Latest News

See the latest news and get GPT analysis of articles

A panel that blew off a Boeing jet will get star billing during a Washington hearing 2024-07-30 20:56:13+00:00 - A panel that blew off a Boeing 737 Max during an Alaska Airlines flight was displayed for the media Tuesday at the National Transportation Safety Board’s laboratory in Washington, D.C., and will be a key part of a two-day investigative hearing set for next week. Federal investigators have been examining the mid exit door plug since not long after it blew off during a Jan. 5 flight, when the plane was at 16,000 feet and climbing toward cruise altitude. It was discovered in the backyard of a home near Portland, Oregon. A preliminary report from the NTSB said that four bolts used to help secure the part to the jetliner were missing when the plane rolled out of a Boeing factory near Seattle, before it was delivered to Alaska Airlines. Door plugs are panels that seal holes left for extra doors when the number of seats is not enough to trigger a requirement for more emergency-evacuation exits. From inside the plane, they look like a regular window. They are only intended to be opened for maintenance and inspections. The one on the Alaska Airlines plane was installed at a Spirit AeroSystems plant in Wichita, Kansas, but was removed at the Boeing plant so workers could fix damaged rivets. The NTSB says it will use information from the hearing on Tuesday and Wednesday to complete its investigation of the blowout and make safety recommendations.

Mississippi man who defrauded pandemic relief fund out of $800K gets 18-month prison term 2024-07-30 20:50:22+00:00 - OXFORD, Miss. (AP) — A Mississippi man has been sentenced to 18 months in prison for defrauding a pandemic relief fund out of $800,000, authorities said. Herman Nash, 63, pleaded guilty to fraud charges in April. On Monday, U.S. Senior District Judge Glen H. Davidson sentenced him to the prison time, followed by five years of supervised release. He must also pay $738,000 in restitution, and the IRS seized two vehicles from Nash worth more than $60,000. Nash, of Caledonia, applied for three COVID-19 Economic Injury Disaster Loans, falsely claiming he had a business that generated $455,000 in gross revenue with $90,000 worth of goods sold, according to a news release from Clay Joyner, the U.S. attorney for northern Mississippi. “This defendant stole money that was intended to help legitimate businesses survive during the COVID pandemic, and now he is paying the price for that conduct,” Joyner said.

Ensign Group Q2 Earnings Beat on Occupancy, Stock Up 7.2% - Ensign Group (NASDAQ:ENSG), Elevance Health (NYSE:ELV) 2024-07-30 20:48:00+00:00 - Shares of The Ensign Group, Inc. ENSG gained 7.2% since it reported second-quarter 2024 results on Jul 25, 2024. Strong quarterly results benefited from improved occupancy, skilled mix days, and higher skilled service revenues. However, declining cash flow from operations and a rise in overall expenses acted as a partial offset. ENSG reported a second-quarter 2024 adjusted earnings per share of $1.32, which beat the Zacks Consensus Estimate by 2.3%. The bottom line increased 13.8% year over year. Operating revenues of $1.04 billion improved 12.5% year over year in the quarter under review. The top line outpaced the consensus mark by 2%. The Ensign Group, Inc. Price, Consensus and EPS Surprise The Ensign Group, Inc. price-consensus-eps-surprise-chart | The Ensign Group, Inc. Quote Q2 Update Ensign Group's adjusted net income grew 15.3% year over year to $76.4 million in the second quarter and beat our estimate of $75.2 million. Same-store occupancy improved 280 basis points (bps) year over year while transitioning occupancy expanded 430 bps year over year. Total expenses of $950.3 million escalated 12.7 % year over year in the quarter under review and came higher than our estimate of $932.7 million. The year-over-year increase was due to higher costs of services, general and administrative expenses, and rent. Segmental Update Skilled Services: The segment's revenues rose 12.1% year over year to $991.3 million in the second quarter. The metric beat our estimate of $983 million. The metric was supported by improved occupancy and improved patient days. Segment income of $122.2 million improved 4.4% year over year. Skilled nursing and campus operations of the segment totaled 272 and 29, respectively, at the second-quarter end. Standard Bearer: Rental revenues amounted to $23.4 million, which grew 17.3% year over year and outpaced our estimate of $22.8 million. The metric was supported by rising acquisitions. Segmental income of $7.4 million rose 3.2% year over year. Funds from Operations were $14.5 million in the second quarter, which improved 9.5% year over year. Financial Update (as of Jun 30, 2024) Ensign Group exited the second quarter with cash and cash equivalents of $477.3 million, which declined 6.3% from the 2023-end figure. It had a leftover capacity of $573.1 million under its line of credit at the second-quarter end. Total assets of $4.4 billion rose 6.2% from the 2023-end level. Long-term debt-less current maturities were $143.6 million, which declined 1.3% from the figure as of Dec 31, 2023. Current maturities of long-term debt amounted to $4 million. Total equity of $1.7 billion climbed nearly 11.1% from the 2023-end figure. ENSG generated net cash from operations of $112.2 million in the first half of 2024, which plunged 33.2% from the year-ago figure. Capital-Deployment Update Ensign Group did not buy back shares in the first half. During the first half of 2024, management paid dividends worth $6.8 million. 2024 Outlook Raised Revenues are anticipated to lie within $4.20-$4.22 billion, the mid-point of which indicates an improvement of 12.9% from the 2023 figure of $3.73 billion. Adjusted EPS is forecasted to be between $5.38 and $5.50 for 2024, the midpoint of which suggests more than 14% growth from the 2023 figure of $4.77. The weighted average common shares outstanding is estimated to be around 58.5 million, and the tax rate is assumed to be 25% for 2024. Zacks Rank Ensign Group currently carries a Zacks Rank #4 (Sell). Other Medical Sector Releases Of the Medical sector players that have reported second-quarter 2024 results so far, the bottom-line results of UnitedHealth Group Incorporated UNH, Elevance Health, Inc. ELV, and HCA Healthcare, Inc. HCA beat the Zacks Consensus Estimate. UnitedHealth Group reported a second-quarter 2024 adjusted EPS of $6.80, which beat the Zacks Consensus Estimate by 2.3%. The bottom line rose 10.7% year over year. Revenues amounted to $98.9 billion, which improved 6.4% year over year in the quarter under review on the back of strong performance in its UnitedHealthcare and Optum business lines. The top line outpaced the consensus mark of $98.7 billion. Elevance Health reported second-quarter 2024 adjusted EPS of $10.12 per share, which outpaced the Zacks Consensus Estimate by 1.3%. The bottom line improved 12% year over year. Operating revenues of $43.2 billion dipped 0.4% year over year. However, the top line beat the consensus mark by 0.5%. HCA Healthcare reported a second-quarter 2024 adjusted EPS of $5.50, which beat the Zacks Consensus Estimate by 10.7%. The bottom line improved 28.2% year over year. Revenues amounted to $17.5 billion, which improved 10.3% year over year in the quarter under review. The top line outpaced the consensus mark by 2.2%. To read this article on Zacks.com click here.

Entrepreneur who sought to merge celebrities, social media and crypto faces fraud charges 2024-07-30 20:45:24+00:00 - NEW YORK (AP) — A California entrepreneur who sought to merge the bitcoin culture with social media by letting people bet on the future reputation of celebrities and influencers has been arrested on a fraud charge. Nader Al-Naji, 32, was arrested in Los Angeles on Saturday on a wire fraud charge filed against him in New York, and civil claims were brought against him by federal regulatory authorities on Tuesday. He appeared in federal court on Monday in Los Angeles and was released on bail. Authorities said Al-Naji lied to investors who poured hundreds of millions of dollars into his BitClout venture. They say he promised the money would only be spent on the business but instead steered millions of dollars to himself, his family and some of his company’s workers. A lawyer for Al-Naji did not respond to an email seeking comment. The Securities and Exchange Commission said in a civil complaint filed in Manhattan federal court that Al-Naji began designing BitClout in 2019 as a social media platform with an interface that promised to be a “new type of social network that mixes speculation and social media.” The BitClout platform invited investors to monetize their social media profile and to invest in the profiles of others through “Creator Coins” whose value was “tied to the reputation of an individual” or their “standing in society,” the commission said. It said each platform user was able to generate a coin by creating a profile while BitClout preloaded profiles for the “top 15,000 influencers from Twitter” onto the platform and had coins “minted” or created for them. If any of the designated influencers joined the platform and claimed their profiles, they could receive a percentage of the coins associated with their profiles, the SEC said. In promotional materials, BitClout said its coins were “a new type of asset class that is tied to the reputation of an individual, rather than to a company or commodity,” the regulator said. “Thus, people who believe in someone’s potential can buy their coin and succeed with them financially when that person realizes their potential,” BitClout said in its promotional materials, according to the Securities and Exchange Commission. From late 2020 through March 2021, Al-Naji solicited investments to fund BitClout’s development from venture capital funds and other prominent investors in the crypto-asset community, the commission said. It said he told prospective investors that BitClout was a decentralized project with “no company behind it … just coins and code” and adopted the pseudonym “Diamondhands” to hide his leadership and control of the operation. The Securities and Exchange Commission said he told one prospective investor: “My impression is that even being ‘fake’ decentralized generally confuses regulators and deters them from going after you.” In all, BitClout generated $257 million for its treasury wallet from investors without registering, as required, with the Securities and Exchange Commission, the agency said. Meanwhile, it said, BitClout spent “significant sums of investor funds on expenses that were entirely unrelated to the development of the BitClout platform” even though it had promised investors that would not happen. The Securities and Exchange Commission said Al-Naji used investor funds to pay his own living expenses, including renting a six-bedroom Beverly Hills mansion, and he gave extravagant gifts of cash of at least $1 million each to his wife and his mother, along with funding personal investments in other crypto asset projects. It said Al-Naji also transferred investor funds to BitClout developers, programmers, and promoters, contrary to his public statements that he wouldn’t use investor proceeds to compensate himself or members of BitClout’s development team.

Kentucky judge dismisses lawsuit challenging a new law to restrict the sale of vaping products 2024-07-30 20:45:22+00:00 - FRANKFORT, Ky. (AP) — A measure passed by Kentucky lawmakers to restrict the sale of vaping products has been upheld by a judge who dismissed a lawsuit that claimed the new law was constitutionally flawed. The action by lawmakers amounted to a “legitimate state interest” and was “well within the scope of the General Assembly’s police power over the health and safety” of Kentucky citizens, Franklin County Circuit Judge Thomas Wingate said in his ruling Monday. Under the measure, vaping products not granted authorization by the Food and Drug Administration would be kept out of Kentucky stores in what supporters have promoted as an effort to reduce youth vaping. It would have no impact on FDA-authorized products or those that come under the FDA’s safe harbor rules, supporters have said. The measure won passage this year in the state’s Republican supermajority legislature and was signed by Democratic Gov. Andy Beshear. The law takes effect at the start of 2025. Opponents including vape retailers immediately filed the lawsuit challenging the legislation. During the legislative session, lawmakers opposing the measure called it an example of government overreach. Vape retailers warned the restrictions would jeopardize their businesses. The suit claimed the measure was unconstitutionally arbitrary, an argument rejected by the judge. Wingate sided with arguments from the law’s defenders, who said the regulation of vaping products is a proper subject for legislative action since it deals with the health and safety of Kentuckians. “The sale of nicotine and vapor products are highly regulated in every state, and the Court will not question the specific reasons for the General Assembly’s decision to regulate and limit the sale of nicotine and vapor products,” the judge said. “The regulation of these products directly relates to the health and safety of the Commonwealth’s citizens, the power of which is vested by the Kentucky Constitution in the General Assembly,” he added. Plaintiffs also claimed the measure violated a state constitutional provision limiting legislation to only the subject expressed in its title. They said the title dealt with nicotine-only products while the legislation contained references to products of “other substances.” In rejecting that argument, the judge said the title “more than furnishes a clue to its contents and provides a general idea of the bill’s contents.” Republican state Rep. Rebecca Raymer has said she filed the measure in response to the state’s “vaping epidemic” and, in particular, complaints about how rampant vaping has become in schools. In a release Tuesday, Raymer said she was pleased with the ruling. “If a product can’t get authorized or doesn’t fall under the FDA’s safe harbor rules, we don’t know if the ingredients are safe, where they’re from or what impact they will have on a user’s health,” she said. Kentucky Attorney General Russell Coleman’s office defended the measure. The ruling reaffirmed that the legislature is empowered to make laws protecting Kentuckians’ health, Coleman said Tuesday. A group representing Kentucky vape retailers did not immediately respond to an email seeking comment.

Harris Atlanta rally will test her momentum on the ground in a key swing state 2024-07-30 20:37:00+00:00 - U.S. Vice President Kamala Harris delivers remarks at a campaign event in Pittsfield, Massachusetts, on July 27, 2024. Stephanie Scarbrough | Via Reuters A major campaign rally for Vice President Kamala Harris' presidential run could draw a crowd of more than 10,000 people Tuesday night in Atlanta, stretching the limits of the Georgia State University venue and marking the largest event of the Biden-turned-Harris campaign this cycle. Long before the rally was slated to begin Tuesday, the event with rapper Megan Thee Stallion had received 19,000 RSVPs, U.S. Rep. Nikema Williams, chair of the Democratic party of Georgia, told the Atlanta Journal-Constitution's Greg Bluestein. Four hours before the expected start of Harris' 7:00 p.m. ET speech, the line for entry stretched far down the city block outside the university's Convocation Center, which has an official capacity of more than 7,500. In a display of Harris' bipartisan appeal, former Georgia Lt. Gov. Geoff Duncan, a Republican, is expected to attend. Georgia Democratic lawmakers such as Williams and U.S. Sens. Jon Ossoff and Raphael Warnock will also be there, along with Atlanta Mayor Andre Dickens and former Democratic gubernatorial candidate Stacey Abrams. In the week since President Joe Biden dropped out of the race against former President Donald Trump, Harris has enjoyed a surge of grassroots momentum and high-dollar donations. The wave of support potentially puts swing states such as Georgia back on the map for Democrats, after months of slipping support with Biden helming the ticket. "You've heard us talk about the need to have the infrastructure across all the battlegrounds to win close elections, but it's clear the Vice President is energizing and mobilizing our base," Harris campaign battleground director Dan Kanninen said Monday on a call with reporters. Once a deep red stronghold, Georgia has been in play for Democrats over the past few election cycles due to growing populations of Black and Latino voters that make up a major part of the party's base. Megan Thee Stallion performs during the Times Square New Year's Eve 2024 Celebration in New York City on Dec. 31, 2023. Noam Galai | Getty Images Entertainment | Getty Images

Starbucks revenue misses estimates as same-store sales decline for second straight quarter 2024-07-30 20:33:00+00:00 - Starbucks on Tuesday reported quarterly revenue that missed analysts' expectations as both its U.S. and international cafes faced weaker demand. Shares of the company rose more than 2% in extended trading. Here is what the company reported compared to what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: 93 cents adjusted vs. 93 cents expected Revenue: $9.11 billion vs. $9.24 billion expected The coffee giant reported fiscal third-quarter net income attributable to the company of $1.05 billion, or 93 cents per share, down from $1.14 billion, or 99 cents per share, a year earlier. Excluding items, Starbucks earned 93 cents per share. Net sales dropped 1% to $9.11 billion. The company's same-store sales fell 3% in the quarter, fueled by a 5% decline in transactions. Traffic to its U.S. stores fell again this quarter, dropping 6%. Domestic same-store sales fell 2%, boosted by an increase in average ticket. Last quarter, executives discussed plans to revive the lagging U.S. business that included leaning on discounts and new drinks to bring back customers who had abandoned the chain. CEO Laxman Narasimhan said on Tuesday that the company sees green shoots in the U.S. business already, like the success of new products. Its Summer-Berry Refreshers drinks with boba-inspired pearls broke the company's record for a week-one product launch. Next quarter will also bring the return of its Pumpkin Spice drinks, a perennial favorite since its launch more than two decades ago. The company now allows customers to order via its mobile app and pay without joining its rewards program. Improvements to its app also mean that it's more accurate at predicting when an order will be ready, lowering customer complaints. In a letter posted on LinkedIn after last quarter's gloomy report, former CEO Howard Schultz said the company needed to fix the mobile app experience to win back customers. Schultz isn't the only investor upset with Starbucks' performance lately. Activist hedge fund Elliott Management has accrued a stake in Starbucks. Narasimhan acknowledged that the firm is a shareholder in Starbucks and said conversations so far have been constructive. Outside of North America, same-store sales slid 7%. In China, Starbucks' second-largest market, same-store sales tumbled 14% as both average ticket and transactions shrank. Starbucks has faced stiffer competition in China from local coffee shops that undercut the coffee giant on price. But there are encouraging signs in the country, too. Average daily transactions and weekly sales in China have improved sequentially quarter-over-quarter, according to Narasimhan. The company is in the "early stages" of exploring strategic partnerships to accelerate its growth in China, Narasimhan said. It's unclear what kind of shape that partnership could take. Starbucks opened 526 net new stores in the fiscal quarter. The company reiterated the outlook it provided last quarter. The company projects revenue growth of a low single-digit percentage and earnings per share growth in a range of flat to a low single-digit percentage.

Here's everything you need to know about the Fed decision coming Wednesday 2024-07-30 20:26:00+00:00 - US Federal Reserve Chair Jerome Powell testifies before the Senate Banking, Housing, and Urban Affairs Hearings to examine the Semiannual Monetary Policy Report to Congress at Capitol Hill in Washington, DC, on July 9, 2024. Chris Kleponis | AFP | Getty Images This week's Federal Reserve meeting is not much about the present but potentially very much about the future. If things go according to expectations, policymakers again will keep short-term interest rates on hold roughly from where they've been the past year. However, with a raft of cooperating inflation data under their belts in recent months, central bankers are widely expected to lay the groundwork for interest rate cuts to begin in September. Just how aggressive they are in spreading those breadcrumbs is the main question markets will be looking to answer. "Our expectation is that they're going to keep rates unchanged," said Michael Reynolds, vice president of investment strategy at Glenmede. "But there's going to be a lot of focus on the [post-meeting] statement, perhaps teeing up September as whatever the opposite of liftoff is." Market pricing currently indicates an absolute certainty that the Fed will approve its first reduction in more than four years — when it meets Sept. 17-18. The central bank has kept its benchmark funds rate in a range of 5.25-%-5.5% for the past year. The rate indicates what banks charge each other for overnight lending but sets a guidepost for a slew of other consumer debt products. As for this week's meeting, which concludes Wednesday, traders are assigning a very small possibility of a cut. However, there are expectations that the rate-setting Federal Open Market Committee will drop signals that as long as there are no major data hiccups, a September move is very much on the table. Reynolds thinks the committee, along with Chair Jerome Powell at his news conference, will want to keep its options at least somewhat open. "They're going to want to strike a balance. They don't want investors to start pricing in a rate cut coming in September and there's literally nothing else that could possibly happen," he said. "Opening the door for that rate cut is probably the most appropriate thing for them at this point," Reynolds added. "But the markets are already pretty excited about that, pricing it in with nearly 100% probability. So the Fed doesn't have to do too much to change the narrative on that at all. I think if they just directionally tailor the statement, it'll get the job done." Expectations for easing Glenmede expects that starting in September, the Fed could cut at each of the three remaining meetings. That is largely in line with market expectations, as measured by the CME's FedWatch gauge of pricing in 30-day fed funds futures contracts. There are a few ways the Fed can guide markets on its likely intent without making too much of a commitment. Subtle language changes in the statement can help that along, and Powell could be expected to have some scripted answers ready for the press conference to convey the likely path of future policy. Goldman Sachs economists see the FOMC making a few alterations. watch now One critical change could be a line in the statement that says the committee won't reduce rates until it "has gained greater confidence that inflation is moving sustainably toward 2 percent." Goldman Sachs economist David Mericle expects the Fed to qualify that statement to say it now needs only "somewhat greater confidence" to start easing. "Recent comments from Fed officials … suggest that they will remain on hold at their meeting [this] week but have moved closer to a first interest rate cut," Mericle said in a note. "The main reason that the FOMC is closer to cutting is the favorable inflation news from May and June." Indeed, the inflation news has gotten better though still isn't great — most metrics have the pace of price increases still running a half a percentage point or more above the Fed's target, but they have eased sharply from their mid-2022 peaks. The Fed's preferred gauge, the personal consumption expenditures price index, showed 12-month inflation at a 2.5% rate in June; the consumer price index had it at 3% and showed an actual decline of 0.1% from the previous month. Clearer signals sought Still, don't expect too much enthusiasm from Fed officials. "The inflation numbers have bounced around a lot this year," said Bill English, the Fed's former director of monetary affairs and now a Yale professor. "We had quite high numbers last winter. We've had a couple of months of good data now. But, I think they they are genuinely uncertain exactly where inflation is and where it's headed." English expects the Fed to hint at a September move but stop short of providing a detailed road map of what's to follow. Central bankers mostly feel they can be patient on policy with inflation easing and broader measures of economic growth continuing to show strength despite the highest benchmark interest rates in 23 years. For instance, gross domestic product accelerated at a better-than-expected 2.8% annualized pace in the second quarter, and the labor market has been strong as well even with an unemployment rate that has drifted higher. "Given where inflation is, given where the economy is, it's appropriate to ease but not to be seen as committing to a whole chain of easing," English said. "It's difficult to communicate clearly about where monetary policy is going." The central bank will not provide an update on its quarterly summary of economic projections at this meeting. That includes the "dot plot" of individual members' expectations for rates as well as informal forecasts on GDP, inflation and unemployment. The FOMC does not meet in August except for its annual retreat in Jackson Hole, Wyoming, which traditionally includes a keynote policy speech from the chair.

Microsoft’s cloud business powers 10% growth in quarterly profits 2024-07-30 20:20:56+00:00 - REDMOND, Wash. (AP) — Microsoft reported a 10% increase in quarterly profits Tuesday as it tries to maintain its position as a leader in artificial intelligence technology. The software giant said its fiscal fourth-quarter profit was $22 billion, or $2.95 per share, slightly beating analyst expectations for $2.94 per share. It posted revenue of $64.7 billion in the April-June period, up 15% from last year. Analysts polled by FactSet Research had been looking for revenue of $64.4 billion. Microsoft’s growth was led by its cloud computing business, where quarterly revenue rose 19% to $28.5 billion. That was still lower than what some analysts expected, leading to the stock shedding about 5% in after-hours trading Tuesday. The Redmond, Washington-based company doesn’t report revenue specifically from AI products but says it has infused the technology into all of its business segments, particularly its Azure cloud computing contracts, but increasingly its workplace software and other products. Much of its generative AI technology has been built as part of its multibillion-dollar investments in OpenAI, maker of ChatGPT. Revenue from Microsoft’s productivity services – such as its Office line of products – rose 11% to $20.3 billion. Microsoft’s personal computing business, centered on licensing its Windows operating system, made $15.9 billion for the quarter, up 14% from last year.

R. Kelly appeals sex crime convictions to U.S. Supreme Court 2024-07-30 20:04:19+00:00 - R. Kelly is appealing his federal sex crimes convictions to the Supreme Court, pressing a statute of limitations argument that an appeals court flatly rejected. The disgraced singer’s appeal stems from his conviction in Chicago for producing child pornography and enticing minors to engage in sexual activity, for which he was sentenced to 20 years. (In another case in New York that’s under a separate pending appeal, he was sentenced to 30 years, though 19 years of the two sentences are set to be served concurrently.) The 57-year-old, named Robert Sylvester Kelly, is currently slated to be released from prison in 2045. In his petition to the justices, Kelly’s lawyers argue that he was wrongly prosecuted retroactively under a federal law that they argue bars charges related to his conduct in the 1990s and early 2000s. Prior to 2003, the statute of limitations barred prosecutions after the victim’s 25th birthday. But the law was amended that year to allow prosecutions through the life of the victim. The victims hadn’t turned 25 by then, but they had by the time that Kelly was charged. That timing is crucial, according to the federal appeals court that rejected Kelly’s claim, leading to his Supreme Court appeal. “As a threshold matter, it is not unconstitutional to apply a newer statute of limitations to old conduct when the defendant was subject to prosecution at the time of the change, as Kelly was in 2003,” the 7th U.S. Circuit Court of Appeals said in April. It takes four justices to grant review of a petition, and the court only takes a small fraction each year of the thousands of appeals it receives. Before the court considers whether to take Kelly’s case, the Justice Department has a chance to oppose his petition in writing, with its response currently due Aug. 28. Subscribe to the Deadline: Legal Newsletter for updates and expert analysis on the top legal stories. The newsletter will return to its regular weekly schedule when the Supreme Court’s next term kicks off in October.

Ever wanted to clone yourself? Meta can help with that. 2024-07-30 20:03:42+00:00 - Meta announced AI Studio in the US for creating custom AI characters. Users can personalize AI profiles to interact on Instagram, Messenger, WhatsApp, and the web. CEO Mark Zuckerberg envisions a future with billions of AI agents reflecting user values. 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 If you've ever wished there were two of you to get the job done, Meta might have just made that possible — at least on social media. The company announced Monday that it is rolling out AI Studio in the US, a tool for users to create their own custom AI character. Creators can use these AI profiles as extensions of themselves to talk to followers and friends on Instagram, Messenger, WhatsApp, and the web. The chatbot, built with Meta's latest AI model, Llama 3.1, will be accessible through ai.meta.com/ai-studio or on the Instagram app. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

What's Going On With Palantir Technologies Stock Today? - Palantir Technologies (NYSE:PLTR) 2024-07-30 20:03:00+00:00 - Palantir Technologies Inc. PLTR shares are trading lower on Tuesday. According to Benzinga Pro, PLTR stock has gained over 32% in the past year. Investors can gain exposure to the stock via REX AI Equity Premium Income ETF AIPI and Global X Funds Global X Defense Tech ETF SHLD. Citigroup analyst Tyler Radke maintains Palantir with a Neutral and raises the price target from $25 to $28. Palantir is due to report second-quarter financial results on Aug. 5. According to Benzinga Pro estimates, the company is expected to report earnings of 8 cents per share and revenue of $652.141 million. Based on data, Radke sees a constructive medium-term for the stock as a beneficiary of GenAI green shoots. Also Read: Will Powell Hint At September Rate Cut? What Major US Investment Banks Expect From Fed Meeting However, the analyst sees the second quarter to be somewhat choppy. Yesterday, the firm announced a multi-year partnership in which Tree Energy Solutions will leverage Palantir’s AI software in supply chain management, simulation and scenario modeling for investment optimization, site selection, asset management, carbon emissions tracking, and modeling the energy transformation pipeline. Last quarter, Palantir turned in its sixth consecutive quarter of GAAP profitability, beating analyst estimates as revenue grew 21% year-over-year. Wedbush analyst Dan Ives recently set a new bull-case price target of $50 on Palantir shares, noting that the Palantir story “remains very undervalued and misunderstood by the Street.” Price Action: PLTR shares are trading lower by 2.99% to $26.27 at last check Tuesday. Image via Shutterstock Read Next:

Apple appears to have just shunned Nvidia again 2024-07-30 20:01:28+00:00 - It appears that Apple opted for Google's TPU chips over Nvidia's for its AI development. An Apple research paper highlights the use of TPUv5p chips from Google for iPhone AI. Nvidia chips remain in high demand, and the company charges toward a $4 trillion valuation. 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 It looks like Apple has confirmed it's using Google's chips for Apple Intelligence — not Nvidia's. There was no mention of Nvidia in an Apple research paper published on Monday that discussed foundation language models developed to power Apple Intelligence features. In fact, the tech giant wrote that it used TPUv4 and TPUv5p chips, Google's tensing processing units, to train its artificial intelligence tools. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

A new blood test can spot signs of colon cancer in your annual blood draw 2024-07-30 20:00:54+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 The Food and Drug Administration has approved a blood test as a primary screening tool for colorectal cancer, opening the door for more people to get tested without paying hundreds of dollars out of pocket. Known as Shield, the blood test is produced by the biotech company Guardant Health. Although the screening tool has been commercially available since 2022, patients often faced an out-of-pocket cost of $900. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The test is the first of its kind to receive FDA approval, which could prompt easier access for more patients, since Medicare and insurance companies are more likely to cover it. The test can be completed via a blood draw at a routine medical exam, making it less invasive than a colonoscopy. Advertisement It works by detecting signals of cancer in the blood, such as DNA shed by tumors, according to the Guardant fact sheet. However, it's more effective at flagging later-stage cancer. While it's not a substitute for other testing, as patients will still need a colonoscopy to confirm a diagnosis, it could help close the gap between patients who could benefit from screening and those who actually complete the recommended tests. Dr. David Chung, a Harvard Medical School professor who published research on the test supported by Guardant, called the FDA approval a "tremendous leap forward" in screening options for colorectal cancer that could lead to life-saving early interventions. "This decision will help make screening tests more broadly accessible and propel blood-based testing and CRC screening into a new era," Chung said in a press release. "With increased screening rates and early cancer detection, many more lives can be saved." Advertisement Colon cancer is on the rise, and early treatment is key Colorectal cancer is expected to cause more than 50,000 deaths in the US in 2024, making it the second-leading cause of cancer-related death after lung cancer, according to the American Cancer Society. The organization also estimates more than 150,000 new cases of colorectal cancer will be diagnosed this year. Related stories Older adults are increasingly less likely to die of colorectal cancer, in part thanks to better screenings that can catch the disease early. Colon cancer is highly treatable when caught before it spreads to other areas of the body, according to the National Cancer Institute. However, the rate of diagnoses and deaths from colon cancer has been steadily going up in people under 45, alarming doctors and researchers. Advertisement We don't fully understand why younger people are getting colon cancer and dying from it more frequently. Risk factors for colorectal cancer include genetics, a family history of colon cancer or colorectal polyps, and other health conditions such as inflammatory bowel disease. Strategies to help reduce the risk of colon cancer include eating a healthy diet with plenty of fiber, exercising regularly, and avoiding alcohol and tobacco use.

FDA Warns Of Overdose Risks With Compounded Wegovy, Ozempic Injections - Novo Nordisk (NYSE:NVO) 2024-07-30 19:58:00+00:00 - The FDA has issued a warning about numerous adverse events, including hospitalizations, stemming from dosing errors and overdoses of compounded semaglutide injectable products, underscoring the risks posed by non-FDA-approved variations. These errors often stem from patients incorrectly measuring and self-administering doses and healthcare providers miscalculating doses. Also Read: Novo Nordisk’s Ozempic Reduces Smoking-Related Health Interventions In Diabetic Patients, Study Finds. Novo Nordisk A/S’s NVO semaglutide belongs to a class of medications known as glucagon-like peptide-1 (GLP-1) receptor agonists. There are currently three FDA-approved semaglutide products: Wegovy injection is a single-dose prefilled pen that delivers a preset dose for once-weekly dosing. Ozempic injection is available as multiple-dose prefilled pens for single-patient use, designed for once-weekly dosing. Rybelsus tablets are available as oral tablets for daily dosing. Mistakes often involved unfamiliarity with drawing medication from a vial into a syringe and confusion over different units of measurement such as milliliters, milligrams, and “units.” “Many of the patients who received vials of compounded semaglutide lacked experience with self-injections, according to the adverse event reports,” the FDA said in a July 26 statement. The prescribing information for FDA-approved semaglutide injections includes overdose risks, such as severe nausea, vomiting, and hypoglycemia, which may require prolonged observation and treatment due to the drug’s long half-life. FDA has noted compounded semaglutide products marketed for weight loss, which pose higher risks because they do not undergo FDA premarket review. Compounded semaglutide products can vary significantly from approved products in packaging, concentration, and administration instructions. Variations include multiple-dose vials, prefilled syringes, and differing concentrations from various compounders. Reports to the FDA highlighted errors with compounded semaglutide in multiple-dose vials, resulting in patients drawing up more than the prescribed dose. These instances often involved patients administering five to 20 times the intended dose, primarily due to unfamiliarity with syringe measurements. FDA-approved semaglutide products, available in prefilled pens with standard concentrations, avoid these issues. However, compounded versions with various concentrations have led to healthcare providers miscalculating doses, sometimes by significant margins. Price Action: NVO stock is up 0.43% at $128.59 at last check Tuesday. Read Next: Photo: Tobias Arhelger/Shutterstock.com

Most companies have used layoffs to ax underperforming employees, survey finds 2024-07-30 19:53:00+00:00 - A new law will benefit employees and employers when it comes to pay equity A new law will benefit employees and employers when it comes to pay equity 01:49 The use of layoffs as a tool for cutting costs is common among companies both large and small. But a new survey suggests that some employers have masked the true reason for why layoffs at their company took place. The survey from Resume Builder, which polled 600 business leaders involved in layoff decisions at their companies, found that half said 75% or more of dismissals that took place at their company in the past year were not for budgetary reasons. What's more, the survey found that 8 out of 10 respondents said their company has opted to layoff an employee they wanted to fire. Top reasons cited by business leaders for choosing to camouflage performance-based dismissals as budgetary layoffs are maintaining company morale (62%), avoiding wrongful termination claims (59%), avoiding having to pay severance (54%), and avoiding hurting an employee's feelings (38%). The layoff disguise is just one of a few tactics companies are increasingly using to rid themselves of unwanted employees, Resume Builder said. "A disturbing trend is emerging where organizations reduce their workforce under false pretenses," said Stacie Haller, Resume Builder's chief career adviser, in the report. "Many companies implement strict return-to-office (RTO) policies to indirectly encourage employees to leave voluntarily, thus avoiding the need for layoffs or terminations." Although about a third of participants said that performance always plays a factor in layoff decisions, Hall says the lack of transparency and obfuscation of true motives demonstrated by such tactics harmful. "Such practices contribute to the growing erosion of trust between employers and employees," she said. Another tactic used by a growing number of large companies to avoid having to address performance issues directly is so-called "quiet cutting," which is when managers reassign workers to roles with titles that are less prestigious, come with lower pay and are more demanding — prompting those employees to seek employment elsewhere. Adidas, Adobe, IBM and Salesforce have all used this technique in recent years. Some of the nation's largest employers, including Ben & Jerry's, Carvana and Peloton, have announced major layoffs in recent years. Despite today's job market being relatively sturdy, 2024 has seen its fair share of layoffs. All told, about 60% of U.S. companies have laid off employees in the past year, the Resume Builder survey said. Earlier this month, Yankee Candle laid off 100 employees in Massachusetts and electric-vehicle maker, Tesla, announced in April it would lay off 2,700 workers at its plant in Texas. Google, Microsoft, PayPal and Salesforce have been among the biggest tech companies to slash thousands of jobs this year.

Delta hires David Boies' law firm to pursue damages from CrowdStrike 2024-07-30 19:51:00+00:00 - Here's how to get Delta to reimburse you after the CrowdStrike outage Here's how to get Delta to reimburse you after the CrowdStrike outage 03:17 Delta Air Lines has hired famed attorney David Boies to seek potential damages following days of canceled flights related to a CrowdStrike bug that disabled Microsoft programs, taking down the airline's internal systems and causing chaos for travelers. Boies' firm, Boies Schiller Flexner LLP, is evaluating claims against CrowdStrike and Microsoft, CBS News has confirmed. CNBC was first to report that Delta had retained legal counsel to pursue possible damages from CrowdStrike and Microsoft following a faulty software update that scuttled airline schedules. Boies previously represented the U.S. government in an antitrust case against Microsoft, as well as disgraced Hollywood mogul Harvey Weinstein. Delta declined to comment on the matter. The unprecedented tech crash, which earlier this month shut down banks, hospitals, government agencies and other organizations around the world, cost large U.S. companies more than $5 billion, according to Parametrix, provider of internet cloud monitoring and insurance services. Delta faces an investigation by the U.S. Department of Transportation's Office of Aviation Consumer Protection in connection with the flight disruptions following the CrowdStrike crash. The carrier has said it is cooperating with the probe. CrowdStrike is also facing scrutiny, with U.S. House leaders calling on CEO George Kurtz to appear before Congress to answer questions about the tech outage. — CBS News' Kathryn Krupnik contributed to this report

Dissident Group Wins Amazon Union Leadership Vote 2024-07-30 19:47:43+00:00 - A dissident group has won control of the Amazon Labor Union, the only union in the country that formally represents Amazon warehouse workers, election results on Tuesday showed. The union won a representation vote at a Staten Island warehouse in 2022 but has yet to negotiate a contract as Amazon contests the outcome. The group has been divided over governance and strategy, as well as personality conflicts, after falling short in efforts to organize other Amazon facilities. A leader of the dissident group, Connor Spence, will take over, succeeding the founding president, Christian Smalls, who chose not to run for re-election. Mr. Spence defeated the union’s current recording secretary and a third candidate in an election that attracted roughly 250 votes, out of thousands of workers at the warehouse. The result was announced by Mr. Spence’s group and confirmed by Mr. Smalls. Mr. Spence’s group brought a lawsuit last year to force leadership elections within the union. The two sides announced a settlement in January that set the stage for this month’s election, which was overseen by a court-approved monitor.

The Truth Behind Market Returns During Election Years And Presidential Terms 2024-07-30 19:35:00+00:00 - Unless you have been living under a rock these past few weeks, you are well aware of not only all the chaos within the Democratic party political leadership but also the attempted assassination of former President Trump. So what does all this mean for the stock market and maybe more importantly, your own portfolio? Depending on the person, presidential election years can be entertaining. Personally, I hate them and am thankful they only occur every four years. However, as one of the owners of LCM Capital Management, a federally registered investment advisory firm, it’s our job to pay attention to what is happening in the world and how it might be affecting our clients’ portfolios. If you have read any of our previous articles, you know my firm does not have a great deal of respect for market strategists, economists or analysts since they are only guessing at what will happen in the future; more importantly, most of their guesses are usually wrong. The stock market's relationship with political events, particularly U.S. presidential elections and the party affiliation of the president, has long intrigued investors and analysts. During election years, there always seems to be heightened scrutiny on market’s performance as investors and analysts try to predict (that is, guess) how political changes might impact the economy and as a result the stock market. However, despite the intense focus, historical data suggest that the stock market performance during election years does not significantly affect long-term investment outcomes. The reason: the stock market is a barometer of economic health and investor sentiment. The data suggests that while political factors can influence short-term market behavior, long-term performance is driven by broader economic fundamentals. Case in point, historical data shows varied performance: 1980 Presidential Election: The S&P 500 gained approximately 25%, despite economic challenges and the Iran hostage crisis. Ronald Reagan - Republican won The S&P 500 gained approximately 25%, despite economic challenges and the Iran hostage crisis. Ronald Reagan - Republican won 2000 Presidential Election: The market ended the year with a modest loss due to the dot-com bubble burst. The “hanging chad” election. G.W. Bush – Republican won The market ended the year with a modest loss due to the dot-com bubble burst. The “hanging chad” election. G.W. Bush – Republican won 2008 Presidential Election: The market plummeted by over 30%, primarily due to the global financial crisis. Barack Obama - Democrat won The market plummeted by over 30%, primarily due to the global financial crisis. Barack Obama - Democrat won 2016 Presidential Election: The S&P 500 saw a roughly 10% increase despite significant uncertainty. Donald Trump - Republican won These examples illustrate that market performance during election years is influenced by multiple factors, including economic conditions, corporate earnings, global events, and monetary policy. These results tend to move due to factors other than the immediate political election landscape. One might also assume that Republicans are better for the markets. However, according to data from CFRA Research, from 1945 through 2019, the S&P 500's average annual return was approximately 10.8% under Democratic presidents and about 5.6% under Republican presidents. Now what do you think? Give the following some thought: Clinton Administration (1993-2001): Marked by economic expansion and a booming stock market, the S&P 500 delivered an average annual return of just over 15%. Key factors included the rise of the internet (thanks to Al Gore creating it) and technology sectors, balanced budgets, and trade policies. Marked by economic expansion and a booming stock market, the S&P 500 delivered an average annual return of just over 15%. Key factors included the rise of the internet (thanks to Al Gore creating it) and technology sectors, balanced budgets, and trade policies. Bush Administration (2001-2009): Experienced significant market fluctuations, with the early 2000s dot-com bubble burst and 9/11 attacks leading to downturns. The 2008 financial crisis caused a severe market crash, resulting in an average annual return of just over -5%. Experienced significant market fluctuations, with the early 2000s dot-com bubble burst and 9/11 attacks leading to downturns. The 2008 financial crisis caused a severe market crash, resulting in an average annual return of just over -5%. Obama Administration (2009-2017): Implemented measures to stabilize the economy during the Great Recession, resulting in a market rebound and an average annual return of 13%. Implemented measures to stabilize the economy during the Great Recession, resulting in a market rebound and an average annual return of 13%. Trump Administration (2017-2021): Focused on tax cuts and deregulation, leading to significant market gains. Despite the sharp decline in 2020 due to the pandemic, the market quickly recovered, with an average annual return of just over 13.5%. While historical data suggests that the stock market has performed better on average under Democratic presidents, attributing market performance solely to the president's party affiliation oversimplifies a complex relationship. Factors such as GDP growth, inflation rates, employment levels, and corporate profits have a more direct and sustained impact on the market compared to political events. While elections can create short-term volatility due to uncertainty, it is the underlying economic conditions ultimately drive market trends. So what should investors do? For starters, they should vote Tuesday, November 5th. Remember, you can’t complain if you don’t vote. Second, don’t make investment decisions based on what you hear on TV or see in the polls. Behavioral finance studies have shown that investors can be easily influenced by emotions such as fear and greed, leading to overreactions to political news. Maintain a diversified portfolio. This will help weather any short-term market volatility caused by a single event. Trust us and our 36 years of experience. Focus on a long-term investment strategy rather than react to political events. Your portfolio will thank you. This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Why Kamala Harris should choose Tim Walz as her VP 2024-07-30 19:33:33+00:00 - Minnesota Gov. Tim Walz thinks the leaders of the modern Republican Party — especially but not exclusively former President Donald Trump and Sen. JD Vance of Ohio — are extremely “weird.” He has been saying so for months, but ever since Vice President Kamala Harris emerged as the presumptive Democratic nominee for president, he has become one of her most effective messengers, doing the dirty work of attacking the Republicans so Harris can focus on a positive message — “Freedom.” It has become easy to imagine Walz as the next Democratic nominee for vice president, one of a handful of politicians who have emerged as front-runners for the honor. If it happens, I’ll be thrilled. I’m a Minnesotan and have watched Walz since he started running for governor in the 2018 election. Before that, he was just a “downstate” congressman and not so much on my radar. When he has had the opportunity, he has done everything he can to make Minnesota a better place for everyone. But much to my surprise, I’ve become fully “Walz-pilled,” not so much because of the viral clips, but because when he has had the opportunity, he has done everything he can to make Minnesota a better place for everyone. Frankly, I’m surprised at my own enthusiasm, because I wasn’t a Walz supporter when he ran for governor in 2018. This is inside baseball for Minnesota Democratic-Famer-Labor politics (not technically the Democratic Party), but Walz came into the race as the more electable, more conservative major candidate for governor. He seemed fine but boring, and it felt like in the coming blue wave anti-Trump election cycle, Minnesota could do better. So I backed his rival, Erin Murphy, and she lost. I was disappointed but naturally voted for Walz in the general election and was happy enough that he won. But I thought Walz would be a brake on progress, seeking the kind of consensus across the middle that just isn’t possible these days thanks to the devolution of the Republicans. And the Minnesota GOP seemed especially devolved, nominating far-right ideologues instead of trying to compete in a purple state. Turns out I was wrong. Walz’s first term was fine, marked by generally solid health-related leadership during Covid and some questionable decisions during the 2020 George Floyd uprising, but it was last year that everything changed. In the 2022 elections, Democrats won a trifecta, taking full control of state government, but with a Senate majority of only one seat. DFL leaders never hesitated, taking advantage of a large budget surplus to quickly enact a wide range of progressive policies across the board that changed our state for the better. They made Minnesota a safe haven for the trans community. They affirmed abortion as a fundamental right and removed restrictions that limited access. They legalized recreational cannabis use and passed laws for driver’s licenses for all Minnesotans regardless of immigration status, automatic voter registration, paid family and medical leave, tax rebates for people making less than $75,000 and new climate goals, and they phased out parental fees for families with kids on Medicaid. This last one is perhaps narrower than the others, but my son has Down syndrome and is on Medicaid, so I sure paid close attention to this. Sure, Republicans howled about the lack of bipartisanship, but that’s one of the lessons. Do one progressive act or do 50, the howl will be the same. Tim Walz was just one of the Democratic leaders behind the unprecedented sweep of legislation, and arguably not even the most important. House leader Melissa Hortman and Senate leader Kari Dziedzic led the way, kept their caucuses united and got the bills to Walz’s desk. But he never hesitated and quickly became the public face of the movement, especially when he was signing bills for free lunch for all Minnesota school kids, no exceptions. Long before his name was mentioned in the veepstakes, he went viral for pictures of kids hugging him and then lining up for a high-five line as Walz clowned around in the classroom. I’m less interested in the identity politics surrounding Walz, though I recognize that as a Midwestern white dad, a veteran, a former social studies teacher and football coach and a dad from a small rural town, he has a background very distinguishable from Harris’. But there’s an advantage to this. He can argue, as he did on MSNBC, that the genuine problems facing small-town white Americans are the fault of plutocrats — the Trumps of the world, venture capitalists like JD Vance and their backers. Because the problem isn’t just that they are weird creeps, but that they’re genuinely making lives worse for more people. Walz believes Democratic policies make lives better. At the end of the 2023 legislative session, Walz gave the memorable quote “Minnesota is showing the country you don’t win elections to bank political capital — you win elections to burn political capital and improve lives.” When I heard that, I became entirely Walz-pilled, delighted to be led by a politician drawing from the best Minnesota traditions of “happy warriors” like former Democratic Sens. Hubert H. Humphrey (also a former vice president) and Paul Wellstone. I’m willing to share him with the nation. Too often, including in January 2021, Democrats have held power in Washington and acted too cautiously rather than risen to the moment. The Minnesota model shows there’s another way. Sure, Republicans howled about the lack of bipartisanship, but that’s one of the lessons. Do one progressive act or do 50, the howl will be the same. And if you help enough people, voters will reward you. There’s some Midwestern dad energy that the nation sorely needs. Kamala Harris must soon pick a running mate — one of the first major decisions of her 2024 presidential campaign. As part of our series on some of the top contenders, read the case for Andy Beshear here, the case for Josh Shapiro here and the case for Mark Kelly here.