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Cumbria coalmine was unlawfully approved, government says 2024-07-11 17:08:00+00:00 - The government has admitted that a proposed coalmine in Cumbria was approved unlawfully, as the carbon emissions of coal from the mine should have been taken into account in the planning decision. This follows a precedent set by a supreme court judgment last month, when Surrey county council’s decision to extend planning permission for an oil drilling well at Horse Hill, on the Weald, was quashed. Campaigners argued it should have accounted for greenhouse gas emissions from using the oil when assessing the environmental impacts of the project, not only the drilling site itself. These are known as “scope 3” or downstream emissions. On Thursday, another oil drilling project – this time in the Lincolnshire Wolds area of outstanding natural beauty – was quashed after a concession from Angela Rayner, secretary of state for housing, communities and local government. Hours later, lawyers acting for Rayner’s department said there was an “error in law” in the decision to grant planning permission for the Cumbrian mine in December 2022. The government will now not be defending two legal challenges by Friends of the Earth and South Lakes Action on Climate Change (Slacc) next week, and has instead informed the court that the decision to grant planning permission should be quashed. The case is still expected to go ahead on Tuesday unless West Cumbria Mining also concedes. Experts have said the mine would be likely to cause the UK to break its legally binding climate commitments as it would release about 17,500 tonnes of methane every year, according to estimates. The mine, which would have produced coking coal for steelmaking, was claimed to be carbon neutral by the previous government, though this only applies to the mining operations and does not take account of the scope 3 emissions. The new government has a range of difficult decisions to make on energy, including whether to approve the oil and gas licences that are already in progress with the North Sea Transition Authority, and whether to grant the biofuel company Drax more government subsidies for burning wood. Jamie Peters, a climate coordinator with Friends of the Earth, said: “We’re delighted the government agrees that planning permission for this destructive, polluting and unnecessary coalmine was unlawfully granted and that it should be quashed. We hope the court agrees, and that the mine is then rejected when the secretary of state reconsiders the application. “Friends of the Earth will continue to stand alongside Slacc and the other community groups in Cumbria who have fought so bravely to halt this mine. The new government must now ensure that areas like west Cumbria get the jobs and investment they urgently need so that people living there can reap the benefits of building a clean, green and affordable future.” West Cumbria Mining has been contacted for comment.

Have Potato Chips Reached Peak Price? 2024-07-11 17:05:36+00:00 - Is $6 too much for a bag of Ruffles? After nearly three years of price increases, signs that buyers have had enough are starting to mount. On Thursday, the food and beverage giant PepsiCo reported a 0.5 percent decline in revenues in the second quarter in its Frito-Lay snack business from year-ago levels, a result of a 4 percent drop in volumes in the category. On an earnings call, PepsiCo executives were peppered with questions from analysts about whether the price of some of its popular snacks like Tostitos tortilla chips and Ruffles potato chips had simply become too high. The executives acknowledged that some consumers have become increasingly price conscious, with households across income levels seeking more value. “There is clearly a consumer that is more challenged, and a consumer that is telling us that in particular parts of our portfolio, they want more value to stay with our brands,” Ramon Laguarta, PepsiCo’s chief executive, said. To get more people to grab bags off the shelves, PepsiCo said it intended to cut prices or offer more sales on certain salty snacks and other products. “There is some value to be given back to consumers after three or four years of a lot of inflation,” Mr. Laguarta said.

Fraud Case Against Rich Exile Who Riled Beijing Goes to Jury 2024-07-11 17:04:13+00:00 - The fate of Guo Wengui, the exiled Chinese billionaire whose opposition to the Chinese Communist Party made him a darling of the American right, rests with a Manhattan jury after his fraud and money-laundering trial came to a close on Thursday. Mr. Guo is accused of running a criminal enterprise that defrauded investors of more than $1 billion through various schemes — club memberships, cryptocurrencies, a sale of private shares in his media company — and using the money to lead a lavish lifestyle. Federal prosecutors said the fraudulent proceeds helped pay for a mansion in New Jersey, a Lamborghini roadster and a $100 million investment in a hedge fund. They took five weeks to make their case, putting forth a parade of witnesses, including former employees and investors, and presenting bank records and invoices. “This was a scheme, this was a con, this was a fraud,” Ryan Finkel, a prosecutor, said in his three-hour closing argument on Wednesday. Mr. Guo, he said, “lied to take other people’s money.”

Sales Breakout Sends This Semiconductor Stock to Record High 2024-07-11 16:55:00+00:00 - Investors will find that most of the market’s attention has centered on today's technology sector, particularly stocks dealing with artificial intelligence and its growing adoption throughout the global economy. For better reference, investors can dig into the VanEck Semiconductor ETF NASDAQ: SMH to filter out their picks further. Eventually, the list will come down to a handful of stocks. Within that handful, shares of NVIDIA Co. NASDAQ: NVDA will have a special place, checking off the momentum and financial growth items. NVIDIA is not operating in a vacuum, though, as other players are starting to make a splash in the chips and semiconductors arena. Most recently, stocks like Intel Co. NASDAQ: INTC and Micron Technology Inc. NASDAQ: MU have also seen bullish price action. But there is one ace up the industry’s sleeve. Get Intel alerts: Sign Up Shares of Taiwan Semiconductor Manufacturing NYSE: TSM are at a new all-time high. The driver behind this rally is simply the company’s financials, which just showed a double-digit revenue increase. This recent announcement serves more as a preview than a retrospective, indicating that the company is poised for significant growth in the coming quarter. Investing in Taiwan Semiconductor: A Supercycle on the Horizon Taiwan Semiconductor Manufacturing Today TSM Taiwan Semiconductor Manufacturing $184.50 -6.55 (-3.43%) 52-Week Range $84.01 ▼ $193.47 Dividend Yield 0.93% P/E Ratio 35.14 Price Target $183.60 Add to Watchlist With rising geopolitical concerns between the United States and China, particularly around Semiconductor and chip technology, some investors were concerned about whether Taiwan Semiconductor would be safe from tariff and embargo repercussions. The answer isn’t unclear; the U.S. is doing the right thing today with a Chinese invasion of Taiwan looming. The government has granted Taiwan Semiconductor up to $6.6 billion in its latest round of funding. The capital will be deployed to make semiconductor factories onshore in states like Arizona and Ohio. Bringing the semiconductor supply chain to domestic borders will help American tech companies better control pricing and inventories. Investors should pay attention to this. The government had many chip providers to choose from, so why Taiwan Semiconductor? The company supplies chips to most of today’s technology and consumer electronics behemoths. That’s right. Names like Apple Inc. NASDAQ: AAPL rely on Taiwan to get their chips, and so does NVIDIA. With Apple on the brink of announcing its new iPhone 16, which is said to have increased artificial intelligence capabilities, especially after Apple partnered with OpenAI, Taiwan Semiconductor’s chips became more of a commodity. Not only that, but NVIDIA has now gone through what’s known as the chip spending cycle, where the company had to deploy more capital into marketing and sales efforts. This cycle is followed by the development cycle. After sales are made, it is time to return to the drawing board and spend on research and development (R&D) to develop a new product. Taiwan Semiconductor is behind all of these new supercycles, and the markets have taken notice of this massive exposure. Why Optimism Is Blooming for Taiwan Semiconductor Stock Recently, Taiwan Semiconductor Manufacturing reported a 40% revenue increase over the year. Investors can refer to NVIDIA for reference in the semiconductor cycle today and recall that it is on the spending (not the development) end of the spectrum. So, with Taiwan Semiconductor reporting momentum in its revenue, the next inning of the spending cycle will fall on that stock after NVIDIA. For starters, the spending cycle involves a jump in revenue, followed by a trickle-down effect in bigger earnings per share (EPS). With this potential future trend in mind, investors can now look to Wall Street to determine whether Taiwan Semiconductor stock is treading on the side of reality. Analysts at Susquehanna felt comfortable enough to boost the stock’s price target to $250 a share, or 33% higher than where it trades today. Taiwan Semiconductor Manufacturing MarketRank™ Stock Analysis Overall MarketRank™ 3.65 out of 5 Analyst Rating Moderate Buy Upside/Downside 0.7% Downside Short Interest Healthy Dividend Strength Weak Sustainability N/A News Sentiment 0.73 Insider Trading N/A Projected Earnings Growth 25.61% See Full Details In other news, Wall Street is now forecasting up to 25.6% EPS growth for the next 12 months, which appears to be on the conservative side. NVIDIA analysts also want to see EPS growth of 25.3%, yet valuations couldn’t be further apart. NVIDIA trades at a P/E ratio of 50.0x, while Taiwan Semiconductor stock trades at a much lower 30.8x. If EPS drives valuations, and both stocks are looking to grow by the same amount, then how come their valuations are that much different? The answer is geopolitical risks, or at least the perception that there are some. As investors now know, the United States is mobilizing the treasury to mitigate these risks, and knowing that Taiwan Semiconductor is a key player in domestic electronic consumption and leadership in artificial intelligence, it is likely that the government won’t let this company be harmed. That’s why investors shouldn’t be worried, just like institutions weren’t. Over the past 12 months, up to $71.2 billion of institutional investment capital made its way into Taiwan Semiconductor stock, all to show the same vote of confidence that the government sent in for the stock. → Tiny Defense Firm Set for Huge Gains with New US Contract (From Behind the Markets) (Ad) Before you consider Intel, 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 Intel wasn't on the list. While Intel currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Surprise Buying Opportunity on This Dividend Aristocrat 2024-07-11 16:37:00+00:00 - PepsiCo Today PEP PepsiCo $163.95 +0.36 (+0.22%) 52-Week Range $155.83 ▼ $192.38 Dividend Yield 3.31% P/E Ratio 24.65 Price Target $186.00 Add to Watchlist PepsiCo NASDAQ: PEP shares have struggled with traction for the last two years as inflation, pricing pressure, consumer pushback, and economic headwinds impact results, but those days will soon end. The latest CPI report shows inflation cooling faster than expected and has the FOMC on track to make at least one interest rate cut this year. The takeaway is that PepsiCo continues to build leverage for investors with operational improvement and territorial expansion that will drive accelerated results over the coming years because the cost of money will fall, impacting activity across the spectrum and driving demand for PepsiCo beverages, snacks, and breakfast items. Get PepsiCo alerts: Sign Up PepsiCo Falls on Cautious Guidance, Sets Up Trend Following Entry PepsiCo’s Q2 results are mixed and give reason for caution but also reveal the strength of its diversified model and international expansion efforts. The $22.5 billion net revenue is weaker than expected but up 0.8% compared to last year and only 44 bps below the consensus reported by MarketBeat. The revenue weakness is centered in North America and Quaker Oats, which experienced recalls during the period. It fell 18% segmentally, while results in all other segments were milder. Frito Lay NA and APAC/NZ contracted by slim 0.5% and 2% margins while the core PepsiCo NA, Latin America, Europe, and other emerging markets grew. Growth was most robust in Latin America, where economic expansion and the growing middle class drive demand. It rose by 7% and can be expected to lead over the next few quarters. Emerging markets in Africa and South Asia will also likely perform well over the coming years. The margin is good despite the headwinds. The company’s efforts to control costs and improve efficiency are paying off, allowing the company to lean less heavily on pricing increases than others in the category. The net result is improved gross and operating margins on a GAAP and adjusted basis, with the adjusted operating margin up 150 basis points. The bottom line is that GAAP earnings grew by 13% and adjusted by 10% to outpace the top-line advance by more than 1000 basis points, and the leverage is expected to stick. The guidance caused the stock price to fall, but it is better than it appears at first glance. Due to the Q2 trends, the company tempered its outlook for revenue growth marginally from at least 4% to a solid 4% while maintaining the EPS outlook. EPS is expected to grow at a high single-digit pace and sustain robust cash flow. PepsiCo Builds Value for Investors With Cash Flow and Capital Returns PepsiCo Dividend Payments Dividend Yield 3.31% Annual Dividend $5.42 Dividend Increase Track Record 53 Years Annualized 3-Year Dividend Growth 7.12% Dividend Payout Ratio 81.50% Recent Dividend Payment Jun. 28 See Full Details PepsiCo had a cash-flow-negative quarter, but the timing of payments, debt reduction, and improved shareholder equity offset that detail. Equity is up 5% after the capital returns, including the dividend and share repurchases. PepsiCo isn’t an aggressive repurchaser but reduced its count by 0.36% average for the quarter, providing an updraft for the stock price. Regarding the balance sheet, the debt levels are low at less than 2x equity and 6x cash, so capital returns are safe. Investors can expect this Dividend Aristocrat to continue paying its S&P 500-leading $5.42 annualized payout indefinitely and for distribution increases to continue for the foreseeable future. PepsiCo Falls Into Deep-Value Territory: Trend-Following Signal to Follow PepsiCo’s share price fell more than 2% on the Q2 release, but the takeaway from the price action is bullish. The market is buying the dip and setting up a trend-following signal in this consumer staple that could lead to a multi-year rally. The stock could climb $10 to the $170 level soon because that is the low end of the analysts' range, and higher prices are likely. Assuming the analysts maintain their buy rating and do not lower the range, this stock could rebound to $190 to $200 within the next quarter or two. Before you consider PepsiCo, 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 PepsiCo wasn't on the list. While PepsiCo currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Can Movies for Grown-Ups Still Sell Tickets? ‘Fly Me to the Moon’ Is a Test. 2024-07-11 15:47:08.952000+00:00 - “Fly Me to the Moon” is the kind of movie that isn’t supposed to succeed in theaters anymore, at least if you listen to franchise-obsessed studio executives. The story is a period piece and completely original: In 1968, a government operative (Woody Harrelson) hires a marketing virtuoso (Scarlett Johansson) to convince the public — and Congress — that a troubled NASA can pull off its scheduled Apollo 11 moon landing. Stylish and devious, she clashes with the rigid launch director (Channing Tatum) and secretly — as a backup, to be used only in an emergency — arranges for a fake landing to be filmed on a soundstage. What’s the harm? Hollywood marketers will tell you that ticket buyers eschew movies that mash together genres. And “Fly Me to the Moon” is part drama, part comedic caper, part romance, part fiction and part true story. Particularly in the summer, studios prefer to serve up mindless popcorn movies aimed at teenagers. “Fly Me to the Moon” is entertainment for thinking adults, the kind that Mike Nichols (“Working Girl”) and James L. Brooks (“Broadcast News”) made in the 1980s. So the question must be asked: How on earth did “Fly Me to the Moon” manage to score a wide release in theaters at the height of blockbuster season? The film rolls into 3,300 theaters in the United States and Canada on Friday.

Cue the Christmas Music: Hallmark Is Finally Joining the Streaming Fray 2024-07-11 15:45:07+00:00 - Streaming has decimated the audience for entertainment-focused cable networks, with one major exception: the Hallmark Channel. Hallmark’s viewers tend to be older and ultraloyal. And the family-owned company has kept viewership high for the gingerbread-scented programming on its traditional channel by largely staying out of the streaming business. But even one of the most old-fashioned corners of Hollywood must evolve. On Thursday, Hallmark said it would introduce a stand-alone streaming service. It will be called Hallmark+ and arrive in September for $8 a month. As part of the push, Hallmark is expanding into holiday-themed mini-series and reality competition shows, including one called “Finding Mr. Christmas.” (In a racy episode, at least by Hallmark standards, the “Hallmark Hunks” strip off their Christmas sweaters, albeit briefly.) Hallmark+ subscribers will have on-demand access to old content; almost 300 Hallmark Christmas films have aired since 2002. The ad-free service will also offer exclusive new programming — shows like “The Chicken Sisters,” adapted from the best-selling book and described by Hallmark as “a family drama dipped in Southern charm and served up with a saucy side of romance.”

3 Must-Watch Financial Stocks as Sector Approaches Major Breakout 2024-07-11 14:45:00+00:00 - The financial sector, and specifically the sector ETF Financial Select Sector SPDR Fund NYSE: XLF, has been consolidating for several months and is now approaching a significant breakout level. As earnings season kicks off, the sector's major players are set to report quarterly results, potentially triggering a major directional move. So, let's explore the XLF ETF's current positioning, its recent performance, and what to expect from its top holdings as they report earnings, as this could lead to a higher timeframe breakout across the board. Get Citigroup alerts: Sign Up Consolidation Phase: XLF Nearing a Potential Breakout The XLF seeks to provide investment results that correspond to the performance of the Financial Select Sector Index. The XLF is composed of companies from various industries, including banking, insurance, and capital markets. Its primary focus is on large-cap financial stocks, making it a key indicator of the overall health of the financial sector. Financial Select Sector SPDR Fund Today XLF Financial Select Sector SPDR Fund $42.24 +0.33 (+0.79%) 52-Week Range $31.35 ▼ $42.49 Dividend Yield 1.66% Assets Under Management $40.26 billion Add to Watchlist Currently, the XLF ETF is up an impressive almost 11% year-to-date. Despite these double-digit gains, the ETF has primarily traded in a major consolidation near its 52-week highs for just under four months. This lengthy consolidation, above rising moving averages and now consolidating near its breakout level at around $42, paints a highly bullish pattern and presents a unique setup for investors and momentum swing traders. However, as the sector edges near a potential breakout and momentum bursts higher, a critical juncture is here—earnings season—where its major players are set to report quarterly earnings, which could potentially result in a significant directional move. Several of XLF's top holdings are reporting earnings on Friday, which could significantly influence the sector's trajectory for the quarter. Let's take a closer look at three major holdings that are set to report earnings this week and what to expect. Earnings Impact: What to Expect from JPMorgan Chase & Co. JPMorgan Chase & Co. Today JPM JPMorgan Chase & Co. $207.45 -0.35 (-0.17%) 52-Week Range $135.19 ▼ $210.38 Dividend Yield 2.22% P/E Ratio 12.53 Price Target $196.05 Add to Watchlist JPMorgan Chase & Co. NYSE: JPM, the second-top holding in XLF with a 10.3% weighting, will have an earnings conference call on Friday, July 12th, at 8:30 AM. The financial services provider last posted its earnings results on April 12th, 2024. The firm reported $4.63 earnings per share for the quarter, beating the consensus estimate of $4.18 by $0.45. The firm earned $41.93 billion during the quarter, compared to analysts' expectations of $40.90 billion. For its upcoming earnings, the consensus EPS forecast for the quarter is $4.19. The reported EPS for the same quarter last year was $4.37. JPM has outperformed the sector and is consolidating near its 52-week high ahead of earnings, with a year-to-date performance of +21.95%. JPMorgan Chase & Co. (JPM) Price Chart for Thursday, July, 11, 2024 Consensus EPS Forecast for Citigroup's Upcoming Earnings Citigroup Today C Citigroup $65.71 -1.27 (-1.90%) 52-Week Range $38.17 ▼ $66.99 Dividend Yield 3.23% P/E Ratio 19.44 Price Target $65.16 Add to Watchlist Citigroup Inc. NYSE: C, the 11th top holding in XLF with a 2.1% weighting, will report its earnings on Friday morning and hold an earnings conference call on Friday, July 12th at 11:00 AM Eastern. Previously, Citigroup reported $1.58 EPS for the quarter, topping the consensus estimate of $1.29 by $0.29. The company had revenue of $21.10 billion for the quarter, compared to analysts' expectations of $20.46 billion. Its quarterly revenue was down 1.6% on a year-over-year basis. The consensus EPS forecast for the quarter is $1.40. The reported EPS for the same quarter last year was $1.37. While its influence on the overall sector is less considerable than that of JPM, its overall direction can undoubtedly have an impact. Year-to-date, it's been one of the sector's top performers, up almost 30% and trading at its 52-week high. Citigroup Inc. (C) Price Chart for Thursday, July, 11, 2024 Market Expectations: Wells Fargo's Potential Earnings Impact Wells Fargo & Company Today WFC Wells Fargo & Company $60.16 +0.44 (+0.74%) 52-Week Range $38.38 ▼ $62.55 Dividend Yield 2.33% P/E Ratio 12.56 Price Target $59.52 Add to Watchlist Wells Fargo & Company NYSE: WFC, the 6th largest holding in the sector ETF with a 3.6% weighting, has confirmed that its next quarterly earnings report will be published on Friday, July 12th, 2024. Wells Fargo & Company will hold an earnings conference call on Friday, July 12th, at 10:00 AM Eastern. Previously, the banking giant reported $1.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.10. The consensus EPS forecast for the quarter is $1.27. The stock is trading just about 4% away from its 52-week high, up over 20% year-to-date, and trading just shy of 10% away from its all-time high. Wells Fargo & Company (WFC) Price Chart for Thursday, July, 11, 2024 → Tiny Defense Firm Set for Huge Gains with New US Contract (From Behind the Markets) (Ad) Before you consider Citigroup, 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 Citigroup wasn't on the list. While Citigroup currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Once a G.O.P. Rallying Cry, Debt and Deficits Fall From the Party’s Platform 2024-07-11 14:42:09+00:00 - When Donald J. Trump ran for president in 2016, the official Republican platform called for imposing “firm caps on future debt” to “accelerate the repayment of the trillions we now owe.” When Mr. Trump sought a second term in 2020, the party’s platform pummeled Democrats for refusing to help Republicans rein in spending and proposed a constitutional requirement that the federal budget be balanced. Those ambitions were cast aside in the platform that the Republican Party unveiled this week ahead of its convention. Nowhere in the 16-page document do the words “debt” or “deficit” as they relate to the nation’s grim fiscal situation appear. The platform included only a glancing reference to slashing “wasteful” spending, a perennial Republican talking point. To budget hawks who have spent years warning that the United States is spending more than it can afford, the omissions signaled the completion of a Republican transformation from a party that once espoused fiscal restraint to one that is beholden to the ideology of Mr. Trump, who once billed himself the “king of debt.”

Former reality TV stars face 2027 trial over Instagram trading scheme 2024-07-11 14:42:00+00:00 - A group of influencers and former reality TV stars from shows including Love Island and Geordie Shore have pleaded not guilty to promoting an unauthorised investment scheme on Instagram, but will not be tried until 2027. Lauren Goodger, an ex-cast member of The Only Way is Essex (Towie), Love Island’s Jamie Clayton and Scott Timlin, the former Geordie Shore star known as Scotty T, appeared at Southwark crown court in London on Thursday on charges relating to plugging an unsanctioned financial venture to their followers on the social media site. Eight of the nine defendants pleaded not guilty to the charges, with a trial in early 2027. Love Island’s Eva Zapico was unable to attend the hearing. The charges were put forward by the Financial Conduct Authority (FCA) at an earlier hearing this month, which has previously claimed the stars had promoted the scheme allegedly run by Emmanuel Nwanze, 30. The FCA alleges Nwanze used the Instagram account holly-fx trends, alongside Holly Thompson, 34, to advise on buying and selling contracts for difference (CFDs) when they were not authorised to do so between 2018 and 2021. The CFDs, the FCA says, were high risk investments that saw 80% of customers lose money. The body alleges Nwanze paid former Love Islanders Clayton, 32, Biggs Chris, 32, and Rebecca Gormley, 26, to promote that account to their followers in 2020. He also is alleged to have paid Goodger, 37, and her fellow Towie castmate Yazmin Oukhellou, 30, as well as Zapico, 25, and Timlin, 36, who also won Celebrity Big Brother in 2016. The FCA added that the combined total of their Instagram followers was 4.5 million. A finfluencer is a social media influencer who gives advice on financial investments. Each defendant is charged with one count of issuing unauthorised communications of financial promotions. Nwanze has also pleaded not guilty to running an unauthorised investment scheme. Should they be convicted, they face up to two years in prison.

Don't Miss Out: This Lithium Stock Is Poised for Major Gains 2024-07-11 14:30:00+00:00 - Some investors gravitate towards controversial market plays, attracted by the significant upside potential. Albemarle Co. NYSE: ALB deserves attention today, especially after its 34% drop since May 2024. Despite recent discouraging price action, the fundamentals of this company may signal a potential rally ahead. Albemarle Today ALB Albemarle $97.95 +1.05 (+1.08%) 52-Week Range $90.32 ▼ $246.71 Dividend Yield 1.63% P/E Ratio 35.62 Price Target $150.16 Add to Watchlist The market's focus has largely been on the tech sector, particularly stocks like NVIDIA Co. NASDAQ: NVDA in artificial intelligence and Tesla Inc. NASDAQ: TSLA in electric vehicles, despite its recent questionable rally. Investors should also pay close attention to major stock rallies in other sectors. Get Panasonic alerts: Sign Up Albemarle stands out, as it specializes in lithium mining and processing—key for batteries powering the electric vehicle revolution. How EV Growth is Powering Albemarle's Stock Potential There’s no question that electric vehicles are becoming more widely adopted in the global economy today. From North America to Europe, to even all around Asia, it is companies like Tesla Inc. NASDAQ: TSLA or China’s own BYD OTCMKTS: BYDDY that are driving most of the growth in deliveries, which broke the million mark on 2023, and not something they are likely looking to give up. Recently, to keep competition at bay and protect the U.S. lead in electric vehicle development, the current administration slapped tariffs on Chinese EVs of up to 100%, keeping domestic demand focused on companies like Tesla. Now, with the government aiming to control the supply chain for these vehicles and support key players, it's no surprise that Albemarle topped the list. Recently, the U.S. Department of Energy (DOE) granted Albemarle up to $150 million in capital to build an American-based lithium facility. This will support domestic lithium production and keep the electric vehicle supply chain onshore. However, Albemarle is not only dependent on electric vehicle waves to make its growth prospects shine; some of the company’s biggest clients are also exposed to the growing demand and breakthroughs in artificial intelligence. To name a few, Samsung Electronics Co. OTCMKTS: SSNLF is exposed to the chips and semiconductors market, along with Panasonic Holdings Co. OTCMKTS: PCRFY. Albemarle is benefiting from several bullish trends, and investors recognize that these industries are still in their early stages. The question is now centered on how much upside there could be in the stock moving forward, and that’s where Wall Street analyst forecasts come into play. Albemarle's Stock Forecast: Wall Street Predicts Major Upside Today, Wall Street analysts forecast up to 171% growth in earnings per share (EPS) for the next 12 months. Leaning on these predictions, analysts at Oppenheimer felt comfortable enough to slap a valuation of $178 a share for Albemarle stock, daring it to rally by as much as 83.7% from where it sits today. Albemarle MarketRank™ Stock Analysis Overall MarketRank™ 4.96 out of 5 Analyst Rating Hold Upside/Downside 53.1% Upside Short Interest Healthy Dividend Strength Strong Sustainability -6.52 News Sentiment -0.07 Insider Trading Selling Shares Projected Earnings Growth 171.01% See Full Details Considering that these price targets were set in July 2024, they become more critical for investors now that the stock has declined for over a month. Analysts rarely stick their necks out to boost a stock experiencing bearish price action, so these analysts see that much upside today means twice as much for investors. Knowing that several tailwinds are pushing Albemarle's momentum and analysts are starting to wake up to these facts, the Vanguard Group decided to boost its stakes in Albemarle stock by 0.2% as of May 2024. While that percentage term may not sound like much, it would translate into a net investment of $1.9 billion today. Putting Albemarle stock into a discount perspective, investors can start with price action. The stock now trades at only 39% of its 52-week high, which drove all the other valuation metrics into a steep discount compared to the rest of the basic materials sector. Against the industry’s average price-to-earnings (P/E) ratio of 99.2x, Albemarle’s valuation of 32.9x will offer investors a discount of 66.8%. However, investors can also lean on other metrics, such as the price-to-book ratio. Albemarle’s 1.1x valuation also provides a discount of 69.4% compared to the industry’s 3.6x P/B multiple today. Albemarle Co. (ALB) Price Chart for Thursday, July, 11, 2024 Before you consider Panasonic, 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 Panasonic wasn't on the list. While Panasonic currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

It’ll Be Touch-and-Go for This Major Airline: Buy the Dip 2024-07-11 13:49:00+00:00 - Delta Air Lines Today DAL Delta Air Lines $44.99 -1.87 (-3.99%) 52-Week Range $30.60 ▼ $53.86 Dividend Yield 0.89% P/E Ratio 5.78 Price Target $60.30 Add to Watchlist Delta Air Lines NYSE: DAL shares lost their lift following the Q2 release, but investors should not worry. The results were weaker than expected, including decelerating growth and rising costs, but they align with the long-term outlook. The long-term outlook is for steady, normalized growth and profitability for this industry leader, solid cash flow, and debt reduction, leading to investment-quality debt ratings and increasing capital returns. Today’s takeaway is that this market is experiencing a knee-jerk reaction to less-than-expected (but still solid) results, opening up a buy-the-dip opportunity. Get Delta Air Lines alerts: Sign Up Delta Air Lines Growth Produces a Record-Setting Quarter Delta’s results are only bad because they came below the consensus estimates. However, the $16.7 billion in reported revenue and $15.4 billion in adjusted operating revenue are up compared to last year. The reported revenue rose 7.2%, and adjusted operating revenue rose 5.4% to set a quarterly record. Revenue strength was driven by increased loyalty, premium, and “other” services, which also come with a higher margin. Cargo is another area of strength, rising by 16%, and corporate and international business are also positive. Corporate business rose by double digits and is expected to continue growing. International grew by a slower 4% but is impacted by geopolitical factors. Earnings growth was also below consensus, but strong concerning revenue, only 80 bps shy of consensus compared to the 190 bps top-line miss, and both misses were slim. The salient point is that the operating margin came in at a solid 15% to drive $2.5 billion in cash flow and $1.3 billion in free cash flow. The cash flow allowed for the early repayment of some debt, about $1.4 billion, which brought the debt-to-EBITDAR ratio down by 0.2X to 3.8X and closer to investment quality. Guidance is another non-starter for today's market that aligns with the long-term outlook. Guidance for the year was reiterated in a range bracketing the consensus estimate, an estimate that forecasts growth and robust cash flow. Delta Hikes Its Dividend Payment by 50% Delta Air Lines Dividend Payments Dividend Yield 0.90% Annual Dividend $0.40 Annualized 3-Year Dividend Growth -20.79% Dividend Payout Ratio 5.14% Next Dividend Payment Aug. 20 See Full Details Among the highlights of the Q3 report is the 50% increase in dividend payments. Expected to be paid in the September quarter, the new $0.15 quarterly payout amounts to an annualized return of 1.45%, with shares at a four-month low. The increase is due to the company’s debt reduction, improved margin, and free cash flow position. Investors should expect additional robust increases over the next two years because of the revenue, earnings growth, and debt reduction forecast. The analysts have been bullish on Delta but may begin to shift sentiment on this news. However, downgrades are unexpected, and the Buy rating should remain intact. The risk is that price targets will fall, adding downward pressure to the market. Until then, the low end of the analysts' range is $50 or 20% above Delta’s new low. Delta Share Prices Come in for a Landing: Will it be Touch and Go? Delta’s results caused the stock to fall 10% in premarket trading. The question is whether the market will buy this dip or not. The odds are high that the institutions that have purchased this stock on balance since 2020’s lows will continue to invest and support it at its current levels. If not, Delta's shares could move down to the low end of its trading range and shed another 30% in value before hitting bottom. → Tiny Defense Firm Set for Huge Gains with New US Contract (From Behind the Markets) (Ad) Before you consider Delta Air Lines, 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 Delta Air Lines wasn't on the list. While Delta Air Lines currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Stock market today: Big Tech surges as S&P 500 crosses 5,600 for first time 2024-07-11 05:31:00+00:00 - US stocks again soared to fresh all-time highs on Wednesday as Jerome Powell's remarks on Capitol Hill buoyed rate-cut hopes and Big Tech stocks piled on the gains. The S&P 500 (^GSPC) rose 1% for a 37th record close this year, breaching 5,600 for the first time. The Dow Jones Industrial Average (^DJI) jumped 1.1%, while the tech-heavy Nasdaq Composite (^IXIC) gained 1.2%. The S&P and Nasdaq were each higher for the seventh straight session. Tech's biggest names continued to rise, powering the gains of the broader market. The AI darling Nvidia (NVDA) advanced more than 2%, while Apple, (AAPL), Microsoft (MSFT), and Google (GOOG, GOOGL) each gained more than 1%. Bets on interest rate cuts have helped keep stocks roaring as signs of slowing in the US economy pile up. Wall Street also looked to Washington for more optimism. In his semiannual testimony to Congress, Powell hinted the stage is almost set for lowering interest rates from two-decade highs, pointing to a cooling in inflation and in the jobs market. He also cautioned that keeping rates elevated for too long could weaken the economy, giving hope to rate-cut-hungry investors. But a key test for stocks and rate-easing prospects lies ahead in the crucial consumer inflation report due Thursday. While a cooler reading will cement the likelihood of a Fed policy shift in September, a too-cool print could revive concerns about a recession and the labor market.

Google Parent Alphabet Shelves Efforts to Acquire HubSpot 2024-07-11 04:15:00+00:00 - (Bloomberg) -- Google parent Alphabet Inc. has shelved efforts to acquire HubSpot Inc., according to people with knowledge of the matter, putting to bed the prospect of a takeover that would have ranked among the biggest of the year. Most Read from Bloomberg Shares of HubSpot, a customer relationship management company, fell as much as 19% Wednesday in New York trading, the most since 2020. The shares closed down 12% to $492.31, giving the company a market value of about $25 billion. Alphabet had communicated its interest in a potential deal with HubSpot earlier this year, but the sides didn’t reach a point of detailed discussions around due diligence, said the people, who asked not to be identified discussing confidential matters. A representative for Alphabet didn’t have an immediate comment. A HubSpot spokesperson declined to comment. Any deal for HubSpot would have been one of the biggest this year for a tech company, according to data compiled by Bloomberg, putting it in the same league as the pending $34 billion acquisition of Ansys Inc. by Synopsys Inc. Buying Cambridge, Massachusetts-based HubSpot, which focuses on small to midsize enterprises, would have helped Alphabet compete with other players in that market such as Microsoft Corp., Oracle Corp. and Salesforce Inc. A transaction also would have likely gotten bogged down in reviews by US antitrust regulators. Under the Biden Administration, the Justice Department and the Federal Trade Commission have been aggressively signaling their opposition to big-ticket M&A, forcing sizable tech companies to rethink their plans to grow through acquisitions. HubSpot shares had peaked in April at about $682 apiece and had fallen 21% since then before Wednesday. Shares in Alphabet have risen about 37% this year. --With assistance from Brody Ford, Katie Roof and Davey Alba. (Updates with HubSpot closing share price in second paragraph.) Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.

Why Shares of Cameco, NuScale Power, and Energy Fuels Are Powering Higher Today 2024-07-11 04:06:00+00:00 - When new legislation makes its way to the president's desk, investors often sit up and take notice. And that's exactly what's happening today with respect to nuclear power stocks Cameco (NYSE: CCJ), NuScale Power (NYSE: SMR), and Energy Fuels (NYSEMKT: UUUU). These stocks are all flying higher after the market learned that President Biden signed a bill yesterday that encourages growth in nuclear power. As of 12:01 p.m. ET, shares of Cameco are up 9.2%, while NuScale Power and Energy Fuels are up 6.1% and 7.4%, respectively. The basics of the bipartisan-backed nuclear power bill Addressing numerous issues regarding nuclear energy in the United States, the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act aims to make the development of innovative nuclear energy assets more financially attractive in a variety of ways. For example, the ADVANCE Act will lower the regulatory costs for businesses interested in licensing advanced nuclear reactor technologies and provide a financial incentive for companies that deploy next-generation nuclear reactor technologies. The ADVANCE Act received strong bipartisan support in Congress, passing the Senate by an 88-2 vote and the House of Representatives with a 393-13 vote. Addressing the merits of the legislation, Rep. Frank Pallone (D-NJ), a Ranking Member of the House Energy and Commerce Committee, stated, "By ensuring we can deploy safer and more reliable nuclear power, the ADVANCE Act will help combat our dependence on dirty fossil fuels, strengthening our energy independence and securing our economic security." Investors are particularly attuned to Cameco and Energy Fuels today as they're two of the largest uranium producers. If the number of nuclear power plants expands, uranium will be in greater demand -- an advantageous position for both Cameco and Energy Fuels. Operating three assets, Cameco has an annual uranium concentrates production capacity of over 30 million pounds. Energy Fuels, moreover, is more of a growth opportunity. A major U.S. producer of uranium, Energy Fuels forecasts 150,000 pounds to 500,000 pounds of finished uranium production in 2024, and it has uranium resources at several assets equivalent to about 70 million pounds. On the other hand, NuScale Power is committed to developing innovative nuclear power plants with better safety profiles than traditional ones. Lauding itself as the only company to develop a small modular reactor (SMR) approved by the U.S. Nuclear Regulatory Commission (NRC), NuScale Power recognizes a sizable market opportunity for its SMRs as the growth in artificial intelligence (AI) is placing tremendous power demands on data centers. Story continues Is it too late to power your portfolio with these nuclear names? With President Biden signing the ADVANCE Act into law, it's no wonder uranium producers Cameco and Energy Fuels are driving higher today. Likewise, NuScale Power is also keenly positioned to benefit from the legislation as it attempts to deploy its innovative SMRs. Despite the legislation, though, investors should avoid knee-jerk reactions, expecting to see an immediate proliferation of nuclear power plants. The development of projects such as these takes years. For those with longer investing horizons -- and who are comfortable with taking on a higher degree of risk -- Energy Fuels and NuScale Power are certainly two nuclear energy names worth digging further into. Cameco is certainly a worthwhile consideration for more conservative investors interested in gaining nuclear power exposure, especially in light of the recent legislation. Should you invest $1,000 in Cameco right now? Before you buy stock in Cameco, 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 Cameco 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 $805,042!* 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 8, 2024 Scott Levine has no position in any of the stocks mentioned. The Motley Fool recommends Cameco and NuScale Power. The Motley Fool has a disclosure policy. Why Shares of Cameco, NuScale Power, and Energy Fuels Are Powering Higher Today was originally published by The Motley Fool

3 High-Yield REIT Dividend Stocks With Over 20% Upside Potential 2024-07-11 03:25:00+00:00 - 3 High-Yield REIT Dividend Stocks With Over 20% Upside Potential Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. REIT stocks have continued to suffer this year amid dampening hopes of interest rate cuts. However, analysts believe there are several growth catalysts for REITs ahead. Chilton Capital Management said in a report in May that REITs are nearing the beginning of a "multiyear bull market" driven by economic growth and stabilization and a possible decline in interest rates. Chilton Capital said even if rates stabilize at elevated levels, public REITs are positioned well to benefit since the firm's research has shown that higher rates provide a level playing field for public and private REITs and, in the long term, give public REITs an advantage due to lower blended capital costs. 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. REIT stocks have always attracted investors due to their high dividend yields. Based on average analyst price estimates, this article will look at the top three REIT stocks with over 5% dividend yield and more than 20% upside potential. VICI Properties Average Analyst Price Target: $35.03 Upside Potential: 26.74% Casino and entertainment REIT VICI Properties Inc (NYSE:VICI) is one of the notable high-yield dividend REIT stocks with upside potential. Last month, Jefferies updated their model for the company to reflect rent increases at Caesars Palace on the Las Vegas Strip and in view of the incremental rent incomes at The Venetian. Jefferies analysts led by David Katz now expect revenue of $3.98 billion for the company in fiscal 2025. They kept their $43 price target on VICI stock, about 55% higher than the stock price on July 9. On average, Wall Street's price target for VICI Properties is $35.03, showing a 26% upside. Almost the entire portfolio of VICI consists of triple net leases — where tenants pay expenses, insurance and maintenance — protecting it from volatility and operational complexities. However, as the company is dependent on the casino and gaming market, any weakness in the Vegas gaming strip could pose risks to the business in the short term. Apple Hospitality REIT Average Analyst Price Target: $17.25 Upside Potential: 23.48% Apple Hospitality REIT Inc (NYSE:APLE) is one of the biggest hotel REITs, with investments in upscale hotels including Marriott, Hyatt and Hilton. The stock has a dividend yield of about 6.87%, while the average analyst price estimate is $17.25, about 23% higher than the stock price as of July 10. Apple Hospitality is benefiting from the robust travel demand and tourism trends. At the Nareit REITweek conference in New York City last month, Apple Hospitality's management said leisure travel is still strong and the company's recently acquired assets are performing better than expectations. During the first quarter, the company acquired AC Hotel by Marriott Washington DC Convention Center for $116.8 million. Last month, the company bought Embassy Suites by Hilton Madison Downtown for about $79.5 million. Story continues During the first quarter, Apple Hospitality's FFO was $0.34, meeting estimates, while revenue increased 5.8% year over year to $329.51 million, surpassing Street forecasts by $2.16 million. Don’t Miss Out: Finance companies are leaving New York for this hot city. Investing in its booming real estate market has never been more accessible. Kilroy Realty Average Analyst Price Target: $39.69 Upside Potential: 23.76% Despite headwinds in the office REIT industry, Kilroy Realty Corp (NYSE:KRC) has long-term upside potential based on average analyst price estimates. The stock has a dividend yield of over 6% as of July 9. In May, the company posted upbeat first-quarter results. FFO in the period came in at $1.11, surpassing estimates by $0.04. Revenue in the quarter fell 4.8% year over year to $278.6 million, still beating estimates by $2.75 million. For the full year, the company expects FFO in the range of $4.15 to $4.30 per share, compared with the consensus estimate of $4.21. Based on the midpoint of this guidance, the stock is trading at a forward price/FFO of 7.58, much lower than the industry median of 12.54. During the first quarter, the company signed 400,000 square feet of leases, the highest volume since 2017. However, the occupancy rate fell to 84.2%. The company is significantly spending on new projects as its total development spending in 2024 is expected to fall between the $200 million to $300 million range, with under-construction properties expected to come online by the end of 2025. However, the company has roughly 680,000 square feet of leases expiring in 2024, with another 713,000 square feet expiring in 2025. This could be a short-term headwind for the stock. Check Out Some 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 Austin Cityfund Invest in the future growth of Austin's real estate market through an innovative home equity investment product. Austin Cityfund's assets have already appreciated 10.90% since July, delivering strong returns for investors. Minimum investment: $500 Available to: Accredited and non-accredited investors Invest in Austin View more private market offerings on Benzinga's Alternative Investment screener. This article 3 High-Yield REIT Dividend Stocks With Over 20% Upside Potential originally appeared on Benzinga.com

Meet a boomer with no retirement savings — and no regrets 2024-07-11 01:55:00+00:00 - Nancy (not pictured) loves working in education, but has no savings. skynesher/Getty Images Nancy, 72, has no retirement savings and relies on her salary and Social Security. She's looking into low-income housing and wishes the US had a better social safety net. Increasingly, lower-income older Americans face retirement with insufficient savings. Nancy, 72, loves her life. She loves living in the Seattle area, and is happy to log in remotely to her job in education after years of working as a teacher. "I've had a real happy life, and I'm a happy person," said Nancy, whose last name is known to Business Insider, but withheld over privacy concerns. She's "pretty healthy" and feels like a young 72. But there's just one catch: Nancy has no savings for retirement. "That's kind of a scary situation," she said. She said she had a 401(k) in the early 2000s but withdrew the money from it to cover a new business venture. Right now, she said she's subsisting on her salary and Social Security. "It's not fun to look ahead at my older years wondering 'what the heck am I going to do?'" Nancy said. More older Americans are heading toward retirement with little to no savings, and the situation is increasingly income-stratified. It's creating haves and have-nots of retirees, wherein higher-earning — or luckier — Americans can sit back and enjoy their later years. For others, it means working until they can't anymore. "You think of all the ways someone my age could accumulate something for retirement. And I don't fall into any of those buckets," Nancy said. Over time, the ability to save for retirement has become increasingly reserved for higher-earning Americans. An AARP survey found that just around a fifth of American adults 50 and older have no retirement savings. According to the Survey of Consumer Finances, just 57% of Americans ages 55 to 64 have a retirement account, and only 51% of those 65 to 74 have an account. At the same time, there's a growing income disparity between retirement savings. A 2023 analysis from the Government Accountability Office found that, since 2007, the percentage of lower-income households that have a retirement balance has fallen from 21% to 10%. And, except for the richest Americans, retirement balances didn't have any "detectable differences" during that same period — suggesting that only the highest-earning retirees were saving up more. Pensions — which provide monthly payouts to retirees — are still available for some lower-earning Americans, like educators, although even those benefits are coming up against funding crises. Story continues Indeed, many Americans are living on paltry post-work incomes, of $1,000 a month in Social Security, with some having to return to work entirely or just planning on working until they can't anymore. Nancy — who doesn't have children, a spouse, family knowledge and motivation for investing, or generational wealth — feels this acutely. "My parents weren't rich, so I didn't inherit anything. So not having any real estate assets, inheritance family money, is a real handicap for someone as they grow older," she said. Concerns about the future — but no regrets Despite her current situation, Nancy is still content with how she lived her life. If she had to go back and do it all again, she'd probably try to save more for retirement. But she said it would've been "terrible" to spend her life working at a hard, high-pressure job that she didn't enjoy, spending her days looking forward to retirement. "The quality of life and how I spend my life is much more important to me than saving money for some future date. So it's a values decision as well," Nancy said. "I'd rather be happy in what I do every single minute of every single day, including what I do for work, even if I have to sacrifice making a lot of money." Nancy lives in a 55-and-up retirement community. She said that her fellow residents have assets, kids, and things to fall back on. To her, the key to making retirement more accessible would be low-income housing. Right now, she's exploring what different living situations she might be able to have in her older age. "I need both my working income and my Social Security to live where I live. So if I wasn't able to work, I'd have to really find a decent low-income place to live in," she said. Nancy is also worried about the current political situation; which she said seems only bound to get worse for women and people without money. "One of my considerations is, gee, am I going to have to move to a different country? I think a lot of people are thinking that right now — oh God, am I going to have to move to Canada?" Nancy said. Nancy said she's glad she's not younger, or of childbearing age; she's concerned about our democracy. "I think a good democracy has a good social safety net for people, especially seniors," she said. "Under a really bad democracy or a non-democracy, like what I see us heading for, that could go away." Are you struggling with retirement savings or don't have enough money saved? Contact this reporter at jkaplan@businessinsider.com. Read the original article on Business Insider

Trump's cementing his lead after Biden's debate disaster 2024-07-10 21:47:56+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview President Joe Biden's reelection campaign is barely holding on. He was already in a difficult spot before his debate with former President Donald Trump. Since his horrendous performance, Biden has, at best, fallen slightly further behind. At worst, some New York Democrats are afraid the race there could be much closer than expected. A Republican hasn't won the Empire State since Ronald Reagan in 1984. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "We're still acting like this is a one-party state, which for pretty much 20, 25 years it has been," Democratic Manhattan Borough President Mark Levine told Politico. "I truly believe we're a battleground state now." Related stories Political prognosticators are moving more states closer to Trump. While no one is ready to say he has a chance in New York, the former president now has better chances in Minnesota and New Hampshire — even New Mexico could become closely contested. Advertisement "The notion that the presidential is a Toss Up was a stretch even before the debate," Dave Wasserman, senior editor & elections analyst for Cook Political Report, wrote on X. "Today, Trump has a clear advantage over Biden and a much more plausible path to 270 Electoral votes." The best feature of our polling average: crosstab averages & trend lines for key demographic groups. Bottom line: Biden's current numbers w/ Black (71%-21%), Hispanic (48%-41%) and young (46%-41%) voters are incompatible w/ any plausible Dem win scenario. https://t.co/fMWvW8NxrA pic.twitter.com/0iOQxeZNbW — Dave Wasserman (@Redistrict) July 10, 2024 Even some voices that were once close to Biden are expressing some uneasiness. "I think the questions and worries about Biden's path are legitimate. I think Biden has work to do, but I think he can do it," former White House communications director Kate Bedingfield wrote on X in a series of posts. "We need to see it, though, and we need to see it soon." Bedingfield has cautioned Democrats who think ditching Biden will somehow make it significantly easier to beat Trump. Advertisement Biden's path was already narrow before the debate. He hasn't led in a single poll conducted in Georgia, a state he won by only 12,670 votes, throughout this entire cycle, according to Decision Desk HQ. There isn't better news in Arizona, according to RealClearPolitics' polling average Trump is up over 5 points there. Nevada, a state Democrats have carried since 2008, also looks bad. The president's best-case scenario would be to fall back on Michigan, Wisconsin, Pennsylvania, and Omaha-metro area 2nd District in Nebraska. Cook Political Report, a widely respected political prediction group, moved the Nebraska 2nd closer to Trump on Tuesday when it moved five states closer to the former president. Biden now has the unfortunate distinction of being the first Democratic candidate to trail in national polling in July of an election year since Vice President Al Gore in 2000. Biden's dismal approval rating of approximately 38% has remains below the roughly 48% threshold incumbents have needed to win reelection. Biden's worst 2020 position was a four point lead over Trump, according to CNN. Biden now trails the former president by anywhere between 2 to 3 points nationally. "Donald Trump is on track, I think, to win this election, and maybe win it by a landslide, and take with him the Senate and the House," Sen. Michael Bennett, a Colorado Democrat, told CNN's Kaitlan Collins on Tuesday evening. "So for me, this isn't a question about polling. It's not a question about politics. It's a moral question about the future of our country." Advertisement Biden's campaign does not share the same state of panic. Their belief is that Trump's campaign will rue its decision to opt against an extensive on-the-ground presence in the key battleground states. "For months, the Biden-Harris campaign has been on the ground talking to the voters who will decide this election, and Donald Trump's been nowhere to be found. Now, with just over four months until the election, Donald Trump couldn't match our battleground infrastructure if he tried," Biden-Harris 2024 battleground states director Dan Kanninen said in a statement.

Biden faces a closer race in deep blue New York, a huge problem for swing-district Democrats 2024-07-10 21:43:20+00:00 - President Biden easily won New York in 2020, powered by his strong margins in NYC and its suburbs. But Biden has faced tepid numbers in the state for months, which could impact down-ballot Democrats. While Gov. Kathy Hochul remains behind Biden, Lt. Gov. Antonio Delgado called on him to forgo his reelection bid. 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 Democratic presidential nominees have won New York in every election since 1988, generally by double-digits. The 2020 election was no different, as President Joe Biden won the state by 23 points, powered largely by his massive advantage in New York City and its suburbs. But this year, Biden's tepid poll numbers in New York point to a general election contest that could be remarkably closer than any presidential race in recent memory, a scenario that could sink the campaigns of down-ballot Democrats. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Dozens were sickened with salmonella after drinking raw milk from a California farm 2024-07-10 21:35:38+00:00 - Dozens of salmonella illnesses have been linked to raw milk from a California farm, a far wider outbreak than previously known, according to newly released state records. As of February, at least 165 people were sickened with salmonella infections tied to products from Raw Farm, of Fresno, California, according to the records. It is the largest reported salmonella outbreak linked to raw milk in the U.S. in the past decade, according to health officials. The disclosure of the outbreak’s size comes as health officials warn the public to avoid unpasteurized milk due to a bird flu virus circulating in U.S. dairy cows. The bird flu, known as Type A H5N1, has been detected in more than 140 U.S. dairy herds, and federal health officials say the virus has been detected in high levels in raw milk. State and local health officials hadn’t updated the public about the full scope of the salmonella outbreak since October, when officials in San Diego reported about a dozen cases. At the time, Raw Farm issued a voluntary recall of milk and heavy cream sold between Oct. 11 and Nov. 6. Cases continued to mount, however, according to documents obtained by Bill Marler, a Seattle food safety lawyer who shared the records with The Associated Press. Marler said he represents 16 clients allegedly sickened in the outbreak. Investigators matched samples from sick people to samples from the farm and a retail store, the documents said. More than 60% of the people with confirmed infections who were interviewed reported consuming Raw Farm products. People from four states were infected, though the vast majority — 162 — were from California. Four of the people with salmonella were also infected with campylobacter and/or dangerous E. coli bacteria, the documents said. Nearly 40% of illnesses were reported in children younger than 5, officials said. Twenty people were hospitalized. No deaths were reported. California health officials said Wednesday that they had conducted a “robust” investigation in partnership with local teams and state agriculture officials and notified the public about the outbreak through the October recall notice and social media posts in October, November and December. The outbreak ended May 4, officials said. It’s not clear whether more cases were reported after February. Mark McAfee, owner of Raw Farm, acknowledged that his products were part of the outbreak. He said that a single cow was infected with salmonella last fall and later removed from the herd. He said he put additional testing protocols in place in response to the outbreak. Jessie McGee, 35, of San Pedro, California, said she plans to sue Raw Farm because her 6-year-old daughter was hospitalized in October with a confirmed infection tied to the outbreak. McGee said she had read about supposed health benefits of raw milk online and started drinking Raw Farm products and feeding them to her daughter and her 2-year-old twins. All three children and McGee fell ill, she said, but her older daughter’s symptoms of high fever and stomach cramps were most severe. After the ordeal, McGee said she’ll no longer drink unpasteurized milk. “None of the possible benefits you could maybe get from the milk is worth any of that,” she said. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.