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Investment Company's Earnings Hint at Rate Cuts: Stock Forecast 2024-07-16 14:53:00+00:00 - When the so-called ‘masters of the universe’ give investors an inside look into their operations, this usually merits attention because these insights could be the difference between a market-beating year and a market-lagger one. Today, BlackRock Inc. NYSE: BLK has released its second quarter 2024 earnings and, by extension, the reports for its different business segments. BlackRock Today BLK BlackRock $843.94 +20.98 (+2.55%) 52-Week Range $596.18 ▼ $845.53 Dividend Yield 2.42% P/E Ratio 21.45 Price Target $847.36 Add to Watchlist Investors should be particularly interested in how many funds flowed into and out of the asset manager’s business and pinpointing where these funds were invested. Investors don’t need a multi-million dollar net worth to access the same advice that BlackRock clients are getting today. Still, they need to spend time pouring through documents and presentations. Get SoFi Technologies alerts: Sign Up To save investors some time, a breakdown of the main trends within BlackRock will be presented, some of which reiterate the information relayed by other banks in the financial sector. Last week, commercial banks like Citigroup Inc. NYSE: C and J.P. Morgan Chase & Co. NYSE: JPM pointed to a weakening consumer state in the U.S. economy, with rising credit card delinquencies due to sticky inflation. But BlackRock may have just sent a beacon of hope for struggling consumers; here’s why. BlackRock's Net Funds Flow Provides Crucial Market Evidence Management led the start of BlackRock’s quarterly press release with the asset manager’s record asset under management (AUM) figures. BlackRock has reached $10.6 trillion this quarter, an annual jump of $1.2 trillion. But more important than the investment rate into BlackRock is where these funds were invested. Out of the total $139 billion of net inflows for the first half of 2024, BlackRock reports that up to $83 billion were invested into the asset manager’s exchange-traded funds (ETFs) segment, with $35 billion going into fixed-income products. This is where investors should start paying attention. BlackRock MarketRank™ Stock Analysis Overall MarketRank™ 4.73 out of 5 Analyst Rating Moderate Buy Upside/Downside 3.4% Upside Short Interest Healthy Dividend Strength Strong Sustainability -0.63 News Sentiment 0.69 Insider Trading Selling Shares Projected Earnings Growth 12.25% See Full Details Why? Because if BlackRock’s clients are buying into fixed-income products, the asset manager’s view is bullish on the probability of interest rate cuts being here by September 2024. According to the CME’s FedWatch tool, there is over 90% probability of cuts being made in September. Because fixed-income products' prices move opposite interest rates, interest rate cuts will increase bond prices. Stanley Druckenmiller—the guy who traded shoulder to shoulder with George Soros—just sold out of NVIDIA Co. NASDAQ: NVDA to invest in bonds through the iShares 20+ Year Treasury Bond ETF NASDAQ: TLT. Another one of his bets was to buy into the iShares Russell 2000 ETF NYSEARCA: IWM. Small-cap stocks are highly dependent on lower interest rates to expand their operations since they typically operate with higher debt levels on their balance sheets. So, knowing that one of Wall Street’s most respected investors is going into bonds and small caps, and Wall Street’s biggest asset manager is advising its clients to do the same, should investors follow along, and if so, how? How Investors Can Access the BlackRock Advantage for Free When it comes to bonds, investors can simply buy the iShares bond ETF and call it a day. Still, there are advantages to being a retail investor with more flexible choices to put on a view. Because mortgage rates are also tied to national interest rates, these cuts could make mortgages cheaper and potentially throw them into higher demand. Investors may consider a stock with this trend: SoFi Technologies Inc. NASDAQ: SOFI. With triple-digit earnings per share (EPS) growth prospects and other fundamental factors positioning the business for double-digit upside, it is one way for investors to catch the bottoming in mortgage financing. Regarding small-cap stocks, investors can invest in the Russell 2000 ETF and match the performance that BlackRock clients pay thousands to access. They can also review a list of small-cap stocks to consider for their portfolio. Some of these stocks may include Denny’s Co. NASDAQ: DENN, as Wall Street analysts now forecast 11.5% EPS growth, driving consensus price targets up to $11 a share. They dare the stock to rally by 54.3% from where it trades today. More than that, retail investors may soon have access to the world of private equity, as BlackRock just acquired Preqin for 2.5 billion pounds, approximately 3.2 million US dollars. Through this addition, BlackRock will use data and analytics to broaden access to the alternative assets class. It isn’t too crowded right now and poses a potential opportunity for investors once it comes live. BlackRock, Inc. (BLK) Price Chart for Tuesday, July, 16, 2024 Before you consider SoFi Technologies, 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 SoFi Technologies wasn't on the list. While SoFi Technologies currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Amazon's Prime Day a 'major' cause of worker injuries, Senate probe finds 2024-07-16 14:43:00+00:00 - An Amazon worker pulls a cart of packages for delivery on in New York City, July 12, 2022. Amazon Prime Day, the 48-hour discount blitz that kicks off Tuesday, is a "major" cause of worker injuries, according to the preliminary results of a Senate probe. The Senate's Health, Education, Labor and Pensions, or HELP, Committee on Tuesday released the interim results of a yearlong investigation into Amazon's warehouse working conditions just as the company holds its annual Prime Day deals event. Amazon provided the committee with internal data from Prime Day 2019 that showed its total injury rate, including injuries the company is not required to disclose to the Occupational Safety and Health Administration, was "just under" 45 injuries per 100 workers, which amounts to "nearly half of the company's warehouse workers," the report states. "Amazon continues to treat its workers as disposable and with complete contempt for their safety and wellbeing," Sen. Bernie Sanders, a Vermont Independent who chairs the HELP committee, said in a statement. "That is unacceptable and that has got to change." The internal data provided by Amazon shows that its warehouses have been understaffed during Prime Day and the holiday shopping seasons, "endangering workers who have to manage increased volume without increased support," according to the report. The report cites an internal Amazon document, titled "2021 Prime Day Lessons Learned," which states that the company "met only 71.2 percent of its hiring target," between May and June of 2021, ending the week of that year's Prime Day event. Amazon spokesperson Kelly Nantel said the report ignores the progress Amazon has made. "It draws sweeping and inaccurate conclusions based on unverified anecdotes, and it misrepresents documents that are several years old and contained factual errors and faulty analysis," Nantel said. "For example, one of the false claims in the report implies that we're not adequately staffed for busy shopping periods." Nantel added that, since 2019, Amazon has reduced its incident rate for anything requiring more than basic first aid by 28% in the U.S. and lost time incident rate, which includes more significant injuries requiring an employee to miss at least one day of work, by 75%. Amazon has faced scrutiny in recent years over its workplace injury record and its treatment of warehouse and delivery workers. It's been cited by federal regulators for safety violations. OSHA and the U.S. Attorney's Office are investigating conditions at several warehouses, while the U.S. Department of Justice is examining whether Amazon underreports injuries. The company said in March that its injury rates have improved. Amazon in March also announced plans to invest more than $750 million in safety initiatives this year. It has also appealed a string of citations issued by OSHA around safety hazards and violations. Amazon has said it's begun to automate some tasks and is also rolling out more robotic systems in warehouse facilities that the company says can improve safety, although that prospect has been debated.

UK interest rates will stay high unless service sector inflation falls, says IMF 2024-07-16 14:30:00+00:00 - The UK faces the prospect of interest rates being higher for longer unless there is more progress in reducing service sector inflation, the International Monetary Fund has warned. While the Washington-based IMF nudged up its 2024 growth forecasts for the UK, it identified the stickiness of price growth in the service sector as a potential headache for the Bank of England. The IMF’s economic counsellor, Pierre-Olivier Gourinchas, said the UK was similar to the US in having “somewhat persistent services inflation”. His comments chime with comments from Bank of England policymakers about the risks of service sector inflation becoming embedded. Since the start of the year the headline rate of UK inflation has halved to 2% while service sector inflation has fallen from 6.5% to 5.7%. The Office for National Statistics will release the latest cost of living figures on Wednesday. The IMF said its forecasts for the global economy had not changed much since the release of its world economic outlook (WEO) in April. Its July WEO update left 2024 growth unchanged at 3.2%, while its estimate for 2025 was revised up from 3.2% to 3.3%. A stronger than expected start to 2024 has resulted in the IMF raising its growth estimate for the UK from 0.5% to 0.7%, while the eurozone was upgraded from 0.8% to 0.9%. The fund believes UK growth will continue to pick up and has pencilled in expansion of 1.5% in 2025. Elsewhere, the IMF said the growth gap between the US and the EU would narrow over the next 18 months. Rachel Reeves, the chancellor, said: “While it’s welcome that the IMF is forecasting growth to pick up this time, I am under no illusion to the scale of the challenge facing the economy and the inheritance this new government faces. That is why we are already taking the tough decisions to fix the foundations of our economy, so we can rebuild Britain and make every part of our country better off.” While the IMF believes the global economy is on course for a slowdown but not a recession it said the service sector cost pressures were holding up progress in the fight to bring inflation down sustainably. “As in April, we project global inflation will slow to 5.9% this year from 6.7% last year, broadly on track for a soft landing,” Gourinchas said. “But in some advanced economies, especially the US, progress on disinflation has slowed, and risks are to the upside.” Risks of persistent inflation in the services sector were tied to wage and price setting, given that labour accounted for a high share of the costs in that sector. The service sector accounts for about 80% of the UK economy’s output. “Persistently elevated uncertainty around the inflation outlook has led central banks in major advanced economies to become somewhat more cautious about the pace of policy easing, compared with their positions at the end of the first quarter,” the IMF said. The IMF also expressed concern about the potential for significant swings in economic policy as a result of elections this year, with knock-on effects to the rest of the world. Without singling out any country, Gourinchas said he was worried about mounting protectionism. “The gradual dismantling of our multilateral trading system is another key concern. More countries are now going their own way, imposing unilateral tariffs or industrial policy measures whose compliance with World Trade Organization rules is questionable at best,” Gourinchas said. “Our imperfect trading system could be improved, but this surge in unilateral measures isn’t likely to deliver lasting and shared global prosperity. If anything, it will distort trade and resource allocation, spur retaliation, weaken growth, diminish living standards, and make it harder to coordinate policies that address global challenges, such as the climate transition.”

Major Tech Stock's Remarkable Surge: Are You Missing Out? 2024-07-16 12:39:00+00:00 - Apple Today AAPL Apple $234.82 +0.42 (+0.18%) 52-Week Range $164.07 ▼ $237.23 Dividend Yield 0.43% P/E Ratio 36.52 Price Target $223.77 Add to Watchlist Back in April, we flagged the massive entry opportunity in shares of Apple Inc. NASDAQ: AAPL. By then, the tech titan had failed to get off the line in 2024 while the main indexes were cruising through high after high. For example, the benchmark S&P 500 Index had gained 11% since the first week of the year, while Apple shares had dropped about the same. However, the run of negative updates and headlines that had held the stock back while its peers had surged was coming to an end. In the three months since it bottomed out towards the end of April, Apple's stock has gone on a rampage. Since June, it's gained more than 40% in value and has returned to closing at record highs. Get Apple alerts: Sign Up Apple Surges Ahead of the S&P 500 For context, it's now easily outpacing the S&P 500, which, in comparison, has gained 13% over the same timeframe. This is impressive for the index, which, with around a 20% gain for the year so far, is having one of its best runs for some time. It's clear from this that the risk-on sentiment that began sweeping across equities last October is going nowhere. This is good news for those of us on the sidelines who missed the recovery in Apple shares. Apple has managed to shake off many of the investor concerns holding it back at the start of the year and is back doing what it does best: rallying. According to several analysts this week alone, the stock has at least 30% upside potential in the near term. Bullish Upgrades for Apple That was the call from Loop Capital on Monday, as the team there upgraded their rating on Apple stock from a Hold to a Buy while giving shares a fresh $300 price target. Considering Apple has been on the good side of analysts for some time now, many of whom were upping their price targets just last week, this one raised some eyebrows for all the right reasons. Apple MarketRank™ Stock Analysis Overall MarketRank™ 4.87 out of 5 Analyst Rating Moderate Buy Upside/Downside 4.4% Downside Short Interest Healthy Dividend Strength Strong Sustainability -1.97 News Sentiment 0.59 Insider Trading Selling Shares Projected Earnings Growth 12.14% See Full Details At $300, Loop Capital's price target is the new street-high among analysts and speaks volumes to the potential upside still in the stock. The team there is particularly bullish on Apple's exposure to the boom in artificial intelligence (AI), which the Morgan Stanley team has also been weighing in on. The team there has been clear about their bullish expectations for Apple and sees a "record multi-year upgrade cycle" emerging. During yesterday's session, they went so far as to name Apple on their Top Pick list while reiterating their Buy rating on the stock. They see AI as having the potential to "spark a mini upgrade cycle" among Apple devices such as the iPad and iPhone, which would tie in nicely with the most recent sales forecast reports. Anticipating Apple's Next Earnings: Stock Poised for Gains Last week, the Wedbush team speculated that the new iPhone could ship as many as 90 million initial units, versus the original estimate of 80 to 84 million. Wedbush analyst Dan Ives, a longtime Apple bull, sees the Chinese market as a key part of Apple's next growth phase. Apple shares closed at a record high last night, which, based on all this optimism, probably isn't all that surprising. However, with them still trading below $235, while fresh price targets land between $275 and $300, investors should still be getting excited. The negative headlines have all but dissipated for now, while the latest reports show the company going from strength to strength. With the company's latest earnings report due out at the start of August, we can expect to see the stock gaining momentum as more and more investors buy into the new chapter of growth that's clearly kicking off. Apple Inc. (AAPL) Price Chart for Tuesday, July, 16, 2024 Before you consider Apple, 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 Apple wasn't on the list. While Apple currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Is This Solar Stock Ready for a Comeback? Key Milestones Ahead 2024-07-16 11:18:00+00:00 - SolarEdge Technologies Today SEDG SolarEdge Technologies $30.20 +3.41 (+12.73%) 52-Week Range $23.51 ▼ $288.87 Price Target $72.42 Add to Watchlist While solar energy solutions provider SolarEdge Technologies Inc. NASDAQ: SEDG shares have recently rallied off their 52-week lows, they are still trading down 66% year-to-date (YTD). Aside from a tough macroeconomic environment, high interest rates, and the bankruptcy of a large customer, the company has weathered the storm and may be on the verge of a turnaround. Solar energy stocks have started to rebound off their highs. SolarEdge recently announced that it is meeting significant U.S. milestones, causing sentiment to reverse and its stock trajectory. SolarEdge operates in the oils/energy sector, competing with solar energy companies like Sunrun NASDAQ: RUN, SunPower NASDAQ: SPWR, and First Solar Inc. NASDAQ: FSLR. Get SolarEdge Technologies alerts: Sign Up Impact of PM&M Electric's Chapter 7 Bankruptcy on SolarEdge One of the worst nightmares for any business occurs when a large customer with a large bill files for bankruptcy. SolarEdge disclosed on June 25, 2024, that one of their large customers had recently filed Chapter 7 bankruptcy. This particular customer, PM&M Electric, owns SolarEdge for $11.4 million. The company stated it may not receive payment under a secured promissory note. Any monies the company does recover will likely occur after a significant delay. Chapter 7 bankruptcy is a liquidation process. Chapter 7 is filed when there’s no chance for profitability through a Chapter 11 reorganization. SolarEdge Achieves U.S. Milestones Generating Jobs and Bonus Tax Credits On July 11, 2024, SolarEdge announced significant achievements in its U.S. manufacturing strategy, revealing that it now partners with leading global electronics manufacturers for its U.S. production. Austin, Texas, houses its first facility, which opened in late 2023 to manufacture 50,000 residential Home Hub Inverters in Q2 2024. Its second facility in Seminole, Florida, is expected to produce 2 million domestic content Power Optimizer units quarterly. Commercial inverter and Power Optimizer production is expected to start in 2025. The two facilities have created 1,500 U.S. jobs, which will increase to 1,750 jobs by year's end. The 100% domestic content products are designed to help its customers qualify for bonus tax credits in Q4 2024. The company intends to produce DC-optimized inverter systems for residential applications that meet the requirements set forth by the U.S. Treasury for residential and commercial applications by early 2025. This will enable its residential and commercial customers to reach the required 40% domestic content threshold to access additional bonus tax credits. SEDG Completes a Daily Cup Pattern The daily candlestick chart on SEDG illustrates a cup pattern. The cup lip line formed on the gap down after it disclosed a large customer filing Chapter 7 bankruptcy, owing the company $11.4 million. SEDG fell to a low of $23.51 and formed a rounding bottom as it staged a steady rally back to retest the cup lip line at $31.65. The daily relative strength index (RSI) finally bounced back up through the oversold 30-band on its way 50 the 45-band. Pullback support levels are at $28.72, $25.81, $23.51, and $20.48. SolarEdge's Q1 2024 Earnings Were Disappointing SolarEdge reported Q1 2024 EPS losses of $1.90, missing consensus estimates by $1.90. Revenues collapsed 78.3% YoY to $204.4 million versus $195.43 million. SolarEdge issued downside guidance for Q2 2024 revenues of $250 million to $280 million versus $306.88 million consensus estimates. The company has been in the process of inventory clearing during typical seasonality. The spring season historically accelerates installations, and the company expects channel inventory to continue to decline as revenues improve. SolarEdge is focused on its suite of new products, which will be released in Q2 2024 and will position it for the next industry growth cycle. SolarEdge Technologies MarketRank™ Stock Analysis Overall MarketRank™ 4.34 out of 5 Analyst Rating Hold Upside/Downside 138.7% Upside Short Interest Bearish Dividend Strength N/A Sustainability -1.14 News Sentiment 0.19 Insider Trading N/A Projected Earnings Growth Growing See Full Details SolarEdge CEO Zvi Lando commented, “Also on the operational side in the North American market, we plan to consolidate our product portfolio around an 11.4kW made in the U.S. inverter and 650-watt optimizer platform. The initiative will reduce the number of hardware platforms and the number of SKUs across our North American portfolio. This will result in a more streamlined manufacturing process and improve efficiencies across supply chain logistics, inventory management, and services.” The bar has been set very low ahead of its Q2 2024 earnings release, due at the end of July 2024. SolarEdge Technologies analyst ratings and price targets are at MarketBeat. The consensus analyst price target of $73.19 implies a 154.14% upside. There are 31 analyst ratings comprised of 25 Hold, 4 Buy, and 2 Sell recommendations. Before you consider SolarEdge Technologies, 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 SolarEdge Technologies wasn't on the list. While SolarEdge Technologies currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Pfizer Stock (NYSE:PFE): Super Cheap, 5.7% Yield, Potential Weight Loss Catalyst 2024-07-16 04:10:00+00:00 - Pfizer (PFE) stock has been struggling, but looking among the market’s laggards can yield attractive opportunities. The stock is super cheap, sports a stellar 5.7% dividend yield and has an interesting potential catalyst on deck in the form of a new weight loss drug candidate that it is moving forward on developing. Plus, sell-side analysts believe the stock has potential upside of 17.1% over the next year. Significantly Cheaper Than the Overall Market So, how cheap is Pfizer? The stock trades at just 12 times consensus 2024 earnings estimates, slightly less than half the valuation of the broader market, as the S&P 500 trades at 24.2 times earnings. Pfizer’s stock is down primarily because of the decline in revenue from its COVID business as the pandemic fades into the background, but there are other reasons for optimism, as we’ll discuss later. Big-Time Dividend In addition to this attractive valuation, Pfizer also sports a significant dividend yield of 5.7%, which is much higher than you typically see from an established blue-chip stock that isn’t a REIT, financial, energy, or tobacco stock. In fact, Pfizer’s 5.7% yield makes it one of the top-yielding stocks in the S&P 500 right now. Not only does Pfizer have a high yield, but it has a long and proud history as a dividend stalwart. The company has paid dividends to its shareholders for 34 consecutive years, and it has grown its dividend payout for the past 13 years in a row. Targeting the Lucrative Weight Loss Drug Market Cheap stocks with attractive dividend yields can make good investments, but they often need some type of catalyst to send shares meaningfully higher. Fortunately, Pfizer has one of these up its sleeve. In June, Pfizer’s CEO announced that the company was working on three new weight loss drugs. Now, the company says it is moving forward with the development of a once-daily oral weight-loss drug called danuglipron based on strong pharmacokinetic data. Pfizer will conduct studies to evaluate multiple doses of the drug in the latter half of this year. It’s important to note that we are still a long way off from this drug being approved and commercialized, but this is still exciting news. Eli Lilly (LLY) and Novo Nordisk (NVO) have seen their shares skyrocket over the past year-plus, thanks to the success of their respective weight loss drugs, Zepbound and Ozempic, and leaving stocks like Pfizer in the dust in the process. Shares of Eli Lilly and Novo Nordisk are up 107.4% and 80.6%, respectively, over the past year, while Pfizer has slumped to a 20.5% loss. Story continues Furthermore, Eli Lilly and Novo Nordisk trade at 68.3 and 41.4 times 2024 earnings estimates, respectively, while Pfizer trades at just 12 times 2024 estimates, as mentioned above. This isn’t to say that Pfizer should necessarily trade at the same levels as these companies, but if its weight loss drug shows signs of success, there is clearly some room for the stock to rerate. While there’s no guarantee that Pfizer would be able to unseat the more established offerings from these market leaders, if it can successfully bring its drug to market, there’s a good chance it could appeal to patients who prefer the idea of a once-a-day pill to an injection (which is how Zepbound and Ozempic are administered). Plus, these weight loss drugs, known as GLP-1 agonists, present a large market opportunity, with some analysts expecting the market to grow to over $100 billion annually by 2030, meaning there could be plenty of room for multiple winners. There is certainly no guarantee that Pfizer will be successful in this endeavor, but its cheap valuation and nearly 6% dividend yield give investors something to fall back on and some significant downside protection if this catalyst doesn’t materialize. It’s also worth noting that in addition to danuglipron, Pfizer has other experimental weight loss drugs in its pipeline, which could one day become commercially successful. However, it’s too early to say whether this will happen. Is PFE Stock a Buy, According to Analysts? Turning to Wall Street, PFE earns a Moderate Buy consensus rating based on seven Buys, eight Holds, and zero Sell ratings assigned in the past three months. The average PFE stock price target of $33.83 implies 17.1% upside potential from current levels. Investor Takeaway Pfizer has been a major laggard over the past year, but I’m bullish on the stock because this decline has created the opportunity to buy shares at a substantial discount to the broader market. Plus, the stock offers a 5.7% yield. Additionally, while it is still in the early innings and success is far from guaranteed, Pfizer’s progress with its once-daily weight loss drug candidate gives the company an intriguing catalyst that could reignite interest in the stock and drive shares higher. We’ve seen what weight loss drugs have done for the shares of Pfizer’s fellow pharma giants like Eli Lilly and Novo Nordisk, so even a bit of success in this area could be a boon for shares of Pfizer at these levels. Disclosure

Why Tesla and Rivian Stocks Went in Opposite Directions Today 2024-07-16 03:02:00+00:00 - U.S.-based electric-vehicle (EV) stocks have had a great past month. Shares of Tesla (NASDAQ: TSLA), Rivian Automotive (NASDAQ: RIVN), and Lucid Group (NASDAQ: LCID) are each higher by between about 50% and 60% in that time. There have been company-specific reasons for each of those moves. Today, however, Tesla's stock jumped by as much as 7%, while Rivian and Lucid stocks are sinking. As of 1:15 p.m. ET, Tesla shares were up by 5%, Rivian was lower by 3.2%, and Lucid had plunged by 12.7%. A changing political landscape that could be less friendly to EV makers is one reason for today's moves lower. But Tesla investors realize that the company may be better able to navigate those macro winds, especially after CEO Elon Musk made his views public this weekend. Tesla's Elon Musk jumps into the fray With the backdrop of the Republican convention beginning today, analysts see voters swinging more toward the Republican candidate after President Biden's poor performance in the recent debate and the assassination attempt on former President Donald Trump this weekend. But Trump has expressed that he intends to repeal the existing EV-purchase tax credits that are part of the Inflation Reduction Act. That helps explain why Rivian and Lucid have been giving back recent stock gains today. Rivian shares had been rising since last month when global automaker Volkswagen said it would invest up to $5 billion over two years in the EV start-up. Meanwhile, investors also have rewarded Lucid for its announcement that its nearly 2,400 second-quarter luxury-EV deliveries jumped by more than 20% versus the first quarter and over 70%, compared to the prior year period. But the moves higher in those stocks took a pause today as the momentum for a Trump election victory took hold in the markets. Meanwhile, Tesla shares jumped after Elon Musk publicly endorsed Donald Trump for president. The stock is also recovering some losses from last week after reports of a potential delay in Tesla's planned Aug. 8 Robotaxi update. EV investors need to think long term Regardless of the political swings and recent events, EV investors should still be looking at the long-term prospects of the companies and the industry, in general. That means that potential changes in the landscape notwithstanding, investors should be watching for what Tesla has to say when it reports second-quarter earnings next Tuesday, July 23. After delivering about 444,000 EVs in the second quarter, the company will discuss whether it can accelerate sales in the second half of 2024 to match the 1.81 million vehicles it delivered in 2023. Story continues Beyond that, the update on Tesla's self-driving technology will be important when it officially reveals the Robotaxi after the earnings report. Rivian and Lucid investors will want to see their companies' quarterly updates, as well, scheduled for Aug. 6 and Aug. 5, respectively. Should you invest $1,000 in Tesla right now? Before you buy stock in Tesla, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Tesla wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $791,929!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of July 15, 2024 Howard Smith has positions in Lucid Group, Rivian Automotive, and Tesla and has the following options: short August 2024 $3.50 calls on Lucid Group. The Motley Fool has positions in and recommends Tesla and Volkswagen Ag. The Motley Fool has a disclosure policy. Why Tesla and Rivian Stocks Went in Opposite Directions Today was originally published by The Motley Fool

29-Year-Old Software Engineer With $135,000 Salary Plans To Retire By 35, Says He's In Top 0.1% Of Most Frugal People 2024-07-16 03:00:00+00:00 - 29-Year-Old Software Engineer With $135,000 Salary Plans To Retire By 35, Says He's In Top 0.1% Of Most Frugal People Tanner Firl, a 29-year-old software engineer from Minneapolis, Minnesota, has an ambitious goal: to retire by age 35. With an annual salary of $135,000, Tanner has already saved $380,000 for retirement. His secret? Extreme frugality and strategic investing. Don't Miss: Are you richer than most people you know? Here’s the net worth you need at every age to be above average. The average American couple has saved this much money for retirement — How do you compare? Tanner believes his frugality sets him apart. "If I had to guess, I'd say in terms of the entire population, I'd probably be in the top 1% of most frugal people, maybe top 0.1%," he told CNBC Make It. His lifestyle reflects this. He often finds ways to get their furniture and other items for free or cheap online and from friends and family. Tanner and his wife, Isabel, prioritize inexpensive hobbies. "We've decided to invest in cheaper hobbies than most people. Board game meetups led me to meet a few folks I enjoy spending time with, so we get together regularly to play board games. We have everything we need and we're generally really happy," he shares. Living in South Minneapolis with his wife, their child, and three cats, Tanner has always been the primary income generator. Isabel also contributes by making money from her hobbies and managing their household. Their financial strategy is focused on the Lean FIRE (Financial Independence, Retire Early) movement, which involves saving money at a higher rate than most people aiming for early retirement. "We put about 50% or so of our paycheck, maybe a little more, toward savings," Tanner explains. Trending: Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you. His investments are diversified across various accounts. "My personal brokerage account has $221,000 in it. My Roth IRA has $57,000. My health savings account has $26,000, and my 401(k) has $75,000." Tanner's retirement goal is somewhat flexible. "My lower bound for retirement is $625,000 because I figure I need about $25,000 a year to live on." Tanner's frugality extends to his childhood. "We were always very frugal growing up. Whenever we wanted something, we had to spend our own money to buy it or wait until our birthday or Christmas. That led to me and all my siblings having newspaper routes where we delivered newspapers every day." He met Isabel in high school and graduated from the University of Minnesota with a bachelor's degree in mathematics in 2015. Tanner's first job out of college was at the National Security Agency, where he made about $66,000 per year. His strategy was always to maximize his 401(k) contributions and invest in index funds. Story continues See Also: How much money will a $200,000 annuity pay out each month? The numbers may shock you. Tanner admits he initially took his frugality to an extreme. "I would get very anxious about saving as much money as humanly possible. I put off having kids because I wanted to make money. Thankfully, I have done a complete 180 on those issues. I'm still very frugal, and spending money makes me a little anxious, but I've learned it's OK if it takes me a year or two longer to retire if it means I can enjoy the present significantly more." In 2017, Tanner and Isabel purchased their first home, using Airbnb to cover their mortgage. They bought their 675-square-foot home in 2018 for $185,000 and welcomed their first child in 2021. The couple spends about $200 monthly on groceries and cat supplies, often finding deals through Craigslist and the nonprofit Ruby's Pantry. Tanner's hobbies include running, listening to podcasts, playing video games with Isabel, and baking. "I think a lot of things that bring people fulfillment and happiness in life don't cost much money. Most experiences that will make you happy are probably free or extremely cheap." Read Next: Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune — How much is that worth today? Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average? "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 29-Year-Old Software Engineer With $135,000 Salary Plans To Retire By 35, Says He's In Top 0.1% Of Most Frugal People originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

If You Like Passive Income REITs, You'll Love This One Paying A Dividend Over 14% 2024-07-16 03:00:00+00:00 - If You Like Passive Income REITs, You'll Love This One Paying A Dividend Over 14% Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. If you ask investors about dividends, many would say, "the more, the merrier." Monthly dividends from REITs are popular because they allow shareholders to earn money effortlessly through direct deposits. Keep reading to find out how you can earn a dividend approaching 15% with this REIT. Trending: Mark Cuban believes “the next wave of revenue generation is around real estate and entertainment” — this new real estate fund allows you to get started with just $100. ARMOUR Residential REIT Inc. (NYSE: ARR) currently offers an estimated dividend of 14.06%. It primarily invests in residential mortgage-backed securities (RMBS), including securities guaranteed or issued by organizations affiliated with the U.S. government such as Fannie Mae, Freddie Mac, and Ginnie Mae. ARR investors also benefit from knowing that each loan in its portfolio is secured by tangible assets (real estate). Despite the disruption caused by the 2008 financial crisis, residential mortgage lending has a proven track record of delivering reliable and solid performance for its investors. There are many data points that illustrate the reliability of mortgage lending. According to data firm CoreLogic, America's total mortgage delinquency rate has been below 3% since February 2023. The national foreclosure rate since March 2022 is a near-all-time low of 0.3%. Considering that ARR has long-term, fixed-rate RMBS as the bulk of its portfolio, there is every reason to believe these assets will continue to perform. Adjustable rate and multifamily mortgage-backed securities are also mixed into ARR's portfolio to diversify and boost returns Private credit offers up to 20% APY. Potential accredited investors are looking to capitalize on this growing asset class. In the unlikely event of widespread borrower defaults, the loans in ARR's portfolio are backed by real estate assets that historically appreciate and can be liquidated to recover investor capital. This setup provides ARR and its investors with a secure position unlikely to falter overnight, ensuring solid dividends into the future. ARR has a current market cap of $1.08 billion and a share price of $20.25. The recent announcement that they are paying a share dividend of $0.24 per month, which is $2.88 per share annually, makes it an investor-friendly investment. That translates to a dividend above 14%. Based on the current 14.06% estimate, a $10,000 investment in ARR would pay an annual dividend of $1,406 (if current performance trends continue). A $100,000 investment would yield $14,060 in passive income. Remembering that past performance does not guarantee future results is always important. Still, ARR's portfolio of RMBS and the historical strength of America's mortgage market make it a potentially lucrative addition to any investor portfolio. Story continues Check Out One Of Benzinga's Top Picks for Private Market Opportunities Available Now: Integris Secured Credit Fund IV The fund provides a fixed annual return of 12%, payable quarterly, over a 2-year period starting April 2024 and ending April 2026. The note is secured by collateral with an estimated value of $71M, with an anticipated loan-to-value ratio of 14%. Minimum investment: $100,000 Available to: Accredited investors View fund information View more private market offerings on Benzinga's Alternative Investment screener. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. This article If You Like Passive Income REITs, You'll Love This One Paying A Dividend Over 14% originally appeared on Benzinga.com

A Colorado couple with a net worth of $800,000 shares how the FIRE movement is helping them reach their goal of retiring in their 40s 2024-07-16 02:03:00+00:00 - The FIRE movement has helped Chrissy Arsenault and her husband Ryan grow their combined net worth to $800,000. Chrissy Arsenault A Colorado couple credits the FIRE movement with helping them grow their net worth to $800,000. FIRE is an acronym for "financial independence, retire early." The duo shared their top strategies for increasing their savings. Chrissy Arsenault and her husband, Ryan, didn't grow up wealthy. To get ahead financially, they've long known that a combination of "hard work and frugality" would be necessary, Arsenault told Business Insider via email. So when the couple learned about the FIRE movement in their mid-20s, it was music to their ears. FIRE is an acronym for "financial independence, retire early." Generally, people who've embraced the FIRE movement want to grow their savings so they can achieve financial freedom and retire before they turn 65 — though some people prefer to keep working. To accomplish their goals, some FIRE advocates save most of their income, take on side hustles, or delay costly life milestones like having kids. Many FIRE advocates trace the movement's philosophy to the 1992 best-selling book "Your Money or Your Life." To learn more about the FIRE movement, in particular strategies for maximizing savings and reaching financial independence, the couple sought out FIRE-related YouTube videos, Facebook groups, newsletters, and podcasts. They then tried to apply some of that information to their financial strategies. Their efforts have paid off. Over the past several years, the couple has grown their combined net worth to more than $800,000, according to documents viewed by BI. Arsenault said their goal is to grow their investments to roughly $2.5 million over the next 10 to 15 years — which she hopes will allow them to retire before she turns 50. Both she and Ryan are in their early 30s. "Retiring at 65-plus years old just doesn't sound appealing," said Arsenault, who works as a marketing director and is based in Colorado. "I'm sure we'll still be active and healthy at that age, but there's a lot more that we can enjoy when we're in our 40s and 50s." As many Americans struggle to save for retirement — and many retirees feel they don't have enough to stop working — the FIRE movement has offered a potential blueprint for people who desire financial security. While some people have found success with FIRE, it hasn't been a good fit for everyone, in part because it can require significant savings goals that might not always be realistic. However, FIRE proponents live a wide range of lifestyles. And experts say some principles of FIRE — like the benefits of saving and investing at a young age to take advantage of compounded investment returns — are applicable to a wide audience. Story continues Arsenault shared her and Ryan's top strategies for growing their savings — and the one change to their lifestyle that could make an early retirement a bit more difficult. How to live a FIRE lifestyle The couple has utilized a variety of strategies to reduce their expenses and boost their incomes. Chrissy Arsenault Arsenault summed up the couple's financial strategy as "spend less, make more, and invest more." To spend less, she said they've reduced how much they dine out at restaurants, bought in bulk from Costco, planned their own vacations rather than using travel agents, avoided gym memberships by working out at home, and limited alcohol consumption. They've also postponed certain expenses to save some extra cash. "I went many years with a broken phone screen and really didn't mind," she said. To make more money, Arsenault said they've "aggressively pushed for additional income." For Arsenault, this has taken on the form of "climbing the corporate ladder" — she said she landed a six-figure salary at age 26. She also started a side hustle working as a registered dietician, something she focuses on during evenings and weekends. Ryan works full-time as a human resources professional. In his spare time, Arsenault said he focuses on managing the couple's three investment properties which provide them with passive income. The couple's combined taxable income was roughly $250,000 in 2023, according to a document viewed by BI. When their strategies generate extra money, the couple invests as much as possible in their 401(k) plans and low-cost index funds. In case of emergencies, the couple keeps about six months of funds in savings. Arsenault said saving money was easier when she and Ryan lived in Indiana. The couple relocated to Colorado during the pandemic, a few years into their FIRE savings journey. One of the biggest differences between the two states has been the housing costs, Arsenault said. The couple is based in Monument, Colorado, where the average home value is about $743,000, per Zillow. In Fishers, Indiana, where they used to live, the average home value is $426,000. In the years ahead, one lifestyle change could put some additional pressure on the couple's finances: They're expecting their first child, which they know will come with many new monthly expenses. However, Arsenault said she thinks her financial goals are still achievable, in part because she and Ryan have been planning for life with a newborn. They've even planned how to finance their child's potential college education. "We've started to save up for his 529 plan so that they can attend college," she said, referring to the investment account that offers tax-free withdrawals when the money is used for certain education expenses. Are you part of the FIRE movement or living by some of its principles? Reach out to this reporter at jzinkula@businessinsider.com. Read the original article on Business Insider

Why Solar Stocks Fell Sharply on Monday 2024-07-16 02:02:00+00:00 - STRINGER / AFP via Getty Images Key Takeaways Stocks fell broadly across the solar-energy sector Monday, weighed down by a warning from SolarEdge. FirstSolar was among the biggest decliners. Its shares had been lifted recently by optimism about the energy-generation needs of artificial intelligence. Investors will get a look at FirstSolar's next quarterly results on July 30. Downbeat news from SolarEdge (SEDG) weighed on solar-energy shares Monday, with stocks falling across the sector. FirstSolar (FSLR) stock, which had jumped in May amid enthusiasm for the sector’s prospects to provide the energy needed to power developments in artificial intelligence, fell 8.5% and was among the S&P 500’s biggest losers on the day. Its latest quarterly financial results are expected July 30. Enphase Energy (ENPH) dropped more than 5%, while SunRun (RUN) tumbled 9%. The Invesco Solar Exchange-Traded Fund (TAN) fell nearly 6%. SolarEdge, which warned of excess inventory and cut its staff, fell 15%. Its CEO said in a regulator filing cited a “current downturn in the solar industry,” highlighting particular weakness in Europe but more encouraging signs in North America. The pullback in solar shares came as the S&P 500’s energy sector rose, lifted by shares of oil companies such as Chevron (CVX) and ExxonMobil (XOM). Read the original article on Investopedia.

What is Demolition Ranch, the YouTube channel on Thomas Matthew Crooks' shirt? 2024-07-15 22:05:00+00:00 - Thomas Matthew Crooks, the 20-year-old gunman who opened fire on Saturday at a rally for former President Donald Trump, was wearing a t-shirt emblazoned with "Demolition Ranch," the name of a popular YouTube Channel focused on firearms. The YouTube channel, which has more than 11 million subscribers, is run by Texas social media personality and veterinarian Matt Carriker. In his YouTube profile, he says the account is "not your average gun channel." On Monday afternoon, Carriker posted a YouTube video saying he was "shocked and confused" when he learned that Crooks wore one of his company's t-shirts, emphasizing that anyone can buy merchandise from Demolition Ranch's site. Carriker added that he had been asked by news outlets if he had ever had contact with the shooter. "No — he bought a shirt online, and unfortunately wore it that day," he said in the video. In the aftermath of the shooting, the FBI and other law enforcement agencies are investigating Crooks' background and possible motive. Crooks was killed by snipers Saturday after he shot and injured Trump, killed a spectator and critically injured two others. Crooks was a 2022 graduate of Bethel Park High School in Bethel Park, Pennsylvania, Pittsburgh suburb about an hour south of the Trump rally's location in Butler, Pennsylvania. A former classmate told CBS News that Crooks had tried out for the school's varsity rifle team during his freshman year, but that he didn't make the roster and didn't return in later years to try out again. What is Demolition Ranch? Demolition Ranch offers videos with titles such as "Is the AK-50 any good?" and "I sawed off a .50 caliber sniper rifle." In addition to its gun-related video content, Demolition Ranch operates a store selling merchandise branded with the channel's name, including $30 t-shirts, $55 sweatshirts and $35 hats, as well as can coolers and stickers. In Monday's video, Carricker noted his merchandise is widely purchased and that he doesn't vet the customers who buy products off his site. He also noted that his YouTube content doesn't promote violence. "No matter what side you are on politically, none of us want violence," he said. "This channel was never designed to incite violence or hate." A representative for Carriker did not immediately respond to a request for comment. Demolition Ranch primarily focuses on the capabilities of firearms, including esoteric weapons such as a pistol grenade launcher. Last month, the account announced that it was opening a public shooting facility called Desperado shooting range. In the video, Carriker shows off a new gun, which he uses to shoot at targets, with the action set to a soundtrack. His videos are often tagged as sponsored by a range of companies. In another short video, Carriker tested the force of what he called "the most powerful sniper rifle" against a bronze block. He also shows off his personal arsenal, which appears to include hundreds of weapons. Carriker is also the founder of another account called Vet Ranch, described on YouTube as "a place for veterinarians to share some amazing stories." A Facebook page calls Vet Ranch "an organization that provides veterinary treatment for homeless animals." Carriker also has a social media presence on X, Instagram and TikTok. On his company's site, Carriker says that since founding Demolition Ranch in 2011 he has amassed a personal net worth of $4.3 million. He states that his YouTube channel and his merchandise shop are two of his primary sources of income. On Demolition Ranch's site, Carriker also breaks down his earnings, claiming to earn a monthly salary of $24,000 to $27,000, plus between $13,000 to $15,000 per month from his YouTube channels. On an annual basis, he said that equates to an income between $445,000 to $504,000. "It's not what we stand for" Carriker stressed that the political violence of Saturday's shooting is "not what we stand for," adding that he keeps politics out of his videos. Carriker also expressed sympathy for the victims of the shooting. The person killed by Crooks in the incident is Corey Comperatore, 50, of Sarver, Pennsylvania, who was shot while trying to shield his family from the gunfire. "To the family of the victim who died during the Trump shooting, man, I'm so sorry for your loss," Carriker said. "For those who were injured in the shooting as well, wishing you guys a speedy recovery, praying for a pain-free recovery for you as well."

Jim Cramer says Amazon stock is a buy ahead of its Prime Day event — here's why 2024-07-15 21:47:00+00:00 - Amazon is a buy ahead of its annual Prime Day starting Tuesday — even as the stock has rallied hard this year. That's because the high-quality stock is still cheap, said Jim Cramer on CNBC Monday. Consider: Shares of the e-commerce giant are up nearly 29% in 2024 compared to the S & P 500 index's roughly 18% gain. And yet, the stock trades at a price-to-earnings ratio of 37, well below its five year average of 61, suggesting it is undervalued. "How is Amazon's price-to-earnings multiple going down at a time when CEO Andy Jassy is doing such a remarkable job?" Cramer said. The company reported a strong first quarter in April in which it showed off the benefits of its cost control efforts. Operating expenses were lower than expected across the board, including fulfillment costs, while sales in e-commerce and the cloud business were solid. It reports second-quarter results July 25. "I still think it's a buying opportunity," Cramer Monday morning said on "Squawk on the Street." One potential catalyst for the stock is Amazon's annual Prime Day event and its ripple effects. As usual, the event, which runs Tuesday and Wednesday this week, will offer millions of special deals for Prime members across a variety of categories including electronics, household items, apparel, and wellness products. A new area this year is Amazon Travel, which offers discounts on cruises and car rentals. AMZN YTD mountain Amazon share performance year-to-date. Shoppers are expected to spend about $14 billion during the two-day event this year, a new record and a 10.5% increase from last year, according to projections from Adobe Analytics, which tracks e-commerce transaction data. And Wall Street sees benefits that go beyond sales during the event. JPMorgan, for one, said Prime Day will help Amazon "rationalize inventory levels" ahead of higher consumer demand in the second half of the year. This, in effect, will help Amazon further improve delivery speeds, which are already at record speeds, the analysts said in a note Friday. JPMorgan has an overweight rating on Amazon shares and a price target of $240. In a separate note Monday, Bank of America largely agreed that the event will help test newer operations. "We see this year's Prime Day as an opportunity to leverage several logistics initiatives such as new inbound centers, more efficient inventory placement and new third-party seller fees," Bank of America analysts wrote. They also said Prime Day should be a driver for Amazon's advertising business, particularly on Amazon Prime Video ad spend. The bank said this is important since ad revenues are a key driver to retail profitability. Bank of America reiterated its buy rating with a price target of $220. (Jim Cramer's Charitable Trust is long AMZN. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. The Amazon Prime logo on a package in Manhattan. Michael Kappeler | Picture Alliance | Getty Images

10 things to know about JD Vance, Donald Trump's vice presidential pick 2024-07-15 21:42:31+00:00 - Former President Donald Trump chose Ohio Sen. JD Vance as his running mate. A former Trump critic, Vance rose to fame as the author of a bestselling memoir, "Hillbilly Elegy." Vance was elected to the Senate in 2022 and became an outspoken supporter of Trump. 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 Donald Trump's dramatic Veepstakes have come to an end and Sen. JD Vance of Ohio has come out on top. Despite winning the coveted spot as Trump's No. 2, though, Vance has had a winding path through Trumpism and politics overall. Here are 10 things you need to know about Vance, the potential 50th vice president and heir apparent to the MAGA movement.

Trump assassination attempt live updates: More than a dozen guns found at shooter's home 2024-07-15 21:37:00+00:00 - Law enforcement officials are looking into where the shooter bought ammunition, and one of the stores they looked into was Allegheny Arms and Gun Works in Bethel Park, a six-minute drive from Crooks' home. The store's owner, Josh Rowe, said the FBI came in the morning after the shooting. Bethel Park police and the Bureau of Alcohol, Tobacco, Firearms and Explosives also reached out, he said. "Had we had any information directly, we would’ve contacted law enforcement directly. I mean we would’ve contacted them first," Rowe said. The shop said in a statement that it was “thankful” Trump was not killed and that employees’ “hearts and prayers” went out to all the victims. “As a responsible member of our community it is our prerogative to cooperate with law enforcement in every way,” the shop wrote. “Out of respect for the ongoing investigation and that of those affected we will not make any further statements."

Rite Aid closing dozens of additional stores. Here's where. 2024-07-15 21:33:00+00:00 - Rite Aid has identified additional stores targeted for closure, as the ailing pharmacy chain looks to exit bankruptcy after winning court approval for a restructuring plan late last month. Rite Aid filed for Chapter 11 protection in October 2023 and said it would initially shutter 154 stores. It has since closed more than 520 locations in bankruptcy, or about a quarter of the 2,111 stores that the retailer had been operating when it sought court protection. In a court document filed on Friday, the company identified additional 18 stores to be shuttered in Michigan and 13 locations targeted for closure in Ohio, as follows: Michigan 102 State Road in Dowagiac 13157 1/2 Schavey Road in Dewitt 2263 Cedar Street in Holt 1607 24th Street in Port Huron 66711 Gratiot Avenue in Richmond 4110 East 9 Mile Road in Warren 7358 Secor Road in Lambertville 2880 East Highland Road in Highland 117 North Mission Street in Mount Pleasant 1664 West Grand River Avenue in Okemos 13500 19 Mile Road in Sterling Heights 1470 Tittabawassee Road in Saginaw 5650 Schaefer Road in Dearborn 3050 Union Lake Road in Commerce Township 4562 West Houghton Lake Drive in Houghton Lake 1750 Gratiot Boulevard in Marysville 50290 Gratiot Avenue in Chesterfield 6535 Paw Paw Avenue in Coloma Ohio 2916 Linden Avenue in Dayton 210 Main Street in Toledo 10 W. National Road in Vandalia 207 North Court Street in Medina 3230 W. Elm Street in Lima 105 Golden Gate Plaza in Maumee 825 Main Street in Zanesville 2220 South Locust Street in Canal Fulton 3710 Shawnee Road in Lima 801 Dixie Highway in Rossford 14973 South Avenue in Columbiana 5795 State Road in Parma 4 Newark Road in Mount Vernon

Disney's internal Slack message data leaked in latest hack targeting a major company 2024-07-15 21:27:10+00:00 - Disney is the latest big company to have its data leaked online. Hacking group Nullbulge said it published internal Slack information from "almost 10,000 channels." For weeks, an X account had warned the company that it had been hacked and a leak was coming. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement An apparent leak has made messages, files, code, and other data from Disney's internal Slack public. A hacking group known as Nullbulge claimed responsibility for the leak in a blog post. In it, it said people could gain details on Disney's planned projects, some log-in information, and more, all taken from the company Slack messaging system. Nullbulge said it accessed "almost 10,000 channels" to dump "every message and file possible." The group remains anonymous but said its mission includes advocating for artist rights, The Wall Street Journal reported. Business Insider couldn't verify Nullbulge's claims regarding the size of the hack. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Apple releases iOS 18 public beta for iPhone — Here's what's new and how to get it 2024-07-15 21:21:00+00:00 - Tim Cook, chief executive officer of Apple Inc., during the Apple Worldwide Developers Conference at Apple Park campus in Cupertino, California, US, on Monday, June 10, 2024. Apple on Monday released a preview version of its big new iPhone update. The iOS 18 public preview is a beta version of the software that will launch alongside new iPhones this fall, allowing Apple fans and developers to test the newest features before they officially launch and identify bugs before all iPhone users install the new software. This year, however, the most important new service isn't in the public beta: Apple Intelligence. In June, Apple announced that some of its newer devices would be able to access Apple's AI service that can answer questions intelligently, control your iPhone, and even generate images. Apple said that Apple Intelligence will be released in a beta version this fall and users will be able to try it out this summer. Some of the promised Apple Intelligence features, such as ChatGPT integration, and some Siri improvements, aren't expected to be released until later this year. However, there are still many changes in this version of iOS that will change the way that iPhones look and feel and could surprise users when they first install the software. Apple has updated several of the core user interface elements of the device, including the lock screen, home screen, and Control Center to support a wider range of colors and customization. Top apps such as Photos have been redesigned. Messages is more colorful and supports emoji reactions. Users can even change all their app icons to the same color. Many of these look-and-feel features have been available to Android users for years, but they will be new to longtime iPhone users and are part of a multiyear process in which Apple is opening up the formerly rigid iPhone software design to greater visual customization, after last year's release redesigned the device's lock screen.

Taylor Swift's 'The Tortured Poets Department' just broke a record as her biggest album on the Billboard 200. Here's how her others rank. 2024-07-15 21:16:23+00:00 - 7 (tie). "Fearless (Taylor's Version)" "Fearless (Taylor's Version)" was released in 2021. Taylor Swift/UMG Billboard 200 peak: No. 1 for two weeks "Fearless" was the first rerecorded album that Swift ever released. The "Taylor's Version" series was inspired by the sale of Swift's masters to Scooter Braun in 2019, which she described as her "worst case scenario" in a passionate open letter. Swift decided to remake and rerelease her first six albums in a bid to reclaim ownership of her life's work. (Braun later sold Swift's masters to a private-equity company.) In addition to faithfully recreating each tracklist, Swift decided to add never-before-heard songs "from the vault" that were written during the album's original creative process but cut from the final product. "I've spoken a lot about why I'm remaking my first six albums, but the way I've chosen to do this will hopefully help illuminate where I'm coming from," Swift explained. "Artists should own their own work for so many reasons, but the most screamingly obvious one is that the artist is the only one who really knows that body of work." "For example, only I know which songs I wrote that almost made the 'Fearless' album," she continued. "Songs I absolutely adored, but were held back for different reasons." Many were skeptical that the "Taylor's Version" project would be embraced by fans, let alone achieve commercial success. Those skeptics were forced to eat their words when "Fearless (Taylor's Version)" began to outpace the original on streaming platforms. According to Billboard, "Fearless (Taylor's Version)" earned more equivalent album sales in its first week of release than "Fearless" earned over the entire next year.

Aetna set to run North Carolina worker health care as Blue Cross will not appeal judge’s ruling 2024-07-15 21:14:46+00:00 - RALEIGH, N.C. (AP) — Aetna is poised to manage health coverage plan benefits for North Carolina state workers and teachers starting early next year because Blue Cross and Blue Shield of North Carolina said Monday it won’t appeal a judge’s decision that upheld Aetna as the next contract winner. An administrative law judge last week determined evidence showed that the State Health Plan conducted properly the procurement process for a third-party administrator, which has been Blue Cross for over 40 years. The plan’s trustee board in late 2022 chose Aetna over Blue Cross and a unit of United Healthcare, which also competed. The initial three-year contract with Aetna is to begin in January 2025. In announcing its decision not to appeal to Superior Court, Blue Cross said that it “will continue to provide the highest level of service throughout the current agreement” it still holds with the State Health Plan. The administrator handles health care expenses for several hundred thousand state employees, teachers, their family members and retirees, ensuring claims are paid and building out a provider network. Contract costs — with health care claims included — exceed $3 billion annually. State Treaurer Dale Folwell, the trustee board chairman and head of the agency under which the State Health Plan is housed, was pleased with the Blue Cross decision not to appeal. “The members of the State Health Plan and taxpayers like them deserve to have this uncertainty ended,” Folwell said.