. The most important thing is demeanor. ... Your best commodity is Reagan and keeping the whole thing on the basis of the economy. ... Keep him upbeat so he’s buoyant and strong. Mondale is still a plodding, dull man." Biden could try to blunt questions about age by stressing competence, instead, some strategists said. Gingrich suggested a few lines Biden could trot out at Trump's expense. “If I were Biden, I would stay away from the age issue and just say, ‘Look, I was wise enough not to try to overthrow the U.S. government,’” Gingrich said in an interview. “Go through a list of five things in a row and say, ‘I would rather have my age with wisdom than your total lack of seriousness.’” 'Can he shoot straight?' Biden has assembled a seasoned crew at Camp David to make sure he’s ready. Running the team is Ron Klain, a former White House chief of staff who has carved out a subspecialty training Democratic presidential nominees for televised debates. Klain studies GOP candidates the way an NFL coach watches game tape of opposing teams, looking for patterns and weaknesses to exploit, said Robby Mook, Hillary Clinton’s 2016 campaign manager. One of Klain’s methods is to research what the opponent has been saying in the run-up to a debate, on the theory that the opponent will repeat the same lines onstage, he once wrote in a memo. “Ron is able to predict how an opponent will react in particular situations, and in Hillary’s case in 2016, she was able to trigger Trump multiple times during the debate,” Mook said. One such moment came during the first Trump-Clinton debate on Long Island, New York. Clinton needled Trump in a personal way that quickly threw Trump on the defensive. Five minutes in, she mentioned a $14 million loan he’d gotten from his father, challenging the notion that he was self-made. “I remember us working on that point, and boom, she landed it!” Mook said. Klain has even more fodder to work with now. Last month, a Manhattan jury convicted Trump of 34 felony counts related to hush money payments to a porn star. He was indicted over his role in efforts to overturn the 2020 election that resulted in the Jan. 6 attack on the U.S. Capitol. FBI agents raided Trump's Mar-a-Lago home in Florida and seized classified documents as part of a criminal investigation that led to his indictment a year ago. “If I was advising him [Biden], I’d try to make fun of Trump,” Republican former Vice President Dan Quayle said in an interview. “Try to ridicule him. That will get him mad.” However deft Biden’s prepared lines may be, there are two reasons they may not matter when the votes are counted. One of the cleverest lines spoken in a debate came in 1988, when Democratic vice presidential candidate Lloyd Bentsen skewered Quayle by challenging any pretensions Quayle might have had of being another John F. Kennedy. “Senator, you’re no Jack Kennedy,” Bentsen said. “It was a good line, and he landed it, but did it make any difference?” Quayle said. “We won 40 states in an electoral landslide.” Then there’s a more basic question. Is Biden nimble enough to spot the right moment and deliver the line with the needed clarity? For that matter, is Trump? Both men have stumbled over names, places and dates in their speeches. “I don’t have any doubt that he [Biden] is going to walk in there with a good deal of ammunition,” Carville said. “Can he shoot straight? It’s one thing to have ammunition; it’s another thing to hit the f------ target.”
Volkswagen's $5 billion investment in Rivian boosts EV maker's shares 2024-06-26 05:51:00+00:00 - By Abhirup Roy and Ben Klayman SAN FRANCISCO (Reuters) - German automaker Volkswagen Group will invest up to $5 billion in U.S. electric-vehicle maker Rivian as part of a new, equally controlled joint venture to share EV architecture and software, the companies said on Tuesday. Shares of Rivian surged about 50% in extended trade after the announcement, potentially supercharging the company's market value by nearly $6 billion, if gains hold on Wednesday. The auto industry faces a crucial time as EV startups grapple with a slowdown in demand amid high interest rates and dwindling cash, while traditional automakers have struggled to build battery-powered vehicles and advanced software. Volkswagen will initially invest $1 billion in Rivian and a further $4 billion later, the companies said. The investment will provide Rivian the funding necessary to develop its less-expensive and smaller R2 SUVs that are set to roll out in 2026 and its planned R3 crossovers, CEO RJ Scaringe told Reuters. It will also help Rivian - known for its flagship R1S SUVs and R1T pickups - turn cash flow-positive. The company will license its existing intellectual property rights to the JV. "Any cash infusion like that is huge. Getting the support of Volkswagen Group certainly really strengthens their story toward Europe and toward Asia eventually," said Vitaly Golomb, managing partner at Mavka Capital in San Francisco, an investor in Rivian. For Volkswagen, analysts and investors see this as a move to solve the company's struggles in software. VW's software division Cariad - set up under former VW Group CEO Herbert Diess - has exceeded its budget and failed to meet goals. This contributed to Diess' exit in September 2022. Volkswagen said earlier this year it was sticking with plans to launch 25 EV models in North America across its group brands by 2030, even as it acknowledged slowing growth in the segment. Golomb said VW is not a big player in the large SUV and pickup segments in the U.S. and it has failed to break through with its crossover electric SUV ID4. However, this partnership gives the company options, he said. COST CUTS Even with losses of nearly $40,000 for every vehicle it delivers, Rivian has been on a steadier footing than other EV makers that have been forced to slash prices to stimulate demand or file for bankruptcy protection. To keep its head above water, Rivian has been slashing costs even as it works to deliver its EVs on time. The company has overhauled its manufacturing process, which has led to a 35% reduction in cost of materials, Scaringe told Reuters during an exclusive tour of its facility in Normal, Illinois, last week. Story continues It has also been renegotiating supplier contracts and building some parts in house. Rivian's cash and short-term investments fell by about $1.5 billion in the first quarter to just under $8 billion. Before the VW deal, Rivian had said it had enough capital to launch the less expensive and smaller R2 SUVs in early 2026. "Their recent cost-cutting was one thing to work on, but they were definitely going to need something to get them past the launch of the R2s. This definitely helps extend that range," said Sam Fiorani, vice president at research firm AutoForecast Solutions. Traders have bet heavily that Rivian's stock will fall, with an equivalent of 18% of its shares recently sold short, according to data from S3 Partners. (Reporting by Abhirup Roy in San Francisco; Additional reporting by Noel Randewich in Oakland, California, Harshita Varghese in Bengaluru and Ben Klayman in Detroit; Writing by Sayantani Ghosh; Editing by Rod Nickel and Matthew Lewis)
Stock market today: Nvidia rebound fuels Nasdaq rally as Dow falls 300 points 2024-06-26 05:50:00+00:00 - US stocks closed mixed on Tuesday, pulled in opposite directions by the Nasdaq and the Dow, as AI chipmaker Nvidia (NVDA) rebounded from a three-day skid to surge nearly 7%. The tech-heavy Nasdaq Composite (^IXIC) finished the day up roughly 1.3%, while the benchmark S&P 500 (^GSPC) rose around 0.4%, both breaking three-session losing streaks. The Dow Jones Industrial Average (^DJI) remained the only major index in the red, slipping 0.8%, or about 300 points, after a surge to start the week. On Monday, the Nasdaq and S&P 500 took a bruising as Nvidia's slide dented the tech rally that has powered gains this year. Investors are seen as taking profits scored in AI-linked names as a stellar quarter draws to a close, raising the question of whether recent losses have further to go. Elsewhere, the wait is on for Friday's update to the Personal Consumption Expenditures (PCE) index, a favored inflation input for the Federal Reserve. Governor Michelle Bowman on Tuesday stressed she's willing to hike interest rates if holding them steady fails to bring price pressures under control. On the economic data front, home prices set a new record high in April although annual growth slowed from the previous month, according to the S&P CoreLogic Case-Shiller report. Meanwhile, a reading on consumer confidence highlighted cracks in previous resilience. According to the latest reading from the Conference Board, the index came in at 100 for the month of June, below the 101.3 seen in May. The results were in line with what economists surveyed by Bloomberg had expected.
FedEx eyes fiscal 2025 profit just above Wall St target, shares soar 2024-06-26 05:28:00+00:00 - By Lisa Baertlein and Ananta Agarwal (Reuters) -FedEx forecast fiscal 2025 profit above analysts' estimates on Tuesday, anticipating that the cost reductions planned for the year would deliver margin gains even as revenue remains challenged by lackluster demand for parcel shipping. Shares of FedEx were up 14.9% at $294.50 in extended trading after the delivery company targeted fiscal 2025 earnings of $20 to $22 per share - the midpoint of which was slightly above analysts' estimate of $20.92. That helped investors shake off worries that gains from slashing costs and merging operations were diminishing. Memphis-based FedEx's earnings excluding items grew 7.2% to $1.34 billion, or $5.41 per share, for the fourth quarter that ended on May 31. Operating margin also improved to 8.5% from 8.1% in the year-ago quarter. "These results are unprecedented in this current environment," FedEx CEO Raj Subramaniam said. "We expect this momentum to continue in fiscal 2025." The company's largest unit, Express overnight delivery, has struggled with falling volumes as the U.S. Postal Service shifts packages from higher-margin air services to more economical ground services. FedEx's unprofitable U.S. Postal Service contract, which accounted for about $1.75 billion in revenue to FedEx during the postal service's latest fiscal year, will end on Sept. 29. Express operating margin, excluding items, fell to 4.1% during the quarter, from 5.0% a year earlier. FedEx previously said that eliminating the costs related to supporting postal service volume will help profitability improve in fiscal 2025 and beyond. FedEx's "guidance was impressive, in light that it did not renew its contract with the U.S. Postal Service," said Louis Navellier, founder and chief investment officer of asset manager Navellier & Associates. CEO Subramaniam, who succeeded founder Fred Smith two years ago, has been squeezing out costs and merging its separate airplane- and truck-based delivery units amid pressure from activist investors. But the revenue side of its business remains challenging. Industrial production and parcel shipping demand - two key business drivers - are lackluster as inflation and higher interest rates take a toll. FedEx revenue hit $22.1 billion in the fourth quarter, up 1% from the year earlier, and slightly above analysts' estimate of $22.06 billion. At the close of trading on Tuesday, FedEx shares had posted a 12-month gain of 10%, versus a 20% drop for rival United Parcel Service. (Reporting by Ananta Agarwal in Bengaluru and Lisa Baertlein in Los AngelesEditing by Pooja Desai and Matthew Lewis)
Why Nvidia Stock Popped on Tuesday 2024-06-26 05:17:00+00:00 - Shares of Nvidia (NASDAQ: NVDA) surged higher on Tuesday, jumping as much as 6.3%. As of 1:59 p.m. ET, the stock was still up 5.8%, taking it back above that psychologically important $3 trillion market cap. The catalyst that sent the chipmaker and artificial intelligence (AI) specialist higher was word that the company was entering an important new market, which could boost future sales. A vast new market Nvidia's graphics processing units (GPUs) have become the gold standard and a key component in the rise of generative AI. These processors provide the computational horsepower necessary to speed the process of AI training and inference, which primarily occurs in data centers. The company has inked a deal to bring its AI expertise to telecom company Ooredoo in the Middle Eastern country of Qatar. The agreement will provide its customers in Qatar, Algeria, Tunisia, Oman, Kuwait, and the Maldives "direct access" to Nvidia's AI technology, according to a report by Reuters. The U.S. government has limits on what technology Nvidia can export to Middle Eastern countries to keep its most sophisticated technology from being accessed by China. The report suggests that Nvidia would comply with the government mandates while also playing an important role in supplying AI chips to the region. The expansion of AI continues The news comes in the wake of Nvidia's most recent blockbuster financial report, continuing its triple-digit revenue and profit growth. This, in turn, has fueled its surging stock price and recent 10-for-1 stock split. Some investors have expressed concern that the next leg of Nvidia's growth could stall, and they wonder how far AI has left to run. Most experts concur, however, that the adoption of AI is still in the early innings. Generative AI will become a $1.3 trillion market by 2032, according to estimates provided by Bloomberg Intelligence. Furthermore, at roughly 35 times forward earnings, Nvidia stock is still reasonably priced, particularly in light of the ongoing opportunity presented by AI. Should you invest $1,000 in Nvidia right now? Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $723,729!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. Story continues See the 10 stocks » *Stock Advisor returns as of June 24, 2024 Danny Vena has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy. Why Nvidia Stock Popped on Tuesday was originally published by The Motley Fool
Rivian stock soars as Volkswagen says it will invest up to $5 billion in new joint venture 2024-06-26 05:11:00+00:00 - Rivian (RIVN) shares are surging in extended hours after the EV maker announced a joint venture deal with Volkswagen (VWAGY), crucially bringing fresh capital into Rivian’s coffers. Irving, Calif.-based Rivian's shares were up over 40% in after-hours trading. Volkswagen announced it intends to work with Rivian to create “next generation software-defined vehicle (SDV) architectures” to be used in both companies’ future EVs. The joint venture will use Rivian’s “zonal hardware design” and platform for the foundation of future vehicles, as well as Rivian’s electrical architecture expertise for the vehicles. Rivian will license its existing IP rights to the joint venture. In exchange, Volkswagen will invest an initial $1 billion in Rivian through an “unsecured convertible note that will convert into Rivian’s common stock,” with up to $4 billion in additional investment staged through 2026 for a total infusion of $5 billion. “The partnership fits seamlessly with our existing software strategy, our products, and partnerships. We are strengthening our technology profile and our competitiveness," Volkswagen Group CEO Oliver Blume said in a statement. “Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group’s global reach, but this partnership also is expected to help secure our capital needs for substantial growth,” Rivian CEO RJ Scaringe said in the statement. This is exciting! Volkswagen Group CEO Oliver Blume and I are thrilled to announce the formation of a joint venture between our two companies. This partnership brings Rivian’s software and zonal electronics platform to a broader market through Volkswagen Group’s global reach and… pic.twitter.com/11XVNUo89J — RJ Scaringe (@RJScaringe) June 25, 2024 For Rivian, the news of fresh capital allays concerns over the company’s runway as it bridges toward the release of its next-generation vehicles, the R2 and R3 mass-market SUVs. In terms of its cash cushion, Rivian said it had $5.98 billion at the end of Q1 versus $7.86 billion at the end of Q4. The additional cash from Volkswagen presumably gives the company more runway as it prepares to produce these new vehicles. Cash infusion: A Rivian R3 SUV is displayed during the Rivian Reveals All-Electric R2 Midsize SUV event at Rivian South Coast Theater in March. (Phillip Faraone/Getty Images for Rivian) (Phillip Faraone via Getty Images) Separately, Scaringe told Reuters yesterday that Rivian was improving its cost structure and simplifying production at its Normal, Ill., plant via, among other things, upgrades to its factory equipment. Story continues This story is developing. Pras Subramanian is a reporter for Yahoo Finance covering the auto industry. You can follow him on Twitter and on Instagram. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance
Why Toyota Motor Stock Just Popped 2024-06-25 23:47:00+00:00 - Toyota Motor (NYSE: TM) stock revved 3.4% higher through 10:35 a.m. ET Tuesday after announcing a new marketing campaign to attract Millennial and Gen Z buyers to its cars -- specifically, the Corolla Hybrid and Corolla Hybrid Nightshade edition. The campaign centers around a 4.5-minute "short film" titled "Getaway Driver" starring internet personality "King Bach," which will be released at 5 p.m. ET tonight on Toyota's YouTube channel. Why all the hype around a commercial? Toyota teased the 4.5-minute film this morning with a 30-second commercial showing Bach jumping in a Corolla and racing away from a prototypical "dude with a chainsaw" who pops out of a cabin in the woods. While driving away, the actor touts the Corolla hybrid's acceleration, combined with 44 miles-per-gallon fuel efficiency and "good air conditioning, too." This is basically just a car commercial with a longer narrative than usual. Sirius XM (NASDAQ: SIRI) also acts as a co-sponsor (not that Toyota needs the financial help). Still, the commercial makes sense. It's targeting younger car buyers and introducing them to its entry-level vehicle along the Corolla-Camry-Crown continuum. And it's got the added twist of hyping a hybrid, which should appeal to younger car buyers' environmental leanings. Is Toyota stock a buy? Will it be enough to move the needle for Toyota regarding sales growth? Only time will tell. But whether this particular commercial "works" or not -- whether it convinces young car buyers to buy more Toyota cars -- Toyota stock already looks attractive. Toyota's stock is priced at just 8.5 times trailing earnings, and analysts have the company pegged for a 15.9% long-term growth rate, valuing the stock at a cheap 0.5 price/earnings-to-growth ratio (PEG). The stock also offers dividend investors an attractive 2.4% dividend yield. All things considered, I consider Toyota stock a buy. Should you invest $1,000 in Toyota Motor right now? Before you buy stock in Toyota Motor, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Toyota Motor wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $723,729!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. Story continues See the 10 stocks » *Stock Advisor returns as of June 24, 2024 Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Toyota Motor Stock Just Popped was originally published by The Motley Fool
CDK Global shares when systems will be back up amid cyberattack outage 2024-06-25 22:48:00+00:00 - What to know about the CDK Global cyberattack disrupting car dealers What to know about the CDK Global cyberattack What to know about the CDK Global cyberattack CDK Global told its car dealership clients Tuesday that the suite of software tools powering their businesses will likely not be fully functional for the remainder of the month after the company was hacked, causing a system-wide outage. The announcement comes one full week after the initial CDK cyberattack, which the company is calling a "ransom event," crippling 15,000 auto dealers across the U.S. "We do feel it's important to share that we do not believe we will able to get all dealers live prior to June 30," CDK Global said in a recorded message on a help line and in a memo sent to dealerships Tuesday. The company added it is "continuing the restoration process of our core applications" and that progress has been made getting systems functional again after multiple cyberattacks by a group believed to be based in Eastern Europe brought them down. Given the outage is expected to last for at least five more days, CDK encouraged its dealer clients to consider other ways of processing sales until its system is full restored. "Should you need to make alternate plans for your month-end financial close process, you should do so to help keep your dealership working until the applications are recovered," CDK said in the recording. It also directed customers to a dealership resource center with commonly used applications and forms that remain available to customers. The cyberattacks have left many auto dealer spinning their wheels as they try to service car shoppers. Some dealerships have closed during the outage, while others say they have millions of dollars on the line. CDK has not indicated whether it will provide clients with any financial remedies related to the outage.
Israel Court Ruling Ends Protections For Religious Jews From Joining IDF - ARK Israel Innovative Technology ETF (BATS:IZRL), iShares Inc iShares MSCI Israel ETF (ARCA:EIS) 2024-06-25 21:51:00+00:00 - Loading... Loading... The Israeli Supreme Court has ruled that ultra-orthodox men of service age must now be drafted to join the army, in what constitutes a strong political blow to Benjamin Netanyahu's ruling coalition. Israel's nine-month-long war against Hamas and Hezbollah is shaking the country's institutions in unprecedented ways. Now, a ruling by the country's highest court risks defying one of Israel's most debated realities, by which Jewish religious students are exempted from the otherwise mandatory military service, which drafts most male and female citizens at age 18 and has become a rite of passage in Israeli society. The Israeli Supreme Court Decision: On Tuesday, the court ruled unanimously that Orthodox youth, also called Yeshiva students, must be included in drafts in an equal manner to other members of society, as there are no longer any legal resources in place to justify their exemption, the Times of Israel reported. About 63,000 men of draft age are part of the Haredim, an ultra-Orthodox group within Israeli society that constitutes about 13% of the country's population. The Haredim are characterized by their strict adhesion to traditional Jewish rites and ways of life. The study of religious texts is a central part of their daily lives, which conflicts with other activities like military service. Haredi groups say their role in society is needed to maintain the traditional Jewish rite alive and provide divine protection to the rest of the population. What It Means For Israeli Politics: Two Haredim political parties represent the second-largest political bloc after Netanyahu's right-wing Likud party, with which they form a coalition. In previous decades, several temporary exemptions were passed allowing for Yeshiva students to skip military service. The court has now determined that "there is no legal basis for avoiding the recruitment of yeshiva students at this time." The latest exemption expired in June of last year, months before Israel received its worst attack in decades on Oct. 7 by Hamas, subsequently launching a massive military campaign into Gaza that has strained the country's military manpower. Both the U.S. Department of State and the European Union’s European Council have placed Hamas in their foreign terrorist organization lists. Last week, Netanyahu criticized a decision by U.S. President Joe Biden to halt a shipment of large bombs to Israel, describing the move as inconceivable. Read also: Benjamin Netanyahu Dissolves Israel’s War Cabinet Amid Internal Strife As War With Hamas Rages "The state must act to enforce the Law for Security Service on yeshiva students," the court said, adding that "there is no legal authority to continue transferring the [financial] support for these students." The final phrase refers to a separate ruling stating that Yeshiva students are now barred from receiving financial support from the government if they are of draft age. The ruling did not specify how many young Orthodox Jewish men must now be drafted or at what rate. It has called upon recruitment agencies to be active in recruiting religious men into the Israeli Defense Forces. The ruling text says the recruitment can be gradual as long as it begins immediately. According to the news outlet, it's unlikely the legislature will pass further exemptions, with several members of Netanyahu's party saying they would vote against them at this time of urgent need for military personnel. The court ruling even counted with the support of two far-conservative judges who are religiously observant. "Non-enforcement of the provisions of the Security Service Law creates severe discrimination between those who are required to serve" and those exempted, the court said in its ruling. "In these days, in the midst of a severe war, the burden of inequality is more acute than ever — and requires the promotion of a sustainable solution to this issue," the court said. ETFs following Israeli companies listed in the U.S. include Ishares Msci Israel ETF EIS and Ark Israel Innovative Technology Etf IZRL. Now read: Hezbollah Leader Warns Israel And Cyprus To Fight ‘Without Rules And Without Limits’ If Conflict Escalates Shutterstock image.
Dave Portnoy Lost Out On $1 Million Through Oilers Bet But Is Trying To Win It Back With A World Series Gamble - DraftKings (NASDAQ:DKNG), PENN Entertainment (NASDAQ:PENN) 2024-06-25 21:50:00+00:00 - Loading... Loading... Dave Portnoy, the founder of Barstool Sports, is known for betting large sums of money in sporting events. What Happened: Despite a recent hot streak, including winning nearly $1.5 million when the Boston Celtics won the NBA finals, Portnoy’s luck seemed to run out when he lost a $150,000 bet that would have netted him more than $1 million on the Edmonton Oilers to win the Stanley Cup. Portnoy seemed undeterred by the loss. He shared a DraftKings Inc DKNG bet slip showing that he placed $200,000 on the Philadelphia Phillies to win the 2024 World Series at +600 odds. That means he would win $1.2 million if the Phillies end up taking home the championship. Read Also: Portnoy Wins Big With Boston Celtics NBA Championship, Rapper Drake Loses $500K And Could Lose $500K More On NHL Bet Basically: Barstool, one of the leading sports media companies in the country, partnered with DraftKings after Penn Entertainment PENN sold Barstool back to Portnoy for $1. Penn, which previously ran the Barstool Sports book, now operates the ESPN Bet sports book. Past Wins: Portnoy has also netted money by betting on top golfer Scottie Scheffler. Portnoy had a two-leg parlay of Scheffler winning the RBC Heritage in April and the Celtics to win the NBA Championship. Scheffler's odds of winning the tournament were more than +500, while the Celtics' odds at the time were around +150. Both legs were victorious and the bet paid out more than $1.5 million in winnings on a $100,000 bet. Now Read: Portnoy Says Roaring Kitty Made This ‘Tactical Error’ As GameStop Shares Trade Down
Two courts just blocked parts of Biden's SAVE student loan repayment plan. Here's what to know. 2024-06-25 21:21:00+00:00 - Two courts on Monday issued temporary injunctions against the Biden administration's flagship student loan repayment plan, decisions that experts say are likely to create new hurdles and uncertainties for millions of borrowers. The rulings take aim at the Saving on a Valuable Education, or SAVE, plan, which was created a year ago by the Biden administration to address long-standing issues with the Department of Education's previous income-driven repayment plans, or IDRs. SAVE has proved to be popular with borrowers and now has more than 8 million enrollees. But the SAVE plan was challenged by several Republican-led states that argued the plan overstepped the Biden administration's authority. They also claimed it could lead to financial harm due to lost revenue because it offers loan forgiveness in fewer years than earlier plans. On Monday, judges in Kansas and Missouri ruled partially in favor of those arguments, halting some aspects of the SAVE plan and throwing its workings into doubt. "It's just chaos, and it's unworkable chaos," said Persis Yu, deputy executive director and managing counsel of the Student Borrower Protection Center, an advocacy group for people with student loans, about the court injunctions. "Borrowers right now need to hang tight" because there are so many questions about the SAVE plan's future. Here's what to know about the status of the SAVE plan following this week's legal setback. What did the courts decide? In a ruling from Kansas, U.S. District Judge Daniel D. Crabtree placed an injunction on the next phase of the SAVE program, which had been scheduled to take effect on July 1. Those include a major overhaul that would have cut many borrowers' payments in half starting next month. In Missouri, U.S. District Judge John A. Ross in Missouri, blocked the SAVE plan from providing any additional loan forgiveness. Under the loan relief initiative, some borrowers can qualify for forgiveness after 10 years of repayments, instead of the typical 20 or 25 year span. Can borrowers still enroll in the SAVE plan? Yes, according to the Department of Education. "While we are assessing the rulings, borrowers can still enroll in the SAVE Plan. We will be sharing more information with borrowers soon," the Department of Education said on its website. If my student debt has been forgiven, could that be reversed? That's not certain, but It doesn't appear so, according to Yu of the Student Borrower Protection Center. "People who have received cancellation should be able to keep the cancellation," Yu said. "It was in the Kansas case where the judge said once cancellation happens, you can't unscramble the egg." She added, "It doesn't mean reinstating loans, but for everybody else this is incredibly chaotic." What happens to student loan repayments on July 1? Yu said it appears enrollees won't get the benefit of lower payments beginning on that date, as the SAVE plan had promised. Under the plan, payments for undergraduate loans were scheduled to be cut in half for many borrowers beginning next month. Repayments were slated to be cut from 10% to 5% of discretionary income above 225% of the federal poverty line. For instance, a household with two people earning a combined $60,000 annually would have their income (up to 225% of the poverty line) protected from repayment, or about $44,370. That would give them discretionary income of about $15,630, with their repayments currently capped at 10% of that, or about $130.25 a month. But starting on July 1, those payments would have been cut to 5% of their discretionary income, or about $65.13. That now appears to be halted by the Kansas ruling. What happens with future efforts to forgive student loans? That's one of the questions that needs to be resolved. The Missouri judge wrote that his injunction applies to "those provisions of the SAVE plan that permit loan forgiveness," but added that whether that becomes permanent will depend on how the litigation proceeds. "How long do these borrowers need to stay on the hook for these loans, especially those near to the cancellation period — what does this mean for them?" Yu said. "Those are very important questions that don't have answers." What is the Biden administration saying? The White House on Monday said the Department of Justice "will continue to vigorously defend the SAVE Plan." The Biden administration will appeal both decisions, White House Press Secretary Karine Jean-Pierre wrote on X on Tuesday. "Republican elected officials and special interests sued to block their own constituents from being able to benefit from this plan — even though the Department has relied on the authority under the Higher Education Act three times over the last 30 years to implement income-driven repayment plans," said Education Secretary Miguel Cardona in a statement. What are the Republican states that sued saying? Republican officials applauded the legal decisions. Kansas Attorney General Kris Kobach, a Republican, called the Kansas injunction a "victory for the entire country." "As the court correctly held, whether to forgive billions of dollars of student debt is a major question that only Congress can answer," he said in a statement. "Blue collar Kansas workers who didn't go to college shouldn't have to pay off the student loans of New Yorkers with gender studies degrees."
Rivian secures up to $5 billion from Volkswagen, shares soar 40% 2024-06-25 21:07:00+00:00 - Volkswagen plans to invest up to $5 billion in electric vehicle startup Rivian , starting with an initial investment of $1 billion. The additional $4 billion is expected by 2026. It includes plans for $1 billion each in 2025 and 2026, followed by $2 billion in 2026 related to an expected joint venture to create electrical architecture and software technology, according to a release by the automakers Tuesday. Shares of Rivian soared roughly 40% during after-hours trading Tuesday, two days ahead of an investor event for Rivian, which has been under pressure from Wall Street due to its cash burn and significant losses. Rivian stock closed Tuesday at $11.96 a share, down roughly 49% in 2024. The initial $1 billion from Volkswagen will be in the form of a convertible note, which could be converted to Rivian shares on or after Dec. 1, the release said. Rivian will host an investor call to discuss the tie-up at 6 p.m. ET Tuesday. Volkswagen is now the second legacy automaker to take a stake in the California-based company. Ford Motor was among Rivian's largest stakeholders, at roughly 12%, alongside Amazon when Rivian went public in 2021. The Detroit automaker exited Rivian in 2023 after walking back a plan to codevelop EVs with the company.
The Supreme Court's gun ruling admitted originalism's problems 2024-06-25 21:06:40+00:00 - Last Friday, the Supreme Court confirmed what common sense suggests should be true: In United States v. Rahimi, the court ruled 8-1 that a federal law restricting domestic violence offenders subject to restraining orders from possessing guns does not violate the Second Amendment. This was never in doubt until two years ago, when the court declared in New York State Rifle & Pistol Association v. Bruen that gun laws are presumptively unconstitutional unless they are “consistent with this Nation’s historical tradition of firearm regulation.” So, the theory went, the government cannot disarm domestic abusers in the present because it did not disarm domestic abusers in the past. The notion that today’s government is powerless against domestic gun violence because it wasn’t a concern of men who did not even recognize women as equal citizens is preposterous on its face. But it is an obvious implication of Bruen and its full-throated endorsement of originalism — the idea that the meaning of the Constitution is fixed at the moment of ratification and the purported original public meaning remains binding today. The Rahimi majority went on a wild-goose chase through history. Throughout the Rahimi majority opinion and several concurring opinions, the conservative justices who had been part of the Bruen majority struggled to reconcile their stated adherence to originalism with their desire to (just this once) avoid its predictably disastrous consequences. Only the author of the Bruen opinion, Justice Clarence Thomas, dissented in Rahimi, essentially confirming that a committed originalist reading of the Constitution compels rearming a domestic abuser whose penchant for shooting at people rivals Yosemite Sam’s. Rahimi is a reminder that it isn’t enough for the court to walk away from originalism: It should run. As Thomas explained in Bruen, modern gun regulations are now unconstitutional unless founding-era laws imposed comparable burdens on the Second Amendment right for comparable reasons. In trying to square this circle, the Rahimi majority went on a wild-goose chase through history. To support the claim that firearm regulations have long barred “people from misusing weapons to harm or menace others,” the court name-checked the Statute of Northampton of 1328 — an English law restricting public carry of weapons that was passed decades before the first recorded use of firearms in Europe. To prove that laws could aim to prevent individuals from committing gun violence, the court focused on a 1795 Massachusetts law that required potentially dangerous people to post a bond and promise to behave themselves. And to show that laws could punish gun violence, the court pointed to 18th-century laws that made “riding or going armed, with dangerous or unusual weapons, to terrify the good people of the land” a crime punishable by forfeiture of the weapons and jail time. This originalist combo platter is the best thing that eight of the country’s most elite lawyers could serve up as legal analysis. Thomas found the majority’s evidence unconvincing, describing the laws relied on by the other justices as “worlds — not degrees — apart” from the modern law in question. “Not a single historical regulation justifies the statute at issue,” he wrote. Thomas further protested that “this Court’s directive was clear” after Bruen, which is about as close as judges get to saying, “did I stutter?” But as I write in my new book “The Originalism Trap,” this is what legal interpretation looks like under originalism: A mishmash of state laws that are at most superficially similar is apparently all that can legitimately determine whether a federal statute disarming domestic abusers survives a constitutional challenge, and as such, whether women survive. Rahimi is clearly the Supreme Court’s attempt to rescue originalism by seemingly expanding the pool of historical laws that count as relevantly similar. Yet originalism is not worth saving. This time, women got a little lucky — or at least as lucky as women can be under a rightwing juristocracy. Even if one were to believe a single original public meaning of the Constitution actually existed, and even if one were to put stock in the justices’ moonlighting as historians, the touchstone of constitutional interpretation should not be a point in time. Justice Sonia Sotomayor observed as much in her concurrence in Rahimi, joined by Justice Elena Kagan — both of whom dissented in Bruen. “A rigid adherence to history,” Sotomayor wrote, “particularly history predating the inclusion of women and people of color as full members of the polity, impoverishes constitutional interpretation and hamstrings our democracy.” This time, women got a little lucky — or at least as lucky as women can be under a right-wing juristocracy. The conservative justices retreated from originalism somewhat in Rahimi because it allowed them to avoid a policy outcome and public response that it deemed too undesirable. But originalism is the preferred interpretive method of the high court’s reactionaries, precisely because it necessarily infuses the law with the biases and bigotries of the past. And rejecting originalism is a necessary part of building an inclusive, egalitarian future.
Book your July 4 flights now if you haven't already, travel expert warns: 'You don't want to wait any longer' 2024-06-25 21:03:00+00:00 - If you've been waiting until the last minute in hopes of snagging a July 4 travel deal, it's time to take the plunge. Prices are unlikely to get any better as Independence Day approaches. Katy Nastro, a travel expert at Going, tells CNBC Make It that holding out for a super-cheap flight is a strategy that is likely to backfire. "You don't want to wait any longer hoping and praying that some magic cheap flight is going to drop in price by 50%," she says. "It's more likely the case that the flight actually goes up by 50%." That's because we are in the midst of a record-breaking travel season. The TSA reported this week that Sunday, June 23 was its busiest travel day ever. The agency anticipates that it will screen more than 32 million domestic travelers between June 27 and July 8. Airlines, Nastro explains, have no incentive to reduce their prices ahead of a busy travel day. Indeed, the opposite is often the case. You're more likely to find a better price on winter holiday flights than you are for the July 4 holiday. Katy Nastro Travel Expert, Going "They can capitalize on the fact that you need a ticket, especially if it's over a very busy period like the July 4 holiday, which is looking to be one of the busiest holidays on record," she says. Instead, now is the time to be forward-thinking about your travel plans. "You're more likely to find a better price on winter holiday flights than you are for the July 4 holiday," she says. "We're in this time period called the Goldilocks window where you should be considering looking and booking for the winter." But if you need to book a last minute flight, there are a few things to keep in mind. 1. There's no 'right' place to search for flights Images By Tang Ming Tung | Digitalvision | Getty Images Contrary to popular belief, there's no website that will give lower prices than anywhere else. "Whether it's Google Flights, Skyscanner, going to the airline website directly, it doesn't matter," Nastro says. "That's a total personal preference." Nastro prefers using Google Flights because of the way it allows her to adjust the search criteria to suit her needs, but she recommends travelers use whichever service they feel the most comfortable with. 2. One-way flights are your friend Izusek | E+ | Getty Images If you're in a pinch and looking to not break the bank, one strategy Nastro recommends is searching for one-way flights rather than exclusively looking for a round trip deal. While it may be tempting to book a round-trip flight through your preferred airline, this strategy may result in you paying more. "If you're tied to one airline, that sort of silos you and doesn't provide you the flexibility to look at all of your options," Nastro says. Searching for one-way flights and being open to different airlines may not be ideal for your miles program status, but your wallet will thank you. "You need to prioritize cheap flights, not status," she says. 3. Try to avoid checking a bag Erlon Silva - Tri Digital | Moment | Getty Images
The $150 Billion Opportunity SoftBank Lost By Selling Nvidia Shares Too Soon 2024-06-25 21:00:00+00:00 - In 2019, SoftBank’s Vision Fund decided to sell all of its Nvidia shares, which comprised 4.9% of the company. Although back then this seemed like a smart move because SoftBank had originally spent around $700 million to buy the shares and ended up making a huge profit of $3.3 billion from the sale, now it’s clear: had Softbank held onto those shares, they would be worth more than $150 billion just a couple of days ago. By selling in 2019, SoftBank missed out on a gain of more than $150 billion. Don't Miss: Even though Softbank’s Vision Fund’s main goal was to invest in artificial intelligence, being too early can sometimes mean missing out on bigger opportunities. In 2019, Nvidia was struggling, with its share price nearly cut in half over the previous four months. But fast-forward to today. Nvidia is valued at about $2.9 trillion, just behind Apple and Microsoft, making SoftBank's decision to sell look like a missed golden opportunity. However, it’s important to remember that investment decisions are made based on the information and market conditions available at the time. Predicting the future market is always uncertain. The tech industry, especially in areas like AI and semiconductors, grows rapidly and can be unpredictable. Nvidia, which makes GPUs, turned things around significantly. As AI technologies advanced, Nvidia’s products became more and more essential, causing the company’s value to shoot up. Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? But even as Nvidia’s stock has significantly increased by over 1,000% since October 2022, making it now the third-largest company in the world by market value, investors are wondering if Nvidia’s growth can continue, especially since it’s so dominant in making AI chips. The world of investing is never straightforward, and what seems like a good idea today might turn out to be a terrible decision down the road and vice versa. Naturally, Masayoshi Son, the founder of SoftBank Group, regrets his decision. He recently said, "The fish that got away was big" and "I had to tearfully sell the shares." Still, Masayoshi Son remains committed to AI. In fact, he recently said, "I seriously believe the reason why Masayoshi Son was born is to make ASI come true," revealing his intent to make a significant investment in the AI space. As The Wall Street Journal reports, Son believes in "artificial superintelligence" (ASI), which he said would be 10,000 times smarter than human intelligence and would be widely used in 10 years to help humans with problems like diseases, car accidents, wars, and even potential meteor crashes. Keep Reading:
CNN stands to make millions from the Trump-Biden debate, but its rivals could make even more 2024-06-25 20:50:07+00:00 - Thursday's presidential debate will feature commercials for the very first time Struggling with ratings, CNN is banking on the event to draw in viewers and millions in revenue Rival networks can air the live broadcast and run their own ads, setting them up to outperform CNN 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 Faced with lagging viewership, CNN is anticipating that Thursday's presidential debate will rake in huge sums. Yet other networks are allowed to air the live broadcast of the showdown, setting them up to outperform CNN at its own game. President Joe Biden and former President Donald Trump's uncharacteristically early face-off is notable for various reasons, namely the two commercial breaks that will splice up the 90-minute debate. Presidential debates have historically been ad-free, but CNN is offering two tiers of advertising this year, with the most robust package costing a minimum of $1.5 million, sources told Semafor. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
GM brings in new CEO to steer troubled Cruise robotaxi service while Waymo ramps up in San Francisco 2024-06-25 20:41:59+00:00 - General Motors on Tuesday named a veteran technology executive with roots in the video game industry to steer its troubled robotaxi service Cruise as it tries to recover from a gruesome collision that triggered the suspension of its California license. Marc Whitten, one of the key engineers behind the Xbox video game console, will take over as Cruise’s chief executive nearly nine months after one of the service’s robotaxis dragged a jaywalking pedestrian — who had just been struck by a vehicle driven by a human — across a darkened street in San Francisco before coming to a stop. That early October 2023 incident prompted California regulators to slam the brakes on Cruise’s robotaxis in San Francisco. It had previously giving the driverless vehicles approval to charge for rides throughout the second densest city in the U.S., despite objections of local government officials who cited flaws in the autonomous technology. General Motors, which had hoped Cruise would be generating $1 billion in annual revenue by 2025, has since scaled back its massive investments in the robotaxi service. The cutbacks resulted in 900 workers being laid off j ust weeks after Cruise co-founder and former CEO Kyle Vogt resigned from his job in the aftermath of crash that sent the pedestrian to the hospital. The arrival of new leadership at Cruise came on the same day rival robotaxi service Waymo disclosed its driverless vehicles are ready to start picking up anyone in San Francisco who wants ride within the city. Waymo had been only accepting requests from riders selected from a waiting list that had grown to 300,000 people. It’s the second major city where Waymo’s robotaxis are open to all comers, joining Phoenix, where the driverless vehicles have been giving rides for several years. Although Waymo’s vehicles so far haven’t been involved in any collisions like the one that sidelined Cruise, the company recently issued a voluntary recall that required delivering a software update throughout its fleet after one of its robotaxis hit a telephone pole in Phoenix. Whitten, who also has worked at Amazon and Sonos, will be taking over a robotaxi service facing far more daunting challenges. General Motors earlier this year disclosed that the U.S. Justice Department has opened an inquiry into Cruise’s handling of the October crash in San Francisco. California regulators also fined Cruise $112,000 for its response to that collision. In a statement, Whitten said he believes Cruise can still make transportation safer than it has been with humans behind the wheel of cars. “It is an opportunity of a lifetime to be part of this transformation,” Whitten said. ”The team at Cruise has built world-class technology, and I look forward to working with them to help bring this critical mission to life.”
Detroit is banning gas stations from locking customers inside, a year after a fatal shooting 2024-06-25 20:33:52+00:00 - DETROIT (AP) — The city of Detroit is taking steps to ban gas stations from locking people inside the store, a year after a man was fatally shot during an argument with another customer. Police said a clerk’s decision to lock the door while he was safely behind protective glass contributed to the shooting. An ordinance approved Tuesday by the Detroit City Council would make it illegal for employees to push a button to remotely lock the door. It would apply to businesses whose workers are protected by glass, The Detroit News reported. “The goal of this is to ensure that we keep the threat outside the convenience store, gas station, liquor stores or party stores,” council member James Tate said. In May 2023, the failure to complete a $3.80 electronic purchase led to violence. Video showed Samuel McCray repeatedly cursing and insisting he was going to leave a gas station with the items. Three more people entered before clerk Al-Hassan Aiyash pushed a button to lock the door, keeping the four inside. Those three people were shot, and one of them died. McCray is facing charges of murder and attempted murder. Aiyash is charged with involuntary manslaughter. Their cases are pending. “If not for the fact that he locked the door, none of this would have happened,” Judge Kenneth King said of Aiyash. Aiyash’s attorney said he didn’t know McCray had a gun when he locked the door.
SAP's CMO Julia White learned early in her career about leading teams through change, and owning up to mistakes 2024-06-25 20:31:57+00:00 - Link icon An image of a chain link. It symobilizes a website link url. Link icon An image of a chain link. It symobilizes a website link url. Copy Link Link icon An image of a chain link. It symobilizes a website link url. Copy Link Twitter LinkedIn icon LinkedIn Link icon An image of a chain link. It symobilizes a website link url. Copy Link Share icon An curved arrow pointing right. Share icon An curved arrow pointing right. Twitter LinkedIn icon LinkedIn Link icon An image of a chain link. It symobilizes a website link url. Copy Link Email icon An envelope. It indicates the ability to send an email.
We're not ready to echo Goldman's call to buy Disney — here's why 2024-06-25 20:31:00+00:00 - Disney picked up an endorsement from a top Wall Street firm — but Jim Cramer said the analysts' reasons to buy are not enough to drive the stock higher. Goldman Sachs initiated coverage of Disney with a buy rating and $125-per-share price target, implying more than 22% upside from where the stock closed Monday. The analysts wisely touted Disney's theme-park business as a source of growth in the years ahead and a competitive advantage in a transitioning media industry. However, Jim expressed concerns that the problems facing Disney's cable TV business — specifically, its flagship ESPN division — are keeping a lid on shares in the near term. Goldman's call is "important," Jim said Tuesday during the Investing Club's Morning Meeting. "I still think if you were to say that ESPN, that their numbers were up, that [there] were more subscribers, that stock goes to $120. Otherwise, forget it because you have to find a way to stop the decline [in traditional media]." The analysts said that given the U.S. media industry is experiencing heightened content competition and technology disruption, they prefer to invest in companies with "deep competitive moats that should provide better visibility into growth." In addition to recommending Disney, analysts started coverage of Fox and Comcast , the parent company of CNBC, with buy ratings. Disney is made up of three business segments: Entertainment, which hosts its streaming services like Disney+ and Hulu; Sports, which is made up of ESPN networks and its streaming companion ESPN+; and Experiences, which represents theme parks, cruises and consumer products. Experiences accounted for most of the company's profits in its fiscal 2023. Goldman said Disney's advantages include a content and broadcast rights portfolio that fortify its Entertainment and Sports segments, respectively. The firm sees Disney as the best-positioned rival to streaming leader Netflix and predicted steady progress on profitability ahead. New streaming options set to launch next year that include ESPN could help offset the revenue hit from cord-cutting, Goldman said. On the Entertainment side, Disney's $60 billion theme parks expansion should fuel growth outside of the crowded streaming landscape, Goldman told clients. While we welcome Goldman's positive multiyear outlook for key Disney businesses, it does not change the fact the stock has struggled to gain traction since Nelson Peltz's unsuccessful proxy fight ended in early April. Its May 7 earnings release sent the stock tumbling, erasing brief momentum in the days leading up to the report. The stock is down more than 12% since May 6, to around $102 a share Tuesday, though it remains roughly 13% year to date. We took profits in Disney around $122 a share and $114 a share on April 1 and April 15, respectively. In the short-term, we're honed in on streaming reaching profitability later this year and want further progress on cost-cutting efforts as part of CEO Bob Iger's turnaround plan. We're also encouraged by the recent box office success of "Inside Out 2." Even if it hasn't moved the stock needle yet, it's a step in the right direction for the film studio business. We currently have a 2 rating on Disney shares, meaning we're waiting for a pullback before buying more, and a price target of $130. In this market, Jim indicated he's wary of increasing the Club's stake in a company with a dragging unit, especially when it's as big as Disney's cable business. "I don't want any offsets," Jim said. "I just want everything going well." (Jim Cramer's Charitable Trust is long DIS. 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. A sign welcomes visitors near an entrance to Walt Disney World on February 01, 2024, in Orlando, Florida. Joe Raedle | Getty Images