Latest News

See the latest news and get GPT analysis of articles

People are overdosing on injectable weight-loss drugs, FDA warns 2024-07-29 17:02:00+00:00 - Are enough doctors trained on obesity medicine? Are enough doctors trained on obesity drugs? Are enough doctors trained on obesity drugs? Some people are overdosing from certain products marketed for weight loss, federal health officials are warning. The FDA has received reports of dosing errors involving compounded semaglutide injectable products dispensed in multiple-dose vials, resulting in patients seeking medical attention or requiring hospitalization, the agency stated. Dosing errors came as a result of people measuring and self-administering incorrect amounts, and health care providers miscalculating doses of the cheaper, compounded versions of weight-loss drugs like Wegovy, the agency said Friday in an alert. Overdose symptoms include nausea, vomiting, abdominal pain, fainting, headache, migraine, dehydration, acute pancreatitis and gallstones, according to the FDA. A majority of the reports had patients mistakenly drawing up more than the prescribed dose from a multiple-dose vial, self-administering five to 20 times more than the intended dose of semaglutide. Many reports involved patients unfamiliar with how to measure the intended dose using a syringe. As depicted in this figure, patients directed to administer 5 units from a vial mistakenly administered 50 units instead. U.S. Food and Drug Administration Confusion between different units of measurement including milliliters and milligrams may have contributed to the dosing mistakes, the FDA said. One provider meant to dose 0.25 milligrams, or 5 units, but prescribed 25 units instead, leading to a patient getting five times the intended dose and experiencing severe vomiting, the FDA relayed. Another provider prescribed 20 units instead of 2, affecting three patients who, after receiving 10 times the intended dose, experienced nausea and vomiting. There are currently three FDA-approved semaglutide products: Ozempic and Wegovy injections and Rybelsus tablets. Typically offered by online pharmacies, compounded semaglutide products come in various containers and packaging, including multiple-dose vials and prefilled syringes, the agency noted. Compounded drugs pose a higher risk to patients than those approved by the FDA, and should only be used when a person's medical needs can't be met by an available FDA-approved drug, the agency stated in its alert.

Reckitt Benckiser’s shares slump after Abbott baby formula ruling over bowel disease link 2024-07-29 16:42:00+00:00 - Reckitt Benckiser’s share price has dropped to a 10-year low after a US court ruled that a formula produced by rival Abbott Laboratories had caused a baby girl to develop a serious bowel disease. Shares in the British consumer goods group, which is facing similar legal action over its Enfamil formula, saw its shares plunge by about 9% to roughly £40.75 a share on Monday after Abbott was ordered to pay $495m (£385m) in damages by a court in Missouri on Friday. A St Louis jury concluded that Abbott’s specialised formula for premature babies had led to an Illinois baby developing necrotising enterocolitis (NEC), a dangerous bowel condition. Abbott intends to appeal. The judgment is the latest lawsuit against Abbott and Reckitt over alleged health effects caused by their formulas for premature babies. In March, Reckitt, whose other major brands include Durex and Nurofen, was ordered to pay $60m in damages to a mother who claimed that Enfamil, produced by Reckitt company Mead Johnson, had led to the death of her baby. Reckitt faces its own NEC-related trial in September and investors are waiting to see whether the company will be subject to further payouts. Analysts Jefferies said the Abbott ruling was likely to “depress sentiment” for Abbott and Reckitt, and has already estimated a discount for the legal liability of £3bn for Reckitt. It said: “With [Reckitt’s] own new individual trial due to start on 30 September and multidistrict litigation action gaining momentum, that risk may be extended this week we think.” According to Reuters, there are now 1,000 cases that have been filed against each, or both, of the companies in US federal or state courts. The lawsuits claim the companies did not warn doctors that infants receiving formula had a greater risk of a deadly disease than infants who are breastfed or given donor milk or human milk-derived formula. Abbott and Reckitt have denied the claims and say there is no evidence their products cause NEC. Responding to Friday’s judgment, an Abbott spokesperson said: “Verdicts like these, where the science and opinions of healthcare professionals who spend their lives treating these babies are ignored, make it difficult to continue supplying these products indefinitely.” Analysts from JP Morgan said the $495m damages figure was much higher than expected, with analysts expecting a payout of between a $60m and $100m. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The brokerage said: “With a final settlement likely a way away, we wouldn’t be surprised to see the verdict weigh on sentiment until there’s a clearer path forward for resolution of the matter.” Abbott’s stock was down 6.9% at $98.32 before the closure of markets on Monday, while Reckitt’s £40.75 share price on Monday was its lowest since January 2013. Reckitt said: “We stand behind the safety and efficacy of our preterm nutrition products, which neonatologists recommend when clinically appropriate as a part of the standard of care in neonatal intensive care units (NICUs). “Claims by plaintiffs’ lawyers that these products cause NEC are not supported by the science or the medical consensus and are irresponsible.”

AMC Entertainment Stock Is Rising Monday: What's Going On? - AMC Enter Hldgs (NYSE:AMC), Walt Disney (NYSE:DIS) 2024-07-29 16:20:00+00:00 - AMC Entertainment Holdings Inc AMC shares are on watch higher. The company announced it posted its highest weekend attendance and admissions revenue of 2024. What Happened: AMC announced that it set new 2024 records for weekend attendance and admissions revenue at its U.S. AMC theater locations this past Thursday through Sunday. AMC also set new 2024 records at its ODEON Cinemas locations throughout the world as AMC and ODEON welcomed more than 6 million moviegoers to its theaters over the weekend. The record-breaking performance was led by the opening weekend of Walt Disney Co DIS and Marvel’s “Deadpool & Wolverine,” which set new all-time opening weekend records for a rated-R film with a reported $205 million domestically across the industry. “Deadpool & Wolverine” also AMC also posted its highest food and beverage revenue for a single weekend since 2019. In the U.S., AMC said it sold more beer, wine and cocktails over the weekend than in any other weekend in AMC company history. “Deadpool & Wolverine” is now AMC’s highest revenue-generating merchandise program of the year, eclipsing “Despicable Me 4,” which had just claimed that title earlier this month. The movie also became AMC’s second-highest merchandise program in AMC company history. “AMC has been predicting for quite some time that moviegoing would return to lofty levels this summer. The trifecta of INSIDE OUT 2, DESPICABLE ME 4 and DEADPOOL & WOLVERINE, combined with a myriad of other successful movies, has proven us right,” said Adam Aron, chairman and CEO of AMC. “Given that this also was an AMC record-breaking weekend for the sale of beer, wine, and cocktails at our MacGuffins bars, it’s only fitting that we raise a glass and toast our studio partners at Disney and Marvel, and the filmmakers of DEADPOOL & WOLVERINE for delivering a theatrical experience that has delighted and entertained millions of fans around the world.” Check This Out: Ryan Reynolds, Hugh Jackman Starrer ‘Deadpool & Wolverine’ Breaks Box Office Records, Rakes In Over $438M For Disney’s Marvel At Global Opening AMC scheduled its second-quarter financial results for Aug. 2 and reported preliminary results last week. AMC said it expects second-quarter revenue of approximately $1.03 billion versus estimates of $1.018 billion, according to estimates from Benzinga Pro. The company anticipates a second-quarter loss of 10 cents per share versus estimates for a loss of 43 cents per share. Adjusted EBITDA is expected to be approximately $29.4 million in the second quarter. “Moviegoing in theatres appears again to be on an upwards trajectory. AMC enjoyed a significant increase in our daily revenues in June of 2024 as compared to those of April and May of 2024,” Aron said. AMC Price Action: AMC shares were up 0.77% at $5.22 at the time of publication, per Benzinga Pro. Photo: Paul Sableman from Flickr.

Alabama city and multibillion dollar company to refund speeding tickets 2024-07-29 16:16:04+00:00 - TUSKEGEE, Ala. (AP) — Hundreds of local drivers who paid fines from speeding cameras installed by a multibillion dollar company will get full refunds, an Alabama mayor confirmed. In January, the city of Tuskegee hired German company Jenoptik to install speeding cameras. Last week, the mayor of Tuskegee Lawrence Haygood said all drivers who had been fined would get their money back, CBS42 reported. Many drivers were getting close to ten fines over $100 before receiving a citation in the mail. The city “decided to suspend the program due to several complications with the camera ticket program and based on advice of legal counsel,” Haygood said in an email. “Initially, we did not have full understanding of some of the potential challenges in implementation of the program.” Months after the cameras were installed, eight Tuskegee drivers filed a lawsuit that said the cameras incorrectly identified speeding cars and charged $25 to appeal the traffic ticket in court. The lawsuit said that these alleged factors breach the right to due process established in the state constitution. Mayor Haygood said that the decision to refund the tickets was unrelated to the lawsuit. Mayor Haygood said the cameras were initially installed after numerous complaints about excessive speeding across the city. He added that the tickets weren’t intended to be used as a source of revenue, which is illegal under a state law passed in 2022. The traffic camera company, Jenoptik, has installed road safety technology in over 80 countries around the world, according to its website. It has similar speed cameras in numerous cities across the United States. Both the city and Jenoptik will be responsible for the refunds.

‘Your body is completely drained’: US workers toil in heatwaves with no protections 2024-07-29 16:01:00+00:00 - On 23 June, Shae Parker had to leave her shift early at a gas station in Columbia, South Carolina, to go to the emergency room due to heat exhaustion; she wasn’t paid for missing the rest of her shift. The air conditioning at her work has been on the fritz for weeks, she said, and her station heats up easily as the sun beams through its large windows. “I got nauseated, overheated, lightheaded,” she said. “We don’t have free water, we don’t have a water level on the soda machine, the ice machine is broken, so we have to buy water. The last few weeks it’s been extremely hot. It’s very hard to breathe when you’re lightheaded and experiencing dizziness. The fatigue is like 10 times worse because your body is completely drained. I had to get two bags of fluid from being dehydrated even though I was drinking water.” Millions of Americans faced dangerous temperatures earlier this month as a heat dome blanketed the midwest and eastern US. The National Weather Service issued a heat advisory for much of South Carolina as temperatures hit the 90sF (32C). Yet, workers across the country who toil in the heat both indoors and outdoors have to get through the summer without any heat protections in the workplace. Like Parker, many workers are left to try to treat their heat stress symptoms on their own. This past June was the hottest month of June on record worldwide, while July 2023 to June 2024 have been the hottest 12 months on record, with 2024 on pace to break 2023 as the hottest year on record. The Biden administration announced the proposal of an Occupational Safety and Health Administration (Osha) rule to protect 36 million US workers from the heat on 2 July. But implementation won’t likely occur for several more years as the release of the rule proposal is just the third of seven steps in Osha’s rule-making process. It could face challenges in courts, causing further delays, or be derailed altogether if Donald Trump wins the 2024 election. The rule provides more robust rules and higher fines on employers to protect workers. View image in fullscreen Construction worker Felipe Campuzano tries to find relief from the heat on 4 August 2022 in Philadelphia, Pennsylvania. Photograph: Mark Makela/Getty Images Destiny Mervin, a restaurant worker in Atlanta, Georgia, and member of the Union of Southern Service Workers, said she has been constantly sweating during work and has had to change shirts during her shift because of how hot she has been. “Someone fainted two weeks ago and the week before that, someone had a seizure,” Mervin said in a press release. “A worker shouldn’t have to die for Popeyes for employers to take unbearable heat seriously.” The need for strong federal heat protections is becoming more urgent every summer Rebecca Dixon In 2023, an estimated 2,300 people in the US died from heat-related illness, the highest record of heat-related deaths in 45 years. “The excessive heat the US has experienced in the last month is particularly dangerous to the people who have to work in it – hundreds of thousands of workers succumb to heat-related illness, injury and death each year,” said Rebecca Dixon, president and CEO of the National Employment Law Project. “The risk of workplace heat dangers is especially acute for workers of color, who are more likely to work in jobs that expose them to excessive heat as a result of occupational segregation,” Dixon said.” “As human-caused climate change produces more extreme temperatures, the need for strong federal heat protections is becoming more urgent every summer.” Priscilla Hoyle, an airplane cabin cleaner at Charlotte Douglas international airport, has gotten sick and had to go home twice in the past year due to heat exhaustion, with the most recent incident just a few weeks ago. Both times she wasn’t provided any medical treatment when she got sick on the job. “I got really sick, I could hardly breathe, I had to run off the plane and I was standing on the side throwing up,” Hoyle said. “It’s very draining, it’s very tiring. You have to walk from concourse to concourse in nothing but heat. You’re dripping in sweat and you can’t hydrate.” skip past newsletter promotion Sign up to Down to Earth Free weekly newsletter The planet's most important stories. Get all the week's environment news - the good, the bad and the essential Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Damarkus Hudson has also worked as an airplane cabin cleaner at Charlotte Douglas international airport in North Carolina for two years where he is constantly exposed to the heat without adequate protections or support, he claimed. Last year, Hudson passed out on the job due to heat exhaustion and was offered no medical treatment. He was instead only given time to drink water and cool down until his shift ended shortly after the incident. “The break room was full and I tried to go outside to get some fresh air, but there wasn’t any breeze and I just passed out, I couldn’t cool down,” Hudson said. View image in fullscreen An agricultural worker takes a water break while enduring high temperatures in a tomato field in Winters, California, on 13 July 2023. Photograph: Loren Elliott/Reuters He noted a coworker poured water on him to cool him down, which sent him into shock, and that other workers have experienced similar symptoms on the job. He cleans four to five planes an hour in the sweltering heat, often walking long distances between concourses in the airport, and he said the air conditioning in the vehicles they travel in between planes doesn’t always work. “We’re always exposed to the heat. Working in the heat, you get nauseated, feel sick, and fatigued,” he added. “We don’t get enough water and when we do, it’s usually not cold water, and we don’t get extra breaks to cool down.” LaShonda Brown, a trash truck driver at Charlotte airport, said heat issues impact airport workers across the US. She claimed the trucks they use don’t have working air conditioning, that she and her workers are rarely provided water or rest breaks, which makes the heat impact even worse as the job is already physically demanding when its not hot outside. “There are a lot of people who have been hospitalized, passing out from this heat,” said Brown. “We’re sweating so much. We’re not getting time to get water into our bodies. We’re human – the same way you get hot, we get hot.”

Kimberly-Clark Stock Dips and a Buying Opportunity Emerges 2024-07-29 15:34:00+00:00 - Kimberly-Clark Today KMB Kimberly-Clark $140.85 -0.96 (-0.68%) 52-Week Range $116.32 ▼ $145.62 Dividend Yield 3.46% P/E Ratio 25.89 Price Target $145.67 Add to Watchlist Global personal care products giant Kimberly-Clark Co. NYSE: KMB stock formed a resilient and rapid rebound after initially falling on its Q2 2024 earnings results. The company’s portfolio of brands are household names in 175 countries, as nearly 25% of the world's consumer population uses its product daily. Shares peaked after $160.19 in August 2020 during the pandemic and sank to a low of $108.72 before staging a rebound to a 52-week high of $145.62. Investors can watch for the daily symmetrical triangle pattern to resolve. Kimberly-Clark operates in the consumer staples sector, competing with consumer goods manufacturers like Proctor & Gamble Co. NYSE: PG, Colgate-Palmolive Co. NYSE: CL and Clorox Co. NYSE: CLX. Get Kimberly-Clark alerts: Sign Up Kimberly-Clark has a Popular Portfolio of Brands While the name Kimberly-Clark may not be familiar to consumers, its brands are well known. Huggies, Poise, Kotex, and Depends lead the company's Personal Care brands. This segment saw the most promising growth in Q2 2024, with 8% YoY organic growth and 14% YoY operating profit growth. China and North America led volume growth. Focus markets experiencing volume growth include Australia, Brazil, and Indonesia. Its Consumer Tissue brands are led by Scott, Kleenex, Cottonelle, Viva, and Andrex. Organic growth fell by 2%, but operating profit grew by 23% YoY in Q2 2024. Flat volumes reflected mid-single digit pricing in North America offset by retailer inventory reductions in North America. Low single-digit pricing in North America was more than offset by the lapping of energy surcharges in Western Europe. Volume-led share gains with Kleenex in the U.S., U.K., Australia, and Andrex in the U.K. Its K-C Professional brands include Scott, Kleenex, and WypAll, which experienced flat organic growth and a 1% drop YoY in operating profit. Lower volumes in North America were driven by ongoing business rightsizing and recent foot traffic weakness in Retail, Foodservice and Lodging channels. KMB Forms a Symmetrical Triangle Pattern The daily candlestick chart for KMB illustrates a symmetrical triangle pattern. This pattern is comprised of a descending upper trendline and a rising lower ascending trendline converging at the apex point. KMB shares initially sank 5.7% to $138.74 on its Q2 2024 earnings release, falling to a low of $134.67 before rallying back to a $142.79 gap fill in the following days. The daily relative strength index (RSI) has flattened around the 54-band. Pullback support levels are at $ Kimberly-Clark Has Mixed Q2 2024 Results The company reported Q2 2024 EPS of $1.96, handily beating consensus analyst estimates by 25 cents. However, revenues fell 2% YoY to $5.03 billion, falling short of consensus estimates of $5.1 billion. FX translation impacted sales by 5%. The divestment of its Tissue and K-C Professional business in Brazil in June also impacted sales by 1%. Organic sales rose 4%, driven by a 2% increase in price and a 2% increase in volume and mix. Volume and mix were positives across North America, developing and emerging (D&E) markets, and developed markets like Australia, South Korea, and Western and Central Europe. Net interest expense was $63 million, down from $67 million in the year-ago period. The year-to-date (YTD) operating profit was $1.5 billion, which included $235 million in costs related to the transformation initiative. YTD adjusted operating profit was $1.7 billion, up 15% from $1.5 billion in 2023. YTD cash provided by operations was $1.5 billion, up from $1.4 billion a year ago. Fundamentals continue to shape up as the company took the opportunity to raise its 2024 outlook. Full Year 2024 Raised Guidance Outlook Kimberly-Clark expects organic net sales to grow at a mid-single-digit rate, while reported net sales are expected to be impacted negatively by 400 bps of currency translation and 120 bps from divestitures. Adjusted operating profit guidance was raised and is now expected to grow at a mid-to-high teens percentage rate on a constant currency (CC) basis, up from previous forecasts of low-teens growth. Reported operating profit and reported EPS are still going to be negatively impacted by 700 bps in FX translation. Kimberly-Clark MarketRank™ Stock Analysis Overall MarketRank™ 4.21 out of 5 Analyst Rating Hold Upside/Downside 3.4% Upside Short Interest Healthy Dividend Strength Strong Sustainability -2.60 News Sentiment 0.57 Insider Trading Selling Shares Projected Earnings Growth 3.88% See Full Details Kimberly-Clark CEO Mike Hsu commented, “We have made strong progress while navigating dynamic consumer and retail environments. We have a strong foundation that we can leverage to accelerate investments across the enterprise. Our focus is to deliver high-quality consumer solutions at every price point, increase our operational scale, and enhance our long-term potential. We're excited about our opportunities to capitalize on our momentum to deliver our enduring goal of enhancing value for all our stakeholders." Kimberly-Clark analyst ratings and price targets are at MarketBeat. There are 15 analyst ratings on KMB stock, comprised of six Buys, seven Holds, and two Sells, with a 2.72% upside to the consensus price target of $145.67. → Why Big Tech Is Silencing This Wall Street Veteran (From Behind the Markets) (Ad) Before you consider Kimberly-Clark, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Kimberly-Clark wasn't on the list. While Kimberly-Clark currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

How One Man Lost $740,000 to Scammers Targeting His Retirement Savings 2024-07-29 15:31:33+00:00 - For nearly three months, Barry Heitin, a 76-year-old retired lawyer, thought he was part of a government investigation that felt like something out of the movies. He was actually assisting criminals in stealing hundreds of thousands of dollars — of his own money. Last fall, he spent just about every weekday doing the legwork and making withdrawals from his bank accounts as part of an intricate scam: He believed he was helping the feds safeguard his money and catch thieves who were after it. “They kept telling me, ‘This is a big case and we are going to stop a whole ring of people,’” Mr. Heitin said. “It was like a rabbit hole. I was going down the hole with them.” It cost him almost all of his retirement savings: roughly $740,000. Americans spend a lot of energy saving for retirement and worrying about losing money to the gyrations of the stock market. But these days, sophisticated criminals — on dating sites, on social media, in messaging apps or using malicious software — present an ever-growing risk to people and their savings.

McDonald's says $5 value meal sales are hot as consumers feel 'pinch' of inflation 2024-07-29 15:13:00+00:00 - McDonald's $5 "Meal Deal" appears to be bringing back bargain-hungry customers amid broadly higher post-pandemic food prices. The fast-food giant reported profit and sales Monday that missed analysts' expectations. acknowledging an industry-wide slowdown as consumers eat at home more often and trade down to cheaper items. And while McDonald's reputation as a lower-cost option continues to put it at an advantage, it is a shrinking one. "Consumers still recognize us as the value leader versus our key competitors, but it’s clear that our value leadership gap has recently shrunk," CEO Chris Kempczinski said on an earnings call Monday. Since the onset of the pandemic in the spring of 2020, overall food prices in the U.S. economy have climbed approximately 24%, according to the Bureau of Labor Statistics, with food-away-from-home costs surging 27% as restaurants faced higher labor and supply costs. While McDonald's had weathered the resulting consumer environment as well as anyone, it began to see worsening results more recently as customers' post-pandemic spending boom waned. Enter McDonald's $5 Meal Deal, which includes a McChicken or McDouble (a double burger with one slice of cheese), a four-piece McNugget portion, fries and a drink. Launched in late June — largely before its impact could be reported in the company's latest earnings report — the offering showed immediate results and was being extended at least through August in most U.S. markets. "We’ve seen a lot of enthusiasm and the number of $5 Meal Deals sold are above expectations," McDonald's U.S. President Joe Erlinger said on the call. While the combo was proving most popular among lower-income consumers, executives said average checks that include the deal have been been over $10, something he said showed consumers are using it as an add-on to regular orders. And from a brand-improvement perspective, Erlinger said the offering had begun to reset the chain's perception for value and affordability. McDonald's shares rose more than 3% Monday morning. The $5 deal comes as companies across the U.S. economy offer summer discounts to keep consumers spending — a strategy that appears to be working. Amazon just set a Prime Day spending record, and Salesforce tracking of online spending across retailers other than Amazon showed U.S. sales grew 3% as discounts jumped 10% since Prime Day last year. “You have a heightened level of promotion, heightened levels of discounts, and that makes for a perfect storm where the consumer feels like, ‘This is a really great opportunity for me to buy. I’m excited about spending,’” Vivek Pandya, Adobe’s lead insights analyst, told NBC News last week. Even as inflation has cooled, signs of a struggling consumer continue to mount: According to Philadelphia Federal Reserve data, balance-based credit card delinquency rates were at their highest level in nearly 12 years as of the first quarter this year, though the total number of credit card accounts 30, 60, and 90 days past due actually declined. McDonald's leadership acknowledged that despite the success of its new offering, it still faces an uphill battle as consumers continue to pull back. "At the end of the day, we expect customers will continue to feel the pinch of the economy and a higher cost of living for at least the next several quarters in this very competitive landscape," Erlinger said. CNBC's Kate Rogers and Robert Hum contributed to this article.

Leading Gold Stock Shines With Q2 2024 Earnings Release 2024-07-29 15:07:00+00:00 - Barrick Gold Today GOLD Barrick Gold $17.97 +0.18 (+1.01%) 52-Week Range $13.76 ▼ $19.45 Dividend Yield 2.23% P/E Ratio 21.91 Price Target $22.20 Add to Watchlist Leading gold mining company Barrick Gold Co. NYSE: GOLD stock is trading down 1.66% despite gold prices rising 15.4% year-to-date (YTD). While it's easy to assume gold mining stocks should move in lockstep with gold prices, that's not usually the case. While it's true that higher gold prices would result in higher revenues for gold miners since they would be collecting more for their gold, there are other factors like operational efficiency, interest rates, hedging, and diversification that can dampen the impact of rising gold prices. However, Barrick Gold is widely considered to be a best-of-breed as one of the world’s largest gold producers. Barrick Gold operates in the basic materials sector, competing with other miners, including Newmont Co. NYSE: NEM, Kinross Gold Co. NYSE: KGC, and Rio Tinto Group NYSE: RIO. Get Rio Tinto Group alerts: Sign Up Barrick Gold Mines More than Just Gold While Barrick Gold is known as a gold miner and producer, it also mines and sells other materials, including silver and copper. The company has ownership stakes in gold mines in Canada, Argentina, the Dominican Republic, Mali, Tanzania, the Ivory Coast, the Democratic Republic of Congo, and the United States. Barrick Gold operates 13 gold mines and three copper mines with projects throughout 18 countries, including copper mine interests in Saudi Arabia, Zambia, and Chile. The company expects to increase gold production by 40% as it grows from 5 million gold equivalent ounces (GEOs) to 7 million by 2030. GOLD May Be Breaking Down From an Ascending Triangle Pattern The daily candlestick chart for GOLD illustrates an ascending triangle breakdown pattern. The pattern was formed by the flat-top upper trendline resistance at $19.45, converging with the rising lower trendline off the $15.92 low. The breakdown is forming under the lower trendline at $18.54. The daily relative strength index (RSI) has fallen to the 50-band. Pullback support levels are at $17.38, $15.92, $15.01, and $14.27. Solid First-Quarter Results Bodes Well for 2024 Barrick Gold reported Q1 2024 EPS of 19 cents, beating the consensus estimates by 4 cents. Revenues grew 3.9% YoY to $2.75 billion, beating $2.74 billion consensus estimates. Net earnings were $295 million. Barrick sold gold for an average realized price of $2,075 per ounce in the quarter, which was up from $1,902 per ounce in the year-ago period. Gold prices have steadily risen since then. Gold Production Fell YoY Due to Maintenance Delays Barrick produced 940,000 ounces of gold in Q2, which was less than the 952,000 ounces produced in the year-ago period. Higher costs and lower production levels reflected the delayed ramp-up at Pueblo Viejo, where the reconstruction of the conveyor was completed. Planned maintenance in the Nevada gold mines and mine sequencing at other sites contributed to the lower production. However, the company expects costs to come in lower while production ramps back up for the rest of 2024. Kibali Gold Mine Update On July 2, 2024, Barrick Gold confirmed that Kibali continues to be Africa's largest and most automated gold mine due to its three hydropower stations. Its backup solar power plant and battery storage system are expected to go online in 2025, taking the renewable component of its energy mix up to 85%. Kibali continues to deliver growth, and further investment in technology and capacity positions it to sustain its 750,000-ounce annual production schedule beyond its current 10-year horizon to 15 years and beyond. Barrick Gold Continues to Invest in Mali On July 9, 2024, Barrick stated that the long-term viability of the Loulo-Gounkoto gold mining complex was a top priority to ensure the Malian mining industry’s sustainability. Barrick has been a substantial contributor to the country’s economy. Barrick has invested over $10 billion in the past 29 years and over $1 billion in the past year alone. Barrick Provides Q2 Gold and Copper Production Update On July 16, 2024, Barrick Gold reported preliminary Q2 production results. Barrick produced 948,000 ounces of gold and 43,000 metric tons of copper. This improved over Q1 2024’s production of 940,000 ounces of gold and 40,000 metric tons of copper. Barrick Gold MarketRank™ Stock Analysis Overall MarketRank™ 4.68 out of 5 Analyst Rating Moderate Buy Upside/Downside 23.5% Upside Short Interest Healthy Dividend Strength Moderate Sustainability -6.13 News Sentiment 1.15 Insider Trading N/A Projected Earnings Growth 31.90% See Full Details The company stated that it remains on track to achieve its full-year 2024 guidance for gold and copper output of 3.9 million to 4.3 million ounces of gold and 180,000 to 210,000 metric tons of copper. Production will progressively increase per quarter with a higher weight in the second half of the year. Barrick forecasted Q2 sustaining costs of gold would rise 1% to 3% from $1,474 per ounce in the previous quarter, but that will drop in the second half as production increases. Barrick Gold analyst ratings and price targets are at MarketBeat. There are 14 Wall Street analyst ratings on GOLD stock, comprised of 10 Buys, three Holds, and one Sell, with a 24.7% upside to the consensus average price target of $22.20. Before you consider Rio Tinto Group, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rio Tinto Group wasn't on the list. While Rio Tinto Group currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

HS2 reveals £2bn in costs linked to Sunak’s downgrade of line 2024-07-29 15:06:00+00:00 - HS2 has revealed more than £2bn in costs linked to Rishi Sunak’s decision to downgrade the high-speed rail line. The UK’s largest infrastructure project revealed that it had written off £1.1bn in costs incurred during “phase two”, which was due to link Birmingham to Manchester until the government scrapped it last year. In its annual report, HS2 Ltd also disclosed a further £1bn in accounting charges relating to the project’s reduced ambitions, which will lower its expected future income. In total, the business announced £2.17bn in one-off costs associated with cutting back the railway. Sunak axed the second leg of the HS2 project and scaled back plans for London Euston station in October last year, during the Conservative party conference in Manchester. Confirmation of the plan provoked dismay in a city that was due to benefit from the new rapid link, with the timing widely seen as a political gaffe. It was a decision that followed a series of long delays and rises in estimated costs that had caused the high-speed line’s predicted price tag to balloon to £71bn. The government said it would save £36bn by scrapping part of the line, and Sunak pledged to reinvest in other rail projects including Network North, improving links between northern cities. Originally planned as a Y-shaped line linking London with Manchester and Yorkshire, HS2 has been progressively cut back and downgraded. Boris Johnson’s government cancelled plans for HS2 to reach Leeds in November 2021. While the decision to terminate HS2 in Birmingham has met with anger in regions that were poised to benefit, Labour has said it would not reverse the previous government’s decision, after Keir Starmer said in January that it was “not possible”. The government’s spending watchdog recently said that the decision to axe HS2’s second leg is likely to mean fares will need to rise on the west coast mainline from London to Manchester in order to put people off travelling by train. While HS2 was meant to relieve capacity on the line, the National Audit Office said there could be 17% fewer seats on trains between Birmingham and Manchester than at present because of the decision to stop the line in the Midlands. It said the Department for Transport would need to assess options to manage demand by “incentivising people to travel at different times or to not travel by rail”. Referring to Sunak’s cancellation of phase two, HS2 said: “This change in policy has resulted in a constructive loss to the company of £2,171.4m in 2023-24.” The company attributed £850m of asset writedowns to the cancellation of the Birmingham to Manchester route, meaning that the “company “is no longer expected to gain an economic benefit from the preparatory work required to build these phases”. The figure does not include the cost of purchasing land and property, which the company hopes to be able to sell on at a later date. It also took a further hit of £152.9m linked to work required to complete what was meant to be a 10-platform station at London Euston, next to the existing mainline terminus. The redesigned station will now be just six platforms, reducing its value as an asset. The previous government said private funding would be required to ensure trains go to the central London station at all. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion If not enough money is found, HS2 will permanently stop at Old Oak Common in the capital’s western suburbs. The company also reported a loss of £1.07bn as it wrote off costs incurred on the cancelled phase two leg, including design, preparation of legislation, “enabling works” and environmental projects. A further £95m of costs will arise from costs linked to winding down the project, such as “remediation” and ensuring that work can be stopped safely. In theory, some of the taxpayers’ costs could be recouped by diverting funds to other areas of the rail network, or if a future private or public body sought to resurrect the Birmingham to Manchester line or the original, larger, plan for Euston station. The annual report also revealed that HS2’s former chief executive, Mark Thurston, was paid £652,569 for his final year, including a £34,345 bonus. Thurston announced his resignation in 2023 after six years. At the time his departure was announced, HS2 was still expected to run to Crewe and Manchester. A spokesperson for HS2 said: “We are required to declare spending on the project that HS2 Ltd is no longer expected to gain any economic benefit from. “In this case, losses relate entirely to work delivered on the northern phase of HS2, which was cancelled by the previous government, and the former design of the high-speed station at Euston.” The shadow transport minister, Helen Whately, said: “Cancelling the second leg of HS2 was a difficult decision, but it was the right one. The £36bn saved will make more of a difference as road and rail improvements for communities up and down the county . “Or at least would have done, because Labour have now thrown the entire transport pipeline into chaos. Vital transport upgrades look like they’ll be collateral in their mission to trash our legacy.” The Department for Transport has been approached for comment.

Pharma Giant's Shares Up After Impressive Q2 Earnings Release 2024-07-29 14:31:00+00:00 - Bristol-Myers Squibb NYSE: BMY is in the healthcare sector and is the 10th largest pharmaceutical firm in the world by market capitalization. The company released Q2 2024 financial results on July 26, 2024. Let's begin by reviewing the firm's annual filing to understand its operations. Then, we'll review the quarterly financial results. To wrap up, we'll explore the stock's outlook and discuss Wall Street's price targets. Get Bristol-Myers Squibb alerts: Sign Up Bristol-Myers Squibb: Biopharmaceuticals Leader Bristol-Myers Squibb Today BMY Bristol-Myers Squibb $48.98 -1.47 (-2.91%) 52-Week Range $39.35 ▼ $63.41 Dividend Yield 4.90% Price Target $55.79 Add to Watchlist The company operates as one reportable segment, engaged in the entire value chain of biopharmaceutical products from discovery and research to global distribution. Living organisms produce biopharmaceuticals, whereas traditional drugs are synthesized from chemical compounds. Examples are monoclonal antibodies, vaccines, insulin, gene therapies, and stem cells. The company received 70% of its revenue from the United States and 28% internationally. The company’s highest revenue-producing drugs in 2023 were Eliquis and Opdivo. Eliquis is a blood thinner used to prevent clotting and strokes in people with atrial fibrillation (AFib), and Opdivo treats various types of cancer. They accounted for 27% and 20% of total revenue, respectively. The company also received 14% of its revenue from Revlimid. However, its sales fell 39% from 2022 because the drug lost its patent protection, and generics entered the market. BMY Shares Up Big After Earnings Bristol-Myers Squibb impressed markets with its earnings release; shares were up by 11.5% on the day of the release. Adjusted earnings-per-share (EPS) came in at $2.07, resulting in a 27% earnings surprise. The company beat revenue estimates by $680 million, reaching $12.20 billion. Adjusted EPS is up 18%, and revenue is up 9% from a year ago. The company also increased gross margin by 60 basis points. Furthermore, it massively increased its full-year adjusted EPS guidance. The guidance midpoint now sits at $0.75 per share, up from $0.55 per share in April. Bristol-Myers Squibb (BMY) Price Chart for Monday, July, 29, 2024 Significant pressure is on Bristol-Myers' new drugs to perform well, and its biggest money-making drugs will lose their patent protection over the coming years. This will cause large revenue declines for the drugs as generics become available. This will occur in 2026 for Eliquis and in 2028 for Opdivo. Eliquis’s revenue drop might be particularly fast as Medicare is negotiating a lower price through the Inflation Reduction Act, which will go into effect in 2026. The financial results show that the new drugs are holding up their end of the bargain right now. Opdualag, Camzyos, and Sotyktu are three drugs that could grow their revenues up to $4 billion a year by 2030. Opdualag increased revenues by 53%, and Camzyos posted sales of $139 million. Sotyktu grew revenue in the United States by 71%. Additionally, Reblozyl increased revenue by 82%, Breyanzi by 55%, and Zeposia by 53%. Keep an Eye on KarXT, a Potential Blockbuster Investors should watch for developments around KarXT, the company’s schizophrenia medication. Analysts project the size of the schizophrenia market could reach over $7 billion by 2028. Bristol-Myers needs the drug to pay off, as it acquired the firm Karuna at the end of last year for $14 billion to add the drug to its portfolio. The drug is currently undergoing Phase 3 FDA trials, and a decision on its approval is expected in late September. Results have shown that KarXT effectively improves schizophrenia symptoms and is not associated with any serious side effects. If approved, the drug would be “the first truly new treatment for schizophrenia in decades." This would provide Bristol-Myers with a large market on which to capitalize. Bristol-Myers Squibb MarketRank™ Stock Analysis Overall MarketRank™ 4.50 out of 5 Analyst Rating Hold Upside/Downside 13.0% Upside Short Interest Healthy Dividend Strength Strong Sustainability -2.30 News Sentiment 0.59 Insider Trading N/A Projected Earnings Growth 1,089.83% See Full Details Investors should also watch sales of AbbVie’s drug VRAYLAR, an already-approved schizophrenia treatment. Its revenue grew at a compound annual rate of 70% in 2022 and 2023. However, KarXT does not have many of the negative side effects, including movement disorders and weight gain, associated with VRAYLAR. If VRAYLAR can grow this quickly, there’s no telling how fast KarXT, a seemingly superior medication, could grow. Researchers are also testing KarXT for potential use in Alzheimer's disease patients, a market that could exceed $13 billion by 2030. The average Wall Street analyst price target sees the stock as fairly valued right now. Yet, Bristol-Myers Squibb has a bottom-barrel forward price-to-earnings ratio of 7.1. This, combined with its fast-growing drugs and a potential blockbuster in KarXT, gives credence to the argument that the shares have a significant upside. → China and Big Tech are trying to BAN me from sharing this with you (From Behind the Markets) (Ad) Before you consider Bristol-Myers Squibb, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bristol-Myers Squibb wasn't on the list. While Bristol-Myers Squibb currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

It’s Time to Rotate Into These Russell 2000 Stocks 2024-07-29 14:28:00+00:00 - The Russell 2000 INDEXRUSSELL: RUT has lagged the broad market for years because its small-cap names carry larger-than-average risk in economically constrained environments. Economic constraints include inflation, higher interest rates, and the unknown impact on consumer spending and earnings, but those headwinds are easing. At least, those headwinds are expected to ease soon, which has sparked a massive shift in the market. Sector rotation is the name of the game today, a rotation from big caps, mega-tech, and the Magnificent Seven into small caps and the Russell 2000 and it is not too late to get on board. Get e.l.f. Beauty alerts: Sign Up How high can the Russell 2000 go? It is quite high, based on the historical performances and its position today. The Russell 2000 is still 8.7% below its 2022 all-time highs, while the major indices, including the S&P 500 NYSEARCA: SPY, the Dow Jones Industrial Average NYSEARCA: DIA, and the NASDAQ NASDAQ: QQQ, have all set new highs, advancing 10% to 15% above the 2022 break-out point. The takeaway is that the Russell 2000 will likely set a new all-time high by the end of the year and then move on to set another double-digit gain in 2025. Here’s a look at some winners. Super Micro Computer Plays in the Big Leagues Super Micro Computer Today SMCI Super Micro Computer $697.73 -14.46 (-2.03%) 52-Week Range $226.59 ▼ $1,229.00 P/E Ratio 39.11 Price Target $999.92 Add to Watchlist Super Micro Computer NASDAQ: SMCI is a small-cap stock playing in the big leagues with semiconductor companies like NVIDIA NASDAQ: NVDA and Advanced Micro Devices NASDAQ: AMD. Its semiconductor solutions are focused on server and data-storage solutions for data centers, including the software to run them and services to support them. Highlights from fiscal 2024 include revenue growth ramping to 100% in Q2, accelerating to 200% in Q3, and the outlook is solid with 37% sequential growth expected in Q4. At the pace the company is growing, it won’t be a small-cap stock much longer. Analysts have moderated their sentiment over the last quarter but remain firm in the conviction that this stock price will increase. Consensus assumes a 40% upside, and the range's high end opens the door for this stock to double in the next twelve months. Carvana Has Secular Tailwinds to Drive Its Growth Carvana Today CVNA Carvana $127.61 -5.24 (-3.94%) 52-Week Range $25.09 ▼ $147.25 P/E Ratio 55.97 Price Target $105.14 Add to Watchlist Carvana NYSE: CVNA has struggled the last year to eighteen months and is not out of the woods, but a shift is ongoing that has it set up to sustain growth in the long term. Among the drivers are its digital-first operations, ability to scale at low cost, and the aging U.S. automobile fleet. The average age of a U.S. car is at record highs, setting this market up for an upgrade cycle the FOMC rate cuts will unleash. Highlights from the FQ1 2024 release include a return to growth, a return to profitability, and an outlook for operations to improve sequentially. Analysts are responding favorably to the news, lifting sentiment from Reduce to Hold following the release and raising the price target by 20%. Consensus lags the market but has been up 250% in the last twelve months; the high end of the range implies a 20% upside, a nearly three-year high. e.l.f. Beauty: 20% Correction is a Beautiful Entry Point e.l.f. Beauty Today ELF e.l.f. Beauty $172.57 -10.25 (-5.61%) 52-Week Range $88.47 ▼ $221.83 P/E Ratio 77.73 Price Target $210.00 Add to Watchlist e.l.f. Beauty NYSE: ELF stock was corrected by 20% this summer, but the give-back is not a problem due to the 1000% gain seen in the last twelve months. The gain is driven by results, including outperformance and gained share from established cosmetic companies globally. Among the causes for the correction is guidance for 2025, which was considered cautious. The company expects to sustain growth at a 20% to 22% pace but will likely outperform as it is known to do. The salient detail is that the company continues to gain market share and produce profits, and the guidance has led analysts to lift sentiment and raise targets. The post-release activity has the sentiment to Buy from Hold, and the consensus is up 14% since the previous release, about 17% above the current share price action. The freshest targets have the market at a new all-time high. Before you consider e.l.f. Beauty, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and e.l.f. Beauty wasn't on the list. While e.l.f. Beauty currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Elon Musk Says Robotaxis Are Tesla’s Future. Experts Have Doubts. 2024-07-29 14:21:48.608000+00:00 - As sales of its electric cars have fallen, Tesla and its chief executive, Elon Musk, have sought to convince Wall Street that the company’s future lies not in the grinding business of making and selling cars but in the far more exciting world of artificial intelligence. In Mr. Musk’s telling, one of Tesla’s main A.I.-based businesses will be driverless taxis, or robotaxis, that can operate pretty much anywhere and in any condition. Tesla is very close to perfecting such vehicles and will easily secure regulatory approval to put them on roads, Mr. Musk said last week on a conference call to discuss the company’s second quarter results. Mr. Musk’s vision of autonomous vehicles, or A.V.s, is not limited to cars that drive themselves. He has also claimed that individuals who buy Teslas would be able to make money when they are asleep or at work by letting the company use their cars as robotaxis. The robotaxi service will, Mr. Musk has said, catapult Tesla’s stock market valuation, around $700 billion now, into the trillions of dollars.

Nearly 100% Accurate Indicator Reveals Top Stocks to Buy 2024-07-29 14:15:00+00:00 - Investors often search for the holy grail in the world of trading and investing, looking for that one strategy, chart pattern, or indicator that will bring them to the land of riches. Despite how hard they look, the trend is the same: More often than not, they turn out empty-handed and disappointed. But there is still hope for one more try, and this time, it works. As bold as it may sound, this economic indicator is 100% accurate in predicting the next bull run in certain stocks. History will prove that the most accurate and predictive sector is found in energy stocks, which is where investors could—and should—focus today, especially as this indicator just flashed green. To take on these views, investors can back the Energy Select Sector SPDR Fund NYSEARCA: XLE and be exposed to the broader energy trends in the entire marketplace. Alternatively, they can drill deeper into the industry and find the potential best opportunities today. These include Occidental Petroleum Co. NYSE: OXY and Chesapeake Energy Co. NASDAQ: CHK. Get Occidental Petroleum alerts: Sign Up Why History Repeating Could Mean Big Gains for These Stocks The yield curve is measured as the spread between the ten-year U.S. bond yield minus the two-year U.S. bond yield. Charting this spread can give investors the image of a clear cycle, with repeating pivots and averages during the changing inflation and interest rates. Every once in a while, the yield curve becomes inverted, where the yield on the two-year bond surpasses the yield on the ten-year bond. This is different from how things should be. Simply put, this inversion means that there is too much liquidity in the market, and it is about to be removed. That is what the Federal Reserve has been doing with its balance sheet, selling treasury securities and taking cash from the market to stop inflation and other potential bubbles. When the economic spectrum recovers and liquidity withdraws to bring inflation and consumption under control, the curve ‘steepens.’ Three instances will come to show investors. The year 2000 saw a negative yield curve, and the ample liquidity resulted in the technology sector bubble. Then, in 2006, the subprime mortgage crisis created a bubble, and now, in 2023, a bubble has yet to be spotted. Investors can take away that, in each instance, the yield curve inverted and then went to the positive end; it is energy stocks that outperformed the rest of the market on average. In 2000, the energy sector ETF rallied by over 210% in the next five years. In the second instance of an inverted yield curve, the energy ETF rallied by over 100% from 2009 until 2014. Today, as the yield curve is finally returning to the upside, the energy sector ETF may be on its way to another triple-digit rally. Still, not all energy stocks are made equal. Warren Buffett Picks Occidental Petroleum Occidental Petroleum Today OXY Occidental Petroleum $60.18 -0.36 (-0.59%) 52-Week Range $55.12 ▼ $71.18 Dividend Yield 1.46% P/E Ratio 16.44 Price Target $72.31 Add to Watchlist Recently, Warren Buffett went on a nine-day buying spree in shares of Occidental Petroleum stock, ending up with a 29% ownership in the company. The timing of this purchase is interesting, mainly because the market is potentially about to go on a bull run in these selected sectors. Buffett isn’t alone in sharing his enthusiasm for this company; Wall Street analysts now forecast up to 32.5% earnings per share (EPS) growth for the next 12 months in Occidental Petroleum stock, a significant prediction for a company that’s $53.7 billion in size. These trends helped analysts at Scotiabank place a $80 share price target on Occidental Petroleum stock, daring it to rally by as much as 32.2% from where it trades today. On a valuation basis, especially price-to-earnings (P/E), Occidental Petroleum stock stands out as a positive outlier to show investors how the market really feels about it. A 16.5x P/E commands a premium of 14% over the energy sector’s average 14.5x valuation, and markets typically have a good reason to overpay for any stock. An inverted yield curve might be one of them. Occidental Petroleum Co. (OXY) Price Chart for Monday, July, 29, 2024 Chesapeake Energy's Path to Explosive Growth Chesapeake Energy Today CHK Chesapeake Energy $76.57 -1.22 (-1.57%) 52-Week Range $72.84 ▼ $93.58 Dividend Yield 3.00% P/E Ratio 10.32 Price Target $106.62 Add to Watchlist Analysts didn’t hold back when forecasting EPS growth for Chesapeake Energy stock, as they see a potential for up to 299.2% growth in the next 12 months. The sentiment has led those at Mizuho Financial to boost their price targets to $111 a share on this stock, calling for 42.7% above today’s stock price. Leaning on this momentum, those at Blackstone (Chesapeake’s largest shareholder) decided to boost their positions in the company by 0.1%. While this may not seem like much on a percentage basis, it brought the company’s net investment up to $1.1 billion today. The fundamental picture looks like it’ll deliver on Wall Street’s forecasts, as the ISM manufacturing PMI index has proven that the oil industry is the only one managing to keep expansion readings for the past quarter, in the middle of a 20-month consecutive contraction for manufacturing as a whole. As a proper outlier, markets have bid up that stock to trade at 83% of its 52-week high, which gives it enough bullish momentum to justify a second look from investors. However, it is low enough to promise to deliver on a double-digit upside. Chesapeake Energy Co. (CHK) Price Chart for Monday, July, 29, 2024 Before you consider Occidental Petroleum, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Occidental Petroleum wasn't on the list. While Occidental Petroleum currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

It’s Silicon Valley vs. Silicon Valley as Political Fights Escalate 2024-07-29 14:12:46+00:00 - Less than an hour after a gunman in Butler, Pa., tried to assassinate Donald J. Trump this month, David Sacks, a venture capitalist based in San Francisco, directed his anger about the incident toward a former colleague. “The Left normalized this,” Mr. Sacks wrote on X, linking to a post about Reid Hoffman, a technology investor and major Democratic donor. Mr. Sacks implied that Mr. Hoffman, a critic of Mr. Trump who had funded a lawsuit accusing the former president of rape and defamation, had helped cause the shooting. Elon Musk, who leads SpaceX and Tesla and previously worked with Mr. Sacks and Mr. Hoffman, then weighed in on X, name-checking Mr. Hoffman and saying people like him “got their dearest wish.” In Silicon Valley, the spectacle of tech billionaire attacking tech billionaire has suddenly exploded, as pro-Trump executives and their Democratic counterparts have openly turned on each other. The brawling has spilled into public view online, at conferences and on podcasts, as debates about the country’s future have turned into personal broadsides.

Time to Take a Bite of This Stock's Enticing Value 2024-07-29 13:45:00+00:00 - McDonald’s NYSE: MCD Q2 results weren’t awesome, but the miss was slim compared to the consensus estimates, and revision trends suggest the market was secretly expecting worse. All but one analyst lowered their revenue and earnings estimate over the past quarter, leading the whisper figure to be well below the consensus. The takeaway is that McDonald’s Accelerating the Arches Strategy is gaining traction, and when trading near the bottom of its trading range, McDonald’s stock is a deep value. McDonald's Today MCD McDonald's $261.42 +9.42 (+3.74%) 52-Week Range $243.53 ▼ $302.39 Dividend Yield 2.56% P/E Ratio 22.19 Price Target $305.81 Add to Watchlist The value is present compared to past performance and market expectations, suggesting a rebound is due and could be a strong one. At face value, the 21x this year’s earnings multiple and 19x next year’s are a four-year low that discounts the company’s recent growth. The comps and growth were weak in Q2, but a little giveback is nothing compared to the 10.5% growth in the last two years. Again, trading at the low end of the range, MCD stock is barely above its 2022 average price point, suggesting a 10% upside is the minimum to expect, and that target aligns with analysts' forecasts. Get McDonald's alerts: Sign Up The results don’t jazz analysts, but the early take is that they are satisfied with them and reaffirm the Moderate Buy rating and their recent price targets. The first revision was from Wedbush, reaffirming an Overweight rating and $295 price target, aligning with the consensus expectation for a 20% stock price advance. However, the analysts' lowest target is the most significant detail today. The low target of $265 is above the current price action, suggesting this market is at its floor with nowhere to go but up. McDonald’s Struggles in Q2: Growth is Still in the Forecast McDonald’s struggled in Q2, but the quarter could have been much worse. The company reported $6.5 billion in net revenue, which is flat compared to last year's net revenue and 200 basis points shy of the consensus. Weakness was seen in the -1% global comp, blamed on weakness in all reporting segments, only partially offset by pricing increases. McDonald's Dividend Payments Dividend Yield 2.54% Annual Dividend $6.68 Dividend Increase Track Record 48 Years Annualized 3-Year Dividend Growth 7.32% Dividend Payout Ratio 56.71% Next Dividend Payment Sep. 17 See Full Details US comps fell by -0.7% on negative guest count offset by higher prices and strength in digital traffic; International Operated Markets fell by -1.1%, while IDLM fell by -1.2%. International Developmental Licensed Markets fell by 1.2%, with weakness in China compounded by war in Ukraine and Israel offset by strength in Latin America and Japan. Latin America is a critical detail for investors, growing by double digits; economic development and the growing middle class also drive strength for other consumer companies, including PepsiCo NASDAQ: PEP, WD-40 Company NASDAQ: WDFC, and PriceSmart NASDAQ: PSMT. The margin was another weakness, as deleveraging, increased SG&A, and non-cash impairments resulted in an 11% decline in GAAP income and earnings. However, adjusted for one-offs and comparability, earnings declined only 6%, leaving cash flow and the balance sheet in fine shape. Investors can expect the dividend growth to continue at its current mid-single-digit CAGR and for count-reducing share buybacks. Buybacks over the last year reduced the count by 2% on average in Q2 and 1% on a YTD basis. McDonald’s Shows Support at Critical Level McDonald’s Q2 report wasn’t the blow-out or catalyst it could have been, but it is sufficient to lift the price action in early trading. The market is up about 1% following the news, showing support at the critical level. The critical level is the low end of its two-year trading range, where a vigorous rebound began in late 2023. Assuming the market follows through on this signal, shares of MCD could advance 3% to 5% quickly. The move could gain momentum if the market can surpass the $265 level. If not, MCD may remain range-bound near the low end of the current range. Before you consider McDonald's, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and McDonald's wasn't on the list. While McDonald's currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Bitcoin Nears $70K, Ethereum, Solana Up 3%: Why Is Crypto Up On Monday Morning? 2024-07-29 13:25:00+00:00 - Bitcoin‘s BTC/USD price surged to $69,670 on Monday morning, marking a 3.1% increase and approaching the $70,000 milestone for the first time since early June. What Happened: This rally comes in the wake of former U.S. President Donald Trump‘s declaration at the Bitcoin 2024 conference to make the cryptocurrency a national strategic asset if re-elected in November. The broader cryptocurrency market also saw significant gains, with Ethereum ETH/USD up 3.5% at $3,372. Bitcoin Cash BCH/USD and BRETT BRETT/USD, a new meme coin on the Base blockchain, led the day’s gains. Solana‘s SOL/USD jumped 3%, outperforming other major tokens, while BNB Chain‘s BNB/USD and Ripple XRP/USD rose around 2%. The bullish momentum in the crypto market is supported by substantial inflows into Bitcoin spot ETFs. Last week, these ETFs received a net inflow of $535 million, according to data from SoSo Value. BlackRock‘s IBIT ETF was a standout performer with a weekly net inflow of $758 million, while Fidelity‘s FBTC ETF added $29.61 million. However, Grayscale‘s GBTC experienced a weekly net outflow of $120 million. Despite this mixed performance, the total net asset value of Bitcoin spot ETFs has reached an impressive $62.095 billion. Ethereum ETFs also saw significant activity, albeit with more mixed results. On July 26, Ethereum spot ETFs recorded a total net outflow of $163 million. Grayscale’s Ethereum Trust ETF ETHE experienced a substantial single-day outflow of $356 million. However, this was partially offset by inflows into other Ethereum ETFs, with Grayscale’s mini ETF ETH seeing an inflow of $44.9426 million and BlackRock‘s ETHA attracting $87.2178 million. Also Read: Polymarket Trader Down $130,000 On Daredevil Bet As Michelle Obama’s Nominee Odds Tumble Why It Matters: Market intelligence platform Santiment reports the highest level of bullish sentiment since March 2023: 🤑 Bitcoin's +20% 3-week price rally has left traders feeling a whole lot more bullish than they were at the beginning of the month. The ratio of positive vs. negative comments toward BTC has launched to its highest level since March, 2023 as an all-time high is back on radars. pic.twitter.com/sDbsAK9qCg — Santiment (@santimentfeed) July 28, 2024 Meanwhile, Bitcoin futures open interest has surged to new highs, with almost $40 billion worth of leveraged positions open, according to Coinglass. Still, funding rates, the amount traders are paying for leveraged long or short positions, remain fairly muted at 10-15% for most major cryptocurrencies. The upcoming Benzinga Future of Digital Assets event on Nov. 19 is expected to provide further insights into these market dynamics and the evolving regulatory landscape. As the crypto market continues to mature and attract institutional interest, events like this become crucial for understanding the future trajectory of digital assets. Read Next: Image: Shutterstock

Ackman’s Wait for His Long-Awaited Fund Offering 2024-07-29 12:01:03+00:00 - Ackman delays his big bet Monday isn’t going to be the day that Bill Ackman prices the I.P.O. of his Pershing Square USA investment vehicle, as had been planned. That has been pushed back at least a few days as the S.E.C. reviews a headline-grabbing letter that the financier sent to investors. But the long-awaited fund, whose investors will probably include many who follow Ackman’s provocations on social media, is still coming, it says. The context: Pershing Square USA is a so-called closed-end fund that’s raising money to make the sort of concentrated investments that Ackman is now known for. The fund would have permanent capital, since those who buy in can only cash out if someone else buys their stake. The fund had faced big expectations after Ackman set an initial I.P.O. target of $25 billion, which would have been one of the biggest in history. But closed-end funds traditionally don’t invite much investor interest, raising questions of whether the mogul was being too ambitious.

F.D.A. Approves Blood Test for Colon Cancer Detection 2024-07-29 11:20:01+00:00 - The Food and Drug Administration on Monday approved a new screening test for colorectal cancer. It requires only a sample of blood and can find cancers when they are early stage and usually curable. For many people, a routine blood test is easier to get than a colonoscopy or a fecal sample test. But the blood test, made by Guardant Health of Palo Alto, Calif., comes with a limitation. Unlike other screening tests for colon and rectal cancers, it has a poor record of finding precancerous growths. Removal of those growths can prevent cancer. The test, named Shield, will be available within a week. Guardant will announce its list price at that time, said Matt Burns, a company spokesman. It is approved for people aged 45 and over who are at average risk for colon cancer. The hope is that the blood test, despite its limitation, can encourage more people to be screened for colorectal cancer, the second-most common cause of cancer-related deaths in the United States. As many as 53,000 Americans are expected to die from colorectal cancer this year.

Taiwan Unveils $100B Economic Reform Plan After Trump Said It Should 'Pay Us For Defense:' Will Fuel Nvidia, TSMC And Apple iPhone Assembler's AI Plans 2024-07-29 02:44:00+00:00 - Taiwan’s Premier Cho Jung-tai has announced a sweeping economic and social reform plan, aiming to attract nearly $100 billion in investments. This comes after former President Donald Trump said “Taiwan should pay us for defense.” What Happened: The reform plan would focus on energy, artificial intelligence, and infrastructure. The strategy includes appealing to Taiwanese investors disillusioned with conducting business in China, a trend the government aims to capitalize on, said Premier Cho in an interview with Nikkei Asia. Don’t Miss: The plan is in line with President Lai Ching-te‘s vision of a “smarter, forward-looking sustainability,” exploring ocean and space industries, and enhancing Taiwan’s global presence. Despite the opposition’s majority in parliament, Cho is determined to push forward with the reform, which aims to revitalize the Democratic Progressive Party following Lai’s re-election in January. The plan includes the establishment of an Economic Development Commission, chaired by Cho, to oversee a $100 billion investment in development. Cho also emphasized the need to address concerns over livelihoods and housing and to attract Taiwanese investors who have turned away from China’s business environment. He stated, “China is no longer an attractive investment environment from a legal or political point of view. Many Taiwanese companies are coming back to Taiwan.” See Also: Don’t miss out on the next Nvidia – you can invest in the future of AI for only $10. Another top priority for Cho is energy security. From 2023 to 2026, many existing power plants are scheduled to shut down, making it a critical period. Next year, the last reactor at Taiwan’s Third Nuclear Power Plant is scheduled for retirement. However, Cho indicated that a proposal to extend nuclear service should have been made five years ago. While the government is open to exploring future atomic energy systems, he emphasized that “tomorrow’s technologies won’t help our power demand today.” The urgency has intensified as NVIDIA Corp (NASDAQ:NVDA), the world’s leading AI chip developer, along with contract manufacturer and Apple Inc. (NASDAQ:AAPL) biggest iPhone assembler Foxconn Technology Group and server maker Super Micro Computer Inc (NASDAQ:SMCI), announced plans to build new supercomputer or AI data centers in Taiwan. Additionally, Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM) and other chipmakers are expanding their capacity. Story continues Trending: Unlock the hidden potential of commercial real estate — This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today! Why It Matters: The announcement comes at a critical time for Taiwan, which is navigating complex geopolitical and economic challenges. Recently, U.S. President Joe Biden‘s withdrawal from the presidential race led to a dip in shares of major Taiwanese companies like TSMC. This underscores the volatility and sensitivity of Taiwan’s market to international political events. Former President Donald Trump‘s recent comments suggesting Taiwan should pay for its defense have raised concerns about the future of U.S. support. Moreover, the rapid growth of AI technologies is putting pressure on Taiwan’s infrastructure. Chief Telecom‘s President Jacky Liu has called for a complete redesign of data centers to meet the demands of AI computing, highlighting the urgent need for infrastructure upgrades. President Lai Ching-te has also publicly thanked Micron Technology Inc.‘s (NASDAQ:MU) CEO for ongoing investments in Taiwan, emphasizing the importance of foreign investment in sustaining Taiwan’s technological edge. Read Next: "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Taiwan Unveils $100B Economic Reform Plan After Trump Said It Should 'Pay Us For Defense:' Will Fuel Nvidia, TSMC And Apple iPhone Assembler's AI Plans originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.