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The US housing slump deepened this spring. Where does that leave home shoppers and sellers? 2024-07-09 05:02:00+00:00 - LOS ANGELES (AP) — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall. Home shoppers came into 2024 with optimism that mortgage rates would ease further after a decline late last year. But those hopes faded as stronger-than-expected data on inflation and the economy clouded the timing of a possible rate cut by the Federal Reserve. By April, the average rate on a 30-year home loan moved above 7% for the first time since November. That, plus record-high home prices, forced many would-be homebuyers to put their house hunt on hold — some indefinitely. Economists are projecting mortgage rates will ease modestly by the end of this year. But a small decline in rates may not be enough to entice home shoppers and persuade homeowners it’s a good time to sell. Here is a look at the key trends behind the housing market’s trajectory so far this year and what homebuyers and sellers can expect in the second half of 2024: The spring homebuying season was a bust — again. On average, more than one-third of all homes sold in a given year are purchased between March and June. This is known as the spring homebuying season, and it’s been a downer in recent years. Sales of previously occupied U.S. homes fell in the March-June period from a year earlier in 2022 and 2023. Sales declined in March, April and May of this year, and indications are that June saw a pullback as well. The weak spring sales are a reflection of the affordability challenges many home shoppers face: the average rate on a 30-year mortgage rate is moored near 7%; the supply of homes for sale is historically low; and home prices are at record highs. High rates deter homebuyers The average rate on a 30-year mortgage is at 6.95%, according to mortgage buyer Freddie Mac. That is more than double where it was in early July of 2021. Mortgage rates are influenced by several factors, including how the bond market reacts to the Fed’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The 10-year yield, which topped 4.7% in late April, has been mostly falling recently following some economic data showing slower growth, which could help keep a lid on inflationary pressures and convince the Fed to begin lowering its main interest rate from its highest level in more than 20 years. Fed officials said in June that inflation had moved closer to its target level of 2% in recent months and signaled that they expect to cut their benchmark interest rate once this year. Story continues Even so, economists’ projections call for the average rate on a 30-year home loan to remain above 6%. Not enough homes for sale Another impediment for homebuyers is the historically low inventory of homes on the market. The good news: The number of homes on the market at the end of May was the most since August 2022, a trend that bodes well for homebuyers this summer. The bad news: The supply of homes available for sale nationally remains well below its pre-pandemic levels. The supply of homes for sale across the U.S. was tight before Covid hit due to more than a decade of below-average new home construction and demographic trends that led to homeowners hanging on to their properties longer. The large gap between current mortgage rates and where they were just three years ago (3%) has also discouraged many homeowners who secured rock-bottom rates from selling, what real estate experts refer to as the “lock-in” effect. The price isn’t right The national median sales price of a previously occupied home rose 5.8% in May from a year earlier to $419,300, an all-time high on records going back to 1999, according to the National Association of Realtors. It’s also up 51% from just five years ago. The price increases are slowing, however. CoreLogic’s home price index shows U.S. home prices rose 4.9% in May from a year earlier, the smallest increase since October. The real estate data tracker forecasts that national home price growth will slow to 3% by next May. “The surge in mortgage rates this spring caused both slowing homebuyer demand and prices,” said Selma Hepp, CoreLogic’s chief economist. Home prices are cooling as more homes sit on the market longer. Metro areas in Florida, Texas, Georgia and other states where home construction ramped up in recent years have also seen price growth ease. Some economists worry that a slight decline in mortgage rates without a jump in the inventory of homes on the market could actually work against buyers struggling to afford a home by giving sellers an incentive to boost their asking price. “It makes me a bit concerned for what will happen with home prices when rates do drop, because I think it would spur demand without really spurring supply, at least in the short run,” said Daryl Fairweather, chief economist at Redfin. “That could lead to some sharp rise in prices.” FILE - A housing development in Cranberry Township, Pa., is shown on March 29, 2024. The nation's housing market sales slump is dragging on into its third straight year, as evidenced by another weak spring home buying season. (AP Photo/Gene J. Puskar, File) (ASSOCIATED PRESS) Should anyone buy now? Homebuyers who can afford to buy now should benefit from the wider selection of homes on the market. Anyone who can afford to pay all cash may also want to buy in the near term. “Prices have been going up, and they’re probably not going to come down, so there’s really no reason to wait if you’re not waiting for rates to come down,” Redfin's Fairweather said.
I'm Going to Retire but Will Work Part Time. How Much Can I Make Before Triggering Taxes? 2024-07-09 03:30:00+00:00 - Many retirees plan to earn extra income to supplement their retirement spending. But how much can a retired person earn without paying taxes? The answer to this question varies based on your situation. Understanding the tax rules surrounding retiree income can help avoid an expensive surprise when tax time rolls around. If you need help sorting through the details of your situation, try using SmartAsset's free financial advisor matching tool. Don't miss out on news that could impact your finances. Get news and tips to make smarter financial decisions with SmartAsset's semi-weekly email. It's 100% free and you can unsubscribe at any time. Sign up today. When Does a Retiree's Income Trigger Taxes? Retirees who are still working likely have at least two streams of income: Social Security benefits and a paycheck from a job. The Social Security benefits you receive can be taxable if 50% of your benefits, plus all of your other income, is greater than the specific limits for your filing status. These amounts are as follows: Single filers, qualifying widowers and heads of households bringing in more than $25,000, based on the math above, may have to pay taxes on their Social Security benefits. Married couples filing separately that have lived apart for an entire year who bring in more than $25,000, based on the math above, may have to pay taxes on their Social Security benefits. A married couple filing jointly bringing in more than $32,000, based on the math above, may have to pay taxes on their Social Security benefits. With that, the benefits you receive may or may not be taxable based on your other income. For example, let's say that you are a single filer that received $20,000 in Social Security benefits. Additionally, you earned $20,000 at a part-time job. When you run the numbers, 50% of your benefits plus your other income would be $30,000. With that, Uncle Sam would require you to pay federal taxes on a portion of your Social Security benefits. As another example, let's say a married couple filing jointly receives Social Security benefits of $20,000. You also bring in $20,000 through other sources. With that, 50% of your benefits plus your other income would be $30,000. That's less than the base amount for married couples filing jointly. So, you wouldn't have to pay federal income tax on any of your Social Security benefits. Take the time to run the numbers on your unique situation to find out how much you can earn before you are taxed on that income. A financial advisor can help you weigh your options. Get matched with a financial advisor for free. Story continues How Will Your Social Security Be Taxed? If a portion of your Social Security benefit is taxable, there's no avoiding the federal income tax. But you won't pay taxes based on your entire Social Security benefit. Instead, you will pay taxes on 50% or 85% of your total Social Security amount. If you're a single filer with an income between $25,001 and $34,000, you'll pay taxes on 50% of your Social Security benefits. But as a single filer who has a total income of more than $34,000, you'll pay taxes on 85% of your Social Security benefits. Married couples filing jointly with an income between $32,001 and $44,000, you'll pay taxes on 50% of your Social Security benefits. But as a married couple filing jointly that has a total income of more than $44,000, you'll pay taxes on 85% of your Social Security benefits. Exceptions to This Rule Every rule has an exception. In this case, filers in certain states need to be aware of their state's tax requirements. There are 12 states that tax Social Security benefits. These include Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, Vermont and West Virginia. However, almost every one of these states allows for some kind of deduction, credit or income limit to minimize the tax burden at a state level. New Mexico doesn't provide a way to minimize the burden. Instead, you'll pay state taxes on all of the Social Security income taxed at a federal level. Can Retirees Ever Stop Filing Taxes? Filing your taxes is often an unwelcome chore. In some cases, there may be a point in your golden years when you can stop filing and paying taxes altogether. So how much can a retired person earn without paying taxes or even filing their taxes? For retirees 65 and older, here's when you can stop filing taxes: Single retirees who earn less than $14,250 Married retirees filing jointly, who earn less than $26,450 if one spouse is 65 or older or who earn less than $27,800 if both spouses are age 65 or older Married retirees filing separately who earn less than $5 Retired heads of household age who earned less than $20,500 Retired qualifying widowers who earned less than $26,450 For those with an income below the listed thresholds, you may not have to pay taxes. But even if you don't have to file your taxes, it's usually your best interest to file anyways. That's because you might qualify for a tax return, which could represent a big boost for your budget. If you aren't sure whether or not you can stop filing taxes, the IRS has a helpful tool to help you find out. But talk to a financial advisor before deciding to skip filing your taxes. It could mean missing potential benefits. Bottom Line Retirement can be expensive. But depending on your income, you may be able to save on tax costs. It is possible to earn money during retirement and not have to pay taxes on the earnings. Just be aware of what the limits are, given your own situation. Also, check in with the tax code changes regularly because there are frequent changes to the rules. Retirement Tax Planning Tips Consider working with a financial advisor as you coordinate your earnings with your tax planning. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Our income tax calculator can help you understand marginal and effective tax rates and your annual tax liability. Keep an emergency fund on hand in case you run into unexpected expenses. An emergency fund should be liquid -- in an account that isn't at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation. But a high-interest account allows you to earn compound interest. Compare savings accounts from these banks. Photo credit: ©iStock.com/insta_photos
‘There’s More Upside Ahead’: Daniel Ives Suggests 2 Tech Giants to Buy for the Second Half of 2024 2024-07-09 01:46:00+00:00 - Since the industrial revolution of the late 1700s, technology has informed and led a series of radical changes in our societies and economies. The pace has picked up speed in recent decades, as the world turned digital, and now AI is powering a so-called fourth industrial revolution, based on a rapid exchange of data and information. Against this backdrop, tech stocks have led the way in market gains. The tech-heavy NASDAQ rose an impressive 43% last year, and the S&P 500 rose 24%. Both indexes are continuing to post strong numbers this year; for 2024 year-to-date, they are up 24% and 17% respectively. This has Wedbush analyst and tech expert Daniel Ives bullish on tech stocks, noting: “The first half of 2024 has been a very strong run for tech stocks led by Big Tech stalwarts Nvidia, Microsoft, Amazon, Meta as this 4th Industrial Revolution has just begun to play out in our view in this 1995 Moment (not 1999) with many bears still yelling from their hibernation caves… We believe NASDAQ has another strong 2H ahead as tech stocks will be up 15% the rest of 2024 in our view with tech fundamentals set to accelerate as AI use cases materially expand.” Against this backdrop, we’ve opened the TipRanks database to look up two of Ives’ stock picks – well-known tech giants – and see how his takes stack up against the Wall Street consensus. Here are the details. Microsoft (MSFT) First on our list, Microsoft has been leading the field in PCs and operating systems since the 1970s, and has become one of the world’s most iconic brand names. In recent years, the company, based in Redmond, Washington, has continued its long commitment to advancing technology, by staking out a strong position at the leading edge of the artificial intelligence field. Microsoft has a long-standing interest in AI, and was an early backer of OpenAI, the company that brought us generative AI and Chat GPT at the end of 2022. The company’s cumulative investments in OpenAI are in the neighborhood of $10 billion. From the user perspective, Microsoft has several highly visible AI initiatives. These include the integration of generative AI tech into the Bing search engine, in effort to make Bing more user friendly, with an improved interface and search results, aiming at a stronger competition with Google. Also, Microsoft is incorporating AI into the updates for the Windows and Office software packages. Prominent among these additions to the iconic software products is the Copilot, Microsoft’s new AI-powered online assistant. The Copilot is designed to provide real-time user assistance, informed by the user’s own work and content creation histories. Story continues Perhaps the largest-scale use of AI in Microsoft’s product delivery can be found in its cloud computing platform, the Azure subscription service. Azure is a package of cloud-based apps and tools, more than 200 all told, and Microsoft is incorporating AI into the platform – customers will be able to choose AI-enhanced versions of the Azure apps. The move promises to both make Azure a more user-friendly product, with greater flexibility, and to make the platform a stronger competitor to Amazon’s AWS and to Google Cloud. A look at Microsoft’s last financial report, which covered fiscal 3Q24, shows that the AI upgrade to Azure is bearing fruit. Azure is part of Microsoft’s Intelligent Cloud segment, which generated $26.7 billion in revenue for the quarter, up 21% year-over-year and 43% of the quarterly top line. The company’s total revenue for fiscal Q3 was up 17% year-over-year, and reached $61.9 billion, beating the forecast by $1.01 billion. At the bottom line, Microsoft saw earnings of $2.94 per share, a figure that was 11 cents per share better than had been expected – and was up 20% from the prior-year period. Shares in Microsoft have shown strong performance over the past year; unsurprising given the solid financial results. The stock has gained 42% in the last 12 months, and is up almost 25% so far this year. For Ives, the key point here is the potential of AI to unlock additional gains as MSFT goes forward. He writes, “We believe the stock still has yet to price in what we view as the next wave of cloud and AI growth coming to the Redmond story with a strong competitive cloud edge vs. Amazon especially and Google in cloud bake offs. Our recent partner checks have been incrementally strong around Copilot deployments with MSFT customers and ultimately we estimate this could add another ~$25 billion to Redmond’s topline trajectory by FY25. Here is the key as the multiplier ripple impact from the Godfather of AI Jensen and Nvidia is just starting to be felt on the cloud/software layer as the 2nd derivatives of the AI Revolution play out in the field.” The tech expert goes on to give Microsoft shares an Outperform (Buy) rating, along with a price target of $550, suggesting a one-year upside potential of 18%. (To watch Ives’ track record, click here) This venerable tech firm has picked up 33 recent analyst reviews, with a lopsided split of 32 Buys to 1 Hold giving the shares a Strong Buy consensus rating. The stock is priced at $464.98, and its $500.55 average price target implies it will gain 7.5% in the coming year. (See MSFT stock forecast) Salesforce.com (CRM) Next up is Salesforce, a well-known name in the field of customer relationship management, or CRM. Salesforce gives a good definition of CRM, describing it as a system for managing company interactions with all customers, current and potential, with the simple goal of improving relationships and expanding the business. Salesforce has been in the CRM business since 1999, and has perfected the system. The company offers an industry-leading, cloud-based software platform that streamlines CRM activities, including sales calls, marketing emails, and customer service interactions. The platform tracks these interactions and builds up a unified database comprised of customer and company information. In recent years, Salesforce has integrated AI technology into its CRM software products, further enhancing the abilities of both developers and users to customize the platform, fitting it to any scale or business purpose. The company’s AI integration streamlines data retrieval, improves communications, automates repetitive tasks, and generates actionable insights through autonomous data analysis. Salesforce is also making use of generative AI for automated creative purposes – generating personalized customer communications, including targeting marketing contacts and determining the best timing for their release. Salesforce has, in its years of operation, made itself an essential part of the business universe, offering a necessary service, based on the latest technology, and delivering solid results for its customers. As for Salesforce’s results, the company reported its fiscal 1Q25 financial release at the end of May and beat the forecast on earnings while missing on revenue. The company’s revenue came to $9.13 billion, up almost 11% from the prior year but $20 million less than had been expected. The bottom line was reported as $2.44 by non-GAAP measures, for a 44% y/y increase – and beating the estimates by 7 cents per share. The company reported some additional metrics that should pique investor interest, including $8.59 billion in subscription & support revenue, up 12% year-over-year and a main driver of the overall revenue growth. Free cash flow was up in the quarter, by 43% y/y, to reach $6.08 billion. Salesforce finished the quarter with $9.96 billion in cash and liquid assets on hand, as of April 30 this year. While these results were sound, shares in Salesforce dropped sharply after the release – mainly when the Q2 forecast failed to impress. Company estimates for both revenue and earnings in Q2 came in below the consensus estimates. Currently, the stock is flat for the year-to-date. Dan Ives, in his coverage of Salesforce, takes an investor’s perspective – and he’s impressed by the company’s current capabilities and near-term potential. Ives writes of Salesforce, “In our view, CRM is on the path to a higher growth, margin, and FCF trajectory and this is just a small bump in the road during a transitionary growth period… CRM [remains] one of our favorite tech names to own over the next year as the AI story starts to take shape. We would be buyers on weakness… as seeing the forest through the trees this is a turnaround in motion for a premier tech stalwart with a massive installed base led by one of the best CEOs in the global tech landscape in our view.” Taking these comments forward, Ives rates CRM as Outperform (Buy), with a $315 price target that suggests a 21% gain in the months ahead. There are 40 recent analyst reviews on record for Salesforce shares and they break down to 29 Buys, 10 Holds, and 1 Sell, giving the stock its Moderate Buy consensus rating. The shares are priced at $259.81, with a $297.11 average target price that indicates potential for a 14% upside on the one-year horizon. (See CRM stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Paramount stock drops after company agrees to Skydance merger 2024-07-09 01:21:00+00:00 - Paramount stock (PARA) moved lower on Monday after the entertainment giant announced it plans to merge with Skydance Media in a deal that would mark an end to the Redstone family's control of the company. The agreement, announced late Sunday, comes after years of deal speculation surrounding Paramount, which is controlled by Shari Redstone through her family's holding company, National Amusements (NAI). Paramount shares dropped about 3% in midday trading the following day as investors digested the terms of the new deal, which includes Skydance first acquiring NAI (and Redstone's stake) for $2.4 billion in cash before completing a full merger. National Amusements owns approximately 10% of Paramount's equity capital value and maintains 77% of voting shares valued at around $1 billion. Under the terms of the deal, Paramount Class A voting shareholders will receive $23 a share while Class B nonvoting stockholders will be able to cash out at $15 a share, representing a roughly 35% premium based on current trading levels. Redstone ended talks with Skydance in June after months of back-and-forth, which included multiple sweetened offers from the production studio after nonvoting shareholders expressed concerns over the terms of the initial discussions. Talks resumed less than 30 days later as Skydance amended its previous offer. "From our perspective, this deal is likely slightly worse for the Class-B holders than the prior deal, but likely still values PARA at ~$13," wrote KeyBanc analyst Brandon Nispel. "Given other reports suggest Barry Diller's IAC is also interested in NAI, and the schizophrenic nature of previous discussions, we think it's better for investors to just sit this one out and wait to learn more about the go-forward strategy." 'Linear is challenged' Paramount owns a slew of media assets, including CBS, BET, Showtime, and MTV, along with its namesake studio business and streaming platform. Skydance has previously collaborated with Paramount on the production of popular film franchises, including "Mission Impossible," "Top Gun: Maverick," and "Transformers." "As a longtime production partner to Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth," Redstone said in a press release. Skydance, which will be valued at $4.75 billion following the all-stock deal's completion, said it will inject $6 billion of cash into Paramount, with $1.5 billion going directly into its debt-ridden balance sheet. Story continues Skydance CEO David Ellison will become chairman and CEO of the combined company while former NBCUniversal executive Jeff Shell, who was ousted last year over an "inappropriate relationship" with a female employee, will serve as president. In a conference call early Monday, the new leadership team laid out their strategic vision for Paramount, which will include $2 billion in cost cuts that will be delivered "pretty rapidly." "We love the creative engine of this company. But obviously, a big chunk of the company is in the linear world and we know linear is challenged and declining," Shell said. "I think a lot of us in the business know we got to run these businesses in a different way as they decline," he continued, adding the goal is to focus on future cash flow generation. Shari Redstone attends the premiere of "Ghost in the Shell" at AMC Loews Lincoln Square in New York on March 29, 2017. (Evan Agostini/Invision/AP, File) (Evan Agostini/Invision/AP) The two sides have also agreed to a 45-day "go-shop period," which allows other potential bidders to submit offers. The deal, set to close in the first half of 2025, is still subject to regulatory approval. It is widely expected that Skydance will look to offload non-core assets of the company, like BET, following the merger's completion. "One area that remains unclear is how much of the new company Skydance would hold onto," Third Bridge analyst Jamie Lumley wrote in a note to clients. "We’ve heard from our experts for a while that the best strategy for Paramount is to spinout non-core assets." The messiness of the negotiations has been an overhang for the company at large. Amid the drama, Paramount announced the departure of CEO Bob Bakish in late April after he was reportedly at odds with Redstone over the Skydance deal. He has since been replaced by an “Office of the CEO” consortium made up of three company division heads. Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance
Top Stock Movers Now: Intel, Corning, SolarEdge, and More 2024-07-09 00:57:00+00:00 - Getty Images Key Takeaways The Nasdaq hit a record high in intraday trading Monday, July 8, 2024 as tech stocks gained. Intel shares surged after Melius Research suggested the stock could get a boost from artificial intelligence in the second half of the year. Corning shares rose after the company raised its guidance on strong demand. The Nasdaq hit a record high in intraday trading Monday, while the S&P 500 and Dow were little changed as tech stocks gained. Corning (GLW) was the best-performing stock in the S&P 500 after the specialty glass maker raised its guidance on increasing demand for its optical connectivity products for generative artificial intelligence (AI) applications. Intel (INTC) shares surged, along with shares of AMD (AMD) after Melius Research analysts suggested the stocks could see gains from AI in the second half of the year. Shares of IDEAYA Biosciences (IDYA) also jumped after the oncology medicine firm reported positive results in a Phase-2 trial of its treatment for some bladder and lung cancers. Solar stocks gained as Bank of America upgraded SolarEdge Technologies (SEDG), arguing the stock is undervalued. Devon Energy (DVN) shares fell as the energy firm agreed to pay $5 billion to purchase privately held Grayson Mill Energy, expanding its reach into the Williston Basin. Paramount Global (PARA) shares declined as the company agreed to merge with Skydance Media, bringing an end to months of negotiations. Oil and gold futures fell, while the yield on the 10-year Treasury note advanced. The U.S. dollar gained on the euro, but declined versus the pound and yen. Prices for most major cryptocurrencies were higher. TradingView Read the original article on Investopedia.
"Forever" stamp prices are rising again. Here's when and how much they will cost. 2024-07-08 22:19:00+00:00 - Designer's floral patterns become newest forever stamp Designer's floral patterns become newest forever stamp 02:15 Starting next week, the price of a "Forever" stamp will increase by a nickel to 73 cents, the second time the United States Postal Service has raised the cost of postage this year. The price of a Forever stamp has steadily climbed since they cost 41 cents when the USPS introduced them in 2007, most recently in January when the agency raised the price from 66 cents to 68 cents. Other postage rates are also set to jump. Mailing a postcard domestically will cost 56 cents, a 3-cent increase, while the price of mailing postcards and letters internationally are both rising by a dime to $1.65. Overall, postage costs are rising 7.8% increase, USPS said in a statement in April. "These price adjustments are needed to achieve the financial stability sought by the organization's Delivering for America 10-year plan," the agency said at the time. The new postage rates take effect on July 14. By contrast, the price of renting a Post Office Box is not going up, and USPS will reduce the cost of postal insurance 10% when mailing an item, according to the agency. Postage prices may be rising, but customers also have more Forever options to choose from. USPS in June began offering two new Forever stamps — one that depicts baseball legend Hank Aaron and another that pays homage to Canadian-American game show host Alex Trebek. Aaron held professional baseball's home-run record for three decades until it was broken in 2007, while Trebek hosted Jeopardy until he died of pancreatic cancer in November 2020. The USPS this year has also launched Forever stamps honoring former First Lady Betty Ford, University of California Los Angeles men's basketball coach John Wooden and some of the conductors of the Underground Railroad. Still, the postage increases are hurting mail volume as well as the USPS' bottom line, some critics says. The agency in November reported a $6.5 billion loss for fiscal 2023 and is projecting a $6.3 billion deficit in 2024, according to Keep US Posted, a nonprofit advocacy group.
New cyberattack targets iPhone Apple IDs. Here's how to protect your data. 2024-07-08 21:57:00+00:00 - Pig butchering scams are on the rise. How you can protect yourself Pig butchering scams are on the rise. How you can protect yourself 05:03 A new cyberattack is targeting iPhone users, with criminals attempting to obtain individuals' Apple IDs in a "phishing" campaign, security software company Symantec said in an alert Monday. Cyber criminals are sending text messages to iPhone users in the U.S. that appear to be from Apple, but are in fact an attempt at stealing victims' personal credentials. "Phishing actors continue to target Apple IDs due to their widespread use, which offers access to a vast pool of potential victims," Symantec said. "These credentials are highly valued, providing control over devices, access to personal and financial information, and potential revenue through unauthorized purchases." Consumers are also more likely to trust communications that appear to come from a trusted brand like Apple, warned Symantec, which is owned by Broadcom, a maker of semiconductors and infrastructure software. The malicious SMS messages appear to come from Apple and encourage recipients to click a link and sign in to their iCloud accounts. For example, a phishing text could say: "Apple important request iCloud: Visit signin[.]authen-connexion[.]info/icloud to continue using your services." Recipients are also asked to complete a CAPTCHA challenge in order to appear legitimate, before they're directed to a fake iCloud login page. Such cyberattacks are commonly referred to as "smishing" schemes in which criminals use fake text messages from purportedly reputable organizations, rather than email, to lure people into sharing personal information, such as account passwords and credit card data. How to protect yourself Be cautious about opening any text messages that appear to be sent from Apple. Always check the source of the message — if it's from a random phone number, the iPhone maker is almost certainly not likely not to be the sender. iPhone users should also avoid clicking on links inviting people to access their iCloud account; instead, go to login pages directly. "If you're suspicious about an unexpected message, call, or request for personal information, such as your email address, phone number, password, security code, or money, it's safer to presume that it's a scam — contact that company directly if you need to," Apple said in a post on avoiding scams. Apple urges users to always enable two-factor authentication for Apple ID for extra security and to make it harder to access to your account from another device. It is "designed to make sure that you're the only person who can access your account," Apple said. Apple adds that its own support representatives will never send its users a link to a website and ask them to sign in, or to provide your password, device passcode, or two-factor authentication code. "If someone claiming to be from Apple asks you for any of the above, they are a scammer engaging in a social engineering attack. Hang up the call or otherwise terminate contact with them," the company said. The Federal Trade Commission also recommends setting up your computer and mobile phone so that security software is updated automatically.
RNC panel adopts Trump-backed platform with no entitlement cuts, softer abortion stance 2024-07-08 21:47:00+00:00 - Republican presidential candidate, former U.S. President Donald Trump arrives to a campaign rally at the Liacouras Center on June 22, 2024 in Philadelphia, Pennsylvania. The Republican Party's platform committee on Monday adopted a plank drafted by aides to Donald Trump, whose new language softens the GOP's prior stances on marriage and abortion while rattling off a series of utopian economic promises. Among those are vows to "end inflation," make the U.S. a "manufacturing superpower" and deliver "large tax cuts for workers." At the same time, the document echoes Trump's promise to not cut "one penny" from Social Security and Medicare, the expensive but popular government-benefits and health-care programs. The 16-page platform was approved by the Republican National Committee's panel in an 84-18 vote, a source familiar with the matter told CNBC. It's a fraction of the size of the platform the RNC used during the 2016 and 2020 election cycles. The new platform further cements an ongoing push to reshape the GOP in Trump's populist, nationalist image, while downplaying some issues that the party once held at its core. The Trump campaign in a press release Monday afternoon touted the new document as "President Donald J. Trump's 2024 Republican Party Platform." The platform now begins with language mirroring a Trump campaign press release, including the presumptive nominee's "Make America Great Again" and "America First" slogans. The preamble, envisioning a Republican-controlled Congress and White House in 2025, lists 20 "promises that we will accomplish very quickly." The first two: Seal the U.S. southern border, and "carry out the largest deportation operation in American history." The platform also promises to "prevent World War Three," cut regulations that were designed to encourage electric vehicle adoption, end the "weaponization of government" and "keep men out of women's sports." The newly compressed party platform offers far fewer policy details than its predecessor, and at times reads more like a list of preferred outcomes than a statement of beliefs or legislative goals. "Republicans will end the global chaos and restore Peace through Strength, reducing geopolitical risks and lowering commodity prices," the platform asserts at one point. On abortion, the changes are stark. The old platform took a hard-line stance against abortion, calling for a "human life amendment to the Constitution" in a lengthy passage that used the word "abortion" dozens of times. The Trump-backed platform uses the word just once, in a brief paragraph that expresses support for allowing states to pass their own abortion laws while vowing to oppose "Late Term Abortion." The shift in focus comes as Democratic President Joe Biden's reelection campaign homes in on abortion as a pivotal issue for the November election. The 2022 Supreme Court ruling that struck down Roe v. Wade — a vote backed by all three Trump-appointed justices — was followed by strong electoral showings for Democrats. Trump has publicly taken credit for handing the issue to state legislatures, some of which have quickly worked to restrict abortion access. In recent months, however, Trump has falsely claimed that legal scholars unanimously supported overturning Roe, which had been the law of the land nearly 50 years. The newly adopted platform also backs off the party's prior assertion that "Traditional marriage and family, based on marriage between one man and one woman, is the foundation for a free society." The new platform instead states, "Republicans will promote a Culture that values the Sanctity of Marriage," adding, "We will end policies that punish families." The GOP also departs from its old platform on Social Security and Medicare. The 2016 and 2020 platforms noted, "Medicare's long-term debt is in the trillions, and it is funded by a workforce that is shrinking relative to the size of future beneficiaries ... When a vital program is so clearly headed for a train wreck, it's time to put it on a more secure track." It proposed a handful of reforms, including setting "a more realistic age for eligibility in light of today's longer life span." The new platform erases any discussion about the challenges of keeping the programs solvent. "Republicans will tackle Inflation, unleash American Energy, restore Economic Growth, and secure our Borders to preserve Social Security and Medicare funding for the next Generation and beyond," it reads. "We will ensure these programs remain solvent long into the future by reversing harmful Democrat policies and unleashing a new Economic Boom." That hand-waving stance echoes Trump, who has opposed entitlement reform and attacked his political opponents who have considered any changes to the two programs. The platform was adopted one week before the GOP is set to formally select Trump as its presidential nominee.
San Francisco's AI boom can't stop real estate slide, as office vacancies reach new record 2024-07-08 21:45:00+00:00 - Artificial intelligence has been a big boon for San Francisco real estate. But not enough of one to make up for the broader struggle across the market. The vacancy rate for San Francisco office space reached a fresh record of 34.5% in the second quarter, according to a report Monday from commercial real estate firm Cushman & Wakefield. That's up from 33.9% in the first quarter, 28.1% in the same period a year ago and 5% before the pandemic. Meanwhile, the average asking rent dropped to $68.27 per square foot in the quarter, the lowest since late 2015, down from $72.90 a year earlier and a peak of $84.70 in 2020. San Francisco is reeling from the twin challenges of bringing people back to the office after the Covid pandemic and a slowdown in the tech market that's led to mass job cuts across the industry. Tech companies have laid off more than 530,000 employees since the start of 2022, according to the website Layoffs.fyi, with major downsizing at Alphabet , Meta , Amazon , Tesla , Microsoft and Salesforce . Softening the blow of late has been the soaring popularity of generative AI and the decision by fast-growing startups to open large offices in San Francisco. OpenAI, the market leader with a private valuation that's topped $80 billion, announced in October that it was leasing about 500,000 square feet of space in the Mission Bay neighborhood, the biggest office lease in the city since 2018. Robert Sammons, senior research director at Cushman & Wakefield, said OpenAI is continuing to look for more space in the city. Also last year, OpenAI rival Anthropic subleased 230,000 square feet at Slack's headquarters. And in May of this year, Scale AI signed a lease for a reported 170,000 to 180,000 square feet of space in Airbnb's office building. "San Francisco is certainly the center of AI, but AI is not going to save the San Francisco commercial real estate market," Sammons said. "It will help." While richly capitalized AI startups are signing large leases for new space, the bigger trend is that tech companies, law offices and consulting firms are looking to reduce their footprint when existing leases come up, Sammons said, reflecting the widespread move to hybrid work. In many cases, companies are looking to relocate to higher quality space in more desirable parts of the city, because prices have come down and employers need to be near restaurants and shops to get staffers to come back, Sammons added. "The best quality trophy space continues to perform well, because tenants want to be in the best locations with the best amenities around them," Sammons said. Some of the city's top employers, including Salesforce, Uber , Visa and Wells Fargo , have brought employees back to offices for part of the week. That's helped in the financial district, where the vacancy rate is still 34.2% on the north side and 32.7% on the south side at the end of the quarter. In SoMa, which historically was a popular area for venture-backed startups, the vacancy rate is almost 50%. SoMa is further away from mass transit options and has also been hurt by large retail departures. Vacant office space across San Francisco for the quarter totaled 29.6 million square feet, Cushman & Wakefield said. The firm said in its report that there are positive signs in the market, with absorption poised to improve in the second half and office job numbers stabilizing following a steep drop-off. But Sammons said it looks like there's more room for rents to fall and for vacancies to rise. Uncertainty surrounding the upcoming presidential election may be a factor delaying new leases, he said. "Sometimes tenants postpone making decisions when there are major elections," he said. WATCH: Commercial real estate vacancies in San Francisco are at an all-time high
Rhaenys had to die on 'House of the Dragon' for the war to begin 2024-07-08 21:41:36+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 Warning: Major spoilers ahead for season two, episode four of "House of the Dragon." "House of the Dragon" isn't a show that pulls its punches, but its latest episode, "The Red Dragon and the Gold," landed its most devastating blow yet. Those who have read "Fire and Blood" weren't surprised to see Princess Rhaenys Targaryen, the Queen Who Never Was, and her dragon Meleys fall to Aemond Targaryen and Vhagar. Rhaenys embarked to Rook's Rest, a modest castle close to Rhaenyra's base at Dragonstone, to meet Ser Criston Cole's advancing force. But when she arrived, she met two dragons: Sunfyre, ridden by King Aegon II, and Vhagar, ridden by Aemond. Though she and Meleys fought until the last moment, Vhagar overpowered them, and she fell to her death. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Rhaenys' death, as a viewer, is a tragedy. But for "House of the Dragon" to fully commit to its devastating dragon war, fought between a woman with a rightful claim to the throne and her usurper younger half-brother, Rhaenys needed to die. Advertisement Rhaenys Targaryen flies into battle in season two of "House of the Dragon." Ollie Upton/HBO 'House of the Dragon's' original sin is denying Rhaenys the throne "House of the Dragon" takes place during a short period of Targaryen family history — there are a vast number of events, like Aegon's Conquest, that precede it, and obviously, a long history that follows it (you could call some of it "Game of Thrones"). But within the context of the show, the story begins most specifically during the Great Council meeting to determine King Jahaerys' successor. Related stories With Jahaerys' sons dead, the council's choice boiled down to two options: Rhaenys, his eldest descendant, or Viserys, his eldest male descendant. Having never sat a Queen on the Iron Throne, the council chose the comparatively soft Viserys, whose decisions sowed the seeds for Rhaenyra and Aegon's war. Rhaenys, for the rest of her life, bears the slight with grace as the Lord of Driftmark Corlys Velaryon's wife. Eve Best and Steve Toussaint as Rhaenys and Corlys Velaryon in season two, episode four of "House of the Dragon." Ollie Upton/HBO But despite her acquiescence, the wrong of denying Rhaenys the throne hangs like a pall over "House of the Dragon," and Rhaenyra especially. Rhaenys represents and espouses an old "order of things," as she admonishes a young Rhaenyra about in season one: one where a man will always be seen as a legitimate ruler over a woman, regardless of her claim to the throne. When Rhaenyra and Rhaenys' son Laenor are engaged, Rhaenys worries that her son will be endangered during a succession challenge. When her husband, Lord Corlys Velaryon, brings up her denial of the throne, Rhaenys says that she shuttered her ambition "a generation ago." Rhaenys' persistence over the course of the series, particularly as Rhaenyra faces further challenges regarding her claim, asks an implicit question: if Rhaenys could bear not becoming Queen, why couldn't Rhaenyra? Advertisement Rhaenys' sacrifice represents the true beginning of the war It feels remarkable when Rhaenys throws her weight behind Rhaenyra, though she does so seemingly reluctantly. She knows that if Rhaenyra pursues her claim, it will bring calamity. But when Alicent installs her son Aegon on the throne, Rhaenys does not bend the knee — but neither can she take the opportunity to end Alicent's bloodline when it's presented to her. "That war is not mine to begin," Rhaenys tells Daemon and Rhaenyra, justifying her actions. At the end of season one, Rhaenys persuades her husband, Corlys, to back Rhaenyra, citing the safety of their grandchildren. But she also praises Rhaenyra's restraint in not submitting to all-out war, which proves to be a major theme in season two. It's Rhaenys who incites Rhaenyra's final errand for peace: a face-to-face with Alicent, in the hopes of avoiding a war between dragons. In the latest episode of House of the Dragon, Rhaenyra (Emma D'Arcy) visits her stepmother, Alicent (Olivia Cooke), to figure out how they can stop the brewing civil war. Ollie Upton / HBO And when that falls through, it's Rhaenys who must step up. Eve Best, who plays Rhaenys with a steady hand, told Business Insider that as the voice of restraint — and as Rhaenyra's strongest warrior, astride Meleys — there was no other choice. Advertisement But thematically, Rhaenys' sacrifice is a necessary one. As she reminded Rhaenyra in her youth, she's an emblem of the old tradition: one in which the Queen Who Never Was must gracefully bear the insult of being denied a kingdom. No one better understands the trials that Rhaenyra faces and the judgment calls that she must make. That's why Rhaenys makes this final decision for her, telling Rhaenyra, "You must send me." That decision proves that Rhaenys couldn't — or wouldn't — bear that insult for any longer, though she fights for Rhaenyra's claim and not her own. Her sacrifice symbolizes an open door — one through a which a new order, however bloody the process, may be forged.
Market Correction 'Highly Likely' Before 2024 Election, Says Morgan Stanley CIO - iShares Core S&P 500 ETF (ARCA:IVV), SPDR S&P 500 (ARCA:SPY) 2024-07-08 21:41:00+00:00 - Loading... Loading... Investors should be ready for a "choppy" third quarter as uncertainty over corporate earnings, Fed policy and the U.S. election create the perfect storm for a market correction. In a Monday interview, Morgan Stanley's Chief Investment Officer Mike Wilson said the market should brace itself for a 10% to 15% correction between now and November. This means that the S&P 500 could be close to its 2024 ceiling. The index hit its historical ceiling on Friday after a positive jobs report lit up investor enthusiasm. What Needs To Happen For Small-Cap Businesses To Thrive? Companies with bad earnings reports "are going to get punished," Wilson told Bloomberg Television. These include most of the S&P 500 companies that are not in the top 50. This is what's been happening this year for most companies, outside of the small group of large-caps that actually have positive earnings. Currently, only 17% of S&P 500 companies actually beat the index in the past month. The S&P 500 is closely monitored through ETFs such as the SPDR S&P 500 ETF Trust SPY, Vanguard S&P 500 ETF VOO, and iShares Core S&P 500 ETF IVV, providing various avenues for investment in its comprehensive performance. "The average company does not have good earnings results," Wilson said. Although the market has seen an expansion in corporate earnings this year, this growth is coming from "30 or 40 companies." Fertile conditions for growth for smaller companies tend to come when the country is coming out of a recession. This is because when a new cycle starts, low interest rates open up access to capital and companies gain operating leverage. This, unfortunately, is not where we are today. For smaller businesses to thrive in the current landscape, the Fed would need to cut interest rates "meaningfully" for the cost of capital to come down. Read Also: Wharton’s Jeremy Siegel Implores Jerome Powell To Signal September Rate Cuts: ‘We Are In A Slowing Economy’ The labor market would need to loosen, meaning that the unemployment rate should go up for businesses to be able to hire workers at "more reasonable" prices within their balance sheets, Wilson said. This would lead to a scenario where small-cap companies can recover pricing power and are able to improve their earnings. Yet for the Fed, this is a challenge. The agency needs to bring down interest rates at a rate that helps tackle inflation, but also give enough time for companies to recover since, according to Wilson, lower inflation is also hurting smaller companies if they don't have access to capital. "One thing that gets overlooked is that companies are losing pricing power now. So while we're all rooting for lower inflation, weaker inflation is not great for earnings," Wilson said. Where Is The 10% Correction Coming From? Wilson says that investors currently have a lot more exposure to high-multiple stocks than they are aware. High-multiple stocks are those whose market value is many multiples above their price to earnings ratio, meaning that they're overvalued. “If you have an event that's unpredictable, then you can have a real reset on valuations of 10% or 15%. I think the chance of a 10% correction is highly likely sometime between now and the election.” This is because the market is still waiting to find out whether Joe Biden or Donald Trump will head the government next year, which will have a serious impact on tariffs for imported goods, as well as immigration policy and other key policy issues. But uncertainty will likely prevail for reasons other than the election itself, says Wilson. Expectation on a Fed decision to cut rates, which are independent of who wins the election, as well as uncertainty over company earnings leads to a third quarter where the market can take a hit. This could be true if the uncertainty moves investors to cash in on higher valuations before the prices of stocks go down. The upside, says the pundit, is that lower stock prices will bring in opportunities to buy, making for more "exciting" valuations. Read Next: Shutterstock image.
Hurricane Beryl snarls travel in U.S. as airlines cancel hundreds of flights 2024-07-08 21:28:00+00:00 - Hundreds of flights have been canceled Monday as airlines grapple with the impact of Hurricane Beryl making landfall in Texas. Another roughly 3,500 flights were delayed, although not all delays are related to the hurricane, according to flight tracking website FlightAware. Many of the disrupted flights are those originating in or flying to Texas airports, including almost 600 cancellations for departing flights at Houston's George Bush Intercontinental Airport (IAH) and 165 outbound flights at William P. Hobby Airport, also in Houston. United Airlines had the greatest number of canceled flights on Monday morning, with 486 cancellations, followed by Southwest with 346, FlightAware's data shows. Beryl made landfall as a Category 1 storm, with sustained winds of 74 to 95 miles per hour, although on Monday it weakened to a tropical storm with maximum wind speeds near 70 mph. Even a less powerful hurricane carries risks of flooding and storm surge, and rainfall in the Houston metropolitan area has reached between 2 to 3 inches per hour, with the region potentially facing up to 12 inches of rain as well as flash flooding, CBS News senior weather and climate producer David Parkinson said. Beryl, the second named storm in what is predicted to be a busy hurricane season in the Atlantic, which runs from June 1 to Nov. 30, is expected to move over eastern Texas Monday, then pass through the Lower Mississippi Valley into the Ohio Valley on Tuesday and Wednesday, according to the National Hurricane Center. In a statement to CBS News, United said it is largely suspending flights out of Houston on Monday, but will waive change fees and fare differences for passengers who want to reschedule their trips. United flights at IAH are suspended through at least 5 p.m. Eastern Time. "That will adjust based on conditions as the storm passes through," the airline said. Likewise, American Airlines told CBS News that it is suspending operations at Houston airports on Monday until about 3 p.m. Eastern Time. "We'll evaluate conditions tomorrow to determine if it's safe to resume operations in the afternoon/evening," American said in a statement, adding that customers can also rebook their tickets without change fees. The carrier said it doesn't plan to change its Texas flight schedules in Austin, Brownsville, Harlingen or McAllen due to the storm. Southwest Airlines said in a statement that it has canceled flights at George Bush Intercontinental Airport, William P. Hobby Airport and Corpus Christi International Airport through noon on Monday. The carrier added that it expects schedule changes through Monday afternoon and urged customers to check their flight status for any disruptions. —With reporting by CBS News' Kris Van Cleave.
More Americans say college just isn't worth it, survey finds 2024-07-08 21:23:00+00:00 - Here's why a small college in New England decided to dramatically lower its tuition price Here's why a small college in New England decided to dramatically lower its tuition price 18:49 Americans are increasingly skeptical about the value and cost of college, with most saying they feel the U.S. higher education system is headed in the "wrong direction," according to a new poll. Overall, only 36% of adults say they have a "great deal" or "quite a lot" of confidence in higher education, according to the report released Monday by Gallup and the Lumina Foundation. That confidence level has declined steadily from 57% in 2015. Some of the same opinions have been reflected in declining enrollment as colleges contend with the effects of the student debt crisis, concerns about the high cost of tuition and political debates over how they teach about race and other topics. Whether a college educations is required to achieve professional success is also up for debate, as only about 1 in 4 Americans say a bachelor's degree is necessary to secure a well-paying job, according to a March survey from the Pew Research Center. Employment opportunities and earnings for young men without college degrees have improved in the last decade, reversing some of the economic damage that eroded the group's fortunes starting in the 1970s. Young men with only a high school degree have seen a slight rebound in their earnings since 2014, Pew found. The median annual income for men 25- to 34-years-old without a college degree was $45,000 in 2023, a 15% increase from $39,300 in 2014 when adjusted for inflation, according to Pew's analysis of Census data. Dimming belief in college But the dimming view of whether college is worth the time and money extends across all demographics, including gender, age and political affiliation. Among Republicans, the number of respondents with high confidence in higher education has dropped 36 percentage points over the last decade — far more than it dropped for Democrats or independents. "It's so expensive, and I don't think colleges are teaching people what they need to get a job," said Randy Hill, 59, a registered Republican in Connecticut and a driver for a car service. His nephew plans to do a welding apprenticeship after graduating high school. "You graduate out of college, you're up to eyeballs in debt, you can't get a job, then you can't pay it off. What's the point?" The Gallup-Lumina survey's overall finding — that 36% of adults have strong confidence in higher education — is unchanged from the year before. But what concerns researchers is shifting opinion on the bottom end, with fewer Americans saying they have "some" confidence and more reporting "very little" and "none." This year's findings show almost as many people have little or no confidence, 32%, as those with high confidence. Tuition too high "The No. 1 deterrent for a student not to pursue a college degree is affordability — they simply think they can't afford the cost of a higher education," Michael Itzkowitz, founder of HEA Group, a research and consulting firm focused on college, told CBS MoneyWatch in May. The schools with the best return on investment for low- and middle-income students include many of California's state colleges, which tend to be lower-priced than nonprofit private universities, he noted. Experts say that fewer college graduates could worsen labor shortages in fields from health care to information technology. For those who forgo college, it often means lower lifetime earnings — 75% less compared with those who get bachelor's degrees, according to Georgetown University's Center on Education and the Workforce. And during an economic downturn, those without degrees are more likely to lose jobs. "It is sad to see that confidence hasn't grown at all," said Courtney Brown, vice president at Lumina, an education nonprofit focused on increasing the numbers of students who seek education beyond high school. "What's shocking to me is that the people who have low or no confidence is actually increasing." This year's survey added new, detailed questions in an effort to understand why confidence is shrinking. Almost one-third of respondents say college is "too expensive," while 24% feel students are not being properly educated or taught what they need to succeed. The survey did not specifically touch on the protests this year against the war in Gaza that divided many college campuses, but political views weighed heavily on the findings. Respondents voiced concerns about indoctrination, political bias and that colleges today are too liberal. Among the respondents who lack confidence, 41% cite political agendas as a reason. Generally when people express confidence in higher education, they are thinking of four-year institutions, according to Gallup. But the survey found that more people have confidence in two-year institutions. Forty-nine percent of adults say they have "a great deal" or "quite a lot" of confidence in two-year programs, compared with 33% of Americans who feel that way about four-year colleges. California college student Kristen Freeman understands why. "It's about saving money. That's why I went to a two-year. It's more bang for your buck," said Freeman, 22, a sociology major at Diablo Valley Community College with plans to transfer to San Jose State University for the final two years of college. Freeman understands the concerns about indoctrination and whether college prepares students for life and work but also feels the only way to change structural problems is from the inside. "I am learning about the world around me and developing useful skills in critical thinking," Freeman said. "I think higher education can give students the spark to want to change the system."
Meet Jenn Tran, the star of season 21 of 'The Bachelorette' 2024-07-08 21:12:40+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 Jenn Tran didn't find love with Joey Graziadei on season 28 of "The Bachelor," but she's getting a second chance at romance as the star of the latest season of "The Bachelorette." Tran, a 26-year-old physician assistant student based in Miami, was announced as the leading lady of season 21 of "The Bachelorette" in June, making her the first Asian-American woman to lead the spinoff. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "I feel so, so grateful and so honored to be the first Asian Bachelorette in this franchise," she said during the "After the Final Rose" segment following the "Bachelor" finale. "Growing up, I've always wanted to see Asian representation on TV and I feel like it was really sparse." "To be here today sitting in this position being like, I am going to lead my own love story, I am going to be the main character in my story — I just can't help but think of how many people I'm inspiring and how many lives I am changing," Jenn, whose family is Vietnamese, added. Advertisement Although Bachelor Nation got to know Jenn a bit on "The Bachelor," she teased that there's "a lot that you don't know about me yet." "But you're just gonna have to watch to see," she said. Related stories Ahead of the season 21 premiere, here's what to know about Jenn. She put her career on hold in order to appear on 'The Bachelor' Jenn graduated from the University of Wisconsin—Madison in May 2020 with a bachelor's degree in molecular biology. During her time at the university, she served as the Red Dress Chairman for Alpha Phi Foundation and organized a fundraising gala that raised more than $30,000 for women's cardiovascular health. Advertisement According to her LinkedIn profile, she plans to pursue a career as a physician assistant. But her goals shifted when she was cast on ABC's hit reality TV show. As Jenn explained in a video posted on Instagram in February, she didn't drop out of school in order to compete on "The Bachelor." Instead, she asked her school for permission and was able to come to an agreement regarding her two-and-a-half-year program. Jenn loves traveling Jenn has traveled the world and documented her experiences on Instagram. She's visited places like Greece, Italy, and the Bahamas. She fosters cats and kittens In January, Jenn posted a series of photos on Instagram showing the cats she fostered in 2023, from striped ginger felines to all-black kittens. Her newest foster cat is a black kitten that she's named Peter Parker. Advertisement Jenn is a Swiftie Jenn attended one of Taylor Swift's concerts at Gillette Stadium in Massachusetts in May as part of the musician's Eras Tour. She's seen the Jonas Brothers in concert, too. Per her "Bachelor" bio, Shawn Mendes' music regularly makes her cry. "The Bachelorette" season 21 premieres on Monday at 8 p.m. ET on ABC. Episodes stream the next day on Hulu.
Could Apple become a $4T stock in the next year? At least one analyst says yes 2024-07-08 20:58:00+00:00 - So much for the $3 trillion club: Investors and Wall Street analysts alike are now talking about when Apple might top a $4 trillion stock market value. Wedbush on Monday reiterated its $275 price target on Apple shares for the next 12 months, citing "more signs of iPhone stabilization" in China and the potential for a global iPhone 16 upgrade cycle driven by new artificial intelligence features. That target, based on Apple's current share count, would take the tech giant's market value above $4 trillion. For those keeping score, Apple closed above a $3 trillion market value just over one year ago. It was joined by fellow portfolio names Microsoft in January and Nvidia last month. "We have seen one [name] become the great stock of this period," Jim Cramer said Monday. "It's Apple." He described the iPhone as the "greatest consumer product of all time," adding Apple's stellar fundamentals and growth prospects will continue to carry shares higher. Apple and Nvidia are Jim's only "own, don't trade" stocks. AAPL YTD mountain Apple (AAPL) year-to-date performance Apple shares reached an all-time intraday high to start the week, continuing last week's terrific start to the second half of 2024. Shares gained more than 7% last week, compared to the S & P 500's nearly 2% advance, and are now up 18% for the year. This marks a dramatic turnaround for Apple. Slower iPhone sales in China, which account for nearly 20% of Apple's overall revenue, dogged the stock into April. But it found its footing and soared nearly 6% on May 3, the day after quarterly results were much better than feared. Shares rose another 7% on June 11, the day after management unveiled the company's long-awaited generative AI initiative, Apple Intelligence. The announcements at Apple's annual Worldwide Developers Conference (WWDC) included an overhaul of Siri, an integration of OpenAI's ChatGPT, and a suite of other new features. The new features are only compatible with last year's iPhone 15 Pro and newer models. Apple's buzzy AI tools should increase iPhone sales, which make up roughly half of the company's overall revenue, as users trade up for the latest more innovative models. "Our bullish stance on Apple looking ahead is based on our belief and work in the field that … pent up demand around an AI-driven super cycle beginning with iPhone 16 this Fall as 270 million iPhones have not upgraded their iPhone in over 4 years based on our estimates," the Wedbush analysts, led by Dan Ives, wrote in Monday's note. They have a buy-equivalent rating on shares. Apple's high-margin services business , which includes App Store sales and subscriptions, will benefit from AI as well. Services have been a driver of Apple's revenue growth in recent quarters. Wedbush analysts argued that more developers will build hundreds of AI-driven apps within the next year that will be featured in the App Store, giving Apple a percentage of sales from each transaction. "The OpenAI partnership creates the highway for developers around the globe to focus on iOS 18 and this, in turn, will create a myriad of monetization opportunities for Cook & Co., over the coming years that the Street is still not fully appreciating," the analysts said. "To put some numbers around the opportunity: we estimate this could result in incremental Services high margin growth annually of $10 billion for Apple as this all kicks in and will be the start of a new multi-pronged AI revenue stream that is both hardware and software-driven," Wedbush said. Jim has long touted Apple's services business as well. During the Club's June Monthly Meeting, he said that the division "will become more and more important, to the point, ultimately, where the Apple iPhones and other devices will be thought of as the Gillette razors and the service revenues will be the incredibly high margin, totally proprietary, blades." (Jim Cramer's Charitable Trust is long AAPL, NVDA, MSFT. 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 Apple logo is displayed at the Nasdaq MarketSite just before the opening bell in New York on Thursday, Aug. 25, 2011. Scott Eells | Bloomberg | Getty Images
Do Options Traders Know Something About Caesars Entertainment Stock We Don't? - Caesars Entertainment (NASDAQ:CZR) 2024-07-08 20:50:00+00:00 - Loading... Loading... Investors in Caesars Entertainment, Inc. CZR need to pay close attention to the stock based on moves in the options market lately. That is because the Jan 17, 2025 $23 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy. What do the Analysts Think? Clearly, options traders are pricing in a big move for Caesars Entertainment shares, but what is the fundamental picture for the company? Currently, Caesars Entertainment is a Zacks Rank #5 (Strong Sell) in the Leisure and Recreation Services industry that ranks in the Bottom 31% of our Zacks Industry Rank. Over the last 60 days, no analyst has increased the earnings estimates for the current quarter, while one has dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 24 cents per share to 19 cents in that period. Given the way analysts feel about Caesars Entertainment right now, this huge implied volatility could mean there's a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected. To read this article on Zacks.com click here.
These are the best low-cost airlines in the world, according to travelers — see the full list 2024-07-08 20:45:36+00:00 - Airline rating company Skytrax has released its 2024 list of the world's best low-cost airlines. AirAsia was named the top low-cost airline in the world for the 15th year in a row. Allegiant Air is the highest-ranked US airline on the list. 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 AirAsia has been named the best low-cost airline in the world according to travelers surveyed by travel industry rating company Skytrax. Skytrax published its latest survey results in June as part of the 2024 World Airlines Awards, which named Qatar Airways the world's best airline. Budget carriers from Europe and the UK accounted for 9 of the top 20 spots in the Skytrax rankings, compiled using feedback from travelers from over 100 countries on more than 350 airlines. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Market Momentum: Your Weekly Financial Forecast - Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY) 2024-07-08 20:44:00+00:00 - Loading... Loading... What to expect for July 8 - July 12, 2024 Originally posted at https://volumeleaders.substack.com Weekly Wrap-Up In the week of July 1 through July 5, 2024, the U.S. financial markets experienced significant developments across various sectors. The major indices, including the S&P 500 and Nasdaq, reached new all-time highs. The Nasdaq's 3.5% increase marked its tenth positive week out of the past eleven, while the S&P 500 posted a weekly return of 2.0%. The Dow Jones Industrial Average also saw gains, though more modest at 0.7%. The Russell 2000 Index, which tracks small-cap stocks, fell by 1.0%, extending its year-to-date underperformance. Economic data released during the week presented a mixed picture. The June jobs report exceeded expectations with a gain of 206,000 jobs, higher than the forecasted 190,000. However, the unemployment rate rose to 4.1%, the highest level since November 2021. Moreover, job growth figures for April and May were revised downward by a total of 111,000, indicating a slowdown in employment growth. Wage growth was steady, with average hourly earnings rising by 0.3% for the month and 3.9% year-over-year, slightly down from May's 4.1%. Bond yields declined over the week, reinforcing expectations of a potential rate cut by the Federal Reserve later in the year. The yield on the 10-year U.S. Treasury fell to 4.28% from 4.37% the previous week. This decline in yields was observed across various maturities, with the yields of 2- and 30-year notes also decreasing. Lower yields generally make equities more attractive relative to bonds, contributing to the overall market gains. Oil prices climbed for the fourth consecutive week, reaching their highest level in over two months. U.S. crude traded above $83 per barrel, supported by a report showing a decline in U.S. oil inventories, which analysts expect to remain tight throughout the summer. The rise in oil prices reflected broader market optimism and expectations of sustained demand. In the cryptocurrency market, Bitcoin experienced a significant drop, falling below $54,000 at one point on Friday, down ~27%, the lowest level in more than four months. The price partially recovered to around $56,500 by afternoon trading, down from over $71,000 as recently as June 5. This volatility in the cryptocurrency market was attributed to a combination of regulatory concerns and profit-taking by investors. The technology sector, especially semiconductor stocks, continued to drive market performance. Nvidia's significant market value rise underscored the dominance and investor enthusiasm for tech companies, particularly those with strong AI components. Other major tech and communications services sector stocks also topped the leader board, with Meta Platforms advancing more than 5% despite a lack of specific stock-related news. Tesla saw a 2% increase, benefiting from higher-than-expected quarterly deliveries and strong sales in China. Defensive sectors such as utilities and staples also performed well, supported by the decline in Treasury yields. However, financials, industrials, and energy sectors saw declines, reflecting investor concerns about a faltering economy and its impact on cyclical stocks. Dividend payments by S&P 500 companies saw a modest increase in the second quarter, with total payouts rising to $153.4 billion from $151.6 billion in the first quarter. This increase was partly due to several large-cap stocks initiating dividend payments for the first time, providing additional income for investors. Looking ahead, the markets will be looking at the upcoming Consumer Price Index (CPI) report, which is expected to indicate whether the stable inflation seen in May extended into June. The May CPI report had shown an annual inflation rate of 3.3%, slightly better than the forecasted 3.4% but unchanged from April's figure. A cooler reading in the next CPI report could further support investor hopes for a September rate cut by the Federal Reserve. Will historical seasonality in the VIX repeat in 2024 or will this year’s market dynamics continue to defy and confuse? Overall, the week of July 1 through July 5, 2024, was characterized by record highs in major indices, driven by strong performances in the tech, energy, and real estate sectors. Economic indicators presented a mixed but overall positive outlook, with retail sales growth slowing but industrial production showing resilience. Investor optimism was fueled by expectations of potential interest rate cuts by the Federal Reserve, contributing to a broadly bullish market sentiment. NAAIM Exposure Index is at 103.66 confirms that, on average, most are at least fully long with some exposure to leveraged longs (NAAIM vs S&P given below for comparison). The cryptocurrency market experienced significant volatility, while oil prices continued their upward trend. Defensive sectors performed well amid declining bond yields, and dividend payments by S&P 500 companies saw a modest increase. Investors remained focused on potential monetary policy adjustments and upcoming economic indicators that could provide further insights into the health of the U.S. economy. Institutional Dollar Index For Major Indices The Institutional Dollar Index (IDI) expresses institutional volume as a percent of total daily volume by day. High values mean large institutional involvement and may suggest a directional commitment by larger players; low values mean low institutional involvement and suggest a continuation of current conditions. Like all institutional flow we look at, the direction can’t be known by this data itself; what is most important is the subsequent reaction to liquidity when it shows relatively high readings. Major Indices Inst. S/R Levels I’m trying a new format for the stack this week that is simpler and more to the point. I’m also providing you with exact institutional positioning for medium-time-frames so that we hopefully have some actionable levels all week long until the next stack; institutional positioning for day traders and swing/position-traders is in the VL platform with exact prices for every single ticker for you to nail entries and ride positions longer. If I’ve covered something in the past that you liked, let me know in the comments. I try to communicate as much as I can about what I see in the charts without getting into the weeds on a lot of technical things that may not resonate with the vast majority of readers, so please let me know how I can best support you! SPDR S&P 500 SPY Last week I sought balance and we saw the bottom of bal where there is institutional positioning offering support that was, as expected, responsive; that was your one chance to buy the dip because we then traversed the balance area where I mistakenly fought the tape on the topside breakout. All upside price extensions called for in last week’s stack have been met. We are potentially looking at a new place to auction here. Upper-bound of this new auction would be $558 where rips could be sold and the lower-bound would be $550 where, if all things remain the same, I would expect dips to be bought. Keep an eye on VolumeLeaders.com to see if institutions setup the guardrails near these expected targets. There is the possibility that we skip this auction and continue to go topside in a longer imbalance move. The bottom-line right now is to avoid top-picking; let structure develop and institutions reveal positions to align your trades with. All institutional levels (orange dotted lines) for this timeframe are currently under price: $546.90, $542.70, $529.70, $528.70, $548.20, $542.60, $544.30 which is a very bullish development. Mark these on your charts if they aren’t already there; keep an eye on the VL platform for new developments throughout the week. Invesco QQQ Trust, Series 1 QQQ The Q’s are also at their price extension from $480. If we balance here in a new auction, price should box itself in between $488 on the bottom-side and $504 on the top-side. Large-cap tech last week caught an unexpected bid after we saw what we thought was a decent start to some rotation. Balance leads to imbalance which is where we find ourselves now, once again trending higher. I urge all traders with short-itch that needs scratching to exercise restraint and let someone else show you where the top is before you try your hand; let structure develop first and then plan your moves accordingly. Here again, we find all current institutional support and resistance levels under us: $481.50, $481.30, $485.10, $453.60, $479.40, $463.40, $479.00. Mark ‘em up and let’s see what clues institutions drop for us as the week develops. IShares Russell 2000 ETFIWM Consolidation continues as price keeps coiling in this laggard. See past stacks for my higher time frame analysis. Institutions are piling in here for the move. I am personally favoring longs as indicated in the last stack but in full-disclosure have no position right now. This is clearly a rates-play which itself is a story that has unfolded in unpredictable ways this year; all eyes are on the elusive cut and whether it manages to manifest. Ultimately, we can’t know which way price will break, but when something has been consolidating this hard for so long, you don’t want to fight the tape when it goes. Current S/R levels to mark-up are: $201.30, $201.60, $199.40, $200.50, $199.60, $199.90, $201.20. SPDR Dow Jones Industrial Average ETFDIA Like IWM, we see consolidation but of a slightly different nature. IWM keeps putting in lower-highs and higher-lows; DIA keeps putting in higher-lows and facing rejection at POC (yellow line) and a few institutional prints above price right now. This also look quite bullish and inventory looks ready to move higher, perhaps suggesting a move to $403-ish if we do get the break-up. In the event of a break-down, we’ve got prints below that have buoyed price. Mark these up on your charts: $387.40, $387.70, $391.30, $391.00, $393.00, $389.90, $388.10. Top Institutional Order Flow There are often great trades ideas or sources for inspiration in these prints. Only the top 30 of each group are shown but the full results are available in VL for you to browse at your leisure. Don’t forget to setup real-time alerts inside the platform so you never miss institutional order flow that piques your interest. Blue charts include all trade types including blocks on lit exchanges; red/orange charts are dark pool only trades; green charts are sweeps only. MoneyFlow Charts When we look at moneyflow charts, we’re visualizing the aggregate institutional activity by price for a given period. The benefit of moneyflow charts is that you have an apples-to-apples comparison of institutional involvement across the entire market because everything is measured by the same yardstick: dollars. If you are familiar with auction mechanics and volume profiling, you can apply the same principles here; wide bars/nodes are magnets and show areas where business is being done and you can expect positioning to be tested and defended, sometimes multiple times; narrow bars represent little interest or less-success in doing business at that price and work as pass/fail levels to define buyer or seller success. A final note: the color gradients represent the age of positioning; the darkest colors are roughly 3 weeks old and the lightest are the most recent week. Indices Mag7 Institutionally-Backed Winners & Losers If you’re going to bet on a horse, consider one that is officially endorsed by an institution! These are the top percent gainers (green) and and percent losers (red) from this week’s open-to-close that had a trade price greater than $20 and institutional involvement. Continue watching tickers from prior stacks as these frequently turn into larger momentum plays where the winners stay winning and the losers keep losing. Summary Of Thematic Performance VL provides a lot of pre-built filters for thematics so that you can quickly dive into specific areas of the market. These performance overviews are provided here only for inspiration. Consider targeting leaders and/or laggards in the best and worst sectors, for example. YTD S&P Sector Performance YTD S&P Industry Performance YTD Performance: Energy YTD Performance: Metals YTD Performance: Agriculture YTD Performance: Country ETFs YTD Performance: Yields YTD Performance: Size vs Value YTD Performance: Style Econ Events On Deck This Week Here are key economic events happening this week that have the potential to cause outsized moves in the market or heightened short-term volatility. A Final Word I’m providing a good deal of my time and a wealth of data from my proprietary platform to bring you actionable information every week at absolutely no cost to you. If you found even an ounce of useful information in here, I could really use your help: please share my stack with a friend, in your Discord or in a Tweet. It’s an insanely good deal that I hope to continue providing to you. Please checkout VolumeLeaders.com for your own free trial of the platform that brings you the data powering this stack. Wishing you all a green week filled with many bags. This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
S&P 500, Nasdaq close at all-time highs ahead of inflation data and second-quarter earnings reports 2024-07-08 20:31:00+00:00 - The S&P 500 and Nasdaq closed at record highs on Monday as investors await key inflation data to provide further clues about whether this year’s market rally is sustainable. Earnings from some major financial giants and consumer companies are also on the docket. The broad market index ended the day up 0.1% at 5,572.85, while the Nasdaq Composite advanced 0.28% to 18,403.74. The Dow Jones Industrial Average finished 31 points lower, or 0.08%, at 39,344.79. The S&P 500 is coming off its fourth positive week in the last five amid ongoing optimism that easing inflation — and any pockets of weakness in the economy — could lead to a Federal Reserve interest rate cut. The June consumer price index, which will be released Thursday, could bolster those hopes if the headline number shows a slight improvement. Producer price index data will be released Friday. Last week, labor data reflected a slightly cooling jobs market, spurring expectations of a rate cut. Although the U.S. economy added more jobs in June than anticipated, there was also an unexpected rise in the unemployment rate, to 4.1% from 4%. Traders are currently expecting two interest rate cuts in 2024, with the first in September, according to the CME FedWatch Tool. “We believe the fundamental backdrop remains supportive for equities, driven by solid economic and earnings growth, interest rate cuts, and rising investment in AI,” UBS strategist Vincent Heaney wrote in a Monday note. PepsiCo and Delta Air Lines are set to post results on Thursday. Then, a slew of major banks, including Citigroup and JPMorgan Chase, will kick off second-quarter earnings season on Friday.
Paramount's new owner says he's building a tech company. Come again? 2024-07-08 20:29:35+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 You might think that David Ellison, the Hollywood producer poised to finally acquire Paramount, thinks he is buying a struggling movie studio and television conglomerate. And you'd be right! But Ellison says he's getting more than that for his billions: He's also buying the building blocks for what will eventually be a "World-Class Media and Technology Enterprise." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. If that sounds familiar, there's a good reason for that: This spring, I noted that people in David Ellison's camp were telling journalists that his plan for reviving Paramount involved infusing the company with lots of tech and tech know-how. And the suggestion was that at least some of that was going to be supplied by Oracle, the company founded by his father, Larry Ellison — who is one of the world's richest men and a primary investor in the new Paramount-to-be. Advertisement We've heard this before from David Ellison As I said back in April, the Paramount-powered-by-Oracle pitch doesn't make sense. And David Ellison isn't exactly making it now. But he is definitely leaning on the idea that he's building a media company that is also a tech company. Related stories Here he was on Monday morning, speaking on an investor call to sell the Paramount deal (the text is via a rush transcript): "We need to transition New Paramount to a world class tech media and technology enterprise. The first thing we need to do is double down on the core competency of storytelling across mediums. But also when you look at the landscape as it exists today, there are a lot of technology companies that are rapidly expanding into media companies, and we believe it is essential for Paramount to be able to expand its technological prowess to be both a media and technology enterprise." Ellison then pointed to a slide in his pitch deck pushing his tech plans from the company, which include making its streaming service better, using cloud servers, and using "AI tools to enhance creativity while driving production efficiencies." Screenshot via Skydance/Paramount investor deck And then Ellison kept going, connecting himself to his father's friend Steve Jobs, Apple and Pixar, the animation studio Jobs built up and eventually sold to Disney: Advertisement "Having had the privilege of being mentored by Steve Jobs and getting to watch him build Pixar from the ground up, one of my favorite quotes that him and [Pixar leader John Lasseter] always had was the art challenges the technology and the technology inspires the art. And [the] belief that understanding of the symbiotic relationship between art and technology is essential to be able to meet this moment in time for storytelling." This all sounds great — or at least interesting — in theory. But it's also a head-scratcher. That's partly because David Ellison isn't a tech mogul. He's a producer who makes and sells movies and TV shows, more or less like everyone else in the business. (His reps didn't respond to a request for comment.) During the call, Ellison touted his success using Oracle's cloud tech to help build his animation division with Lasseter, and I'll take his word on that. But this reminds me a bit of the 2015 era when digital publishers like BuzzFeed and Vox Media told investors they weren't media companies but tech companies that made media. Spoiler: They turned out to be media companies. The bigger problem with the tech + media pitch isn't that tech and media aren't intertwined. They very much are. Advertisement The real problem that Paramount — and just about every other big media company — has these days isn't that its tech isn't good enough. It's that its scale isn't big enough. Why media companies want you to think of them as tech firms That's why you constantly hear about media companies — including Paramount — as potential M&A targets: Investors believe they can't take on Netflix and YouTube on their own. That's also why you constantly hear about streamers trying to bundle themselves together — something both Ellison and Paramount's previous managers have been openly talking up as well. So, techifying Paramount's streaming operations sounds … fine — if Ellison and crew can really do a better job than Paramount's old guard. But it won't be adequate. Advertisement "Streaming tech across all of legacy media is underwhelming, so they all need an upgrade," says Lightshed Partners analyst Rich Greenfield, who wrote a prescient note on this theme last week. "However great tech doesn't matter without massive amounts of content — because you need watch time per user per day to be multiples higher" — because that's how you would tune a useful algorithm that lets users find shows and movies they want to watch. All of which tells you why the Paramounts of the world aren't just struggling against Netflix, which has a deep technological culture married to a deep catalog of content it has been mining for years. It's also why they're struggling against the likes of Instagram, YouTube and TikTok, who apply their tech knowledge to unending supplies of content their users supply for little to no cost. So, under the best-case scenario — one where David Ellison really is a tech wizard or knows how to put tech wizards to work — he's going to have his work cut out for him. And if he turns out to just be a guy who's been good at making TV shows and movies? It's going to be even harder.