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Trump Says U.S. Should Sue Facebook, Google (Bloomberg) -- President Donald Trump complained again about supposed bias against conservatives at social media companies and said the U.S. government should sue Google and Facebook Inc. for unspecified wrongdoing. Trump complained in an interview with Fox Business Network on Wednesday that social media companies are run by Democrats and that Twitter has somehow made it difficult for people to follow his @realDonaldTrump account, from which he tweets prolifically. “What they did to me on Twitter is incredible,” Trump said in the interview with Fox’s Maria Bartiromo. “You know I have millions and millions of followers but I will tell you they make it very hard for people to join me at Twitter and then make it very much harder for me to get out the message.” Twitter said that followers of high-profile accounts may have been deleted as part of an effort to remove fake, abusive and malicious accounts. For More: Trump Accuses Twitter of Political Bias in Culling His Followers The White House said Wednesday it’s planning a Social Media Summit July 11 to “bring together digital leaders for a robust conversation on the opportunities and challenges of today’s online environment.” Trump also complained about the European Union targeting U.S. technology companies in the interview. EU Competition Commissioner Margrethe Vestager has fined Google billions of dollars for antitrust violations and has opened an early-stage probe into Amazon.com Inc.‘s potential use of data on smaller rivals’ sales. “I won’t mention her name but she’s actually considered to take Jean Claude’s place because Jean Claude at some point is retiring,” said Trump, referring to the possibility that Vestager could succeed European Commission President Jean-Claude Junker. “She hates the United States, perhaps worse than any person I’ve ever met. What she -- what she does to our country -- she’s suing all our companies.” For More: Faltering German Hands Vestager Chance to Claim Europe’s Top Job “You know, look, we should be suing Google and Facebook and all that, which perhaps we will, okay,” Trump said, without saying what he thinks the U.S. should sue the companies for. “They’re suing everybody, they make it very -- almost impossible to do two-way business.” Alphabet Inc.‘s Google, Facebook and Twitter Inc. shares dipped on the news before recovering. Google was down 1.2%, Facebook fell less than 1% while Twitter gained 1.4% to Wednesday afternoon in New York. Representatives for Google and Facebook didn’t comment. Social media companies have sought to more aggressively police their sites for what they consider hate speech and fraudulent accounts, but say they have no policies targeting conservatives. Trump’s threat comes after Project Veritas, a conservative nonprofit group known for using undercover sting operations in attempts to expose wrongdoing, released footage this week allegedly depicting a Google employee saying the company wants to prevent Trump’s re-election. In a blog post, the woman from the video said the notion Google is trying to sway the election “is absolute, unadulterated nonsense.” She said she was explaining that her former team at the company “is working to help prevent the types of online foreign interference that happened in 2016.” House Hearing All three companies were scheduled to testify before a House committee Wednesday on efforts to combat terrorist content and misinformation. Representative Mike Rogers, the top Republican on the House Homeland Security Committee holding the hearing said he had “serious questions” about Google’s ability to be fair given the Project Veritas video. “This report, and others like it, are a stark reminder of why the founders created the First Amendment,” Rogers said in his opening statement. “We are in trouble” if the views in the video represented Google company policy. Google’s global director of information policy testified Wednesday that no single employee could skew search results based on her political beliefs. “We are in the trust business,” the executive, Derek Slater, told Rogers. “We have a long-term incentive to get that right.” Big technology companies are coming under heightened scrutiny in Washington from the government and Congress. Trump’s Justice Department and the Federal Trade Commission have taken the first steps toward investigating four big platforms for antitrust violations by splitting jurisdiction over them. The Justice Department has taken responsibility for Google and Apple Inc., while the FTC will oversee Facebook and Amazon. The House Judiciary antitrust subcommittee, led by Rhode Island Democrat David Cicilline, has launched a broad investigation into the nation’s biggest technology companies starting with a focus on how companies like Google and Facebook have impacted the news industry. For more: House Panel Kicks Off Antitrust Probe With Focus on News Media Separately, state attorneys general, including Nebraska’s Doug Peterson and Louisiana’s Jeff Landry -- both Republicans -- are advancing a broad inquiry into whether the biggest U.S. technology platforms are violating antitrust and consumer protection statutes. (Corrects to clarify characterization of Project Veritas in 12th paragraph) --With assistance from David McLaughlin. To contact the reporters on this story: Alyza Sebenius in Washington at asebenius@bloomberg.net;Ben Brody in Washington, D.C. at btenerellabr@bloomberg.net To contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, ;Sara Forden at sforden@bloomberg.net, Molly Schuetz For more articles like this, please visit us atbloomberg.com ©2019 Bloomberg L.P.
Iron Mountain Completes Digital Recording of Stonewall Inn Iron Mountain Inc. IRM and CyArk have recently completed a 3D scan of the iconic Stonewall National Monument in New York, site of the 1969 Stonewall Uprising. The latest effort is part of the ongoing partnership between the companies to digitally capture, archive and share the historical heritage site. Through this project, Iron Mountain has created an experiential record to preserve the cultural monument and make it accessible to visitors across the globe. While CyArk documented the Stonewall National Monument, consisting of the Stonewall Inn and Christopher Park, Iron Mountain provided its facilities to preserve the digital copies of the monument. Specifically, a 3D mapping technology was used to create a comprehensive record of the site. Subsequently, the digital copies are preserved in a highly secure Iron Mountain facility for future use by CyArk. The project used data to create a photorealistic digital archive of Christopher Park and the Stonewall Inn. It will be available on CyArk's website and can be downloaded through the Open Heritage 3D platform, a project by CyArk, the University of South Florida Libraries and Historic Environment Scotland to provide free access to high resolution 3D data of cultural heritage sites globally. Additionally, the scan has been integrated into both virtual reality and augmented reality. The virtual reality format allows viewers to move around within the scan, providing an interactive photorealistic experience. Further, the augmented reality format offers pre-recorded stories and perspectives from those who were accompanying the scan. Iron Mountain and CyArk had earlier joined hands to record the moai of Easter Island, Fort York, Toronto; the Palacio de Bellas Artes, Mexico City; and the Royal Exhibition Building, Melbourne, Australia. Other than its preservation efforts, the company is focusing on inorganic growth strategies to strengthen its foothold in targeted markets. Recently, it announced the acquisition of InfoZafe’s storage and information management services to boost its Thai business. Story continues Although such moves are likely to bolster its top line, the competitive landscape of the storage and information management services industry is anticipated to result in aggressive pricing, which may adversely impact Iron Mountain’s margins in the near term. Moreover, shares of this Zacks Rank #4 (Sell) company have declined 13.3% over the past three months as against the industry’s growth of 0.4%. Key Picks Investors can consider better-ranked stocks from the same space like Host Hotels & Resorts, Inc. HST, Lamar Advertising Co. LAMR and PS Business Parks, Inc. PSB, each carrying a Zacks Rank of 2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Host Hotels & Resorts’ funds from operations (FFO) per share estimates for 2019 moved marginally north to $1.82 over the past two months. Lamar Advertising’s FFO per share estimates for the ongoing year have been revised slightly upward to $5.83 over the past 30 days. PS Business Parks’ current-year FFO per share estimates moved up marginally to $6.71 in the past month. Will you retire a millionaire? One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.” Click to get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Iron Mountain Incorporated (IRM) : Free Stock Analysis Report Lamar Advertising Company (LAMR) : Free Stock Analysis Report PS Business Parks, Inc. (PSB) : Free Stock Analysis Report Host Hotels & Resorts, Inc. (HST) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
'Tough to lose your brothers': Funerals held for bikers PLYMOUTH, Mass. (AP) A motorcyclist who was among seven killed in a collision with a pickup truck last week was a family man, proud Marine and dedicated public servant, mourners said Friday at a funeral that drew about 200 people, including leather-clad bikers and law enforcement officers. The funeral for Michael Ferazzi, 62, of Contoocook, New Hampshire, was held at a church in Plymouth, Massachusetts. The rumbling of motorcycles echoed through town as dozens of bikes made their way to the service. Many riders were fellow members of the Jarheads Motorcycle Club, with which Ferazzi and the other six killed were riding when they died. They hugged one another as Ferazzi's flag-draped casket was carried into the church and offered a military salute alongside their bikes as the service ended with the Marine Corps hymn on bagpipes. "Tough to lose your brothers, especially so many at one time," said Jarheads member Paul Downey as he and his fellow bikers got on their motorcycles for the ride to the Massachusetts National Cemetery in Bourne. "He had a lot more life in him," said retired Lt. Col. Joe Murray. Ferazzi was in his American Legion post, he said, and the two marched in parades together. "He didn't need to die when he was obviously enjoying the ride with his buddies," Murray said. "But it's good he died doing something he loved." Ferazzi's oldest son, Matthew Ferazzi, remembered a father who loved motorcycles and spending time with his family. He recalled golfing and going to Boston Red Sox games with his dad and how he enjoyed holidays. His dad, he said, loved doling out nicknames and was a fighter, even in the face of cancer that had returned in January. "The thing that brings us all together is love, love for my Dad," Ferazzi said. A funeral also was held for Daniel Pereira, 58, of Riverside, Rhode Island. Visitation was held at a Laconia funeral home for Desma Oakes, 42, who died with her boyfriend in the crash. Story continues They are among seven bikers killed last week when a pickup truck hauling a flatbed trailer crashed into the group in Randolph. The pickup driver, Volodymyr Zhukovskyy, 23, pleaded not guilty Tuesday to negligent homicide. The Jarheads, a group of about 80 bikers and their supporters from across New England, served as a second family and a refuge for the members, many who left the service but still craved the brotherhood they discovered in the Marines. With a logo that is anchored by the military branch's bulldog, the group serves as a charity and social club. Many chapters are housed in American Legion and Veterans of Foreign Wars posts. Manny Ribeiro, the Jarheads president, who survived the crash, described a family-oriented group whose members are doing their best to support the victims' families. The group has received donations from Marines around the globe, and veterans are flying in from as far as the Netherlands for the funerals. Ferazzi was a father of four who served as a Plymouth police officer for 34 years. He served in the Marines for four years, including a stint at in security at the U.S. Embassy in Tokyo. He also was a National Guard member and worked as a courthouse security officer. Ferazzi grew up in Plymouth, and several childhood friends came to the funeral, recalling how they met in school and remained in touch for decades. Their younger days were spent going to Aerosmith and Steve Miller Band concerts. As he got older, Ferazzi was always on a motorcycle and talked with pride about his time in the Marines. More recently, he was preparing for the arrival of a granddaughter. "He was the nicest guy ever a fun-loving, party guy," said Cheryl Molloy, a nurse from Plymouth who grew up with Ferazzi. "He cared about everybody." Known as Danny Boy, Pereira joined the Marines after his 18th birthday and, according to his obituary, it was an experience that defined his life. A father of two, Pereira worked for the Narragansett Bay Commission. Friends said Pereira, active in a gun club and an Italian club, was easygoing and would do anything to help someone in need especially fellow veterans. His funeral was held Friday in Providence, Rhode Island. Oakes, of Concord, who lost her husband and young son in the past decade to lung cancer, was killed in the crash, along with her boyfriend Aaron Perry, 45, of Farmington, New Hampshire, according to the Concord Monitor. Visitation was held Friday in Laconia for Oakes, followed by a celebration of life Saturday at the Hanover Inn in Hanover. ___ Associated Press writer Patrick Whittle in Portland, Maine, contributed to this report. ___ This story has been updated to correct the name of an organization to "Veterans of Foreign Wars" instead of "Veterans of Foreign Affairs" and to delete an incorrect reference to the State Diplomatic Security Detachment.
Jake Gyllenhaal Says Whitewashed ‘Prince of Persia’ Role ‘Wasn’t Right For Me’ Click here to read the full article. “Spider-Man: Far From Home” isn’t just Jake Gyllenhaal ’s first Marvel movie, it’s also his first major studio tentpole since the 2010 release of Disney’s “ Prince of Persia : The Sands of Time.” The Mike Newell-directed video game adaptation starred Gyllenhaal opposite Gemma Arterton, Ben Kingsley, and Alfred Molina. The film, a critical and box office dud for Disney, is best remembered as being one of the decade’s worst examples of Hollywood whitewashing for casting a white American actor in the lead role instead of a performer of Iranian descent. The conversation around Hollywood whitewashing became a lot more amplified following the 2017 release of Scarlett Johansson’s “Ghost in the Shell,” so Gyllenhaal’s “Persia” casting in 2010 did not cause as much of a controversy or derail Gyllenhaal’s career. Still, the movie follows the Oscar-nominated actor around as one of the biggest missteps of his career. During a recent chat with Yahoo Entertainment , Gyllenhaal admitted as much. Related stories 'Lake Success': Jake Gyllenhaal to Star in HBO Series Based on Acclaimed Novel 'Velvet Buzzsaw' Trailer: Art Will Be the Death of Jake Gyllenhaal in Netflix's 'Nightcrawler' Reunion “I think I learned a lot from that movie in that I spend a lot of time trying to be very thoughtful about the roles that I pick and why I’m picking them,” Gyllenhaal said when asked about “Persia.” “And you’re bound to slip up and be like, ‘That wasn’t right for me,’ or ‘That didn’t fit perfectly.’ There have been a number of roles like that. And then a number of roles that do.” Disney was hopeful that “Persia” would launch a new franchise for the studio in the same vein as “Pirates of the Caribbean,” but the film’s poor reviews and $336 million worldwide box office killed those dreams. Gyllenhaal rebounded by diving head first into edgier, more character-driven films such as Duncan Jones’ “Source Code,” David Ayer’s “End of Watch,” and back-to-back Denis Villeneuve projects “Prisoners” and “Enemy.” Gyllenhaal’s roles since “Prince of Persia” have earned him some of the best reviews of his career (see “Nightcrawler), but the actor hasn’t been impervious to additional missteps (here’s looking at you, “Demolition”). Story continues Gyllenhaal’s Marvel debut finds him taking on the role of Quentin Beck/Mysterio opposite Tom Holland’s Peter Parker in “Spider-Man: Far From Home.” The Sony release opens in theaters nationwide July 2 and should be one of the big hits of the summer movie season. Launch Gallery: 25 Worst Cases of Hollywood Whitewashing Since 2000 Sign up for Indiewire's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram .
11 Money-Saving Strategies That Can Backfire Don't let cost-cutting techniques derail your finances. No one wants to spend more money than needed, but some attempts to save a buck could hurt your finances. Seemingly frugal choices can have unexpectedly expensive outcomes, such as a leased vehicle that results in significant mileage charges or inexpensive clothes that fall apart. Other efforts, like setting money aside but neglecting to pad your retirement savings, may catch up with you decades later when your golden years end up being vastly different than envisioned. With that in mind, discover common money moves and tactics to trim costs that can backfire. You shop based on price alone. A brand name is no guarantee of quality, but always buying the cheapest item could end up costing you more money in the long run. A smarter shopping strategy is to look for value, says Elijah Kovar, co-founder and partner of wealth management firm Great Waters Financial in Minneapolis. You could spend $100 on men's dress shoes that will need to be replaced each year or splurge on a pricier pair that could last as long as a decade with proper care, Kovar says. Over time, buying one higher quality item may cost less than buying cheaper goods that have to be replaced frequently. "We want to pay for quality," he adds. You finance purchases because of a 0% offer. Taking advantage of 0% financing seems like a great way to keep money invested while paying off a larger purchase. However, the strategy only works if you pay off the balance before the zero APR expires, says Chad Parks, CEO of Ubiquity Retirement + Savings, a provider of 401(k) retirement accounts. Otherwise, you could get hit with a high interest rate that may be assessed back to the date of purchase. Promotional financing may lead people to buy items they could otherwise not afford. "They don't have it paid off in time and then they end (up) in some really terrible financing," says Kristian Finfrock, a financial planner and founder of wealth management firm Retirement Income Strategies in Madison, Wisconsin. Story continues You transfer credit card balances for a lower APR. It seems like there could be no downside to transferring balances from high APR credit cards to those with a lower APR, but it's a move that could backfire. "First and foremost, a lot of time there is a fee to transfer that balance," Finfrock says. Plus, you may not make a monthly payment during the same month of the transfer, meaning your balance continues to grow thanks to the balance transfer fee and any interest charges that may have accrued. Then, once the introductory APR offer expires, you could find yourself paying a higher interest rate than what was assessed on your previous card. You use a rewards credit card. Rewards credit cards offer cash back, travel points or other perks in exchange for your charging purchases. Parks suggests asking yourself: "How can they afford to do that?" Many rewards cards have a higher interest rate than non-rewards credit cards. That means carrying a balance could effectively wipe out the value of your points or cash back. A bigger issue, according to Parks, is that these and other cards charge merchants 2% to 3% or more in processing fees and that cost often gets passed on to consumers in the form of higher prices. U.S. businesses that process between $10,000 and $250,000 in annual payments pay an average of between 2.87% to 4.35% per transaction, according to the payment processor Square. You lease a car. Leasing a car is often less expensive than buying. However, there are more expenses to a lease than the monthly payment. There are usually upfront costs that include the first payment, a deposit, fees, taxes and registration. But it's the backside fees of the lease that really cost people, Finfrock says. Consumers fail to read the fine print and don't realize they could be charged 15 cents per mile or more for every mile they drive over the allowed limit. There can also be fees for excessive wear and tear with some companies using vague language to define that as anything that impairs the vehicle's appearance. You refinanced student loans. Graduates should be careful about refinancing their student loans , Parks says. While there are cases in which it makes sense, teaser rates and introductory offers may hide less favorable terms. Parks had his own experience of refinancing a loan that resulted in negative amortization, meaning his balance kept growing even though he was making payments. People should also think twice about refinancing federal loans and turning them into private loans. Federal loans may have lower interest rates and longer repayment periods than what's available in the private market. Beyond that, only federal loans are eligible for government loan forgiveness programs for certain teachers, government and nonprofit workers. You hold investments to avoid taxes. Some people are so tax-averse they make poor investment decisions as a result. "They want to avoid paying taxes so they hold onto one stock to avoid capital gains," Kovar says. That one stock may represent a disproportionate amount of their investments and could spell financial disaster should the value of the company decline. Even if it means paying capital gains tax, it might be better to sell some of the stock in order to create a diversified portfolio that will be less susceptible to market downturns . You skipped saving for retirement. When money is tight, it can be tempting to put retirement savings on hold. Unfortunately, compound interest, which helps retirement funds grow significantly, works best over long periods of time. By skipping retirement savings, you may also be forfeiting matching funds from your employer. You'll have more money in your pocket now if you don't save for retirement, but it could result in a meager lifestyle later. Social Security retirement benefits only replace about 40% of your income. And, as Finfrock puts it, "There is no such thing as a retirement income loan." You took a loan from a 401(k) plan. Your 401(k) may seem like a good source of cash should you find yourself in need of a loan. Plans may allow loans of up to half the vested 401(k) balance or $50,000, whichever is less. Most loans need to be repaid within five years, and all interest on the loan goes back into the 401(k) account so you're essentially paying yourself. "That sounds, on the surface, like a good deal," Parks says. However, if you leave your job for any reason, the loan must be paid off before you file your next federal income tax return. Otherwise, you'll owe taxes on the balance plus a 10% penalty if you're younger than age 59 ½. You wrote a will instead of creating a trust. A will is cheaper than a trust , but it could end up costing your heirs more money. "The will is simply probate instructions," Finfrock says. Your loved ones still need to go through the court system to distribute any financial accounts without a named beneficiary. While perhaps not necessary for very small estates, "The trust, if designed correctly, can help you avoid probate completely," Finfrock says. You haven't hired a financial planner. There are plenty of resources from online brokerages to personal finance books that make it possible for people to invest and manage their own money. But they may be making mistakes by not hiring someone to help them, Kovar says. Financial planners not only have a greater depth of knowledge, they also are less likely to make rash decisions. "When the market is down, I'm not going to get emotional," Kovar says. That means that rather than selling low and locking in losses, a trusted finance professional can help you stay the course and ride out difficult economic periods. Here are 11 money-saving strategies that can backfire: -- You shop based on price alone. -- You finance purchases because of a 0% offer. -- You transfer credit card balances for a lower APR. -- You use a rewards credit card. -- You leased a car. -- You refinanced student loans. -- You hold investments to avoid taxes. -- You skipped saving for retirement. -- You took a loan from a 401(k) plan. -- You wrote a will instead of creating a trust. -- You haven't hired a financial planner. More From US News & World Report 10 Steps to Achieve Financial Freedom 50 Ways to Improve Your Finances in 2019 10 Expenses Destroying Your Budget
Huawei Ban's Affliction on US Tech Stocks The G-20 summit begins and the US-China trade war ensues as both parties appear increasingly tenacious. President Trump and China’s president Xi are meeting Saturday morning in Osaka (tonight in the US) as the summit kicks off. President Trump is going into the meeting with optimism saying that, “At a minimum, it will be productive”, while Beijing is insistent that a list of demands be met, including lifting the ban on Huawei, for a trade deal to progress. In this article I will be discussing the implication of Huawei’s restrictions on some of the US’s biggest tech stocks. Huawei was blacklisted last month by the Trump administration for national security reasons, stating that Huawei is involved in espionage for Beijing. This means that US companies are restricted from doing business with Huawei. 36% of Huawei suppliers are in the US, including semiconductor companies Micron MU, Intel INTC, and Broadcom AVGO. Pulling a customer of this size from these firms revenue stream is going to have an impact on their top line. As you can see below all three of these stocks have been struggling since the beginning of the 2ndquarter (ban started mid-May). Huawei denies all claims of wrongdoing and the evidence against Huawei remains somewhat ambiguous to the public. Some are speculating that this is an attempt by Washington to hamper Chinese tech growth. Huawei phones are handicapped immediately when they enter the US, being limited to slower speeds by the telecommunication companies who want to ensure that their current phone contracts aren’t at risk. Google GOOGL has completely cut off Huawei, restricting their access to further Android updates as well as its app store. The implication of this customer displacement is yet to be seen in the financials, but GOOGL has taken a hit this quarter, far underperforming the market. The stock price decline can also be attributed to the antitrust probe that seems to be continually haunting Alphabet Inc. Micron and Intel have resumed selling chips to the world’s largest telecommunications equipment maker, with their lawyers finding trade loopholes that allow them to continue distributing anything with less than 25% American made components. These firms support their decision to resumed trade with Huawei by voicing that they don’t believe Huawei is involved in malpractice. Huawei Unbanned as a Part of Trade Concessions? Trump has discussed the Huawei restriction as being part of a deal in the past but Washington officials are saying that they would like to keep the national security threat and the trade dispute separate. The opacity of evidence against Huawei combined with the apparent competitive element with US smartphone manufacturers like Apple, lead me to believe that this restriction is more trade leverage than a national security threat. Although Washington wants to keep the two issues separate, I don’t think they will succeed due to the obvious correlations. Both Trump and Xi are too deep into this trade war to back down without looking weak to their nations. A temporary cease-fire might be exactly what both sides need to regroup and find common ground. This truce might include opening up the Huawei restriction, considering that US companies are already resuming trade with them. If this were to happen, look for a bounce in the semiconductor suppliers I mentioned above as well as Google if they are willing to resume business with Huawei. Take Away The actual effects of the Huawei ban will materialize in Q2’s earnings results expected to be reported in the next month or two. The trade discussions between Trump and Xi this evening US time, (Saturday morning in Osaka) will provide further color into how cooperative these two are willing to be and how ready they are for a deal. Expect Huawei to be a focal point of the discussions and keep an eye on the stocks I have mentioned tomorrow morning once the trade talks are able to be priced into the market. Today's Best Stocks from ZacksWould you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.See their latest picks free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportAlphabet Inc. (GOOGL) : Free Stock Analysis ReportBroadcom Inc. (AVGO) : Free Stock Analysis ReportIntel Corporation (INTC) : Free Stock Analysis ReportMicron Technology, Inc. (MU) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research
How Did a Quote by Marianne Williamson Get Misattributed to Nelson Mandela? Photo credit: SAUL LOEB - Getty Images From Town & Country Last night, self-help author Marianne Williamson introduced herself to the public on the Democratic debate stage. She quickly outlined her strategy to beat Donald Trump in the 2020 election, coming out strongly against "plans" and in favor of "harnessing love," and noted that her first act as president would be to call the Prime Minister of New Zealand. "Mr. President, if you're listening, I want you to hear me, please. You have harnessed fear for political purposes and only love can cast that out." Watch Marianne Williamson's message to President Trump in her closing statement #DemDebate2 pic.twitter.com/MpJp9ya5yx - TODAY (@TODAYshow) June 28, 2019 In recent weeks, Williamson has come under fire for comments promoting unfounded skepticism of vaccinations, and prior to last night, she was polling at just 1 percent. Unless you're an avid watcher of Oprah-related programming-Williamson is often referred to as the TV queen's personal spiritual adviser-you might not have known who she was. But even if you're unfamiliar with Williamson, you've almost certainly read Williamson's words before. You just maybe thought Nelson Mandela said them. As Slate pointed out this morning , Williamson is the author of a quote often misattributed to the late South African activist and political leader, which begins: "Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure." It's unclear exactly when the first time the text was incorrectly ascribed, but it is the kind of pithy motivational language that just proliferates on social media platforms like Pinterest, so once one person said it was by Mandela, that just spread like wildfire. Story continues Snopes, the internet fact-checking site, confirms that Williamson, not Mandela, wrote those words in her 1992 book A Return to Love: Reflections on the Principles of a Course in Miracles . "Several years ago, this paragraph from A Return to Love began popping up everywhere, attributed to Nelson Mandelas 1994 inaugural address," Williamson said of the confusion about the text, according to Snopes. "As honored as I would be had President Mandela quoted my words, indeed he did not. I have no idea where that story came from, but I am gratified that the paragraph has come to mean so much to so many people." ('You Might Also Like',) 12 Weekend Getaway Spas For Every Type of Occasion What Your Favorite Champagne Brand Says About You Beauty Gurus Share Their Makeup Secrets for Older Women
Better Buy for Second Half of 2019: Microsoft (MSFT) vs. Amazon (AMZN) Stock Microsoft MSFT was the Dow’s top first-half performer in 2019 to help it once again become the world’s most valuable public company with a market cap of over $1 trillion. Meanwhile, Amazon AMZN stock easily topped the S&P 500, as the e-commerce giant continues to expand its reach. The two diversified tech firms compete in one of the most talked about and valuable markets. With July upon us, let’s see which of these stocks, MSFT vs. AMZN, looks like the better buy for the second half of 2019. MSFT Overview Microsoft’s Office and Windows businesses continue to thrive and evolve and are arguably as important to enterprises and individuals as ever before. The Redmond, Washington-based firm has also expanded its reach through acquisitions from Linkedin to GitHub. Yet it is Microsoft’s cloud computing business, headlined by Azure, which has driven MSFT’s climb in recent years. Microsoft’s Intelligent Cloud revenue jumped 22%, with Azure up 73%, during its third quarter of fiscal 2019. The company’s expansion into cloud computing has seen it compete directly with industry leader Amazon’s AWS and partner with the likes of Walmart WMT for cloud, artificial intelligence, and more. It is important to note that some firms have no interest in helping boost Amazon’s high-margin cloud business to help it expand its tentacles. More recently, MSFT detailed some of its cloud gaming plans, which seems to be the next frontier of the $135 billion global video game market, as Google GOOGL prepares to burst onto the scene this fall. AMZN Overview Amazon’s early adoption and fast cloud computing expansion gave the firm a huge leg up on its peers. And as we mentioned, it has helped AMZN become a profitable company. The company has also expanded deeper into the pharmaceutical industry and has the likes of FedEx FDX worried about its logistics business. But at its core, Amazon is still an e-commerce business. According to eMarketer, AMZN is set to capture 47% of total U.S. e-commerce sales in 2019—second place eBay EBAY is projected to account for 6.1%. The company’s ability to attract users to its $119 per year Prime memberships will remain key. Amazon has also promised to reduce shipping times for customers as Target TGT, Walmart, and others increase their digital offerings. Meanwhile, its Prime Video business looks poised to play a major role in the quickly expanding streaming TV ecosystem. Amazon’s ability to offer access to TV shows, movies, and some live sports all in one place could help it stand out against Netflix NFLX and soon enough Disney DIS and others. And not to be forgotten, Amazon is now the third-largest digital advertiser in the U.S., behind only Google and Facebook FB. Price Movement Shares of MSFT soared roughly 31.5% in the first half, compared to AMZN’s 26.7% climb. Amazon stock opened at $1,909.10 per share Friday, down roughly 7% from its 52-week highs. Microsoft opened at $134.57, roughly 3% off its 12-month highs. Looking back a bit, we can see that the two tech titans have been neck-and-neck for three years. Outlook Our current Zacks Consensus Estimate calls for MSFT’s Q4 fiscal 2019 revenue—due out in mid-July—to jump 8.8% to $32.73 billion, with full-year revenue expected to climb 13.1%. This would mark just the slightest slowdown from MSFT’s 14% top-line expansion in 2018. Meanwhile, the firm’s full-year fiscal 2020 revenue is projected to jump 10.6% above our 2019 estimate to reach $138.03 billion. Microsoft’s adjusted Q4 earnings are projected to climb 7.1%, with fiscal 2019 expected to climb 18%. Peeking ahead, the company’s 2020 EPS figure is expected to pop over 11% higher than our current year-estimate. Moving on, Amazon’s Q2 revenue—scheduled for late July—is expected to pop 18.2%. This would mark a slight uptick from Q1’s 17% climb. The e-commerce power’s full-year fiscal 2019 revenue is then projected to jump 18.2%, down from 31% revenue expansion in 2018. Peeking further ahead, AMZN’s 2020 revenue is expected to climb 17.6% higher than 2019. On top of that, AMZN’s adjusted full-year 2019 earnings are projected to pop 32%. The company’s fiscal 2020 EPS figure is then expected to come in 44% above our current-year estimate. Bottom Line Amazon has long been considered a growth stock, and it is still expected to post solid double-digit top-line gains. Yet, revenue expansion is projected to slow down significantly from where is has been in the recent past. This helps put AMZN and MSFT on more even footing in that department, with Amazon set to see its earnings jump much higher. In terms of valuation, Amazon’s price/sales ratio marks a significant discount compared to MSFT, as it has for the last five years. Microsoft does trade at a far lower forward earnings multiple (26X vs. 59X) and pays a quarterly dividend, with a 1.4% yield at the moment—AMZN does not pay a dividend. Microsoft and Amazon are Zacks Rank #3 (Hold) stocks at the moment that rest near their 52-week and all-time highs. With all this in mind, both stocks present investors exposure to the booming cloud market, along with many other growth sectors. Therefore, it seems like a toss up at the moment. A slight advantage could, however, be given to MSFT if we take into account possible government intervention of Amazon. Today's Best Stocks from ZacksWould you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.See their latest picks free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportThe Walt Disney Company (DIS) : Free Stock Analysis ReportAmazon.com, Inc. (AMZN) : Free Stock Analysis ReportNetflix, Inc. (NFLX) : Free Stock Analysis ReporteBay Inc. (EBAY) : Free Stock Analysis ReportFacebook, Inc. (FB) : Free Stock Analysis ReportAlphabet Inc. (GOOGL) : Free Stock Analysis ReportMicrosoft Corporation (MSFT) : Free Stock Analysis ReportTarget Corporation (TGT) : Free Stock Analysis ReportWalmart Inc. (WMT) : Free Stock Analysis ReportFedEx Corporation (FDX) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research
These 6 School Stocks Are Worth Considering The neat thing about investing is that there are so many industries, situations and sentiments to pick from that in any given situation, there are things you can do to increase your capital. Finding the right stocks is the key to the situation. Today, I like school stocks, and why do I like them? Well because everyone is so concerned escalating trade tensions with China that they feel insecure about the future. And when you feel insecure, you try to upgrade or add to your skills. And guess who makes money from that. So how bad is it? The Conference Board’s consumer confidence index declined to 121.5 in June, a 21-month low. That’s also way below the 131.1 that analysts polled by Reuters were looking for and the 131.3 posted in May. Senior director Lynn Franco said that “Although the Index remains at a high level, continued uncertainty could result in further volatility in the Index and, at some point, could even begin to diminish consumers’ confidence in the expansion.” From the release: “Consumers' appraisal of current-day conditions declined in June. Those claiming business conditions are 'good' decreased from 38.4 percent to 36.7 percent, however, those saying business conditions are 'bad' also decreased, from 11.7 percent to 10.9 percent. Consumers' assessment of the labor market was also somewhat less upbeat. Those saying jobs are 'plentiful' decreased from 45.3 percent to 44.0 percent, while those claiming jobs are 'hard to get' rose from 11.8 percent to 16.4 percent.” So there you have it. People are getting more concerned about how far their current qualifications will get them. This seems like quite the time to get into schools, so here are a few with attractive Zacks ranks- Strategic Education Inc. STRA Headquartered in Herndon, Virginia, Strategic Education offers working adults undergraduate and graduate degree programs in business and public administration, accounting and information technology. Financial considerations- Zacks Rank #1 Growth Score A Revenue and earnings are expected to increase a respective 55.68% and 36.21% in 2019 Average 4-quarter earnings surprise is 12.24% The 2019 EPS is up 43 cents (7.1%) in the last 60 days YogaWorks, Inc. YOGA Based in Culver City, YogaWorks as the name indicates, operates in the fast growing yoga instruction space. It offers yoga classes, integrated fitness classes, workshops, teacher training programs and yoga-related retail merchandise through its Yoga Works and Yoga Tree studios. The company operates primarily in Los Angeles, Orange County, New York City, Northern California, Boston and Baltimore/Washington D.C. Zacks Rank #1 Momentum Score B The earnings surprise trend is improving (+8.00% and +10.53% in the last two quarters) Loss per share is expected to go down significantly from 88 cents last year to 73 cents in 2019 as revenue remains more or less steady. Bright Horizons Family Solutions Inc. BFAM Bright Horizons Family Solutions is also likely to benefit from the trend as it takes care of your kids while you work longer hours. Based in Watertown, Massachusetts, the company manages child care centers for corporations, hospitals, universities and government agencies. It focuses on employer-sponsored child care, early education (infant/toddler/preschool care and education, kindergarten, school-age), summer camps, full and part-time child care, and backup care. The company operates primarily in North America, Europe and India. Zacks Rank #2 Growh Score B Revenue and earnings expected to grow 8.57% and 12.77%, respectively in 2019 The last four quarters’ average earnings surprise is 3.01% Career Education Corporation CECO Career Education Co. operates through the American InterContinental UniversityR (AIU) and Colorado Technical UniversityR (CTU). It provides degrees, masters and doctoral levels of education in a career-focused environment. It also has the intellipathTM adaptive learning platform that allows students to collect course credit for knowledge they can demonstrate. Zacks Rank #2 Growth Score A Revenue and earnings expected to be up a respective 3.48% and 11.43% in 2019 The average 4-quarter EPS surprise is 2.83% The 2019 EPS estimate is up 2 cents to $1.17 in the last 60 days Grand Canyon Education, Inc. LOPE Grand Canyon Education, Inc. is a regionally accredited provider of online postsecondary education services focused on offering graduate and undergraduate degree programs in its core disciplines of education, business and healthcare. In addition to its online programs, it offers programs at its traditional campus in Phoenix, Arizona and onsite at the facilities of employers. Zacks Rank #2 Revenue and earnings expected to be up a respective -8.16% and 11.11% in 2019 The average 4-quarter EPS surprise is 8.76% The 2019 EPS estimate is up 12 cents (2.34%) Lincoln Educational Services Corporation LINC Lincoln Educational is a leading and diversified for-profit provider of a career-oriented post-secondary education headquartered in West Orange, New Jersey. It offers recent high school graduates and working adults degree and diploma programs in four principal areas of study: automotive technology, allied health (which includes programs for medical administrative assistants, medical assistants, pharmacy technicians and massage therapists), skilled trades and business and information technology. Zacks Rank #2 Momentum Score A Revenue and earnings expected to be up a respective 2.82% and 148.15% in 2019 2019 EPS remains unchanged You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Today's Best Stocks from Zacks Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%. This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year. See their latest picks free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportCareer Education Corporation (CECO) : Free Stock Analysis ReportBright Horizons Family Solutions Inc. (BFAM) : Free Stock Analysis ReportGrand Canyon Education, Inc. (LOPE) : Free Stock Analysis ReportLincoln Educational Services Corporation (LINC) : Free Stock Analysis ReportStrategic Education Inc. (STRA) : Free Stock Analysis ReportYogaWorks, Inc. (YOGA) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research
Taco Bell's pop-up hotel was fully booked in two minutes Taco Bell is offering fans an immersive brand experience in Palm Springs as the fast food chain bringsThe Bell: A Taco Bell Hotel and Resortto life. From August 8 to the 12, Taco Bell is taking over the V Palm Springs. Rates for the “‘tacoasis’ in the desert” started at $169 and went up to $300 per night. The hotel will feature exclusive apparel, an on-site salon for Taco Bell-inspired nail art and hair styling, and of course, food. Fans were so excited to scoop up the limited-time-only reservations that rooms for the two-week pop-up called The Bell sold out in less than two minutes. “Everything from guest rooms to breakfast and poolside cocktails will be infused with a Taco Bell twist,” the company said in a press release. “Because who doesn't want to float on the Taco Bell hot sauce packets in a pool?” Yahoo Finance’s Kristin Myers asked Dan Roberts and Akiko Fujita on YFi AM. This isn’t the first time Taco Bell has created an experience to engage with customers outside of the restaurant. But it is the largest. “The Bell stands to be the biggest expression of the Taco Bell lifestyle to date. It will be fun, colorful, flavorful and filled with more than what our fans might expect,” Chief Global Brand Officer Marisa Thalberg said in a press release. “Also, just like some of our most sought-after food innovation, this hotel brings something entirely new for lucky fans to experience and enjoy.” Taco Bell has previously launched a speakeasy and a virtual reality arcade, created a clothing line with retailer Forever 21, and announced it would host weddings at the company’s Las Vegas flagship Cantina. Katie is an associate editor at Yahoo Finance. Follow her onTwitter. Read More: • Taco Bell is testing plant-based proteins • Beyond Meat stock rebounds, 'meatier Beyond Burger' rolls out Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit.
A Conversation on ESG Investing With JUST Capital CEO Martin Whittaker Martin Whittaker is the CEO of JUST Capital, and he serves on the Carbon Disclosure Project North America board of directors. In this interview, Fool analysts John Rotonti and Maria Gallagher talk to Whittaker about JUST Capital's not-for-profit, unbiased, and transparent approach to providingenvironmental, social, and governance (ESG)research and rankings, how it incorporates the public's priorities into its rankings, how JUST Capital engages with corporate America to help businesses improve their ESG scores, how Whittaker sees ESG evolving over the next several years, and so much more. JUST Capital CEO Martin Whittaker (Image Source: JUST Capital.) The Motley Fool:JUST Capital has exploded into the ESG field over the last five or six years, and it's one of our favorite sources of ESG research at The Motley Fool. Can you please tell our readers about JUST Capital? What's its history? Who are its founders? What's its mission? And what does JUST Capital do? Martin Whittaker:Well thank you, that's kind of you to say. We are very passionate about what we do. In a nutshell, JUST Capital is an independent nonprofit organization, which believes that business, and capitalism, can and must be a force for greater good. We create research, rankings, and data-driven tools to empower people to invest in, work for, buy from, and support companies that most align with their priorities. The ultimate goal is to build a more just marketplace that works for all Americans, one that deals with people's economic insecurities and heals fear and division. The fault lines of capitalism cause widening inequality and social conflict, and undermine our ability to mount sustained, collective efforts to tackle our most pressing challenges: education, health, local and global environmental well-being, community vitality, upward mobility, and more. We are essentially trying to fix the misalignment between how markets currently function, and how we -- as a society -- need them to function. We seek to be completely unbiased and independent, so our work is trusted. We want the data we gather, and the rankings and products we produce, to be known as the most credible in the industry. Transparency is at the heart of everything we do. We were founded in 2013 by a group of concerned people from the world of business, finance, and civil society -- including Paul Tudor Jones II, who is our chair, Deepak Chopra, Rinaldo Brutoco, Arianna Huffington, Paul Scialla, and others. They wanted to create a race to the top, where we incentivized large corporations to take a leadership role in tackling some of the country's most pressing social problems. Without markets as part of the solution, it will always be an uphill battle. Since that time, we've published an annualRanking of America's Most JUST Companies, created theForbes JUST 100 List, launched an award-winning newESG ETF, releasedgroundbreaking researchon the business case for just business behavior, and much more. The Motley Fool:As CEO of JUST Capital, what are your priorities, and where do you focus your time and attention? Whittaker:My priority is to make sure JUST achieves its mission as effectively and successfully as possible. That means setting overall objectives and working with the team to develop and execute strategy, and drive the outcomes we want. In the early years I was focused on all things you need to do to build an organization from scratch. Now that we are more established, I tend to divide my time between the major strategic questions and challenges, addressing the critical operating issues -- board matters, raising money, building our brand, etc. -- and representing us externally. Overall, I try to bring a vision for where we need to go. We feel a strong sense of urgency. We have a major opportunity before us to create a new framework for how markets work in this country and around the world, and how they align more closely with people's core values. ApplyingAdam Smith's Theory of Moral Sentiments, you might say. The Motley Fool:Can you discuss JUST Capital's ESG framework and some of the criteria you use to rank companies? Whittaker:Sure. First of all, we don't think of it as an ESG framework. We think of it as a framework that captures the public's priorities and defining criteria for just corporate behavior. We give the public a blank sheet to identify these criteria -- or core issues -- and how important they should be in the model. To capture these issues in both a holistic and detailed way, we carry out a very comprehensive and structured series of focus groups, surveys, and polls, each and every year. Since 2015, we've reached more than 85,000 Americans on a fully representative basis. Year over year, the public has prioritized worker pay and well-being as the top issue for companies, followed in 2018 by customer treatment, product quality, environmental impact, job creation, community health and well-being, and leadership and shareholders. So these are the seven overall themes, and under each we identify more specific criteria for measurement, which we call components. There are roughly 40 in total, looking at whether companies pay a living wage, provide worker training, prioritize diversity and inclusion in their workforces, respect customer data privacy, support their local communities, source locally, create good jobs, and even generate long-term profitability. The Motley Fool:Does JUST Capital put more emphasis on one particular area within ESG (either the "E," the "S," or the "G"), and how is JUST Capital's research and/or ranking system different from that of other ESG research providers? Whittaker:Because our rankings are based on the priorities of the public, we don't place emphasis anywhere; we simply reflect how the public feels about business behavior. As it turns out, the public does in fact focus a lot on what in ESG parlance is the "S." When you look across all the things we measure, the majority relate to how people, or communities, are served by companies. Worker pay and well-being are the most heavily weighted, and accounted for 25% of a company's score in 2018. That's not to say environmental and governance issues aren't important -- they clearly are. But the priority for most people is the human or social dimension. The overall model incorporates a holistic view of business practices -- from whether companies pay a living wage to whether they mitigate customer privacy issues to whether they minimize greenhouse gas emissions. Company scores are based on all these issues -- and strong performance in our rankings, and inclusion in the JUST ETF, is contingent upon high scores across the board. This is one of the things that differentiates us from other ESG research providers: the range and nature of issues we cover. We are also the only research organization that uses the priorities of the public as a guide for corporate analysis, ranking, and fund management. Our data on public sentiment on corporate behavior, and how people think about corporate purpose, is truly unique. Another major difference is our level of transparency -- many other ESG providers are black-box models in which analysts determine ratings according to expert models. We are totally transparent. We show the companies we rank everything -- the data and the data sources, our scoring methodology, our metrics, all the polling data, everything. We invite them to critique our methodology, engage with our research team, question aspects of our work, and even give us data. We want to reflect their performance as accurately and as openly as possible. Ourfull methodologyis published on the website. The other major difference, which is actually very important, is that we are not simply a ranking or rating company in the business of selling ratings. We are a nonprofit with a crucial mission. This means that our process, our rankings, our metrics, and our data are geared toward achieving actual outcomes -- to measuring the changes that companies are making across the issues we track, in order to drive change. Measuring actual impact, and ultimately outcomes, is a major differentiator. The Motley Fool:In ESG investing, there's increasing emphasis on identifying and analyzing "material" ESG issues for different companies and industries. How does your focus on typical Americans' opinions on the priority of certain issues fit within the materiality conversation? Whittaker:In our conversations with the public, and in our survey work, we don't limit the scope to issues deemed to be material. We simply want to know what people define as being just -- meaning fair, ethical, or right. That said, the upshot of all this work has been to capture issues that we believe are deeply material to corporate competitiveness, social standing, performance, and financial returns. We have created an entire workstream dedicated to assessing the question of financial materiality of the just model components, which we callJUST Alpha, and the results of this work support the case for just performance as a driver of return. On the one hand, it's not surprising. A company that looks after its employees, treats customers well, invests in communities, makes healthy and beneficial products, drives job creation, and is led with integrity is pretty much bound to be a great company. There's also an element of the wisdom of the crowds. In the same way that Peter Lynch in the 1980s would pick companies by walking around retailers and seeing what was moving off the shelves, we have identified companies by crowdsourcing the things American workers, investors, customers, and community members prioritize. It's no surprise these things are material. JUST companies routinely post higher ROEs (return on equity) than their counterparts, and our flagship index has outperformed its benchmark by over 300 basis points since inception. The Motley Fool:Can you briefly explain JUST Capital's ESG research process and what are some of the sources you use to gather information on a company's ESG profile in order to provide them with a JUST ranking? Whittaker:As we've discussed, we base our rankings on our comprehensive annual survey -- and in 2018, Americans identified seven key issues that define just business behavior, which are then broken down into 36 components (also derived from our polling) that are weighted according to the public's priorities. To produce the rankings, we identify, collect, and analyze data from a diverse range of public sources -- including CSR (corporate social responsibility) reports, company websites, and media -- on how each company actually performs across the various components, utilizing over 110,000 data points across 76 unique metrics. This process isindependent, transparent, and unbiased, and we take care to gather the best and most reliable information we can. We share this analysis with each company before we publish it, giving them the opportunity to provide feedback and share any additional or up-to-date data. We also work with a diverseResearch Advisory Councilof academics, economists, and subject matter experts, who advise us on how we can best measure corporate behavior. And finally, we provide full transparency on ourmethodology, to ensure what we are doing and how we are doing it is accessible and understandable to anyone. The Motley Fool:What types of products (research, indexes) do you provide, and who is your target audience? Whittaker:We provide a number of products and tools to help people invest in, work for, buy from, and support companies that align with their priorities. First, our Rankings of America's Most JUST Companies, published in partnership with Forbes, evaluate the largest, publicly traded U.S. companies against the priorities of the public. People viewing therankingscan explore how companies rank overall, how they rank by industry, and how they rank on the core issues identified by the public. They can also compare companies head-to-head, or compare company scores against JUST 100 and industry-average benchmarks. Ranked companies themselves have access to our corporate portal, where representatives can explore their scores, benchmark their performance, and provide feedback on their data. Each company included on the JUST 100 and Industry Leader lists are awarded a JUST Seal to display on their websites, products, and environments, as well as in advertising and promotional materials. The Seal acts as a badge of honor for corporations that are leading change on the issues Americans care about most. We currently havetwo indexes that track our rankings-- the JULCD, which looks at the top 50% of companies by industry in our rankings and forms the basis of the JUST ETF -- and the JUONE -- which tracks the top hundred companies (the JUST 100) in our rankings. We've also published research- and data-driven tools to help investors, companies, and the general public better understand how companies perform on the issues that matter most -- including ourRankings on Corporate Tax Reform, theWin-Win of JUST Jobs, theTop 100 Companies Supporting Communities and Families, and ourJUST Alpha researchon the investor case for just business. The Motley Fool:What are the 10 currently highest-ranked JUST companies? Whittaker:In 2018, the top 10 companies were: 1. Microsoft(NASDAQ: MSFT) 2. Intel(NASDAQ: INTC) 3. Alphabet(NASDAQ: GOOGL)(NASDAQ: GOOG) 4. Texas Instruments(NASDAQ: TXN) 5. International Business Machines(NYSE: IBM) 6. NVIDIA(NASDAQ: NVDA) 7. VMware(NYSE: VMW) 8. Procter & Gamble(NYSE: PG) 9. Adobe Inc.(NASDAQ: ADBE) 10. Cisco Systems(NASDAQ: CSCO) The Motley Fool:Can you dive into one of those 10 businesses and explain why it scores so highly on JUST Capital's ESG framework? Whittaker:Our No. 1 companyMicrosoft tops the listto no one's great surprise -- their high score is largely a product of performing well across all the issues the American public deems important. For example, the tech giant conducts regular pay equity analyses and found in 2017 that male and female employees are paid equally. On the environmental front, Microsoft's global operations achieved 100% net carbon neutrality in 2012 -- a major endeavor that spanned over 100 countries. In January, Microsoft made a major commitment to its local community, announcing that it wouldinvest $500 millionin affordable housing in Seattle, and within the last year, it has made efforts toaddress data privacy issuesandpush for paid parental leave among its suppliers. In other words, Microsoft is strong in many areas of its business -- and its leadership on these core issues earns the company the top spot in our rankings. The Motley Fool:Do you engage with the companies that you are ranking to inform them about areas where they are strong as well as areas where there is potential room for improvement in their ESG profile? Whittaker:Absolutely. Of the 890 companies we rank, we're engaged in some way with 355 of them. That includes reviewing their performance relative to their peers on issues of importance to the American public, conversations about where they're leading and lagging, and overall questions and ideas for ways to signal leadership. We're also having a lot of conversations behind the scenes, convening companies on issues like human capital transparency and living wages, as well as how they can empower and invest in their employees, with a particular focus on the front-line workforce. Fundamentally, we are committed to achieving our mission, which is creating a more balanced and inclusive form of capitalism, and that has to include engaging with companies across issues. The Motley Fool:Are companies, in general, receptive to your feedback, and do you find that they are motivated to make changes to improve their ESG profiles? Whittaker:They absolutely are. One head of sustainability recently told us that the way we quantify ESG has allowed her company to connect the dots internally on the focus, from treatment of workers to environmental impact to overall performance. In theirproxy statement this year, General Motors CEO Mary Barra's compensation for 2018 is tied in part to her company's score in our rankings, which we hope to see more of. Certainly, there's a range of interest, but fundamentally we believe and are seeing, that companies want to be better and just need some help understanding how to get there. The Motley Fool:Tell us about theJUST Scorecard. Whittaker:We often hear from corporate leaders that they are looking for more tools and resources that can help them align their business practices with the values of the American public.The JUST Scorecardbuilds on our survey results and the metrics we use to evaluate companies and creates a resource for them to use in starting a discussion around their current status and future goals for their corporate practices. There are also more sophisticated digital tools in our corporate portal for companies to benchmark their practices against industry averages or the scores of their peers. This is something we are keen to build out, as we know companies want more guidance on how to actually improve their performance. The Motley Fool:Please tell us about the JUST U.S. Large Cap Diversified Index (JULCD). How is it structured? What are its fees? And how has it performed over time? Whittaker:The JULCDis the flagship JUST Capital index, based on our Rankings of America's Most JUST Companies and calculated by FTSE Russell. It tracks the top 50% of companies ranked by JUST Capital by industry and is constructed to match the Russell 1000 industry weights. The JULCD Index began live trading in November 2016. Cumulative performance for the JULCD versus the Russell 1000 since inception on November 30, 2016, is 44.7%, compared with 40.58% for the Russell 1000. The JULCD has returned 412 bps outperformance over the Russell 1000 since inception. There are no fees on indexes, but the JUST ETF -- which tracks the JULCD -- has a fee of 20 basis points. The Motley Fool:What is the Goldman Sachs JUST U.S. Large Cap Equity ETF(NYSEMKT: JUST)? How is it different from the JULCD index, and what is JUST Capital's relationship with Goldman Sachs? Whittaker:JUST Capital has a range of investable research. In order to support our mission of driving capital toward just companies, and to broaden our presence within the investor community with a strong partner, we licensed the JULCD Index to Goldman Sachs Asset Management (GSAM). On June 13, 2018, GSAM launched theGoldman Sachs JUST U.S. Large Cap Equity ETF-- the first ever exchange-traded fund designed to align with the American public's priorities for just business behavior, based on JUST Capital's research. The ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JULCD. TheJUST ETFended its first day as one of the most successful ESG ETF launches to date and was named best new ESG ETF of 2018 byETF.com. The Motley Fool:There islots of research indicating that companies that prioritize ESG generate high returns on invested capital(ROIC) and alpha (or market outperformance). Why do you think this is? Do you think it's because high-quality companies that generate high ROIC have the excess free cash flow (FCF) that can be used to invest in ESG initiatives? Or do you think it's because companies that prioritize ESG take a holistic, systems-based approach to managing all aspects of their business well, and that these businesses understand that treating all stakeholders (including employees, customers, suppliers, communities, and the planet) well is a way to both mitigate risk and drive long-term sustainable growth? Perhaps it's a bit of both? Whittaker:This is the classic question about what comes first -- profitability or ESG leadership. I think it begins with company leadership taking a more holistic, expansive approach to what drives value for their business over the long term, across their stakeholders, and then investing in these areas as a way to reduce risk and create higher-quality, sustainable growth. Successful CEOs, investors, and business leaders will know this. The idea that only high-quality companies that generate a lot of FCF can decide to invest in ESG initiatives seems to me to be flawed. For one thing, if they are that successful without considering ESG issues, why would they change their ways and start to do that? That logic also implies that ESG issues are luxury items, or investments that can only be made once you are successful. I don't think you need to pass some profitability threshold before you start to offer a fair wage, or great training for your employees, or make healthy products, or behave ethically. That doesn't make any sense to me. Great businesses, profitable businesses, look after their stakeholders first and foremost; that's what makes them successful, and it's where the excess ROIC and alpha come from. How you measure that effectively is the tricky part. The Motley Fool:Do you think that having a corporate culture that prioritizes ESG is a long-term sustainable competitive advantage that is underappreciated by the market, and perhaps another reason why companies with strong ESG scores generate high ROIC and beat the market over time? Whittaker:I certainly think that having a culture that values these factors is important for companies to compete effectively today, that the market is figuring out how to process it, and that these issues will become more, not less, important over time. We have seen, for example, that the most just companies in almost every sector outperform their lowest-ranked peers. We have found that just companies have higher operating margins, and that they often have higher price-to-book ratios. That said, I do get concerned about oversimplifying things. It's more complicated than simply equating a higher ESG or just score with a higher ROIC. There are no guarantees, obviously, and understanding the causal connections between just performance, ROIC, and market valuation is something that will take a lot more research and analysis. Part of the challenge, as we've discussed, is how you measure "ESG," and what that even means. There are many ways to do it, and not all are meaningful or based on high-quality data. Obviously, I think we have built a model that is unique and very credible and offers a new way for investors to think about companies. But I would be very cautious in making claims about causal factors that allow investors to consistently beat the market. The Motley Fool:JUST Capital recently released a list of theTop 100 U.S. Companies Supporting Healthy Communities and Families. Please tell us about this list and some of the criteria you used for the rankings. Whittaker:With support from Robert Wood Johnson Foundation, JUST Capital released this list to elevate the companies taking the lead on supporting healthy communities and families, tracking their performance on key issues -- from paying a living wage and providing good benefits to maintaining strong community relationships and minimizing pollution. We found that, compared with other companies in the Russell 1000, the top 100 performers on the list on average pay 87% of their workers a living wage (vs. 75%), produced 52% lower greenhouse gas emissions intensity in 2017, and generated 3% higher ROE over the last three years. Through its impact on jobs, housing, transportation, education, and the environment, business plays a critical role in building a culture of health. By shedding light on these issues, we hope our list sparks a dialogue around how companies can invest in the improved health and well-being of communities where they operate, driving a true culture of health in America today. The Motley Fool:Does JUST Capital publish a list of "green" companies that strive to grow their business in an environmentally friendly manner? Whittaker:For Earth Day this year, we published a list of theTop 33 Companies for the Environment by Industry, which showcases how leading companies -- across all industries -- are moving the needle forward on environmental impact. As part of this research, we also found that industry leaders for the environment earn a higher median ROE than their peers, confirming that leadership on environmental issues is not just good for the planet, it's good for business. The Motley Fool:You partly rank companies on how "justly" they treat their employees. Would you mind discussing JUST Capital's own workplace culture and your efforts regarding equitable pay, healthcare benefits, diversity, inclusion, employee engagement and development, and work-life balance? Whittaker:This is a big priority for us. We have invested heavily in modeling the just business behaviors we track and analyze at big companies. We strive to create a culture that is supportive, aligned, and results oriented. We provide best-in-class healthcare benefits, flexible work-life balance policies, and we ensure that all employees are compensated in a fair, equitable, and competitive way, not only in relation to nonprofit peers but comparably sized private-sector companies. For instance, we offer top-shelf health, vision, and dental care; 20 personal-time-off days; 15-plus holidays, 5 sick days, and a flexible work-from-home policy; a 401(k) retirement plan with employer matching; as well as subsidized gym, Citi Bike, and pre-tax commuter benefits. We have built a diverse team, and offer training on leadership, unconscious bias, and other areas that relate to specific skills. We are very proud of the culture we've created, but we know it is a work in progress that requires continual attention and investment. The Motley Fool:What's next for JUST Capital? Will you be throwing ESG conferences? Have you considered releasing deep-dive company-specific ESG reports? Whittaker:We are in expansion mode. We want to broaden the number of companies we cover, invest in our data and research capabilities, expand the programs work we are doing, and continue to grow the brand. Building a better ESG data platform is critical to unlocking the investment dollars seeking to move into the space, and we are working hard on that. One of our goals is to support the launch of more JUST fund products, across different asset classes and investment strategies, and to build tools so that investors and corporate leaders can use our data to drive decision-making. We are certainly planning a bigger conference and are seeking partnerships now for that. We also have some major initiatives planned to raise our organization's profile and spark a national movement for a more just marketplace. The Motley Fool:Where do you see ESG investing going over the next 5 or 10 years? Whittaker:I see it moving away from ESG to mainstream investing. The demand for ESG solutions is so great right now, that in 10 years, I expect it will be unusual NOT to have some form of ESG or JUST overlay or input associated with an investment strategy. I also think there will be a major step forward in data and transparency. One of the things I am convinced about is that the application of data science techniques will fundamentally impact the ESG data world. I can even see the traditional ESG ratings industry disappearing, as market regulation on ESG disclosure and the push for greater ESG data transparency take root. There will also be major advancements in terms of how we assess the ultimate impacts and outcomes of ESG. Part of our key points is that this isn't about managing the externalities but instead fundamentally running companies in ways that better quantify their impacts and abilities to address major social and environmental problems. The Motley Fool:Is there anything that investors should be aware of as they start to learn more about ESG investing and as ESG investing grows in size? In other words, are there any pitfalls to ESG? Whittaker:One of the things I always caution ESG investors about is managing expectations. Be careful. Understand your own objectives. ESG investing is like anything else. It can be done well, or it can be done badly. Don't assume it will lead to higher returns, or that it will produce the impact outcomes you seek. To identify the strategies that produce both returns and ESG impact takes work and experience, but it can be done. Be as disciplined about your analytical and research processes on ESG as you are about everything else; ask the tough questions about the underlying data, the assumptions baked into ESG strategies, and understand what you want to get out of it. Done well, it can be very rewarding. The Motley Fool:Is there anything else you'd like us to know about JUST Capital? Whittaker:Only that we are open for business and seeking partnerships with anyone who reads this. The more people and organizations that use our data, rankings, products, and research, the better. Our mission has never been more important. We really need to get markets focused on addressing our social and environmental challenges and restore faith that capitalism can work for more Americans. Thanks for the chance to talk about JUST Capital! Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors.John Rotontiowns shares of Adobe Systems, Alphabet (C shares), NVIDIA, Procter & Gamble, and Texas Instruments.Maria Gallagherhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Microsoft, and NVIDIA. The Motley Fool owns shares of Texas Instruments. The Motley Fool is short shares of IBM and Procter & Gamble. The Motley Fool recommends Adobe Systems and VMware. The Motley Fool has adisclosure policy.
New on Netflix in July 2019: 20 New Netflix Movies to Watch This Month What's new on Netflix (NASDAQ:NFLX) in July 2019?There are plenty of new Netflix movies hitting the popular online streaming site and app this coming month, which is only two and a half days away. Martin Scorsese's art will be on display throughout the month as several of his movies will be available on the video platform, including Taxi Driver and Mean Streets.We will also be privy to some great shows making their much-heralded returns to the online streaming site such as Stranger This, which will be debuting its third season after a two-year absence. However, today we're focusing on the cinematic offerings that Netflix will be sending your way throughout July.InvestorPlace - Stock Market News, Stock Advice & Trading TipsExpect Disney to make its presence known on the site before it rolls out its own streaming platform-Race to Witch Mountain will be made available to users during the month. The Princess and the Frog is another Disney title that you can expect to see on the site next month.Here are 20 movies that highlight what's new on Netflix in July: July 1 * Alice Doesn't Live Here Anymore: PG/Drama * Astro Boy: PG/Animation * Caddyshack: R/Comedy * Charlie and the Chocolate Factory (2005): PG/Adventure * Cheech & Chong's Up in Smoke: R/Comedy * Cloverfield: PG-13/Action * Disney's Race to Witch Mountain: PG/Action * Mean Streets: R/Crime * Megamind: PG/Animation * Philadelphia: PG-13/Drama * Rain Man: R/Drama * Scream 3: R/Horror * Starsky & Hutch: PG-13/Comedy * Swordfish: R/Crime * The Hangover: R/Comedy * The Pink Panther: NR/Comedy July 9 * Disney's Mary Poppins Returns: PG/Comedy * Kinky: R/Drama July 16 * Disney's The Princess and the Frog: G/Animation July 22 * Inglourious Basterds: R/AdventureNFLX stock is down about 0.8% on Friday. More From InvestorPlace * The Top 8 Tech Stocks of 2019 (So Far) * The 7 Top Small-Cap Stocks Of 2019 * 7 Stocks to Buy for a Dovish Fed Compare Brokers The post New on Netflix in July 2019: 20 New Netflix Movies to Watch This Month appeared first on InvestorPlace.
Thank Elizabeth Warren for the Bitcoin Price Surge Not that long ago, economist Tyler Cowen toldbitcointo “put up or shut up.” Following the cryptocurrency’s ridiculous ascent during the first half of the year, the George Mason University professor finds himself forced to begrudgingly admit that the nascent asset is “probably here to stay.” And he says you can thankElizabeth Warrenfor that. Writing in aBloomberg Opinioncolumn, Cowen lays out his best explanation for the bitcoin price’s triumphant – and breakneck – march to as high as $13,880 this week from a low of $3,122 in December 2018 (prices from Bitstamp). He fingers most of the usual suspects. TheUS-China trade war. Facebook’sLibra cryptocurrency.Geopolitical risksin the Middle East and elsewhere. Read the full story on CCN.com.
Olivia Jade and Her Ex-Boyfriend Jackson Guthy Really Are Dating Again Photo credit: Robin Marchant - Getty Images From ELLE Forget what Us Weekly said about Lori Loughlin's daughter Olivia Jade and her ex-boyfriend Jackson Guthy loving attention so much that they purposely posted a kissy Instagram Story to get people to speculate about their relationship status. Entertainment Tonight has been told that Olivia and Jackson are officially back together, thanks to the very same college admissions cheating scandal that broke them up last month . “Olivia is seeking support from her friends,” the outlet's source said of how Olivia is coping with her parents' legal troubles after they allegedly paid $500,000 to make it look like Olivia and her sister were rowing team recruits to guarantee their admission to USC. (Her parents Lori and Mossimo Giannulli pleaded not guilty to their indictments, which could give them a maximum 40-year jail sentence each.) “She and her boyfriend have reconciled for the time and spending time with him helps to separate her from the situation.” Photo credit: Instagram Us Weekly reported 10 days ago that Olivia was still pretty attached to Jackson. “Olivia and Jackson are not back together, but she calls him to hang out and still seems emotionally dependent on him a little bit,” a source said. “They are still friends and have the same group of friends, so they will continue to see each other, but are not romantic.” A second source asserted that Jackson has really tried to be present as Olivia copes with her world as she knows it altering. (Olivia's USC admission status has been on hold as the university makes a decision on whether or not to expel her, and her career as an influencer has also been on pause as the scandal's aftermath dominates headlines and deters businesses from working with her .) "Jackson has been there for Olivia, whether it be the occasional coffee run or just being physically near her. He’s trying to be supportive. It hasn’t always been easy, given the crazy amount of spotlight on them right now." ('You Might Also Like',) 10 Pairs of White Sneakers That Go With Everything 50 Surprising Things You Never Knew About 'Sex and the City' 20 Serums to Solve All Your Skincare Problems
AMD Denies Improperly Giving Sensitive Chip Technology to China Advanced Micro Devices on Friday denied a report that it had improperly transferred critical microprocessor technology to Chinese partners. On Thursday,The Wall Street Journalreportedthat AMD’s 2016 joint venture known as Tianjin Haiguang Advanced Technology Investment, or THATIC, allowed a company with ties to the Chinese military to obtain chip technology that could boost China’s supercomputer efforts. The story came a week after the U.S. Commerce Departmentspecifically bannedAMD’s Chinese partners from accessing such U.S. technology, effectively ending the joint venture. But AMD pushed back on Friday morning, saying that the technology used in the joint venture did not involve its high performance chips and had been approved for sharing by the Commerce Department. “The Wall Street Journal story contains several factual errors and omissions and does not portray an accurate picture of the joint ventures that AMD entered into with THATIC in early 2016,” AMD general counsel Harry Wolinsaid in the statement. “AMD takes strong exception to characterizations in the story that it did not act properly or transparently in creating the joint ventures.” The newspaper “stands by its reporting,” spokeswoman Colleen Schwartz said in response to a request fro comment fromFortune. The story cited retired Brig. Gen. Robert Spalding, a former staffer on the National Security Council, as saying AMD had shared “the keys to the kingdom” of U.S., microprocessor technology. Spalding left the NSC last yearafter a controversy over a proposal he wrote, titled “The Eisenhower National Highway System for the Information Age,” suggesting a government-led effort was needed to accelerate the arrival of 5G wireless service. AMD disputed Spalding’s characterization of the technology it shared in the joint venture. “AMD received no objections whatsoever from any agency to the formation of the joint ventures or to the transfer of technology – technology which was of lower performance than other commercially available processors,” the company said. “In fact, prior to the formation of the joint ventures and the transfer of technology, the Department of Commerce notified AMD that the technology proposed was not restricted or otherwise prohibited from being transferred. Given this clear feedback, AMD moved ahead with the joint ventures.” The story didn’t sit well with chip industry consultant and former AMD employee Patrick Moorhead. “Having known AMD for close to 30 years, I will say its legal department is the most conservative and risk-averse I have ever worked with,” henoted on Twitter. “EVER. Conservative to a fault, losing opportunities and exasperating marketing VPs, CMOs and CSOs.” AMD’s stock price, which has rocketed up 65% this year, was down 1% in midday trading on Friday.
Dan + Shay Thought Joe Jonas and Sophie Turner's Surprise Vegas Wedding 'Was a Prank' Joe Jonas and Sophie Turner caught many of their famous friends off guard with their surprise May 1 wedding in Las Vegas, including country duo Dan + Shay . The newlyweds, who will be having a second wedding ceremony in France this weekend, tied the knot after their Billboard Music Awards performance at the famous A Little White Wedding Chapel. “For the longest time, we weren’t sure if we could talk about it,” Shay Mooney said on the Today show Friday about performing their song “Speechless” acoustically before the Game of Thrones actress, 23, walked down the aisle. “We were like so hush about it. They texted us a few days before,” Dan Smyers recalled. “We thought it was like a prank and we’re like, ‘Sure, we’ll do it.’ We were so DL, we didn’t tell anyone on our team. We’re like, ‘We just have this, like, engagement after the award show.'” Michael Loccisano/Getty; Andrew Toth/Getty And the pair’s performance would’ve been hush-hush if it weren’t for Diplo, who live-streamed the ceremony on Instagram. “We get there and our phones are blowing up and everyone’s like, ‘Diplo’s live on Instagram and he’s doing this wedding and you guys are singing. This is so crazy.’ I think still to this day we’re like, ‘Should we talk about this?’ It was so fun though,” Smyers said. RELATED: Joe Jonas Reveals His Parents Learned About His Surprise Vegas Wedding to Sophie Turner Online Diplo Instagram A source previously told PEOPLE that the two were planning a more traditional ceremony in Europe for this summer, but “had to get married in the States to make it legal .” And Jonas, 29, previously opened up about not saying his “I dos” in the most conventional of settings, revealing that he and Turner had a good reason for choosing Las Vegas as their venue. “We had to do a legal marriage before we did a real big one,” he told Harper’s Bazaar in a new interview, explaining that the couple had two options to choose between. Story continues “It was either the courthouse, or our version, and I preferred our version,” he added. “Friends, Elvis and Ring Pops.” RELATED: Diplo Defends Livestreaming Joe Jonas & Sophie Turner’s ‘I Dos’: I Didn’t Know It Was ‘Serious’ Ahead of their big day this weekend, the couple has been spending their pre-wedding festivities with their guests including brothers Nick and Kevin Jonas , plus their wives, Priyanka Chopra and Danielle Jonas . Amid record-breaking temperature highs in France and other parts of Western Europe, they all kept “cool” by the pool alongside family and friends Thursday at their wedding venue: the beautiful Château de Tourreau, where banners reading, “Sophie and Joe” with their wedding date were draped on the building’s facade. Turner and Joe have been in France for a week now, exploring Paris as they prepare for their nuptials. Though Dan + Shay are not expected to perform at the couple’s France wedding, Bruno Mars is reportedly performing, according to Showbiz411 .
Report: Klay Thompson, Warriors expected to reach max deal As expected, the Golden State Warriors and All-Star guard Klay Thompson are expected to reach an agreement on a five-year, $190 million maximum contract extension when free agency opens on Sunday, per ESPN’s Adrian Wojnarowski . The Warriors will extend the offer when the clock strikes 6 p.m. on Sunday, and all expectations are the two sides will reach a deal “quickly,” Wojnarowski reported. The news came less than an hour after the Warriors announced multi-year contract extensions for general manager Bob Myers and team president Rick Welts. It was a show of unity amid questions about the team’s handling of playoff injuries to Thompson and Kevin Durant. Thompson and Durant ultimately suffered ACL and Achilles tendon tears, respectively, in the Finals that will cost them most or all of next season. Still, the Warriors recognize the value of retaining Thompson alongside Splash Brother Stephen Curry, pairing two of the greatest shooters in history through at least the 2021-22 season, even if Thompson may not be at full strength in the first year of his new deal. They have served as the foundation for three championships. Thompson has averaged 19.5 points per game in his eight-year career, shooting 41.9 percent from 3-point range on seven attempts per game. His 1,798 career 3-pointers has him 16th on the all-time list at the age of 29, within less than 200 (or one healthy season) of the top 10. Curry is third on that same list with 2,483. Thompson came within 24 Third Team votes this season of making his third All-NBA roster and qualifying for the super-max extension worth $221 million over five years. “That’s cool and all, but like when you go to five straight Finals — I respect those guys — but when you go to five straight it takes more than just a couple All-NBA guys,” Thompson told reporters last month. “It’s like an all-time team, but whatever, I’d rather win a championship than be Third Team All-NBA, so it’s all good.” He added, “Do I think there’s that many guards better than me in the league? No.” Story continues Myers is also expected to offer Durant his max salary of five years and $221 million when free agency opens on Sunday. The two sides have been in contact since the end of the season, according to ESPN’s Ramona Shelburne and Brian Windhorst , with the Warriors preparing sign-and-trade possibilities in the event Durant walks. Retaining Thompson is the first step toward ensuring the Warriors remain among the top title contenders, although injuries will make it difficult to compete next season. Per Shelburne and Windhorst, Myers is also expected to discuss an extension this summer with All-Star forward Draymond Green, who is scheduled to enter free agency next season. Curry is under contract for three more years. Even without Durant, that triumvirate is capable of returning to a sixth Finals in the future. News of Thompson’s expected extension also comes less than 24 hours after The Los Angeles Times’ Broderick Turner reported that the five-time All-Star planned to meet with both the Los Angeles Lakers and L.A. Clippers if the Warriors did not offer him the full max at the start of free agency. The threat appears to have worked, although player options and trade clauses may still have to be ironed out. Klay Thompson is expected to re-sign with the Warriors when NBA free agency opens. (Getty Images) – – – – – – – Ben Rohrbach is a staff writer for Yahoo Sports. Have a tip? Email him at rohrbach_ben@yahoo.com or follow him on Twitter! Follow @brohrbach More from Yahoo Sports: Rose responds to LaVar Ball's cringeworthy remark Former WWE star tells harrowing depression tale Brady takes subtle shot at ESPN star's 'cliff' comment Wetzel: For the USWNT, Trump could be Motivator-in-Chief
Facebook's digital currency may flourish where banks don't NEW YORK (AP) — Europeans and Americans have their Visa and Mastercards. For everyone else, here comes ... Libra? Facebook's new Libra digital currency is aimed at a huge potential market for financial services — the entire developing world, with billions of people in areas such as India and Sub-Saharan Africa, where financial services are often less sophisticated and many people don't use traditional banking accounts. Whether or not these billions will want to make the switch is anyone's guess. The U.S., Europe and most developed economies already have large, efficient payment systems. These allow people to buy and sell goods in real time and send money person-to-person through services like Zelle, PayPal and Venmo. That's why the companies that joined Facebook's Libra association, as well as nonprofits involved with similar projects, say Libra's potential lies elsewhere. In developing countries, many tens of millions still live far from a bank or money transfer center, or currently use a currency prone to inflation or volatility. Libra could address this issue by providing a universal, stable currency that is easily transferrable between persons or businesses without involving setting up an entire payment infrastructure. It also potentially could work at a lower cost. In the last decade, citizens of developing countries have widely adopted cellphones as a way to store money, sending text message-based payments either to businesses or persons. It's been a broadly heralded development among policymakers and nonprofits focused on poverty because bank accounts are hard to come by or are too expensive. "The entire continent of Africa skipped right over cards and went straight into mobile payments," said Sanjay Sakhrani, an industry analyst with Keefe, Bruyette & Woods, who covers Visa, Mastercard, PayPal and Western Union. But these payment systems are often constrained by the type of cellphone carrier each person is using. It's not uncommon in places like Africa to carry multiple cellphones in order to have the necessary access to the right money transfer system. Story continues Libra could solve this problem by creating a universal currency that can be transferred across multiple cellphone networks and across borders. There's also the issue of cost, which is cited by the World Bank as being the biggest issue with financial systems outside of developed markets. Facebook says Libra would have a near-zero cost attached to it. The Colombian border city of Cucuta, is one of the places where Libra could make a difference. Every day, thousands of needy Venezuelans cross into this sweltering town to buy food and medicines that are scarce at home. For many the first stop is Western Union, where they line up for hours to pick up cash sent by relatives living in abroad. The demand for cash remittances is so big in fact that migrants sometimes line up outside Western Unions the night before the branches open, sleeping on the sidewalk to keep their place in the queue. Digital currencies could make it easier to transfer funds to these migrants with no bank accounts, and save them hours of their time. Using them is also safer, says Typson Sanchez, a local software developer, because it prevents robberies. But despites its obvious benefits, merchants in Cucuta have been slow to adopt digital currencies, and only a handful currently accept it. "Merchants worry about the volatility" of currencies like bitcoin, says Sanchez, a software developer and co-founder of Panda Exchange, a digital payments start up. Other merchants find existing digital wallets difficult to use, and worry about its legality. Sanchez hopes that Facebook's Libra could help to overcome some of those obstacles. "They already have a very powerful platform with lots of users" Sanchez says. "They will be able to reach everyday people who are not into technology. And that's something that many companies haven't been able to do yet." Vodaphone, the Europe-based cell carrier, has a large presence in Africa and other developing countries and operates its own mobile wallet system known as M-Pesa. Already a dominant carrier in Africa, Vodaphone sees the potential in Libra to enable customers to send money across borders at a much lower cost. There's a lot of room for improvement. The average fee on a cross-border remittance is around 7%, according to the World Bank, with places in Sub-Saharan Africa charging as much as 10% to send a money transfer. Companies like Vodaphone and organizations involved with Libra like Mercy Corp and Women's World Banking said they've joined at least in part to make sure they have a "seat at the table" in case Libra does take off as a payment method. Libra's real-life use cases are still at least a year off, and much likely longer. Some would argue that Facebook's Libra is the wrong solution to the issue of accessing financial services in developing countries. In China, the dominant way to pay are WeChat and AliPay, two mobile apps that use messaging to send money either to a business or another person, at extremely low cost. Both apps are used by more than a billion people. "That to me is the simplest solution for developing countries," said Nicholas Economides, a professor of economics at the Stern School of Business, an expert in electronic commerce and payment systems. "You don't need to create a whole new currency. You just need the right app." There's a "well, why not?" factor into these companies' involvement. Facebook asked for a minimum $10 million investment in Libra from its for-profit partners. For a company like Visa, which made more than $20 billion in revenue last year, the Libra investment is pocket change. In exchange Visa gets insider access to Libra and its potential technologies, as well as a seat at the table. Visa declined a request for an interview regarding its involvement in the project, but a spokesman pointed to a blog post one of its executives published Tuesday, in which the company's interest is described as reflecting "a spirit of openness and curiosity." Mastercard has been looking into technology that underpins bitcoin and other digital technologies for some time, said Jorn Lambert, executive vice president of digital solutions at Mastercard. The company was attracted to Libra because it's private, unlike bitcoin which operates on an open network, and it's backed by reserve currencies. "This is a thing that could provide real consumer benefits, particularly in the developing world," Lambert said. Women's World Banking, a nonprofit focused on financial inclusion for women particularly in developing countries, also joined the association. WWB wanted to make sure the issues of women in developing countries — who are often less technologically literate than their male counterparts — were addressed. "Women are more than half of the unbanked population in the world. We wanted to be at the table to address women's needs," said Karen Miller, vice president of knowledge and communications. ____ AP Reporter Manuel Rueda contributed to this report from Caracas, Venezuela.
Change Healthcare CEO: IPO Marks Time To Change Healthcare A new ticker symbol is now trading on the Nasdaq: C-H-N-G. That’s for Change Healthcare. The Nashville, Tennessee health tech company sold its shares to the public at the IPO price of $13 a share raising nearly $800 million and celebrated its market debut by ringing the closing bell at the Nasdaq Market Site. This is the latest in a wave of healthcare IPOs this year. There have been more than 42 healthcare listings in 2019 and they have dominated the new companies coming to market. With annual revenues of $3 billion, Change Healthcare is an established company, not a start up. And CEO Neil de Crescenzo says the time was right for his company to go public. “This is the time because we’ve really created a foundation as one of the largest healthcare IT companies in the country serving payers, providers, and consumers,” he says. “We built the foundation and now we have new investors who share our vision.” de Crescenzo’s vision is to equip healthcare industry players with the latest tech tools, including artificial intelligence, blockchain, and data analytics, so they can operate more efficiently and in the process improve clinical decision-making, simplify billing and payment processes, and create a better patient experience. His goal is for Change Healthcare to live up to its name by bringing change and innovation to the U.S. healthcare system. He is so dedicated to that mission that he does not feel threatened by competition from powerful non-healthcare companies likeAmazon,MicrosoftandGoogle. In fact, he welcomes it and even partners with them because he says, “it helps them and us to disrupt healthcare.” de Crescenzo also supports President Trump’s push to make health care pricing more transparent for consumers. “It must happen because consumers are demanding it,” he explains. “With the growth of high deductible health plans and how much of their healthcare costs they are responsible for, they’re really eager to become better shoppers of healthcare.” Watch the video above for more from my interview with de Crescenzo.
Is Kimco Realty Corp (KIM) A Good Stock To Buy? At Insider Monkey we track the activity of some of the best-performing hedge funds like Appaloosa Management, Baupost, and Tiger Global because we determined that some of the stocks that they are collectively bullish on can help us generate returns above the broader indices. Out of thousands of stocks that hedge funds invest in, small-caps can provide the best returns over the long term due to the fact that these companies are less efficiently priced and are usually under the radars of mass-media, analysts and dumb money. This is why we follow the smart money moves in the small-cap space. IsKimco Realty Corp (NYSE:KIM)an outstanding investment today? Prominent investors are taking a bearish view. The number of long hedge fund positions retreated by 5 in recent months. Our calculations also showed that kim isn't among the30 most popular stocks among hedge funds. In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to. [caption id="attachment_746830" align="aligncenter" width="473"] Matthew Hulsizer of PEAK6 Capital[/caption] We're going to take a look at the new hedge fund action regarding Kimco Realty Corp (NYSE:KIM). At the end of the first quarter, a total of 11 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -31% from the fourth quarter of 2018. By comparison, 17 hedge funds held shares or bullish call options in KIM a year ago. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves. According to Insider Monkey's hedge fund database, Jim Simons'sRenaissance Technologieshas the largest position in Kimco Realty Corp (NYSE:KIM), worth close to $53 million, comprising less than 0.1%% of its total 13F portfolio. Coming in second is Phill Gross and Robert Atchinson ofAdage Capital Management, with a $9.6 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other members of the smart money with similar optimism contain Jeffrey Talpins'sElement Capital Management, Cliff Asness'sAQR Capital Managementand Matthew Hulsizer'sPEAK6 Capital Management. Judging by the fact that Kimco Realty Corp (NYSE:KIM) has experienced falling interest from the aggregate hedge fund industry, it's easy to see that there was a specific group of fund managers that decided to sell off their positions entirely by the end of the third quarter. Intriguingly, Paul Marshall and Ian Wace'sMarshall Wace LLPcut the biggest stake of the 700 funds watched by Insider Monkey, valued at about $14.2 million in stock. Israel Englander's fund,Millennium Management, also said goodbye to its stock, about $7.9 million worth. These transactions are interesting, as aggregate hedge fund interest was cut by 5 funds by the end of the third quarter. Let's go over hedge fund activity in other stocks - not necessarily in the same industry as Kimco Realty Corp (NYSE:KIM) but similarly valued. We will take a look at Omega Healthcare Investors Inc (NYSE:OHI), Oaktree Capital Group LLC (NYSE:OAK), ANGI Homeservices Inc. (NASDAQ:ANGI), and Invesco Ltd. (NYSE:IVZ). This group of stocks' market caps are similar to KIM's market cap. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position OHI,13,242355,2 OAK,15,201018,8 ANGI,22,402901,0 IVZ,24,172793,0 Average,18.5,254767,2.5 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 18.5 hedge funds with bullish positions and the average amount invested in these stocks was $255 million. That figure was $72 million in KIM's case. Invesco Ltd. (NYSE:IVZ) is the most popular stock in this table. On the other hand Omega Healthcare Investors Inc (NYSE:OHI) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks Kimco Realty Corp (NYSE:KIM) is even less popular than OHI. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on KIM, though not to the same extent, as the stock returned 4.7% during the same time frame and outperformed the market as well. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Recent IPOs show investor appetite is strong for biotechs Investor appetite is strong for biotechs. Adaptive Biotechnologies ( ADPT ) is up on its second day of trading, after soaring more than 95% yesterday. The Seattle-based company, founded in 2009, reads and translates genetic code to develop personalized diagnostics and therapeutics for patients. The company’s long-term vision is to become an integral part of primary care. ”You go in once a year, you get your blood drawn, we you look at your immune system. And we diagnose many diseases at one time,” said CEO and co-founder Chad Robins. Microsoft ( MSFT ) is an investor in the company, which Robins describes an immune medicine information platform. “It’s a convergence play between a kind of biotech, and technology and machine learning with our Microsoft collaboration.” Adaptive Biotechnologies currently has two commercial products used by researchers and pharmaceutical companies. One is a tool for monitoring minimal residual disease in certain blood cancers. “We can look at whether a drug has worked or not on the patient. And next we can determine whether that patient is potentially going to relapse from a molecular level before they relapse clinically, before they go into a doctor's office and present with symptoms,” said Robins. Biotech market On the same day Adaptive went public, so did Change Healthcare ( CHNG ), Morphic Holdings ( MORF ), and BridgeBio Pharma ( BBIO ), which opened more than 80% above its IPO price. BridgeBio Pharma focuses on medicines targeting diseases that arise from defects in a single gene, as well as cancers with clear genetic drivers. “Most diseases are just black boxes, you don’t understand what’s going on,” CEO Neil Kumar told Yahoo Finance. “For the diseases we go after it is very clear, it is that single mutation, and what that enables us to do is to say, how do we counteract exactly what that mutation is doing,” he added. BridgeBio Pharma highlights that rather than investing in one drug, the company is focusing on 15 development programs, which fall into three categories: Mendelian, Oncology and Gene Therapy. Story continues As with a number of unicorns this year, Morphic, Adaptive Biotechnologies and BridgeBio Pharma fall into the ‘ not profitable yet ’ category. Even though BridgeBio Pharma has not generated revenue from product sales, Kumar says his company has a timeline. “Certainly the only way to build something that's reasonable and sustainable is to get to the point where you have commercial products, where you're really making a difference for patients,” said Kumar. “Having cash flowing products, I think is a big deal and I think we should be able to get there in the next four to five years,” he added. Despite the warm IPO reception and recent biotech acquisitions, overall market performance in biotech has lagged the S&P ( ^GSPC ). Biotech companies in particular run the unpredictable risk of trials which may or may not meet endpoints. Earlier this year Biogen ( BIIB ) plunged 25% when it discontinued its clinical trial for an Alzheimer’s treatment. Read the latest financial and business news from Yahoo Finance Ines Ferre is a markets reporter for Yahoo Finance. Follow her on Twitter at @inesreports More from Ines: Why short-seller Andrew Left is bullish on Revolve: 'They’re just killing it. Absolutely killing it.' Meet the 11-year-old CEO trying to teach 1 billion kids to code Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , SmartNews , LinkedIn , YouTube , and reddit .
Sienna Miller talks being 'screamed at,' 'underpaid,' 'undervalued' as a Hollywood actress Sienna Miller, pictured earlier this month, talks surviving Hollywood. (Photo: Rodin Eckenroth/WireImage,) If Sienna Miller was able to survive the insane amount of attention paid to her personal life in the aughts, she should be able to get through anything. But it seems that being tabloid fodder and dodging paparazzi were really a small part of the downside of being a Hollywood actress. Miller appears in Showtimes mini-series The Loudest Voice about Roger Ailes , playing the Fox News founders third wife, Elizabeth Tilson. Ailes, of course, was accused of sexual harassment by women including Gretchen Carlson and Megyn Kelly in 2015 and 2016. He died in 2017, not long after resigning. It was really kind of essential to the whole #MeToo, Times Up moments, Miller told PorterEdit magazine of Ailess fall from grace. I was fortunate that Ive never of course, weve experienced sexual harassment in our lives because were women but Ive never, within my industry, had that experience, despite working on some Harvey Weinstein films. While she escaped sexual harassment, Miller made it clear that she was harassed and mistreated in a different way. Ive been screamed at and underpaid and undervalued and treated like st, she continued, but no one had ever, luckily, propositioned me in that way, or gone there. But yes, it felt like a moment for women to rise up, if nothing else, for other women. Miller, who hailed the #MeToo movement during a U.N. Summit last year, went on to say that since Times Up and #MeToo, shes noticed that her paychecks have increased. I recently got paid a significant amount of money for the first time in my entire life for a film that I did, Miller, who also appears in the new film American Women , told the magazine. I finally understood how it must have felt to be a man. Not as much, but I actually got paid [more than ever]. View this post on Instagram A post shared by PORTER magazine (@portermagazine) on Jun 28, 2019 at 7:05am PDT For the Ailes movie, which stars Russell Crowe in the lead role, the British actress admits she had to watch a lot of Fox News. Story continues However, she said that she actually did tune in prior and talked about the allure of the Trump-preferred network. You know what? Even before I got this project, I would often flip between the two CNN and Fox News if there was something going on, like the Kavanaugh hearings, and you understand completely why that network has so much influence, Miller said. Theyre speaking with such conviction, like: This is our truth, and we will support it. If you spend 20 minutes with Fox, youre like, Oh, well maybe And you know its total bullst. As for how shes coping with her stardom and the paparazzi these days, Miller says she tries to ignore it and go about her day as a mum to 6-year-old Marlowe, whom she co-parents with ex Tom Sturridge. She said the attention on her has calmed down a decade after her every move with ex Jude Law was tracked. I wouldnt say Im hounded They exist. Its frustrating. They know that every morning, at a certain time, I walk my kid to school. Whereas in the past they might be right in front of my face shouting, theyre now hiding behind bins on the other side of the street. She continued, I can somewhat ignore it, but also, I dont want to get papped at 8:15 in the morning, [when] I refuse to put makeup on or put on an outfit. I really have respect for those women who can dress up for the school run. But I refuse to capitulate, and therefore just end up looking horrendous in the Daily Mail most days, covered in cereal. Read more on Yahoo Entertainment: Marianne Williamson and Laura Dern were roommates in the '80s and Twitter can't deal Sharon Osbourne shuts down Trump's 'unauthorized' use of Ozzy's song 'Crazy Train' Pamela Anderson details alleged abuse by 'monster' Adil Rami: 'I needed to go to hospital because I was in so much pain' Want daily pop culture news delivered to your inbox? Sign up here for Yahoo Entertainment & Lifestyles newsletter.
Here’s What Hedge Funds Think About Kilroy Realty Corp (KRC) There are several ways to beat the market, and investing in small cap stocks has historically been one of them. We like to improve the odds of beating the market further by examining what famous hedge fund operators such as Jeff Ubben, George Soros and Carl Icahn think. Those hedge fund operators make billions of dollars each year by hiring the best and the brightest to do research on stocks, including small cap stocks that big brokerage houses simply don't cover. Because of Carl Icahn and other elite funds' exemplary historical records, we pay attention to their small cap picks. In this article, we use hedge fund filing data to analyze Kilroy Realty Corp (NYSE:KRC). Kilroy Realty Corp (NYSE:KRC)has seen a decrease in activity from the world's largest hedge funds in recent months.KRCwas in 11 hedge funds' portfolios at the end of March. There were 13 hedge funds in our database with KRC positions at the end of the previous quarter. Our calculations also showed that krc isn't among the30 most popular stocks among hedge funds. So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio. Let's analyze the fresh hedge fund action regarding Kilroy Realty Corp (NYSE:KRC). Heading into the second quarter of 2019, a total of 11 of the hedge funds tracked by Insider Monkey were long this stock, a change of -15% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards KRC over the last 15 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were boosting their stakes significantly (or already accumulated large positions). Among these funds,Zimmer Partnersheld the most valuable stake in Kilroy Realty Corp (NYSE:KRC), which was worth $95 million at the end of the first quarter. On the second spot was Renaissance Technologies which amassed $23.7 million worth of shares. Moreover, Adage Capital Management, Citadel Investment Group, and Springbok Capital were also bullish on Kilroy Realty Corp (NYSE:KRC), allocating a large percentage of their portfolios to this stock. Seeing as Kilroy Realty Corp (NYSE:KRC) has experienced falling interest from the smart money, logic holds that there is a sect of money managers that slashed their entire stakes in the third quarter. It's worth mentioning that D. E. Shaw'sD E Shawdumped the largest stake of the 700 funds followed by Insider Monkey, totaling close to $16.6 million in stock, and John Khoury's Long Pond Capital was right behind this move, as the fund cut about $11.3 million worth. These moves are intriguing to say the least, as total hedge fund interest was cut by 2 funds in the third quarter. Let's now take a look at hedge fund activity in other stocks - not necessarily in the same industry as Kilroy Realty Corp (NYSE:KRC) but similarly valued. These stocks are Pentair plc (NYSE:PNR), RPM International Inc. (NYSE:RPM), US Foods Holding Corp. (NYSE:USFD), and Nordson Corporation (NASDAQ:NDSN). This group of stocks' market caps are similar to KRC's market cap. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position PNR,28,675196,3 RPM,21,384411,-2 USFD,40,1340524,-1 NDSN,13,33215,-6 Average,25.5,608337,-1.5 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 25.5 hedge funds with bullish positions and the average amount invested in these stocks was $608 million. That figure was $140 million in KRC's case. US Foods Holding Corp. (NYSE:USFD) is the most popular stock in this table. On the other hand Nordson Corporation (NASDAQ:NDSN) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks Kilroy Realty Corp (NYSE:KRC) is even less popular than NDSN. Hedge funds dodged a bullet by taking a bearish stance towards KRC. Our calculations showed that the top 20 most popular hedge fund stocks returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately KRC wasn't nearly as popular as these 20 stocks (hedge fund sentiment was very bearish); KRC investors were disappointed as the stock returned 3.1% during the same time frame and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in the second quarter. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Hedge Funds Have Never Been This Bullish On Tallgrass Energy, LP (TGE) It seems that the masses and most of the financial media hate hedge funds and what they do, but why is this hatred of hedge funds so prominent? At the end of the day, these asset management firms do not gamble the hard-earned money of the people who are on the edge of poverty. Truth be told, most hedge fund managers and other smaller players within this industry are very smart and skilled investors. Of course, they may also make wrong bets in some instances, but no one knows what the future holds and how market participants will react to the bountiful news that floods in each day. The Standard and Poor’s 500 Index returned approximately 12.1% in the first 5 months of this year (through May 30th). Conversely, hedge funds’ top 20 large-cap stock picks generated a return of 18.7% during the same 5-month period, with the majority of these stock picks outperforming the broader market benchmark. Coincidence? It might happen to be so, but it is unlikely. Our research covering the last 18 years indicates that hedge funds' stock picks generate superior risk-adjusted returns. That's why we believe it isn't a waste of time to check out hedge fund sentiment before you invest in a stock like Tallgrass Energy, LP (NYSE:TGE). Tallgrass Energy, LP (NYSE:TGE)investors should pay attention to an increase in support from the world's most elite money managers recently. Our calculations also showed that TGE isn't among the30 most popular stocks among hedge funds. Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' large-cap stock picks indeed failed to beat the market between 1999 and 2016. However, we were able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that'll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 30.9% through May 30, 2019. That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. We're going to take a look at the fresh hedge fund action regarding Tallgrass Energy, LP (NYSE:TGE). Heading into the second quarter of 2019, a total of 11 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 38% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards TGE over the last 15 quarters. So, let's check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves. According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey,Zimmer Partners, managed by Stuart J. Zimmer, holds the most valuable position in Tallgrass Energy, LP (NYSE:TGE). Zimmer Partners has a $14.7 million position in the stock, comprising 0.2% of its 13F portfolio. Sitting at the No. 2 spot isCitadel Investment Group, led by Ken Griffin, holding a $10.1 million call position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other professional money managers that are bullish consist of James H. Litinsky'sJHL Capital Group, Steve Cohen'sPoint72 Asset Managementand Gavin Saitowitz and Cisco J. del Valle'sSpringbok Capital. Now, key money managers were breaking ground themselves.Zimmer Partners, managed by Stuart J. Zimmer, assembled the biggest position in Tallgrass Energy, LP (NYSE:TGE). Zimmer Partners had $14.7 million invested in the company at the end of the quarter. James H. Litinsky'sJHL Capital Groupalso made a $8 million investment in the stock during the quarter. The other funds with new positions in the stock are Steve Cohen'sPoint72 Asset Management, Gavin Saitowitz and Cisco J. del Valle'sSpringbok Capital, and David Harding'sWinton Capital Management. Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Tallgrass Energy, LP (NYSE:TGE) but similarly valued. We will take a look at Jones Lang LaSalle Inc (NYSE:JLL), Berry Global Group Inc (NYSE:BERY), Carlisle Companies, Inc. (NYSE:CSL), and Charles River Laboratories International Inc. (NYSE:CRL). This group of stocks' market values resemble TGE's market value. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position JLL,23,940107,4 BERY,40,2602301,-3 CSL,22,251859,1 CRL,24,994211,-4 Average,27.25,1197120,-0.5 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 27.25 hedge funds with bullish positions and the average amount invested in these stocks was $1197 million. That figure was $36 million in TGE's case. Berry Global Group Inc (NYSE:BERY) is the most popular stock in this table. On the other hand Carlisle Companies, Inc. (NYSE:CSL) is the least popular one with only 22 bullish hedge fund positions. Compared to these stocks Tallgrass Energy, LP (NYSE:TGE) is even less popular than CSL. Hedge funds dodged a bullet by taking a bearish stance towards TGE. Our calculations showed that the top 20 most popular hedge fund stocks returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately TGE wasn't nearly as popular as these 20 stocks (hedge fund sentiment was very bearish); TGE investors were disappointed as the stock returned -12.3% during the same time frame and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in the second quarter. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Were Hedge Funds Right About Flocking Into Hooker Furniture Corporation (HOFT) ? Many investors, including Paul Tudor Jones or Stan Druckenmiller, have beensayingbefore the Q4 market crash that the stock market is overvalued due to a low interest rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the first quarter, most investors recovered all of their Q4 losses as sentiment shifted and optimism dominated the US China trade negotiations. Nevertheless, many of the stocks that delivered strong returns in the first quarter still sport strong fundamentals and their gains were more related to the general market sentiment rather than their individual performance and hedge funds kept their bullish stance. In this article we will find out how hedge fund sentiment to Hooker Furniture Corporation (NASDAQ:HOFT) changed recently. Hooker Furniture Corporation (NASDAQ:HOFT)investors should be aware of an increase in hedge fund interest in recent months. Our calculations also showed that HOFT isn't among the30 most popular stocks among hedge funds. At the moment there are a lot of indicators market participants can use to appraise publicly traded companies. Two of the most under-the-radar indicators are hedge fund and insider trading activity. We have shown that, historically, those who follow the best picks of the top money managers can outpace the broader indices by a very impressive amount (see the details here). We're going to analyze the new hedge fund action regarding Hooker Furniture Corporation (NASDAQ:HOFT). Heading into the second quarter of 2019, a total of 11 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 22% from one quarter earlier. By comparison, 8 hedge funds held shares or bullish call options in HOFT a year ago. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves. According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Chuck Royce'sRoyce & Associateshas the biggest position in Hooker Furniture Corporation (NASDAQ:HOFT), worth close to $50.4 million, amounting to 0.4% of its total 13F portfolio. The second most bullish fund manager is Jim Simons ofRenaissance Technologies, with a $7.7 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Some other members of the smart money that are bullish consist of Israel Englander'sMillennium Management, Cliff Asness'sAQR Capital Managementand Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capital. Now, some big names were leading the bulls' herd.Arrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, initiated the largest position in Hooker Furniture Corporation (NASDAQ:HOFT). Arrowstreet Capital had $1.7 million invested in the company at the end of the quarter. Roger Ibbotson'sZebra Capital Managementalso made a $0.2 million investment in the stock during the quarter. Let's now take a look at hedge fund activity in other stocks similar to Hooker Furniture Corporation (NASDAQ:HOFT). These stocks are Eagle Bulk Shipping Inc. (NASDAQ:EGLE), Farmer Brothers Co. (NASDAQ:FARM), Summit Financial Group, Inc. (NASDAQ:SMMF), and ChannelAdvisor Corp (NYSE:ECOM). All of these stocks' market caps are closest to HOFT's market cap. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position EGLE,10,205207,0 FARM,7,56386,-2 SMMF,2,9075,0 ECOM,14,62386,3 Average,8.25,83264,0.25 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 8.25 hedge funds with bullish positions and the average amount invested in these stocks was $83 million. That figure was $67 million in HOFT's case. ChannelAdvisor Corp (NYSE:ECOM) is the most popular stock in this table. On the other hand Summit Financial Group, Inc. (NASDAQ:SMMF) is the least popular one with only 2 bullish hedge fund positions. Hooker Furniture Corporation (NASDAQ:HOFT) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately HOFT wasn't nearly as popular as these 20 stocks and hedge funds that were betting on HOFT were disappointed as the stock returned -30.1% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Here’s What Hedge Funds Think About Seaboard Corporation (SEB) "Since 2006, value stocks (IVE vs IVW) have underperformed 11 of the 13 calendar years and when they beat growth, it wasn't by much. Cumulatively, through this week, it has been a 122% differential (up 52% for value vs up 174% for growth). This appears to be the longest and most severe drought for value investors since data collection began. It will go our way eventually as there are too many people paying far too much for today's darlings, both public and private. Further, the ten-year yield of 2.5% (pre-tax) isn't attractive nor is real estate. We believe the value part of the global equity market is the only place to earn solid risk adjusted returns and we believe those returns will be higher than normal," said Vilas Fund in itsQ1 investor letter. We aren't sure whether value stocks outperform growth, but we follow hedge fund investor letters to understand where the markets and stocks might be going. This article will lay out and discuss the hedge fund and institutional investor sentiment towards Seaboard Corporation (NYSE:SEB). Seaboard Corporation (NYSE:SEB)was in 11 hedge funds' portfolios at the end of the first quarter of 2019. SEB investors should be aware of an increase in enthusiasm from smart money in recent months. There were 10 hedge funds in our database with SEB holdings at the end of the previous quarter. Our calculations also showed that seb isn't among the30 most popular stocks among hedge funds. To most traders, hedge funds are perceived as worthless, old financial tools of years past. While there are greater than 8000 funds in operation at present, Our researchers look at the moguls of this group, approximately 750 funds. These investment experts command the lion's share of the hedge fund industry's total capital, and by following their top picks, Insider Monkey has determined a few investment strategies that have historically outstripped Mr. Market. Insider Monkey's flagship hedge fund strategy defeated the S&P 500 index by around 5 percentage points per year since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year). [caption id="attachment_758450" align="aligncenter" width="450"] Martin Whitman of Third Avenue Management[/caption] Let's check out the recent hedge fund action surrounding Seaboard Corporation (NYSE:SEB). At the end of the first quarter, a total of 11 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 10% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards SEB over the last 15 quarters. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves. More specifically,Renaissance Technologieswas the largest shareholder of Seaboard Corporation (NYSE:SEB), with a stake worth $26.9 million reported as of the end of March. Trailing Renaissance Technologies was Sabrepoint Capital, which amassed a stake valued at $15.6 million. Third Avenue Management, Rubric Capital Management, and Millennium Management were also very fond of the stock, giving the stock large weights in their portfolios. Consequently, key money managers have been driving this bullishness.Rubric Capital Management, managed by David Rosen, created the largest position in Seaboard Corporation (NYSE:SEB). Rubric Capital Management had $7.1 million invested in the company at the end of the quarter. C. Jonathan Gattman'sCloverdale Capital Managementalso made a $1.3 million investment in the stock during the quarter. The only other fund with a new position in the stock is Ric Dillon'sDiamond Hill Capital. Let's go over hedge fund activity in other stocks - not necessarily in the same industry as Seaboard Corporation (NYSE:SEB) but similarly valued. We will take a look at Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC), Antero Midstream Corp (NYSE:AM), GDS Holdings Limited (NASDAQ:GDS), and Manpowergroup Inc (NYSE:MAN). All of these stocks' market caps match SEB's market cap. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position PAC,7,85862,4 AM,19,321459,4 GDS,33,846857,8 MAN,19,490554,-6 Average,19.5,436183,2.5 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 19.5 hedge funds with bullish positions and the average amount invested in these stocks was $436 million. That figure was $69 million in SEB's case. GDS Holdings Limited (NASDAQ:GDS) is the most popular stock in this table. On the other hand Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) is the least popular one with only 7 bullish hedge fund positions. Seaboard Corporation (NYSE:SEB) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately SEB wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); SEB investors were disappointed as the stock returned -3.7% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Here’s What Hedge Funds Think About Ryerson Holding Corporation (RYI) How do we determine whether Ryerson Holding Corporation (NYSE:RYI) makes for a good investment at the moment? We analyze the sentiment of a select group of the very best investors in the world, who spend immense amounts of time and resources studying companies. They may not always be right (no one is), but data shows that their consensus long positions have historically outperformed the market when we adjust for known risk factors. Ryerson Holding Corporation (NYSE:RYI)was in 11 hedge funds' portfolios at the end of the first quarter of 2019. RYI shareholders have witnessed an increase in support from the world's most elite money managers of late. There were 8 hedge funds in our database with RYI holdings at the end of the previous quarter. Our calculations also showed that RYI isn't among the30 most popular stocks among hedge funds. If you'd ask most market participants, hedge funds are perceived as unimportant, outdated investment vehicles of yesteryear. While there are over 8000 funds trading at present, Our researchers choose to focus on the masters of this club, about 750 funds. It is estimated that this group of investors oversee bulk of the hedge fund industry's total capital, and by observing their highest performing equity investments, Insider Monkey has identified various investment strategies that have historically surpassed the market. Insider Monkey's flagship hedge fund strategy outstripped the S&P 500 index by around 5 percentage points annually since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year). We're going to go over the new hedge fund action encompassing Ryerson Holding Corporation (NYSE:RYI). Heading into the second quarter of 2019, a total of 11 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 38% from one quarter earlier. By comparison, 11 hedge funds held shares or bullish call options in RYI a year ago. So, let's examine which hedge funds were among the top holders of the stock and which hedge funds were making big moves. More specifically,Luminus Managementwas the largest shareholder of Ryerson Holding Corporation (NYSE:RYI), with a stake worth $6.7 million reported as of the end of March. Trailing Luminus Management was AQR Capital Management, which amassed a stake valued at $3.6 million. D E Shaw, Winton Capital Management, and Millennium Management were also very fond of the stock, giving the stock large weights in their portfolios. With a general bullishness amongst the heavyweights, some big names have been driving this bullishness.Winton Capital Management, managed by David Harding, initiated the most outsized position in Ryerson Holding Corporation (NYSE:RYI). Winton Capital Management had $0.7 million invested in the company at the end of the quarter. Israel Englander'sMillennium Managementalso initiated a $0.6 million position during the quarter. The other funds with new positions in the stock are Thomas Bailard'sBailard Inc, Bruce Kovner'sCaxton Associates LP, and Gavin Saitowitz and Cisco J. del Valle'sSpringbok Capital. Let's also examine hedge fund activity in other stocks similar to Ryerson Holding Corporation (NYSE:RYI). We will take a look at U.S. Xpress Enterprises, Inc. (NYSE:USX), Consolidated-Tomoka Land Co. (NYSE:CTO), Aquantia Corp. (NYSE:AQ), and Westwood Holdings Group, Inc. (NYSE:WHG). This group of stocks' market valuations resemble RYI's market valuation. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position USX,12,35594,-1 CTO,8,123882,0 AQ,13,21754,6 WHG,11,52054,2 Average,11,58321,1.75 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $58 million. That figure was $16 million in RYI's case. Aquantia Corp. (NYSE:AQ) is the most popular stock in this table. On the other hand Consolidated-Tomoka Land Co. (NYSE:CTO) is the least popular one with only 8 bullish hedge fund positions. Ryerson Holding Corporation (NYSE:RYI) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately RYI wasn't nearly as popular as these 20 stocks (hedge fund sentiment was quite bearish); RYI investors were disappointed as the stock returned -10.7% during the same time period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Ben Affleck Voices Support for Recovery Guru Accused of Sexual Misconduct Ben Affleck is putting his reputation on the line for the recovery guru he claims turned his life around. Affleck was a patient at the Refuge Recovery treatment center last year, which at the time was run by a man named Noah Levine, who was accused of sexual misconduct earlier this year. Levine says a police report was filed against him by an anonymous woman but no charges were ever filed. Levine was eventually ousted from Refuge Recovery, who then sued him over trademarks relating to the business. As part of that case, Affleck submitted a declaration on Levine's behalf and he speaks incredibly highly of him. "Working with Noah and his Refuge Recovery program has, quite literally, turned my life around," Affleck says. "Today I am sober, happy, healthy and have custody of my three children. All of those things are a result of having Noah in my life. I don't know what I would have done without him." He continues, "I am deeply grateful to Noah and his Refuge Recovery program for the instrumental role they played in getting me to this place. Noah's patient instruction in sobriety, Buddhism, patience, kindness, compassion and forgiveness form the bedrock of the foundation of my life today. I owe him for my professional life today, the life I have with my children, and the inner sense of equanimity I am actually able to reach from time to time!" Affleck describes Levine as "without a doubt the person with the most integrity, the most honor, the most genuine compassion and the least motivated by self-interest I have ever known." The "Argo" star concludes by saying, "Truly I could go on and on about Noah. In forty-six years on this planet, I have only met one or two other people about whom I could say the same amazing things that I can say about Noah. He is a gift not only to me, but also to the many scores of people I have personally known who he has helped, in addition to the thousands more he has reached through his books and the Refuge Recovery program he created." In addition, Affleck's then-girlfriend, Lindsay Shookus, submitted her own declaration, saying, "I cannot begin to express the tremendous value that Noah's teachings and treatment counseling has had upon both me and Ben, and upon my relationship with Ben. I believe that Noah and the efforts of his addiction treatment colleagues have been one of the most important factors in Ben's recovery, and in meeting the challenges of my relationship with Ben at the time."
Here is What Hedge Funds Think About First Industrial Realty Trust, Inc. (FR) "Since 2006, value stocks (IVE vs IVW) have underperformed 11 of the 13 calendar years and when they beat growth, it wasn't by much. Cumulatively, through this week, it has been a 122% differential (up 52% for value vs up 174% for growth). This appears to be the longest and most severe drought for value investors since data collection began. It will go our way eventually as there are too many people paying far too much for today's darlings, both public and private. Further, the ten-year yield of 2.5% (pre-tax) isn't attractive nor is real estate. We believe the value part of the global equity market is the only place to earn solid risk adjusted returns and we believe those returns will be higher than normal," said Vilas Fund in itsQ1 investor letter. We aren't sure whether value stocks outperform growth, but we follow hedge fund investor letters to understand where the markets and stocks might be going. That's why we believe it would be worthwhile to take a look at the hedge fund sentiment on First Industrial Realty Trust, Inc. (NYSE:FR) in order to identify whether reputable and successful top money managers continue to believe in its potential. First Industrial Realty Trust, Inc. (NYSE:FR)shareholders have witnessed a decrease in activity from the world's largest hedge funds of late.FRwas in 11 hedge funds' portfolios at the end of the first quarter of 2019. There were 18 hedge funds in our database with FR holdings at the end of the previous quarter. Our calculations also showed that fr isn't among the30 most popular stocks among hedge funds. Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. [caption id="attachment_758450" align="aligncenter" width="450"] Martin Whitman of Third Avenue Management[/caption] We're going to take a gander at the new hedge fund action regarding First Industrial Realty Trust, Inc. (NYSE:FR). Heading into the second quarter of 2019, a total of 11 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -39% from the fourth quarter of 2018. By comparison, 13 hedge funds held shares or bullish call options in FR a year ago. With hedge funds' positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions). The largest stake in First Industrial Realty Trust, Inc. (NYSE:FR) was held byRenaissance Technologies, which reported holding $121.2 million worth of stock at the end of March. It was followed by Citadel Investment Group with a $54.9 million position. Other investors bullish on the company included Carlson Capital, Third Avenue Management, and Waterfront Capital Partners. Since First Industrial Realty Trust, Inc. (NYSE:FR) has witnessed bearish sentiment from the entirety of the hedge funds we track, it's safe to say that there lies a certain "tier" of hedge funds that slashed their full holdings heading into Q3. It's worth mentioning that Greg Poole'sEcho Street Capital Managementsold off the biggest investment of the "upper crust" of funds watched by Insider Monkey, worth close to $7.1 million in stock, and Matthew Tewksbury's Stevens Capital Management was right behind this move, as the fund dropped about $2.2 million worth. These transactions are interesting, as aggregate hedge fund interest was cut by 7 funds heading into Q3. Let's go over hedge fund activity in other stocks similar to First Industrial Realty Trust, Inc. (NYSE:FR). We will take a look at Haemonetics Corporation (NYSE:HAE), Texas Roadhouse Inc (NASDAQ:TXRH), Black Hills Corporation (NYSE:BKH), and CarGurus, Inc. (NASDAQ:CARG). This group of stocks' market valuations resemble FR's market valuation. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position HAE,24,648117,4 TXRH,25,267058,6 BKH,18,136002,1 CARG,24,819877,5 Average,22.75,467764,4 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 22.75 hedge funds with bullish positions and the average amount invested in these stocks was $468 million. That figure was $304 million in FR's case. Texas Roadhouse Inc (NASDAQ:TXRH) is the most popular stock in this table. On the other hand Black Hills Corporation (NYSE:BKH) is the least popular one with only 18 bullish hedge fund positions. Compared to these stocks First Industrial Realty Trust, Inc. (NYSE:FR) is even less popular than BKH. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on FR, though not to the same extent, as the stock returned 5.3% during the same time frame and outperformed the market as well. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Melissa McCarthy in Talks to Play Ursula in Live-Action ‘Little Mermaid’ (EXCLUSIVE) Click here to read the full article. Melissa McCarthy may be ready to help some poor unfortunate souls in Disney’s live-action version of “ The Little Mermaid .” Sources tell Variety that while the deal is not yet completed, McCarthy is in early talks to play the sea witch Ursula in the live-action adaptation of “ The Little Mermaid .” Related stories Netflix Lands Lin-Manuel Miranda's 'Tick, Tick... Boom!' (EXCLUSIVE) Broadway Cast Albums Find Fresh Footing With Hip New Sounds, Viral Outreach Watch: James McAvoy, Ruth Wilson, Lin-Manuel Miranda in 'His Dark Materials' Trailer As Disney preps its live-action version of the undersea tale, there’s a lot of buzz about the cast. Disney and the production team behind it are looking to make contemporary and compelling casting choices, while still paying homage to the beloved animated original. “Mary Poppins Returns” director Rob Marshall is helming. The film will incorporate the original songs from the 1989 animated hit as well as new tunes from Alan Menken and Lin-Manuel Miranda . Miranda is also producing the film along with Marshall, Marc Platt and John DeLuca. David Magee wrote the script. Jessica Virtue and Allison Erlikhman are overseeing for the studio. The original version followed a mermaid princess who sought to meet a human prince on land. Menken wrote the music, including the Oscar-winning “Under the Sea,” “Part of Your World” and “Kiss the Girl.” As for McCarthy, the multi-talented actress will get her chance at singing “Poor Unfortunate Souls,” one of the classic villain songs in the Disney archive. Adapting classic animated pics into live-action features is a strategy that has been going strong for the studio, most recently with its live-action remake of “Aladdin,” which has grossed $820 million worldwide. The highly anticipated remake of “The Lion King” opens next month. This will mark one of the first family-friendly roles for McCarthy, who has built her career on adult comedies including “Spy,” “The Heat” and “Bridesmaids,” which earned her an Oscar nomination for best supporting actress. She was most recently seen in “Can You Ever Forgive Me?,” a dramatic turn that also earned her an Oscar nomination, this time for best actress. Story continues McCarthy is repped by CAA and MGMT Entertainment. POPULAR ON VARIETY: Sign up for Variety’s Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram .
Magellan Health Mulls Over Possible Sale to Centerbridge Magellan Health, Inc.MGLN is in talks for a possible sale to private-equity firm Centerbridge Partners, per reports. Due to its prolonged underperformance, Magellan Heath, in February, came under pressure from activist hedge fund Starboard Value, which owns nearly 10% stakes in the company, In a year’s time, the stock has lost 25% compared with the industry’s decline of 1.3%. Until recently, UnitedHealth Group, Inc. UNH and Anthem Inc. ANTM were the two top companies competing to acquire Magellan. But UnitedHealth’s recent acquisition of Davita’s Medical Group and Anthem’s buyout of Beacon Options got these players off the table. Reasons Behind the Company’s Sale Slowing Down of Top-line Growth:The company has been witnessing a slowdown in its revenues. For 2019, it assumes total revenues to be in the band of $7 billion to $7.2 billion (down from the earlier guidance of $7.2-$7.5 billion), implying year-over-year decline of 3% (calculated at the mid-point). This decline in revenues growth can be attributed to challenges in the company’s Complete Care business and stiff competition in the Pharmacy Benefit Management business. Pharmacy Management Earnings Under Pressure:This segment’s profit declined 25% year over year in 2018 and further down 47%, in the first quarter of 2019, driven by specialty formulary management contract losses, non-recurring items, and lower PBM membership. Owing to contract terminations and aggressive pricing in the segment, the company expects revenues and earnings to be lower in 2019 as well. Profitability:Magellan Heath’s return on equity (ROE) undermines its growth potential. The company’s trailing 12-month ROE of 3.9% compared with the industry’s average of 23%, indicates that it is less efficient in using shareholders’ funds.The sale of Magellan Health seems to be as a viable option now to provide returns to its shareholders.The deal, if closed, will further consolidate the health insurance industry, which is concentrated in the hands of a few big players. Another deal in the process is that of the acquisition of WellCare Health Plans by Centene Corp. CNC.In the recent years, the healthcare industry has witnessed a flurry of mergers and acquisitions, as players aim to boost their growth and diversify operations in the wake of continued uncertainty posed by the changing regulatory policies.Magellan Health sports a Zacks Rank #1 (Strong Buy).You can seethe complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Will you retire a millionaire?One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.”Click to get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportCentene Corporation (CNC) : Free Stock Analysis ReportAnthem, Inc. (ANTM) : Free Stock Analysis ReportMagellan Health, Inc. (MGLN) : Free Stock Analysis ReportUnitedHealth Group Incorporated (UNH) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research
Here’s What Hedge Funds Think About New Jersey Resources Corp (NJR) Although the masses and most of the financial media blame hedge funds for their exorbitant fee structure and disappointing performance, these investors have proved to have great stock picking abilities over the years (that's why their assets under management continue to swell). We believe hedge fund sentiment should serve as a crucial tool of an individual investor’s stock selection process, as it may offer great insights of how the brightest minds of the finance industry feel about specific stocks. After all, these people have access to smartest analysts and expensive data/information sources that individual investors can't match. So should one consider investing in New Jersey Resources Corp (NYSE:NJR)? The smart money sentiment can provide an answer to this question. IsNew Jersey Resources Corp (NYSE:NJR)a first-rate investment now? Money managers are reducing their bets on the stock. The number of long hedge fund positions dropped by 7 recently. Our calculations also showed that njr isn't among the30 most popular stocks among hedge funds.NJRwas in 11 hedge funds' portfolios at the end of March. There were 18 hedge funds in our database with NJR holdings at the end of the previous quarter. Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. We're going to view the fresh hedge fund action encompassing New Jersey Resources Corp (NYSE:NJR). At the end of the first quarter, a total of 11 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -39% from one quarter earlier. The graph below displays the number of hedge funds with bullish position in NJR over the last 15 quarters. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves. More specifically,Renaissance Technologieswas the largest shareholder of New Jersey Resources Corp (NYSE:NJR), with a stake worth $53.9 million reported as of the end of March. Trailing Renaissance Technologies was GLG Partners, which amassed a stake valued at $16.9 million. AQR Capital Management, Millennium Management, and Balyasny Asset Management were also very fond of the stock, giving the stock large weights in their portfolios. Since New Jersey Resources Corp (NYSE:NJR) has witnessed falling interest from the aggregate hedge fund industry, logic holds that there was a specific group of hedgies who were dropping their full holdings by the end of the third quarter. Interestingly, Daniel Arbess'sPerella Weinberg Partnerssold off the biggest stake of all the hedgies monitored by Insider Monkey, valued at an estimated $2.6 million in stock, and D. E. Shaw's D E Shaw was right behind this move, as the fund sold off about $2.2 million worth. These moves are intriguing to say the least, as total hedge fund interest dropped by 7 funds by the end of the third quarter. Let's go over hedge fund activity in other stocks similar to New Jersey Resources Corp (NYSE:NJR). These stocks are Chegg Inc (NYSE:CHGG), Ingevity Corporation (NYSE:NGVT), Methanex Corporation (NASDAQ:MEOH), and Pluralsight, Inc. (NASDAQ:PS). All of these stocks' market caps resemble NJR's market cap. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position CHGG,36,511609,15 NGVT,23,112069,6 MEOH,22,260832,1 PS,30,321492,15 Average,27.75,301501,9.25 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 27.75 hedge funds with bullish positions and the average amount invested in these stocks was $302 million. That figure was $96 million in NJR's case. Chegg Inc (NYSE:CHGG) is the most popular stock in this table. On the other hand Methanex Corporation (NASDAQ:MEOH) is the least popular one with only 22 bullish hedge fund positions. Compared to these stocks New Jersey Resources Corp (NYSE:NJR) is even less popular than MEOH. Hedge funds dodged a bullet by taking a bearish stance towards NJR. Our calculations showed that the top 20 most popular hedge fund stocks returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately NJR wasn't nearly as popular as these 20 stocks (hedge fund sentiment was very bearish); NJR investors were disappointed as the stock returned 2.8% during the same time frame and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in the second quarter. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Here’s What Hedge Funds Think About Hospitality Properties Trust (HPT) Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track nearly 750 active prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile failures like hedge funds' 2018 losses in Facebook and Apple. Let’s take a closer look at what the funds we track think about Hospitality Properties Trust (NASDAQ:HPT) in this article. Hospitality Properties Trust (NASDAQ:HPT)shareholders have witnessed a decrease in hedge fund interest in recent months. Our calculations also showed that HPT isn't among the30 most popular stocks among hedge funds. In the financial world there are a large number of tools investors have at their disposal to grade stocks. A pair of the most under-the-radar tools are hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the best fund managers can outperform the broader indices by a solid amount. Insider Monkey's flagship best performing hedge funds strategy returned 25.8% year to date (through May 30th) and outperformed the market even though it draws its stock picks among small-cap stocks. This strategy also outperformed the market by 40 percentage points since its inception (see the details here). That's why we believe hedge fund sentiment is a useful indicator that investors should pay attention to. Let's analyze the fresh hedge fund action surrounding Hospitality Properties Trust (NASDAQ:HPT). At Q1's end, a total of 11 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -31% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards HPT over the last 15 quarters. With hedgies' sentiment swirling, there exists a few key hedge fund managers who were upping their holdings meaningfully (or already accumulated large positions). The largest stake in Hospitality Properties Trust (NASDAQ:HPT) was held byRenaissance Technologies, which reported holding $40.3 million worth of stock at the end of March. It was followed by Pzena Investment Management with a $15.7 million position. Other investors bullish on the company included Two Sigma Advisors, Citadel Investment Group, and Citadel Investment Group. Seeing as Hospitality Properties Trust (NASDAQ:HPT) has witnessed a decline in interest from hedge fund managers, it's safe to say that there is a sect of funds that decided to sell off their entire stakes in the third quarter. At the top of the heap, Matthew Tewksbury'sStevens Capital Managementcut the biggest investment of the 700 funds watched by Insider Monkey, worth close to $1.9 million in stock. Dmitry Balyasny's fund,Balyasny Asset Management, also dumped its stock, about $1.4 million worth. These moves are important to note, as aggregate hedge fund interest dropped by 5 funds in the third quarter. Let's also examine hedge fund activity in other stocks - not necessarily in the same industry as Hospitality Properties Trust (NASDAQ:HPT) but similarly valued. These stocks are Spark Therapeutics Inc (NASDAQ:ONCE), Western Alliance Bancorporation (NYSE:WAL), OneMain Holdings Inc (NYSE:OMF), and Lancaster Colony Corporation (NASDAQ:LANC). This group of stocks' market valuations match HPT's market valuation. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ONCE,36,1167154,21 WAL,28,288568,0 OMF,31,237512,9 LANC,24,284865,12 Average,29.75,494525,10.5 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 29.75 hedge funds with bullish positions and the average amount invested in these stocks was $495 million. That figure was $68 million in HPT's case. Spark Therapeutics Inc (NASDAQ:ONCE) is the most popular stock in this table. On the other hand Lancaster Colony Corporation (NASDAQ:LANC) is the least popular one with only 24 bullish hedge fund positions. Compared to these stocks Hospitality Properties Trust (NASDAQ:HPT) is even less popular than LANC. Hedge funds dodged a bullet by taking a bearish stance towards HPT. Our calculations showed that the top 20 most popular hedge fund stocks returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately HPT wasn't nearly as popular as these 20 stocks (hedge fund sentiment was very bearish); HPT investors were disappointed as the stock returned -1.5% during the same time frame and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in the second quarter. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Did Hedge Funds Drop The Ball On Spark Energy, Inc. (SPKE) ? Is Spark Energy, Inc. (NASDAQ:SPKE) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It's not surprising given that hedge funds have access to better information and more resources to predict the winners in the stock market. IsSpark Energy, Inc. (NASDAQ:SPKE)the right investment to pursue these days? Hedge funds are in a pessimistic mood. The number of long hedge fund positions shrunk by 1 in recent months. Our calculations also showed that SPKE isn't among the30 most popular stocks among hedge funds. If you'd ask most investors, hedge funds are perceived as underperforming, old financial vehicles of yesteryear. While there are more than 8000 funds trading at the moment, We choose to focus on the crème de la crème of this group, about 750 funds. These hedge fund managers administer bulk of all hedge funds' total asset base, and by monitoring their first-class equity investments, Insider Monkey has brought to light numerous investment strategies that have historically outperformed Mr. Market. Insider Monkey's flagship hedge fund strategy surpassed the S&P 500 index by around 5 percentage points per annum since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year). We're going to view the fresh hedge fund action surrounding Spark Energy, Inc. (NASDAQ:SPKE). At the end of the first quarter, a total of 11 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -8% from the previous quarter. On the other hand, there were a total of 7 hedge funds with a bullish position in SPKE a year ago. With hedge funds' capital changing hands, there exists an "upper tier" of key hedge fund managers who were boosting their stakes substantially (or already accumulated large positions). Among these funds,Blackstart Capitalheld the most valuable stake in Spark Energy, Inc. (NASDAQ:SPKE), which was worth $6.9 million at the end of the first quarter. On the second spot was Millennium Management which amassed $5.1 million worth of shares. Moreover, Marshall Wace LLP, Renaissance Technologies, and D E Shaw were also bullish on Spark Energy, Inc. (NASDAQ:SPKE), allocating a large percentage of their portfolios to this stock. Due to the fact that Spark Energy, Inc. (NASDAQ:SPKE) has witnessed bearish sentiment from the entirety of the hedge funds we track, it's safe to say that there were a few fund managers that decided to sell off their positions entirely last quarter. Intriguingly, Adam Usdan'sTrellus Management Companysold off the largest stake of the "upper crust" of funds watched by Insider Monkey, worth close to $0.2 million in stock. Peter Muller's fund,PDT Partners, also cut its stock, about $0.1 million worth. These moves are interesting, as total hedge fund interest was cut by 1 funds last quarter. Let's also examine hedge fund activity in other stocks - not necessarily in the same industry as Spark Energy, Inc. (NASDAQ:SPKE) but similarly valued. We will take a look at Genco Shipping & Trading Limited (NYSE:GNK), Bel Fuse, Inc. (NASDAQ:BELFB), Source Capital, Inc. (NYSE:SOR), and Weyco Group, Inc. (NASDAQ:WEYS). This group of stocks' market values are similar to SPKE's market value. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position GNK,12,171868,0 BELFB,8,23311,-1 SOR,2,6340,0 WEYS,3,20426,0 Average,6.25,55486,-0.25 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 6.25 hedge funds with bullish positions and the average amount invested in these stocks was $55 million. That figure was $16 million in SPKE's case. Genco Shipping & Trading Limited (NYSE:GNK) is the most popular stock in this table. On the other hand Source Capital, Inc. (NYSE:SOR) is the least popular one with only 2 bullish hedge fund positions. Spark Energy, Inc. (NASDAQ:SPKE) is not the most popular stock in this group but hedge fund interest is still above average. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Hedge funds were also right about betting on SPKE as the stock returned 27.6% during the same period and outperformed the market by an even larger margin. Hedge funds were rewarded for their relative bullishness. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Here’s What Hedge Funds Think About Blackbaud, Inc. (BLKB) We at Insider Monkey have gone over 738 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st. In this article, we look at what those funds think of Blackbaud, Inc. (NASDAQ:BLKB) based on that data. Blackbaud, Inc. (NASDAQ:BLKB)has experienced a decrease in activity from the world's largest hedge funds of late. Our calculations also showed that BLKB isn't among the30 most popular stocks among hedge funds. In the financial world there are a lot of gauges shareholders use to appraise publicly traded companies. Two of the most useful gauges are hedge fund and insider trading moves. Our researchers have shown that, historically, those who follow the best picks of the best investment managers can beat the broader indices by a solid margin (see the details here). Let's analyze the recent hedge fund action surrounding Blackbaud, Inc. (NASDAQ:BLKB). Heading into the second quarter of 2019, a total of 11 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -15% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards BLKB over the last 15 quarters. With the smart money's capital changing hands, there exists a select group of key hedge fund managers who were increasing their stakes meaningfully (or already accumulated large positions). The largest stake in Blackbaud, Inc. (NASDAQ:BLKB) was held byEcho Street Capital Management, which reported holding $49.4 million worth of stock at the end of March. It was followed by GLG Partners with a $9.3 million position. Other investors bullish on the company included Gotham Asset Management, Renaissance Technologies, and AQR Capital Management. Judging by the fact that Blackbaud, Inc. (NASDAQ:BLKB) has witnessed a decline in interest from the smart money, it's easy to see that there were a few money managers that slashed their full holdings in the third quarter. It's worth mentioning that Robert Joseph Caruso'sSelect Equity Groupdropped the largest stake of all the hedgies tracked by Insider Monkey, comprising close to $22.1 million in stock, and David Goel and Paul Ferri's Matrix Capital Management was right behind this move, as the fund said goodbye to about $12.6 million worth. These moves are interesting, as total hedge fund interest was cut by 2 funds in the third quarter. Let's now review hedge fund activity in other stocks similar to Blackbaud, Inc. (NASDAQ:BLKB). These stocks are Eagle Materials, Inc. (NYSE:EXP), ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), Cushman & Wakefield plc (NYSE:CWK), and Armstrong World Industries, Inc. (NYSE:AWI). All of these stocks' market caps match BLKB's market cap. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position EXP,29,724390,4 ACAD,20,1311418,0 CWK,26,308713,13 AWI,25,521911,-1 Average,25,716608,4 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $717 million. That figure was $72 million in BLKB's case. Eagle Materials, Inc. (NYSE:EXP) is the most popular stock in this table. On the other hand ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is the least popular one with only 20 bullish hedge fund positions. Compared to these stocks Blackbaud, Inc. (NASDAQ:BLKB) is even less popular than ACAD. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. A small number of hedge funds were also right about betting on BLKB, though not to the same extent, as the stock returned 3.9% during the same time frame and outperformed the market as well. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Is Minerva Neurosciences, Inc (NERV) A Good Stock To Buy? Most investors tend to think that hedge funds and other asset managers are worthless, as they cannot beat even simple index fund portfolios. In fact, most people expect hedge funds to compete with and outperform the bull market that we have witnessed in recent years. However, hedge funds are generally partially hedged and aim at delivering attractive risk-adjusted returns rather than following the ups and downs of equity markets hoping that they will outperform the broader market. Our research shows that certain hedge funds do have great stock picking skills (and we can identify these hedge funds in advance pretty accurately), so let’s take a glance at the smart money sentiment towards Minerva Neurosciences, Inc (NASDAQ:NERV). IsMinerva Neurosciences, Inc (NASDAQ:NERV)a safe investment now? Hedge funds are buying. The number of long hedge fund bets moved up by 1 recently. Our calculations also showed that NERV isn't among the30 most popular stocks among hedge funds. In the eyes of most market participants, hedge funds are assumed to be slow, old financial tools of yesteryear. While there are over 8000 funds trading today, We choose to focus on the elite of this group, around 750 funds. It is estimated that this group of investors handle most of the hedge fund industry's total asset base, and by watching their matchless stock picks, Insider Monkey has revealed various investment strategies that have historically defeated the S&P 500 index. Insider Monkey's flagship hedge fund strategy outrun the S&P 500 index by around 5 percentage points per annum since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year). [caption id="attachment_758454" align="aligncenter" width="450"] James Dondero of Highland Capital Management[/caption] We're going to view the fresh hedge fund action regarding Minerva Neurosciences, Inc (NASDAQ:NERV). At Q1's end, a total of 11 of the hedge funds tracked by Insider Monkey were long this stock, a change of 10% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards NERV over the last 15 quarters. So, let's review which hedge funds were among the top holders of the stock and which hedge funds were making big moves. Among these funds,GMT Capitalheld the most valuable stake in Minerva Neurosciences, Inc (NASDAQ:NERV), which was worth $7.8 million at the end of the first quarter. On the second spot was Millennium Management which amassed $7.3 million worth of shares. Moreover, Highland Capital Management, Cormorant Asset Management, and Renaissance Technologies were also bullish on Minerva Neurosciences, Inc (NASDAQ:NERV), allocating a large percentage of their portfolios to this stock. Now, specific money managers were leading the bulls' herd.GMT Capital, managed by Thomas E. Claugus, created the most valuable position in Minerva Neurosciences, Inc (NASDAQ:NERV). GMT Capital had $7.8 million invested in the company at the end of the quarter. Peter Algert and Kevin Coldiron'sAlgert Coldiron Investorsalso initiated a $0.1 million position during the quarter. Let's check out hedge fund activity in other stocks similar to Minerva Neurosciences, Inc (NASDAQ:NERV). We will take a look at Arlo Technologies, Inc. (NYSE:ARLO), Phoenix New Media Ltd (NYSE:FENG), American National BankShares Inc (NASDAQ:AMNB), and Urovant Sciences Ltd. (NASDAQ:UROV). This group of stocks' market values match NERV's market value. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position ARLO,12,26452,4 FENG,9,33399,0 AMNB,2,7542,-1 UROV,9,37464,-3 Average,8,26214,0 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $26 million. That figure was $34 million in NERV's case. Arlo Technologies, Inc. (NYSE:ARLO) is the most popular stock in this table. On the other hand American National BankShares Inc (NASDAQ:AMNB) is the least popular one with only 2 bullish hedge fund positions. Minerva Neurosciences, Inc (NASDAQ:NERV) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately NERV wasn't nearly as popular as these 20 stocks and hedge funds that were betting on NERV were disappointed as the stock returned -43% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Here’s What Hedge Funds Think About Intevac, Inc. (IVAC) Is Intevac, Inc. (NASDAQ:IVAC) a good investment right now? We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, expert networks, and get tips from investment bankers and industry insiders. Sure they sometimes fail miserably, but their consensus stock picks historically outperformed the market after adjusting for known risk factors. IsIntevac, Inc. (NASDAQ:IVAC)a cheap investment now? Investors who are in the know are buying. The number of bullish hedge fund positions inched up by 4 recently. Our calculations also showed that IVAC isn't among the30 most popular stocks among hedge funds.IVACwas in 10 hedge funds' portfolios at the end of March. There were 6 hedge funds in our database with IVAC positions at the end of the previous quarter. To most market participants, hedge funds are perceived as underperforming, outdated financial tools of yesteryear. While there are greater than 8000 funds in operation at present, We look at the aristocrats of this group, about 750 funds. These hedge fund managers manage the majority of the smart money's total capital, and by paying attention to their inimitable investments, Insider Monkey has uncovered many investment strategies that have historically outstripped Mr. Market. Insider Monkey's flagship hedge fund strategy defeated the S&P 500 index by around 5 percentage points annually since its inception in May 2014 through June 18th. We were able to generate large returns even by identifying short candidates. Our portfolio of short stocks lost 28.2% since February 2017 (through June 18th) even though the market was up nearly 30% during the same period. We just shared a list of 5 short targets in ourlatest quarterly updateand they are already down an average of 8.2% in a month whereas our long picks outperformed the market by 2.5 percentage points in this volatile 5 week period (our long picks also beat the market by 15 percentage points so far this year). Let's take a look at the fresh hedge fund action surrounding Intevac, Inc. (NASDAQ:IVAC). At the end of the first quarter, a total of 10 of the hedge funds tracked by Insider Monkey were long this stock, a change of 67% from the previous quarter. The graph below displays the number of hedge funds with bullish position in IVAC over the last 15 quarters. So, let's review which hedge funds were among the top holders of the stock and which hedge funds were making big moves. Among these funds,Royce & Associatesheld the most valuable stake in Intevac, Inc. (NASDAQ:IVAC), which was worth $11.8 million at the end of the first quarter. On the second spot was Becker Drapkin Management which amassed $5.6 million worth of shares. Moreover, Renaissance Technologies, Ancora Advisors, and D E Shaw were also bullish on Intevac, Inc. (NASDAQ:IVAC), allocating a large percentage of their portfolios to this stock. Consequently, key money managers have been driving this bullishness.ExodusPoint Capital, managed by Michael Gelband, assembled the largest position in Intevac, Inc. (NASDAQ:IVAC). ExodusPoint Capital had $0.2 million invested in the company at the end of the quarter. Michael Platt and William Reeves'sBlueCrest Capital Mgmt.also initiated a $0.2 million position during the quarter. The other funds with new positions in the stock are Peter Rathjens, Bruce Clarke and John Campbell'sArrowstreet Capitaland Gavin Saitowitz and Cisco J. del Valle'sSpringbok Capital. Let's now review hedge fund activity in other stocks similar to Intevac, Inc. (NASDAQ:IVAC). These stocks are StoneCastle Financial Corp (NASDAQ:BANX), Erytech Pharma S.A. (NASDAQ:ERYP), Hawthorn Bancshares, Inc. (NASDAQ:HWBK), and Asanko Gold Inc (NYSE:AKG). This group of stocks' market valuations match IVAC's market valuation. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position BANX,1,869,0 ERYP,2,4922,0 HWBK,2,4780,1 AKG,7,16005,-1 Average,3,6644,0 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 3 hedge funds with bullish positions and the average amount invested in these stocks was $7 million. That figure was $24 million in IVAC's case. Asanko Gold Inc (NYSE:AKG) is the most popular stock in this table. On the other hand StoneCastle Financial Corp (NASDAQ:BANX) is the least popular one with only 1 bullish hedge fund positions. Compared to these stocks Intevac, Inc. (NASDAQ:IVAC) is more popular among hedge funds. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately IVAC wasn't nearly as popular as these 20 stocks and hedge funds that were betting on IVAC were disappointed as the stock returned -22.7% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market in Q2. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Here’s What Hedge Funds Think About SunOpta, Inc. (STKL) Insider Monkey finished processing more than 738 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of March 31st, 2019. In this article we are going to take a look at smart money sentiment towards SunOpta, Inc. (NASDAQ:STKL). SunOpta, Inc. (NASDAQ:STKL)was in 11 hedge funds' portfolios at the end of March. STKL shareholders have witnessed a decrease in hedge fund sentiment in recent months. There were 13 hedge funds in our database with STKL holdings at the end of the previous quarter. Our calculations also showed that STKL isn't among the30 most popular stocks among hedge funds. Today there are many formulas investors can use to assess their holdings. A duo of the most useful formulas are hedge fund and insider trading interest. Our researchers have shown that, historically, those who follow the best picks of the best money managers can trounce the market by a solid amount (see the details here). Let's check out the recent hedge fund action surrounding SunOpta, Inc. (NASDAQ:STKL). At Q1's end, a total of 11 of the hedge funds tracked by Insider Monkey were long this stock, a change of -15% from the fourth quarter of 2018. Below, you can check out the change in hedge fund sentiment towards STKL over the last 15 quarters. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves. The largest stake in SunOpta, Inc. (NASDAQ:STKL) was held byEngaged Capital, which reported holding $30.2 million worth of stock at the end of March. It was followed by Oaktree Capital Management with a $28 million position. Other investors bullish on the company included Ardsley Partners, Point72 Asset Management, and Royce & Associates. Judging by the fact that SunOpta, Inc. (NASDAQ:STKL) has experienced bearish sentiment from the aggregate hedge fund industry, we can see that there is a sect of hedgies that elected to cut their entire stakes last quarter. At the top of the heap, Jason Karp'sTourbillon Capital Partnersdumped the biggest investment of the "upper crust" of funds watched by Insider Monkey, valued at about $6.3 million in stock. David Costen Haley's fund,HBK Investments, also cut its stock, about $0.2 million worth. These moves are intriguing to say the least, as total hedge fund interest dropped by 2 funds last quarter. Let's also examine hedge fund activity in other stocks - not necessarily in the same industry as SunOpta, Inc. (NASDAQ:STKL) but similarly valued. We will take a look at Majesco (NASDAQ:MJCO), Drive Shack Inc. (NYSE:DS), Cumulus Media Inc (NASDAQ:CMLS), and Vectrus Inc (NYSE:VEC). This group of stocks' market valuations resemble STKL's market valuation. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position MJCO,3,378,2 DS,10,4853,0 CMLS,13,109777,6 VEC,11,40168,1 Average,9.25,38794,2.25 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 9.25 hedge funds with bullish positions and the average amount invested in these stocks was $39 million. That figure was $114 million in STKL's case. Cumulus Media Inc (NASDAQ:CMLS) is the most popular stock in this table. On the other hand Majesco (NASDAQ:MJCO) is the least popular one with only 3 bullish hedge fund positions. SunOpta, Inc. (NASDAQ:STKL) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 20 most popular stocksamong hedge funds returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately STKL wasn't nearly as popular as these 20 stocks and hedge funds that were betting on STKL were disappointed as the stock returned 1.4% during the same period and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in Q2. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Here’s What Hedge Funds Think About Physicians Realty Trust (DOC) Legendary investors such as Jeffrey Talpins and Seth Klarman earn enormous amounts of money for themselves and their investors by doing in-depth research on small-cap stocks that big brokerage houses don't publish. Small cap stocks -especially when they are screened well- can generate substantial outperformance versus a boring index fund. That's why we analyze the activity of those elite funds in these small-cap stocks. In the following paragraphs, we analyze Physicians Realty Trust (NYSE:DOC) from the perspective of those elite funds. Physicians Realty Trust (NYSE:DOC)shareholders have witnessed a decrease in activity from the world's largest hedge funds of late. Our calculations also showed that DOC isn't among the30 most popular stocks among hedge funds. So, why do we pay attention to hedge fund sentiment before making any investment decisions? Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter. Even if you aren't comfortable with shorting stocks, you should at least avoid initiating long positions in our short portfolio. Let's take a peek at the latest hedge fund action surrounding Physicians Realty Trust (NYSE:DOC). Heading into the second quarter of 2019, a total of 11 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -8% from the previous quarter. On the other hand, there were a total of 11 hedge funds with a bullish position in DOC a year ago. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves. More specifically,Citadel Investment Groupwas the largest shareholder of Physicians Realty Trust (NYSE:DOC), with a stake worth $40.1 million reported as of the end of March. Trailing Citadel Investment Group was Renaissance Technologies, which amassed a stake valued at $25.8 million. Hudson Bay Capital Management, Sandler Capital Management, and Alyeska Investment Group were also very fond of the stock, giving the stock large weights in their portfolios. Since Physicians Realty Trust (NYSE:DOC) has witnessed bearish sentiment from the smart money, it's easy to see that there lies a certain "tier" of hedge funds who sold off their full holdings last quarter. Intriguingly, Ken Heebner'sCapital Growth Managementcut the largest stake of the "upper crust" of funds tracked by Insider Monkey, worth close to $3.5 million in stock. Paul Marshall and Ian Wace's fund,Marshall Wace LLP, also cut its stock, about $0 million worth. These bearish behaviors are important to note, as total hedge fund interest dropped by 1 funds last quarter. Let's now review hedge fund activity in other stocks - not necessarily in the same industry as Physicians Realty Trust (NYSE:DOC) but similarly valued. These stocks are The Boston Beer Company Inc (NYSE:SAM), Spirit Realty Capital Inc (NYSE:SRC), FireEye Inc (NASDAQ:FEYE), and Copa Holdings, S.A. (NYSE:CPA). This group of stocks' market caps resemble DOC's market cap. [table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position SAM,22,386611,3 SRC,17,301040,-2 FEYE,27,365577,-1 CPA,14,262939,-1 Average,20,329042,-0.25 [/table] View table hereif you experience formatting issues. As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $329 million. That figure was $106 million in DOC's case. FireEye Inc (NASDAQ:FEYE) is the most popular stock in this table. On the other hand Copa Holdings, S.A. (NYSE:CPA) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks Physicians Realty Trust (NYSE:DOC) is even less popular than CPA. Hedge funds dodged a bullet by taking a bearish stance towards DOC. Our calculations showed that the top 20 most popular hedge fund stocks returned 6.2% in Q2 through June 19th and outperformed the S&P 500 ETF (SPY) by nearly 3 percentage points. Unfortunately DOC wasn't nearly as popular as these 20 stocks (hedge fund sentiment was very bearish); DOC investors were disappointed as the stock returned -1.6% during the same time frame and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out thetop 20 most popular stocksamong hedge funds as 13 of these stocks already outperformed the market so far in the second quarter. Disclosure: None. This article was originally published atInsider Monkey. Related Content • How to Best Use Insider Monkey To Increase Your Returns • Billionaire Ken Fisher’s Top Dividend Stock Picks • 30 Stocks Billionaires Are Crazy About: Insider Monkey Billionaire Stock Index
Katharine McPhee and David Foster get married in an intimate London church ceremony David Foster and fiancée Katharine McPhee have tied the knot almost a year afterannouncing their engagement. The couple wed in a romantic ceremony on Friday at the church of St. Yeghiche in London with Foster's daughters --Sara and Erin-- in attendance. A source toldE! Newsthat "the couple exchanged vows at the altar in a traditional manner about 35 minutes into the ceremony." The insider added "it was a very quick but traditional ceremony. Katharine looked stunning in a classic Zac Posen simple white gown." Earlier in the day the 35-year-old singer shared a post on Instagram confirming she would be getting married to the 69-year-old music producer with a sweet rendition of "Somewhere Over The Rainbow." "Exactly 13 years ago today my very first single, Somewhere Over The Rainbow, was released right after Idol. Today... I’m marrying the man who produced it. Life is full of beautiful coincidences, isn’t it? Thank you for taking me over the rainbow, David," she captioned the video. Check back for more updates and pictures to come! The newlyweds first sparked romance rumors in May 2017 when they were seen getting cozy in Malibu. The pair made their red carpet couple debut at the 2018 Met Gala in New York City. Foster's rep revealed toETthat he popped the question while the two were vacationing in Europe last July. The "Waitress" actress was previously married to producer Nick Cokas for eight years before splitting in 2016. The marriage ended after McPhee allegedly had an affair with Michael Morris, who was the director of NBC's "Smash" which she starred on. Foster tied the knot four times prior. He was married to singer B.J. Cook from 1972 to 1981, Rebecca Dyer from 1982 to 1986, Linda Thompson from 1991 to 2005 and "Real Housewives of Beverly Hills" alum Yolanda Hadid from 2011 untiltheir divorce was finalizedin May 2017.
Can You Believe This Vacation Home Took Just Days to Decorate? Photo credit: Francesco Lagnese From House Beautiful "Unpretentious." "Comfortable." That’s how admirers of Tom Scheerer-one of the most esteemed interior designers in America, whose latest book, More Decorating , is out this fall-often describe his work. For his own summer home on Swan’s Island in Maine, a place Scheerer fondly describes as “dead quiet,” the industry vet took adjectives like these to the extreme. "It’s a hedge against our summer life in East Hampton, which is frenetic and hectic and expensive," Scheerer tells House Beautiful of the circa-1850 farmhouse, which he and his sister bought, then renovated and redecorated in a manner utterly unlike what you might expect from a high-end designer. Photo credit: Francesco Lagnese The furniture is mostly Ikea, unfussy antique, or hand-built, with art by houseguests adorning the walls. “We made an intentional decision to not make it feel too precious,” says Scheerer. Oh, and they furnished the home in just days. Photo credit: Hearst Owned It’s an apt backdrop for a place where days are spent "walking, dog-walking, collecting stones," Scheerer says. "And everyone usually finds some kind of art project." These are punctuated, of course, by lobster dinners, and Scheerer’s famous lobster soup the next day (Scheerer is a chef with a designer's eye-he fondly notes the dish's lovely pink hue). Photo credit: Francesco Lagnese "Everyone is initially kind of shocked that there’s no Wi-Fi or television, but then they realize there are no planes flying overhead, there’s no traffic," he says of the remote getaway. "It’s a different kind of experience, a cooldown from life elsewhere. It’s really just about feeding yourself and getting to bed early." So how did he do it? Read on for learnings from Scheerer's shockingly simple renovation. Don't Overthink the Furniture “It was done very easily, very cheaply. We didn’t take anything too seriously,” Scheerer says of the design. Aside from a custom table and pieces from storage, the furniture is store-bought. Ikea sofas and a Pottery Barn rug get an upgrade with colorful pillows. Story continues Photo credit: Francesco Lagnese Double Your Living Space The ocean-facing porch was Scheerer’s first modification. When furnished like a living room, it becomes a go-to hangout for houseguests, extending the home’s usable footprint outdoors. Photo credit: Francesco Lagnese Build in a Bed Frame Scheerer’s bedroom resulted from splitting one ocean-facing room into two. The designer has an ingeniously simple alternative to a bed frame: “It’s just a wall-to-wall shelf with a mattress on it,” he explains. Bonus: It leaves space for luggage underneath. Photo credit: Francesco Lagnese Roll out a New Floor Checkerboard linoleum flooring is a durable surface that doesn’t look brand-new. “Before we settled on Swan’s Island, we’d rented another house in Maine that had this incredible red Formica kitchen,” designer Tom Scheerer says of his inspiration for the color palette. Follow House Beautiful on Instagram. ('You Might Also Like',) 7 Secrets HomeGoods Employees Won't Tell You 19 Closet Organization Ideas You'll Want to Steal Immediately 15 Styling Tricks That Make A Small Living Room Seem Bigger Than It Is
Marcus, Ally cut yields on savings accounts. Is the high-yield savings rate war over? Marcus – the retail bank arm of Goldman Sachs – and Ally Bank both lowered the yield on their savings accounts ahead of an expected rate cut from the Federal Reserve next month. Marcus lowered its rate to 2.15% from 2.25%, while Ally reduced its yield to 2.1% from 2.2%. Both banks informed their customers by email. Ally said the move reflected how interest rates are “on the downswing and projected to fall further,” according to an email sent to customers. Marcus also said the its rate reduction was “based on market conditions,” according to an emailed statement from Goldman Sachs spokesman Andrew Williams. “We aim to always provide competitive rates on all our savings products,” the statement said. “Our online savings account remains more than 4X the national average, and all new and existing customers enjoy the same rate.” So far, Marcus and Ally are the first to cut rates and don’t yet reflect a bigger trend, said Greg McBride, chief financial analyst at Bankrate.com. “In fact, just this week Wealthfront increased the payout on their account,” he said. “The savings landscape continues to be very competitive, which is benefiting consumers, and is helping keep savings yields largely in check – for now.” Auto savings:Here are the 25 least expensive cars to insure Break for the rich:Is Trump planning another tax cut? If so, it won’t help middle class Americans much Wealthfront on Wednesday upped the yield on its cash account to 2.57% from 2.51%. Unlike a traditional savings account, a cash account is tied to a brokerage account. The funds are eligible for FDIC insurance through banks partnering with Wealthfront. There are also more than a handful of banks advertising yields above the 2.15% that Goldman and the 2.1% that Ally are offering,according to an accounting from Bankrate. The top ones include Vio Bank at 2.52%, WebBank at 2.5% and Comenity Direct Bank at 2.48%. McBride noted that while savings account yields aren’t changing, rates on certificates of deposits are falling, especially as expectations for a cut in the federal funds rate increases. “No bank wants to be locked into an above-market payout for any length of time,” he said. Dow watch:Stocks on pace to post best first half in two decades. Trade deal needed for more gains Investors are expecting a rate cut at the Federal Reserve’s next meeting at the end of July. Seven in 10 are forecasting a quarter-point reduction, while three in 10 predict a half-point drop, according toCME Group's FedWatch Tool. That could be enough to affect what banks offer on their savings accounts. “Yields on savings accounts can be adjusted at any time, which is another reason why they’re hanging in there now,” McBride said. “But a broader move is likely to materialize around the time of an actual Fed rate move.” This article originally appeared on USA TODAY:Marcus, Ally cut yields on savings accounts. Is the high-yield savings rate war over?
Widow of truck driver sues over Wisconsin interstate crash MILWAUKEE (AP) The widow of a truck driver who plunged off a Wisconsin interstate overpass to avoid a fiery collision is suing a company whose driver she says caused the crash. Lillian Moss Johnson filed a lawsuit Thursday against Warehouse Transport Services over the death of her husband, Jeffrey Johnson, the Wisconsin Journal Sentinel reported. Authorities called the 45-year-old truck driver a hero for diverting his vehicle to avoid striking cars in the June 19 crash on I-94 in Racine County. The lawsuit accuses Warehouse Transport of negligence in its hiring, training and supervising of Kenneth Rogers, a semi-trailer driver who also died in the crash. Rogers was driving southbound on Interstate 94 when he hit a construction barrier, overcorrected and crashed into a median that separated the northbound traffic, according to the lawsuit. It caused three northbound cars to crash into the barrier, leading Jeffrey Johnson to veer away from the collision. Both trailers burst into flames, setting other cars on fire and sending plumes of smoke into the air, according to Racine County Sheriff Christopher Schmaling. Johnson's lawsuit alleges Rogers' reckless driving caused the crash. She is seeking unspecified damages for her husband's death. The lawsuit also names Warehouse Transport's parent company, Hansen Storage Company. Neither company had commented on the suit as of Friday. The crash occurred near Mount Pleasant, which is about 24 miles (38 kilometers) south of Milwaukee. At least three drivers of the passenger vehicles were injured in the collision. Milwaukee attorney Jay Urban, who represents Johnson's estate, said Johnson had a long career in trucking and took pride in his job. "The silver lining in this was what a hero he was," Urban said. "His first thought was to save lives, almost like a first responder." ___ Information from: Wisconsin State Journal, http://www.madison.com/wsj
Few migrants seeking U.S. asylum successfully claim fear of waiting in Mexico By Julio-Cesar Chavez and Andy Sullivan EL PASO, Texas/WASHINGTON (Reuters) - About 1% of the migrants sent to wait in Mexico pending the outcome of their U.S. asylum claims have successfully claimed that they would face danger if they had to stay in Mexico, a top U.S. immigration official said on Friday. Those who prove they face danger in Mexico can be allowed to pursue their asylum claims while living in the United States. Reuters found similar numbers after analyzing immigration court data. More than 15,000 migrants claiming asylum in the United States after crossing the U.S.-Mexican border, most of them Central Americans, have been sent back to Mexico to wait for their cases to be processed since January under the so-called Migrant Protection Protocols (MPP), according to Mexican officials. Ken Cuccinelli, the acting head of U.S. Citizenship and Immigration Services, said the MPP program was a priority for the agency as it tries to tackle a surge in asylum claims at the southern border. Cuccinelli, a Trump ally who was appointed earlier this month, told reporters in El Paso that migrants who ultimately were not granted asylum were "jamming" up the system and "absorbing resources and facilities." The policy of returning asylum seekers to Mexico has been criticized by asylum officers themselves. On Wednesday, their union filed a brief in a lawsuit challenging the policy, saying it was "contrary to the moral fabric of our Nation." Cuccinelli said the union was "utterly in denial of reality." Cuccinelli said that some U.S. border patrol agents had begun conducting initial screening interviews to determine whether migrants were eligible to apply for asylum and early indications from the pilot program were "positive." Immigrant advocates have raised concerns that border patrol agents, who are primarily law enforcement officers, are not equipped to make high stakes decisions about the credibility of migrants' fears of return to their home countries. The screening interviews are usually conducted by USCIS asylum officers. Story continues Earlier on Friday, acting Homeland Security Secretary Kevin McAleenan told reporters in Washington that far fewer migrants had tried to enter the United States in June due to increased efforts by the Mexican government to stem the flow of people heading north from Central America. McAleenan said he anticipated that the apprehension of migrants along the U.S.-Mexico border could fall by as much as 25% from May's record levels. (Reporting by Julio-Cesar Chavez, Andy Sullivan and Kristina Cooke; Editing by Mica Rosenberg and Rosalba O'Brien)
The Gross Law Firm Announces Class Actions on Behalf of Shareholders of XENT, CBL and ZUO NEW YORK, NY / ACCESSWIRE / June 28, 2019 /The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery. Intersect ENT, Inc. (XENT) Investors Affected : August 1, 2018 - May 6, 2019 A class action has commenced on behalf of certain shareholders in Intersect ENT, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Intersect lacked adequate reimbursement representatives to ensure physicians had access to SINUVA, Intersect's sinus implant; (2) Intersect's sales force would focus on ensuring reimbursement; (3) Intersect's sales representatives were less focused on driving sales; (4) physicians were less likely to adopt Intersect's SINUVA due to transaction costs associated with seeking reimbursement; (5) Intersect would increase staffing to address these issues; and (6) as a result of the foregoing, defendants' positive statements about Intersect's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Shareholders may find more information athttps://securitiesclasslaw.com/securities/intersect-ent-inc/?id=2153&from=1 CBL & Associates Properties, Inc (CBL) Investors Affected : November 8, 2017 - March 26, 2019 A class action has commenced on behalf of certain shareholders in CBL & Associates Properties, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: the Company was the target of a class action suit that could result in tens of millions or even hundreds of millions of dollars in liability. The Complaint further alleges that Defendants completely ignored their disclosure obligation, motivated by a desire to avoid bad publicity surrounding their dishonest nature and their dishonest conduct. When the truth was revealed, CBL shares materially declined in price, injuring the class. Shareholders may find more information athttps://securitiesclasslaw.com/securities/cbl-associates-properties-inc-loss-submission-form/?id=2153&from=1 Zuora, Inc. (ZUO) Investors Affected : April 12, 2018 - May 30, 2019 A class action has commenced on behalf of certain shareholders in Zuora, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company would focus on implementing RevPro for new customers ahead of the deadline to comply with accounting standard ASC 606; (2) as a result, the Company lacked adequate resources to integrate RevPro with the core business; (3) the Company would focus on RevPro integration a year after the acquisition closed; (4) delays in integrating RevPro would materially impact the business; (5) the market for RevPro was limited to customers seeking to implement new accounting standards such as ASC 606; (6) after the deadline for ASC 606 compliance passed, demand for RevPro was reasonably likely to decline; and (7) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Shareholders may find more information athttps://securitiesclasslaw.com/securities/zuora-inc-loss-submission-form/?id=2153&from=1 The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. CONTACT: The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018Email:dg@securitiesclasslaw.comPhone: (212) 537-9430Fax: (833) 862-7770 SOURCE:The Gross Law Firm View source version on accesswire.com:https://www.accesswire.com/550316/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-XENT-CBL-and-ZUO
Billionaire Henry Kravis Invests in Former Employee’s Crypto Fund Billionaire Henry Kravis has started investing in the cryptocurrency space, according to areportby Bloomberg on June 28 Ben Forman, a former employee of Kravi’s KKR & Co, said that Kravis has invested in the flagship fund for hisblockchain-focusedinvestmentfirm ParaFi Capital ofSan Francisco. Discussing his decision to leave KKR to found ParaFi Capital, Forman said that he intends to pursuecryptocurrencyinvesting at his new firm: “While I toyed with the idea of pursuing blockchain investing within KKR, it was clear to me that the firm did not provide the optimal format to do so. Instead of pursuing crypto at KKR, I wanted to build the KKR of crypto.” ParaFi reportedly manages $25 million in assets, which Forman hopes to quadruple its by Q1 2020. Kravis, meanwhile, is estimated to have a net worth of $5.7 billion, according toForbes. As previouslyreportedby Cointelegraph, the wealth of the founders of theGeminicryptocurrency exchange, theWinklevosstwins, recently hit $1.45 billion due to the recent resurgence in the crypto market. The bitcoin price, however, recentlycorrecteddown to $10,380 before slowly starting to rise again. Some analysts are unconcerned by this dip, and believe it is consistent with an ongoing bull run for the leading cryptocurrency. Managing director and technical strategist at Fundstrat, Robert Sluymer, commented on the recent state of the crypto market, saying: “A 20%–30% pullback would not be surprising and very consistent with bitcoin’s recent bull-market pullbacks.” • Ethereum Classic Devs Building a ‘Chainhopping’ Bridge Between ETH and ETC • Square Rolls Out Bitcoin Deposits for Cash App to General Public • A Partner at Binance Labs Expresses Optimism Over Facebook’s Entry Into Crypto With Libra • Maple Leaf Capital: Recent Bitfinex IEO Ampleforth Token is Not Stable
Public School Is Launching a Platform for Sustainable Basics—And Every Streetwear Brand Will Have Access We’re only halfway through 2019, but it already feels like the year will go down as a major turning point for sustainable fashion. The conversation has shifted away from raising consciousness and spreading awareness to one of action: We know what needs to be fixed, so why isn’t it happening? It’s becoming clear that single individuals and brands—even global, multi-billion-dollar brands—can’t reverse climate change alone, and we’ll only see significant progress if players across the industry work together towards shared goals. It’s a concept Stella McCartney and Kering CEO François-Henri Pinault have both advocated for in the past few months, calling on their peers to set ambitious targets and share resources. Last night, New York label Public School “linked arms” with them, as McCartney would say. As winners of the third annual CFDA + Lexus Fashion Initiative (a nine-month program that asks designers to create new business plans for making their collections more sustainable), designers Maxwell Osborne and Dao-Yi Chow took home $100,000 to fund their new initiative, V-to. It’s what Chow called a “blanks program” of recycled and organic cotton T-shirts, hoodies, and other basics, which will be available to designers and retailers across the industry. In a way, it’s a new manufacturing arm to Public School’s main business. “When we started this project [for the Initiative], we knew we wanted to create something that didn’t just impact our own business,” Chow said. “It’s one thing to create a green collection for ourselves and sell it through our own channels, but it’s another to come up with an idea that can be adopted by our peers.” Chow and Osborne said the idea stemmed from the growing influence of “merch” in fashion, with designers high and low making logo tees and graphic hoodies to attract younger shoppers. “A lot of those garments have traditionally been really poorly and irresponsibly sourced cotton,” Chow explained (i.e., non-organic and treated with pesticides). “It becomes so throwaway—‘it’s just a T-shirt, I can get another.’ We wanted to give people a better alternative and be the go-to source for sustainable blanks. It gives us a chance to share all of the research and development we’ve been doing with the rest of the world.” Story continues V-to pieces are being produced just outside of Toronto and consist of 60% recycled cotton (40% of which comes from post-consumer waste), with the remaining 40% being certified organic cotton—an important factor when it comes to eventually recycling the garments. (Clothing made from 100% natural textiles like cotton are the easiest to recycle; polyester is more difficult, and anything with a blend becomes close to impossible. However, even organic cotton T-shirts are often stitched with polyester threads, which complicates the process.) “Phase two is figuring out how to close the loop and collect these garments when they’re no longer being worn, so they can become raw material again,” Chow added. A look from Tracy Reese’s new collection, Hope for Flowers. Photo: Courtesy of Hope for Flowers A garment’s “end of life” was a focus for other designers in the initiative, including Araks designer Araks Yeramyan, whose business plan revolved around creating fully biodegradable swimsuits. Tracy Reese’s new line, Hope for Flowers , which launched earlier this week, uses entirely organic materials like linen and silk, but her business plan is focused specifically on social impact. Much of the collection is being made by women in Flint, Michigan, and it’s all designed in Detroit, where Reese is advocating for arts education in schools and is working on building a fashion industry in the city. Abasi Rosborough designers Abdul Abasi and Greg Rosborough (who were recently named finalists in this year’s CFDA/ Vogue Fashion Fund ) conceptualized a new, more efficient vertical business model to reduce their carbon footprint and save materials and time while Jonathan Cohen addressed the issue of textile waste. The scraps and leftover pieces that used to get thrown out after a production run are now being saved by Cohen’s factories, and many are woven into new materials or patchworks in partnership with Weaving Hand, a Brooklyn-based organization that hires and trains mentally disabled adults. He’s also incorporating his own supply of deadstock fabrics, having recently realized that his “past season” fabrics—many of them couture silks, brocades, and jacquards—hardly felt dated. He’s whipping them up into new, one-of-a-kind dresses and selling them exclusively on his e-commerce site and to private clients. “It’s something that feels very personal and very much our brand,” he explained. “You start to realize that for starters, your textiles are ending up in a landfill, which isn’t good. But you’re also throwing away a lot of money.” In fact, the early success of Cohen’s upcycled dresses and skirts has enabled him to forgo a Resort collection, which would require sourcing new fabric and months of intense production work. By narrowing his focus to two collections a year and his new zero-waste business, he has more time to work with his artisans in Mexico City, collaborate with charitable organizations, and participate in initiatives like this one. Like Cohen, Public School has already put V-to into motion, signing on designers and retailers who didn’t have a go-to source for sustainable basics in the past. “We were gong to do this with or without the prize money, because we’ve learned so much throughout the Initiative and want to be part of the conversation,” Osborne said. “We feel as a brand and as individuals [that] we’re perfectly positioned to be able to go out and champion this product,” Chow added. “We know that if our friends and designers and retailers have a better option [presented to them], they’ll be willing to make the switch.” A look from Jonathan Cohen’s Fall 2019 collection. Photo: Gorunway.com Originally Appeared on Vogue
This week in Trumponomics: Trump bashes the man who can bail him out It’s routine now for President Donald Trump to hector the Federal Reserve and its chair, Jerome Powell. But it’s no less troubling every time Trump does it, especially since Trump’s insults are getting lower and more ridiculous. Trump this week said theFed is acting like a “stubborn child”by not cutting interest rates on his command. TheFed “blew it,” Trump said, because overstimulating the economy when the labor market is strong could have boosted growth to 4% and added thousands of points to the Dow Jones stock index. Trump went further by saying he’d rather have Mario Draghi, head of the European Central Bank, running the Fed than Powell. Draghi hasn’t asked for the job and probably wouldn’t take it if Trump offered, but Trump likes Draghi because he seems more willing to ease monetary policy than Powell. Trump still insists, “I have the right to demote [Powell].” This is all absurd. If Trump were really able to politicize the Fed, and get it to do his bidding, it would probably backfire, because investors would lose confidence in the one institution they need most during a crisis. Trump also oozes insecurity with every Powell insult, not confident, apparently, in the power of his own policies to boost the economy. For these reasons, the Trump-o-meter this week reads WEAK, the third lowest rating. Powell pushed back against Trump this week, starting a speech in New York by insisting “the Fed is insulatedfrom short-term political pressures. He shouldn’t have to say this, of course. Investors have enough questions about whether the Fed is getting policy right without worrying that a combustible president might be interfering with its decisions. [Check out theYahoo Finance Trumponomics Report Card.] Two ironies are unmistakable. First, Powell is the one guy with some ability to bail Trump out if the economy gets in trouble and voters blame him. If that comes to pass — not likely but certainly possible by Election Day, 16 months from now—Trump will need Powell’s help. Powell would probably do what’s best for the country, and cut rates — instead of keeping them high to settle a political score with Trump. Still, Trump is making an enemy of somebody he could soon use as an ally. The other irony is that Trump may get his rate cuts — because of his own ineptitude. Powell signaled in his New York appearance that Trump’s trade dispute with China has caused trouble in recent weeks that could force the Fed to cut interest rates sooner than it otherwise would. It’s even possible Trump will goad the Fed into cutting rates with more damaging trade moves that hurt the economy just enough for the Fed to move. What will Trump say about Powell then? “Atta boy” has a fitting ring to it — insincere and condescending. Rick Newman is the author of four books, including “Rebounders: How Winners Pivot from Setback to Success.” Follow him on Twitter:@rickjnewman Confidential tip line:rickjnewman@yahoo.com.Encrypted communication available. Click here toget Rick’s stories by email. Read more: The Democrats need better villains Trump should stop bragging about the stock market How China could meddle in the 2020 election Elizabeth Warren’s best and worst economic ideas Medicare for all won’t work. This might Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit.
'Anything can happen' (and probably will) when Trump and Xi face off at the G20 All eyes are on President Donald Trump and Chinese President Xi Jinping as they prepare to face off at the G20 on Saturday— a meeting that could determine the direction of the trade war. An extended ceasefire between the two nations appears the most likely outcome of the meetings. This week, the South China Morning Postreportedthat the U.S. and China have agreed to a tentative truce before the meetings, so that negotiations between the two powers can continue. A ceasefire would avert the next planned round of U.S. tariffs on $300 billion worth of Chinese goods. Yet nothing will be official until Trump and Xi get in a room together — and even that might not resolve anything. Earlier this week, Trumpsaid on Fox Businessthat he has a “Plan B” if talks go South, suggesting that tariffs would bring in “billions and billions of dollars” to America. It underscored that the U.S. and China’s ability to bridge their differences is stillvery much an open question. And any deal is unlikely to undo the damage to confidence and growth that’s already wrought by the existing tariffs. “Even if the trade war eases, the runway for a ‘swoosh’ higher in the data is likely to be at least a few months and more likely a few quarters as businesses will be looking for confirmation that the worst in the trade war is behind us before they begin to spend and hire again,” said Torsten Slok, Deutsche Bank’s chief economist, in a note to clients on Friday. Trump’s unpredictable negotiating style means that nothing will be written in stone — and the outcome isn’t assured, analysts say. “I think it’s more or less fair to say that when Trump sits down with a foreign leader dealing with a major dispute, anything can happen,” said Michael Fuchs, a senior fellow at the Center for American Progress. He said the most likely outcome is a ceasefire. Banks’ Forecasts Meanwhile, Wall Street— which has been whipsawed on expectations of a deal — is hoping for the best, but preparing for the worst. In fact, no major U.S. bank believes it is likely that a major deal will be reached at the G20. Banking giant UBS (UBS) hedges at a 50% chance of an extended ceasefire and a 35% chance of tariff escalation. Meanwhile, the bank only sees a slim 15% chance of de-escalation after the G20. However, markets could respond positively to a truce according to a Bank of America (BAC) research note. “We think risk assets will react positively in the short run to a delay in the tail risk of a full-blown trade war, especially given the backdrop of increasingly accommodative global monetary policy,” BofA’s analysts said. “In the medium term, however, the trade war will likely continue to erode business confidence, weighing on the US, China and regions caught in the crossfire, such as Asia-Pacific and Europe,” they wrote. There’s little doubt that the existing tariffs, coupled with a global slowdown and generalized fears of an escalation, have hammered business sentiment. That has translated into softer U.S. economic data, and forced the Federal Reserve to entertain a new rate-cutting cycle. The central bank’s reluctance to do so hascourted Trump’s ire. “The softening investment picture amid souring business sentiment is a major factor [Fed chair Jerome] Powell cited for the committee members judging that the ‘risk of less favorable outcomes has risen,” Deutsche Bank said this week. After aweakJune jobs report, markets rallied with the hopes that rate cuts were close at hand. Yet if a Trump-Xi confab ends in a surprise deal, it could swing investor expectations of a coming easing cycle. “An unexpected deterioration or improvement in the trade area could dramatically move the needle—in either direction—for the Fed, leading us to think markets are a bit too convinced of the magnitude of future easing,” Wells Fargo said this week. Political considerations Both leaders are dealing with political calculations as well. U.S. farmers have beenhit hard by the trade war, while a growing number of sectors sensitive to the tariffs are warning of a catastrophe if the next round of surcharges hit Chinese goods. Meanwhile, China’sgrowth has slowed sharply, and prompted Beijing to deploy monetary stimulus to offset the effects. Derek Scissors, a resident scholar at the American Enterprise Institute who also serves as an informal advisor for the Trump Administration, insisted that while trade tensions have undermined the market, “for the U.S. economy as a whole it doesn’t mean anything.” Yet economists argue that what happens on Wall Street often sets the tone for Main Street, and right now a rising number of investors are worried about the downturn becoming a recession. “Markets are increasingly of the view that the Fed will cut interest rates aggressively to head off the threat of recession,” ING analysts wrote this week. “Trade policy is critical to this view given the fear that intensifying tensions will hurt sentiment, put up business costs and weaken profitability.” The strains apparent in the bilateral U.S.-China relationship means the trade acrimony is beingplayed out on multiple fronts. Trump recentlyblacklistedfive Chinese tech entities, as fears increase that the trade war could turn into a broader economic conflict. And Beijing insists that no comprehensive deal will be done without the United States normalizing business relations with Huawei Technologies, the Wall Street Journalreportedthis week. “If you go after literally every single import from China, it’s entirely possible that Xi Jinping gets backed into a political corner where he needs to respond in a variety of ways, and it may be responding beyond just the trade suite of issues,” said CAP’s Fuchs. “I think there’s a potential precipice over which this trade war could go,” he added. “For me, the real question at the end of the day is when does Trump decide that he has to give in and enough is enough and he has to end this, and does Xi Jinping accept whatever the terms are,” said Fuchs. Calder McHugh is an Associate Editor at Yahoo Finance. Follow him on Twitter:@Calder_McHugh. The jobs report is even worse than it looks in these six sectors These US industries could take the heaviest hit from new tariffs There's a gap between jobs and job-seekers, and a housing crisis is making it worse Streaming boom becomes 'holy grail' for resurgent music industry Trump's tariffs hit Texas manufacturers, spark fears for the future: Survey Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit.
Constellation Brands Inc (STZ) Q1 2020 Earnings Call Transcript Constellation Brands Inc(NYSE: STZ)Q1 2020 Earnings CallJun 28, 2019,10:30 a.m. ET • Prepared Remarks • Questions and Answers • Call Participants Operator Welcome to the Constellation Brands Q1 Fiscal Year 2020 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode. Following the prepared remarks, the call will be open for your questions. Instructions will be given at that time. I will now turn the call over to Patty Yahn-Urlaub, Senior Vice President of Investor Relations. Please go ahead. Patty Yahn-Urlaub--Senior Vice President of Investor Relations Thanks, Daniel. Good morning, and welcome to Constellation's first quarter 2020 conference call. I'm here this morning with Bill Newlands, our CEO; and David Klein, our CFO. As a reminder, reconciliations between the most directly comparable GAAP measures and any non-GAAP financial measures discussed on this call are included in our news release or otherwise available on the Company's website at www.cbrands.com. Please refer to the news release and Constellation's SEC filings for risk factors, which may impact forward-looking statements we make on this call. Before turning the call over to Bill, similar to prior quarters, I would like to ask that we limit everyone to one question per person, which will help us to end our call on time. Thanks in advance. And now here's Bill. Bill Newlands--President and Chief Executive Officer Thank you, Patty, and good morning everyone. Welcome to our discussion of Constellation's first quarter sales and earnings results, which reflects an excellent start to our new fiscal year. Before I get started with our business review, I would like to emphasize three key takeaways on this morning's call. Number 1, we are confident in our ability to close the wine and spirits transaction with Gallo, which we expect will occur in the second half of calendar 2019. For now, we have updated our fiscal 2020 EPS guidance to assume that we close at the end of the second quarter, but we will adjust accordingly, as we get more clarity on the exact timing. Meanwhile, we are fully committed to supporting our entire portfolio throughout the transition. Number 2, the transformation strategy for our wine and spirits business is working, led by the power brands in our portfolio, which achieved over 4% depletion growth in the first quarter. This collection of faster growing high-margin brands is expected to drive the growth of the business going forward. And number 3, we posted strong net sales and margin results for our Beer business in the first quarter, driven by continued outstanding performance by our growth engine that is Modelo Especial. In addition, we are pleased with the nearly 7% overall depletion growth. Even with Corona Extra seeing some impact from unfavorable weather in several of our largest markets during the quarter, while overlapping last year's highly successful launches of Corona Premier and Corona Familiar. Bottom-line, we remain confident in our ability to achieve 7% to 9% net sales and EBIT growth for our Beer business in fiscal '20. Speaking of beer. During the first quarter, the Constellation Beer business continued to gain share with growth across all channels, driving one-third of the growth of the high-end US beer market. Modelo Especial was the most significant growth contributor within our portfolio for the quarter. This exceptional brand has excellent marketplace momentum, and achieved the number one spot as the top share gainer in the US beer category. With depletion growth of more than 17%, a sequential acceleration compared to our fourth quarter trend. We continue to reap the benefits of our Modelo advertising investments, which are resonating with both our core and new consumers. We recently launched the Modelo 32-ounce bottle as we continue to take advantage of the single-serve and distribution trade-up opportunities we have in the off-premise. We also made excellent progress in the on-premise, with the Modelo draft format, increasing more than 20% for the quarter. Corona Premier continues to drive the Corona brand family performance. The national TV advertising campaign as well as the draft roll-out are propelling the momentum of this brand, which was a top share gainer in IRI channels, while also posting double-digit depletion growth during the quarter. This summer, Corona Premier began a multi-year sponsorship deal with the United States Golf Association to be a proud supporter of the US Open. And the newest innovation in the Corona brand family, Corona Refresca, which launched nationally at the end of May, has already gained all commodity volume or ACV distribution of more than 30 since its introduction. Pacifico also produced strong double-digit depletion growth this past quarter, driven by the national advertising campaign and retail promotions, which are increasing Pacifico's in store presence. Overall, I believe we are well positioned throughout the remainder of the summer selling season with a great lineup of marketing and promotional activities to support the ongoing growth momentum of our entire beer portfolio. Moving now to wine and spirits. As you know, Robert Hanson was recently hired as our new President of the wine and spirits business. Robert was previously a six year valued member of our Board of Directors, and has extensive consumer product experience from his prior senior management roles at John Hardy, American Eagle Outfitters and Levi Strauss. Robert shares the Constellation passion for developing brands that consumers love. And we are thrilled that he has joined our executive management team. Welcome to Robert. The wine and spirits business delivered first quarter results that exceeded our previously communicated expectations. As I mentioned, our power brands posted industry leading depletion growth of over 4% for the first quarter. This portfolio includes key brands like Kim Crawford, Meiomi, SVEDKA Vodka, The Prisoner, and High West, which continue to outperform the market and gain share. Overall, we expect these brands to be the key drivers of the business long-term, and we are extremely bullish on the future runway for these higher growth, higher-margin brands. In addition, our wine and spirits innovation agenda has been successful with a focus on fast growing categories, emerging formats and new flavor combinations. We'll continue to expand our Bourbon Barrel-Aged innovation program, which has been a resounding success selling over 1 million cases in its first two years. A great example includes the new Robert Mondavi Private Selection, Rye Barrel-Aged Red Blend, which is the first rye barrel-aged wine introduced at a super premium price point. In July, we will begin shipping Eternally Silenced, which is the first pinot noir addition to The Prisoner portfolio. This premium product introduction will be sold in the over $50 price segment. We will continue to support our innovation and brand building efforts throughout the remainder of the year with impactful marketing campaigns to strengthen and build the portfolio. We have solid programming in place for our key power brands this summer, including the launch of a new TV advertising campaign for the Woodbridge portfolio. In addition, we have forged a relationship with the NFL to not only promote and sell our Woodbridge brand, but to introduce our new Crafters Union wine in can, which is the perfect format for football games and tailgating. Kim Crawford continues to align with consumers through its partnership with the US Open, and other major tennis events. And recently launched a new TV and digital advertising campaign that will be featured this summer. These campaigns and sponsorships are just a few examples of the initiatives we have planned to strengthen the portfolio, drive consumer awareness and incremental growth. Our spirits portfolio has recently gained momentum with increases in growth and velocity across the SVEDKA portfolio bolstered by the new Bring Your Own Spirit national advertising campaign, plus the new innovation in the product lineup SVEDKA Rose is already exceeding expectations. During the quarter, Constellation Ventures acquired a majority stake in Nelson's Green Brier, which is an iconic Tennessee Whiskey that plays well in emerging categories of American whiskey and craft. It is the first ventures investment that will be fully integrated into the Constellation sales and distribution network, which provides a significant opportunity for growth of this brand. With our market reach, distributor partnerships and consumer insights, we are especially excited about the introduction of Nelson's Green Brier unique Tennessee Whiskey to consumers this fall. While the award winning Belle Meade Bourbon brand continues its rapid market growth. As we begin the transformation journey for our wine and spirits business, I would like to reiterate our long-term goal for this business, as we intend to grow net sales in the mid-single-digit range with operating margins migrating to 30%. This quarter, we have made progress toward that goal, and we look forward to shaping our wine and spirits business to be a best-of-class consumer goods portfolio, with a market-leading sales and margin profile. Now a few comments about our investment in Canopy Growth, which continues to be the global leader in total cannabis sales. During the quarter, Canopy Growth and Acreage Holdings entered into an agreement to grant Canopy the right to acquire Acreage and enter the US cannabis market once federally permissible. We're excited about this opportunity, as it provides a path for Canopy to have a leading position in the US upon federal cannabis reform. Recently, Canopy and Acreage shareholders overwhelmingly approved this transaction, which will provide the opportunity for Constellation to extend the duration of Canopy warrants, which provides long-term financial flexibility for cash deployment to our shareholders. David will provide additional details on that later in the call. And while we remain happy with our investment in the cannabis space and its long-term potential, we were not pleased with Canopy's recent reported year-end results. However, we continue to aggressively support Canopy on a more focused, long-term strategy to win markets and form factors that matter, while paving a clear path to profitability. We believe some of these branded form factors include vape, beverages and edibles that will command higher margins. These products in Canada, as well as CBD products in the US are expected to come online during the fourth quarter of this calendar year. In closing, I am pleased with our strong start to the year. Excellent execution of our first quarter results demonstrates that we continue to deliver on our key strategic imperatives across our beer, wine and spirits businesses. And I'm excited about the prospects across the business for the remainder of this year. With that, I would like to turn the call now over to David, who will review our financial results from the quarter. David Klein--Chief Financial Officer Thanks, Bill, and good morning everyone. Fiscal '20 is off to a great start. Core business results exceeded expectations, with operating cash flow up 18% and free cash flow up 30%. These strong results were primarily driven by our beer business, which generated 12% operating income growth. We've increased our full-year comparable basis diluted EPS range to $8.65 through $8.95. This range excludes Canopy equity earnings impact and now assumes revised transaction timing to sell a portion of our wine and spirits business that Bill outlined. The $0.15 increase in EPS guidance represents one additional quarter of EBIT from the portion of the wine and spirits business that we've agreed to sell, partially offset by a delay in cost savings realization, now expected to be at the low-end of our fiscal '20 range of $35 million to $55 million, an incremental interest expense due to debt pay down now targeted for the second half of fiscal '20. After the transaction closes, we continue to expect to eliminate a total of $130 million of stranded costs from our wine and spirits business by the end of fiscal '21. Now let's review Q1 performance in more detail where I'll generally focus on comparable basis financial results. Starting with beer. Net sales increased 7% on shipment volume growth of 5%. Shipment volume was higher than expected, primarily due to additional shipments made at the end of the quarter, as part of efforts to mitigate potential tariff risks. As a result, the beer shipment timing benefit at the end of fiscal '19 is now expected to reverse during the remainder of fiscal 2020, since it didn't occur in Q1. Depletion growth came in at 7% continuing our streak of excellent portfolio performance during the key Cinco and Memorial Day holidays. This growth as compared to strong depletion growth in the prior-year of 9%, driven by new product launches, generating two year average growth of 8%. Beer operating margin increased 150 basis points to 39.3%, as favorability in pricing and FX were partially offset by higher transportation and logistics costs. Marketing as a percent of net sales increased 20 basis points to 11%, driven by planned upfront marketing investments to support our brands leading into the summer selling season, as outlined by Bill earlier. For fiscal '20, we continue to expect net sales and operating income growth of 7% to 9%, and our full-year operating margin to approximate 39%. This includes 1% to 2% of pricing within our Mexican portfolio. As a reminder, we're facing a 10% depletion growth compare for Q2. In addition, we expect some of the shipment timing benefit mentioned earlier to reverse in Q2. And as a result, we expect Q2 net sales and EBIT growth to be in the mid-single-digits range. We continue to expect our gross margin to be flattish for the year, as cost inflation headwinds in growth investments are expected to be mostly offset from product pricing and productivity initiatives. Gross margin will also be impacted by the reversal of the shipment timing benefit in the remainder of fiscal '20. We continue to expect fiscal '20 marketing, as a percent of net sales to increase around 20 basis points to 9.5%, in support of our innovation and growth initiatives. Q1 fiscal '20 wine and spirits' net sales and operating income decreased 8% and 4%, respectively. Q1 fiscal '20 shipment volume declined 8% due to the fiscal 2019 shipment timing benefit mentioned last quarter. This mostly reversed in Q1, we expect the remaining fiscal '19 shipment timing benefit to reverse in Q2, and this along with a difficult year-over-year comparison are expected to result in wine and spirits net sales and EBIT for Q2 fiscal '20 to decrease 5% to 10% and 10% to 15%, respectively . Our fast-growing, high-margin power brands like Kim Crawford, Meiomi, SVEDKA Vodka, The Prisoner, High West, and Schrader generated depletions of greater than 4%. Overall depletion trends of minus 1% were muted by lower-end brands. Wine and spirits operating margin increased 90 basis points to 25.9%, primarily due to favorable pricing along with lower marketing and SG&A costs, partially offset by unfavorable mix. The lower marketing and SG&A benefits were due in part to a shift in timing of spend into Q2, as we have a significant ramp in spend to support the power brands during the summer selling season. This shift helped us outperform our original Q1 EBIT guidance. We now expect fiscal '20 wine and spirits' net sales to decrease 20% to 25% and operating income to decrease 25% to 30%, due to the revised timing of the wine and spirits transaction, discussed earlier. I'd like to echo Bill's confidence that the wine and spirits transformation strategy is already working. And as a result in fiscal '20, we're targeting mid-single-digit Power Brand depletion growth. Longer term, we expect the business to produce mid-single-digit net sales growth, while migrating to an operating margin of 30%. In Q1, we recognized $72 million of charges in connection with our ongoing efforts to gain efficiencies and reduce the cost structure of the business. These charges, which are primarily related to the wine and spirits business were excluded from comparable basis results. The charges include costs associated with certain writedowns of excess inventory, contract terminations, and organizational structure changes. Roughly, half of these charges are related to cash outlays expected to occur in fiscal 2020, which have been factored into our operating cash flow guidance. Interest expense for the quarter increased 31%, which reflects interest expense of approximately $40 million related to the funding for our incremental Canopy Growth investment in November 2018. Fiscal '20 interest expense is now expected to be in the range of $425 million to $435 million, which reflects incremental interest related to revised timing of the wine and spirits transaction, partially offset by anticipated rate favorability. Our comparable basis effective tax rate for the quarter came in at 17.6% versus 21.4% for Q1 last year. Primarily, driven by the overlap of unfavorable one-time items and a lower rate on foreign earnings, partially offset by lower stock-based compensation benefit. We anticipate that our Q2 fiscal '20 effective tax rate will be similar to the Q1 rate in the 18% range. However, we continue to forecast our full year fiscal '20 effective tax rate to approximate 17% with stock-based compensation benefits expected to be weighted toward the second half of the year. Moving to free cash flow, which we define as net cash provided by operating activities less CapEx. For Q1, we generated $437 million of free cash flow compared to $336 million last year. This impressive 30% growth was primarily driven by strong beer operating cash flow results and lower CapEx. We now expect fiscal '20 free cash flow to be in the range of $1.2 billion to $1.3 billion, and operating cash flow to be in the range of $2 billion to $2.2 billion. This reflects revised timing of the wine and spirits transaction. We continue to expect CapEx of $800 million to $900 million. This includes approximately $600 million of CapEx for our Mexico beer operations expansion, including investments in the Obregon and Mexicali breweries, and a fifth glass furnace at the Nava glass plant. Shifting to our investment in Canopy Growth. The total pre-tax net gain recognized since our initial Canopy investment in November of 2017 is $1.6 billion. In Q1, we recognized an $828 million decrease in the fair value of the Canopy Growth investment, which was excluded from comparable basis results. As Bill mentioned, Canopy Growth and Acreage shareholders approved Canopy Growth's proposed acquisition of Acreage. As a result, certain Constellation warrants were modified to include longer duration and revised pricing. We expect to recognize a material gain on our modified Canopy warrants in Q2 to reflect these changes and will exclude that gains from comparable basis results. These warrant modifications allow Constellation more time to assess how the cannabis landscape is progressing before the warrants expire. Coupling our new warrant structure with our business' strong cash generation provides incremental long term flexibility for cash deployment to shareholders. So we remain committed to returning $4.5 billion to shareholders in the form of share repurchases and dividends from fiscal '20 fiscal '22. As summarized in the earnings release, first quarter fiscal '20 comparable basis diluted EPS excluding Canopy equity earnings impact totaled $2.40 per share, representing growth of 9%. Canopy's business is rapidly evolving and their financial results will likely be volatile as they invest in growth opportunities. Similar to this quarter, we plan to release an 8-K after Canopy reports earnings to disclose Canopy's impact on our quarterly results. I'd like to remind everyone, Canopy equity earnings recognized in our income statement are non-cash and we've not factored Canopy equity earnings into our fiscal '20 comparable basis EPS guidance range of $8.65 to $8.95. This will allow us and our investors to focus on the underlying performance of our core business. In closing, we're off to a strong start for fiscal '20, as we continue to benefit from secular trends like premiumization and favorable demographics. We believe the investments we are making in support of growth opportunities today, position us to generate industry leading growth, while we deliver on our fiscal '20 commitments. With that, Bill and I are happy to take your questions. Operator (Operator Instructions) Our first question comes from Judy Hong with Goldman Sachs. Your line is now open. Judy Hong--Goldman Sachs -- Analyst Thank you. Good morning. Bill Newlands--President and Chief Executive Officer Hi Judy. Judy Hong--Goldman Sachs -- Analyst So. I guess I want to zero in on the beer depletion growth particularly around the Corona brand family. Clearly, the weather was a factor, but sort of how much does your analytics kind of point to weather being a factor versus Modelo obviously accelerating and you've talked about the cannibalization impact from -- for Modelo and then clearly the Spiked Seltzer category kind of booming, how much is that also cutting into the Corona brand family? And kind of dovetailing that, if you think about the mid-single-digit depletion guidance for second quarter, can you just talk about the drivers of that other than just a comparison how much is really the shipment on their performance or is there a little bit more caution around depletion, just given the poor start to the summer, given the weather? Thank you. Bill Newlands--President and Chief Executive Officer Alright, Judy, we will try to wrap that into one thought. So here we go. Look, we are comfortable with where Corona is as a brand. If you look at the most recent IRI trends through 6/16 (ph), Corona Extra is up admittedly against very tough overlaps with the weather challenges that we had during the first quarter. It's also appropriate to recognize that with the accelerating Modelo trends of 17% growth that certainly has some impact within the overall portfolio as well. And certainly, it's worth noting that the Seltzer business has become a larger factor in the high-end than it had been in prior years. So all of those things, certainly have some impact on the overall business. With all of that said, the overall family is roughly flattish. We are comfortable with where that business is looking, and as you noted, our overall depletion profile across our entire business was up, just under 7% in the first quarter. If you -- in fact, look at June, while taking out the single day which happened to be a Friday that we lose in this quarter versus comparable quarter a year ago, the actual depletion rate in the month of June would be above the year-to-date depletion rate. David Klein--Chief Financial Officer Yes. I want to just expand on that last point that Bill made. So, in Q2 when we report our results, we lose a day of depletions, which doesn't come back until Q4. So, it's an anomaly that you guys should factor into your models. Operator Thank you. And our next question comes from Bonnie Herzog with Wells Fargo. Your line is now open. Bonnie Lee Herzog--Wells Fargo Securities -- Analyst All right, thank you. Good morning. Bill Newlands--President and Chief Executive Officer Hey Bonnie, good morning. Bonnie Lee Herzog--Wells Fargo Securities -- Analyst Hi. Just a few more questions on Corona. First on Premier. I just wanted to hear from you guys were the results in the quarter better than you expected and if so why? And then on Corona Light, it's really still not where you want it to be. So maybe drill down a little bit further on any initiatives you might have to boost your brand? And then finally, how much further do you think you can extend the Corona brand? For instance, you're missing an opportunity right now in Seltzer, which just kind of touched on -- is there a way to leverage, one of your existing brands possibly Corona, and what could be the timing of that? Thanks. Bill Newlands--President and Chief Executive Officer Sure. So let's talk first about Premier. We were very pleased with the results of Premier in the first quarter. Keeping in mind it was going against a year ago, when we introduced it, which automatically has the normal stock-up scenario when the brand was introduced. With all that said, it was up double-digits and as you know, we have raised the advertising profile of that brand, and we'll be doing so for the remainder of this fiscal year. Relative to the overall family of Corona, as you know, we're very excited about Corona Refresco. We're off to an excellent start against that, and by the way, if any of you haven't had it I would strongly encourage you to do so. They are really delicious and very refreshing. So that is certainly the focus of our approach for this fiscal year and this summer selling season, just to make sure that we maximize the potential of both Premier, as well as Refresca in the overall mix of the Corona brand family. With all of that said, we continue to be excited about the opportunity that we have with Corona going forward. We do recognize that relative to your question about Seltzers, the Seltzers have taken a larger piece of the growth profile in the high-end than they had in previous quarters and years. And certainly, our view is this. We explore all options where we have the ability to profitably participate in categories, and we will continue to do that. That's a standard way we operate. We will do that again going forward. Operator Thank you. And our next question comes from Nik Modi with RBC Capital Markets. Your line is now open. Nik Modi--RBC Capital Markets, LLC, Research Division -- Analystr Yes, thanks. Good morning, everyone. Bill Newlands--President and Chief Executive Officer Hey Nik. Nik Modi--RBC Capital Markets, LLC, Research Division -- Analystr The question is on wine and spirits. So I guess this new Mondavi Woodbridge ad campaign is hitting the airwaves now. Can you just talk a little bit about the process here that's different? Now that Jim has kind of taken over the CMO role, and do you have plans to do similar types of campaigns on other of your power brands in the near-term? Bill Newlands--President and Chief Executive Officer Yes. As you know Nik, the Woodbridge brand is a critical brand for us, just because of its sheer size and profitability. The advertising campaign that Jim and the rest of the marketing team have put together, we're very excited about. I don't know if you've seen it yet, if you haven't, I think it's highly compelling. We showed it to our Board yesterday, and we've just launched it this week, and we're very excited about the potential, because it really speaks to Robert Mondavi's original goal to put great wine at every price point on every table. And I think the advertising that was developed is -- does an exceptional job of suggesting just that. But we're not limiting our advertising efforts to that brand. As you've seen, we've spent and raised our profile in SVEDKA Vodka and the brand has responded. The SVEDKA growth profile has accelerated versus prior-year. We will also be spending during the course of the summer months on both Meiomi and Kim Crawford. Kim Crawford in particular with its sweet Sauvignon Blanc is a terrific wine for the summer season, and both that and Meiomi, in addition to the others that I mentioned will all be supported during the coming selling season. David Klein--Chief Financial Officer Yes. I'd add to that Bill that we've, I mentioned in my script that we had favorable price in our wine and spirits portfolio. And that was primarily driven by our ability to get higher realized pricing for Woodbridge and SVEDKA. Two brands that we're investing behind in its -- it's that kind of approach to really nurturing CPG brands, where we're going to be able to charge appropriately for the equity that exists in the brand, but then we're going to spend back to help the consumers understand the value proposition that we're offering. That's why we're all really excited about our new approach to our power brands. Operator Thank you. And our next question comes from Lauren Lieberman with Barclays. Your line is now open. Lauren Lieberman--Barclays Bank PLC, Research Division -- Analyst Thanks, good morning. We definitely got asked many times for the quarter, sort of our view on the said discounting on Corona cans that was in some of the industry trade press. If you guys could just comment a little bit on pricing strategy for the Corona brand family overall and to what degree that was sort of these plans and what went on during the quarter was already part of the full-year plan, and within that 1% to 2% pricing expectation for the portfolio or was something kind of newer that came up with the poor weather and so on. Thanks. Bill Newlands--President and Chief Executive Officer Well, as you know, a lot of individual programing occurs with local retailers. It happens all the time on particular formats and sizes. While that was said, we achieved strong pricing in the quarter, up 1% to 2%, and we certainly have no uniform discussion of pricing and price promoting. Again, as I said a moment ago, price promotion occurs on a local level a lot, and it occurs usually on particular formats to get particular price points during key selling seasons. So we have not moved away from our normal expectation of 1% to 2% pricing. And in fact, we were quite successful in achieving price promotion during the quarter. Operator Thank you. And our next question comes from Vivien Azer with Cowen & Company. Your line is now open. Vivien Azer--Cowen and Company, LLC, Research Division -- Analyst Hi, good morning. Bill, I really appreciated your candor in your prepared remarks about your view of Canopy's most recent earnings results. So I just wanted to dig in on that. In terms of your disappointment in the quarter, I mean certainly the expanded EBITDA losses stand out. But was there any concern around the top line? So, any more color around just that specific comment. And then as a follow-up to that, can you talk about your expectations relative to previous public commentary from CAGNY around the financial results for Canopy going forward? Thank you. Bill Newlands--President and Chief Executive Officer Sure. We continue to expect that the run rate top line profile by the end of the next fiscal year will be in the $1 billion run rate range. With that said, and we need to all recognize. There are going to be splits and starts around a business like this when various form factors and products either have better acceleration or weaker acceleration of what everybody had anticipated. As you know, Ontario, which ultimately should be the biggest province has been a little behind some of the other provinces, in terms of opening stores, which always impacts things. So there is going to be some splits and starts in this thing. I think what we are -- what we remain excited about is that this is going to be a big long-term business, and we are working with Canopy almost on a daily basis to ensure that we are all focused on the right things. The things that are going to drive the business. The things and the form factors that are going to matter in a way that gets to ultimate profitability for that business in an appropriate time frame. David Klein--Chief Financial Officer Vivian, I'll comment on our previously made commentary around the business being accretive to our results in '21. Those comments were predicated on Canopy's performance in Canada, their performance in their existing rest of world medical markets, return from our $4 billion investment, and they assumed we wouldn't have legalization in the US because of course we know legalization in the US would drive large P&L investments, which we'd all be happy to make to be able to participate in that large market. So let me just pick through those and talk about the current state. So in Canada, we know that this business is volatile as Bill outlined, but we think it's mostly on track with all of our expectations. We know that as it relates to FY '21 that the slight delay in edibles including beverages in Canada will likely impact our FY '21 because it's unlikely that Canopy will have the broad array of products in the market by calendar one, quarter one, calendar '20, which will affect our first quarter of next year because of the two month lag on which we consolidate Canopy or we recognized income on Canopy. So Canada is on track, but we expect it to be volatile and the team at Canopy is quite good and really working their way through any execution issues that they may have had in the past. From the existing Rest of World medical markets, we think those markets are on track again real strong performance in those spaces by the Canopy team that we're pleased with. In terms of investment returns, we're very happy with the investment in Storz & Bickel, which you saw in their results last quarter. And we're extremely excited about the agreement with Acreage which, while expected to be a profitable company won't be consolidated and reported through the Canopy results in a way that would affect our numbers in the foreseeable future until there is a triggering event in the US. And then the last point is really on the unexpected legalization of CBD in the US, which will require a significant amount of investment, which Canopy has already announced. And we think that that's a good place for them to focus their money and their resources to really take advantage of what could be a very large and profitable market in the US. And we're really happy with how they're positioning themselves there. So look, we still are very bullish on our Canopy investment, and we're very happy, we made the investment when we did into this space, which more and more people are starting to, wake up to. As it relates to its effect on our financial results, we're going to continue to assess as we go through FY '20 as to how we will adjust our statements on the accretion or dilution effects on Constellation. Operator Thank you. And our next question comes from Dara Mohsenian with Morgan Stanley. Your line is now open. Dara Mohsenian--Morgan Stanley, Research Division -- Analyst Hi guys. Bill Newlands--President and Chief Executive Officer Good morning. Hi, Dara. Dara Mohsenian--Morgan Stanley, Research Division -- Analyst Clearly, beer margins came in better-than-expected in the quarter versus your flat implied expectation. I guess some of that was less of a Q1 inventory drawdown than expected. But that would appear to be only a modest portion to beer. So just curious for the lack of a full-year margin raise on the beer business, despite the big Q1 leap, is that more we're just still early in the year or are there other factors in the remainder of the year that might reverse some of that Q1 outside? How should we think about that? Bill Newlands--President and Chief Executive Officer Yes. So Dara, I think we still have concerns about the wage rate inflation in Mexico and increased costs of glass and other forms of packaging, we still have freight and logistics headwinds in the business that we continue to see. In Q1, we had some really good benefits from primarily pricing and FX, and some productivity improvements that were offset by the things that I just listed out. So, and as you said, we had a bit of a benefit from over shipments in Q1, which works its way down to the growth in bottom line operating margin. In a comment on Q2, we expect that our marketing spend will be up slightly year-over-year in Q2, which will --have this coming probably a little lower than the 41.2% margin that we achieved in Q2. We tend to kind of max out our margins in Q2. So we'll run a little bit lower than that this year. And then I think any further growth in margins, away from the 39% target that we put out, which we feel is the right number for us for this year, will really be driven by maybe outsized gains in pricing or unexpected benefits from FX. So I think the 39% represents a pretty balanced view of the remainder of our full year. Operator Thank you. And our next question comes from Robert Ottenstein with Evercore ISI. Your line is now open. Robert Ottenstein--Evercore ISI Institutional Equities, Research Division -- Analyst Great, thank you very much. Just want to get a little bit better feel for kind of the underlying consumer demand, it's a tricky quarter to do that, given some of the comps. And I was just wondering perhaps you could give your best guess of the impact of weather. We are thinking it could be, maybe 100 basis points , 200 basis points, is that too high? And also -- we are also hearing that you got quite a nice amount of incremental shelf space in the quarter finally. Can you talk about that in terms of if that's right roughly the kind of timing of that in any way to quantify it? Thank you. David Klein--Chief Financial Officer Yes, I'll take a shot at it and then Bill can fill in the hole. So I think from a consumer demand perspective, we've seen this volatility over the past few years, where we had a very strong April as you've seen in our results. And I think there is clearly a large effect from weather across the country, in particular in markets where we over index. I can't really comment on your range, our numbers -- we can get it to that level of detail across the entire industry. But we, the biggest competition, the biggest change in consumer demand in the market that we've seen has been the result of the acceleration of Seltzers. It hasn't really been anything outside of weather, the result of other factors say affecting our portfolio of brands. Bill Newlands--President and Chief Executive Officer The only thing I would add to that David is, and then we've touched on this a bit before, is that we are overlapping a very strong growth profile from last year in the same quarter with both Premier and Familiar. So to show the kind of overall depletion growth that we had in the quarter of just under 7%, we are quite pleased by it -- any time you have two major overlaps and they were both very successful. And as you can see, Premier continues to be very successful overlapping the introduction. You will have some impact on your business. With that said, with almost 7% growth in the quarter, we're quite pleased with how the year is setting up. David Klein--Chief Financial Officer And just one other point, Robert you mentioned a growing shelf space and you know that that's an important component that our sales team is laser-focused on. We've also seen in particular Corona Premier's 12-week based volume velocity increased by almost 25%. So we're seeing some really good signs in the marketplace, as it relates to our brands. Operator Thank you. And our next question comes from Kevin Grundy with Jefferies. Your line is now open. Kevin Grundy--Jefferies LLC, Research Division -- Analyst Thanks, good morning everyone. Questions for David, housekeeping on the guidance, and then one on return on capital. So quickly on the EPS guidance, despite the strong margin performance, it sounds like the upward revision to your EPS outlook is entirely due to the timing of the wind of divestiture. If you could just confirm that. And then, with respect to the return of capital, you're maintaining the prior guidance of $4.5 billion in dividends in repurchases over the next few years, but that was prior to the more favorable terms of the Canopy warrants as part of the Acreage transaction. Maybe you can just comment on the greater flexibility that you have to potentially see that guidance? Thank you. David Klein--Chief Financial Officer Yes. Thanks, Kevin. So, yes, our guidance revision really reflects one additional quarter of the brands that are to be sold, offset by an increase in interest expense because we won't be receiving the cash from the sale in the same timeframe as we had anticipated, as well as because our -- the transaction closes later in the year, our ability to get to the high-end of that $35 million to $55 million stranded cost takeout range is a significantly hindered, which is why we said we're more likely to be at $35 million for the year. But for clarity, still on track to hit $130 million total stranded cost takeout. And so the guidance change was really solely focused on the wine and spirits divestiture, as I said, we remain of the belief that we will end the year at 39% operating margins in our beer business. And in terms of cash return, Kevin, yes. We're really happy with the incremental flexibility that we get from the revisions to the warrants and we're just continuing to focus on the $4.5 billion of return to shareholders. I guess, that we want to as quickly as possible return $4.5 billion and then we'll decide what we do after that, but again, we simply remain focused on getting as much as we can out of our Canopy investment and returning cash to our shareholders. Operator Thank you. And our next question comes from Bryan Spillane of Bank of America. Your line is now open. Bryan Spillane--Bank of America Merrill Lynch -- Analyst Hey, good morning everyone. I wanted to follow-up on the Focus brands within wine and spirits. And I guess there is some more advertising and marketing that you mentioned in response to Nik's next question earlier. Can you talk about maybe just over in the next year or two, kind of a longer timeframe. Are there like distribution opportunities or merchandising opportunities that like aren't optimized today that might give you kind of a runway of growth in those brands that are maybe similar to what you saw in beer over the last couple of years? Bill Newlands--President and Chief Executive Officer Sure. You bet. We are doing a lot of analytical work around what is the best way to present our brands to the public. As an example, much like we have done in beer on space assessment, we're doing the same kind of space assessment work in our wine business as to whether or not more facings are better than something else, as an example. So we do believe that there is interesting and significant upside for that set of brands. They first of all, they're growing brands, they participate in growing categories, and we're going to support those and many of them with consumer advertising, at the same time, while we are increasing our analytical capability to leverage things like you note, which is where do we focus our incremental time and attention of our distributors and our sales organization, so that they maximize the potential for those brands. So the short answer is yes, all of those things are being done and that should give us significant upside opportunity within our, the brands that are in the power sector of our business. Operator Thank you. And our next question comes from Kaumil Gajrawala with Credit Suisse. Your line is now open. Kaumil Gajrawala--Credit Suisse -- Analyst Hey, good afternoon everybody. First one, just a quick one, how severe your 6.6% depletions came from your new products collectively? And then the second question, on the wine deal, is it structured as all or none, or are you able to carve out certain brands and effectively you have to keep them if it ends up going that route? And the reason why I ask is, if you look at the market shares at certain price points turns that they, they can be quite high. And so as we go through this kind of second request in information process and curious if you have to sell the whole thing or if you have the options to sell pieces of it or not? David Klein--Chief Financial Officer Yes. So Kaumil, I'll start on that one. Look, we remain committed to the transaction that we've agreed to with Gallo, we're working our way through the FTC process, and we expect that we'll reach a successful conclusion. We've also stated for clarity that while we've extended our guidance through the end of Q2, we want to be clear that as stated in the 8-K, when we announced the additional work that we needed to do with the FTC that we would close, we expected the transaction to close in the second half of the year. So we'll provide a little more clarity, when as we get closer to a final resolution. Bill Newlands--President and Chief Executive Officer And as to your piece of your question about the depletion growth obviously with 17% growth in Modelo Especial and the sheer size of that business that was actually the single biggest driver of our depletion growth profile coupled with double-digit growth in both Corona Premier and Pacifico. So -- and at this point, we view Corona Premier as part of the franchise, we don't necessarily view that as a 'new product' at this point. Obviously, Refresca had some benefit during the quarter, but it was relatively minimal compared to the sheer growth that existed on those mega brands of Modelo and the Corona Premier/Pacifico groups. Operator Thank you. And our next question comes from Amit Sharma with BMO Capital Markets. Your line is now open. Amit Sharma--BMO Capital Markets -- Analyst Hi, good morning everyone. Bill Newlands--President and Chief Executive Officer Good morning. Amit Sharma--BMO Capital Markets -- Analyst Bill, can you talk about your on-premise trends for the beer business? I mean, lots of us focus on the IRI data and that data showed your depletions maybe a little bit weaker than where you came out to be. Is that the run rate going forward or should we think about that? And then on innovation, the question is as you focus on the Seltzer side of the business, do you believe you have the brand extensions already in the marketplace to go into that category? Or would you like to extend one of your brand as you think about the Seltzer category going forward? Bill Newlands--President and Chief Executive Officer Sure. Let me start with your question about on-premise. On our on-premise business, we see as being up mid single digits for our overall beer portfolio compared to an industry that's probably off low-single digits. So we certainly are outperforming and as I think, I noted in my original remarks, we're seeing an excellent uptick of 20% plus in Modelo draft as an example, which obviously occurs entirely through the on-premise arena. Our focus admittedly as I have said, we are watching Seltzer category very carefully, but I'll also say this our Refresca business is where we are focusing our attention this year. We think it's critically important when you introduce a new product and a new brand that you put the intensity of focus on that to get that into the mouths of consumers who are interested. And as I said earlier, as good as they are getting it into their mouths is a critically important element because they are just delicious. So our focus and intention is entirely around Refresca for this season, but as we said earlier, we will continue to explore all options where we can profitably participate in all of the areas of the business where we think it makes sense for us to do so. Operator Thank you. And our next question comes from Andrea Teixeira with JP Morgan. Your line is now open. Andrea Teixeira--JP Morgan -- Analyst Hi, thank you. So, hi Bill and David, and Patty. Bill Newlands--President and Chief Executive Officer Hi. Andrea Teixeira--JP Morgan -- Analyst How are you? I just wanted to go back to the comment on the Corona family leaving the quarter and the one less day in the Corona family, we are accelerating in the most recent read from depletion standpoint, I appreciate our comment. But removing the noise from the inventories the one less day, if you think of the final consumer demand all channels, including the commentary that you gave on the on-premise, do you think the family can go back to that sweet spot and reaccelerate from flat to low single and or even mid single-digits from a consumer takeaway standpoint? I know you're comparing the plus 8 that you had last year from the plus 4 to the plus 8. But just to give us some perspective of the final demand and how we can put everything together all channels? Bill Newlands--President and Chief Executive Officer Yes. We expect that the Corona family is going to have a very solid year with growth across the family, and again I would include the entire family. That would be Corona Extra, that would include Premier, Familiar etc. So we are continuing to expect that that business will perform well as you know, our advertising has been increased against the Corona franchise for this year. Well, while many others actually are doing the opposite, so our share of voice within the beer category will be up during this summer selling season and we are very optimistic that Corona is going to be an important part of our growth profile acknowledging that we are 30 years and counting on our double-digit growth with Modelo and we're off to an amazing start this year. Operator Thank you. And our next question comes from Tim Ramey with Pivotal Research Group. Your line is now open. Timothy Scott Ramey--Pivotal Research Group -- Analyst Maybe a quick one and then a different one. Any early thoughts on CapEx for 2021? And the wine in cans initiative is really interesting. It's been a super hot growth category. Any expectations on what that might look like? David Klein--Chief Financial Officer Yes. So I'll hit the CapEx question. Yes, if we look at our CapEx over a three year horizon. So, FY '20, FY '21 and '22, we expect that will be a net $700 million to $900 million range and we're headed toward that and that's inclusive of $200 million to $400 million of kind of maintenance CapEx within our business. So I think, even though this year's guidance is $800 million to $900 million total CapEx, which is going to be in that range for the next couple of years. Bill Newlands--President and Chief Executive Officer And relative to the question around the wine in a can. As I commented in my previous remarks, our Crafters Union brand, which we are very excited about is part of our tie in with the NFL and we think it's a great format. We're also looking at the idea of other can opportunities. I'll give you an example. Kim Crawford. We're looking at single-serve Kim Crawford in a can as well. It is a great packaged for on-the-go and for certainly summer events and it seems like the consumer based on our research, the consumers are comfortable with a can format for wine. And therefore, we will participate with the brands that we feel are appropriate and where there is going to be real consumer demand within our portfolio. Operator Thank you. And our next question comes from Steve Powers with Deutsche Bank. Your line is now open. Steve Powers--Deutsche Bank -- Analyst Hey, great, thanks. A follow-up on your guidance, I guess, question is for David. I understand that the puts and takes that you ran through specific to the year and the quarter. But just stepping back at the risk of your loss in the numbers, if I take what you've said at the midpoint, so beer profits up 8% after 19 days, wine profits down say 27.5%, $430 million for interest expense. And then I add $30 million or so for Opus take away $200 million or so for corporate costs and tax effected out 17%, but the math that I'm running through just seems to point to something closer to like $9.20 in EPS, $9.20 so well above your current range. So just, am I missing something either in the math or in my logic or just can you bridge that gap for me, thanks? David Klein--Chief Financial Officer Yes, I think it comes back to the things I pointed out earlier, Steve, which is really the, we take our previous guidance. We add one quarter of wine EBIT for the brands that are going to be sold. And there are a couple of things to consider with that. First of all, those brands and we put it in our earnings release, their performance last year, those brands are declining. There are stranded costs that we won't be able to take out because we used to have nine months to take cost out of the business, we will now have six months to take cost out of the business. So the incremental and we have the incremental interest expense on that. So I think when you factor all of those in, our guidance range makes sense. Maybe one other thing to think through is that, if you look at last year's numbers, I think we were in the maybe $20 million-ish of NCI, the NCI number is going to be in the $30 million to $40 million range. Operator Thank you. And our next question comes from Sean King with UBS. Your line is now open. Sean King--UBS Investment Bank -- Analyst Hi guys, good morning. I apologize if I missed this one, but are you holding to your full-year expectation for Premier growth. I know that with the track channels decelerating somewhat, but or is that more sort of offset by the accelerating strength in Modelo Especial? Bill Newlands--President and Chief Executive Officer The answer -- I'm not sure if it's yes or no. The answer is, we're expecting that it will be, the previously expected -- growth profile. We're very pleased with the start the Premier is off to, and as David alluded to a little bit before, we are seeing accelerating velocities against the Premier franchise. So yes, we're comfortable with where we expect that to go. Operator Thank you. And our next question comes from Laurent Grandet with Guggenheim. Your line is now open. Laurent Grandet--Guggenheim Securities, LLC, Research Division -- Analyst Yes, good morning everyone. Two quick questions. So one on spirit guidance. So in a previous communication after the 4Q, you guided wine and spirits organic sales growth between low single-digit and mid single-digits, and high single-digit organic operating income growth. So you are not providing any more, any guidance this quarter. So how should we read this? And my second question is about Refresca, I mean I know it's still very early on. But could you share any feedback you are receiving from wholesalers, retailers and maybe having, the first I mean trying this with consumers. So that would be very helpful. Thank you. Bill Newlands--President and Chief Executive Officer Yes, so what you're referring to, I think is inorganic sort of guidance for wine and spirits. And so we would expect that to be flat to slightly down. Now both top line and bottom line based upon the incremental quarter. And relative to your question on Refresca, it's early days and it's always dangerous to make too many projections on 30 days worth of selling. With that said, we are very pleased with where our ACV distribution has gotten to after the first month. And we've noticed that the variety pack has been particularly successful in the early days. Now whether or not that continues, I think it remains to be seen. It could very well be consumer sampling and deciding which of those they happen to prefer, but certainly the early response in the variety pack has been -- has exceeded our expectations. Operator Thank you. And our next question comes from Bill Chappell with SunTrust. Your line is now open. Bill Chappell--SunTrust Robinson Humphrey, Inc., Research Division -- Analyst Good morning, thanks for taking the question. Just want to go back to Woodbridge, and just trying to understand with a sub $10 brand, which is still part of the portfolio, and your kind of thoughts of these -- the power wine and spirits brands growing at a much faster rate both next year and going forward. Just trying to couple that with what you've seen in the category for that kind of price points and with the competition in up years and down years, how confident, I mean that Woodbridge doesn't pull that growth down or that it can actually contribute as part of that? David Klein--Chief Financial Officer Yes. So, we've said in the past that when you look at our portfolio, Woodbridge is required for us to, we feel retain appropriate critical mass in our production facilities and with -- and to retained clout with retailers. And as a result, we needed in our portfolio, understanding that just the category plays in, even if it continues to grow share in its category, it will be a drag on the total portfolio, and it's about Woodbridge represents about one-third of the remaining business kind of post sale. But we think this is a very important brand for our portfolio. And Jim Sabia and Robert Hanson are very focused on driving this brand's growth, and as evidenced by the new spots that we're seeing come onto TV over the last week, because we need this brand to be healthy, and we think that we can get some outsized share growth in its category. And at the same time, be able to give ourselves a little bit of pricing power with the brand. So we feel a lot of upside to Woodbridge and we're pretty excited about having it as part of our power brand portfolio. Bill Newlands--President and Chief Executive Officer And Bill the other thing that I would purely add is keep in mind the 15 which is the larger size, no pun intended, it's the larger size within the portfolio sells for $12.99. So it gets into a plus $10 price point, when the consumer is pulling out their wallet to pay for our brands. So I echo what David said is Woodbridge has done an excellent job of outperforming the category in which it competes, and with the additional support and investment that we're going to make against it, we expect that that will continue to and be an important piece of our (inaudible) as we go forward. Operator Thank you. And I'm not showing any further questions at this time. I would now like to turn the call back over to Bill Newlands for closing remarks. Bill Newlands--President and Chief Executive Officer Thanks very much, Daniel. So thank you all for joining our call today. The excellent start to fiscal '20 has nicely positioned our business for another very successful year. The summer selling season is now in full swing, and our team plans to capitalize on the momentum we have under way, as we are well positioned with outstanding advertising and marketing initiatives across our entire portfolio. And as July 4th, holiday is just around the corner, I hope your responsible celebrations with family and friends will include our fantastic beer, wine and spirit products. So thanks again everyone for joining the call and have a great summer. Operator Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program, and you may all disconnect. Everyone have a wonderful day. Duration: 67 minutes Patty Yahn-Urlaub--Senior Vice President of Investor Relations Bill Newlands--President and Chief Executive Officer David Klein--Chief Financial Officer Judy Hong--Goldman Sachs -- Analyst Bonnie Lee Herzog--Wells Fargo Securities -- Analyst Nik Modi--RBC Capital Markets, LLC, Research Division -- Analystr Lauren Lieberman--Barclays Bank PLC, Research Division -- Analyst Vivien Azer--Cowen and Company, LLC, Research Division -- Analyst Dara Mohsenian--Morgan Stanley, Research Division -- Analyst Robert Ottenstein--Evercore ISI Institutional Equities, Research Division -- Analyst Kevin Grundy--Jefferies LLC, Research Division -- Analyst Bryan Spillane--Bank of America Merrill Lynch -- Analyst Kaumil Gajrawala--Credit Suisse -- Analyst Amit Sharma--BMO Capital Markets -- Analyst Andrea Teixeira--JP Morgan -- Analyst Timothy Scott Ramey--Pivotal Research Group -- Analyst Steve Powers--Deutsche Bank -- Analyst Sean King--UBS Investment Bank -- Analyst Laurent Grandet--Guggenheim Securities, LLC, Research Division -- Analyst Bill Chappell--SunTrust Robinson Humphrey, Inc., Research Division -- Analyst More STZ analysis All earnings call transcripts More From The Motley Fool • 10 Best Stocks to Buy Today • The $16,728 Social Security Bonus You Cannot Afford to Miss • 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) • What Is an ETF? • 5 Recession-Proof Stocks • How to Beat the Market This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see ourTerms and Conditionsfor additional details, including our Obligatory Capitalized Disclaimers of Liability. Motley Fool Transcribershas no position in any of the stocks mentioned. The Motley Fool recommends Constellation Brands. The Motley Fool has adisclosure policy.
‘Bitcoin Inventor’ Craig Wright Allegedly Cries in Court Amid $10B Crypto Lawsuit Self-proclaimed bitcoin inventorCraig Wrightreportedly cried in court during cross-examination in the$10 billion crypto lawsuitfiled against him by the estate of deceased computer genius Dave Kleiman. On Friday morning, Wright was captured on a Twitter video as he headed into the Paul G. Rogers Federal Building in West Palm Beach, Fla. Wright wore a gray suit and said nothing to the videographer who filmed him. He was accompanied by his lawyer and a burly man who appeared to be his bodyguard. Wright was deposed this morning by the lawyers for Ira Kleiman, the brother of the lateDave Kleiman. Kleiman was a colleague of Wright who had worked on bitcoin with him from 2008 until he died in 2013. Wright’s morning deposition was closed to the public (as they are usually are). However, the courtroom was re-opened to the public for the afternoon evidentiary hearing, which began shortly after the deposition. Read the full story on CCN.com.
Ohio may pass bill to save state's nuclear power plants over the weekend June 28 (Reuters) - A committee in the Ohio Senate could vote on a nuclear bailout bill this weekend that would enable the full state legislature to pass legislation over the weekend to prevent the state's two power reactors from early retirement, sources familiar with the bill said on Friday. FirstEnergy Solutions, the bankrupt unit of Ohio energy company FirstEnergy Corp , has said it would shut the money-losing reactors in 2020 and 2021 if the state did not adopt a plan to provide some money for the plants by June 30. Officials at FirstEnergy Solutions and several legislative offices were not immediately available for comment. The House and Senate have sessions available to vote on the bill if needed on Saturday and Sunday, sources said. "We expect the legislature will move quickly to get multiple votes on the bill ahead of (FirstEnergy Solutions') June 30 deadline," analysts at Height Capital Markets in Washington, D.C., said in a report on Thursday. The Ohio Senate Energy and Public Utilities Committee adopted amendments on House Bill 6 (HB 6) earlier this week and may add more amendments before the vote on Saturday, sources said. HB 6 passed the Ohio House in May. Analysts at Height Capital Markets said the Senate amendments earlier this week would provide the two reactors on Lake Erie - Davis Besse and Perry - with credits similar to the House bill. Those credits could provide FirstEnergy Solutions with about $150 million a year from 2020 to 2026, according to local papers. The Senate amendments earlier this week - like the House version of the bill - would also keep subsidies for a couple of coal plants owned by Ohio Valley Electric Corp (OVEC). OVEC is owned by several utilities, including units of American Electric Power Co Inc and Duke Energy Corp . Cheap and ample gas from shale fields like the Marcellus and Utica in Ohio has depressed electricity prices across the country over the past several years, making it uneconomical for generators to keep operating some nuclear and coal-fired power plants. Despite the subsidies for the nuclear and coal plants, consumers would see an overall reduction in their electricity bills because the Senate amendments, like the House version of the bill, would reduce costs by weakening the state's renewable and energy efficiency standards. FirstEnergy Solutions has warned that retiring the reactors could result in the loss of 4,300 jobs. (Reporting by Scott DiSavino, editing by G Crosse)
Discovering Atlantis: Ethereum Classic Hard Fork and What Will Change On June 19, the Ethereum Classic (ETC) communityannouncedthat the Atlantishard forkis now in its testing stage. As Cointelegraph previouslyreported, the update is scheduled for September and will take place on the block 8.75 million. Also, as Cointelegraphreported, ETC Labs, which actively contributed to the Atlantis project, will soon introduce another solution for Ether (ETH)/ETC interoperability being part of Metronome Validator Network. This move brings transparency on certain aspects of the upcoming upgrade. ETC itself was introduced afterthe DAOattack back in 2016, when 3.6 million ETH had been stolen within the first few hours. At the time, it was equal to $70 million. To reverse the malicious transactions, Ethereum hard forked and thus gave birth to Ethereum Classic. At present, ETC is the 20th-biggest cryptocurrency, as its market capitalization of over $865 million, according tocoin360.com. However, let’s take a deeper look at the motivations, technicalities and potential consequences of the hard fork. Ethereum Classic all-time chart. Source: coin360.com A hard fork is a radical change to a protocol of a blockchain, which can be carried out to reverse transactions, add new functionality or fix security risks. Unlike the previous time when the DAO was attacked, the hard fork is more of a beneficial renewal rather than a necessary measure. According to the blog post of Ethereum Classic Labs, the upcoming hard fork is aimed at presenting secure high-quality blockchain software while taking into account the community’s concerns. Atlantis is a consistent, no-rush update that would ensure compatibility of ETC with Ethereum, leading to an easier collaboration of sibling blockchains. The team also intends to improve the functionality and stability of ETC. The last point is especially relevant, as the network hadexperienceda “51% attack” last January. In order to complete the technical development of the main client, Classic Geth (which 68% of the network uses), ETC Labs has collaborated withChainSafe Systemsand cooperated withECC,ParityandIOHK. A team of developers,ETC Labs Core, who are believed to be among the most skillful, has actively contributed to Multi-Geth preparation. As for ETC Labs’ blogpost, “The ETC community has shown great attention to and support” for the hard fork. “All stakeholders have fully participated in the discussions on the details, scope, and timing of the hard fork,” the developers said. ETC Labs and Metronome will issue a cryptocurrency named MET, which will be transferable between the blockchains. This is possible because “chainhopping” is a property of the blockchain asset and can be transferred from one chain to another. According to the blogpost, “ETC Labs will support Metronome’s Validator Network to ensure reliable and secure transaction verification that guards against double-spend attacks and provides fluid cross-chain transactions.” On June 11, after an intermediate scheduling call, stakeholders from North America, Europe, and Asia agreed upon the hard fork’s timetable: It was decided that ETC Kotti and ETC Morden testnets would be activated at blocks number 716,617 and 4,729,274 respectively, and finally the hard fork would be implemented at block 8,500,000. However, bearing in mind that the chosen block would run on a Sunday, ETC Labs adjusted the schedule during Ethereum Classic Improvement Protocol (ECIP) finalization call on June 20. ETC Labs announced that the hard fork would then be set to occur on block height number 8,772,000 (which will be hit on Tuesday, Sept. 17, around noon UCT) to have more parties involved in implementation. The decision was unanimous, and the deadline of the release seems rock-solid, according to a statement from ETC Labs to Cointelegraph: “The community has had a number of meetings to discuss timing, scope and involvement, and we have decided on the direction and timing of the Atlantis release. So, the decision was made and the community and stakeholders are all moving forward.” Atlantis is there to incorporate multiple Ethereum Improvement Proposals (EIPs) that have been around on Ethereum for some years already. The mission of the hard fork is to pull ETC up to ETH’s latest protocol enabling easier interoperability between them. ETC Labs Core described some of the features of ECIP-1054 (Atlantis) in their blogpost, explaining what exactly the community should be expecting. Overall, the update consists of 10 improvement proposals including improvements to stability, op-code upgrades, precompiled contracts to improve zkSNARKs, performance-related improvements and enhanced security. Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zkSNARK) is the core of ECIP-1054. What hides behind the spooky title is a familiar zero-knowledge proof. It implies that no interaction between prover and verifier is needed, which “allows one to prove x without having to convey any information to the verifier other than they know x.” Сustomary encryption schemes efficiently secure data but need to be decrypted before computation. To change that, zkSNARK uses the Homomorphic Encryption technology that allows computations on encrypted data requiring no special access: The prover and verifier only share a dataset or parameters of the encryption. Further, by updating to zkSNARK, users obtain increased privacy necessary for data such as identity or location, which is now totally transparent on the blockchain. This feature is based on EIP-196. As for itsdescription, zkSNARKs could in theory be implemented by Ethereum Virtual Machine, yet they would not fit the block gas limit due to the cost. EIP-196, for its part, suggests to adjust certain parameters of znSNARK so that the technology would perform effectively at a reduced gas cost. Meanwhile,EIP-197ensures the verification of zkSNARK contracts on the Ethereum Classic blockchain. The EIPs make the technology flexible enough to be further improved and advanced without another hard fork. Among the benefits that the update poses, there will be a more predictable ETC issuance rate. The current formula lacks the “uncle rate,” which will be fixed byEIP-100(“Change difficulty adjustment to target mean block time including uncles”). Furthermore, deployment of a decentralized application (DApp) after the hard fork, as well as migration of DApps between Ethereum and Ethereum Classic, will become easier and more efficient. The community can also expect a better performance of Ethereum Classic, asEIP-161will optimize it by removing empty accounts. This will “debloat” the network and speed up sync times. Anotherimprovement proposalis to change the contract-code size limit to 24,576 bytes. The last proposal happened to be the stumbling block within the ETC community: Initially, co-founder of Ethereum Vitalik Buterin introduced EIP-170 to prevent an attack scenario. But, if implemented in ETC, it would put a fixed cap on the size of smart contract code that could be run in a single transaction, and this creates a point of contention among the Ethereum Classic community. Some of the developers hesitated whether it was right to include the EIP in the upgrade, as it can be applied to a transaction validation instead of a block validation, which makes it a soft fork.Accordingto ETC developer Anthony Lusardi: “These rules can simply be applied to transaction validation rather than block validation, making it a soft fork rather than a hard fork. [...] It’s vitally important to stick to pre-agreed rules when they’re defined.” The Atlantis hard forkproposalon GitHub points out that “establishing and maintaining interoperable behavior between Ethereum clients is essential for developers and end-user adoption, yielding benefits for all participating chains (e.g., ETH and ETC, Ropsten and Morden, Görli and Kotti).” Atlantis should provide wider capabilities for interoperability between the blockchains and off-chain scaling protocols. The faster interoperability is implemented, the sooner the traditional methods of payment and banking will be disrupted, and this is where cooperation matters. Stevan Lohja, technology coordinator at ETC Labs Core, explained in a Discord discussion why compatibility matters, while calling Ethereum Classic a “sanctuary”: “EF has publicly stated the intention to deprecate ETH and ETH 2.0 is not actually a 2.0. It is a separate project and EF has legal privileges to force their brand. So everything that has been invested into ETH will be deprecated or forced to move to this entirely separate network at the cost of all the users. If ETC is compatible with ETH while respecting ETC value proposition, then ETC is a sanctuary for ETH refugees.” The teams contributing to Atlantis and Metronome are chasing a mutual goal: to enable “cross-chain transactions to quickly, easily, and securely occur between ETH and ETC.” Taking into consideration all of the changes that the Atlantis hard fork will bring to the ecosystem, a rather successful adoption of the update can be expected. It’s been positively accepted by the stakeholders, as the calls demonstrate. “The community found consensus, this will not split the chain,” a user named BabySocrates claimed in the Discord chat. Commenting on the origin of the proposed features, executive director at ETCC, Bob Summerwill, stressed that “all of the Atlantis changes are from ETH, [...] rather than being anything new specific to ETC.” He also confirmed the proposed date of hard fork, Sept. 17: “Yes, the deadline is realistic.” Ethereum Classic is on the verge of a new stage of technological advancement, and the community has big expectations regarding changes proposed by the Atlantis hard fork. • Atlantis Hard Fork for Ethereum Classic Scheduled for September 17 Launch • Ethereum Classic Devs Building a ‘Chainhopping’ Bridge Between ETH and ETC • A Partner at Binance Labs Expresses Optimism Over Facebook’s Entry Into Crypto With Libra • Discovering Insuretech: Blockchain Disruption of the Insurance Sector
Canada Day party cancellation: Yahoo readers agree with Doug Ford's decision TORONTO - JULY 1: People celebrate Canada's 138th birthday at Queen's Park on July 1, 2005 in Toronto, Canada. July 1st, known as Canada Day, celebrates the day the Canadian government was created. (Photo by Donald Weber/Getty Images) Earlier this week, the Doug Ford government announced that a Canada Day event will not be hosted a Queen’s Park in Toronto after last year’s event cost approximately $400,000 with 5,000 in attendance. Instead, the Ontario government will offer free admission to the first 500 people at 10 Canada Day attractions in the province, at a cost of about $80,000. Despite the Ford government cancelling Canada Day at Queen's Park, I am excited to announce I have reserved the Queen's Park lawn on Monday, July 1st from 11am to 3pm, for an old fashioned picnic for all Canadians to attend. Ford cannot stop Canada Day! #ONPoli #ScarbTO pic.twitter.com/NZ3TewB75f — Mitzie Hunter (@MitzieHunter) June 28, 2019 Since the announcement, Liberal MPP Mitzie Hunter has taken matters into her own hands, reserving the front lawn at Queen’s Park for “an old fashioned picnic” from 11:00 a.m. to 3:00 p.m., with free ice cream, a live DJ and activities for kids. “We are determined to continue our Canadian tradition and let the people show how they feel about a year of cuts, lackluster decision-making and political chaos incited by the Ford government,” Hunter said in a statement. “Cancelling Canada Day at Queen’s Park is a disservice to the families, friends and well-wishers who travel from near and far to enjoy Canada Day in Ontario’s capital.” Yahoo Canada polled its readers about the province’s decision, revealing a slight leaning towards Ford’s opinion: avoiding the cost of a Canada Day event at Queen’s Park, as opposed to holding an event regardless of price and attendance. At the time of publishing, of the 3,184 respondents, 46 per cent believe the event should have been planned this year while 54 per cent support the cancellation decision. Story continues In the comments, Yahoo Canada readers were torn between the importance of the Ford government itself celebrating the holiday versus making the best use of provincial funds, particularly for an event with a relatively lacklustre turnout. “I support this idea better anyways, since only a few people ever attend it. No point in hosting it for the sake of hosting it, and contribute it towards actually interesting places,” one commenter wrote. “Though I would've preferred a whole-day massive discount across all the landmark venues instead of ‘first 500 free’ for 10 specific venues. Even CN Tower isn't in that list” “It is important to celebrate the birth of our nation,” another commenter wrote. “When one considers all the wasted money governments spend, this is one event that is worthy of the expense.” One reader identified that they generally supported the decision, but noted that the Ontario government should have done so earlier on, not one week before the holiday. “I think if he was to cancel such an event [then] he should have done it months ago and not announce it so close to the event,” the reader wrote in the comments. “That said $400000 for 5000 people is too much.” What do you think of the Ontario government’s decision to cancel the Canada Day celebration at Queen’s Park this year? Are you happy that Hunter is now hosting a picnic at the Ontario legislature? Leave your thoughts in the comments.
Mini-Maduro targeted as US turns screws on Venezuela leader's son Photograph: Juan Barreto/AFP/Getty Images The Trump administration has slapped sanctions on the son of Nicolás Maduro , in the latest attempt to tighten the screws on Venezuela’s embattled leader. The move by the US treasury department freezes any US assets belonging to the president’s son – Nicolás Maduro Guerra, or Nicolasito – and bars Americans from doing business with him. “Maduro relies on his son Nicolasito and others close to his authoritarian regime to maintain a stranglehold on the economy and suppress the people of Venezuela,” said the treasury secretary, Steven Mnuchin. Like his father, Nicolasito is tall and portly; at 29 years old, he is one of the youngest political figures in Maduro’s inner circle. He is allegedly a major player in Venezuela’s gold trade . According to Manuel Ricardo Cristopher Figuera, a former spy chief who recently fled to the US, an assistant of Nicolasito set up a company to buy gold from miners and sell it to Venezuela’s central bank at inflated rates . Little is known about Nicolasito’s personal life, although he is understood to be married with two children. His Twitter biography describes him as an economics graduate and a flautist in the world-famous Sistema network of youth orchestras, although government critics have expressed doubt over both claims. Related: Venezuela's mining arc: a legal veneer for armed groups to plunder His political career appears to have taken off soon after his father was elected president in 2013, when at the age of 23 he was appointed as the head of Venezuela’s body of inspectors, fueling accusations of nepotism. In 2014 he was also named as director of the Venezuelan School of Cinema, again prompting incredulity about his credentials. “Maduro’s son knows nothing [about cinema]” the feted Venezuelan playwright José Tomás Angola said at the time. “What he does know is how to steal a camera.” Since 2017 Nicolasito has sat on the constituent national assembly – the loyalist body set up to sideline the opposition-held national assembly. Story continues When Donald Trump floated the possibility of a military intervention to oust President Maduro, Nicolasito responded with a speech threatening a Venezuelan invasion of the United States. “The rifles will reach New York, Mr Trump!” he boomed, looking at the camera. “We will reach and take the White House!” In a country beset by economic collapse and intense food shortages, Nicolasito prompted outrage in March 2017 when he was filmed at a society wedding in Caracas, dancing to Arabic music while being showered with dollars . He brushed the incident off as “gossip”. The US has sanctioned more than 100 Venezuelan officials and insiders accused of corruption, human rights violations and drug trafficking, including Maduro himself and his wife, Cilia Flores.
Movie Theater Releases: 10 New Movies Coming Out in July 2019 We have compiled the best of the upcoming movie theater releases that will be arriving at cinematic theaters in July 2019, which includes plenty of flicks getting nationwide release, as well as others that will only be around for a bit in limited areas.Source: WikipediaNext month will be a solid one for the film industry as we'll be in the thick of the hot summer season, which will include the likes of Spider-Man: Far From Home, which is one of the biggest superhero franchises of all time. The movie marks yet another phase in the Marvel universe that we can all enjoy as Tom Holland continues playing the title character.July's new movies will also bring the Neil Armstrong documentary to the big screen, with Harrison Ford narrating the flick. Perhaps the most exciting upcoming film of the summer will be the new Lion King, which will include the voices of Chiwetel Ejiofor, Seth Rogen and Beyonce.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe new Quentin Tarantino will also be out in Once Upon a Time in Hollywood, featuring a star-studded cast in late 1960s Los Angeles, including Brad Pitt, Margot Robbie and Leonardo DiCaprio.Here are 10 of the biggest movie theater releases coming out next month: Tuesday, July 2 * Spider-Man: Far From Home: PG-13/Action Friday, July 5 * Phil: R/Comedy Friday, July 12 * Crawl: R/Action * Stuber: R/Action * Trespassers: Thriller * Armstrong: Documentary Friday, July 19 * The Lion King: PG/Animation * The Art of Self-Defense: R/Comedy * Bottom of the 9th: R/Drama Friday, July 26 * Once Upon a Time in Hollywood: Comedy More From InvestorPlace * The Top 8 Tech Stocks of 2019 (So Far) * The 7 Top Small-Cap Stocks Of 2019 * 7 Stocks to Buy for a Dovish Fed Compare Brokers The post Movie Theater Releases: 10 New Movies Coming Out in July 2019 appeared first on InvestorPlace.
Iranian Authorities Shut Down Two Crypto Mining Farms Amid Power Spike Authorities in Iran have seized roughly 1,000 bitcoin mining machines from two abandoned factories, according toRadioFreeEurope. Following the June 27 action, a spokesman for the Energy Ministry said cryptocurrency mining operations were destabilizing the power grid and affecting electrical access for households and businesses. He warned that the government will continue to pursue mining operations, which have proliferated in recent years. Electrical consumption in the country has spiked 7 percent, according to the minister, who also said the power used for mining one coin equaled the energy used by 24 residential units for an entire year. Related:It’s Now Harder to Mine Bitcoin Than Ever Electricity is heavily subsidized in Iran, so the costs of running a crypto mining farm are cheap – as low as $0.006 per kilowatt-hour. Tehran-based crypto startup Areatak waspreviously reportedto be hunting for foreign capital to establish crypto mining sites across Iran, though the practice is illegal. Chinese firms, too, have set up facilities in Iran, bucking their home country’s image as a crypto mining hub. The Iranian government is considering setting a special price for the power used by crypto miners, proposed by theEnergy Ministry. Though in his speech yesterday, the spokesman suggested that some crypto miners may be locating their power-hungry rigs in schools and mosques to avoid paying utility bills. A shrinking economy and the devaluation of the Iranian real have reportedly spurred citizens to seek sanctuary in cryptocurrencies. Related:Wait for October: New Bitcoin Miner Demand Is Again Outstripping Supply “Mining these currencies inside Iran will not only prevent money from leaving the country, it will also create currency under the difficult conditions of sanctions,” Mohammad Shargi, head of Iran’s Bitcoin Society, was quoted as saying by IRNA earlier this month. He also suggested some Iranians could use cryptos as a means to bypass and subvert the strict sanctions imposed by the U.S., following its withdrawal from the 2015 nuclear deal last May. Earlier this year the Central Bank of Iran – which had previously placed capital flight controls on cryptos –published a draftframework on the legality of cryptocurrency. Mining silhouettevia Shutterstock • Crypto Miners’ Electricity Shouldn’t Be Subsidized: Iranian Energy Minister • China Authorities Probe Alleged Illegal Bitcoin Mining Sites at Hydro Plants
KB Home Stock Wins 4 Upgrades in 2 Days Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope... KB Home(NYSE: KBH)may be only America's fifth-largest homebuilder, but this week, it's second to none in momentum. Since reportingbetter-than-expected earningsWednesday evening, KB Home has already won no fewer than four separate upgrades on Wall Street -- and two hikes to price target besides. Yesterday, KeyBanc and Buckingham Research upgraded KB stock (to overweight and buy, respectively). This morning, it's CFRA and Raymond James taking their turns at the upgrades wheel. Let's look at what the analysts are saying about the No. 5 player in the housing industry. Image source: Getty Images. Actually, before we do that, though, let's see what KB Homeitselfhad to say in Wednesday's announcement. KB reported it earned $0.51 per share in its fiscal second quarter 2019 on sales of just over $1 billion. Granted, these sales were down 7% in comparison to last year's Q2, and profits were below the $0.57 per share earned last year. But Wall Street had been forecasting much steeper declines: only $0.40 in earnings on sales of $936 million. The fact that KB Home didn't do nearly as bad as analysts had predicted is what sparked a 7.9% rally in the stock Thursday. And now, finally, a few words on what's helping to send KB Home upagainon Friday. Wall Street had nothing but kind words for KB Home yesterday after its earnings beat, as detailed in a series of analyst summaries provided byTheFly.com. Praising the strong Q2 results, Buckingham Research predicted that gross margin will improve at the homebuilder based on what it's seeing in the company's geographic mix of homebuilding locations, its improving sales volume, and the better prices it's selling homes for. Buckingham especially liked the fact that while sales declined, orders received in the quarter grew 15% -- foreshadowing stronger sales performance in the months ahead. KeyBanc, meanwhile, keyed in on KB's rising community count and improved outlook for H2 2019 and 2020. With 255 communities under construction at the end of Q2 (up 21% from the prior-year period), the company forecast 15% to 18% growth in its community count year over year in Q3. On top of that, management predicted improved gross margin (up 0.7 to 1.3 percentage points sequentially) in Q3 -- followed by even more improvement in Q4. Today's upgrades were abitless enthusiastic. But even so, independent research firm CFRA removed its sell rating from KB stock after earnings, while investment banker Raymond James noted that "healthy" order growth is reducing downside risk. Both analysts now give KB Home shares the equivalent of a neutral rating. Overall, Wall Street is taking an optimistic tone after KB's earnings beat, with some analysts predicting the shares will go as high as $30 within 12 months -- and maybe they're right. After all, just a few months ago KBrival Pulte said that it, too, saw an "improving demand environment" in homebuying, supported by a "strong economic backdrop" in the U.S. -- and that was coming from a company whose net new orders weredown6% last quarter, not up like KB's orders were. With KB shares selling for less than nine times earnings today, and management forecasting double-digit growth rates in the near term, the odds of this stock outperforming could be good. That being said, two things still concern me. First, as Pulte management pointed out in its April report, seasonal upswings in home-selling activity in the spring and summer are "typical" -- and therefore not necessarily indicative of any longer-term trend in the market. I'm also more than a little bit worried by the fact that in KB's report, it didn't divulge a free cash flow number (and hasn't filed a 10-Q with the SEC containing that information yet, either). Last we heard,S&P Global Market Intelligencewas still showing KB's trailing-12-monthfree cash flowof $150 million in the February quarter -- less than half the $272 million it was reporting under generally accepted accounting principles (GAAP) as net income. If that hasn't improved in Q2 (and the declining sales and earnings kind of suggest it might not have), then KB Home stock could in fact already be selling for a much higher price-to-free-cash-flow ratio than its P/Eratio. (And that, of course, would imply that the stock is not as cheap as it looks.) At a valuation of 15 times its last-reported free cash flow and a projected earnings growth rate of only 11%, I'm still more inclined to side with the analysts rating KB Home stock a hold than with those insisting that it's a buy. More From The Motley Fool • 10 Best Stocks to Buy Today • The $16,728 Social Security Bonus You Cannot Afford to Miss • 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) • What Is an ETF? • 5 Recession-Proof Stocks • How to Beat the Market Rich Smithhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy.
Jimmy Carter claims Russia won Trump the White House ATLANTA (AP) — Former President Jimmy Carter said Friday he believes President Donald Trump actually lost the 2016 election and is president only because of Russian interference. Carter made the comments during a discussion on human rights at a resort in Leesburg, Virginia, without offering any evidence for his statements. "There is no doubt that the Russians did interfere in the election," Carter said. "And I think the interference, though not yet quantified, if fully investigated would show that Trump didn't actually win the election in 2016. He lost the election and he was put into office because the Russians interfered on his behalf." The U.S. intelligence community asserted in a 2017 report that Russia had worked to help Trump during the election and to undermine the candidacy of Democratic opponent Hillary Clinton. But the intelligence agencies did not assess whether that interference had affected the election or contributed to Trump's victory, and no evidence has emerged that votes were changed improperly. Deanna Congileo, a spokeswoman for the Atlanta-based Carter Center, declined to make Carter available Friday for further explanation. Special counsel Robert Mueller's report identified two criminal schemes by Russia to interfere in the election: the hacking of Democratic email accounts and a social media campaign to spread disinformation online and sway public opinion. But Mueller's report did not establish that Russia conspired with any Trump associates in those efforts. Carter's comments came during a panel discussion at a retreat for donors to the Carter Center, an organization he founded in 1982 that has been at the forefront of election monitoring efforts around the globe for decades. The discussion was broadcast by CSPAN. Panel moderator and historian Jon Meacham asked Carter if he believed Trump was "an illegitimate president." Carter replied: "Based on what I just said, which I can't retract, I'd say yes." Story continues Carter also had harsh words for Trump about his administration's immigration policies, following reports of children and teens held by Border Patrol with inadequate food, water and sanitation. Asked by Meacham about his views on the situation at the U.S. border with Mexico, Carter said: "Every day we send a disgraceful signal around the world that this is what the president of the United States government stands for. And that is torture and kidnapping of little children, separation from their parents, and deprivation of those who are incarcerated." ___ Associated Press writers Eric Tucker in Washington and Russ Bynum in Savannah, Georgia, contributed to this report.
Design Genius Jony Ive Leaving Apple Steve Jobs, once said of Sir Jonathan Ive: "If I had a spiritual partner at Apple, it's Jony." That partnership is well and truly over today with Ive’s departure from Apple AAPL. But while they were at the job, it yielded a host of products that excelled on “look and feel” while delivering amazing functionality. The iPod Mini in 2004, iPhone in 2007, MacBook Air in 2008, iPad in 2010 wowed users all over the world, making Apple the behemoth it is today. After Jobs died, Ive oversaw the development of Apple Watch and AirPods, launched in 2015 and 2016, respectively in his role (since 2012) as head of both software and hardware development. Those roles will again be split now between Evans Hankey who is the new VP of industrial design and Alan Dye, the new VP of human interface design. And unlike in the past, the two wont report directly to CEO Tim Cook, but to COO Jeff Williams. Williams has been instrumental to the introduction of Apple Watch, so it’s a role he can ease into smoothly while continuing to take care of supply chain issues. Little is currently known about Ive’s new design startup called LoveFrom that will become his new home, other than the fact that Marc Newson, a friend and collaborator at Apple, will join the firm, along with other creative folks from other disciplines. It will have clients other than Apple, although it appears that Apple will remain the main client. In his parting statement Sir Ive says: "After nearly 30 years and countless projects, I am most proud of the lasting work we have done to create a design team, process and culture at Apple that is without peer. Today it is stronger, more vibrant and more talented than at any point in Apple’s history… "The team will certainly thrive under the excellent leadership of Evans, Alan and Jeff, who have been among my closest collaborators. I have the utmost confidence in my designer colleagues at Apple, who remain my closest friends, and I look forward to working with them for many years to come." So I couldn’t agree with Nehal Chokshi of Maxim Group, who says, "I would view it as Jony Ive looking to get paid market rates for his design expertise from Apple, with the right to allow other companies - not competitors to Apple - to leverage that expertise." I think there’s no bad blood here at all, especially nothing about pay. I think it’s more about allowing Ive to remain at the center of design, where his heart is, given Apple’s changed focus. This also lets him continue to serve Apple as and when it works out. I think that’s where the name “LoveFrom” probably comes from. As Tim Cook says, “Jony is a singular figure in the design world and his role in Apple’s revival cannot be overstated, from 1998’s groundbreaking iMac to the iPhone and the unprecedented ambition of Apple Park, where recently he has been putting so much of his energy and care.” Cook added that “Apple will continue to benefit from Jony’s talents by working directly with him on exclusive projects, and through the ongoing work of the brilliant and passionate design team he has built.” Investors are mourning the loss, sending the stock more than 1% down. But there really is nothing to fear. Jony is not saying goodbye, he’s just changing his chair. Conclusion Ive’s moving away from Apple seems to have been in the works for some time. In the last two years, he has been less focused on products and more on completing Apple’s new headquarters (Apple Park), as evident in some of Apple’s latest products. So while this may have come as a surprise to outsiders, including investors, Apple appears to have been preparing for his departure. It’s also significant in terms of Apple’s own metamorphosis from a product-oriented company to a services-oriented one. If anything, this is recognition of big changes at Apple, where products will be important but not central to its future revenue. Recommendation Apple shares carry a Zacks Rank #3 (Hold). Peers with better ranks are Lenovo LNVGY and HP HPQ. You can also seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Will you retire a millionaire? One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.” Click to get it free >> Click to get this free reportHP Inc. (HPQ) : Free Stock Analysis ReportLenovo Group Ltd. (LNVGY) : Free Stock Analysis ReportApple Inc. (AAPL) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research
Senators offer bill to limit heavy truck speeds to 65 mph DETROIT (AP) — Two U.S. senators have introduced a bill that would electronically limit tractor-trailer speeds to 65 miles per hour, a move they say would save lives on the nation's highways. Sens. Johnny Isakson, R-Ga., and Chris Coons, D-Del., introduced the measure Thursday, saying it would take the place of a proposed Department of Transportation regulation that has "languished in the federal process" for over a decade. The majority of trucks on U.S. roads already have the speed-limiting software built in, but it's not always used. Most other countries already use it to cap truck speeds, Isakson said in a statement. The measure also would circumvent the Trump administration's Department of Transportation, which has delayed any action on the proposed rule indefinitely as part of a sweeping retreat from regulations that the president says slow the economy. The rule, which didn't propose a top speed but said the government had studied 60, 65 and 68 mph, has been stuck since it moved through the public comment stage in November of 2016 toward the end of the Obama administration. The next action on the rule is listed as "undetermined" on a federal website. The National Highway Traffic Safety Administration, one of the Transportation Department agencies that proposed the regulation, said in a statement Friday that it received many public comments expressing concerns about the analysis supporting it. The agency "will work to ensure that any future decision intended to advance public safety will be grounded in sound analysis," the statement said. When the regulation was proposed, the DOT wrote that limiting truck speeds to 65 mph would save 63 to 214 lives per year. The bill's sponsors say that there are 1,115 fatal crashes every year involving heavy trucks on roads with speed limits of 55 mph or higher. If approved, the bill would require all new trucks to have speed limiters activated. It would also be extended to existing trucks that already have the technology installed, but it would not have to be retrofitted on rigs without the technology. Story continues The law also could solve another problem: Most heavy truck tires aren't designed to travel over 75 mph, but some states have 80 mph speed limits. If the trucks exceed the tire speed rating, it can cause blowouts and crashes. Isakson spokeswoman Marie Gordon said making the legislation bipartisan was a top priority for him "and we'll be working hard to demonstrate that this is a common-sense idea that will protect millions of America's drivers." While highway safety advocates support the measure, trucking industry groups have opposed it, contending that it would create dangerous speed differentials between trucks and cars that will cause traffic jams and crashes. "Speed limiting trucks leads to more traffic interactions, which increases the likelihood of crashes," Norita Taylor, spokeswoman for the Owner-Operator Independent Drivers Association, said in an email. "Most truck-related crashes occur on roads where the posted speed limit is under the speed in proposed mandates." The bill carries the name of Cullum Owings of the Atlanta area, who was killed by a speeding tractor-trailer during a trip back to college in Virginia after Thanksgiving in 2002. His father, Steve Owings, co-founded the group Road Safe America and has been working to get a regulation in place. He blames the Transportation Departments in the administrations of George W. Bush, Barack Obama and Donald Trump for not seeing the rule through. "We've got an occupant in the Oval Office now who says he's a businessman who believes in common sense," Owings said. "God knows there's not a whole lot the government can do that's more common sense than this."
JPMorgan, Bank of America, Wells Fargo plan healthy dividend hikes The Federal Reserveannounced on Friday that “virtually all” of the nation’s largest banks are meeting expectations for capital planning and have the green light to boostdividendsand share buybacks. Only one of the country’s 18 largest banks is required to address limited weaknesses identified in the second round of the Fed’s annual stress test.Credit Suissepassed the test, but is restricted from raising payouts until the issue is addressed. "The stress tests have confirmed that the largest banks are both well capitalized and place a high priority on strong capital planning practices," said Vice Chair for Supervision Randal K. Quarles. "The results show that these firms and our financial system are resilient in normal times and under stress." This was only the second time since the Fed began administering these tests in 2009 that no bank failed. The Fed reports that the firms have significantly increased their capital since the first round of tests, more than doubling their common equity capital from around $300 billion to roughly $800 billion during that time. A healthy financial system means many of the largest U.S. banks will be giving investors a healthy dividend hike. FOX Business takes a look at some of the pending payouts. JPMorgan Chase The company will raise dividends to $0.90 from $0.80. In addition, the company has authorized gross common equity repurchases of up to $29.4 billion between July 1, 2019 and June 30, 2020 under a new common equity repurchase program. Jamie Dimon, chairman and CEO of JPMorgan Chase said: “The strength of our franchise has allowed us to continue to use our capital to grow and invest in our businesses to support our customers, clients and communities around the world. We are pleased to have the capacity and flexibility to return excess capital to our shareholders as we maintain a fortress balance sheet that provides the ability to withstand extreme stress.” Capital One The company expects to maintain its quarterly dividend of $0.40 per share, upon approval from its Board of Directors. In addition, the company’s board of directors have already authorized a repurchase of up to $2.2 billion of shares of the company's common stock beginning in the third quarter of 2019 through the end of the second quarter of 2020. Bank of America Corporation The company'sdividends will rise by 20 percent, and the company will return as much as $37 billion to common stockholders. Its quarterly common stock dividend will increase to $0.18 per share. It has been authorized to repurchase approximately $30.9 billion in common stock from July 1 through June 30, 2020. The buybacks would include approximately $0.9 billion in repurchases to offset shares awarded under equity-based compensation plans during the same period. BNY Mellon The company's board of directors approved the repurchase of up to $3.94 billion of its common stock starting in the third quarter of 2019 and continuing through the second quarter of 2020, an increase of approximately 20 percent versus the prior four-quarter period. The company also intends to increase its quarterly cash dividend on common stock by approximately 11 percent from $0.28 to $0.31 per share. Wells Fargo The company expects to increase its third-quarter 2019 common stock dividend to $0.51 per share from $0.45 per share, upon the board of directors' approval. In addition,Wells Fargoplans repurchases of up to $23.1 billion for the four-quarter period. The company may also consider redemptions or repurchases of other capital securities. “Today’s positive CCAR result demonstrates the strength of Wells Fargo’s diversified business model, our sound financial risk management practices, and our strong capital position,” said interim CEO and President Allen Parker. “We continue to return excess capital responsibly to shareholders and remain committed to our goal to be the financial services leader in creating long-term shareholder value.” PNC The company’s board of directors is expected to consider a recommendation to increase the quarterly cash dividend on common stock by $0.20 cents per share, or 21 percent, to $1.15 per share. The capital plan also included share repurchase programs of up to $4.3 billion for the four-quarter period beginning in the third quarter of 2019. Citi Citi is looking to increase the quarterly common stock dividend by 13 percent from $0.45 to $0.51 per share as well as a common stock repurchase program of up to $17.1 billion during the four quarters. These planned capital actions will total to $21.5 billion over the four quarters. “Looking ahead, we are focused on continuing to serve our clients with distinction, improving returns for our shareholders and making the investments necessary to ensure safety and soundness,” Citi CEO Michael Corbat said. Goldman Sachs The company will increase dividends by 47 percent from $0.85 to $1.25 per share. The capital plan will provide for up to $7.0 billion in repurchases and $1.8 billion in total common stock dividends. “The opportunity to increase capital return to our shareholders reflects the financial strength of the firm,” said David M. Solomon, chairman and CEO. “We are pleased to have the ability to increase our common stock dividend while pursuing our strategic growth initiatives. Through our capital plan and the reinvestment in our business, we remain committed to driving long-term shareholder returns.” CLICK HERE TO GET THE FOX BUSINESS APP Related Articles • The Controversial Way Wealthy Americans Are Lowering Estate Taxes • Best Buy Celebrates 50 Yrs With Saleathon; Will It Turn 60? • Canadian Solar Is Facing More Challenges Than It Appears
AT&T Option Trades Suggest 'Risk-Off' Positioning Ahead Of Next Week AT&T Inc.(NYSE:T) shares have performed relatively well up to this point in 2019 after dropping more than 20% over the previous five years. AT&T stock is up 16.1% year to date, but some large bullish trades in the options market Friday morning suggest more upside could be coming. The Trades On Friday morning,Benzinga Prosubscribers received a series of options alerts related to AT&T. At 9:02 a.m., a trader sold 1,000 put options with a $33.50 strike price expiring on July 5 at the bid price of 62 cents. The trade represented an $62,000 bullish bet that the stock will stay above $32.88 by the end of next week Within a minute, there was a second large sale of the same AT&T put options with a $33.50 strike price expiring on July 5 at the bid price of 60.1 cents. The seller dumped 1,524 additional put options, a bullish bet of more than $91,592. A final trade went through about 10 seconds later when likely the same trader sold 1,500 additional AT&T put options at a $33.50 strike price that expire on July 5. The puts were sold at the bid price of 60.5 cents and represent a roughly $90,750 bullish bet AT&T shares will stay above $32.90. After all was said and done, the trading action represented an aggregate bullish bet of roughly $244,342 on AT&T. See Also:How To Read And Trade An Options Alert Why It's Important Even traders who stick exclusively to stocks often monitor option market activity closely for unusually large trades. Given the relative complexity of the options market, large options traders are typically considered to be more sophisticated than the average stock trader. Many of these large options traders are wealthy individuals or institutions who may have unique information or theses related to the underlying stock. Unfortunately, stock traders often use the options market to hedge against their larger stock positions, and there’s no surefire way to determine if an options trade is a standalone position or a hedge. In this case, given the relatively small sizes of the AT&T options trades, they are unlikely to be institutional hedges. Risk-Off Trade? The AT&T puts being dumped on Friday expire next week, suggesting the trader was looking at the stock on a near-term basis. The biggest potential market catalyst between now and next Friday is the G-20 summit, where U.S. President Donald Trump is expected to meet with Chinese President Xi Jinping on this weekend to discuss a potential trade deal between the two nations. Given AT&T’s relatively stable business and its extremely high dividend yield of 6.1%, the stock falls under the category of a “risk-off” investment when it comes to geopolitical news. In other words, AT&T is a relative safe haven for stock market investors if things should go south between Xi and Trump over the weekend. Friday’s trader may have low expectations for the trade talks, or the trader may believe a deal between the U.S. and China will lift all stocks, AT&T included. AT&T's stock traded around $33.32 per share at time of publication. Photo by Luismt94/Wikimedia. See more from Benzinga • This Day In Market History: AT&T Buys TCI For B • Big WWE Option Trader Betting Against A Rebound • Turner Sports Is Getting Back Into The Wrestling Ring © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Woman warns mothers about staged social media A mother has written a viral post warning other moms not to compare themselves to "staged" perfect photos shared on social media. (Photo: Getty Images) A mother of six took to Facebook to warn other mothers not to compare their lives with the seemingly perfect images they see on social media. Now, her message has gone viral. Last week, Jen Flint wrote a Facebook post detailing a recent incident she witnessed at a St. Augustine, Florida public pool. While spending time with her children and her husband, Russel, the family saw a stylish mother in a matching bathing suit with her seemingly four-year-old daughter, according to TODAY . "The mom, with her perfect loose curls tied up in a coordinating scarf... proceeded to spread out pool toys and sunscreen on a matching towel," Flint wrote on Facebook. "Then after finding just the right angle and the right light, Mama pulled out her tripod and took a few selfies with her daughter." According to Flint, the little girl repeatedly asked her mother if she could go into the pool to play, but the mother would not let her in until she snapped some perfectly posed photos. "[The] little one smiled big and said 'cheese' like she'd done it a million times," Flint wrote. Eventually, the girl was permitted to enter the pool to swim while her mother took another phone call. "Little One politely and repeatedly asked 'Mama, can you come in the water with me, please?' She was ignored. 'Mama, come play with me?' she asked 4 more times. Mama glanced over at her but never got off the phone," Flint claims. Then, to Flint and her family's surprise, the mother ended her phone call after ten minutes, "collected the sunscreen that was never applied, the water toys that never touched the water, and then her daughter and left the pool." "I sat there thinking about what I'd witnessed for awhile afterwards," Flint shared. "I imagined the photos she took being perfectly edited and posted to social media with a caption like 'Pool time with my girly! #Makingmemories'." While she is not judging the woman's parenting, she felt the need to address how staged the seemingly perfect images are on social media. Story continues "Somewhere another Mama is going to be at home with her children, the house a mess from their play, her hair unruly from a day of mothering and her clothes dirty with spit up or peanut butter," Flint wrote. "She's going to look at that photo and she is going to compare herself to the perfect Mama at the pool... She's going to feel like a failure." "What we see on Social Media isn't always real. Sometimes and often it's a complete set-up. It's staged and filtered and it's counterfeit," she continued. "Mamas, don't compare yourself. You ARE enough! You are amazing and the very best part is that you are REAL! Your dirty shirt and your messy house and your happy children are real and they are proof that you are doing it right!" Read more from Yahoo Lifestyle: 13-year-old boy's face burned during school science experiment: 'It was just hell' People aren't thrilled about Kamala Harris selling 'That Little Girl Was Me' T-shirts: 'Hollow and calculated' Women's soccer stars ask bosses to let fans take day off to watch quarterfinal game: 'It's gonna be a big one!' Follow us on Instagram , Facebook , and Twitter for nonstop inspiration delivered fresh to your feed, every day.
How Are Profit Margins Defined and Measured? As a business owner, your profit margins may be key to making money and growing a company. Evaluating your profit margins can assist you with gauging the financial health of your company. In order for yourbusinessto succeed, you may need to earn enough to turn a profit and reinvest into your company. This is where profit margins come into play. Profit Margins Defined Profit margins measure profitability as a percentage on a company’s income statement. A larger percentage indicatesbetter performance. Ideally, you want revenue much higher than expenses paid. For instance, a company with a profit margin of 20% is highly profitable. A company with a profit margin of 0.05% may need to make adjustments to improve their profitability. According to theAmerican Enterprise Institute, the average profit margin for a U.S. company is 7.9%. However, that average may vary across industries. What is Profit? Profit, also known as net income, is the money you make after deducting the money you spent on business expenses. Manypublicly traded companiescalculate profit quarterly basis and issue their earnings report after the quarterly calculation is complete. That earnings report is a company’s benchmark for profit and loss. Profit can indicate if a company isperforming optimally. If profits are high, management may be doing a great job minimizing expenses. High profits could also point to marketing strategies that result in higher sales. If profits are low or nonexistent, the company may befacing financial difficulty. There may be weak demand as a result of management issues or poor sales techniques. What is Revenue? Profit measures the cash remaining after you pay yourbusinessexpenses. Revenue is total business income before expenses, which is not an accurate measurement of a company’s performance. Having money coming in is great, but if you’re spending more than you’re earning, you may face financial difficulties. How to MeasureProfit Margins Profit margins are measured by up to four calculations. Gross profit margins and net profit margins are standard, but operating profit margin and pretax profit margin are factors as well. Gross Profit Margin Accountants use gross profit margins to determine if a business’s pricing strategy is profitable. Dividing gross profit (revenue minus the cost of production) by revenue earned can help a business adjust its pricing. Operating Profit Margin The operating profit margin divides operating profit (revenue minus sales and administrative expenses) by revenue, but leaves a few essential items out of the equation. While it includes operating costs and the costs of goods sold, it doesn’t account for financial costs like taxes. Pretax Profit Margin Pretax margins simply divide pretax earnings by revenue. This can help determine the impact of local and federal tax on your business’ bottom line. Net Profit Margin A company’s net profit margin measures its total profitability. A high net profit margin is likely great news for athriving company. A low net profit margin can indicate issues including high costs Net profit margins measure the total profitability of a company. A high net profit margin suggests the company is moving in the right direction. A low net profit margin may indicatepotential problemsincluding high costs or weak sales. To calculate a net profit margin, divide the company’s net income into total revenue and then multiply by 100. For example: A company’s total revenue is $200,000 The company’s total expenses are $160,000 The company’s net profit is $40,000 The total net profit margin is ($40,000/$200,000) x 100 = 20% Profit Margin in the Marketplace Luxury carsand bespoke clothing have low sales, but high profits. High prices help, but companies and designers that only make products after taking customer orders reduce overhead. Meanwhile, if you run a delivery service or cab company that is affected by the price ofa gallon of gas, your margins are likely to be low. Though agriculture and automobile companies can succeed on a large scale, they often do so with low profit margins affected bymultiple variables. While high profit margins can drive huge sales insoftwareand patented pharmaceuticals, low profit margins can drive companies straight out of a country.Outsourcingto a less-expensive labor market might seem callous, but it can increase a company’s profit margin by reducing labor costs. Bottom Line It’s important to understand the impact profit margins have on your company’s performance. f you want your company toprosper for yearsto come, perhaps take a close look at your profit margins and compare them to those of similar companies. This could allow you to make adjustments when necessary. Profit Tips • If you’re still having trouble with your profit margins, a financial professional who specializes in small business can help. Finding the right financial advisor thatfits your needsdoesn’t have to be hard.SmartAsset’s free toolmatches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals,get started now. • In-depth budgeting is a worthwhile strategy to adopt if you’re looking to improve your long-term finances. It may, however, be difficult to build a budget if you have little to no experience doing so. To get some help, stop bySmartAsset’s budget calculator. Photo credit: ©iStock.com/iladendron, ©iStock.com/MicroStockHub, ©iStock.com/Rawpixel The postHow Are Profit Margins Defined and Measured?appeared first onSmartAsset Blog. • Return on Equity (ROE): Definition and Examples • The Different Types of Mutual Fund Classes • What Are the Hours of the Stock Market?
New Jersey residents fleeing 'in droves' as state Democrats fight over millionaire's tax While high-taxstatesdeal with the fallout from the $10,000 cap on state and local tax deductions, New Jersey has considered imposing a millionaire’staxon its wealthy residents. Democratic Gov. Phil Murphy renewed a push to implement the tax – with a top rate of 10.75 percent – on people with incomes over $1 million. However, amid disagreements with the state legislature, which threatened to shut down the state government, Murphy said he will sign a budget over the weekend. State Democrats sent Murphy a budget proposal last week, which did not include the tax increase on people with more than $1 million. Murphy, however, has been a strong advocate for implementing the tax – it has been one of his top campaign promises. Therefore, many have a difficult time believing that the issue has been completely put to rest. An agreement on the budget needs to reached before the start of the new fiscal year on Monday. “They can’t tax us anymore, the middle class is getting wiped out,” former “Saturday Night Live” cast member and New Jersey resident Joe Piscopo told FOX Business’ Neil Cavuto on Friday, adding that wealthy individuals are leaving the state “in droves.” The current top income tax rate on individuals in New Jersey is more than 8 percent, as it is in neighboring New York. The SALT cap has hit high-tax states like New York, California and New Jersey particularly hard. As a result, affected residents have begun to move to other states – a trend that experts expect toaccelerate. The Treasury Department also recently squashed a workaround these states had been using to try to circumvent the cap – applying extra pressure to state lawmakers. New York Gov. Andrew Cuomo said his state was seeing “significantly lower tax receipts” as a result of the SALT changes. New York Lieutenant Gov. Kathy Hochul said the changes decreased revenues and increased taxes on the middle class. As previously reported by FOX Business, for New Jersey residents who aren’t able to up and move to tax havens like Florida or Nevada, Pennsylvania could be a local option. New Jersey and Pennsylvania have a reciprocal personal income tax agreement whereby Pennsylvania residents who work in New Jersey and earn income there are not subject to New Jersey income taxes. Instead, they pay the lower flat-rate in their home state. Without the agreement, a high-earning Pennsylvania resident working in New Jersey would be taxed at the 8.97 percent rate, but would only receive a credit of 3.07 percent in Pennsylvania. CLICK HERE TO GET THE FOX BUSINESS APP New Jersey Rep. Josh Gottheimer was one of several lawmakers from states including New York, Illinois and California who took to Capitol Hill on Tuesday to air out their grievances against the new SALT cap. Gottheimer called the cap a “double-taxation grenade” that was “lobbed at New Jersey and other high-tax states” by so-called “moocher states.” The average SALT deduction claimed in Bergen County, New Jersey, was more than $24,700 before the implementation of the cap. Related Articles • Fmr. Notre Dame Coach Lou Holtz Predictions for Trump vs. Media • Trump May Have Dropped Another Clinton Bombshell • Carson: Trump Could Destroy Obama's Legacy
JinkoSolar Holding Co., Ltd (JKS) Q1 2019 Earnings Call Transcript Logo of jester cap with thought bubble. Image source: The Motley Fool. JinkoSolar Holding Co., Ltd (NYSE: JKS) Q1 2019 Earnings Call Jun 28, 2019 , 8:00 a.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Ladies and gentlemen, thank you for standing by and welcome to JinkoSolar First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions) I would now like to hand the conference over to your speaker today, Ms. Ripple Zhang. Thank you. Please go ahead. Ripple Zhang -- Investor & Media Relations-China Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's first quarter 2019 earnings conference call. The Company's results were released earlier today and available on the Company's IR website at www.jinkosolar.com as well as on newswire services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website. On the call today from JinkoSolar are Mr. Chen Kangping, Chief Executive Officer; Mr. Charlie Cao, Chief Financial Officer; and Mr. Gener Miao, Chief Marketing Officer. Mr. Chen will discuss JinkoSolar's business operations and the Company highlights, followed by Mr. Miao who will talk about the sales and marketing, and then Mr. Cao, who will go through the financials. They will all be available to answer your questions during the Q&A session that follows. Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Security Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today. Further information regarding this and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission. JinkoSolar does not assume any obligation to update any forward-looking statements except as required under the applicable laws. Story continues It's now my pleasure to introduce Mr. Chen Kangping, CEO of JinkoSolar. Mr. Chen will speak in Mandarin, and I will translate his comments into English. Please go ahead, Mr. Chen. Chen Kangping -- Chief Executive Officer (foreign language) Thank you, Ripple. Good morning and good evening to everyone, and thank you for joining us today. (foreign language) Module shipments were 3037 megawatts during the quarter, an increase of 50.7% year-over-year and a decrease of 19.1% sequentially. Overseas shipments accounted for over 90% of the total shipments during the quarter. Total revenues were $867 (ph) million, an increase of 27.5% year-over-year and a decrease of 24.6% sequentially. Gross margin was 16.6%, up from 14.7% sequentially and 14.4% year-over-year as we increasingly benefit from a higher proportion of sales being generated by our high efficiency mono products and further reductions in production costs. (foreign language) As grid parity approaches, global solar demand continues to generate rapid and long-term sustainable growth momentum. Growth during the quarter was primarily driven by strong continuous demand from overseas markets and the anticipated kickoff of the domestic market during the second half of the year. (foreign language) European markets continue to perform well following the cancellation of the minimum import price policy and demand from price sensitive projects in particular has surged. Overall, European markets are expected to install 17 gigawatts this year, exceeding the previous estimate of 15 gigawatts. (foreign language) The solar energy market in the US is huge. Recently policy changes exempting bifacial solar modules from Section 201 tariffs are expected to support medium and long-term demand and significantly increase the application of bifacial modules. The market opportunity in the US is massive, and we intend to expand our presence there by leveraging our overseas high efficiency capacity in Malaysia and the US, strong brand recognition, high quality products and our best-in-class customer service. (foreign language) On the domestic front, policies recently laid out by China's National Energy Administration are expected to create a surge in demand during the second half of the year. The total amount of -- total amount of subsidies excluding poverty alleviation projects was set at CNY3 (ph) billion. Other than a separate subsidy scale for residential solar systems and poverty alleviation projects, the plans laid out require that all projects must win a bid in order to be subsidized. The introduction of a fully competitive mechanism for project bids aims to create the largest market share with the existing subsidy scale and accelerate grid parity by cutting nontechnical costs. China is expected to install 40 gigawatts this year. As the leading manufacturer, we will focus on promoting the adoption of high efficiency products across the domestic market, particularly for products that reduce the cost of energy. This will support the transition of the Chinese market toward grid parity without subsidies and provide our customers with industry-leading products and solutions that offer high efficiency, high performance and high reliability. (foreign language) Other markets are also very active. I will let Gener go into further detail on this. (foreign language) Global solar demand for our high efficiency mono products is growing significantly and has resulted in them being in short supply continuously. We are accelerating the expansion of our high efficiency mono capacity and estimate they will account for over 70% (ph) of our total shipments for the year. (foreign language) Turning to the high efficiency capacity. We've successfully raised $160 million last month, which is being deployed to further expand our high efficiency mono production capacities. Our wafer, cells and module capacity reached 10.5 gigawatts, 7 gigawatts and 11 gigawatts respectively by the end of the first quarter. We are increasing output of both wafer and PERC capacities. Our new 5 gigawatt mono wafer production facility in Leshan, Sichuan Province, began trial production this month and will ramp up to full capacity by the fourth quarter of this year. This new production facility will serve as a benchmark for the industry with its industry-leading cost structure and cutting-edge technology. The additional mono wafer capacity will allow us to significantly increase the proportion of our high-efficiency products we manufacture and improve overall profitability. We expect to reach wafer, cells and module production capacity of 15 gigawatts, 10 gigawatts and 16 gigawatts, respectively by the end of the year. Of this, approximately 11.5 gigawatts will be mono wafers and approximately 9.2 gigawatts will be PERC cells. (foreign language) On the high efficiency technology front, our customized monocrystal furnace performs much more efficiently and requires lower CapEx, which help us ensure the premium quality and competitive pricing of our mono products. The integration of our proprietary acceleration technology into our (inaudible) processing and automated systems has allowed us to further increase crystal growth (ph) rate and sharply reduce (inaudible) costs. On the cell side, the maximum conversion efficiency of our cheetah size cells and N-type cells reached 24.38% and 24.58%, respectively, in the June 2019. Additionally, power generated by our version 72 high efficiency monocrystalline module reached 469.3W during testing conducted by TUV Rheinland, a respected three-party (ph) institution. We are clearly making significant breakthroughs and setting new industry standards when it comes to developing high efficiency on the (ph) power cells and modules. This year, we also launched the latest addition to our premium Cheetah range of products, the Swan bifacial module with a new DuPont -- clear DuPont Tedlar based backsheet. Lightweight materials alleviate a number of problems during the installation process and help lower initial costs of our customers. Demand for bifacial transparent backsheet products will grow rapidly as they become more mainstream going forward. We will continue to increase the proportion of bifacial products we produce to meet this demand. (foreign language) Before turning the call over to Gener, I will quickly go over our guidance. Based on current estimates, we estimate our total solar module shipments to be in the range of 3.2 gigawatts or 3.3 gigawatts for the second quarter and 14 gigawatts to 15 gigawatts for full year. (foreign language) Thank you (inaudible). With that, I will turn it over to Gener. Gener Miao -- Chief Marketing Officer Thank you, Mr. Chen. The total shipments during this quarter was 3037 megawatts, exceeding our guidance and an increase of 50.7% quarter-over-quarter. Demand of China during the quarter accounted for over 90% of total sales. Particularly, shipment growth of mono products was 2.4 times higher than the same period last year. In terms of geographic mix, shipments to the Asia-Pacific region accounted for the largest portion, followed by European market and then North America and emerging markets. With over 70% of our order book already built, we have great visibility for the second half of 2019. Due to later than expected announcement of this year's policy, total PV installations in China were only 5.2 gigawatt in the first quarter. With the new policy's final release, demand is expected to surge in the second half of the year, with poverty alleviation and residential expected to be pursued (ph) first. For full year 2019, we expect total solar installation to be around 40 gigawatts. We will further reinforce our position in the largest PV market in the world by promoting our high efficiency premium Cheetah and Swan products and to facilitate the market's transition toward grid parity. The US market has been heating up over the last two years. The ITC played an influential role in stimulating demand. US installations hit a record high in the first quarter. Due to the trade barriers and supply shortage, we anticipate that the market price will remain stable. Recently, it was announced in US that bifacial solar modules were exempted from the Section 201 tariff. The tariff exemption on the bifacial modules will increase the product's competitiveness and (inaudible) in the US market. The bifacial solar modules will likely become the mainstream choice in the future. In particular, companies with fully integrated bifacial solar module capacity outside China such as Southeast Asia will likely to benefit tremendously. We have been (ph) focusing on US market and we will continue to secure long-term orders with key US clients. Grid parity has been achieved in a number of European countries. Traditional markets like Germany, France and Spain continue to display strong demand (inaudible) the major form of projects without subsidies (inaudible) while distributed self-supply projects are also growing rapidly. We have noticed that distribution projects are growing rapidly in countries with limited land resources like Netherlands. In other European markets such as Poland, Greece and Hungary, demand is growing as well. The European market has great potential, and we will strengthen our market position and the market share by continuously providing our clients with superior products, premium service and cutting edge technologies. Turning to Asia-Pacific market. Full year demand in the Japanese market is expected to be around 8 gigawatts. The proposed cancellation of subsidy has (ph) result in a surge of demand in the near term. The demand in Indian market this year is expected to grow to 10 gigawatts. The Indian government has launched several rounds of protection policies but module demand for foreign manufacturers remains strong. We are also focusing on Australia and Vietnamese markets and are making (inaudible). In Australian market, industrial projects will take over residential projects to become the next growth driver. In Vietnam, the new round of subsidy policies have increased the confidence in the sustainable development of the renewable energy market. Various South East Asian markets are projecting strong growth, and we will continue to anticipate opportunities and deploy resources to markets with strong potential to seize the first-mover advantage. We are also confident about our position in key emerging markets. The scale of Latin American markets is expected to be around 6 gigawatts to 7 gigawatts, mainly driven by growth in Mexico, Brazil and the Chile markets. Demand in the next two or three years is expected to remain stable at a similar level. Continuous round of gigawatt level tenders are taking place in the Middle East region. Gulf nations led by Saudi Arabia are reducing their reliance on oil for energy. So we are very optimistic about the prospects in the region, and we will invest in more resources to explore those markets. The ASP in Q1 remained stable when compared to the previous quarter. Prices for the whole year are expected to be stable given the strong demand. As Mr. Chen had just mentioned, we will continue to make technical advances and capture the market demand with leading innovation and new products. At the same time, we will continue reducing our cost to support competitive energy cost as industry move toward grid parity. In general, the global solar market will continue generating sustainable rapid growth momentum for the rest of 2019 and beyond. Based on the first quarter data, our classic Cheetah module series is in high demand and are very popular, making up 70% in second half orders. We launched our new Swan bifacial module at 2019 SNEC with the ability to provide higher yield gain (ph) and lower cost of energy. The module is also easier to install and greatly enhances reliability during operation. Thanks to these advantages, the Swan transparent backsheet bifacial module was awarded the Intersolar Award 2019, the only module product to earn this acknowledgement in the industry. In addition, for the fifth consecutive year and -- in 2019, we have been ranked as the top performer in PV module reliability scorecard published by PVEL in partnership with DNV GL, a testimony of our continuous commitment toward product quality. We are leveraging our position in the industry to strengthen our reputation as a SAS (ph) leader. In March, JinkoSolar was the only renewable Chinese corporate leader invited to attend the 2019 B20 Summit in Tokyo. As the solar industry representative, we were able to offer deep insight into the global green economy and the transformation of the energy industry which was widely covered by the media. In terms of the product marketing, during the first quarter we attended 13 (ph) important conferences, 35 core marketing events with key partners across the globe and hosted a further nine key customer events around the world. Our active global marketing events continue to allow us to reach, to educate -- and educate new customers about JinkoSolar high quality products. With that, I will pass over to Charlie. Charlie Cao -- Chief Financial Officer Thank you, Gener. Firstly, I like to walk you through our Q1 results. Total solar module shipments were 3 gigawatts, down 16% sequentially and up 51% year-over-year. Total revenue was $868 million, down 23% (ph) sequentially and up 28% year-over-year. The change was due to the decrease of solar module shipments. Gross profit was $144 million compared to $165 (ph) million in Q4 2018. Excluding the CVD reversal benefit, gross profit in Q4 2018 was $155 million. The change was due to the decrease in the shipment of solar modules. Gross margin improved to 16.6% compared to 14.7% in Q4 2018. The sequential increase was attributable to a higher proportion of cells produced high efficient mono products and further reductions of our production costs. Operating expenses was $109 million, representing 12.5% of total revenue compared to $130 (ph) million, which was 11.6% of total revenue in Q4 2018. The increase of operating expenses as a percentage of revenue is due to the increase of shipping costs as a percentage of revenue associated with the significant higher percentage of shipments to overseas markets. EBITDA was $49 million compared to $54 million in Q4 2018. Net income was $6 million compared to $16.7 million in Q4 2018. Non-GAAP net income was $5 million. This translates into non-GAAP diluted earnings per ADS of $0.12. Moving on to the balance sheet. The Company had $650 million in cash, cash equivalents and restricted cash compared to $506 million at the end of Q4 2018. Our accounts receivables were $872 million, down from $889 million at the end of Q4 2018. Inventories were $966 million compared to $835 million at the end of Q4 2018. The increase of inventory is for the continued strong demand from international markets in the second quarter. The total debt was $1.8 billion compared to $1.4 billion at the end of Q4 2018. The net debt was $1.1 billion compared to $0.9 billion at the end of Q4 2018. The increase was due to the short-term borrowings for the working capital purposes and long-term borrowings for the capital expenditure. At this moment, we are happy to take your questions. Operator? Gener Miao -- Chief Marketing Officer Operator, let's proceed to question-and-answer. Questions and Answers: Operator Sure. (Operator Instructions) Your first question is from Philip Shen from Roth Capital Partners. Your line is now open. Please go ahead. Philip Shen -- Roth Capital Partners -- Analyst Hi everyone. Thank you for the questions. In terms of the Q1 shipments, I was wondering if you could break that down into multi modules and mono modules and mono PERC modules, similar to what you do annually. And also, can you share what the in-house vertical costs were in Q1? I think in Q4, you guys talked about $19.03, but if you could share that for Q1 as well, that would be great. And then how do you expect your overall cost structure to trend by the end of this year and also the end of 2020? Charlie Cao -- Chief Financial Officer Hey PhiI, It's a long one. So let me take the first half first. For (inaudible) mix of different technology, I think our -- in Q1, our shipment for the poly product are below 50% and the rest will be the high efficiency -- high efficient products. For the detailed numbers, we don't plan to disclose that. And what's the other part of the question about the shipment? Sorry, can you repeat? Philip Shen -- Roth Capital Partners -- Analyst I think that's it for shipments. I mean, can you share how much was mono PERC? I think you guys do it annually. So if you can do it for the quarters, that would be helpful. Charlie Cao -- Chief Financial Officer Philip, I think you know -- in the prepared remarks by our CEO and our planning for the shipment model, high efficient products is roughly 70%. This is for the full year, 2019. Philip Shen -- Roth Capital Partners -- Analyst Great. Thanks, Charlie. Charlie Cao -- Chief Financial Officer But for the quarter-by-quarter basis, the percentages increase by quarter by quarter throughout the year. Philip Shen -- Roth Capital Partners -- Analyst Good. And then in terms of the in-house vertical cost structure for Q1 and then expectations by year-end -- and year-end '20? Charlie Cao -- Chief Financial Officer Sure. Sure. And -- I just can kind you give you some highlights, but I -- we are not in position to disclose the detailed numbers given the consideration of competitiveness. And -- this year, and we are doing a lot of things to help to drive our cost. But given the strong demand across the international markets and anticipated in China take-off in the second half year -- and I think you know the material cost is worth speaking, right, like the glasses and even the polysilicon price is stable. So we were targeting the blended -- not blended, in-house production cost is 5%, 8% -- to 8% improvement this year. And on top of that, I just want to highlight our -- the new capacity. This is the key profitability driver for Jinko because this is -- this year, it's a transition year for Jinko, transforming to mono based high efficient capacity, and our new mono wafer capacity in Sichuan, we just started small-scale trial production which will be very cost-competitive and build a strong foundation for Jinko to get a very strong advantage in future years. Philip Shen -- Roth Capital Partners -- Analyst Okay. Thanks, Charlie. Can you talk about -- I think the CapEx for the quarter was $60 million. How do you expect the CapEx to trend by quarter for the rest of the year? Charlie Cao -- Chief Financial Officer The total budgeting CapEx throughout this year is roughly $450 million, and the key investment this year is the mono wafer as well as the PERC cell capacity. And we are almost doubling our high efficient (ph) capacity and focus on the mono wafer and PERC cell. If you look at our capacity, Q1, mono wafer is roughly 6.5 gigawatts and PERC is 5.4 gigawatts. It's almost double by the end of this year, reaching to 11.5 gigawatts mono wafer and 9.2 gigawatts PERC cell. So, you can think about from -- I just highlight -- the mono wafer and PERC cell integration capacity is a key driver for our profitabilities. And now we roughly have 5 gigawatts integration capacity (inaudible) mono wafer, PERC cell and module, and by the end of this year, we are going to reach to roughly 10 gigawatts. Philip Shen -- Roth Capital Partners -- Analyst Right. Okay. Just another quick one here for me. Q2 is almost over... Charlie Cao -- Chief Financial Officer Yes. Philip Shen -- Roth Capital Partners -- Analyst As you look to Q3, how much of Q3 shipments have been booked? And are you starting to see bookings from China, with the policy now in place -- when we met in SNEC, the demand had not yet -- improved yet in China. I know the outlook for Q4 is better. But are you actually getting bookings for China now? And then another one. Can you talk about the margin profile for Q2 and the margin profile for Q3? Thanks. Gener Miao -- Chief Marketing Officer Hi Phil, this is Gener. Let me take your China demand question. So firstly about -- about second half, I think in my remarks, I already disclosed that we -- I think we have approximately 70% booked by the second half. That cover both Q3 and Q4. I think Q3 book level is higher -- slightly higher than Q4. And regarding the demand from China, we see strong demand from China or from Chinese customers. So -- but -- for sure, the total number is not comparable -- compared with the last Q4 because the late announcement of the policy in China. Personally, I expect the demand from China -- Q4 will be stronger than Q3. I think you have another question about market, right? Philip Shen -- Roth Capital Partners -- Analyst That's right. Charlie Cao -- Chief Financial Officer Yes. In terms -- yes -- just supplement. I think China's demand -- Q3, we are seeing more activities from the residential markets as well as projects without subsidies. And we are expecting China is going to release the list (ph) for the projects with subsidy by the end of July or maybe early August and expecting very strong installations in Q4 this year. In terms of gross margin, in general, I am very optimistic for the second half year because -- what I emphasize is a key (inaudible) driver for Jinko is the integrated mono based capacity. We are going to almost double -- quarter by quarter, starting from Q3 and Q4. And for Q2, the gross margin is estimated in the range of 14% to 15%. It's relatively lower than Q1. In Q1, the gross margin is pretty good and exceeding our guidance, and therefore the Q2, it's basically because our new capacity is still in the construction stage and will not have contributing to the profitability in the second quarter. Second one is the total shipments increase like quarter by quarter and as well as the -- shipment percentage is shifting very quickly to mono PERC shipments. So, if you look at, you calculate the in-house sales produced mono PERC versus total shipments, it's a little bit lower in the second quarter as well as PERC cell price is relatively higher throughout the second quarter. So the blended gross margin is relatively lower quarter-by-quarter -- second quarter. But I just said I'm very optimistic in the second half year, and we have almost booked over 70% in the second half year, fixed price, international markets, anticipate a strong China demand and the new capacity coming in. Philip Shen -- Roth Capital Partners -- Analyst Okay, great. Thank you for all the questions. I'll pass it on. Gener Miao -- Chief Marketing Officer Thank you, Phil. Philip Shen -- Roth Capital Partners -- Analyst Thanks. Operator Thank you, Philip. Your next question is from Maheep from Credit Suisse. Your line is now open. Please go ahead. Maheep Mandloi -- Credit Suisse -- Analyst Hey. Thanks for taking the questions. so just on CapEx. You said $450 million of CapEx for the full year. It's in line with your prior comments. But when looking at capacity structure, you said, in the press release, you'll have 1 gigawatt of extra module capacity this year, so increase it from 15 gigawatts to 16 gigawatts. Is that part of the CapEx? And also wanted to see if any bifacial capacity expansion as part of the CapEx as well? Charlie Cao -- Chief Financial Officer Okay. So, in general, total CapEx, including everything, including wafer cell and module, but in terms of allocating, the key investment allocation is the mono wafer and PERC cell. For the module capacity, we increased from 10.8 gigawatt to 16 gigawatts. But the majority of our 80% (inaudible) is from the increased output. It's not new capacity. We just add very small-scale, roughly 1.2 gigawatt new capacities for the module -- the CapEx is very small. For the remaining parts, roughly 4 gigawatt is throughout our upgrades, increment -- increased output, decreasing bottleneck on productions. And for the bifacial capacity, in general, our existing PERC cell capacity, we can do the bifacial. And (inaudible) facilities, we just need to do very small, small -- minor agreement (ph) -- minor upgrades to make sure the capacity can do the bifacial product. So, it's -- I think it is very, very small. You can ignore the CapEx. Maheep Mandloi -- Credit Suisse -- Analyst Got it. And then just on -- thinking on bifacial. So, our understanding is that the exemption is only for bifacial cells and not monofacial cells with transparent backsheet. Can you confirm if that's in line with your understanding? And then -- and also on bifacial, just want to understand what would be the incremental cost for a bifacial, mono PERC solar module for the US market. Charlie Cao -- Chief Financial Officer So, I think for us -- when we read all this descriptions across the exemption files, we don't see any special things to rule out the transparent backsheet. For sure, lawyers will be in a better position to confirm that. And for us, our understanding is that while the module can generate powers both from front side and the rear side, it could be exempted from 201. Maheep Mandloi -- Credit Suisse -- Analyst Got it. So -- so for your regular transparent backsheet monofacial (inaudible), correct? And then just in terms of cost, like how much extra cost -- production cost do you anticipate for a transparent backsheet? Charlie Cao -- Chief Financial Officer No. It's -- no. Of course, there are supposed to be additional production costs. But because of additional output, the bifacial product reaching its mainstream providing more benefits to our developers. I wonder I can give you is the bifacial -- one way of promoting bifacial transparent backsheets. It's very competitive compared to the traditional bifacial double glass as well as -- because the module we are promoting is lighter and easy to install. So, we think we can -- we can very easy to increase our penetration of bifacial in the US market, given the favorable policy. Maheep Mandloi -- Credit Suisse -- Analyst That is helpful. Thanks. And just regarding your order book, have you -- apart from the 70% in the second half, are you seeing any orders for the next year, for Q1 or for 2020? Charlie Cao -- Chief Financial Officer You mean, the order book for 2020? Maheep Mandloi -- Credit Suisse -- Analyst Yeah. Charlie Cao -- Chief Financial Officer I think -- right now I don't have exact figures, but we do have built up pretty solid fundamental part of this order book in 2020. I think -- for sure, it depends on our shipment targets. But I think a several gigawatt order book has been billed for sure. Maheep Mandloi -- Credit Suisse -- Analyst All right. So that's most of the questions from my side. I'll pass it along for others. Thanks. Charlie Cao -- Chief Financial Officer Thank you. Operator Thank you. (Operator Instructions) Your next question is from Brian from Goldman Sachs. Your line is now open. Please go ahead. Brian Lee -- Goldman Sachs -- Analyst Hey guys, thanks for taking the questions. A couple modeling ones for you, Charlie. I guess first on the OpEx. Up almost 30% year-on-year. I know you mentioned the shipping charges and overseas demand. But just wondering how we should think about that line item as you move through the year because it sounds like 2Q is also going to be pretty heavy non-China demand, and then based on your comments, it sounds like you really see a pickup in -- for 4Q even relative to 3Q. So, just generally speaking, how should we be thinking about the OpEx line given the pretty meaningful uptick year-on-year you saw here in Q1? Charlie Cao -- Chief Financial Officer The operating expenses will continue to be 11% to 12% in the second quarter because it's still significant international markets. Looking for the Q3, Q4, given more shipments through (ph) China and as well as more total shipments, the percentage will be decreased a little bit quarter by quarter, starting from Q3. Brian Lee -- Goldman Sachs -- Analyst Okay. So for 2Q, 11% to 12% is the way to think about it. So you're running roughly 100 to 150 basis points higher on that -- on that metric year-on-year through the first half of year. Is that fair? Okay. Second question, just on inventory, I know there is anticipation of a big second half build here. That was also up 30% year-on-year and volume shipments for 2Q are being guided up only slightly sequentially. So, I guess two questions related to that. First, will inventory be up again in 2Q versus 1Q? And then secondly, did the higher factory loading flow through to benefit gross margins this quarter? Charlie Cao -- Chief Financial Officer In terms of inventory (inaudible) stable quarter-over-quarter. That's -- because of international markets, we are shipping over 100 countries -- like in the US, taking a bigger and bigger proportions. And given the longer delivery time, particularly shipping time, so, if you look at the inventory, Q1 -- end of Q1 versus the last year, and it's increased a lot of bit, but we'll be very stable. And we -- internally, we manage the inventory very carefully and we produce the inventories based on the firm orders. So, we don't see any risk. Brian Lee -- Goldman Sachs -- Analyst Okay. And just secondly on the inventory build, I would imagine it would have benefited the factory loading throughout the quarter. Maybe that's not a benefit in 2Q since the inventory is going to be stable. But can you give us some sense, whether qualitatively or quantitatively, what kind of positive impact it had on your gross margins in the quarter? Charlie Cao -- Chief Financial Officer You mean the second quarter? Or the second half year? Brian Lee -- Goldman Sachs -- Analyst 1Q, you're at 16.6%. You're saying it's going to be 14% to 15% for 2Q. And I know there is some mix issues and what have you, capacity ramp that you mentioned. But again, I'm assuming that the better factory loading from the inventory build probably benefited you in 1Q. Just trying to get a sense for what that might have been. Charlie Cao -- Chief Financial Officer Yeah, yeah. In general, I think you need to think about from this perspective is -- ASP is very stable, both for the mono PERC high efficient products as well as the (inaudible) products. And starting from the production perspective -- and we have more capacity. When we have more capacity (inaudible) and we have more integrated products, mono, wafer and PERC cell produced by ourselves, our blended cost will be dropped a lot because we will rely on the external PERC cell lower and lower. And so, we can deliver very decent gross margin if we produce everything by ourselves. So, I don't think the inventory will be a big, lumpy (ph) point for quarter -- and-over-quarter gross margin fluctuations. Brian Lee -- Goldman Sachs -- Analyst Okay, fair enough. And then last one from me, I'll pass it on. The -- not sure if you can say anything new on this. But the Hanwha lawsuit -- can you give us some updates on where that stands and what your positioning is? Thank you. Charlie Cao -- Chief Financial Officer It's a very standard procedure, but it's taking one half year, and we're taking the same positions and we're thinking of Hanwha, the litigation for patent, they don't have any legal and technical basis. And we defend the litigation claim very firmly. Recently, if you look at the Company news, and we -- we filed the application to challenge the Hanwha patent itself. So, we are -- we're confident and we'll continue to expand our market shares in the US market. Brian Lee -- Goldman Sachs -- Analyst If for some unexpected reason -- it sounds like from your end this would be a surprise, but if for some unexpected reason it did come back as an unfavorable ruling for you, do you have any mitigation plans that you're starting to contemplate? Charlie Cao -- Chief Financial Officer It's a very common practice for any companies facing the patent issues, and we have -- basically have a plan B, but I cannot get into the details. Brian Lee -- Goldman Sachs -- Analyst Okay. Thanks, guys. Charlie Cao -- Chief Financial Officer Thank you. Operator Thank you, Brian. (Operator Instructions) As there are no more questions in queue, I'd like to hand the call back to Ms. Zhang for closing remarks. Please go ahead, Ms. Zhang. Ripple Zhang -- Investor & Media Relations-China On behalf of the entire JinkoSolar management team, I want to thank you for your interest and participation on this call. If you have any further questions or concerns, please feel free to contact us. Have a good day and a good evening. Thank you and goodbye. Operator Thank you, Ms. Zhang. Ladies and gentlemen, that does conclude our conference for today. Thank you all for your participation. You may all now disconnect. Duration: 52 minutes Call participants: Ripple Zhang -- Investor & Media Relations-China Chen Kangping -- Chief Executive Officer Gener Miao -- Chief Marketing Officer Charlie Cao -- Chief Financial Officer Philip Shen -- Roth Capital Partners -- Analyst Maheep Mandloi -- Credit Suisse -- Analyst Brian Lee -- Goldman Sachs -- Analyst More JKS analysis All earnings call transcripts AlphaStreet Logo More From The Motley Fool 10 Best Stocks to Buy Today The $16,728 Social Security Bonus You Cannot Afford to Miss 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) What Is an ETF? 5 Recession-Proof Stocks How to Beat the Market This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has a disclosure policy .
Jony Ive's most iconic Apple designs: iPhone, MacBook and more The impending departure ofApplechief design officerJony Ivesignals a new era for the tech giant, which will move forward without the executive who shaped the look of transformative products like the iPhone and led the company’s turnaround alongside late founder Steve Jobs. After nearly three decades of service, Ive will leave Apple later this year to form an independent design firm, LoveFrom. Apple is expected to be one of the firm’s primary clients. Ive is perhaps best known for his close friendship with Jobs and his emphasis on sleek, streamlined designs for Apple’s core products. In the 2011 biography “Steve Jobs,” the Apple founder told writer Walter Isaacson that Ive “has more operational power than anyone else at Apple except me.” “There is no one more significant than the late Steve Jobs at Apple, other than Jony Ive,” said Kurt Knutsson, founder of CyberGuy.com and Fox News chief tech contributor. Apple CEO Tim Cook said the company plans to work with Ive for “long into the future.” The California-based company will not immediately fill the chief design officer role. Here are Ive’s five most iconic designs according to Knutsson. iPhone With the launch of Apple’s first smartphone, the iPhone, the tech giant unveiled the long-term anchor of its product lineup. Known for its sleek design and user-friendly layout, the iPhone became Apple’s top revenue driver. “iPhone changed the world of mobile phones forever,” Knutsson said. “Jobs told Ives he wanted a smartphone designed that would allow it to become a computer in the palm of your hand, open it up to developers to create apps and shift the user interface away from wireless carriers forever.” Apple Watch The Watch marked Apple’s first entry into wearable gadgets and expanded the company’s more traditional tech lineup. “A wearable watch with computing power and connectivity to the rest of Apple’s ecosystem is only beautiful in design, it also is transforming life with health benefits we’ve just scratched the surface of in functionality,” Knutsson said. IMac The colorful iMac featured a simplistic design and an artistic spin on a desktop market that had long been dominated by more straightforward machines. “The 1998 iMac transformed boring grey machines into sexy eye candy and the most simple PC to operate. This was his first achievement during Jobs return to Apple and the most important proof that Ive had what it took to innovate and design Apple’s future. MacBook Pro/MacBook Air While both versions of Apple's laptop have gained large followings, the MacBook Air was considered especially innovative given its razor-thin design. “MacBook Pro and MacBook Air reinvented the laptop. One with extraordinary power and simplicity, and the other is at the time the thinnest computer ever designed,” Knutsson said. Apple Park Apple’s futuristic campus has drawn comparisons to spaceships. With a $5 billion price tag, the headquarters was arguably Ive’s most ambitious project to date. “The Cupertino headquarters pushed architectural design limits using structurally supportive glass throughout the project. This is Ive’s final design project as he oversaw the revolutionary headquarters design from beginning to end,” Knutsson said. Related Articles • Best Buy Celebrates 50 Yrs With Saleathon; Will It Turn 60? • Bellhops Makes the Back-to-School Move Bearable • Canadian Solar Is Facing More Challenges Than It Appears
J&J's Darzalex Gets FDA Nod for First-Line Multiple Myeloma Johnson & JohnsonJNJ announced that its subsidiary, Janssen, has received approval from the FDA for label expansion of its blockbuster drug, Darzalex. The latest approval is for Darzalex in combination with Celgene’s CELG Revlimid (lenalidomide) and dexamethasone (Rd) to treat newly diagnosed multiple myeloma (“MM”) patients ineligible for autologous stem cell transplant (“ASCT”). A combination of Darzalex, Takeda’s TAK Velcade (bortezomib), melphalan and prednisone is already approved for transplant ineligible MM patients in the first-line setting. The recent approval is Darzalex’s sixth FDA approved indication in multiple myeloma and the second for newly diagnosed patients. In March, J&J filed a regulatory application seeking approval of a similar Darzalex combination for a similar indication in Europe. The company is also looking for approval of Darzalex in combination with Velcade, thalidomide and dexamethasone (VTd) in patients with newly-diagnosed MM who are eligible for ASCT. J&J’s stock has risen 9% this year so far compared with an increase of 1.9% recorded by the industry. The approval was based on data from the phase III MAIA study, which showed that at a median follow-up of 28 months, the addition of Darzalex to Rd significantly reduced the risk of disease progression or death by 44% in such patients compared to treatment with Rd alone. While progression free survival ("PFS") for patients who received Rd alone was 31.9 months, the median PFS for Darzalex plus Rd arm was not reached. The regulatory application was reviewed by the FDA under the Real-Time Oncology Review pilot program, which ensures a more efficient review process. Darzalex has been generating strong sales and is a key contributor to J&J’s top line. The drug generated sales of $629 million in the first quarter of 2019, representing year-over-year growth of nearly 45.5%. Meanwhile, Darzalex is being evaluated in a comprehensive clinical development program across a range of treatment settings in multiple myeloma, such as in frontline and relapsed settings. These include combination studies with other cancer drugs like Roche Holding AG’s RHHBY Tecentriq, Bristol-Myers’ Opdivo and Amgen’s Kyprolis. Johnson & Johnson Price Johnson & Johnson price \| Johnson & Johnson Quote Zacks Rank J&J currently has a Zacks Rank #3 (Hold). You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Will you retire a millionaire? One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.” Click to get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportRoche Holding AG (RHHBY) : Free Stock Analysis ReportJohnson & Johnson (JNJ) : Free Stock Analysis ReportCelgene Corporation (CELG) : Free Stock Analysis ReportTakeda Pharmaceutical Co. (TAK) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research
US STOCKS SNAPSHOT-Wall St rises as investors eye U.S.-China trade talks at G20 NEW YORK, June 28 (Reuters) - Wall Street advanced on Friday, with the S&P 500 and the Dow closing the book on their best June in generations, ahead of the much-anticipated trade talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Japan. The Dow Jones Industrial Average rose 72.84 points, or 0.27%, to 26,599.42, the S&P 500 gained 16.53 points, or 0.57%, to 2,941.45 and the Nasdaq Composite added 38.49 points, or 0.48%, to 8,006.24. (Reporting by Stephen Culp Editing by Tom Brown)
Cannabics Pharmaceuticals Gets New Directors Cannabics Pharmaceuticals Inc(OTC:CNBX), a company focused on personalizing cannabinoid medicine, especially in relation to cancer and its side effects, this week announced the appointment of two new members of their board of directors: Dr. Estery Giloz-Ran and Eran Ballan. Giloz-Ran is a certified public accountant and holds a PhD in tax, accounting and finance from Ben-Gurion University in Israel. She has held roles as the Head of Accounting at Peres Academic Center’s School of Business, and as an external director at several publicly-traded companies including Blue Square Real Estate, Aran R&D, Suny, andKamada Ltd(NASDAQ:KMDA), among others. She has also worked with numerous universities including at New York University’s Stern School of Business Yeshiva University School of Business. Ballan has experience working in international markets at several large corporate entities and holds multiple degrees including an LL. B degree from Essex University, UK, and an LL.M degree from New York University. He has also worked at one of the largest and most successful law firms in Israel, Naschitz Brandes Amir, as a partner and head of their biotech department. Ballan will bring his expertise in executing cross-border corporate strategy and building access to capital markets. “Both Estery and Eran will be great additions to our growing board,” said Cannabics CEO Eyal Barad. “They both possess years of experience both in entrepreneurship and as leaders in corporate governance, which will help guide the direction of Cannabics. We are excited to begin work with them and know that they will play an important role in in our company strategy moving forward These appointments will strengthen Cannabics’ core board of directors and they will provide the necessary experience to help Cannabics develop their unique platform for delivery to market, the company said. Need more cannabis news?Check out all of our coveragehere. See more from Benzinga • Cannabis Advocate Jonathan Hay Drops New Jazz Album, Looking To Repeat Recent Billboard Success • Scoop: ParcelPal Inks Deal With Ontario Craft Brewery Cowbell • Flowr Corp To Acquire Holigen Holdings In Cash And Stock Deal © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wi2Wi Corporation Announces Granting Options to the Non-Executive Board of Directors TORONTO, ON / June 28, 2019 / Wi2Wi Corporation("Wi2Wi"or the"Company"), is pleased to announce granting of options to the non-executive Directors of the Board. The Company has issued an aggregate of 1,000,000 options at an exercise price of CAD 0.075 per share. The granting of the Options and the issue of Shares are subject to the terms and conditions of the Company's Stock Option Plan(the "Plan")adopted by the Corporation on January 28, 2013 and subject to approval by the TSX Venture Exchange, if any approval is needed. An aggregate of 500,000 options will vest on June 28, 2019 and the balance 500,000 will vest on June 28, 2020. Mr. Gary DuBroc has joined the board on November 21, 2018, Mr. Francesco Ferlaino has joined the board on November 28, 2018 and Ms. Carol Hess has joined the board on December 17, 2018. For further information, please contact: Dawn LeederChief Financial Officer608 203 0234dawn_l@wi2wi.com About IoT and M2M Essentially, IoT and M2M describe the network of physical objects or "things" embedded with electronics, software, sensors, and network connectivity, which enables these objects to collect and exchange data. Driven by several factors including the growth in the availability of Broadband Internet, which reduces the cost of connecting, and the related increase in Wi-Fi capabilities as well as sensors built into myriad technologies, this has been described as the "perfect storm" for the IoT. Almost any device with an on and off switch that can be connected to the Internet (and/or to each other) - anything from cell phones, coffee makers, washing machines, headphones, lamps, wearable devices, cars, as well as machine components in the engine of a jet airplane or the drill of an oil rig. According to analyst firmGartner, by 2020 there will be over 26 billion connected devices. Others think this figure could be too conservative by a factor of four. About Wi2Wi Corporation Wi2Wi is a vertically-integrated technology company which designs, manufactures and markets high performance, low power wireless connectivity solutions, global navigation satellite system (GNSS) modules, and frequency control devices. The Company's products and services address numerous applications in the markets of Internet of Things (IoT), Machine to Machine (M2M), Avionics, Space, and Government Sponsored Projects. Wi2Wi's products and value-added services provide highly integrated, rugged, robust, and reliable multiprotocol wireless actuators with embedded software, along with customized timing and frequency control devices for customers, worldwide. The Company was founded in 2005 and is strategically headquartered in San Jose, California with satellite offices in Middleton, Wisconsin and Hyderabad, India. Wi2Wi's manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, WI. The branch office, located in Hyderabad, India, focuses on the development of wireless connectivity; both hardware and software. Wi2Wi's strategic objective is to service the unique needs of each customer by providingend to endwireless integration solutions and highly customizable timing and frequency control devices.Wi2Wi distinguishes itself from commodity grade products, with best in the market performance, highly reliable, low power wireless connectivity products with integrated software that supports broader temperature ranges and a longer product life cycle. Furthermore, Wi2Wi's end to end product solutions helps the customer substantially reduce their end product expense, certification cost, and overall R&D investment, in addition to substantially reducing the time to market.Wi2Wi has partnered with best in class global leaders in technology, manufacturing, and sales. The Company uses a wide network of manufacturer's representatives, worldwide, to promote its products and services, and has partnered with world class distributors for the fulfillment of orders along with direct sales. Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE:Wi2Wi Corporation View source version on accesswire.com:https://www.accesswire.com/550319/Wi2Wi-Corporation-Announces-Granting-Options-to-the-Non-Executive-Board-of-Directors
Elizabeth Warren wants answers from JPMorgan on new forced arbitration policy Senator Elizabeth Warren (D-MA) is ratcheting up the pressure on America’s biggest bank. Warren, along with Representative Jesús “Chuy” García (D-IL),wrote a letterto JPMorgan Chase (JPM) CEO Jamie Dimon on Thursday, asking why the bank is re-introducing forced arbitration clauses in contracts with credit card users. These types of clauses require that, when seeking redress, customers submit to a closed-door hearing rather than having the ability to pursue a lawsuit. This stops consumers from being able to band together to form class action lawsuits and, according to Warren, often dissuades action from customers who don’t want to fight big banks alone. “Forced arbitration clauses ban customers who have been cheated from banding together and vindicating their rights in court. This practice allows banks and other companies to get away with scamming large numbers of customers out of relatively small amounts of money,” the letter stated. The decision to include forced arbitration in its contracts, which was announced in an email in early June, is a reversal from the bank’s policy for the last decade — in 2009, as part of a class-action lawsuit, JPMorgan Chase agreed to drop arbitration for three and a half years. JPMorgan spokeswoman Patricia WexlertoldThe New York Times, “Data shows that arbitration is often faster, less expensive with better outcomes for our customers.” However, some expertsdisagree. Astudyconducted at Stanford University by Professors Mark Egan, Gregor Matvos, and Amit Seru that analyzed over 9,000 arbitration cases found that companies often pick arbiters who have track records of deciding in favor of the business. Egan, Matvos, and Seru concluded that consumers pursuing arbitration hearings are at a distinct disadvantage. “If Chase really thought that arbitration was in the best interest of its customers, it would give them the choice of whether to use arbitration or go to court — but you are not giving them a meaningful choice,” Warren and García argued. The change applies to almost all of JPMorgan Chase’s credit card users. They are allowed to opt out of the new provision with a written and signed letter, mailed to a PO Box in Delaware, until August 9. Banks have had to contend with less regulation since the Trump administration began, as he has largely defanged the Consumer Financial Protection Bureau (CFPB) that Warren set up. In October of 2017, Trump signed a resolution that overturned the CFPB’s ban of forced arbitration clauses for financial companies. A CreditCards.comreviewof 30 major card issuers found that two-thirds of them now use forced arbitration practices, albeit with some exceptions for suits in small claims court. In her letter, Warren has given Dimon a deadline of July 12 to explain more fully the reasoning for his bank’s policy change. Warren is not the only Democratic presidential candidate to express disappointment with the forced arbitration clause. On June 7, just days after the change was announced in an email, Senator Kamala Harris (D-CA) wrote a letter to Dimon co-signed by Senator Richard Blumenthal (D-CT) arguing, “Forced arbitration is unfair and unjust to consumers.” Yahoo Finance did not receive an immediate response from JPMorgan for comment on the letter from Warren and García. Calder McHugh is an Associate Editor at Yahoo Finance. Follow him on Twitter:@Calder_McHugh. The jobs report is even worse than it looks in these six sectors These US industries could take the heaviest hit from new tariffs There's a gap between jobs and job-seekers, and a housing crisis is making it worse Streaming boom becomes 'holy grail' for resurgent music industry Trump's tariffs hit Texas manufacturers, spark fears for the future: Survey Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit.
GLOBAL MARKETS-Stocks advance to end first half as G20 in focus * MSCI ACWI advances, has best H1 since 1997 * Trump-Xi meeting at G20 in focus * Dollar has weakest month since start of 2018 (Updates with close of U.S. markets) By Chuck Mikolajczak NEW YORK, June 28 (Reuters) - A gauge of global stocks climbed on Friday in advance of a meeting on trade between U.S. President Donald Trump and Chinese President Xi Jinping, as global equities notched their best first half since 1997. Trump and Xi will meet during a Group of 20 summit this weekend in Osaka, Japan, for talks that could help resolve a yearlong trade war between China and the United States, as signs of its dampening effect on global growth have become more prevalent. "Everybody's anticipating a positive meeting between Trump and President Xi," said Denis (Sandy) Villere, portfolio manager at Villere & Co in New Orleans. "It's priced in as if it’s a foregone conclusion. It's making us a little nervous that the market's already baked in all that good news." Economic data on Friday showed U.S. consumer spending increased moderately in May and prices rose slightly, pointing to slowing economic growth and benign inflation pressures, which could give the Federal Reserve enough leeway to cut interest rates in July. Wall Street rose, buoyed by financial shares in following the results of the U.S. Federal Reserve's "stress tests," although each of the major indexes snapped a three-week winning streak. The S&P 500 had its best June performance since 1955 while the Dow marked its best June since 1938. The Dow Jones Industrial Average rose 72.84 points, or 0.27%, to 26,599.42, the S&P 500 gained 16.53 points, or 0.57%, to 2,941.45 and the Nasdaq Composite added 38.49 points, or 0.48%, to 8,006.24. Banking shares also helped European indexes move higher ahead of the meeting, with Germany's DAX leading the way with a gain of more than 1% thanks to gains in Deutsche Bank AG . The pan-European STOXX 600 index rose 0.70% to notch its best first half since 1998 and MSCI's gauge of stocks across the globe gained 0.44%. MSCI's index scored its best month since January, gaining more than 6% in June as equities rallied after major central banks around the globe pivoted toward easier monetary policy stances. That shift came as trade negotiations between the United States and China broke down earlier this year. Now markets are betting that an interest rate cut by the Federal Reserve of at least a quarter of a percentage point is a virtual certainty as early as the next policy meeting in July, according to CME's FedWatch tool. On Thursday, China's central bank pledged to support a slowing economy, before the release of data that is expected to show China's factory activity slowed for a second consecutive month in June. The dollar index fell 0.01% against a basket of major currencies and was set to turn in its weakest monthly performance since January 2018 as anticipation of a Fed rate cut has pushed the index down about 1.7% this month. (Additional reporting Sinéad Carew; editing by Jonathan Oatis)
Like old pals, Trump, Putin make light of election meddling OSAKA, Japan (AP) Smiling together on a global stage, Donald Trump and Vladimir Putin cheerfully dismissed Russian interference in U.S. elections, shared their contempt for the world's news media and generally flaunted their personal bond on Friday. That was one day after the Russian leader praised the president of the United States for his nationalist world views and vigorously declared the days of the West's liberals are dying if not already dead. For some time, Trump has defied the once-entrenched Republican distrust if not outright hatred of the powerful nation at the heart of the former Soviet Union. But Friday's joint appearance seemed to go even further. As the two leaders sat down for their first meeting in nearly a year, a reporter asked Trump if he would warn Putin not to meddle in America's upcoming 2020 election. "Of course," the president replied. Then he turned to Putin and facetiously said, "Don't meddle in the election." He playfully repeated the request while pointing at Putin, who laughed. The exchange at the Group of 20 summit in Osaka echoed one of the defining moments of Trump's presidency from a year ago in Helsinki, Finland. There, Trump pointedly did not admonish Putin about election interference and did not side with U.S. intelligence agencies over his Russian counterpart. Putin disputes special counsel Robert Mueller's conclusion that Russia interfered in the 2016 U.S. election to help Trump win. Putin told the Financial Times this week that it was "mythical interference." "What happened in reality? Mr. Trump looked into his opponents' attitude to him and saw changes in American society and he took advantage of this," Putin told the newspaper. Putin, who has highlighted populist movements in Europe and America, praised Trump for trying to stem the flow of migrants and drugs from Mexico and expressed a view that liberalism the main political ideology in the West since the end of World War II has outlived its days. Story continues "This liberal idea presupposes that nothing needs to be done that migrants can kill, plunder and rape with impunity because their rights as migrants have to be protected," Putin said, playing into issues Trump is emphasizing in his re-election campaign. "The liberal idea has become obsolete," he said in the interview. The two leaders also bonded Friday over their mutual disdain for "fake news." Trump eyed the reporters at a photo opportunity with the Russian leader and told him, "Get rid of them, fake news. You don't have the problem in Russia. We have it; you don't have it." Putin responded, "Yes, yes, we have it. The same." The two men shared a laugh at that before sitting down for their first face-to-face discussion since the Mueller report was issued in April. The special counsel concluded that Moscow extensively interfered in the 2016 presidential campaign but said he could not establish a criminal conspiracy between Russia and the Trump campaign. Senate Minority Leader Chuck Schumer criticized Trump for kidding around about election meddling. He said the joke is on America and "Putin's the only one laughing." "President Trump is basically giving Putin a green light to interfere in 2020," Schumer tweeted. Former President Jimmy Carter had even harsher words. The Democrat said he believed Russian interference put Trump into the White House, though he didn't elaborate. "There is no doubt that the Russians did interfere in the election," Carter said at a human rights discussion in Leesburg, Virginia. "I think the interference, though not yet quantified, if fully investigated would show that Trump didn't actually win the election in 2016. He lost the election and was put into office because the Russians interfered." In Japan, Trump told reporters that "many positive things" would come out of his good relationship with Putin, who invited him to visit Russia next year to mark the 75th anniversary of the allied victory in World War II. The friendly tone of Putin's exchange with Trump stood in sharp contrast to the Russian leader's frosty meeting Friday with outgoing British Prime Minister Theresa May. May again confronted Putin over the March 2018 nerve agent attack on double agent Sergei Skripal and his daughter Yulia in the British city of Salisbury. The two spent weeks in critical condition but eventually recovered. Britain has accused Russia of poisoning them with the nerve agent Novichok, which Moscow has denied. Before their meeting their first since poisonings that also resulted in the death of a British citizen May said Britain would push for the two Russian military intelligence officers accused of involvement in the attack to be brought to justice. She told Putin during the meeting that "there cannot be a normalization of our bilateral relationship until Russia stops the irresponsible and destabilizing activity," according to Downing Street. Putin has insisted that Russia had nothing to do with the poisoning and argued that bilateral ties were far more important than "the fuss about spies not worth five copecks." While Trump has long placed a premium on establishing close personal ties with Putin, the president has disputes with Moscow, too. The Trump administration has increased sanctions and other pressures on the Russian government. The United States and Russia also are on opposing sides of a crisis with Iran, which is accused by the U.S. of shooting down an American drone. Trump nixed a possible retaliatory airstrike but says the U.S. remains firm that Tehran should not have nuclear weapons and must stop supporting militant groups. At a summit last November in Argentina, Trump canceled his meeting with Putin over Russia's seizure of two Ukrainian vessels and their crews in the Sea of Azov. Those crew members remain detained, yet Trump opted to forge ahead with the Osaka meeting. He said Friday alongside Putin that the fate of the sailors had yet to be discussed. The leaders both have announced their withdrawal from a key arms control pact, the 1987 Intermediate-Range Nuclear Forces Treaty. It is to terminate this summer, raising fears of a new arms race. Another major nuclear agreement, the New Start Treaty, is to expire in 2021 unless Moscow and Washington negotiate an extension. The White House said after Friday's meeting that the leaders agreed to keep talking about a "21st century model of arms control," which Trump said needs to include China. In addition to Iran, the two leaders also discussed Syria, Venezuela and Ukraine. The U.S. and Russia are on opposing sides on those three issues, too. ___ Associated Press writer Vladimir Isachenkov contributed to this report. ___ Follow Lemire on Twitter at http://twitter.com/@JonLemire and Miller at http://twitter.com/@zekejmiller . Associated Press writer Maria Sanminiatelli contributed to this report.
LPGA: Michelle Wie will skip rest of season to let wrist heal Michelle Wie announced she'll skip the rest of the season to rest her wrist. (AP Photo/Charlie Neibergall) Michelle Wie announced she will take the rest of the year off to get fully healthy, ending her LPGA tour season with a difficult showing at the KPMG Women’s PGA Championship last week. Wie is dealing with a lingering wrist issue that has sidelined her for much of the year after surgery ended her 2018 season. The 29-year-old said on social media the decision to end her year was to “give me the best chance to finally get healthy. View this post on Instagram A post shared by Michelle Wie (@themichellewie) on Jun 28, 2019 at 9:26am PDT She made her return at the third major of the year last week, but the five-time LPGA champion looked in pain during a first-round 12-over 84 at the Hazeltine National Golf Club in Minnesota. Wie, who sufffers from arthritis in both wrists, iced her right hand throughout the round and was emotional while speaking of her future. “It’s hard,” Wie said, via the Golf Channel. “It’s just one of those situations where I’m not, you know, I’m not entirely sure how much more I have left in me. “So even on the bad days, I’m just, like, trying to take time to enjoy it. But it’s tough.” Wie had surgery on her right hand last October and and has teed off in only five events this year, all of which were rough. She withdrew from the HSBC Women’s World Championship in February due to pain in the same wrist . In April, she missed the cut in two outings and in May withdrew from the U.S. Women’s Open to further heal . More from Yahoo Sports: Rose responds to LaVar Ball's cringeworthy remark Former WWE star tells harrowing depression tale Brady takes subtle shot at ESPN star's 'cliff' comment Wetzel: For the USWNT, Trump could be Motivator-in-Chief
What It Means to Be Fully Vested in a Retirement Plan What It Means to Be Fully Vested in a Retirement Plan Being fully vested in your retirement plan means you own 100% of funds in the account, including any employer contributions. Most retirement plans such as 401(k)s and pensions have vesting schedules. This tells you when you become fully vested in your plan. For example, your plan may let you become 20% vested in your plan after two years of service and 100% vested after seven years. This article explains all you need to know about vesting. We can also help you find a financial advisor who can guide you through making the best retirement planning decisions. Find out now: How much do I need to save for retirement? What Is Vesting? If you’ve just received your first 401(k) plan or changed jobs, you’ve probably come across terms like “vesting.” This simply defines the time frame in which you become the sole owner of all your benefits in the plan. Some plans allow you to become 100% vested in the plan immediately. This means all the money in your account including any money put there by your employer belongs to you at all times. But most retirement plans require you to work for your company for a certain amount of time before you become entitled to the contributions your employer put there. But regardless of what type of retirement plan you have or what company you work for, you’re always 100% vested in the money you put into your account on your own. How Vesting Works What It Means to Be Fully Vested in a Retirement Plan Vesting rules can vary depending on the company you work for. But across the board, you do not own any assets that you’re not vested in. For example, let’s say you’re thinking about changing jobs. If you’re 25% vested in the employer contributions toward your 401(k) plan, you can take only 25% of employer contributions if you leave your current job. Perhaps, you may want to wait until you’re 100% vested in your retirement plan before you walk out the door. That way, you can take all your employer matches with you. This is basically free money. And you can always rollover your 401(k) assets to an individual retirement account (IRA) when you leave. Usually, there’s a vesting schedule indicating that an employee can own only a certain percentage of their benefits after a certain amount of time has passed. The longer you work for a particular company, the more money (or assets) you have a right to claim. There are several types of vesting schedules. There’s one that allows benefits to vest immediately. And then there’s graduated vesting. In this case, you gradually become vested in your employer matches. Let’s say your company has a six-year graded vesting schedule. After the first year, you may be 0% vested. After two years, you may be 20% vested. You won’t be 100% vested in your account until you’ve worked for the company for six years. Story continues Your plan may follow a cliff vesting schedule that gives employees 100% ownership of their benefits at once or after a certain date. For example, if you work for a small business with a four-year cliff vesting schedule, you wouldn’t have any rights to your matching contributions until you’ve worked at the company for four full years. If you walk away after two years of service, you’ll have nothing but the money you contributed to your own plan and any earnings it generated. Under federal law, however, you must be 100% vested by the time you reach “normal retirement age.” Your plan decides what that age is, but it’s usually no more than age 65. Can I Access My Funds if I’m Fully Vested in My Retirement Plan? When you’re fully vested in a retirement plan, you have 100% ownership of the funds in that account. This happens at the end of the vesting period. You’ve fulfilled all of the requirements that your employer put in place. And since that money is yours, your boss can’t confiscate it regardless of what happens. But even when you’re fully vested in your retirement plan, that doesn’t necessarily mean you have immediate access to those funds without penalty. Traditional 401(k) plans for example require that you be at least 59.5 years old before you make eligible withdrawals. Otherwise, you may face a 10% federal tax penalty. Nonetheless, many 401(k) plan sponsors place strict restrictions as to how you can make a withdrawal before reaching this milestone. The general rule of thumb is don’t touch your retirement savings until you retire. Vesting Schedules for Private-Sector Pension Plans If you have a defined-benefit pension plan, the vesting rules work a bit differently. Still, there are a few similarities between private-sector pensions and 401(k)s. For example, you’re always 100% vested in the contributions you make toward your pension. So if you contributed $500 to your pension plan with your previous paycheck and you quit your job next week, those $500 and all other contributions you’ve made toward your pension belong to you. However, you may not be fully vested in the contributions your employer makes toward your pension if you leave your company before a certain point in time. Pension vesting schedules can stretch up to seven years. Some plans allow you to be 100% vested immediately. However, pensions typically follow a cliff vesting or graduated vesting schedule. We explain how these apply to pensions below. Pension Cliff Vesting : You become 100% vested in your pension benefits after being at your company for a certain number of years such as five. However, you don’t become partially vested in your pension over time. If you’re enrolled in a pension plan with a four-year vesting schedule, for instance, you’re not entitled to any of your employer’s contributions if you leave your job after three years of service. Pension Graduated Vesting : You become partially vested in your plan by a certain percentage after every year of service until you’re 100% vested. Under federal rules, private-sector plans must let you become at least 20% vested in your benefits after year three. You must be fully vested by the time you’ve completed seven years of service. Vesting for Church and Government Pensions The vesting rules work a bit differently for church and government pension plans. Vesting schedules for these types of plans depend on the guidelines set by the retirement system in your state. However, it’s important to note that church and government pension plans each cover a wide range of employees. Church plans, for example, can also cover employees of hospitals or schools associated with a church. Governmental plans can cover employees of federal, state and local governments. They can also benefit employees of agencies under these governmental bodies including school administrators and teachers. How Much Should I Contribute to My Retirement Plan? Regardless of what type of retirement plan you have, you should contribute as much as you can toward your retirement fund . This holds especially true if your employer offers company matches. If it does, the company sets the rules as to how much they’re willing to give you. But the employer matches of a typical 401(k) look like this. Let’s say you make $100,000 and your employer will match 50% of your contributions up to 6% of your salary. In 2019, you can contribute up to $19,000 toward your 401(k) plan or $25,000 if you’re at least 50-years-old. While that’s a major stretch for most people, it’s interesting to see how valuable employer matches can be. In this scenario, if you want to contribute as much as possible to maximize the company match, you would contribute 6% of your salary of $6,000. You company would contribute 3% of your salary (or 50% of your 6% contribution) for another $3,000, giving you $9,000 total at the end of the year in base contributions to your 401(k). No matter what your situation, our 401(k) calculator can help you visualize what you may gain with whatever amount of contributions you choose. How Do I Learn More About My Retirement Plan’s Vesting Schedule? If your retirement plan undergoes a vesting schedule, it will be clearly outlined on your summary plan description. You can usually obtain a copy from your HR department or the plan administrator. Of course, it doesn’t hurt to reach out to your HR department to learn more about your retirement plan’s features and investment options. Bottom Line What It Means to Be Fully Vested in a Retirement Plan Some employers offer incentives in the form of matching funds for their employees’ retirement plans. But workers often only get access to that money over time based on a vesting schedule. Knowing your company’s vesting policies is important if you want to take advantage of what they’re offering and eventually become fully vested. Tips on Retirement Savings If you’re not too satisfied with your 401(k), consider opening an IRA or Roth IRA . While you won’t get an employer match, you would have access to nearly any investment option under the sun. One of the best retirement planning decisions you can make is to work with a qualified financial advisor. This individual can guide you through making investment decisions that make the most sense based on your individual situation. Our SmartAsset financial advisor matching tool can connect you with up to three local advisors who can meet your particular needs. Our platform will provide you with their profiles, so you can review their credentials before deciding to work with one. Photo credit: ©iStock.com/courtneyk, ©iStock.com/PeopleImages, ©iStock.com/DragonImages The post What It Means to Be Fully Vested in a Retirement Plan appeared first on SmartAsset Blog . Related Articles: Lump Sum vs. Annuity: Which Should You Take? What Are 414(h) Plans and How Do They Work? What Is a Self-Directed Roth IRA? View comments
Can Tesla Model 3 Deliveries Keep Rising? Next week,Tesla(NASDAQ: TSLA) investors will get a timely update on the company's latest vehicle deliveries. The electric-car maker reports quarterly production and deliveries within three days of each quarter's end. This means investors should get insight into its recent performance by no later than Wednesday. While investors will want to look into how wellall of Tesla's vehicle models are selling, the Model 3 remains the primary focus for investors. Highlighting the Model 3's growing importance to Tesla's business, the vehicle accounted for nearly 70% of the automaker's trailing-12-month deliveries -- and that figure is expected to rise. When Tesla reports production and deliveries next week, can the Model 3 live up to investors' high expectations? In the first quarter of 2019, Tesla delivered about 51,000 Model 3s. While this was up 522% year over year, it was down 20% sequentially. Of course, Tesla was careful to point out that this was primarily due to a larger number of vehicles in transit to customers because of the company's international expansion during the quarter. In addition, it has clarified on several occasions that demand for Model 3 isnot a problem. Indeed, earlier this week, CEO Elon Musk reportedly told employees in an email that there are enough vehicle orders in the current quarter to set a new record for total deliveries, implying that demand for Model 3 remains robust. With demand reportedly faring well, the big question is whether Model 3 production -- and Tesla's ability to deliver finished vehicles to customers -- was sufficient enough for the electric-car company to report record Model 3 deliveries. To set a new record for Model 3 deliveries in Q2, Tesla will need to deliver more than 63,359 units (the number of Model 3 units delivered in the fourth quarter of 2018). This would translate to 24% sequential growth and a staggering 243% increase over Model 3 deliveries in the year-ago quarter. Perhaps even more telling than second-quarter Model 3 deliveries will be any statements from management in next week's update about expectations for Model 3 production and deliveries throughout the rest of the year. In order for Tesla to hit its full-year guidance for 360,000 to 400,000 total vehicle deliveries in 2019, Model 3 deliveries are likely going to need to be higher in the second half of 2019 than they were in the first half. To gauge whether Tesla can pull off its ambitious outlook, look for updates on the Model 3 production rate and the most recent demand trends. More From The Motley Fool • 10 Best Stocks to Buy Today • The $16,728 Social Security Bonus You Cannot Afford to Miss • 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) • What Is an ETF? • 5 Recession-Proof Stocks • How to Beat the Market Daniel Sparksowns shares of Tesla. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has adisclosure policy.
Is your pet food making your dog sick? The U.S. Food and Drug Associationissued a warning about popular pet food brands that are potentially linked to heart disease in dogs. The announcement is part of an ongoing FDA investigation into reports of what’s known as Canine DCM in dogs that eat certain kinds of pet food. Canine DCM, or dilated cardiomyopathy, is disease of a dog’s heart muscle and can lead to congestive heart failure or, in some cases, death. The majority of the pet foods being flagged by the FDA are dry foods, labeled “grain-free” and contain a large number of peas, lentils, legumes and potatoes. Topping the list of the 16 brands on the FDA list are Acana and Zignature, with 10 other complaints tied to celebrity TV chef Rachael Ray’s natural brand Nutrish. CLICK HERE TO GET THE FOX BUSINESS APP The majority of dogs affected are big breeds like golden retrievers and Labrador retrievers. While the underlying cause of Canine DCM is unknown, investigators say they are now looking beyond a genetic link as more cases are being reported in involving smaller dog breeds. The FDA says the investigation is not over and isasking pet owners and veterinarians to come forwardwith cases they suspect are Canine DCM linked to diet by using the electronicSafety Reporting Portalor calling their state’sFDA Consumer Complaint Coordinators. Related Articles • How Much is Michael Phelps Worth? • Ryan Lochte's Brand Value Sinks Amid Rio Scandal • Here's How You Get a Body Like An Olympian
Finding the Profits in Legal Sports Gambling Now that the US Supreme Court has given states the power to make their own rules regulating sports gambling, sports fans across the country will have the opportunity tolegallyplace a wager on their favorite team. This has been the norm in Europe for half a century. The United Kingdom legalized sports betting in 1961 and has thousands of betting shops. It’s very common for the average fan there to “have a few quid” on the outcome of any given soccer match or golf tournament. The U.K. now also has the world’s largest regulated online betting market, grossing in excess of $7 billion a year. Gambling naturally lends itself to internet transactions and the largest British bookmakers report that between 80 and 90% of transactions now happen via mobile devices. There’s no reason for gamblers to walk to a storefront betting shop to place their wagers when they can do the same thing quickly and easily from their smartphones. In the U.S., the action so far has been limited mostly to in-person bets at casinos and racetracks. The Federal Wire Act of 1961 prohibits making wagers over state lines. Then Attorney General Robert F. Kennedy intended the legislation as a tool for the Justice Department to fight organized crime – which was largely in control of illegal sports betting and most commonly made use of the telephone to take bets. In the current era of legal sports gambling, the Wire Act presents some interesting challenges as well as opportunities for bookmaking businesses. New Jersey was the first new state to allow and regulate sports gambling and much of the action comes from online bets. In May of 2019, New Jersey sportsbooks took in $319 million in bets, putting it close to Nevada, which averages just a bit over $400 million per month. And all of the online bets in New Jersey came from within the state. Complying with federal regulations requires that all of the servers and network equipment for gaming operations be physically located inside the state and also that the software automatically verifies that bets are coming from people who are also physically in New Jersey. Currently there’s no momentum to amend or overturn the Federal Wire Act, so as investors, we’re going to have to assume that all the coming gaming operations in the U.S. will be self-contained inside the states where they are located. We can also use the mature U.K. gaming markets as a guide to show us what the landscape will look like here in the America as our own industry matures. More . . . ------------------------------------------------------------------------------------------------------ It’s Illegal in Most States, But Investors Could Make Billions Legally Be one of the early investors in the newly-legalized sports gambling industry. Betting on sports is a “habit” that Americans spend $150 billion per year to satisfy –twice as much as they spend on marijuana. As this industry expands, select few stocks will take the lion’s share of the profits. Investors could see huge gains. Zacks’ just-released Special Report reveals 5 stocks to watch. But it’s only available untilSunday, June 30. See 5 stocks now >> ------------------------------------------------------------------------------------------------------ Let’s take a look at some of the types of companies who are well positioned to profit from the coming boom in legal sports gambling: Casinos Existing casinos, especially in Las Vegas, were not initially pleased with the ruling that opened up the possibility of competition for sports betting springing up all around the country. Big sporting events like the Superbowl and the NCAA basketball tournaments have traditionally drawn big crowds to Las Vegas to bet on sports, but who also spend big money on lodging, entertainment, food, beverages and gambling on things besides sports. If those same fans can stay home in their own states and make the same sports bets, it will put a dent in Vegas revenues, but forward-thinking casinos realize that they can profit from the expansion of sports gambling rather than suffer. Multi-state operators will be able to offer sportsbooks in many more states soon and their experience in Las Vegas will give them a big head start against upstart competition. These companies are already skilled at regulation compliance as well as providing an enjoyable customer experience. So far, the total amounts bet in Nevada haven’t declined at all, but that could change as more states adopt rules that allow sports betting. Overall, the “handle” (total amount bet) on legal sports betting is going to increase nationwide and the casino operators who see that expansion as an opportunity rather than a threat are going to be rewarded. Racetracks Much like casinos, horseracing tracks can view the expansion of sports gambling as either a threat or an opportunity. Customers who gamble on horse races are very likely to also want to gamble on other sporting events as well. Racetracks that provide an environment in which those customers can satisfy all of their gaming desires at once will almost certainly see an increase in total dollars wagered. The world’s most famous horseracing track has been aggressively acquiring other tracks and casino properties across the country as well as the world’s most popular internet site for wagering on horses. They are well-positioned to add sports gambling to their offerings as it becomes legal in more states. Technology Providers A big portion of future sports bets are going to happen over electronic communications networks rather than in-person. The companies who provide the hardware and software technology to sports betting operations are likely to see significantly increased demand for their wares in the coming years. Fantasy Sports The two biggest fantasy sports internet sites - FanDuel and DraftKings – did an interesting end-run around the gambling laws even prior to the SCOTUS decision by offering fantasy games (which were already legal in most states) with very short timeframes that could be used to very closely replicate straight wagers on sports. They also both operate online sportsbooks in New Jersey. It’s difficult to imagine that they won’t both expand to other states as individual laws change. FanDuel and DraftKings are both privately held with private equity valuations of over a billion dollars each. An attempt to merge the two companies was scrapped after the FTC indicated they would object to the transaction on anti-trust grounds. It’s not out of the realm of possibility that we’ll see an IPO from one or both of them if they decide to seek capital for further expansion in the public equity markets. Professional Sports Teams Finally, after opposing the expansion of legal sports betting for decades, some forward-thinking operations have not only gotten used to the idea, they’re embracing it. The company that owns two of the most iconic sports arenas in the world as well as two of the most marketable professional sports teams recently applied for a trademark for a sports betting mobile app. Trademark law generally does not allow a party to just “sit on” a trademark and the application includes a sworn statement that the company has a bona fide interest in using it commercially. A company spokesman commented, “We have said we’re very interested in the opportunities legalized sports gaming could bring, and recognize that we have a brand…that is recognizable around the world for its iconic connection to sports.” Slow and Steady Progress Government prohibition of activities for which there remains public demand generally results in odd inefficiencies. In the case of sports betting, a huge black market emerged and thrived for decades. Sensible regulation by state governments will bring that activity out of the shadows, providing safety and convenience for customers, profits for operators and taxes for state and local government, while simultaneously depriving organized crime of a profit center. Ingrained opinions take a while to change so it won’t happen overnight, but eventually, most sports wagering in the US will happen in a legal setting just like in the UK. Companies in many related industries will prosper. An understanding of the landscape will allow investors to profit as well. Profiting from The Shifting Landscape According to the best estimates we have, Americans wager approximately $150 billion per year on sporting events. As an increasing number of states legalize sports gambling within their borders, the industry is likely to grow even larger. Well-positioned companies could see an explosive growth in revenue – and their stocks could soar as a result. In our brand new Special Report,Billion-Dollar Bets: Investing in Legal Sports Gambling,Zacks is revealing 5 stocks poised to make the greatest gains in the months ahead. When marijuana started being legalized from state to state, pot stocks shot through the roof. We could see a similar surge as sports betting becomes legal in a greater number of states. Don't wait to check it out. Your chance to download the report endsmidnight Sunday, June 30. Click here to see the 5 stocks >> Good Investing, David BorunStock Strategist David Borun is a Zacks Stock Strategist who puts over 20 years of trading and investing experience to work analyzing investment opportunities for our readers and subscribers. He is the editor of ourBlack Box Trader, Short ListandMarijuana Innovatorsservices. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportTo read this article on Zacks.com click here.Zacks Investment Research
Willow Smith opened up about her sexuality, Allison Williams and husband announce split and more news from the week Pamela Anderson dumped her soccer-star beau, Adil Rami, for cheating, and called him a 'monster.' Willow Smith opened up about loving men and women equally. Beth Chapman, of Dog the Bounty Hunter fame, died at 51. Guns N' Roses drummer Steven Adler was hospitalized for possibly stabbing himself. Allison Williams and her husband announced they are splitting. Pamela Anderson dumps her soccer star beau, Adil Rami, for cheating: He's a 'monster' Willow Smith opens up about loving men and women equally Beth Chapman, of Dog the Bounty Hunter fame, dies at 51 Guns N' Roses Drummer Steven Adler Hospitalized for possibly stabbing himself Allison Williams and husband announce split Follow us on Instagram , Facebook , Twitter , and Pinterest for nonstop inspiration delivered fresh to your feed, every day. Want daily pop culture news delivered to your inbox? Sign up here for Yahoos newsletter.
Conservative organization using claims of ‘secret list’ of liberal judges to rally Republican base Yahoo News photo illustration; photos: AP, Getty Images WASHINGTON — The Judicial Crisis Network, a conservative organization instrumental in the Brett Kavanaugh confirmation fight, is now calling on 2020 Democratic candidates to release what it says is a secret list of potential nominees for the Supreme Court. The “secret list” claim is part of a $1.1 million two-week television ad campaign, according to Fox News , a significant investment this early in the presidential campaign, and a signal that conservative groups hope to use court appointments as a way to energize the Republican base ahead of the general election. The ad also played on NBC during Thursday night’s Democratic presidential debate, which according to CNN was the most-watched Democratic primary debate in the history of televised debates. There’s just one problem, according to the group that allegedly created the list: It doesn’t exist. Laurie Kinney, communications director for Alliance for Justice, a liberal judicial advocacy group, says her organization is identifying potential judicial nominees for a future Democratic administration but is "definitely not asking candidates to commit to any ‘lists.’" She told Yahoo News that the organization is consulting with an advisory council and lawyers' groups around the country, trying to sound out progressives about promising lawyers who could be stars on the federal bench in a Democratic administration. She said the effort was in its early stages. Representatives for Democratic candidates expressed confusion regarding the existence of such a list. Carrie Severino, chief counsel and policy director of the Judicial Crisis Network. (Photo: Judicial Crisis Network) Ian Sams, communications director for the presidential campaign of Sen. Kamala Harris, said he had “no idea” about such a list having been presented to the campaign. He added that he was “highly doubtful” the Harris campaign was in possession of such a list. The campaign of Sen. Cory Booker also did not know about any such list. “First I’m hearing of it,” said Matt Corridoni, communications director for Rep. Seth Moulton. Lis Smith, senior adviser to Mayor Pete Buttigieg, had a similar reaction when asked whether his campaign was in possession of a nominee list. “No idea,” she said. Story continues The campaign of former Vice President Joe Biden did not respond to requests for comment. Carrie Severino, chief counsel and policy director of the Judicial Crisis Network, maintained in an email exchange with Yahoo News that the secret list did exist, citing a New York Times report that described the Alliance for Justice effort to identify and mentor progressive jurists. The article did not say that the list was being given to presidential campaigns, or that it explicitly contained Supreme Court recommendations. Severino maintained that though a list did exist, she could provide few details beyond its purported existence. “It’s a secret list,” she told Yahoo News. “I have not seen it.” Alliance for Justice said Severino has not seen the list because there is no list. “This is not the infamous Trump ‘list,’” Alliance for Justice founder Nan Aron said of her organization’s effort. “[The initiative] Building the Bench is about making the next administration and senators aware of the broad pool of legal talent that should be considered for appointments to the federal bench. Unlike the judges President Trump is nominating, these will be individuals who respect the Constitution and important legal protections for all Americans.” Supreme Court Justices Neil Gorsuch and Brett Kavanaugh at the State of the Union address on Feb. 5. (Photo: Doug Mills/Pool via Bloomberg/Getty Images) The Judicial Crisis Network, funded in part by secretive conservative interests , has been instrumental in advocating for Trump’s remaking of the judiciary, which has included two Supreme Court justices — Kavanaugh and, before him, Neil Gorsuch — and also dozens of conservative judges at the appellate and district levels. The group’s public face is Severino, a media-savvy activist with a law degree from Harvard who is a regular presence on Fox News. Appearing on “Fox & Friends” — one of the president’s favorite television programs — on Tuesday morning, Severino previewed an ad calling for Democratic candidates to release the list. The ad begins by replaying scenes from the contentious Kavanaugh fight, which was marked by accusations of sexual assault against him. “The radical left smeared Judge Kavanaugh,” the ad says. “Now the same radicals want to pack the court,” the narrator says a little later. “They’ve built a secret list of judges they won’t show anyone.” “What are they hiding?” the ad asks before calling on Biden specifically to release the list of secret judges. The ad shows several other 2020 candidates, including Harris and Booker. The ad does not say who the potential judicial nominees on the list are. Running about 30 seconds in length, the commercial appears to be an attempt to alert supporters of Trump, who officially launched his reelection campaign last week, to the supposed dangers of a Democratic president. Supreme Court Justice Brett Kavanaugh and President Trump during Kavanaugh's swearing-in, Oct. 8, 2018. (Photo: Chip Somodevilla/Getty Images) Some recent polls — the veracity of which the president has called into question — have shown Trump losing support in states he will need to win in the general election. The prospect of a liberal judiciary could motivate conservatives; the issue proved salient in 2016, in particular after Trump released his Federalist Society-endorsed list of conservatives he would appoint to the federal bench. After the ad ran, “Fox & Friends” co-host Jedediah Bila mused to Severino that the “fear is that those independent voters, or those voters on the fence, might be completely turned off when they recognize what a far-left Supreme Court justice nominee looks like.” Although the ad does not name Alliance for Justice, it does refer to a New York Times article, titled “Liberals Begin Lining Up Young Judges for a Post-Trump Surge ,” published on June 8. The article concerns Building the Bench, the initiative recently started by Alliance for Justice. “Liberal judicial activists have begun a new effort to recommend possible successors who could immediately be funneled into the judicial pipeline,” the article says. The only judicial organization discussed by the New York Times article is Alliance for Justice. The article makes no mention of a “secret list,” but does say that Alliance for Justice and its affiliates “do not intend to make their recommendations public — they see them more as a guide for a potential Democratic administration.” That sentence appears to be Severino’s basis for alleging that a secret list of judges exists and has been disseminated to Democratic presidential campaigns. “Shocking @nytimes story reveals left wing dark money groups working with Democrat pres candidates,” Severino wrote on Twitter after the article was published, “on a secret list of nominees for SCOTUS.” “Who are these extremists,” a later tweet from Severino asked, “they don't want us to see?” _____ Read more from Yahoo News: Former top U.S. diplomat deplores policy toward Iran 'untethered to any coherent strategy' Pentagon secretly struck back against Iranian cyberspies targeting U.S. ships Trump admits his Cabinet had 'some clinkers' For Dems, there's no chickening out at Clyburn's fish fry Chore wars: Are men doing enough housework? 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Spotify's Pre-Save Feature Gives Record Labels User Data, Account Access If you saved Drake and Chris Brown’s “No Guidance” to a Spotify playlist before the track’s release, you may have unknowingly given Sony the ability to upload images to your profile. If you added Little Mix’s “Bounce Back,” you gave the label access to take actions in your account on your behalf. This isn’t a hack—the terms of Spotify’s pre-save feature is to blame. Pre-saving a song on Spotify may divulge a lot of data about users to record labels—at least more data than usual, says a recentBillboardreport. Spotify’s pre-save feature lets users save certain songs to their library in advance of the track’s release. For record labels, pre-saving tends to boost week-one listening numbers for new music. The amount of data a Spotify user may hand over to a label varies, Billboard notes, but labels are able to track what users listen to as well as remotely control what songs a user streams and even change which artist a user follows. According to Billboard, Sony’s label, Sony Music, was one of the worst offenders. Spotify users who attempted to pre-save a Sony song could “allow Sony to ‘view your Spotify account data,’ ‘view your activity on Spotify’ and ‘take actions in Spotify on your behalf,'” the article said. These permissions aren’t readily apparent to the user, requiring a Spotify customer to drill down into numerous menus. In a statement sent toFortune, a Spotify spokesperson pointed outthe music streaming service’s privacy policy, noting that the company takes data privacy and its “obligations to users extremely seriously.” The policy is just the latest way in Spotify continuing to find ways to monetize its users’ data, despite its100 millionpaying subscribers. In 2018, for instance, the company releaseda voice control feature, allowing users to call up their favorite artists, simply by saying their request out loud. Spotify’s option of voice search offered convenience for users who would rather speak a search query than type it out. But digging into Spotify’sprivacy policyrevealed how the feature provided an added benefit for the company. In the section titled, “What does Spotify do with the voice data it collects,” the company notes using customer voice data for tailored ads and sharing user voice clips with their service providers. For better or worse, collecting voice data to determine which ads a user should get isn’t unlike the practices of other tech companies. In 2015, however, Spotify outraged consumers for overstepping user privacy. In an update to Spotify’s privacy policy, the company said would be allowed to collect users’ photos, contacts, media files, and location data.Spotify later clarified, saying users would have to opt into this type of data collection. More recently, in May of this year,the Washington Postrevealed that Spotify, along with many other popular apps, passes along personal info found on a user’s iPhone to third-party companies if they have the “background refresh” setting turned on. In contrast,AppleMusic, Spotify’s biggest competitor doesn’t share subscriber data, though it does offers up music library and recently played song info to third-parties, notes Billboard. Tidal, another Spotify competitor, does share streaming data to third-party partners according to itsprivacy policy. While other services share less than info than Spotify’s pre-save feature, for music fans hoping to stay private, no streaming service offers a sound solution. —The fall and rise of VR: The struggle tomake virtual reality get real —“It’s just lazy”: Current’s CEO onFacebookCalibra’s similar logo —Slack went publicwithout an IPO. Here’s how a direct offering works —Welcome to the next generation ofcorporate phishing scams —Listen to our new audio briefing,Fortune500 Daily Catch up withData Sheet,Fortune‘s daily digest on the business of tech.
Ciara faces backlash for performing at WorldPride Todrick Hall and Ciara performed together at WorldPride. (Photo: Instagram) Ciara is facing backlash from some of her fans after taking part in the opening ceremony of WorldPride on Wednesday night with a performance alongside Todrick Hall. The Level Up singer took the stage of The Barclays Center in Brooklyn, N.Y., to join Hall in his performance of Nails, Hair, Hips, Heels , in addition to performing some of her own hits. And while Ciara took to her social media to share her excitement over being a part of the magical and historic moment, some of her fans werent happy about her participation in the Pride event. View this post on Instagram A post shared by Ciara (@ciara) on Jun 27, 2019 at 1:03pm PDT Wow. What a disappointment... one person commented in response to the photo of Hall and Ciara. Another wrote, She is beautiful. He is confused!! One longtime fan of Ciara even warned the openly Christian singer against sinning. I am so proud and happy for you especially when you started to promote Christianity and the love of God! But I will tell you this out of love and as devout Christian myself, even if it was a video and it was not serious, by you promoting something that God is against is wrong, the fan wrote. We are to love yes, but we are not to promote sin! God hates sin! Still, plenty of fans came to Ciaras defense, and even praised her for showing an inclusive side to Christianity. I just LOVE that a woman who identifies as Christian, embraces all diverse humans, embraced her sexuality, embraces her boldness and is FIERCE! one person wrote. Commented another: You showed out and showed so much love to my community! I am so grateful that my fave is inclusive! Read more on Yahoo Entertainment: 'American Crime' actor Connor Jessup comes out: 'I'm grateful to be gay' 'Im a strong woman but I need a strong man by my side': Ciara praises husband Russell Wilson Ciara gets her superfreak on during racy 'Motown 60' Rick James tribute Want daily pop culture news delivered to your inbox? Sign up here for Yahoo Entertainment & Lifestyles newsletter.
'Yesterday': Lily James found one particular scene 'stressful' to film (Exclusive) Could you imagine a world in which nobody knew who the Beatles were? That's the question that "Yesterday," which is out today, poses to moviegoers. The film stars Himesh Patel as Jack Malik, who finds himself as the only person in the world who remembers who the Beatles were following an accident and thus launches a music career pretending that their catalogue is his. Lily James stars as Jack's best friend, confidant and potential love interest, Ellie Appleton, a small-town teacher who isn't attracted to the glitzy lifestyle that Jack's career ends up giving him. SEE ALSO: 'Yesterday' cast discusses the film's 'chaotic ride': Watch! Ahead of the film's release, Lily James chatted with AOL's Gibson Johns about preparing for "Yesterday" by shadowing teachers at a grade school, knowing songs by the Beatles that she didn't even realize were their songs, working with Danny Boyle and Richard Curtis and how she chooses the variety of roles she takes on. Check out our full conversation below: How does it feel to finally have people seeing "Yesterday," now that it's in theaters? It’s so great. We had so much fun making this movie, so to finally be able to share it with the audience and get a sense that people are really enjoying it is really, really great. How did you relate -- or not relate -- to your character, Ellie? What did you latch onto when preparing for the role? I latched onto her humor. Even though she’s kind of in pain and is dealing with this situation where someone’s not seeing her and it's a hopeless love situation, she does have this sort of English sense of positivity and I like that she’s a teacher. I went and spent a couple of days at a school in Sussex and, man, it was amazing seeing these teachers. I think I work long hours, but then I see them and I’m like, “Whoa!” That was really cool. There’s only one scene in the movie where you see her teaching, but I was really glad that I spent the time going there. It’s terrifying standing in front of a class full of kids. It’s literally horrifying. [ Laughs ] Story continues What was that shadowing teachers experience like? What did you when you joined in on classes? At one point early on, they were like, “Do you want to get up and teach?” And I was like, “Absolutely not. That’s crazy.” But by the time we’d started the actual scene, I had a lesson plan and I was teaching them maths and it was quite a hard equation that I hadn’t done in years, so that was quite stressful. While I was there, I noted down everything the teachers were saying because they have to be like standup comedians. They’re basically acting. They go class to class and have to give it their all and they’re so invested in the kids, and I thought that really suited Ellie. She’s a really generous person, and she thinks of other people first and it’s nice to play somebody who that just lives within a small community within a village who does her thing. They’re kind of unsung heroes. There's a really great scene in the film where Ellie is recording backup vocals for Jack's debut album in a little studio next to a train track. Which songs did you have to re-familiarize yourself with before shooting that scene? It was, “I Saw Her Standing There” and “I Want To Hold Your Hand” and some other ones. I knew "I Want To Hold Your Hand" pretty well and I was able to harmonize with him because that Beatles harmony is always so clear in your head. Their voices melded together so well, and that felt very familiar to me. The thing about the Beatles is that, while I wasn’t a maniac Beatles fan, every time a song comes on I find myself singing along and realize it’s the Beatles and I already know it. It’s a part of your soul and growing up and part the culture. You don’t even realize you know it, and sometimes I don’t even realize the songs are by the Beatles. Like, “Twist and Shout”? What the hell? They did that, too? [ Laughs ] You're in good company in "Yesterday." Obviously, there's an amazing cast, but you also have Danny Boyle directing and a Richard Curtis screenplay. Talk to me about working on the project with those two specifically, who are filmmaking legends at this point. They’re like titans of British moviemaking. It was a real privilege. Working with Danny Boyle for the first time in the audition, he was just up on his feet and jumping around. I just wanted to be around him and have the privilege to be directed by him. It was incredible. He’s got so much energy and he comes to the set every day with optimism and he’s so collaborative. It’s about everyone and the crew feeling completely valid and important, so he creates the best vibe on set of anyone I’ve ever worked with. Then, on top of that, we had Richard Curtis there who is just hilarious and cheeky and brilliant. He was there with total dedication and passion, and everyone just wanted to make the best movie they possibly could. We wanted to enjoy making the movie, though, too. It was about having fun, because that was the spirit of the Beatles. Going into “Yesterday,” did you have a favorite film by either of them? That’s very, very hard. My favorite film of Danny’s is… well, all of his films are so good, so it’s hard to choose one! When I saw “127 Hours” I was taken back by the filmmaking. I also like “28 Days Later” and “Slumdog Millionaire," because I love musicals and that epic scale. With Richard, I think probably “Notting Hill” is my favorite. You were in an incredible small film called "Little Woods" earlier this year. Last summer you were in "Mamma Mia 2," and you also did the "All About Eve" play recently. I'd love to hear from you about the variety of different roles you’ve been taking in the past couple of years and how you go about choosing what you end up signing on for. At the moment, I’ve really entered a place where I wan to be specific about my choices and brave in my choices, which is sometimes really scary because it can mean walking away from projects that you would really love to do for lots of reasons. But, maybe it’s not the right direction we should be moving in right now, because I want to keep challenging myself, surprising people and pushing boundaries. I think it’s quite easy to get lured into doing things that people have already done. I’m trying to be purposeful, and I want to see if I can do different characters and how far I can go. There’s so much to explore within myself and within characters, and that’s why I wanted to be an actor in the first place.
Macau Casinos: Why More Tourists Doesn’t Always Mean Growth It may have taken five years but China's gaming capital appears to have finally recovered from its earlier losses. From 2014 to 2016, Macau's economy contracted, shrinking as much as 21.6% in 2015, as a perfect storm caused by Beijing's anti-corruption campaign, a weakening RMB, and tighter capital controls weighed on gaming activity. Following an economic rebound of 9.7% in 2017 and 4.7% in 2018, Macau's economy is expected to return to where it was in 2014 (in USD terms) before the end of 2019, with stable projected annualized growth of 4% over the following years. Several factors are helping Macau's resurgence. New casino developments, including Morpheus, opened byMelco Resorts & Entertainment(NASDAQ: MLCO), and designed by the late renowned Zaha Hadid, have opened alongside the Wynn Palace, owned byWynn Macau(SEHK: 1128), and the MGM Cotai, owned byMGM China(NASDAQOTH: MCHVF). Together, the cluster adds an additional offering to the burgeoning Cotai Strip. Other large casino players with prominent properties on the strip includeSands China Ltd(NASDAQOTH: SCHYY) andGalaxy Entertainment Group Limited(NASDAQOTH: GXYEF). The critical pull factor also includes better infrastructure, particularly the Hong Kong–Zhuhai–Macau Bridge, which opened in October 2018, providing an additional channel for tourists that previously traveled to Macau by boat. While the 55-kilometer bridge-tunnel links three major cities in the Pearl River Delta, the structure itself has also become an attraction, particularly among the Chinese visitors that view the mega-project as patriotic engineering. The bridge's opening came at an opportunistic time for Macau, with its tourism numbers already beginning to rise. For the first nine months of 2018, 25.8 million tourists arrived, an 8.3% increase over the same period last year. When the bridge opened, almost 10 million arrived during the final three months, a 13.8% jump from the same period the previous year. While Macau officials are projecting 38 million visitors for 2019, early reports suggest this may be conservative. Visitors during the Chinese New Year holiday and the Easter holiday period increased by 27% and 40%, respectively. With tourism expected to trend higher, the same data show that the length of stay and average spend per visit remains relatively unchanged. This would suggest that the bridge acts as an immediate earnings drag for casinos as visitors are able to take more frequent, but shorter visits. This then results in more cyclical demand that is harder to manage. Casino operators are also facing an expiring gaming concession in 2022. As the license expiration nears, finding long-term financing for planned projects becomes complicated. Besides analyzing return on investments for casino projects, operators need to monitor policy change, as the Macau government might use the expiration to implement social reform. Better interconnectivity is also helping more gamers travel overseas, particularly to Southeast Asia, increasing overall competition in Asia Pacific. Additionally, Macau casino operators still remember Beijing's anti-corruption policy, and that a sudden surge in gaming activity would likely warrant another clampdown. Asia gaming remains an interesting investment but I believe it's perhaps better for investors to look outside Macau first and come back when there is better clarity on the concession issue. A version of article originally appeared on our Fool Asia site. For more coverage like this head over toFool.hk.en The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy.
3 Dow Stocks to Buy Right Now The Dow Jones Industrial Average is currently up a little over 3000 points year-to-date. The index’s performance has been fueled by the strong month Wall Street has had in June. Which stocks are responsible for the recent rally this month has experienced? These three stocks are amongst the top of companies within the Dow Jones Industrial Average with the most “Buy” ratings from analysts. CNBC used FactSet to screen all of the stocks within the DJIA to filter out the stocks with the highest percentage of buy ratings compared with total ratings. These three stocks show tremendous potential to emerge from their respective industry as winners. The bullish sentiment felt by analysts towards these stocks further cement these stocks as solid picks for potential shareholders. Let’s see which of these beloved stocks look like standouts from the lot. Chevron Chevron Corporation CVX is one of the world's leading integrated energy companies, and is involved in virtually every facet of the energy industry. Chevron earned 16 Buy ratings out of its 22 total ratings for a Buy rating of 72.7% amongst analysts. The energy giant is currently sitting at a Zacks Rank #1 (Strong Buy) and has made some recent moves in the right direction. The stock is up almost 14% since January, fueled by a more than a 6% spike within the last four weeks. Chevron is coming off a solid quarter, surpassing our consensus estimate of $1.26 by 13 cents and garnering an EPS surprise of +10.32%. Zacks Consensus Estimates are projecting a 14.04% surge in earnings for the current quarter with a 1.22% jump in revenue. Our estimates are also calling for a 23% increase in earnings on the back of a 6.09% hike in sales for 2020. Cisco Systems Cisco Systems, Inc. CSCO is the worldwide leader in IT that helps companies seize the opportunities of the future by connecting the previously unconnected. The IT giant received 19 ‘Buy’ ratings out of 28 total ratings for a 67.86% Buy rating amongst analysts. Cisco is currently listed at a Zacks Rank #2 (Buy) and has also taken strides in the right direction. Shares are up over 25% year-to-date and the tech company is coming off a stellar quarter. Cisco was able to produce a positive EPS surprise and post 5.97% earnings growth with a 4.11% sales spike compared to the previous quarter. Our consensus estimates are predicting that this growth will continue for the current quarter, with a 17.14% gain in earnings on top of a 4.23% sales increase. The positive double-digit earnings growth continues into the following year. The tech company has been able to surpass our estimates the past four quarters and is looking to sustain this growth and validate the analyst optimism. Visa Visa V is the lone standout from the financial sector in terms of “Buy” ratings from analysts. The financial services stock was able to earn 36 Buy ratings out of its 39 total ratings. The company has had a spectacular year thus far, as it is up over 30%. Wedbush’s Moshe Katri expressed his enthusiasm about the stock’s ability to perform regardless of economic slumps, commenting that 50% of the company’s revenue base is “generated from a combination of transaction fees and other ancillary services that are less dependent on economic activity.” Katri followed this up by saying that the financial giant is adapting well and is obtaining a significant share of the business in electronic payments. Visa is currently listed as a Zacks Rank #3 (Hold). Our Zacks Consensus Estimates are projecting the stock to see a 19.01% earnings gain to go along with a 11.53% revenue increase for the next quarter. Our estimates continue to call for double digit growth in earnings and sales through the following year. The shift from cash to electronic payments could catapult the stock to reach these estimates and even surpass them. Today's Best Stocks from ZacksWould you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.See their latest picks free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportCisco Systems, Inc. (CSCO) : Free Stock Analysis ReportChevron Corporation (CVX) : Free Stock Analysis ReportVisa Inc. (V) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research
The Dos and Don’ts of Borrowing Money Taking on debt is a thorny subject. Signing on anaffordable mortgageis one thing. Racking up credit card debt on unnecessary purchases? Quite another. Any time you borrow money, you put your finances at risk. That’s why it’s important to do your research before committing to new debt. If you’re not sure whether to borrow money, read our list of dos and don’ts. Do: Comparison shop when deciding where to borrow Thinking of borrowing money? Don’t just go for the first credit source you can find. Look around for a loan that meets your requirements and leaves you with monthly payments you can actually afford. If you’re not happy with what lenders are offering you, it may be best to take the time tobuild up your credit scoreand then try again. Don’t: Just look at the interest rate Comparing loans is about more than searching for the lowest interest rate you can get. Look out for red flags like prepayment penalties. Stay away frompersonal loansthat come with pricey insurance add-ons like credit life insurance. These insurance policies, particularly if you decide to finance them by rolling them into your loan, will raise the effective interest rate on the money you borrow. Approach payday loans and installment loans with extreme caution. Do: Go for “good debt” Good debtis debt you can afford that you use on something that will appreciate. That could be a home in a desirable neighborhood or an education from a reputable institution that will help your future earning power. Of course, you can’t be 100% sure that your home will appreciate or your advanced degree will pay off but you can take leaps based on thorough research. Don’t: Go overboard with consumer debt Consumer debt is generally considered bad debt. Why? Because it’s debt taken out for something that won’t appreciate. You’ll spend the money and get fleeting enjoyment but you’ll be making interest payments for months or years. In other words, it’s generally better to save up for that new tablet or vacation than to finance it with consumer debt. Do: Keep a budget Real talk: Anyone who has debt should be on abudget. Budgets are great for everyone, but those who owe money to lenders are prime candidates for a workable budget. Start by keeping track of your income and your spending for one month. At the end of that month, sit down and go over what you’ve recorded. Where can you cut back? You can’t be sure you’ll be able to make on-time payments unless you’re keeping track of your spending – and keeping it in check. Don’t: Be late Speaking of making on-time payments: Making a late payment on a bill you can afford to pay is not just careless. It’s also costly mistake. Late payments lower yourcredit scoreand increase the interest you owe. They can also lead your lender to impose late-payment penalties and increase your interest rate, making your borrowing more expensive for as long as it takes you to pay off your debt. Do: Seek help If you’re having trouble keeping up with your debt payments or you’re not sure how to tackle a handful of different debts, seek help from a non-profit credit counseling organization. A credit counselor will sit down with you and review your credit score andcredit report. He or she will help you correct any errors on your credit report. Then, you’ll work together to set up a debt repayment plan. That may mean you make payments to your credit counselor, which then pays your lenders on your behalf. Don’t: Throw good money after bad Why a non-profit credit counselor? Well, there are plenty of people and companies out there that want you to throw good money after bad. They may offer counseling or they may try to sell you on bad credit loans. At best, they’ll charge you an arm and a leg for advice about debt repayment that you could be getting for free. At worst, they could lead you further into debt. Do: Automate If you have debts to pay off then automation can be your friend. Setting up automatic transfers for your bills and your loan payments will remove the temptation to overspend, to make only the minimum payment or to skip a payment altogether. If you can afford it, set up automatic savings while you’re at it. The sooner you startsaving for retirementthe better. Just because you’re still paying offyour student loansdoesn’t mean you should defer your retirement savings until middle age. Bottom Line Most of us will borrow money at some point in our adulthood. These days, it’s easier than ever to borrow money online and take on debt quickly. The choices we make about when, how and how much to borrow? Those can make or break our finances. Before you take on debt, it’s important to ask yourself whether that debt is necessary and how you will pay it back. Happy borrowing! If you want more help with this decision and others relating to your financial health, you might want to consider hiring a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard.SmartAsset’s free toolmatches you with top financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals,get started now. Photo credit: ©iStock.com/placidusanimus, ©iStock.com/Justin Horrocks, ©iStock.com/Squaredpixels The postThe Dos and Don’ts of Borrowing Moneyappeared first onSmartAsset Blog. • 3 Things Startups Should Know About Using P2P Loans • Top 5 Reasons Why You Shouldn't Co-Sign a Friend's Loan • How Interest Rate Hikes Affect Personal Loan Investors
Cansortium Analyst Sees 'Dramatic Expansion' Potential In Canadian Cannabis Market Cansortium Inc(OTC:CNTMF) is a vertically integrated multistate operator that is well-positioned for "dramatic expansion," according to Canaccord Genuity. The Analyst Bobby Burlesoninitiated coverage of Cansortium's Canada-listed stock with a Speculative Buy rating and $2.50 price target. The Thesis Cansortium's focus is on the medical cannabis space in Florida, where it oversees 11 dispensaries and is considered a "large player" in the regulated cannabis market, Burleson said in the Friday initiation note. (See his track record here.) The company's market share in Florida is likely to increase from 6% in 2019 to 11% in 2020, with plans to open 19 more stores by the end of the year, the analyst said. Part of the growth story comes from Cansortium's expansion potential in new markets, Burleson said. The company should see initial contributions from the province of Ontario and from Michigan in the fourth quarter, he said. Coupled with the opportunity in Florida, Cansortium could address a total addressable market of $3 billion in 2020, the analyst said. The company also faces "significant" longer-term opportunities in Pennsylvania from its application for a clinical registrant license, along with "rapidly evolving" regulations in Texas, Burleson said. Finally, Cansortium's ongoing operations in Puerto Rico and a subsidiary in Latin America create the potential to be a first-mover in the region, according to Canaccord. Price Action Cansortium's over-the-counter shares were 4.47% higher at $1.62 at the close Friday. Related Links: How Are New Innovations Driving The Cannabis Market Growth? The Queen Goes Green: UK's Centre For Medicinal Cannabis Releases New Report On CBD See more from Benzinga • 18 Stocks Joining The Russell Indices • Sell-Side Weighs In On Accenture's 'Steady' Quarter • A Walgreens Analyst's Takeaways From Q3 Earnings © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Q&A: Economist Talks Tariff Effects On Trucking, Rail And Shipping Talk of a trade truce is rising as U.S. President Donald Trump and China President Xi Jinping prepare to meet at the G20 summit in Japan. Yet even under the best-case outcome, the consequences of the trade conflict will linger. To better understand tariff fallout for the ocean shipping, trucking, and rail transportation modes, FreightWaves interviewed Paul Bingham, considered to be one of the leading transportation economists in the U.S. Bingham has previously held positions at Global Insight, CDM Smith, and Economic Development Research Group. He is currently director of transportation consulting at IHS Markit. The following is an edited version of an interview conducted on June 27, prior to the Trump-Xi Jinping meeting: FW: We're now in sort of round two here. Round one was the 10 percent U.S. tariff on $200 billion of imports from China in September 2018, which was originally set to rise to 25 percent on January 1, and that date turned out to be May 10. The initial notice of the January increase spurred U.S. importers to bring cargo forward, and we had that huge spike in the second half of 2018. With round two, we have the threat of tariffs on another $300 billion in Chinese goods. How is all of this affecting the transportation sector? Bingham: "The irony of what happened in 2018 is that the tariffs acted as an external stimulus to the freight industry, because it brought forward some of the 2019 freight movements. Trucking rates were higher and capacity was tighter and volumes were larger and companies made more money in 2018 than they would have absent any kind of trade threat. "In 2019, we get the payback. Rates are not where they were and demand growth is not there and it's not just in trucking but also rail, and not just intermodal but also grain and soybean carloads. There are real impacts in 2019 lingering from 2018." FW: Why was May so much worse? There was this huge plunge in freight activity that month. Bingham: "For the May story, I think that was partly about the tariffs on the existing categories going up from 10 percent to 25 percent. If you already moved goods in at 10 percent, you're not going to bring more in at 25 percent. This reaffirmed that those companies who could accelerate their shipments and did so in 2018 were right to do so. "Raising the tariff to 25 percent could also have slowed 2019 advance ordering because even if the fall in the renminbi [the official currency of China] offsets some of that extra 15 percent, you'd still expect to see import prices increase and you would expect some elasticity of demand, which would reduce demand, meaning that the same import quantities would not be warranted." FW: But what about the new threat in early May to put tariffs on an additional $300 billion in goods? Wouldn't that have caused the same kind of reaction as in the second half of 2018, with importers bringing volumes forward again? Is some of that happening and was it just too early to see that effect in May? Bingham: "I think there is some of that, and some of it hasn't yet shown up in the data given the time it takes to produce goods and ship them across to ports of entry." FW: Do you also think some of the goods that were brought in early in the second half of 2018 were actually in this $300 billion batch that faces the new tariff threat, but didn't back then? In other words, did those importers assume there was a threat to everything and then moved everything early, not just the $200 billion in goods that were facing the tariff increase from 10 percent to 25 percent? Bingham: "Yes, I think there were clearly people who said, ‘There is a risk now. What's the inventory cost to bring this in during 2018? We don't know how this will play out. At least we're hedged against a potential threat to our imports in 2019.' "Last year, the [Trump] administration telegraphed an end game in which there would be a tariff on everything coming from China, and there's a reason for people [even those not on initial tariff lists] to be uncertain about timing. Think about what happened with Mexico, with the tweet about tariffs to take place 10 days later. If tariffs are done under the Section 232 national security category [of tariff enforcement], you don't necessarily have the same lead time. And that's a credible threat given what happened with the steel and aluminum tariffs. If you can apply Section 232 to Canadian steel, you can certainly apply it to anything from China." FW: With all that in mind, do you believe there's no possibility we'll see the same level of beat-the-tariff-induced imports in 2019? Bingham: "There's diminishing returns in terms of additional tariffs having an additional stimulus impact on import volumes and moving cargo in advance. At some stage, you've accelerated or impeded trade to a point where raising tariffs further isn't going to make a whole lot of difference. You've already either accelerated a portion of the imports or diverted the sourcing elsewhere. "This year, I would characterize what will happen as more of an echo [than a repeat] of 2018. Some individual shippers are mimicking the behavior from last year, but you won't see as much in aggregate. And any remaining stimulus you get will have to be weighed against the payback – the hangover – of what you pulled forward in 2018. So, on a net basis, it should be less." FW: Let's talk about changes in sourcing destinations. The consequence of tariffs has not only been to accelerate cargo movements, it has also been to change the sourcing to places other than China. What are you seeing on this front? Bingham: "Companies have definitely been exploring shifting supply sources. They have said, ‘OK, down the road we could be targeted, so let's start looking at Vietnam, or somewhere else.' They wouldn't have waited until 2019 – they would have started that process of finding alternatives last year. "There's no question that retailers and even manufacturers are trying to mitigate supply chain risk by diversifying their supply base. I would characterize some of the big retailers as being in a strong position to do that. "But there were already pressures that had nothing to do with tariffs that were moving sourcing to places like Vietnam and Bangladesh, because China had already become a more expensive place to manufacture relative to southeast Asian countries. It's not as if everything would still be manufactured in China if we didn't have a trade war. These decisions were already underway. Footwear and apparel manufacturing had already fled. "But in the same way some imports were moved forward last year to beat the tariffs, the shifts in production to other countries have been accelerated by the trade war. Companies may have already been doing site selection and supplier identification and were thinking they'd run the China plant for two more years and they said, ‘OK, we can't wait two years. We have to shift in a year or however soon we can do it.'" FW: Is the sourcing shifting from China to primarily southeast Asia, or is there more ‘nearshoring' with some of that coming to Mexico and Central America? If so, that affects ocean shipping because vessel demand is roughly the same from other Asia sources versus China, but it's much less if it's shifting to the Americas. Bingham: "There is definitely some nearshoring. I would say that some of the electronics and auto parts suppliers have looked at shifting to Mexico. People are also looking at Ecuador and even the Caribbean, although I don't see footwear and apparel moving out of southeast Asia, except for some high-labor-content apparel that could move to some African countries under a trade initiative with the U.S. "One of the arguments in favor of China used to be about [ocean] shipping – that there were more direct services and a higher frequency and variety of container services and if you shipped out of some other countries, you could face transshipment issues or higher rates due to less competition. But now, the container trade has grown and you see a lot more direct services from places like Vietnam and more north-south trades out of Central and South America, and that whole shipping argument in favor of China is going away." FW: You just mentioned the idea of shifting production from China to Mexico. The thinking on that must have changed given the recent tariff threat to Mexico, right? Bingham: "After USMCA [the new version of the North American Free Trade Agreement] was agreed to, people really looked at Mexico as a safe harbor region. It was sort of a no-brainer to move there – until what happened last month when the Mexican tariff proposal came up. If a deal with Mexico doesn't get done, there will not only be direct repercussions on some of the big existing supply chains – especially in the auto industry – it could also dampen further direct investment and reduce the shifting of manufacturing to Mexico. There would be cold feet." FW: As we speak, there's optimism about a U.S.-China trade deal that will finally resolve the tariff issue. In the best-case scenario, does that lead to a surge in freight volumes? Bingham: "I think the lesson from USMCA is that even if a big comprehensive deal with China is announced, a lot of the devil will be in the details, and it will also depend on whether people are confident that the deal will stick. People could worry that six months after the deal, the administration could have a different reason to slap tariffs on China, maybe for nothing to do with trade. Maybe because of something happening in the South China Sea – who knows – so I do think there will be skepticism even if the deal is announced. "But I also think certain submarkets will react pretty strongly. I'm sure the ag markets will react favorably because presumably that will be central to what the administration would be looking for, and this could also bring back some farm equipment sales. And I think the US energy export business would react quite favorably, due to the likelihood of selling more LNG and crude oil to China, so there could be more investment in drilling activity." FW: Even so, the U.S. will never go back to highly centralized sourcing of imports from China, will it? That's the takeaway? Bingham: "Yeah, I think the most generalized lesson that many companies have gotten strongly is, ‘We're never again going back to single-source supply risk, where we're so beholden to bilateral trade relationships that it could put us at risk.' I don't see it ever reverting back to the idea of ‘Let's concentrate and put everything in China because of economies of scale and shipping services.' "There is already a much greater global diversification of sourcing strategies. It's much more heterogeneous in terms of sourcing supply. Companies will continue to diversify supply, even if that incurs a higher cost due to not benefiting from the same economies of scale. It's like an insurance policy. It's a price companies will be willing to incur so they won't face the same risks they're facing now with these trade wars." Image Sourced From Pixabay See more from Benzinga • Volvo Trucks Adding Nearly 800 Jobs As Part Of 0M Virginia Plant Expansion • Celadon Announces Extended Maturity On Credit Facility, Increased Borrowing Limit • U.S. Senators Aim To Keep Train Crew Debate Alive © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Eva Amurri Martino dishes on her best — and her worst — jobs What do you do on weekends when you’re the daughter of an Oscar-winning actress? If you’re Eva Amurri Martino — daughter of Susan Sarandon — you work at a local toy store. On Friday afternoons and weekends during high school, Martino worked at a mom-and-pop toy shop in New York City, wrapping gifts and helping customers select the perfect item. “Working in retail is tough, but I loved it,” she told Yahoo Finance’s Jen Rogers during an interview for the seriesMy Three Cents.. “My favorite was when people would come in and say, ‘I have to buy a present for a 4-year-old boy.’ And then I would get to help them pick out these gifts.” To this day, Martino says it’s one of her best jobs ever. “It's always been important to me and it's always been really gratifying to me to really put the work in,” she says. “Whenever I did any job, I always wanted to do my best possible job at that.” Today, Martino runs her own motherhood and lifestyle brand called ‘Happily Eva After’. She launched it shortly after her first child was born. “It was exhausting,” she recalled. “I had a teeny tiny baby. I was up (working) until 4 in the morning some nights, and I would wake up at 7 with her. It was really a bootstrap operation.” Almost five years later, it’s grown into her all-time favorite job -- for her, far better than acting which she did in her teens and twenties. As for her worst job, Martino is quick to name one that sounds glamorous from the outside: a brief stint as a production assistant on the movie ‘Mission to Mars’, when she was just 14 or 15 years old. “My roles included locations lock-up, which is basically begging people who are crossing a public street not to cross it while they're filming, which is really ineffective for a 14-year-old girl,” she said laughing. And there was one more responsibility to that grunt job: “I would make Jerry O'Connell lattes to bring to set, which actually, maybe that was the best part of my job. Maybe that was the best job I ever had.” My Three Centsis a weekly interview series that explores celebrities’ history with — and relationship to — money. Find it exclusively onYahoo Finance. Read more: • ‘We're the spine of the country': Design superstar Genevieve Gorder on what the Midwest taught her about money • What ‘This is Us’ star Chrissy Metz learned working at McDonald’s • 'Unbreakable Kimmy Schmidt' star Ellie Kemper explains why it's okay to be a quitter
Nike Inc (NKE) Q4 2019 Earnings Call Transcript Image source: The Motley Fool. Nike Inc(NYSE: NKE)Q4 2019 Earnings CallJun 27, 2019,5:00 p.m. ET • Prepared Remarks • Questions and Answers • Call Participants Operator Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2019 Fourth Quarter Conference Call. For those who want to reference today's press release, you'll find it at http://investors.nike.com. Leading today's call is Nitesh Sharan, Vice President, Investor Relations and Treasurer. Before I turn the call over to Mr. Sharan, let me remind you that participants on this call will make forward-looking statements, based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in the reports filed with the SEC, including the annual reports filed on Form 10-K. Some forward-looking statements may concern expectations of future revenue growth or gross margin. In addition, participants may discuss non-GAAP financial measures, including references to constant dollar revenue. References to constant dollar revenue are intended to provide context as to the performance of the business eliminating foreign exchange fluctuations. Participants may also make references to other non-public financial and statistical information and non-GAAP financial measures. To the extent non-public financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, http://investors.nike.com. Now, I would like to turn the call over to Nitesh Sharan, Vice President, Investor Relations and Treasurer. Nitesh Sharan--Vice President, Investor Relations and Treasurer Thank you, operator. Hello, everyone, and thank you for joining us to today to discuss NIKE, Inc.'s fiscal 2019 fourth quarter and full year results. As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You'll find the appropriate reconciliations in our press release, which was issued about an hour ago or at our website, investors.nike.com. Joining us on today's call will be NIKE, Inc. Chairman, President and CEO, Mark Parker; and our Chief Financial Officer, Andy Campion. Following their prepared remarks, we will take your questions. We would like to allow as many of you to ask questions as possible in our allotted time. So, we would like to allow as many of you to ask questions as possible in our allotted time. So we would appreciate you limiting your initial questions to two. In the event you have additional questions that are not covered by others, please feel free to requeue and we will do our best to come back to you. Thanks for your cooperation on this. I'll now turn the call over to Nike Inc, Chairman, President and CEO, Mark Parker . Mark G. Parker--Chairman, President and Chief Executive Officer Thanks, Nitesh. And hello and good afternoon everyone. Nike delivered strong results in fiscal year ' 19 growing 11% on a currency neutral basis which outpaced our expectations from the beginning of the year. Our results are further proof that the demand for sport performance and athletic lifestyle product is thriving and our Consumer Direct Offense is capturing more of that opportunity every day. What's most exciting is that we delivered broad-based growth through our complete portfolio. We saw that balance across our geographies, men's and women's and key categories. Overall fiscal '19 was a defining year for NIKE as we accelerated the high impact capabilities of Innovation, Direct and Speed that fuel our triple-double. Innovation continues to win with consumers, not only in performance product but also in sportswear . In fiscal '19 new innovation platforms drove roughly 100% of our total incremental growth, which is exceeding the long-term target we laid out at Investor Day 2017. In Digital, we know we're just getting started. NIKE is accelerating our digital advantage and that focus led to 35% digital revenue growth . Speed remains an incredible opportunity and we're well on our way toward cutting our product creation cycle in half and we're investing in responsive manufacturing, connected inventory and optimizing data to capitalize on real-time consumer demand. And finally, throughout the year. Our brand connected emotionally with a wider audience in more meaningful ways . Our triple-double -- our focus on the triple-double is especially important in an environment like we're in right now. Where geopolitical dynamics have led to trade tensions and foreign exchange volatility. We're certainly mindful of the risks and more importantly we're in command of the conditions that are under our control. And that's serving the consumer and managing the levers we have delivering great product, engaging experiences and building our brand. Our Greater China business is the blueprint for how all those dimensions come together. We added more than $1 billion of incremental growth in the geography over this past year. We are and remain a brand of China and for China. NIKE is proud of the investments we've made and the relationships we've developed in energizing this marketplace. We're confident that we'll continue to grow sport and our business in China for decades to come. Now let's go deeper on the three capabilities that are NIKE's greatest catalysts for growth and that's innovation, direct and speed . And I'll start with innovation. The consumer continues to tell us they want innovation to perform better as well as innovation that creates distinction and their lifestyle product. We're fueling that demand with styles, like the to Max 270, VaporMax and Max 720, which were among NIKE's top volume drivers for the year. React platform too expanded into sportswear led by the React Element 55, 87 and the Presto. In both React and Air innovations helped fuel sportswear to another 20% plus growth quarter in Q4. Looking ahead to fiscal year '20 we see great opportunity for both platforms to continue to carve-out new space in the lifestyle market. In performance footwear basketball accelerated in Q4. The greatest growth continues to come from NIKE's own digital platforms, where we have the most direct connection with the passionate basketball consumer and signature shoes continue to lead the way with KD, LeBron and Kyrie, all growing double-digits. And next month, we're looking forward to adding another exciting personality to the mix. With the addition of Giannis at his first signature collection following his incredible MVP season. The Jordan brand had a very strong year growing 12%. Jordan return to a poor market in North America after we reset the marketplace earlier in the year . The Air Jordan 1 continues to be a global phenomenon as we see success in both high-heat and in-line styles. In China, we see a healthy balance between Jordan Lifestyle and performance product and we know there's still more opportunity for performance footwear in all geos. The new chapters of the Jordan growth story apparel, women's and international are showing great potential It's hard to overstate how important this year has been to the evolution of the Women's Offense at NIKE. The business grew double-digits in fiscal '19 accelerating in the back half of the year. Our momentum in women's is a great example of how our renewed focus is really moving the needle through thoughtful design, powerful brand messages and digitally led distribution. You're obviously seeing it now with all the energy around World Cup, to start the tournament nearly two-thirds of the team wore NIKE kits and half the players wore our boots. The exposure is driving outstanding sell-through in kits, high-performance bras and lifestyle extensions. In fact, the USA Women's Home Jersey is now the number one soccer jersey men's or women's ever sold on nike.com in one season. For me personally the groundswell of support around the world for the athletes and teams has been truly inspiring. Tomorrow, all eyes are going to be on the US versus France. I know I can't wait to watch these two NIKE teams in what should be one of the top matches of the tournament. We're equally focused on delivering for the everyday athlete as we continue to fuel the broader movement of health and wellness around the world. Across the portfolio, we're serving women in more dimensions. This quarter we claim the number one position in market share for bras in North America for the first time in NIKE's history Through Tech Fleece and women's specific sneakers like the Air Max Dia, we fueled sportswear, footwear and apparel to strong double-digit growth this quarter. And we're expanding our inclusive sizing collections with over 90 styles across run, train and live. And later this year we'll unveil geography specific women's apparel for the Asian market based on our research of body types and sizes. One question I get asked a lot is how we plan to accelerate the growth in our women's business. In addition to the right product and inspirational brand experiences, the major unlock we see over the next several years is the opportunity that digital provides. Distribution is often one of our biggest barriers and we continue to find that when we present product in a more future forward way, we're able to take the female consumer someplace new and they're responding. Our women's business in NIKE Direct and through our digital platforms continues to outpace our performance in the wholesale channels. Digital and where digital meets physical will be tremendous sources of growth in women's moving forward. Another massive opportunity that we continue to obsess is apparel. At NIKE, We have a number of advantages in our favor that we leverage. We work with the best athletes, leagues and federations and we celebrate them through moments like the World Cup, leagues like the NBA and partnerships like Jordan and TSG. We have multiple categories that surface deep consumer insights. Our apparel business this quarter grew double-digits across basketball, training and women's and we have a world-class design team that connects culture to support in very creative ways. In fiscal year '19 we grew NIKE sportswear, apparel over 20% into an over $3 billion business. With our core footwear business. We've talked about the importance of refreshing our collections for today's demanding consumer. Looking ahead, we're doing that with a steady flow of new core footwear that features Air Max and Zoom Air and we'll introduce more innovation in this space. One example being our renew platform. You'll also see added retail support for many of the new collections in this price range. As we start fiscal '20 we're reloading with new platforms that will shape our innovation agenda for years to come. This week, we launched an new shoe that merges the two of our most celebrated platforms the Air Max-React 270 and we have more hybrids in footwear on-the-way for the next several seasons. In the end of Q1 will unveil Joyride, which is a platform, that I am incredibly excited about. This new approach to cushioning will deliver a more personalized feeling for runners at every level. I've been wearing different versions over the last year and it's extremely comfortable. We think the design has great potential to stand-out with the consumer in both performance and lifestyle. And finally, as we head into the back half of the fiscal year, we'll give full view into NIKE's innovation pipeline for the Tokyo Olympics. We'll evolve 4%, a shoe that dominated metal stands into what we call Next-Percent, which will deliver even greater measurable benefits to more athletes. You'll see sustainability that plays an even more elevated role in our design. And we'll deliver collections with more commercial potential than any other Olympics in our history. As we look ahead, these innovations will serve as the foundation for NIKE products and collections well into fiscal '21 and beyond. These platforms are the launch pad for the future growth of our Company. Fiscal year '19 was also a year that we saw NIKE accelerate our digital advantage. I noted earlier that the 2X Direct is capitalizing our growth, within Direct it's digital, within digital its mobile and within mobile it's our apps and all of this leverages and builds membership. Our investments are enabling us to identify and better serve our members personally, which is driving higher consumer lifetime value. We've just passed 170 million total members in the NIKE plus ecosystem, ahead of the pace we communicated at Investor Day. The sneakers app has become an incredible asset to our brand, with users checking in daily and as acquired more new members than any other digital channel for NIKE. For this fiscal year sneakers more than doubled its business, doubled its number of monthly active users and now accounts for roughly 20% of our overall digital business. The NIKE app our most comprehensive one-stop-shop for NIKE product is quickly expanding, with triple-digit revenue growth in Q4. And in the first half of fiscal year '20, we will launch the NIKE app in China and in 13 new markets in EMEA. This will be an incredible addition to our business through a potential pool of hundreds of millions of new members. The digital opportunity alone is tremendous but just as promising is how digital and physical environments are intersecting and amplifying each other. Our most effective test case thus far has been the NIKE App at Retail, which links features of the NIKE app to our physical retail experiences. The NIKE App at Retail is live in over 30 doors across the US, the UK and France. And we'll be scaling considerably throughout fiscal year '20 including in select factory stores. A few of the insights that we gained in our early pilots are that physical retail can be an exponential driver of membership. Product scans in store, often fuel online purchases later and in-store exclusive offers through mobile tend to drive higher conversion rates and outsized spending. We're in the early stages of this elevated way of serving the consumer in our own environments. At the same time we're moving quickly to scale these features in connecting inventory with our wholesale partners. A stronger use of digital and physical retail is everyone's opportunity. Seamless, frictionless shopping is what the consumer expects today. This quarter, we introduced a new digital concept to address one of the most significant problems consumers face, and that sizing in footwear. Our solution NIKE Fit scans the foot either through your smartphone camera or through an in-store experience, we believe a more accurate understanding of a consumer size, will not only minimize returns, reduce costs and drive healthier growth. The insights we gain will also improve the way NIKE designs and manufactures products. We're excited to rollout NIKE Fit in the US and EMEA later in 2019. Our success through digital also relies on getting product to market faster. One way we do that is through more responsive manufacturing. This summer, we're making a significant investment in our manufacturing capabilities with an additional NIKE Air manufacturing center here in the United States. The consumer demand for NIKE Air is currently outpacing supply. This investment will help us better meet that demand and accelerate new innovations for one of our most distinct platforms. We'll have more details coming in July. We also continue to build our capabilities in data and analytics, digital demand sensing and connected inventory to create a supply chain that anticipates and responds to shifts in consumers demand quickly. Beginning in Q1 we placed RFID in nearly all NIKE footwear and apparel, which is hundreds of millions of products. RFID gives us the most complete view of our inventory, that we've ever had. It's quickly becoming the most precise tool in our arsenal, to meet an individual consumer specific need at the exact right moment. We'll go live with this capability in Q1 across 20 NIKE Direct doors and then continue to scale across the fleet. Our sharper understanding of what's selling will also continue to inform our Express Lane, which is already driving higher full price sell-through and better gross margins. In EMEA the Express Line now totals over 20% of their business. A smarter use of data is also providing even more value to our most engaged NIKE consumers. One new model, we're testing offers concept car footwear innovation from NIKE leading designers to our most valued members in North America. This is a great opportunity to leverage member insights to serve them better and inform which products to scale. Finally 2019 was a year in which the NIKE brand rose above and connected emotionally with consumers on another level. We broke through with a number of Just Do It campaigns that celebrated our athletes dreams. Over the course of fiscal '19 Just Do It generated an unprecedented 1.5 billion consumer engagements across our geographies. And versus last year Google search volume for the words, NIKE and Just Do It increased well over 100%. This quarter we also released our impact report showing the various ways that NIKE is taking meaningful action to protect the future of sport. We're working with communities of young people to increased activity, with programs like Made to Play that reached 16 million kids and we're investing in the training of over 100,000 coaches this year to mentor girls worldwide. We're also minimizing our environmental footprint with a target of 100% renewable energy globally by 2025. We're driving sustainability at scale through recycled material in our Air soles, which is diverting 50 million pounds of waste from landfills each year. These are the kinds of steps and transparency that consumers expect today, and as we share our stories we're bringing even more dimension and value to the NIKE brand. NIKE excels in making amazing products, inspiring through an iconic brand and leading through a digital advantage. We're pushing the pace in all three facets and added up, it's a formula for creating strong shareholder value. We're proud of the results our team delivered in fiscal '19. But more importantly with an added future, we're confident that NIKE is investing in the right areas to extend our competitive advantage and continue to deliver sustained growth over the long-term. With that, here's Andy. Andrew Campion--Executive Vice President and Chief Financial Officer Thank you, Mark and good afternoon to everyone on the call. As we close fiscal year '19 and we look ahead to fiscal year '20, three key themes stand-out from a financial perspective. First, NIKE is a growth company, growth is how we measure the value we're creating for consumers and growth is paramount in terms of how NIKE creates value for shareholders. Second NIKE's growth is being fueled by strategic transformation. Transformation is about deliberately driving acceleration toward what you aspire to be in the future, not about just extrapolating what you are today. Accordingly transformation requires innovation, it requires continuous learning and it requires investment. Third, especially in times of geopolitical and FX volatility NIKE's currency neutral financial performance provides a clear view into our fundamentally strong growth, expanding profitability and potential to create extraordinary value for our shareholders. Let's first go a little deeper on growth at our Investor Day in October 2017, we said that our new consumer Direct Offense would generate high single-digit revenue growth on average over the next five years. In our first full-year executing this new strategy, we accelerated out of the blocks with growth in fiscal year '19 exceeded expectations. For the full-year, NIKE Inc. revenue grew 11% on a currency neutral basis, and 10% in the most recent quarter. At NIKE's scale that is roughly $4 billion of incremental revenue in just one year. Our growth is also broad-based with all four geographies growing at or above the long-term targets that we communicated for each geography at our Investor Day. Now, that brings me to the second key theme. Our growth is being fueled by a strategic transformation of NIKE globally. At our Investor Day, we said that over the next five years, we aspire to double the cadence and impact of innovation, to operate with greater speed and agility, and to double our direct connection to consumers leading with digital. These three pillars of our strategy were designed to drive global transformation and growth across our 12 key cities and 10 key countries. To help gauge the quality and impact of our growth, we also communicated several key measures of success. Today, we are on pace to exceed on all of those measures. Take for example, innovation. In fiscal year '19, we have already doubled the percentage of total revenue generated by recently launched innovation platforms as compared to fiscal year '17. We are delivering 2X innovation by prioritizing investment in platforms like React and Air that have greater potential to scale across both performance and sportswear. As for Direct, we are also ahead of pace. NIKE Direct drove roughly 50% of our incremental revenue growth in fiscal year '19, with NIKE Digital growing 35% for the full-year. Digital commerce owned and partnered is on-track to comprise at least 30% of our business by 2023. And longer term we see Digital driving the majority of our business. This kind of transformational growth doesn't happen by accident. Transformation requires investment. In fiscal year '19 we invested over $1 billion in new capabilities and consumer concepts that includes significant investment in the Sneakers app, the NIKE app, new store concepts leveraging digital, our Nike Plus membership platform and enterprisewide data and analytics capabilities that are helping us serve NIKE consumers in new and better ways With these long-term focused transformational investments equating to nearly all of our incremental SG&A versus prior year, we're clearly also editing and shifting within our legacy expenditures. As for the sneakers app, we acquired Virgin Mega two years ago, -- a little over two years ago and have since invested organically in the team, digital tools, content creation and the geographic rollout of Sneakers into 22 countries and the returns on our investment has been extraordinary. The Sneakers app has accelerated from less than $70 million in revenue in fiscal year '16 to an annual run rate of over $750 million based on Q4 fiscal year '19 performance. We've also invested significantly in the NIKE app. The NIKE app has extraordinary growth potential offering broader mobile access to NIKE's portfolio of products. In North America, NIKE app revenue is growing triple digits and we're just starting to roll it out globally. As Mark mentioned, we are launching the NIKE app in Greater China in fiscal year '20. We're also investing in new store concepts that leverage digital, including our two new houses of innovation in New York and Shanghai and a smaller digitally enhanced format NIKE Live. These store concepts are exceeding planned revenue as they bring to life new ways of serving the consumer through the use of the NIKE App at Retail. That brings me to the significant investments we're making in our NIKE Plus membership platform. These investments have been largely organic focused on building capabilities that help us know our consumers better to serve them in new ways. That said, we also acquired but Zodiac and Invertex roughly one year ago to accelerate our membership offense. Zodiac has accelerated our ability to measure the impact of targeted service and product offerings on an individual's consumer lifetime value. While Invertex brought us computer visioning and volumetric-based data and analytics that helped us create and bring NIKE Fit to market within just one year. As I said earlier, the third key theme from a financial perspective, is that in times like these NIKE's currency neutral financial performance offers a clear reflection of NIKE's fundamentally strong growth, expanding profitability and potential to create value for shareholders. 18 months ago, it appeared that harmonized global growth was beginning to turn foreign exchange into a slight tailwind for NIKE. However, geo political dynamics over the past year have led to dollar strengthening fueled largely by uncertainty around Brexit and US-China trade. So within fiscal year '19 alone dollar strengthening drove FX headwinds of over $1.4 billion on our reported revenue versus our plan entering fiscal year '19 and nearly $300 million in EBIT, after taking into account our hedges. We know that the foreign exchange headwinds of late may be transient. So we remain primarily focused on the levers, we can control in executing our strategy, and you see that in our currency-neutral performance. Our strong currency-neutral growth and margin expansion reflect make this brand heat and distinction in North America and in all key international markets. The strength of our product portfolio and the transformation we are driving in the marketplace leveraging digital. Our SG&A growth in fiscal year '19 was a function of accelerating the investments required to drive transformation, while gaining leverage in our core legacy expenditures. We are editing and shifting to gain leverage, most notably within our geographies where we are creating differentiated consumer experiences leveraging digital, while optimizing un-differentiated retail. That includes, for example, shifting many wholesale customers to what we call nike.net, an efficient digital platform for buying a wholesale. We're also testing new digital business models with respect to off-price sales and optimizing our factory store fleet. Over the next three years, as we scale digital and drive more focused growth we will increasingly edit and shift resources in targeted areas. One key financial measure that reflects NIKE's unrivaled ability to turn strategic investment into a competitive advantage and growth is return-on-invested-capital. In fiscal year '19 NIKE's industry-leading adjusted ROIC expanded over 400 basis points. Going forward, we see continued strong growth expanding margins and high returns on invested capital, as we drive strategic transformation at NIKE through the consumer direct offense. But before I share our outlook for fiscal year '20 let's briefly touch on our strong Q4 results. NIKE Inc. Q4 revenue increased 4% on a reported real-dollar basis and 10% on a currency-neutral basis, with both meaningfully exceeding the expectations we communicated 90 days ago. For the full-year, NIKE Inc. revenue increased 7.5% on a reported basis, as strong 11% currency-neutral growth was partially offset by FX headwinds. Gross margin expanded 80 basis points in Q4 also exceeding our guidance. Margin expansion was driven by strong full price sales, enhanced product profitability and NIKE Digital growth. For the full-year, gross margin expanded 90 basis points. SG&A grew 9% in Q4 and 10% for the full-year, as we brand distinction and heat through the Just Do It Dream Crazy campagin and by amplifying the biggest moments in sport, while accelerating our investmensts in NIKE's digital transformation. Our effective tax rate was 20.4% for the quarter and 16.1% for the full-year, slightly above our guidance driven by earnings mix and quarterly volatility associated with the continuing impact of US tax reform. Fourth quarter diluted EPS was $0.62 and full-year diluted EPS increased to $2.49. As of May 31. Inventories were up 7% reflecting continued strong full price sell-through and tight supply in support of strong forward-looking demand. Now let's turn to the financial performance for our operating segments. In North America Q4 revenue grew 8% on a currency-neutral basis with NIKE Digital leading all channels up strong double digits. While NIKE Digital continues to power our growth NIKE is also growing double-digits and gaining significant share with our strategic wholesale partners. That includes strong double-digit growth for NIKE within Foot Locker, DICK'S Sporting Goods and Nordstrom. Growth and share gains within these leading wholesale partners reflect NIKE's brand distinction in North America and the strength of our product portfolio. Our footwear innovation continues to resonate and in apparel we see very strong demand. In some classifications so strong that is putting pressure on our supply short-term. For the full-year, North America's revenue increased 7% amplified by strong gross margin expansion. Now let's move to EMEA, where the NIKE brand continues to lead and drive meaningful separation. Revenue grew 9% in EMEA on a currency-neutral basis in Q4, driven by double-digit growth in NIKE Direct across footwear and apparel and in all territories. In EMEA the NIKE brand is stronger than ever. We are the number one brand in all 5 key cities in this region. And as we speak, we're creating an even deeper emotional connection to consumers through the Women's World Cup in France. NIKE Digital continues to lead in EMEA, up 35% in the fourth quarter. Yet EMEA is another market where we are truly just getting started. As Mark mentioned, we will more fully leverage the power of mobile launching the NIKE app into 13 additional countries in fiscal year '20. The strength of the NIKE brand in EMEA is also translating into strong double-digit growth and significant share gains with our strategic wholesale partners, most notably JD and Zalando. Note that our strong overall growth in EMEA in Q4 was also comping strong football apparel growth in the prior year, fueled by The Men's World Cup. For the full-year currency-neutral revenue grew 11% and was amplified by strong gross margin expansion. On a reported basis fiscal year '19 revenue grew 6%. Next, let's turn to Greater China, which grew 22% on a currency-neutral basis in Q4. This marks the 20th consecutive quarter of double-digit growth in China. Growth was broad-based across men's and women's, performance in sportswear and led by Digital. NIKE Digital grew 37% in Q4, fueled by the Sneakers app and the strength of NIKE branded experiences with partners such as team on WeChat. For the full-year revenue in Greater China increased 24% on a currency-neutral basis,. On a reported basis FY '19 revenue was up 21%. We see continued strong growth in China, in fiscal year '20 as a brand of China, for China, we are building deep and meaningful relationships with the Chinese consumer. We are investing in our local team and talent creating products specifically designed for the Chinese consumer, sponsoring China's top athletes, federations and team and working closely with the ministries of Sport and Education to fuel the passion for an increasing participation in sport and fitness in China. On that note, we are excited to amplify consumers passion for basketball, around the FIFA World Cup coming to China in Q1. Let's turn to APLA, where Q4 revenue grew 9% on a currency-neutral basis, growth was strong across nearly all territories. NIKE is the number one favorite brand in all 3 of our key cities in this diverse geography; Tokyo, Seoul and Mexico City. NIKE is also the leading brand in Southeast Asia, growing strong double digits. Our growth in APLA is led by digital. Fueled by the entrepreneurial mindset, we're taking with digital partners such as ZOZOTOWN, Flipkart and others. Looking ahead to fiscal year '20, we will significantly expand our NIKE own digital footprint, through the scaling of our app ecosystem. For the full fiscal year APLA revenue increased 13% on a currency-neutral basis, and 2% on a reported basis. And finally at Converse fiscal year '19 revenue increased 3% on a currency-neutral basis, and 1% on a reported basis, fueled by China and Converse's new digital commerce platform. Looking forward, we have a new energized leadership team at Converse focused on fueling growth through product diversification, including reigniting Converse's authentic brand positioning in basketball. And that began with the launch of the All Star Pro BB basketball shoe in Q4. With that, let's turn to our outlook for fiscal year '20. FX has intensified over the past couple of months, creating more of a headwind on a reported basis than we envisioned when we spoke with you last quarter. That said, our currency-neutral outlook continues to improve. Taking these offsetting dynamics into account, we are reiterating our guidance for fiscal year '20. Our outlook for full-year reported revenue growth remains in the high single-digit range, slightly exceeding our reported revenue growth in fiscal year '19. We expect another year of broad-based growth with all 4 geographies delivering on our long-term financial model. As for gross margin, we expect expansion potentially approaching 50 basis points. To be clear, we see continued strong operational margin expansion that would otherwise exceed our long-term financial model. But for 2 items, foreign exchange and strategic supply chain investments such as RFID and expanding, Air manufacturing innovation will create a roughly 50 basis point headwind on margin. That headwind is factored in to our guidance. As for SG&A, we currently expect strategic investment offset by productivity initiatives to result in very slight SG&A leverage in fiscal year '20. SG&A should essentially grow in-line with revenue growth. As for OIE net of interest expense, we expect $50 million to $100 million of income for the year. We see our effective tax rate in the mid to high-teens range. That said, we expect continued quarterly volatility based on the publishing of guidance relative to US tax reform and other discrete items. Our primary focus is on the full-year and long term. However, I'll provide a few specifics with respect to dynamics impact in Q1. In Q1, we expect reported revenue growth in-line to slightly above our reported revenue growth in Q4. We expect currency-neutral revenue growth squarely within the high-single digit range, offset by 4 points of FX headwinds. Based on current FX rates, the FX impact on revenue should largely abate from Q2 forward. It's also worth noting that in Q1 of fiscal year '19, we were already scaling React and Air Max 270, which had been launched in late fiscal year '18. Now, in fiscal year '20 will launch Joyride at the tail-end of Q1 with scale and the launch of other new innovative products coming from Q2 forward. As for gross margin, we expect to deliver flat to potentially 25 basis points of gross margin expansion in Q1. This reflects very strong underlying margin expansion fueled by NIKE Direct growth and strong full price sales. That said, FX will be an anomaly within gross margin in Q1, FX will be a 50 to 70 basis point headwind based on a year-over-year foreign exchange rates which moved significantly within Q1 of last year, as well as the timing of our hedge gains and losses. Assuming current rates, we expect the impact of FX on margin to be must less material over the balance of the year. As for SG&A, we are projecting growth in the high single-digit range in-line with the rate of currency-neutral revenue growth. As for OIE net of interest expense, we expect roughly $0 million to $15 million of income in Q1. And we see our effective tax rate in the mid to high-teens range in Q1. As we enter fiscal year '20 we are poised for another year of strong sustainable profitable growth and value creation. The NIKE brand is stronger than ever. We have a robust pipeline of innovation to bring to market and we will continue to strategically transform NIKE and extend our digital advantage. With that, I'll now open up the call for questions. Operator At this time. (Operator Instruction)Your first question comes from Bob Drbul with Guggenheim Securities. Your line is open. Bob Drbul--Guggenheim Securities -- Analyst Hi, good morning -- good afternoon, sorry. It's been a long day. I guess, just -- the first question I have is on China. I was just wondering if you could go a little deeper in terms of strength of basketball in China apparel, running and just sort of what you see on the ongoing basis with the strong results and your expectation, I think you said continued growth for the next decade. Just -- are you seeing any pressure there from the consumer around American brands, it doesn't appear so in the numbers, but I just wonder if anything is changing from that perspective? And just wondering if you could maybe just update us a little bit on how you guys are thinking about some of the trade discussions that continue to unfold here in the US? Andrew Campion--Executive Vice President and Chief Financial Officer Great, thanks for the question. Bob, first -- your first question, which was around the drivers of the growth in China categorically. The short answer is, over the course of fiscal year '19 all categories drove growth in China, with the exception of Global Football and that relates to the comp versus last year's World Cup. The primary drivers of growth, the biggest drivers of growth we're making sportswear, basketball, Jordan, running crew training. But in general, extremely broad-based across men's and women's and while led by digital also broad-based across the marketplace And then to your question about seeing impact from the US-China dynamics of late, we have not seen any impact on our business to-date and we continue to see strong momentum as we enter fiscal year '20 Bob Drbul--Guggenheim Securities -- Analyst Got it. Mark G. Parker--Chairman, President and Chief Executive Officer The consumer sentiment around NIKE in China has been actually quite strong. We've made a lot of effort, through the years to connect with the marketplace, to take insights to use to drive innovation and messaging, that is really as we said of and for China. So we're seeing that continue and it's showing up in the results. I'm really proud of the team in China, we have -- and the complete offense kind of results that we're seeing coming out of China. Bob Drbul--Guggenheim Securities -- Analyst Got it. And just on basketball, I was wondering if I could just zone on a follow-up. But it sounds as if NIKE has capitalized on the NBA jersey opportunity recently created by Zion and RG Barrett ahead of the NBA free agency, what raw material colors have you guys staged, blue and orange or purple and gold. Can you just give us some insight in terms of how you're positioning for this weekend and the next few weeks.? Andrew Campion--Executive Vice President and Chief Financial Officer A good one. Okay. You'd obviously pick it up. Mark is in my hometown. Yes, that's right. You got the coast covered well. Okay. We've got the spectrum covered, the color spectrum. So we're ready for anything. Certainly blue and orange and purple and gold. But, yes, no other insights, other than I think we've got the bases covered. Bob Drbul--Guggenheim Securities -- Analyst Yes. All right. Mark G. Parker--Chairman, President and Chief Executive Officer Thanks, Bob. Bob Drbul--Guggenheim Securities -- Analyst Thank you. Good luck. Nitesh Sharan--Vice President, Investor Relations and Treasurer Thanks. Operator, we'll take the next question please Operator Your next question comes from Lauren Cassel with Morgan Stanley. Your line is open. Lauren Cassel--Morgan Stanley -- Analyst Great, thanks so much. Could you maybe quantify the impact that the supply chain investments had on gross margin during the fourth quarter? And then my second question is just, where do we sit here at the end of the fiscal year in terms of your manufacturing exposure to China, what percentage of that is coming into the US and then if there's any commentary on, if you want to raise prices, et cetera, should this go through ? Andrew Campion--Executive Vice President and Chief Financial Officer I'll take your first question on supply chain investments, the short answer is roughly 30 basis points in the fourth quarter. And just to clarify, does --that is because we capture investments that may be for the long-term. In our other cost-of-goods-sold within margin, so it can be somewhat distorted in terms of current quarter product profitability. And Lauren, your second question again. Sorry, with pricing levers with respect in China is that--? Lauren Cassel--Morgan Stanley -- Analyst Yes. Just the current manufacturing exposure to China, I think you guys have been actively sort of trying to diversify, just where do we sit at the end of the year and how much of that is coming into the US? Andrew Campion--Executive Vice President and Chief Financial Officer Sure, I'll take that one as well. We continue to source product in China. We do externally report that we produce about a quarter of our product in China for the globe. Our exposure in terms of product produced in China to North America is relatively modest. At the same time, we see great opportunity to continue and potentially expand the production of product in China, for China and for other markets. The short of it is, we've got a relatively agile approach to sourcing, multiple nodes from a production and distribution perspective and so while the dynamics are certainly -- while it is certainly dynamic out there with respect to trade, we're relatively well-positioned as we always have been for macro dynamics. Mark G. Parker--Chairman, President and Chief Executive Officer And we see China continuing to be a critical part of our source base for China, but also other parts of the world and that will continue. Andrew Campion--Executive Vice President and Chief Financial Officer Thank you, Lauren. Lauren Cassel--Morgan Stanley -- Analyst Thank you so much. Nitesh Sharan--Vice President, Investor Relations and Treasurer Operator, we'll take the next question please. Operator Your next question comes from Brian Nagel with Oppenheimer. Your line is open. Brian W. Nagel--Oppenheimer & Co. -- Senior Analyst Hi, good afternoon. Thank you for taking my questions. I appreciate it. So, first, I want to talk a bit -- clearly your currency-neutral results were quite strong here, actually very strong. There were indications of weakness elsewhere in some parts of the United States. So the question I have on that is as you look at the data closer than we could, was there any -- were there any more top-line challenges through the period that may be not been totally reflected in the aggregate results? Andrew Campion--Executive Vice President and Chief Financial Officer One challenge from a top-line perspective is, frankly a nice problem to have, Brian, which is as we enter the year, we've got a particularly strong demand. It's broad-based and a couple of the areas where we have -- where we had very strong demand relate to Air -- NIKE Air, which is obviously a distinctive innovation relative to NIKE. So to your point about dynamics out there in the marketplace, we've got an innovation that is obviously closely tied to and really powerful within our portfolio that being NIKE Air. And as Mark mentioned in his remarks, we are actually expanding our investment in Air manufacturing in the US and that is directly related to demand that we weren't able to fully capture in the second half of this past year. Another area is in apparel, we've got very strong growth in apparel and we're ramping up supply with respect to a few classifications where our revenue growth could have been greater based on the demand in the marketplace, particularly around fleece. And then just overall when we speak about our growth, we said that it's not really an extrapolation. It's not really just a correlation to what's going on the market, it's about a transformation at NIKE and most notably that transformation is being fueled by innovations. So we're creating something new and different in the marketplace and digital. Again we're creating something new and different in the marketplace in terms of the digital connection we have with consumers. Mark G. Parker--Chairman, President and Chief Executive Officer A couple of other areas I'd call out quickly -- there is -- the performance has actually been very strong, but I think there's more opportunity for us going forward. I mentioned women's and how we have double-digit growth for the year and it's been accelerating through the fourth quarter, but we're actually very bullish on the opportunity in women's going forward as we move into fiscal '20. And then, I also called out core product under $100 price-point product within footwear and we have a whole refresh coming in the sort of core zone, not only with existing technology is being leveraged in that space, but unique design work that is going to refresh about 75% of that -- the styles in that product zone for NIKE . So that's going to create more opportunity for us. Brian W. Nagel--Oppenheimer & Co. -- Senior Analyst And that's all. Andrew Campion--Executive Vice President and Chief Financial Officer Thank you, Brian Brian W. Nagel--Oppenheimer & Co. -- Senior Analyst I appreciate all the detail. Thank you. Nitesh Sharan--Vice President, Investor Relations and Treasurer Operator, we'll take our next question, please. Operator Your next question comes from Omar Saad with Evercore ISI. Your line is open. Omar Saad--Evercore ISI -- Analyst Hi, thanks for taking my question. Two questions, actually. I wanted to ask first about your comments on RFID inventory -- sharing the inventory in the wholesale channel. I'm kind of wondering what you're thinking about longer term, how do you see inventory and inventory management evolving, what the opportunities are to either manage it differently, especially if you talk about matching kind of more diverse consumer demands more accurately? And then my second question on the SNKRS app, obviously explosive growth there. How do you think about, as you scale that platform., I don't know if saturation of the right word, but how do you keep it growing and also keep it special? Do you see -- how big is that runway to kind of create those unique experiences for consumers through that platform before it starts to lose its specialness? Thanks. Mark G. Parker--Chairman, President and Chief Executive Officer Yes. Let me just touch on the RFID question first, Omar. As I mentioned we're launching RFID across essentially all footwear and apparel beginning in the fall '19 season and that's going to enable all of footwear, the majority, I should say of non-licensed apparel through RFID and the QR technology. So that's a big upside for us in terms of our capability to dramatically improve our inventory visibility and accuracy I think across the marketplace and throughout the supply chain. And ultimately that's going to allow us to serve consumers with the product that they want, when they want it. So the consumer upside on this is actually quite, quite powerful. And then we're going to roll out through fiscal '20 and scale, the capabilities that we have within our RFID globally across our own doors and over time, I think we see RFID as a key capability throughout owned and partner retail supply chains. So I think this will help us create the capability to grow profitably across the breadth of the portfolio and ultimately -- again it's putting ourselves in a position to serve consumers in a way that gets them the product that they need, when they want it, and where they want it. Andrew Campion--Executive Vice President and Chief Financial Officer And then, Omar. I'll take your question on sneakers. We still see tremendous opportunity with respect to sneakers. It -- I'll give you some dimension on where we see that opportunity in terms of -- in terms of what you referred to is the kind of special nature of the product that we're launching on sneakers. We still see supply a very small percent of the demand that we're seeing on sneakers. In fact just this morning, we launched a few -- a pretty unique collaboration and again saw sell-out within minutes that's both fantastic in terms of the heat that some of our styles create, but also an opportunity. A couple of other areas of opportunities within sneakers are apparel. What we've done with apparel and then limited cases where we've launched apparently either collaboration or apparel innovation. We've seen incredible demand and we really have -- it's almost overstating it to say we've scratched the surface in terms of the heat we can create and connectivity to consumers around apparel. Women's is another great opportunity through the Sneakers app and then two last dimensions I'd speak to product creation that's, that's done with the membership data that we get through the Sneakers app in mind. We launched a shoe in this past year based on data and analytics relative to the Dominican community in New York, which was incredibly well received, very strong demand and brand heat around that. We also see the opportunity, as Mark touched on, to launch innovation directly to members, sneaker heads or just people who love the innovation that we provide in the app. And then finally what both of us touched on is, we often focus on the businesses that we have here in North America because we all experienced them as consumers here in North America, but we've got a tremendous potential to continue to expand the Sneakers app globally and geographically in markets around the world. Mark G. Parker--Chairman, President and Chief Executive Officer And I have to add that the, the core answer to your question about sustaining the heat in sneakers is going to be the product itself. So the strength of the product, how we refresh it, making sure supply and demand is in the right ratio, and then the whole experience on sneakers is going to continually evolve I think to make it a very compelling kind of I have to check back in day-to-day kind of experience. Andrew Campion--Executive Vice President and Chief Financial Officer Thank you, Omar. Omar Saad--Evercore ISI -- Analyst Understood. Thanks for the color. Thank you. Andrew Campion--Executive Vice President and Chief Financial Officer Operator, we'll take our next question, please. Operator Your next question is from Jim Duffy with Stifel. Your line is open. Jim Duffy--Stifel. -- Analyst Thanks. Hope you all doing well. Andrew Campion--Executive Vice President and Chief Financial Officer Hi Jim. Jim Duffy--Stifel. -- Analyst I'm interested in the comments on the digital and physical intersection and how successful that's been recruiting new customers to the digital ecosystem. Does that make you rethink the role of the physical retail in the go-to-market strategies? And then maybe this will dovetailed with my second question, with respect to the key city strategies are there cities you would highlight as being further along in demonstration of the efficacy of that strategy? Mark G. Parker--Chairman, President and Chief Executive Officer Well, we see the -- first of all the intersection of physical and digital is going to continue to be more and more intimate relationship. I think we're looking at a lot of experimentation, trial and error learning from some of the tests that we're doing. Ultimately it's about making the experience physically or digitally more richer, more dimensionalized experience for consumers and we're seeing where we have those digital connections through like NIKE App at Retail. We're seeing the engagement from consumers rise significantly and the actual spend per consumer in those cases actually jumps up dramatically. So this is something that we don't think it's just -- it's not just a current trend. This is the future of -- the fusion of digital and physical is going to continue. And this is a huge priority, it's a source of investment for us. It's ultimately around how do we better serve customers, members and you'll continue to see us evolve that dramatically and our ambition is to lead in that space. Andrew Campion--Executive Vice President and Chief Financial Officer And then to your question on key cities. We're seeing over indexing growth in our key cities as compared to the countries in which they are. We're also seeing over indexing results from a brand perspective. Our brand is the number one brand in each of those key cities. I would tell you that in terms of prioritization, which I think was the spirit of your question, our priorities have been in bringing our consumer direct offense to life, first, in London, New York and Shanghai. And so that's where you see us having invested in the new houses of innovation for in New York and Shanghai, which do -- that is a bit of a segue from what Mark was just speaking to, merging physical and digital in an experience that the consumer really hasn't had from NIKE or anyone else in the marketplace. Those experiences have well exceeded our expectations. LA is another market where we've started to bring this to life with our smaller format concept NIKE Live. So I would say, to answer your question in short, London, New York and Shanghai I think are the cities where we're furthest along, but we've got really energized teams in each of the key cities. In fact, we just had all of our key city teams, not just GMs, together here a couple of weeks ago at our headquarters to share best practices and learnings and align on how to leverage, what we can create globally, or in one key city and another key city. So we really feel great about the progress we're making against that offense. Nitesh Sharan--Vice President, Investor Relations and Treasurer Thanks, Jim. Operator, we'll take our last question please. Operator Your last question comes from Sam Poser with Susquehanna. Your line is open. Sam Poser--Susquehanna. -- Analyst Thank you for taking my question. I was really wondering about how you view your brands -- as a follow-up, on how you view your brand perceived in China? I heard somebody said that you were perceived -- other brands, were perceived as American or US brands are German brands but NIKE is perceived as NIKE? Love to get your comment on that and I have one other question. Andrew Campion--Executive Vice President and Chief Financial Officer Sure. Sam. Thanks for the question. I'll start and as both Mark and I said, our approach has been to be of China, for China and that's not a new approach. That approach is not based on dynamics of late that's been the approach we've had in China for 2-3 decades and it ranges from the strong leadership team we have in place there with local talent that understands the consumer. Obviously, in our history it dates back to our sourcing product in China. Over the years, it's been about as fueling the passion for sport and participation in sport not simply being a commercial enterprise in China, but having a bigger view in terms of the purpose of the impact that we could create in terms of the lives of consumers in China. And then that last point extends to our relationship with the ministries of Sport & Education, our partnerships there as well as our partnerships. -- we're probably out in front in terms of the global impact of the teams, and athletes and federations in China. But why were invested in sponsoring those teams, and athletes Confederations is because of their impact on local consumers in China. Sam Poser--Susquehanna. -- Analyst Thank you. And then second, Mark G. Parker--Chairman, President and Chief Executive Officer I'd also add the insights that we're getting for China are actually helping us create China -- a product that's more relevant for China, but also other parts of the world. So this isn't about importing Western concepts into China as much as it is trying to actually take the insights we gain in China and use it to enrich our global position as a brand and as a product offering. So it's truly not just local for local, it's China, putting us in a position to be a better global company. Sam Poser--Susquehanna. -- Analyst Thank you. And then just a follow-up on a prior question, the RFID, does this mean with your core partners Nordstrom, Foot Locker and so on -- DICK's and so on that you will -- you will be able to, over time, interact with them and maybe interact between your systems to be able to make your inventory act as whole more efficiently? Andrew Campion--Executive Vice President and Chief Financial Officer Yes -- sorry. Sam, did you -- add more to that question, go ahead. Sam Poser--Susquehanna. -- Analyst Well, yes and I'd love color and I may add -- so I may have to add something else, but Mark G. Parker--Chairman, President and Chief Executive Officer Okay. Yes RFID provides us an opportunity to do what we aspire to do which is connect the marketplace and do that through our NIKE Direct business, but also through strategic wholesale partners. Partners that we view as being part of the NIKE Network of the Future. We are already testing the use of RFID in being able to give consumers greater visibility into product down to the style, color and size that they are looking for. And I'd say that's probably the sharpest and most intuitive aspect of this opportunity is, visibility into the inventory for a Company like NIKE with the breadth and depth of our portfolio, is somewhat limited across our broad distribution within the marketplace. Being able to leverage our RFID to give almost 100% visibility into what we have by style. color and size across our marketplace is an incredible opportunity in terms of meeting consumer demand, real-time at the moment. Sam Poser--Susquehanna. -- Analyst And then lastly for your speed initiative -- with your speed initiative, how long you get to double the speed or beyond that -- this RFID would certainly help that? Mark G. Parker--Chairman, President and Chief Executive Officer Yes. Well, that's one of the measures of success. We feel really good about the progress we're making on doubling the percentage of product and what we call 1.5 the time-to-market. We've seen some really strong results over the past year and we expect that to continue through the next year and a lot of that effort is led by what we've called Express Lane. And Express Lane is, I mentioned I think I commented, the 20% of our product sales revenue in EMEA is actually coming from our Express Line initiative. So we see the speed initiative for NIKE, the time-to-market cut-in-half initiative really accelerating through this next fiscal year and it's ultimately going to be a big competitive advantage for us. Andrew Campion--Executive Vice President and Chief Financial Officer Thank you, Sam, and thank you everybody. Thanks. Thank you for joining us today and we look forward to speaking with you next quarter. Take care, bye. Operator This concludes today's conference call. You may now disconnect. Duration: 67 minutes Nitesh Sharan--Vice President, Investor Relations and Treasurer Mark G. Parker--Chairman, President and Chief Executive Officer Andrew Campion--Executive Vice President and Chief Financial Officer Bob Drbul--Guggenheim Securities -- Analyst Lauren Cassel--Morgan Stanley -- Analyst Brian W. Nagel--Oppenheimer & Co. -- Senior Analyst Omar Saad--Evercore ISI -- Analyst Jim Duffy--Stifel. -- Analyst Sam Poser--Susquehanna. -- Analyst More NKE analysis All earnings call transcripts More From The Motley Fool • 10 Best Stocks to Buy Today • The $16,728 Social Security Bonus You Cannot Afford to Miss • 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) • What Is an ETF? • 5 Recession-Proof Stocks • How to Beat the Market This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see ourTerms and Conditionsfor additional details, including our Obligatory Capitalized Disclaimers of Liability. Motley Fool Transcribershas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Nike. The Motley Fool has adisclosure policy.
Here's Why Sarepta Therapeutics Is Surging Today Shares ofSarepta Therapeutics(NASDAQ: SRPT), a biopharmaceutical company focused on rare genetic diseases, are on the move following a clinical-trial readout fromPfizer(NYSE: PFE). Both are developing potential new gene therapies for the treatment of Duchenne muscular dystrophy (DMD), and recently released clinical trial results suggest Sarepta's candidate has an edge over Pfizer's. Although Pfizer hardly budged, Sarepta shares jumped 17.2% higher as of 3:47 p.m. EST on Friday. Last October, Sarepta showed us data from the first four evaluable DMD patients in a study with AAVrh74.MHCK7.micro-dystrophin, a treatment that uses an adenovirus vector to deliver a portion of the dystrophin gene and a promoter called MHCK7 that promotes its expression. Sarepta reported robust expression of micro-dystrophin that appeared to allow the entire dystrophin complex to function normally and protect muscles from deteriorating with every movement. Image source: Getty Images. Pfizer's DMD gene therapy candidate PF-06939926 has a similar mode of action but uses a different mini-dystrophin gene, gene promoter, and viral vector to deliver the goods. There weren't any serious side effects among all four patients treated with Sarepta's therapy, but Pfizer's safety data was troubling, to say the least. Among the six boys treated with Pfizer's candidate, one was hospitalized with severe vomiting symptoms and another developed a life-threatening immune reaction that left him in the hospital for 11 days with kidneys that couldn't function on their own. Pfizer noted that the patient hospitalized with a severe immune response wasn't being monitored as closely as he could have been, and the company will pause development of PF-06939926 while developing a risk-mitigation strategy to prevent this from happening again. If the dosage that led to severe side effects turns out to simply be too strong for safety, Pfizer's gene therapy candidate could have ahard time competingagainst Sarepta's with a lower dosage. Average micro-dystrophin production among four patients treated with Sarepta's candidate safely reached 81% of muscle fibers, while just 38% of muscle fibers showed mini-dystrophin production after a lower dose of Pfizer's candidate. These weren't head-to-head studies, so any comparisons need to be taken with a grain of salt. That said, it looks like Sarepta's DMD gene therapy is firmly in the lead. More From The Motley Fool • 10 Best Stocks to Buy Today • The $16,728 Social Security Bonus You Cannot Afford to Miss • 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) • What Is an ETF? • 5 Recession-Proof Stocks • How to Beat the Market Cory Renauerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy.
Best golf polos for men Golf apparel has never looked better. While the beauty of the game has stayed the same, fashions have experienced a reinvention that marries function with style. The traditional players uniform of heavy knit polo shirts, chinos and clunky golf shoes are a thing of the past, in favour of attire that’s both comfortable and helps you keep cool in warmer temperatures. ALSO SEE: The best Canada Days sales to take advantage of this long weekend We’ve rounded up some of our favourite polos so your style points stay high, while your handicap stays low. Lululemon Drysense Polo Drysense Polo. Available in two colours. Image via Lululemon. Made with Silverescent® technology, this performance polo is made from the same material as your favourite work-out gear that prevents odour causing bacteria. SHOP IT: Lululemon, $98 Waggle Men’s Flamingo Sunrise Short Sleeve Polo Image via Waggle. Waggle’s colourful polos are perfect for the player looking to stand out on the fairway. Available in a variety of colourful patterns (parrots, turtles, sharks) these polos may turn heads, but are made from the same moisture-wicking, antibacterial, breathable fabrics the game requires. SHOP IT: Golftown, $85 Adidas Ultimate365 Heathered Stripe Polo Shirt Available in six colours. Image via Adidas. This must-have polo features four-way stretch for full range of motion so you can practice your swing with ease. Another benefit? Aside from the moisture-wicking material to keep you dry, this shirt is UPF 50+, meaning you’re protected from approximately 98 per cent of the sun’s harmful UV rays all day long. SHOP IT: Adidas, $85 Bad Birdie Men’s Superlit Short Sleeve Polo Image via Bad Birdie. Keeping with the trend of polos that will get you noticed, Bad Birdie is a brand dedicated to making the “sickest” polos in the golf world. This ‘90s inspired print may conjur major “Saved By the Bell” vibes, but it won’t leave you sweating thanks to its moisture-wicking material. SHOP IT: Golftown, $95 Mizzen + Main Phil Mickelson Golf Polo Phil Mickelson Golf Polo. Image via Mizzen + Main. This classic polo has everything you need to channel golf legend Phil Mickelson on the green. Mickelson partnered with Mizzen + Main to design this polo made from ultra-soft performance fabric, that features extra room in the chest and body and cooling technology to avoid excess sweat and odour. Along with the Mickelson logo, this polo keeps you protected with a UPF 30+. Story continues SHOP IT: Mizzen + Main, $116 CALLAWAY X Asymmetrical Performance Polo Asymmetrical Performance Polo in Dusty Blue. Image via Nordstrom. CALLAWAY X delivers everything you’ve come to love from the brand, with a European design twist. This stylish polo is a great option whether you’re on or off the course, thanks to its wicking-knit material that will keep you feeling as cool as you look. SHOP IT: Nordstrom, $85 Under Armour Golf Men’s Performance Textured 2.0 Polo Under Armour polo available in three colours. Image via Sportchek. The newly redesigned Under Armour polo is here and lighter than ever. Made from anti-pick, anti-pill fabric, this revamped polo is moisture-wicking, anti-odour, has four-way stretch and is UPF30 to keep you safe from the sun. SHOP IT: Sportchek, $70 Nike Dri-FIT Tiger Woods Vapor Nike Dri-FIT Tiger Woods Vapor. Available in two colours. Image via Nike. To mock-neck, or not to mock-neck? That is the question all golf lovers are asking after Woods’s win at Augusta. A modern alternative to the polo, this shirt is made from stretchy, moisture-wicking fabric in two colours, red and black. SHOP IT: Nike, $100 The editors at Yahoo Lifestyle Canada are committed to finding you the best products at the best prices. At times, we may receive a share from purchases made via links on this page. Let us know what you think by commenting below and tweeting @ YahooStyleCA! Follow us on Twitter and Instagram .
Jony Ive's departure from Apple 'leaves a major void in terms of innovation' Apple (AAPL) shares slipped on Thursday asJony Ive announced Wednesday his decision to leave the tech giant later this year. The departure of the company’s long-time chief design officer sparked mixed reactions from investors. “The reality is, next to Jobs, no one had more of an influence in building the iconic Apple brand than Jony,” Wedbush Securities Equity Research Managing Director Dan Ives told Yahoo Finance. “It definitely leaves a major void in terms of innovation in Cupertino.” When speaking to investors, Ives explained the key concern for investors is innovation going forward, “the question is what the next step is. It puts more pressure on Cook and Apple to be successful in services.” Ive’s biggest achievement was the iPhone design. A majority of Apple’s profits and revenue for the next five to eight years will still stem from iPhone sales, said Ives, noting that even though services is becoming more important and “the linchpin to Apple’s valuation and growth going forward... They need to continue to put a fence around their backyard in terms of hardware innovation.” Hardware is critical right now “in terms of the one-two punch with services,” especially with the introduction of 5G, said Ives. “Now they’re doing it without the pilot on the plane, in terms of Jony.” D.A. Davidson Senior Research Analyst Tom Forte believes Ive’s departure isn’t going to be too damaging to Apple. Ive’s departure is less impactful than it would have been five or 10 years ago, Forte told Yahoo Finance. “Apple's working on becoming less dependent on the smartphone. They're working on getting heavier into content, into advertising, into services.” Forte believes Apple is at a “pivot point,” as it branches out to more services and the tech giant has what it takes to go into the next era “even with, potentially, this transition for Jony Ive to a consultant from employee.” (Apple will be Ive’s new design company’s first client.) When it comes to competition in the services space, Forte believes it’s a multi-pronged approach for Apple. Forte explained to Yahoo Finance that rather than trying to find a new product or service that will replace their smartphones, the tech giant will focus on other initiatives. “I look at content. I look at health care. I think that collectively, that can enable Apple to sustain sales growth, despite the maturity of the smartphone category,” he said. “And content will play a role there. But again, part of a consolidated effort.” Taylor Locke is a producer for Yahoo Finance. You can follow her on Twitter@itstaylorlocke. Read the latest financial and business news from Yahoo Finance Watch the full interview with Tom Forte here Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit.
Why CalAmp, Sarepta Therapeutics, and Motorcar Parts of America Jumped Today Friday marked the last trading day of the first half of 2019, and most major benchmarks finished an impressive start to the year by posting modest gains. There's still plenty of uncertainty in the financial markets, with geopolitical risk from trade tensions and other conflicts threatening to put a stop to the 10-year-old bull market. Yet investors seem reasonably comfortable with risk levels, and good news from certain companies was noteworthy. CalAmp (NASDAQ: CAMP) , Sarepta Therapeutics (NASDAQ: SRPT) , and Motorcar Parts of America (NASDAQ: MPAA) were among the top performers. Here's why they did so well. CalAmp gains momentum Shares of CalAmp rose 12% after the provider of connectivity solutions in the tech sector reported its fiscal first-quarter results. CalAmp took a 6% hit on its top line, as sales of its telematics systems product line were sharply lower from year-earlier levels. However, the company's move toward recurring revenue picked up steam: Software and subscription services revenue soared almost 40% over the same period. As CEO Michael Burdiek described it, "The integration of our recent acquisitions is progressing well, with identified incremental revenue synergies that we believe will further bolster our software-as-a-service business expansion." Shareholders are hopeful that CalAmp is on the right track , and now the company just needs to stay the course and work itself back toward profitability in the long run. Row of vans parked on concrete, with CalAmp logo and slogan. Image source: CalAmp. Sarepta wins by default Sarepta Therapeutics saw its stock soar 17% following disappointing news from a competitor seeking to serve the same patient market. Pfizer said that an early study of an experimental gene therapty to treat a rare muscle disease showed some promising results, but safety concerns also arose after a couple of patients had to visit medical facilities after taking the treatment. Sarepta hopes that its own Exondys 51 treatment for Duchenne muscular dystrophy will prove superior. It'll take a while for Sarepta's study results to become available, but shareholders are optimistic that Exondys 51 will avoid the concerns that Pfizer's drug has raised. Story continues Motorcar drives ahead Finally, shares of Motorcar Parts of America gained 16%. The provider of aftermarket auto parts reported that its revenue during the fiscal fourth quarter rose 8% from the previous year's period, helping to lift adjusted net income by about 14% year over year. CEO Selwyn Joffe pointed to developments in the heavy-duty aftermarket and diagnostic testing niches and believes that electric vehicles will provide a new opportunity for Motorcar Parts to exploit. The company's guidance seemed upbeat, but the real question will be whether Motorcar Parts can actually capture and hang onto more than its fair share of the parts market. More From The Motley Fool 10 Best Stocks to Buy Today The $16,728 Social Security Bonus You Cannot Afford to Miss 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) What Is an ETF? 5 Recession-Proof Stocks How to Beat the Market Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool recommends CalAmp. The Motley Fool has a disclosure policy .
Shay Mitchell Announces Shes Pregnant, With a YouTube Original Series to Follow Her Path to Motherhood Click here to read the full article. Actress and YouTuber Shay Mitchell revealed on social media Friday that she is six months pregnant with her first child with boyfriend Matte Babel and her pregnancy journey will be documented in an original series on YouTube . The biweekly YouTube original series Almost Ready will premiere every other Wednesday starting July 17 on Mitchells YouTube channel and will be free to view (its not part of YouTube Premium). The show will follow her as she eats for two, continues the endless hunt for non-alcoholic wine and lathers herself in every oil known to humanity on her journey to motherhood. Related stories YouTube Head of Scripted Jon Wax in Talks to Join Amazon Studios Gaming YouTuber Desmond 'Etika' Amofah Found Dead, NYPD Says YouTube Hires Consultant Martin Kon as VP of Strategy Mitchell, 32, previously starred in Freeforms Pretty Little Liars and appeared in Netflix series You. Shes also joined the cast of upcoming Hulu comedy series Dollface with Kat Dennings and Brenda Song. Her pregnancy announcement comes after she shared with followers in January that she had experienced a miscarriage last year. About why she decided to document her pregnancy in a YouTube series, Mitchell said in a statement, Women go through a lot during pregnancy. Its exciting, difficult, emotional and amazing all at the same time, and I wanted to share my journey with more than just a photo. YouTube original series Almost Ready will run for six episodes total running through Sept. 25 so its slated to include the birth of Mitchell and Babels baby. In a YouTube video announcing her pregnancy, Mitchell wrote in the description that Everyone waits for the right time to make the announcement and for me it wasnt until I couldnt hide it anymore and was tired of wearing oversized sweatshirts. Were beyond excited and looking forward to starting a family. Ive learned so much about myself and parenthood over the past 6 months, and feel like I havent even scratched the surface! Its going to be a wild ride!! Story continues She also posted a stylized photo of herself shirtless on Instagram on Friday, showing off her baby bump: View this post on Instagram Does this mean Im allowed to drive in the car pool lane at all times now? A post shared by Shay Mitchell (@shaymitchell) on Jun 28, 2019 at 12:26pm PDT Mitchell is repped by UTA. Almost Ready will be executive produced by Eli Holzman and Aaron Saidman for Industrial Medias Intellectual Property Corp. (IPC), alongside Shay Mitchell and Matte Babel and executive producer and showrunner Tracy Wares. Watch Mitchells pregnancy announcement video: Sign up for Varietys Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram .
Chick-Fil-A employee rushes to save choking boy A heroic teenage boy went above and beyond, jumping out of the drive-thru window during his shift at Chick-Fil-A to save a childs life. On Tuesday afternoon, at about 5:40 p.m., Logan Simmons, who works in a Chick-Fil-A branch in Flowery Branch, Ga., spotted a child choking on his seatbelt in a nearby car and immediately rushed to help. "I just jumped out the window and ran straight down to the car," Simmons said in an interview with WSB-TV 2 Atlanta . According to the Atlanta channel, the teen proceeded to jump into the car in the drive-thru lane, where he saw a boy with his seatbelt tangled around his neck. The channel reported that his mother was begging for help. Simmons pulled out his pocketknife and cut the boy free, saving his life. You could see he was turning red and losing pigmentation in his face," he told WSB-TV. In a quote provided to Yahoo Lifestyle by Chick-Fil-A, Simmons says hes glad he was able to help. Im just so thankful everyone is okay, he stated. As soon as I realized what was going on, all I could think about was getting to the car as quickly as possible, so I jumped through the window. Im still a little shocked by what happened, but Im grateful I was able to help. WSB-TV recounted how the childs mother called him about an hour following the incident to thank him for saving her sons life. Meanwhile, Simmonss own mother, Teri, was shocked that her son was able to maintain such composure in a stressful situation. Im amazed he didnt panic. As his mother, I would have panicked. Id be running around going, 'Oh my gosh! What do we do?' she told the Atlanta channel. Simmons isnt the only Chick-Fil-A employee to go the extra mile for patrons. In April, a branch broke the chains tradition of staying closed on Sundays to hand-deliver chicken nuggets to a boy with a brain tumor. Another Chick-Fil-A did something similar in January 2019, opening a store on a Sunday for a boy with special needs to fulfill his birthday wish. Story continues Read more from Yahoo Lifestyle: Chick-fil-A delivers nuggets, breaking Sunday rule, for boy with brain tumor Chick-fil-A store opens on Sunday so boy with special needs can fulfill his birthday wish Woman writes viral post about 'staged' social media: 'Mamas, don't compare yourself' Follow us on Instagram , Facebook , and Twitter for nonstop inspiration delivered fresh to your feed, every day.
It's official: Katharine McPhee marries David Foster David Foster and Katharine McPhee are now husband and wife. (Photo: Phillip Faraone/FilmMagic) Singer and actress Katharine McPhee and music executive David Foster married before 150 loved ones Friday at the church of St. Yeghiche in Londons South Kensington district. The bride wore a gown designed by Zac Posen, while Stefano Ricci furnished the grooms tuxedo, according to People . McPhee, 35, confirmed hours before Fridays ceremony that she would wed 69-year-old Foster shortly. She and Fosters adult daughters, Erin and Sara Foster, had shared snapshots of their time in Englands capital city for the event. View this post on Instagram A post shared by Katharine McPhee (@katharinemcphee) on Jun 28, 2019 at 9:53am PDT McPhee posted photos of what she did before the nuptials, too. Katharine McPhee beautifies before her wedding to David Foster. (Photo: Katharine McPhee via Instagram) Katharine McPhee mingles with her family during her wedding celebration. (Photo: Katharine McPhee via Instagram) McPhee and Foster met when she competed on American Idol in 2006, and he was a mentor to the contestants. They worked together on multiple music projects afterward. By 2017, they were denying rumors that they were dating. However, they confirmed their relationship when they attended the Met Gala together in May 2018. Then, McPhee addressed speculation about their romance in September, when she she told People , It doesnt make sense to a lot of people, but it does to us. Foster, for his part, has said that it helps that both are in the music industry, because they better understand one another. McPhee was previously married to Nick Cokas in 2008, but they split in 2014. This is the fifth trip down the aisle for Foster, whose former wives include Linda Thompson, the mother of The Hills: New Beginnings star Brody Jenner, and Yolanda Hadid, whos known for her role on The Real Housewives of Beverly Hills and for being mom to models Bella and Gigi Hadid. Read more on Yahoo Entertainment: The big meaning behind Demi Lovato's tiny, new tattoo Jake Gyllenhaal argues Sean Paul 'makes every song better,' delighting the internet Items from Disneyland's 'Star Wars': Galaxy's Edge are popping up on resale sites Want daily pop culture news delivered to your inbox? Sign up here for Yahoo Entertainment & Lifestyle's newsletter.
Trade War Be Damned, Apple Is Moving Its Mac Pro Production to China Applewill manufacture itsnew Mac Pro computerin China, moving production of what had been its only major device assembled in the U.S., according to a person familiar with the company’s plans. The company will use Quanta Computer to make the $6,000 desktop computer and is ramping up production at a factory near Shanghai, according to the person, who asked not to be identified speaking about Apple’s decision-making.The Wall Street Journalearlier Friday reported the manufacturing move. The news comes as China and the U.S. areembroiled in a trade war, with the Trump administration having imposed billions of dollars in tariffs on Chinese-made goods, and threatening more tariffs that would hit Apple products. Chinese President Xi Jinping and U.S. President Donald Trump are scheduled to discuss the tariffs at a highly anticipated meeting Saturday during the Group of 20 summit in Japan. Trump has called out Apple specifically in the past asking it to move more of its production from China to the U.S. Apple shares fell less than 1% to $198.35 at 1:34 p.m. in New York. The iPhone maker announced late Thursday that Jony Ive, its chief designer associated with the company’s iconic products including the smartphone, Mac computer, and Apple Watch, would soon be leaving the company. “Like all of our products, the new Mac Pro is designed and engineered in California and includes components from several countries including the United States,” Apple said in a statement. “We’re proud to support manufacturing facilities in 30 U.S. states and last year we spent $60 billion with over 9,000 suppliers across the US. Our investment and innovation supports 2 million American jobs. Final assembly is only one part of the manufacturing process.” By producing the Mac Pro at Quanta’s facility, which is close to other Apple suppliers around Asia, it will allow Apple to take advantage of lower shipping costs than if it shipped components to the U.S., theJournalsaid. For the last Mac Pro introducedin 2013, Apple Chief Executive Officer Tim Cook made a show of manufacturing the computer in Austin, Texas, as part of the company’s $100 million Made-in-the-USA push. Apple announced late last year it would invest $1 billion to expand its operations there with a new employee campus. But the Mac Pro caused production headaches, which slowed manufacturing and constrained Apple’s ability to make enough computers to meet demand. Three years later, some Apple engineers raised the possibility of moving production back to Asia, where it is cheaper and manufacturers have the required skills for ambitious products, a person familiar with the discussions told Bloomberg at the time. The Mac Pro is Apple’s lowest-volume product, however the decision on where to make it comes at a particularly sensitive time. For more than a year, Apple avoided major damage from the U.S. trade war with China, thanks in part to a White House charm offensive by Cook. But the recent round of tariffs proposed by the U.S. includes mobile phones, such as the iPhone, Apple’s most-important product that is made almost entirely in China. Laptops and tablets may also be encumbered with the 25% import levy. Cook urged the Trump administration not to proceed with the latest round of tariffs, saying it would reduce the company’s contribution to the U.S. economy. Apple spent decades building one of the largest supply chains in the world. The company designs and sells most of its products in the U.S., but imports them from China after assembly. That makes it one of the most exposed companies to tariffs. The company may also be evaluating moving some production out of China to elsewhere in Asia, according to a recent Nikkei report. —The fall and rise of VR: The struggle tomake virtual reality get real —“It’s just lazy”: Current’s CEO onFacebookCalibra’s similar logo —Slack went publicwithout an IPO. Here’s how a direct offering works —Welcome to the next generation ofcorporate phishing scams —Listen to our new audio briefing,Fortune500 Daily Catch up withData Sheet,Fortune‘s daily digest on the business of tech.

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