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Oregon Democrats demand investigation into Republican state senator who threatened to kill a police officer Democrats in Oregon are demanding that a Republican state senator who threatened police be investigated. A memo from an outside law firm retained by Oregons state legislature recommended that Brian Boquist, who made national news when he threatened state police last week, be barred from the courthouse until those threats were investigated. According to the Associated Press , several staff members recorded in the memo that they were fearful and scared to come to work. This member threatened to kill an Oregon state trooper, said senator Shemia Fagan, a Democrat. If thats not unacceptable, then what is unacceptable? A formal complaint has also been filed against Mr Boquist, which will be heard at a special committee meeting in July. At a news conference last week, senate minority leader Herman Baertschiger refused to characterise Mr Boquists comments as inappropriate, saying his words were simply unhelpful. The saga began last month when Republicans in Oregons senate walked out to avoid voting on a proposed cap and trade bill to reduce the states fossil fuel emissions, in an effort to battle climate change . In response, Oregon governor Kate Brown ordered the state police to round up the eleven fugitive senators, who were thought to have fled to neighbouring Idaho. Boquist, one of the hiding republicans, told reporters that his message for the state police was to send bachelors and come heavily armed. He later clarified that he was indeed threatening harm, after a reporter cited his comments as thinly veiled threats. Nothing thinly veiled, senator Boquist wrote in an email to an Oregon newspaper. I have been in political coup attempts. I have been held hostage overseas. I have been jailed politically overseas...Not going to be arrested as a political prisoner in Oregon period. The Republicans did eventually return after a week away, but legislature was this time delayed by Democrats, whose requests for senator Boquist to be barred from the floor due to his threats were denied. Story continues Senator Sara Gelser, a Democrat, said Saturday that she would not appear in the chamber if Mr Boquist was present. Citing her disappointment in state senate leadership, she entered the courthouse only after the Republican left the building on Sunday. A separate memo from the states interim human resources director said only the full senate can take action against one of its members. Ms Gelser maintains that leadership was more focused on pushing through policy bills before the legislative session ended at midnight on Sunday night than attending to safety concerns. There has to be a point at which we are willing to ... have a rocky floor session if thats what it takes to make things better, she said. People deserve to be safe. Mr Boquist told the Associated Press that he had not spoken to Ms Gelser about the matter. He said he was unaware of the formal complaint until seeing news reports on the situation.
Introducing Bank of Hawaii (NYSE:BOH), A Stock That Climbed 40% In The Last Five Years Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! These days it's easy to simply buy an index fund, and your returns should (roughly) match the market. But the truth is, you can make significant gains if you buy good quality businesses at the right price. For example, theBank of Hawaii Corporation(NYSE:BOH) share price is up 40% in the last five years, slightly above the market return. Zooming in, the stock is actually down 0.6% in the last year. See our latest analysis for Bank of Hawaii In his essayThe Superinvestors of Graham-and-DoddsvilleWarren Buffett described how share prices do not always rationally reflect the value of a business. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). During five years of share price growth, Bank of Hawaii achieved compound earnings per share (EPS) growth of 9.4% per year. This EPS growth is higher than the 6.9% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock. The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers). We know that Bank of Hawaii has improved its bottom line lately, but is it going to grow revenue? Thisfreereport showing analyst revenue forecastsshould help you figure out if the EPS growth can be sustained. When looking at investment returns, it is important to consider the difference betweentotal shareholder return(TSR) andshare price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of Bank of Hawaii, it has a TSR of 61% for the last 5 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence! Bank of Hawaii shareholders gained a total return of 2.5% during the year. Unfortunately this falls short of the market return. It's probably a good sign that the company has an even better long term track record, having provided shareholders with an annual TSR of 9.9% over five years. Maybe the share price is just taking a breather while the business executes on its growth strategy. If you would like to research Bank of Hawaii in more detail then you might want totake a look at whether insiders have been buying or selling shares in the company. If you are like me, then you willnotwant to miss thisfreelist of growing companies that insiders are buying. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Priyanka Chopra and Nick Jonas Went High Fashion for the Dior Couture Show Photo credit: Getty Images From ELLE Priyanka Chopra and Nick Jonas returned to Paris on Monday after attending Sophie Turner and Joe Jonas' weekend wedding in Provence to sit front row at Christian Dior's couture show. The couple was shot arriving at the show in Paris, both dressed in high-fashion statement looks. Chopra wore a flowing emerald gown with a slit front and Christian Dior belt. Jonas, meanwhile, stepped out in a black jacket with a grey rose on it, matching pants, and a grey collared top. Chopra held his arm while they were out in the street: Photo credit: Getty Images Chopra and Jonas were last seen out at Turner's wedding on Saturday. Jonas wore a black suit while Chopra wore a gorgeous pink saree gown. Chopra shared a cuddly photo of her and Jonas dressed up during Turner and Jonas' pre-wedding festivities three days ago, captioning it, "It’s in the air.. ❤️" View this post on Instagram It’s in the air.. ❤️ A post shared by Priyanka Chopra Jonas (@priyankachopra) on Jun 27, 2019 at 1:52pm PDT At this point, no members of the family have shared photos from the actual wedding ceremony. Chopra spoke a little about her wedding versus Turner and Joe Jonas' before. She explained that their vastly different wedding were reflective of Joe and Nick Jonas' very different personalities. (Chopra and Nick Jonas got married in a multi-day wedding in India, where they had a Christian and Hindu ceremony while Turner and Joe Jonas had a Las Vegas quickie wedding presided by an Elvis impersonator to get married legally before their more traditional French wedding this weekend.) “It’s exactly who and what we stand for," Chopra said of their very different weddings shortly after the Las Vegas ceremony. "Nick and Joe both are so different but are best friends, and that’s what’s beautiful about their relationships. And you can see that in the weddings as well. It was very reflective of the two of them and us as couples, you know?” ('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
Swiss stock ban upends trading flows as bourse rift deepens ZURICH/LONDON (Reuters) - Swiss stocks traded without major glitches as flows shifted to the domestic bourse from European Union exchanges on Monday, the first day they were banned from trading on platforms within the bloc amid a deepening rift between Switzerland and Brussels. Eleven of Switzerland's top 20 stocks by market capitalisation including Nestle, Roche, Credit Suisse and Novartis saw below-average volumes across all trading platforms, an analysis of Refinitiv data showed. But 15 of the top 20 by market size experienced a big jump in the amount of activity registered on the Swiss stock exchange, SIX. If the trend is sustained, that would suggest the domestic bourse will benefit from the blockade, but it will stir concerns that some investors will steer clear of the Swiss market as a whole as the heated row over a stalled partnership treaty deepens. Brussels blocked the trading of Swiss shares on EU exchanges after talks to resolve a dispute over the treaty collapsed last month. The Swiss government retaliated last week forbidding access to its stock markets. "There's going to be some Swiss equivalency shift demand shift in there," said one London trader noting that flows may also be skewed because it was the first trading day of the month, quarter and H2. A buying spree also swept European stocks due to fresh optimism about a resolution to the U.S.-China trade dispute. "But I think it may become clearer to see going forward," he said. The ban means major institutional investors, which have access to SIX, move their business there, trade over-the-counter or use some investment banks' own internal trading platforms, called "systematic internalisers". Smaller asset managers without access to exchanges would have to use their brokers to do so, adding to costs and making executing trades more complicated. Many investors see the escalating dispute as a test of how Brussels will treat Britain as it negotiates its exit from the EU. Switzerland has said market equivalence is a technical matter that should be not used to make a political point. On the whole though, dealers and fund managers said they did not see a major disruption in trading or immediate impact on prices. Gilles Guibout, fund manager at AXA Investment Managers in Paris, said his company had made a "few adjustments" but nothing fundamentally different to continue to trade Swiss shares. A spokesman for the Swiss stock exchange said trading was "unremarkable". "Brokers and banks are set up to do it. So it's not a massive issue and it doesn't restrict liquidity particularly," said Edmund Shing, global head of equity derivatives strategy at BNP Paribas. Last week, many European stock investors and brokers rushed to find workarounds before the measures were put in place to avoid any disruption. EU exchanges would typically see almost a third of the volume in Zurich-listed shares. UNFAZED BUT FLOWS CHANGE Even as fund managers, dealers and other investors appeared unfazed by the move into uncharted territory, an analysis of the trading volumes showed how the ban has already upended some flows. For instance, at the close in Zurich, some 1.5 million shares in pharmaceuticals company Roche had traded on SIX, which was some 10% above the 30-day daily average. Total activity in the stock across all venues was 1.96 million shares, just two thirds of the average. In Credit Suisse, SIX volumes accounted for 10% more than usual, but overall volumes in the stock were just 84% of the average. There were exceptions, with stocks drawing greater interest as investors piled into assets considered riskier after Washington and Beijing agreed on Saturday to resume trade talks, averting a further escalation of a protracted dispute. For instance, UBS saw a quarter more volume on SIX than usual and total volumes were in line with the average. The bank is also listed in the United States. The Swiss Market Index ended the day up 0.7%, in line with the broader European market. [.EU] The index has a market capitalisation of about 1.1 trillion euros ($1.3 trillion), more than 10% of the pan European STOXX 600 index's total. (Reporting by Michael Shields in Zurich, Danilo Masoni in Milan, Thyagaraju Adinarayan and Josephine Mason in London; additional reporting by Paul Arnold and Oliver Hirt in Zurich, Hakan Ersen in Frankfurt and Helen Reid in London; Writing by Josephine Mason in London; Editing by John Miller, Larry King and Frances Kerry)
Big Brother Fans Are Petitioning to Get This Player Expelled From the Show Photo credit: Getty Images From Oprah Magazine Big Brother 21's Jack Matthews is being labeled as racist and the "villain" of the season by fans thanks to live feeds. He's repeatedly verbally attacked another houseguest named Kemi Faknule , in addition to others. There is currently a petition created by fans to have him expelled from the show. Just last week, Big Brother 21 fans were affectionately referring to cast member Jack Matthews as their very own BB Jason Momoa , but in just a matter of days, the tides have swiftly shifted—all thanks to the live feeds. Now, he has a Change.org petition created against him, with fans calling for him to be expelled from the game. (But more on that later). Aside from CBS's weekly broadcasted episodes, the show's 24/7 live feeds are a way for super fans to get a candid look at the goings-ons of the house. And as soon as they were available, it became apparent that there was more to Matthews than his Aquaman-esque looks, as he's repeatedly made what seem to be unfounded personal attasks (often tinged with prejudice) against fellow cast-mates. Some of his more pointed remarks? When talking about houseguest Jessica Milagros , he said, "I flirt with her just to make her feel good about herself." Earth to Jack: Milagros is married . Oh, and did we mention she's a pretty successful model, too? We think she's good on the confidence front. He also seemed to mockingly refer to her as "Consuela" when chatting with other houseguests. (Milagros is Puerto Rican). i can't tell if he meant kathryn or jessica but either way he's an idiot and i hate him 🤡 #bb21 pic.twitter.com/b9iGjfTzBS — ᴛᴍʙ #BB21 (@evictionnominee) July 1, 2019 Ovi Kabir, 22, is also often on the receiving end of Matthews' behind-the-back comments. In one instance, the fitness trainer appeared to compliment the college student by acknowledging he looked "swole," only to call him a "douche" as soon as he was out of the room. He's also reportedly called Kabir "fat," and said he'd like to see Kathryn Dunn nominated for eviction "so she would melt in her own st for another week and it would be fun to watch." Story continues pic.twitter.com/wVePdWrbQp — Broooklyn (@wheat_brooklyn) June 30, 2019 Calling Jess and Kemi maggots, & saying she’s toxic even though she did NOTHING. pic.twitter.com/ciRDjdTRGR — Broooklyn (@wheat_brooklyn) June 30, 2019 But what has fans really up in arms are his constant attacks against 25-year-old Kemi Faknule . He repeatedly calls her a "b" to other houseguests, says he hates her, called her "f** poison" and "the second dumbest Big Brother player in history." Oh, and there's this: Jack on the next noms: It's Kat & Kemi. Kat stays & Kemi goes home. And it won't even be a backdoor. It's like, bitch you're fucking going up & you can play for your veto but I'mma fuck you up....GOD DUDE she gets me SO hyped...I fuckin hate.. #BB21 pic.twitter.com/7yvRDP8wvr — Tooms (@Tooms_BB) June 30, 2019 But what has fans especially up in arms, causing them to create the Change.org petition, is his declaration that, "F**g Kemi makes me want to f****g stomp a mud hole right through her chest," a remark he attempted to water down by saying he took that signature line from BB20 's Sam Bledsoe. Change.org is calling for 200 signatures and as of publish time, it has 155 and counting. Jack says he wants to stomp a mudhole in Kemi's chest. Jack: I have been putting nothing but negative energy in... I feel like I was partly the sole reason of why we thought about putting her on the block. So this' what I get for doing it. #bb21 pic.twitter.com/36yrmYG8tD — [SMEG] #BB21 (@girlsmeg) July 1, 2019 "Jack Matthews has said numerous racist things and has been very aggressive towards the only black woman in the Big Brother house, including saying he wants to “stomp a mud hole through her chest. He needs to be expelled for Kemi’s safety and to show that it’s not okay to be racist in 2019, especially on tv," the petition says. Oh, and if you want to see more of Matthews' antics, catch them at this Twitter thread. And while it's completely normal for houseguests to not like one another, based off feeds, he and Faknule have extremely limited conversation. When they do talk, it's typical game play, and Matthews has never directly told her that he has any sort of problem—though she's picked up on his dicey behavior herself. Kemi tells Nicole and Jessica how Jack drops small info to manipulate her even though she knows he’s trying to get her backdoored. She then makes fun of how Jack told her he was “tall, dark, and handsome” 😂👏🏽👏🏽👏🏽 Jack is clearly the clueless one, not Kemi #bb21 pic.twitter.com/zMdq36seKe — BB Feeds (@VOMinorities) June 30, 2019 Thanks to all of the above, Matthew is being referred to as the season's villain, though this viewer believes his behavior goes beyond a typical "bad boy" character arc on a TV show. He himself admitted that his reasons for disliking Kemi are personal , and his comments about other houseguests seem to go beyond game play as well, with fans categorizing his actions as racist, body shaming, and just plain malicious bullying. This is by no means the first time BB has had a character or two that earns the ire of viewers. BB15 is notorious for its blatant racism, while many felt BB19 's Paul Abrahamian lead a majority alliance of bullies , while in that same season Cody Nickson made some questionable remarks about transgender people and the Ferguson riots . So far, CBS has made no official comment in regards to Matthews's behavior, but the show's casting director Robyn Kass did take to Twitter to respond to a fan that said she would stop watching because Matthews "literally makes me sick." If he is literally making u sick, that would be a wise choice. — Robyn Kass (@Kassting) July 1, 2019 "If he is literally making u sick, that would be a wise choice," Kass said. It'll be interesting to see if his harsh words make it to CBS's network broadcasts, or if they even start to catch up with him in the game. Only time will tell. For more stories like this, sign up for our newsletter .
Top ETF Stories of 1H The first-half of 2019 was upbeat for Wall Street thanks to a dovish Fed despite trade war worries. The S&P 500, the Dow Jones and the Nasdaq Composite gained about 17.4%, 13.9% and 20.7%, respectively. Let’s take a look at the key happenings of the ETF world in the first half. Peaks and Troughs of Trade Tensions In the first quarter, there were signs of improvement in the year-long trade tensions between the United States and China. However, things turned sour in May. The Trump administration lifted tariffs on $200 billion worth of Chinese goods from 10% to 25% from May 10 and then banned Chinese firm Huawei Technologies and 26 of its affiliates from doing business with American companies. China also retaliated the move with increased tariff from Jun 1. Not only this, Trump had announced tariffs of 5% on all goods imported from Mexico in order to curb illegal immigration from Jun 10. While disputes with Mexico resolved later on, terms with China also showed signs of improvement at the end of June. Trump decided to allow Huawei Technologies Co. to buy some products from U.S. suppliers (read: After China, US Hits Mexico With Tariffs: ETFs Under Threat). Emergence of Recession Jitters Cuts in economic growth projections by the Fed in the first quarter and its benign rate outlookas well as global growth worries amid trade war sparked off recessionary fears.Parts of the U.S. treasury yield curve inverted, causing steep selloffs in the market in late March and May. In both periods, treasuries outperformed the broader market andiShares 20+ Year Treasury Bond ETFTLT was up 9.3% in the first half (read: Go for Safe-Haven ETFs Amid Rising Geopolitical Risks). Dovish Fed: Stock & Bond Rally The real reason behind the equity rally was a dovish Fed comment. Initially, the Fed had taken a patient outlook toward rate hikes while the U.S. central bank signaled rate cuts this year by the end of the first half. Because of a dovish Fed, both stock and bond markets rallied.PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded FundZROZ is up 14.1% this year, while the S&P 500 has advanced 17.3%. The S&P 500 logged the best first half in 22 years (read: Market-Beating Fixed Income ETFs of Q2). Trump to Tighten Sanctions on Iran Geopolitical tensions between Iran and the United States flared up lately after officials of both countries said the latter downed a U.S. military drone near the Strait of Hormuz.In any case, both countries have been in disagreement for about a year as the former put into effect sanctions against Iran’s key industries including energy. Defense ETFInvesco Aerospace & Defense ETFPPA (up 6%) thus beat the S&P 500 (up 5.5%) in the past month (read: Iran Downs U.S. Drone: Sector ETFs & Stocks to Gain). Gold at Six-Year High A dovish Fed and a safe-haven amid geopolitical concerns rally boosted the lure for gold ETFs. Gold prices are hovering around a six-year high currently and may hit more highs in the coming days. SPDR Gold Shares GLD is up 9.9% in the first half and the gold-mining ETFVanEck Vectors Gold Miners ETFGDX has added about 22% in the first half (read: Gold ETFs Likely to Rule 2H Irrespective of Fed Rate Cut). Longest Government Shutdown The United States witnessed a 35-day long partial federal government shutdown this winter, the longest on record. A deadlock in passing a spending bill, wherein Trump demanded $5.6 billion funding for a border wall that was being opposed by the Democrats, was the main reason for the shutdown. This said, the shutdown did not hurt Wall Street.iShares Edge MSCI USA Momentum Factor ETFMTUM was up 11% in the first quarter and 18.3% in the first half. Volley of IPOs A host of tech IPOs, namely Zoom and Pinterest, hit the market in April. Lyft went public in late March. Uber Technologies hit the market in May while Slack made it in June. Then there was Beyond Meat IPO in April and the stock came across as the “biggest-popping U.S. IPO since 2000”. All the euphoria has putRenaissance IPO ETFIPO in focus. The fund is up 36% this year (read: Blockbuster Beyond Meat IPO Puts These ETFs in Focus). Marijuana on a High Marijuana ETF gathered steam this year owing to its growing acceptance. Be it medical, food and beverage or cosmetics, marijuana is making its presence felt. Mergers and acquisitions have been rampant in the space, both across Canada and the United States. The legalization in Canada seems to be largely priced-in at the current level. But investors’ interest has been veering toward the United States where the industry is still in its nascent stage. Overall,ETFMG Alternative Harvest ETF MJhas added about 27% this year (read: Global X Files for Marijuana ETF). Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. 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 reportiShares Edge MSCI USA Momentum Factor ETF (MTUM): ETF Research ReportsSPDR Gold Shares (GLD): ETF Research ReportsiShares 20+ Year Treasury Bond ETF (TLT): ETF Research ReportsVanEck Vectors Gold Miners ETF (GDX): ETF Research ReportsInvesco Aerospace & Defense ETF (PPA): ETF Research ReportsRenaissance IPO ETF (IPO): ETF Research ReportsPIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF (ZROZ): ETF Research ReportsETFMG Alternative Harvest ETF (MJ): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant 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
Why Trump will likely reach a deal with China by the end of summer President Donald Trump will likely reach a deal with China this summer given his “deeply underwater polling in key 2020 states,” Pantheon Macroeconomics Chief Economist Ian Shepherdson writes in a new note. Trump has a net-zero ornegative approvalrating in eight crucial swing states that he won in 2016, including Iowa and Ohio, which arebig exporters of soybeans. Swing states are among the hardest hit by the trade war because of its impact on agriculture. Soybeans are China’s top agricultural import from the U.S., making up 52% of all U.S. agricultural exports to China, according to the U.S. Department of Agriculture. And the trade dispute has hit U.S. soybean exportshard. U.S. soybean exports to China weredown $8.7 billion (82%) from August 2018 to March 2019, compared with a year earlier, according to the Department of Agriculture. At the G20 Summit over the weekend, President Donald Trump and Chinese President Xi Jinping reached a truce. “We are right back on track,”Trumpsaid after the bilateral meeting. Trump backtracked on his threat to impose additional tariffs on Chinese goods and even gave permission to American companies to sell technology to Chinese tech giant Huawei. For its part, Chinahas agreed to start buying U.S. farm productsand other products that it had stopped purchasing because of the tariffs, Trump said Saturday. Trump’s tariff policies are facing political backlash. Byagreeingto purchase U.S. agriculture goods, China enabled Trump to “back down from his hollow threat to impose tariffs on Chinese consumer goods,” Shepherdson said in his recent note. Trump’s prior reversal after threateningtariffs on Mexicoindicates that “his legal freedom of room for maneuver on trade is subject to very real political limits. Republicans in the Senate offered zero support for Mexican tariffs, and the president caved,” Shepherdson writes. In the case of China, there is agreement among both Republicans and Democrats that China’s abusive trade practices and IP practices need to end, Shepherdson writes. But applying tariffs to Chinese consumer goods in order to pressure China into changing its ways lacks bipartisan support, he adds. “Imposing tariffs on Chinese consumer goods has no support from any U.S. politician who wants to be re-elected in a vaguely competitive House district or Senate seat,” Shepherdson writes. Follow Sibile Marcellus on@SibileTV More from Sibile: 2020 candidates view Trump’s broken promise to working Americans as path to beating him Democrats debate ‘who is this economy really working for?’ Here’s what graduates regret the most about college Women are about to reach a new workplace milestone Southern states that voted for Trump see lower incomes than rest of U.S.
Vegan, gluten-free options grow for Fourth of July barbecues When it comes to the Fourth of July, burgers and hot dogs on the grill, corn on the cob smothered in butter, and ice cream with apple pie are usually the images associated with the holiday. However, asmore Americans turnto a plant-based diet, foods made with meat, dairy and gluten can become less appealing, leaving a growing number of people feeling neglected at the cookout. The good news for the forgotten foodie is that meatless, vegan and gluten-free foods are becomingmore mainstreamas companies likeBeyond Meatare starting to stock grocery store shelves, withImpossible Foodsnot far behind, and fast-food chainsBurger Kingare offering meatless alternatives. Truly, it has never been easier to go meatless, dairy- and gluten-free this Fourth of July. Here's a look at the variety of products available on store shelves. Beyond Meat Beyond Meat products offer an alternative to all the classic meaty barbecue fixtures. Beyond Meat has ravingreviewssaying it tastes just like the real thing. Bonus: All of their products are also gluten-free. Using Beyond Burger patties, you can have premade burgers, or if you’re the do-it-yourself type, you can use Beyond Beef to make burgers, meatballs or sloppy joes for your Fourth BBQ. They also have hot Italian and brat Beyond sausages, which would pair nicely with a gluten-free bun. Gardein If you’re looking for a wider range of meals to prepare for your barbecue, Gardein products offer a range of options. From the classics like different styles of burgers to finger foods, they have it all, also gluten-free. In addition to burgers, Gardein has mini sliders in the black bean, beefless and chick’n varieties if you want a smaller patty. They also offer a variety of “chick’n” options, like tenders, patties and wings if that’s more your style. MorningStar Farms MorningStar products are looking to be completely vegan in two years but, for now, offer both veggie and vegan alternatives. Their chicken nuggets and corn dogs are perfect options for the kiddos at your barbecue. If the traditional veggie burger doesn’t fit your needs, MorningStar has 14 – yes 14 – different types of veggie burgers, as well as “chik” patties in place of chicken sandwiches. They also have buffalo wings if you’re feeling spicy. Lightlife Lightlife meatless hot dogs are recommended as the best meatless and gluten-free alternative by a meat-free member of the USA TODAY team in our Los Angeles bureau. They also have meatless burgers, sausages and chicken. Match Meat Match Meat has all the Fourth of July barbecue staples – burgers, chicken, sausage and even pork. But if you’re looking to get fancy, they also have a crab substitute, which Match claims impresses “even native New Englanders.” Bottle buyers beware:High levels of arsenic in bottled water sold at Whole Foods, Target, Walmart, study says Smartbun Your burger no longer has to be bunless. There are gluten-free options such as Smartbun. The Smart Baking Company also has a line of gluten-free desserts. Udi’s Udi’s has both hamburger and hot dog buns that are gluten-free. Wellaby’s Wellaby’s has all the gluten-free snacks perfect for firework appetizers, including crackers and pita chips. All their products are also nut-free. Beanfields Chips with dips or salsa are often a backyard barbecue must-have. Substitute Beanfields bean chips for tortilla or potato chips. They come in seven different flavors – from salt and vinegar to spicy nacho – and are also vegan. Hottest party in town:McCormick unveils all-in-one BBQ grill and DJ mixing station Vbites Vbites offers more than 100 meat, fish and dairy free products, including a variety of dairy-free cheeses perfect for topping salads and burgers, or just to go on top of a cracker. Vbites also has plenty of dairy-free desserts such as fudge and whipped cream so you don’t have to skip the fun. Earth Balance Butter and mayonnaise are two essential ingredients to any cookout. Earth Balance has dairy-free, vegan alternatives that ensure everyone can enjoy the buttery corn on the cob, homemade potato salad and any other creations you can whip up. JUST JUST offers vegan everything, including their line of salad dressings, mayos and cookie doughs – which you can either bake or eat raw without risking the salmonella because it doesn’t have eggs. Tofurky Moocho cheesecakes Tofurky's Moocho cheesecake line comes in three different flavors. If you’re not sure which one you’re going to like, they have a variety pack where you can try them all. They also offer a variety of meatless products. Ben & Jerry’s The classic ice cream company launched its non-dairy line of products in2016, which hasexpandedto 12 recreations of some of their signature flavors, including Cherry Garcia and Chunky Monkey. So Delicious If you’re the type of person who loves the basic ice cream flavors, So Delicious has the vanillas, chocolates and cookies and cream you’re looking for in their ice cream, which is made from a variety of dairy-free milks – almond, oat and coconut to name a few. Don’t worry, they have original flavors such as bananas foster and salted caramel cluster, too. So Delicious products are also gluten-free. FollowMadeline Purdueon Twitter. This article originally appeared on USA TODAY:Vegan, gluten-free options grow for Fourth of July barbecues
Wells Fargo Upgrades VICI After Acquisitions In Eldorado-Caesars Deal VICI Properties, Inc. (NYSE:VICI)’s acquisition of three casino properties from Harrah’s and lease changes as part of a casino industry megadeal makes the real estate investment trust company a good play, Wells Fargo said Monday. The Analyst Wells Fargo’sJeffrey Donnellyupgraded VICI from Market Perform to Outperform and raised the price target from $23 to $24.50. The Thesis VICI’s acquisition of the real estate assets of Harrah’s New Orleans, Harrah’s Laughlin and Harrah’s Atlantic City and changes to the casinos’ leases increases is positive for VICI, given its 6% earnings accretion, and because it boosts VICI’s rent base by more than $250 million and comes with several options for more purchases, Donnelly wrote in the note. VICI, which was spun off fromCaesars Entertainment Corp. (NASDAQ:CZR) in 2017, is purchasing the real estate assets of the three casino properties fromEldorado Resorts, Inc. (NASDAQ:ERI), as part ofEldorado’s .3 billion merger with Caesarsthat creates the world’s largest gaming company. In addition to getting the three new properties, VICI will also extend all leases of property to Caesars by 15 years under the $3.2 billion deal. It will also acquire several new put-call options and right-of-first refusal assets involving Harrah’s properties in Indiana, on the Las Vegas strip and in Maryland. The deal has an implied 7.9% cap rate, Donnelly said. Price Action VICI shares were down 0.66% at $21.88 Monday afternoon. Related Links: Eldorado To Buy Caesars For .3B; VICI Gets 3 Properties From Eldorado VICI Properties Reports Purchase Of JACK Cincinnati Casino For 5M Latest Ratings for VICI [{"Jul 2019": "Apr 2019", "": "", "Upgrades": "Initiates Coverage On", "Market Perform": "", "Outperform": "Buy"}, {"Jul 2019": "Apr 2019", "": "", "Upgrades": "Initiates Coverage On", "Market Perform": "", "Outperform": "Outperform"}] View More Analyst Ratings for VICIView the Latest Analyst Ratings See more from Benzinga • G-20 Recap: Trade Truce A Boost For The Market, Especially Chip Stocks • Trump, Xi Agree To Resume Trade Talks, Truce A Likely Relief To Markets For Now • Congressional Bills Would Allow Interstate Cannabis Transport, End Conviction Deportations, Boost Research © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Brookfield Infrastructure Partners Makes a Big Bet to Broaden Its Rail Business Brookfield Infrastructure Partners(NYSE: BIP)has been doing lots of wheeling and dealing over the past year. The global infrastructure giant is reshuffling its portfolio by selling mature businesses and using the cash to invest in opportunities with more upside. On Monday, the company announced its latest deal: It's participating in a transaction to take regional railroad operatorGenesee & Wyoming(NYSE: GWR)private. The acquisition will broaden Brookfield Infrastructure's rail operations while adding another growth engine to its portfolio. Image source: Getty Images. Brookfield Infrastructure is partnering with GIC (Singapore's sovereign wealth fund) as well as institutional partners of its parentBrookfield Asset Management(NYSE: BAM)to acquire Genesee & Wyoming in a deal valued at about $8.4 billion, including the assumption of debt. It will invest about $500 million into the transaction, which it will fund with its $1.9 billion of current liquidity. The buyers are paying $112 per share in cash for Genesee & Wyoming, which is a 39.5% premium to its price on March 8, the day beforereports surfaced that the rail operator was open to a deal. The company expects to close the transaction by the end of this year or in early 2020. "This is a rare opportunity to acquire a large-scale transport infrastructure business in North America," said Brookfield Infrastructure's CEO Sam Pollock about the deal. He further noted that: G&W will be a significant addition to our global rail platform and will expand our presence in this sector to four continents. G&W provides critical transportation services to more than 3,000 customers, and its cash flows have proven to be highly resilient over many years. Brookfield Infrastructure is well suited to work with the company to continue to improve the business, given our significant experience owning and operating rail, ports and other large scale, transportation infrastructure businesses. Genesee & Wyoming owns or leases 120 freight railroads that control more than 16,000 miles of track, which it has organized into eight operating regions. The company's six North American regions include more than 13,000 miles of track across 41 U.S. states and four Canadian provinces. The company's Australian region, which is part of a joint venture with Macquarie Infrastructure, operates 1,400 miles of track in that country. Finally, Genesee & Wyoming's U.K./Europe region consists of one of the U.K.'s largest freight rail businesses as well as a regional rail operation in Continental Europe. That global rail portfolio fits well within Brookfield Infrastructure. The company currently has rail operations in Australia and South America that control more than 6,400 miles of track. The addition of Genesee & Wyoming will enhance its Australian business while boosting its rail presence to four continents, including a giving it a sizable operation in North America. Image source: Getty Images. Brookfield Infrastructure's growth engine hit a speed bump last year after it sold a large-scale Chilean electricity transmission business. However, cash flow is on track to grow at anaccelerated rate over the coming quarters. That's because the company has since put the proceeds from that sale to work on a half dozen acquisitions. The company has since started a second capital recycling phase, which should enable it to continue growing at an accelerated pace. It aims to sell between $1.5 billion and $2 billion worth of assets by the end of next year, and use the proceeds to invest in more attractive opportunities. The company has already sold a stake in its Chilean toll road business for $356 million, and its interest in a European bulk port operation for $130 million. On the purchasing side, in addition to the pending $500 million investment in Genesee & Wyoming, it's also is taking part in a deal announced recently with its parent Brookfield Asset Management and New Zealand's Infratil to acquireVodafone's telecom business in New Zealand. It will invest $200 million into that transaction, which will enhance its data infrastructure operations. These investments will not only provide near-term cash flow boosts, but enable the company to grow earnings at a faster pace. Brookfield Infrastructure's distribution currently yields 4.7%. Its existing portfolio can organically grow its cash flow at a 6% to 9% annual rate, which would be sufficient to support management's target of increasing the distribution by 5% to 9% a year. However, the company's moves to upgrade its portfolio will enable it to accelerate its cash flow growth. That in turn could allow the company to increase its distribution raises above the high end of its target range. That improving potential makes Brookfield Infrastructure an even more compelling stock buy for income-seeking investors. 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 Matthew DiLalloowns shares of Brookfield Asset Management and Brookfield Infrastructure Partners. The Motley Fool owns shares of and recommends Brookfield Asset Management. The Motley Fool recommends Brookfield Infrastructure Partners and Genesee & Wyoming. The Motley Fool has adisclosure policy.
Trump slams New York, Cuomo for 'ridiculously high taxes' and 'harassing' his businesses President Trumplashed out at New York and its Democratic Gov. Andrew Cuomo on Monday over the state’s hightaxesand a hostile business climate. In a series of tweets the president alleged Cuomo was using the state attorney general for his own purposes, which included “harassing” all of his businesses. He also said that it is no surprise people and businesses are “fleeing New York in record numbers,” since the state has “ridiculously high taxes.” During a press conference on Monday, Cuomo responded to the president's tweets saying he has reduced taxes in New York. He also clarified that he doesn't appoint the attorney general. Cuomo also said if the president wants to blame someone for high taxes in New York, he should "look in the mirror," likely referring to changes to the tax code implemented via the Tax Cuts and Jobs Act. New York is one of the high-tax states that has been hurt by a $10,000 cap on state and local tax (SALT) deductions. Data from the U.S. Census Bureau showed that while Florida (which charges no state income tax) received more movers than any other state last year, New York's outflows to the Sunshine State were the highest – 63,772 people. New York had the third-largest outflows of any state, with 452,580 people moving out within the past year. CLICK HERE TO GET THE FOX BUSINESS APP Earlier in the day, Trump congratulated legislators in New Jersey for passing a $38 billion budget that did not include Gov. Phil Murphy’s pet tax project, which would have raised taxes on people with more than $1 million. A fight over the so-called millionaire’s tax threatened to cause the New Jersey state government to shut down, but Murphy said late last week he would not let that happen. While he praised the budget as a “victory for the working class,” he also lamented that it lacked “tax fairness.” Trump also said New York and other high-tax states should rethink their tax laws. 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
Best Stocks for 2019: Syrah Stock Struggles But Maintains Great Potential Editor’s note: This article is part of InvestorPlace.com’sBest Stocks for 2019contest. Eric Fry’s pick for the contest isSyrah Resources(OTCMKTS:SYAAF). IfSyrah Resources Ltd.(OTCMKTS:SYAAF) were a graduating high school senior from the Class of 2019, it might be named the “Least Likely to Succeed.” On the other hand, this same “student” could be the one who flies a private jet to the 10-year reunion… and then rolls up to the event in a Bugatti! InvestorPlace - Stock Market News, Stock Advice & Trading Tips Simply stated, this company is capable of achieving great success… or great failure. At the moment, however, investors are pricing SYAAF stock for a future of disappointment. It touched a new seven-year low this week and shows no sign of heading in a new and positive direction. Click to Enlarge The problem is cash flow. Syrah still isn’t producing any. So, let me repeat what I statedthree months agowhen we last checked in on this company: “Unless [Syrah] starts producing positive cash-flow soon, it is more likely to be a zero than a hero.” The company has made modest progress toward generating cash from its operations, but not enough to prevent its stock from tumbling 45% through the first six months of this year. For readers who may not be familiar with this company, let’s review… Syrah operates the world’s largest and highest-grade graphite mine. It’s called the Balama Mine, and it sits in Mozambique. Balama is home to about 50% of the world’s known graphite reserves. Syrah’s Balama operation contains an enormous graphite resource with a projected mine life of more than 50 years. According to Mining Global, it could provide 40% of the world’s natural graphite within three years. • The Top 8 Tech Stocks of 2019 (So Far) So why should anyone care about graphite? Because it is one of the main “battery elements.” Think nickel, copper, and lithium. These elements are essential for current battery technologies. But graphite plays a very unique role in battery chemistries because it is the element that forms the anode material in every electric vehicle (EV) battery. All four of the leading EV battery technologies use slightly different combinations of metals like nickel and cobalt to create their cathodes.But the anode material in all four is 100% graphite.That makes graphite “agnostic” about which battery chemistry becomes the most popular or prevalent. Therefore, as EVs continue to gain market share, demand for graphite should trend higher. Syrah estimates that global demand for natural graphite jumped 10% last year. And over the next decade, graphite demand is likely to jump seven-fold. All else being equal, rising demand should produce higher graphite prices. But in the here-and-now, graphite prices are not high enough for SYAAF to operate profitably… at least not yet. That’s the bad news. The good news is two-fold: Syrah has been narrowing its operating losses, mostly by mining its graphite more efficiently. The chart below tells the tale. Quarterly cash-flow from operations has improved from a low of -$41 million in September 2016 to -$8 million in the most recent quarter. But a minus sign is still not a plus sign. Click to Enlarge SYAAF is in the process of issuing new debt and equity to raise an additional $78 million. But this new cash isn’t coming cheap. In order to attract these funds, the company is issuing stock at $0.56 a share — a steep 20% discount to where the stock was trading before the company announced this financing. Unfortunately, that’s the price mining companies — and their shareholders — pay for failing to produce positive cash-flow. Syrah is forecasting a negligible cash burn during the current quarter, which would leave it with $43 million at quarter-end. But with this new financing, the company’s cash pile would nearlytripleto about $120 million. That cash would give Syrah a lot breathing room — and cover a lot of unexpected setbacks, should any occur. So now we’re in a wait-and-see period. SYAAF has disappointed its shareholders so many times that it will not receive the benefit of any doubt. But if the company can start to deliver pleasant surprises, the stock could soar. • 7 F-Rated Stocks to Sell for Summer Positive cash-flow is the first critical hurdle it must clear. From there, the sky is the limit. Eric J. Fry has been a specialist in international equities for nearly two decades. He is known for his extraordinary long-term track record, which includes numerous “10-bagger” calls. And Eric’s track record on the short side is just as remarkable. Now, the author, former hedge fund manager, and world-renowned analyst brings you the power of expensive, institutional-quality research in his recently-launched newsletter, The Speculator.Click here to learn more. • 2 Toxic Pot Stocks You Should Avoid • 7 F-Rated Stocks to Sell for Summer • 7 Stocks to Buy for the Same Price as Beyond Meat • 7 Penny Marijuana Stocks That Are NOT Cheap Stocks Compare Brokers The postBest Stocks for 2019: Syrah Stock Struggles But Maintains Great Potentialappeared first onInvestorPlace.
Read This Before Buying Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Shares Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. So shareholders might well want to know whether insiders have been buying or selling shares inBerkshire Hills Bancorp, Inc.(NYSE:BHLB). It is perfectly legal for company insiders, including board members, to buy and sell stock in a company. However, such insiders must disclose their trading activities, and not trade on inside information. Insider transactions are not the most important thing when it comes to long-term investing. But it is perfectly logical to keep tabs on what insiders are doing. For example, a Columbia Universitystudyfound that 'insiders are more likely to engage in open market purchases of their own company’s stock when the firm is about to reveal new agreements with customers and suppliers'. See our latest analysis for Berkshire Hills Bancorp Over the last year, we can see that the biggest insider sale was by the , Patrick Sheehan, for US$1.9m worth of shares, at about US$30.85 per share. So it's clear an insider wanted to take some cash off the table, even slightly below the current price of US$31.39. When an insider sells below the current price, it suggests that they considered that lower price to be fair. That makes us wonder what they think of the (higher) recent valuation. However, while insider selling is sometimes discouraging, it's only a weak signal. We note that the biggest single sale was 93% of Patrick Sheehan's holding. Patrick Sheehan was the only individual insider to sell shares in the last twelve months. Happily, we note that in the last year insiders paid US$334k for 11722 shares. On the other hand they divested 101k shares, for US$3.1m. Patrick Sheehan sold a total of 101k shares over the year at an average price of US$30.60. You can see the insider transactions (by individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below! I will like Berkshire Hills Bancorp better if I see some big insider buys. While we wait, check out thisfreelist of growing companies with considerable, recent, insider buying. There was some insider buying at Berkshire Hills Bancorp over the last quarter. Director John Davies bought US$30k worth of shares in that time. It's good to see the insider buying, as well as the lack of recent sellers. However, in this case the amount invested recently is quite small. Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. Berkshire Hills Bancorp insiders own about US$92m worth of shares. That equates to 5.7% of the company. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment. Insider purchases may have been minimal, in the last three months, but there was no selling at all. The net investment is not enough to encourage us much. We don't take much encouragement from the transactions by Berkshire Hills Bancorp insiders. But we do like the fact that insiders own a fair chunk of the company. Of course,the future is what matters most. So if you are interested in Berkshire Hills Bancorp, you should check out thisfreereport on analyst forecasts for the company. Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
RealReal IPO: 12 Things for REAL Stock Investors to Know The RealReal IPO is underway and it’s looking good for investors in the stock as of Monday. Source:The RealReal Here are a few things for investors to know about the RealReal IPO. • The stock started trading on the New York Stock Exchange on Friday. • It is trading under the stock ticker “REAL”. • The price of REAL stock for the RealReal IPO is $20 per share. • RealReal(NYSE:REAL) will continue to trade its stock via the IPO until July 2, 2019. • The RealReal IPO has the company offering up 15 million shares of REAL stock. • There’s also an additional 2.25 million shares available to underwriters of the IPO as part of a 30-day option. • This has the RealReal IPO ranging in value from $300 million to $345 million. • The lead book-running managers for the IPO are Credit Suisse Securities, BofA Securities, UBS Securities. • Other book-running managers for the IPO are KeyBanc Capital Markets and Stifel, Nicolaus & Company. • Cowen and Company and Raymond James & Associates are also serving as co-managers for the IPO. • REAL stock was trading incredibly well on Friday and was up by 44% when the markets closed. • The stock has cooled down since then, but is still trading above its IPO price of $20 on Monday. • 7 F-Rated Stocks to Sell for Summer You canfollow this linkto learn more about the RealReal IPO. InvestorPlace - Stock Market News, Stock Advice & Trading Tips REAL stock was down 9% as of Monday afternoon, but is still up roughly 30% from its IPO price on Friday. • 2 Toxic Pot Stocks You Should Avoid • 7 F-Rated Stocks to Sell for Summer • 7 Stocks to Buy for the Same Price as Beyond Meat • 7 Penny Marijuana Stocks That Are NOT Cheap Stocks As of this writing, William White did not hold a position in any of the aforementioned securities. Compare Brokers The postRealReal IPO: 12 Things for REAL Stock Investors to Knowappeared first onInvestorPlace.
Germany and Italy face off in row over arrest of migrant ship captain Capt Carola Rackete was taken to Sicily by police launch to appear in court on Monday - ANSA Germany and Italy faced off in a diplomatic row on Monday over the arrest of the captain of a volunteer migrant rescue ship. As Carola Rackete appeared before an Italian court on charges of landing without permission and endangering a police vessel, Germany demanded her immediate release. “In our view the judicial process can only end in Carola Rackete’s release,” Heiko Maas, the German foreign minister said. “I will again make this clear to Italy.” “Those who save human life cannot be criminals,” Frank-Walter Steinmeier, the German president said. “Italy is a founding state of the European Union. We expect a country like Italy to handle such a case differently.” “We ask the German president to take care of what is happening in Germany and perhaps to invite his fellow citizens to avoid breaking Italian laws,” Matteo Salvini, the Italian interior minister, countered on Twitter. Capt Rackete was arrested at the weekend after defying Italian authorities and docking with 40 migrants on board. The 31-year-old German national is expected to be freed after prosecutors told the court yesterday (MON) they will not press for a jail sentence but are seeking only her expulsion from Italy. Capt Rackete was cheered by supporters as she was escorted to court on Monday Credit: GUGLIELMO MANGIAPANE/Reuters Earlier the German government suggested it could call on the EU to intervene in the case. “The Sea-Watch captain was in dire straits, so I expect Brussels to send a clear message and call for her immediate release,” Gerd Muller, the development minister said. Capt Rackete was in command of Sea-Watch 3, a volunteer ship carrying 40 migrants rescued from drowning while attempting to cross the Mediterranean. The Italian government refused the migrants permission to enter and ordered the vessel not to dock. But Capt Rackete claimed the deteriorating situation on board after two weeks at sea left her no choice but to land for the safety of her passengers. Prosecutors allege she endangered the lives of five police officers when she steered into their vessel as it attempted to block her from entering port. The German charity Sea-Watch accused Italian police of causing the accident. Story continues Mr Salvini made great play of Capt Rackete’s arrest at the weekend, tweeting: “Outlaw captain arrested. Pirate ship seized. Maximum fine for the foreign NGO. Migrants sent to other European countries. Mission accomplished.” But the case has rapidly snowballed into a full-blown diplomatic incident, and Italy has found itself isolated. “I’m sorry we arrived at this situation because the Italian government made the choice of creating hysteria on very painful topics,” a spokesman for the French government said. More than €1m (£893,000) has been raised in Italy and Germany to pay the costs of Capt Rackete’s defence.
Have Insiders Been Selling Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Shares This Year? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! We often see insiders buying up shares in companies that perform well over the long term. On the other hand, we'd be remiss not to mention that insider sales have been known to precede tough periods for a business. So shareholders might well want to know whether insiders have been buying or selling shares inBerkshire Hills Bancorp, Inc.(NYSE:BHLB). It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, such insiders must disclose their trading activities, and not trade on inside information. We don't think shareholders should simply follow insider transactions. But logic dictates you should pay some attention to whether insiders are buying or selling shares. For example, a Harvard Universitystudyfound that 'insider purchases earn abnormal returns of more than 6% per year.' See our latest analysis for Berkshire Hills Bancorp In the last twelve months, the biggest single sale by an insider was when the , Patrick Sheehan, sold US$1.9m worth of shares at a price of US$30.85 per share. That means that an insider was selling shares at below the current price (US$31.39). As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation. Please do note, however, that sellers may have a variety of reasons for selling, so we don't know for sure what they think of the stock price. We note that the biggest single sale was 93% of Patrick Sheehan's holding. Patrick Sheehan was the only individual insider to sell shares in the last twelve months. Over the last year, we can see that insiders have bought 11722 shares worth US$334k. On the other hand they divested 101k shares, for US$3.1m. Patrick Sheehan divested 101k shares over the last 12 months at an average price of US$30.60. You can see a visual depiction of insider transactions (by individuals) over the last 12 months, below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date! If you like to buy stocks that insiders are buying, rather than selling, then you might just love thisfreelist of companies. (Hint: insiders have been buying them). There was some insider buying at Berkshire Hills Bancorp over the last quarter. Director John Davies bought US$30k worth of shares in that time. It's good to see the insider buying, as well as the lack of recent sellers. But in this case the amount purchased means the recent transaction may not be very meaningful on its own. Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. We usually like to see fairly high levels of insider ownership. Insiders own 5.7% of Berkshire Hills Bancorp shares, worth about US$92m. While this is a strong but not outstanding level of insider ownership, it's enough to indicate some alignment between management and smaller shareholders. Our data shows a little insider buying, but no selling, in the last three months. Overall the buying isn't worth writing home about. Our analysis of Berkshire Hills Bancorp insider transactions leaves us cautious. But we do like the fact that insiders own a fair chunk of the company. Therefore, you should should definitely take a look at thisFREEreport showing analyst forecasts for Berkshire Hills Bancorp. Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Aston Martin's biggest investor considers acquiring another 3% stake LONDON (Reuters) - The biggest investor in Aston Martin is considering buying another 3% stake, offering to increase its holding after shares in the luxury carmaker crashed almost 50% since its listing nine months ago. Strategic European Investment Group, part of the Italian private equity group Investindustrial, owns 31% of Aston Martin. It only wants to buy a maximum 3% stake but has to make an offer to all shareholders due to its already large holding. It has secured agreements from existing shareholders such as a group of Kuwait-based investors to back the move. It is offering to pay 10 pounds ($12.68) per share, the price at which the shares closed on Friday. It must make a decision by July 29. Aston Martin has struggled since it listed in October last year. Its shares fell on the opening day and are now down 47 percent. The company's recent results have been hit by a need to invest more in its manufacturing plants and expand its vehicle offering, leading to higher costs. ($1 = 0.7886 pounds) (Reporting by Kate Holton in London and Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur and Susan Fenton)
Here's What Utah Medical Products, Inc.'s (NASDAQ:UTMD) ROCE Can Tell Us Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today we'll evaluate Utah Medical Products, Inc. (NASDAQ:UTMD) to determine whether it could have potential as an investment idea. Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. First of all, we'll work out how to calculate ROCE. Then we'll compare its ROCE to similar companies. And finally, we'll look at how its current liabilities are impacting its ROCE. ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Generally speaking a higher ROCE is better. In brief, it is a useful tool, but it is not without drawbacks. Renowned investment researcher Michael Mauboussinhas suggestedthat a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'. Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Utah Medical Products: 0.18 = US$18m ÷ (US$105m - US$7.0m) (Based on the trailing twelve months to March 2019.) Therefore,Utah Medical Products has an ROCE of 18%. View our latest analysis for Utah Medical Products One way to assess ROCE is to compare similar companies. Using our data, we find that Utah Medical Products's ROCE is meaningfully better than the 10% average in the Medical Equipment industry. I think that's good to see, since it implies the company is better than other companies at making the most of its capital. Regardless of where Utah Medical Products sits next to its industry, its ROCE in absolute terms appears satisfactory, and this company could be worth a closer look. The image below shows how Utah Medical Products's ROCE compares to its industry, and you can click it to see more detail on its past growth. It is important to remember that ROCE shows past performance, and is not necessarily predictive. ROCE can be deceptive for cyclical businesses, as returns can look incredible in boom times, and terribly low in downturns. This is because ROCE only looks at one year, instead of considering returns across a whole cycle. If Utah Medical Products is cyclical, it could make sense to check out thisfreegraph of past earnings, revenue and cash flow. Current liabilities are short term bills and invoices that need to be paid in 12 months or less. The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise. To check the impact of this, we calculate if a company has high current liabilities relative to its total assets. Utah Medical Products has total assets of US$105m and current liabilities of US$7.0m. As a result, its current liabilities are equal to approximately 6.7% of its total assets. With low current liabilities, Utah Medical Products's decent ROCE looks that much more respectable. If it is able to keep this up, Utah Medical Products could be attractive. Utah Medical Products shapes up well under this analysis,but it is far from the only business delivering excellent numbers. You might also want to check thisfreecollection of companies delivering excellent earnings growth. For those who like to findwinning investmentsthisfreelist of growing companies with recent insider purchasing, could be just the ticket. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
American Gene Technologies: The Software Revolution for the Next 100 Years ByJohn Vandermosten, CFAAmerican Gene Technologies (AGT) is a genetic medicines company developing a portfolio of therapies that employ the company’s proprietary lentiviral vector (LV) platform to focus on disease in areas of unmet medical need.AGT’s pipeline consists of therapies for three different indications. The most advanced is cell and gene therapy to cure Human Immunodeficiency Virus (HIV), designated AGT103-T, which employs anex vivocell modification process capable of altering HIV-specific CD4 cells, which are then returned to the patient’s body to clear the infection. Following a pre-IND meeting with the FDA in October of 2016 and additional lab and IND preparation work, AGT expects to submit an IND in 2019, followed shortly after by entry into the clinic with its HIV candidate.The second program is anin vivogene therapy to correct the inherited metabolic defect phenylketonuria (PKU). This candidate uses a lentiviral vector to make a permanent change in a patients’ liver to repair the defective phenylalanine hydroxylase (PAH) gene. In addition to fixing the defective gene, the therapy also suppresses expression of mutant genes which are generating misfolded proteins that can interfere with the new sequence. The program was granted an orphan drug designation from the FDA.The third program is an immuno-oncology program for the treatment of solid tumors. The therapy, based on the ImmunoTox platform, activates the target tumor to produce a stimulatory phosphoantigen. This in turn will activate the immuno-surveillance by γδ T cells and increase their cytotoxic activity.AGT is platform-focused and frames its approach as writing software (DNA) onto the body’s operating system (cellular machinery). These efforts are supported by an extensive intellectual property protection portfolio extending to 2039. Corporate strategy employs a modular approach where the company’s portfolio of vectors and genetic cargo can be tailored towards specific applications, dramatically reducing the time and cost of new therapies while maintaining a high level of safety.American Gene TechnologiesTechnological innovations advance science for the benefit of society and also drive the development of new drug therapies and treatments. In the last several decades, the human genome has been decoded, computing power increased over 10 million times1and we have gained the ability to modify cellular machinery to express proteins essential for life and health. There have been abundant developments in the life sciences including advances in gene editing, approvals in chimeric antigen receptor T (CAR-T) cell therapy and interference RNA among many others. Standing with this impressive group is gene and cellular therapy, which may address many of the shortcomings present in its distinguished therapeutic peers and also cure disease rather than serve as a chronic treatment.After a long, intense and lucrative career in the software and computer industry and a few years taking a well-deserved break, soon to be CEO Jeff Galvin decided to direct his attention towards finding interesting projects that could benefit from his guidance. Jeff desired a more relaxed role advising entrepreneurs on business plans and serving as mentor. He knew his experience in the information technology space would help him identify innovative companies and he let the entrepreneurial community know he was looking. He felt that the lessons learned in the Internet, software and computer industry could be adapted to help develop something truly consequential and on the forefront of technology. In 2006, Jeff met with numerous entrepreneurs to explore possibilities and projects ranging from developing new mobile applications in China to building DNA arrays that could function as diagnostic tools, to developing an aluminum alloy to store hydrogen. However, none of the opportunities that Jeff came across had all of the elements he sought: significance, scalability, efficiency and an advantageous entry point in an area where his expertise could be a competitive advantage.Then, he received a proposal from a National Institute of Health lab that was closing due to changes in regulations. It was developing viral vectors and plasmids as a way to cure lysosomal storage diseases. After receiving an invitation to take a look, Jeff immediately hopped on a plane and departed California so quickly that he only had a polo shirt and slacks when he arrived on that auspicious snowy day in Bethesda, Maryland. The ideas presented at his first meeting delved deeply into viral vectors and how they could be used to repair absent or defective genes, essentially rewriting faulty DNA. While absorbing this information, Jeff understood the possibilities in terms of his information technology background where a data medium (viral vectors) could be used to deliver software upgrades (new genetic code) to the human operating system (cells). Instead of 01100001, it was AGTC. Although he did not know it at the time, the lab director was a distinguished biochemist who had created effective therapies for Gaucher Disease and Fabry Disease leading to theLasker Awardin 1982. This scientist’s work had led to the development of an enzyme replacement therapy later commercialized by Genzyme which was worth billions. His name was Dr. Roscoe Brady and at this point in his career he was retiring from the National Institute of Health (NIH), closing his lab and searching for someone interested in advancing the lentiviruses and plasmids that the lab had developed.As Dr. Brady explained his work and shared the capability of lentiviral vectors plus a library of advanced plasmids he had created, Jeff immediately had a vision for the future of medicine. Seeing it through the lens of a software executive, lentiviral vectors were the media on which DNA software could be delivered. The human cell contained an operating system that could be debugged and reprogrammed to fix errors that prevented production of necessary proteins for human health. Jeff saw the next 100 years of the software revolution written in the DNA of our cells. View Exhibit I– American Gene TechnologiesAfter a period of negotiations which yielded conditions favorable to robust company development, the viral vector program and all of its supporting assets were transferred to the new entity and American Gene Technologies (AGT) was born. For the next seven years, the company focused on conducting the bench work necessary to prove the platform and position the company for the future of gene and cell therapy in order to disrupt the trillion-dollar pharmaceutical market.In AGT’s early years, interest in gene therapy from the large pharmaceutical companies and institutional investors was low. Early mistakes and failures had resulted in high-profile accidents that cast a shadow over the industry and oriented many biotechnology companies towards more established drug-development approaches. Along with Jeff’s personal financing, AGT was able to compete for NIH’s small business innovative research (SBIR) grants during this period and the company conducted proofs of principle in 15 different disease areas. Jeff’s experience had established that it was critical to validate the technology as thoroughly as possible in the lab, before taking it to the clinic. As the work moved deeper into the preclinical stage, the strategy began to yield drug candidates demonstrating a predictable clinical path, a high degree of efficacy in the clinic, and exposure to large end markets. This analysis yielded the three indications where AGT is now developing its candidates: HIV, PKU and cancer.Tools of the TradeMany diseases can be traced back to a missing, defective or unneeded protein coded by our genes. Sometimes these errors can be addressed by changing the environment to impact their expression and in other circumstances small molecule medicines or biologics can be applied to compensate for the problems they cause. However, none of these approaches addresses the core of the issue and permanently resolves the condition or represents a cure for a damaged or defective gene.The first successful in-human gene therapy patient was a young girl treated in 1990 for adenosine deaminase (ADA) deficiency, a genetic disorder that can cause severe immunodeficiency and leaves the individual without immune protection. The four year old received theex vivogene therapy in a multi-step process that extracted autologous white blood cells, modified them in the lab with retrovirus containing the correct gene and then returned the cells to the patient. The procedure successfully addressed the disease and the young girl went on to live a productive life. Despite early victories, gene therapy has also faced some difficulties. There were several incidences of gene therapy patients developing leukemia due to oncogenic effects and Jesse Gelsinger, who suffered from ornithine transcarbamylase deficiency, died in a trial managed by the University of Pennsylvania. This led to a review of many other gene therapy trials underway leaving a cloud of suspicion over the technology for several years after the events. However, research continued to progress and in 2012 gene therapy Glybera was approved for a form of pancreatitis and in 2016ex vivostem cell gene therapy Strimvelis was approved for ADA-SCID patients. While both of these drugs broke new ground from a scientific perspective, their cost was so high that they were initially commercial failures. Other approvals include two CAR-T therapies in 2017 for blood cancers (Kymriah and Yescarta) and Luxturna for a form of blindness in 2018 which is the firstin vivogene therapy approved in the United States. These efforts have broken new ground and familiarized the scientific community and the regulatory authorities with these exciting approaches, helping set standards for safety and protocols for approval.Gene Therapy – Evolution and ParametersGene-based therapy relies on designing a delivery system that introduces a functional copy to replace a mutated gene in a tissue or organ of interest without causing harmful side effects. View Exhibit II- Synthetic Lentivirus as a Viral Vector2Gene therapy is the delivery of DNA to the genome of a patient’s cells as a treatment for disease. The transfer of desired genes into the genome does not spontaneously occur. A delivery mechanism is required and this is performed with a vector, which takes the form of a virus, bacterium or plasmid. The selection of the proper vector exploits naturally occurring agents that have evolved to deliver a segment of DNA to a cell.There are two types of gene therapy, somatic and germline. Somatic gene therapy transfers the desired genetic sequence into somatic cells, avoiding integration into any cells that can be inherited by offspring. Some genetic disorders being investigated in this category include immunodeficiencies, hemophilia and cystic fibrosis. Germline gene therapy modifies a section of DNA that produces sperm or eggs and can be passed on to a patient’s children and future generations.Challenges Associated with Gene Therapy‣Ethical issues: Regulatory authorities do not allow germline gene therapy. While it could benefit future generations from exhibiting the disease, it might have long-term negative implications that are not yet understood.‣Minimum effective dose (MED): It is important to determine the minimal pharmacologically effective dose for therapy that will mediate targeted delivery of the functional gene.‣Long-term implications: Safety remains the overarching concern for gene therapy. Gene therapy is in its nascent stage and its long-term implications remain unknown.‣High cost of therapy: Pricing the treatment based on whether it is a therapy or cure has remained a challenge. Nevertheless, treatment costs run high and compensation has been designed based on outcomes rather than volume.Virus as a Vehicle for Gene TherapySince the 1970s, researchers have been investigating methods to engineer a carrier (vector) to deliver a novel gene to a target cell. Due to their ability to efficiently infect cells, viral vectors have been favored for transduction and to deliver a desired DNA sequence. Another approach for delivery is to encapsulate the DNA in a fatty liposome that has the capability to move across cell membranes to release the DNA. However, using liposomes as a delivery mechanism is less efficient than using a virus, as the encapsulated DNA does not target a specific cell. Naked DNA delivery and polymer-based delivery are yet other approaches that have been used.The first target for gene therapy was in the area of inherited single-gene defects. During the early days, there was much the scientific community did not know. The use of some vectors, especially those that are immunogenic, have resulted in fatal and other severe consequences. In September 1999, 18-year old Jesse Gelsinger, who suffered from a partial deficiency of ornithine transcarbamylase was administered an adenovirus vector. Shortly after the treatment was given, he developed a fever and exhibited symptoms of liver injury. He later died of multiple organ dysfunction syndrome resulting from the excessive inflammatory reaction to the adenovirus vector. A short time later, children with X-linked severe combined immunodeficiency were infused with modified autologous hematopoietic stem cells that had been transduced with a murine leukemia virus (MLV) vector. Some of the patients treated with the vector subsequently were diagnosed with a leukemia-like disorder due to integration of the retroviral vector near a proto-oncogene locus. Subsequent reviews of these severe and negative side effects led to improvements that have enabled subsequent gene therapy programs to avoid these problems.Much has been learned since the early days and viral vectors have emerged as safe and effective delivery vehicles for gene therapy. Some of the hurdles that have been surmounted include low immunogenicity and immune response, low genotoxicity, highly efficient and accurate delivery and stable genetic correction of target cells. Advances have also prevented the propagation of viruses through a number of methods including self-inactivating (SIN) vectors where the long terminal repeat (LTR) is modified.Types of Viral VectorsThe application of viral vectors is disease and condition specific. The distinction is dependent on whether the viral genome integrates into the host’s chromosome (retroviruses and lentiviruses) or remains in the extrachromosomal region (adenovirus, adeno-associated virus, herpes virus). Integrating viruses are most widely used in therapies due to their ability to persistently express a therapeutic transgene. Although there are many types of vectors that are used for gene therapy, a few have distinguished themselves as leaders in the space which we detail below.Integrating VirusRetrovirus: A retrovirus produces a DNA version of its genome upon entry into cells, which is inserted directly into the chromosome of the host cell. The most widely used are the retroviral vectors based on Murine Leukosis virus, which were the first to be developed.Lentiviral vectors (LV): Lentivirus, a subtype of retrovirus, can naturally penetrate an intact nuclear membrane and is capable of gene transfer to both dividing and non-dividing cells. Lentiviral vectors are primarily used forex vivohematopoietic gene delivery, where patient cells are removed and transduced with the viral vector, resulting in modified cells that can be transplanted back to the patient. In many cases a SIN LV will be used to reduce errors as it removes the promoter and enhancer thus reducing the impact on adjacent genes.In vivo(direct) lentivirus vector delivery is entering clinical studies especially for gene modification of the liver.Non-Integrating VirusAdeno-associated virus: The genome of the non-integrating virus (AAV) does not undergo site-specific integration in the host DNA but is transiently present as an extrachromosomal element in the nucleus of transduced cells. AAV strengths include its ability to infect both dividing and non-dividing cells and mild immune response from exposure. The number of people treated with AAV is small in comparison to those treated with T cells modifiedex vivowith lentivirus. A downside to AAV is that it is not possible to insert large genes into an AAV as its cargo carrying capacity is limited to 4.5 kilobases and human safety data is still limited.Herpes simplex-1 virus: Since HSV is an infectious virus, it is a naturally efficient vehicle for the delivery of genetic material to cells. In neuronal cells, HSV establishes a latent infection without causing any adverse effect on the host cell. Consequently, it has become an attractive candidate for neuronal gene delivery.Adenoviruses: Genomes persist in the cell nucleus predominantly as extrachromosomal episomes and they can only be used once because the immune system recognizes the virus and can provoke an immune response if used again.Non-viral vectors: This class of vectors does not induce an immune response and provides a broad variety of choices. This includes liposomes, cationic polymers, lipoplexes and polyplexes, electroporation and many others. While they provide an improved toxicological profile, they suffer from less efficient delivery of the desired gene sequence. View Exhibit III– Types of Viral Vectors3Lentivirus VectorAGT has substantial experience with all types of vectors and has identified lentiviral vectors as the best vehicle to safely and effectively deliver its desired DNA sequence payload to the genome. All retroviruses (of which lentiviruses are a subtype) contain gag4, pol5and env6genes which code for viral proteins and the structure of the virus. Lentiviruses add two regulatory genes, tat and rev that enhance the efficiency of viral transcription and help to export mRNAs from the nucleus respectively. There may also be accessory genes that are involved in synthesis and processing of viral RNA. Lentiviruses contain the reverse transcriptase enzyme that converts RNA into DNA before integrating into the nuclear genome. Lentiviruses have the capability to transduce a wide variety of cells including stem cells and dividing or non-dividing cells.In early versions of retrovirus vectors, integration often occurred near cancer-causing genes and the downstream LTR regions caused overexpression and tumor promotion. Newer versions of retroviral vectors and all of the current lentivirus vectors for clinical use turn off the ability of the terminal LTR to activate downstream gene expression, eliminating the risk of turning on something that should not have been. Lentivirus vectors rarely integrate near dangerous genes and they have proven safe for routine clinical use. Below, we follow the evolution of lentiviral vectors noting that AGT employs third generation versions which incorporate additional safety features and self-inactivation. Below, we highlight the key differentiating characteristics of each.‣ First generation◦ Contains significant HIV genome (gag, pol & other viral proteins)◦ Envelope protein is commonly the vesicular stomatitis virus G (VSV-G)• Able to transduce a wide range of cells• Improves the stability and broadens the cellular tropism of the viral particles produced◦ Contains genes vif, vpr, vpu & nef◦ Contains genes tat & rev◦ Lacks sufficient safety controls for replication and survival‣ Second generation◦ Employs additional HIV proteins on plasmids in order to produce functional lentiviral particles◦ Removal of accessory genes◦ Express HIV gag, pol, rev and tat genes all from a packaging plasmid◦ Envelope plasmid is interchangeable and usually encodes for VSV-G◦ Replication incompetent and uses three separate plasmids encoding various HIV genes◦ The long terminal repeat7(LTR) viral promoter is wild type‣ Third generation◦ Express gag and pol from one packaging plasmid and rev from another◦ Do not express tat◦ Considered safer than second generation packaging systems◦ May be more difficult to use vs. 2nd generation because they require transfection with four separate plasmids in order to create functional lentiviral particles.◦ Transfer plasmid can be packaged by both 2nd and 3rd generation packaging systems◦ Envelope plasmid is interchangeable and usually encodes for VSV-G◦ Safety is improved over second generation• Self-inactivating – lack LTR sequences• Replication incompetent• Employs 4 plasmids (vs. 3)◦ LTR viral promoter is a hybrid. 5’LTR is partially deleted and fused to a heterologous enhancer/promoter such as cytomegalovirus (CMV) or Rous sarcoma virus (RSV)Benefits of Lentiviral VectorsLentiviral vectors:‣ Address limitations of other approaches including AAV which have a cargo capacity of less than 5 kilobases (kb) while LVs can carry up to 10 kb.‣ Are attractive for hepatic gene delivery as they stably integrate into the target cell genome and can potentially give rise to life-long expression of the therapeutic protein8.‣ Exhibit low inflammatory responsein vivo.‣ Are the logical alternative to AAVs where 30-90% of individuals who have been exposed to AAVs have developed immunity (present antibodies or neutralize them).AGT’s Lentiviral Vector PlatformAGT’s self-inactivating, third generation lentiviral vector construct is being used in its therapeutic programs. LVs do not express any potentially immunogenic viral genes or pro-inflammatory cytokines. AGT’s HIV program does not introduce vector directly into the body and there is no chance for direct toxicity from the viral vector. View Exhibit IV– Linear Map of Lentiviral Vector9The preceding diagram illustrates a linear map of the LV system consisting of the following:‣ RSV (Rous Sarcoma virus) long terminal repeat - a recombinant virus derived from RSV‣ 5'LTR (long terminal repeats) - a portion of an HIV long terminal repeat that can be truncated to prevent replication of the vector after chromosomal integration‣ Psi - a packaging signal that allows for incorporation of the vector RNA genome into viral particles during packaging‣ RRE - a Rev Responsive element can be added to improve expression from the transgene by mobilizing RNA out of the nucleus and into the cytoplasm of cells‣ cPPT - a Poly purine tract that facilitates second strand DNA synthesis prior to integration of the transgene into the host cell chromosome‣ EF-1 Promoter of gene transcription - a promoter initiates RNA transcription from the integrated transgene to express micro-RNA clusters (or other genetic elements of the construct)‣ Red box – genetic cargo which contains components to prevent expression of genes associated with the disease and decreases the spread of infection.‣ WPRE - a woodchuck hepatitis virus post-transcriptional regulatory element is an additional vector component that can be used to facilitate RNA transport of the nucleus‣ Delta U3 3'LTR - a modified version of a HIV 3' long terminal repeat where a portion of the U3 region has been deleted to improve safety of the vectorRisk FactorsThere are a number of risk factors associated with gene therapy using viral vectors. We have provided a few examples above where four X-linked severe combined immunodeficiency (X-SCID) patients developed leukemia (insertional oncogenesis) when hematopoietic stem cells were transduced with a corrective transgene using a retrovirus. One of the main concerns relates to the new gene being inserted into the wrong location in the DNA. If inserted before an oncogene, leukemia or other oncogenic outcomes could develop. Another risk is that the new genes could be overexpressed creating an imbalance. In this circumstance there will be an excessive amount of the target protein. Additionally, the risks must be balanced in conjunction with the potential benefits of successful therapy which in many cases can provide a lifelong remedy to a previously chronic disease. AGT has addressed the risks addressed above and many others through its careful and refined approach based on its experience in viral vectors and review of extant literature. One example of AGT’s risk reduction therapy design is evident in the HIV program; only HIV-specific cells are modified, allowing the important CCR5 co-receptor to remain on non-HIV-specific cells, protecting the patient from a vast array other diseases. Another example is evident in the oncology indication, where the genetic modification does not affect the T cells, but rather the tumor cells, avoiding a change in the constituents of the immune system. This allows T cells to assume their normal function and eradicate the cancer while returning to normal once the tumor is resolved. The PKU vector also has safety advancements; when synthetic promoter/enhancer regions are built for liver-specific gene expression, they have a high degree of similarity to normal liver genes and they express with a normal pattern and avoid abnormally high expression levels. The LV vector also can use much lower particle doses than AAV approaches. The difference may be a factor of 10,000, substantially reducing the level of foreign material used in the patient.PipelineThe human immune system has a big job. It needs to identify foreign matter that enters the body and attack and remove it. The foreign matter can be bacteria, viruses, fungi and toxins and the role of the innate and acquired immune system is to recognize these invaders and eliminate them. Sometimes our systems fail to clear dangerous attackers and they can infiltrate the body. Some viruses, such as human immunodeficiency virus (HIV) and hepatitis C are able to infect critical cells and lay dormant for many years and in most people, the immune system lacks the natural ability to clear the virus. Cancers are another area where an imbalanced immune system may fail to stop the disease. Cancer cells have many mechanisms to avoid detection, including the expression of checkpoints or the lack of sufficient differentiation from normal cells for the immune system to recognize them. To address this shortcoming, various types of immunotherapy have been developed. Immunotherapies can either be activation therapies, which increase sensitivity or suppression therapies, which dampen the immune system.Some of the leading approaches in this field that have distinguished themselves include:‣ Redirected T cell responses (CAR-T)‣ Monoclonal antibodies (mAbs)‣ Oncolytic viruses (Talimogene Laherparepvec)‣ AGT’s ImmunoToxWhile the most visible immunotherapies are focused on cancer, due to the prevalence of the disease and frequently deadly outcome, immunotherapy can be used in a wide variety of conditions such as rheumatoid arthritis, allergies, inflammation, diabetes and cardiovascular diseases among many others.AGT has developed its current pipeline based on identifying diseases that are conducive to gene therapy treatment, that are very expensive to treat and where there is no cure. These constraints have yielded candidates in three different indications: HIV, PKU and cancer, all of which can be efficiently addressed with viral vectors and have a high probability of success.Human Immunodeficiency Virus (HIV)Human Immunodeficiency Virus (HIV) and acquired immunodeficiency syndrome (AIDS) was first mentioned in 1982 in a New York Times article speculating on the cause and origin of a mysterious disease. In the months prior to the article, there were several unusual outbreaks of pneumonia, Kaposi’s Sarcoma and fatal illnesses from what in a normal immune system is considered harmless bacteria. The research found that the disease was prevalent in homosexual men and in IV drug users among other populations. As the 1980s progressed, the disease began to receive resources from the government to slow its spread. Testing for its presence and education regarding transmission, mechanisms to protect oneself and knowledge of HIV was disseminated, helping reduce infection rates. As research continued and new therapies launched, the death rate from the disease slowed in the latter half of the 1990s. Based on research using viral family tree ancestry it is speculated that the virus had been transmitted from chimpanzees to humans sometime early in the 20th century. Additional researchpublishedin Science provided a remarkably detailed pathway of virus dissemination from the Cameroon in the 1920s to spread to the wider world over the following decades.According to UNAIDS, there were about 37 million people globally with HIV/AIDS in 2017 and according to the CDC, 1.1 million in the U.S. in 2015. While the number of people dying from the disease has slowed since the advent of antiretroviral therapy, there were still almost 16,000 deaths in 2016 for those diagnosed with it. Over the history of HIV/AIDS, approximately 70 million10people have been infected with HIV and half of them have died.How Does HIV Work?HIV is an infection that damages the immune system and causes AIDS. The virus is passed from person to person through bodily fluids such as blood, semen, rectal fluids, vaginal fluids and breast milk. The fluids must come into contact with the mucous membrane or enter the bloodstream usually through needle drug use. View Exhibit V– Human Immunodeficiency Virus (HIV)11HIV is a retrovirus with two copies of RNA, reverse transcriptase, integrase and protease among other proteins contained inside the capsid. The virus targets CD4+ T cells (T helper cells) through the CD4+ receptor on the surface of the T cell with the HIV surface protein, Gp120. After the CD4+ receptor binds to the HIV virion, then a second receptor called chemokine co-receptor (CCR5)12grabs hold of the envelope and draws it to the surface of the CD4+ cell. The stalk of the virion then pierces the surface of the CD4+ cell and fuses the viral membrane and the CD4+ membrane together. The material in the virus is then injected into the cell. View Exhibit VI– HIV Binding to CD4+ and Co-receptor on T Cell13After the viral capsid enters the cell, viral RNA and enzymes are released. Reverse transcriptase takes over and converts the single strand of RNA into a single strand of DNA using host nucleotides, then it synthesizes another complementary strand of DNA creating a double stranded form of viral DNA. Reverse transcriptase is error prone during its polymerization process creating many mutations in the viral DNA, which can confer resistance to some antiviral medications and can also render vaccines ineffective. After the conversion to double stranded DNA is complete, then the integrase enzyme shuttles the DNA into the nucleus where it finds an appropriate site in host cell DNA and inserts the viral DNA into the chromosome. Seehere14for a video presentation illustrating the process.This process creates the lifelong infection in the CD4+ cell. If the viral DNA is not transcribed into messenger RNA (mRNA), then it is considered a latent infection. However, if the DNA transcription enzyme transcribes that section of the DNA, then the mRNA will be activated and exported from the nucleus to find ribosomes where the mRNA translates envelope protein. Other viral proteins (polyproteins) are also generated which eventually become reverse transcriptase, integrase and extra viral proteins that are needed for the virion to later become infectious. Along with the envelope protein, polyproteins accumulate on the surface of the CD4+ cell to create a new HIV particle. As the new HIV particle begins to bud off, a protease cleaves the polyprotein into its component parts. After the proteins are all successfully cleaved into the components of a new viral cell, it now becomes mature and leaves the CD4+ cell to infect other CD4+ cells.The HIV-specific T cells are not only infected by HIV but are simultaneously trying to fight it. The HIV virus activates T cells and they begin to expand at a high rate during infection at the same time the HIV is replicating and spreading throughout the body. This leads to a huge number of infected HIV-specific T cells with up to 10 x 109viral particles per mL of plasma. Following the acute infection, the number of cells declines dramatically through apoptosis and pyroptosis and virus levels decline as well to approximately 10 x 104viral particles per mL of plasma. This level characterizes chronic HIV infection and the objective of antiretroviral drug therapy is to suppress it to an even greater degree.Following the acute infection phase, which lasts from one to three months, a period of clinical latency ensues, resulting in slow disease progression that can last from several years to over a decade. After this period of latency ends, an event usually brought on by stress or exposure to opportunistic infection or disease combined with the constant replication of HIV, which was ongoing during the clinical latency, degrades host immunity to a failure point. The body then lacks the ability to fight infections and a broad array of illnesses and infections lead to AIDS and eventually death of the host.DiagnosisBlood tests are generally used to diagnose HIV by identifying antibodies that signal the presence of the disease. It does take some time for the body to develop the antibodies that the test recognizes, usually six or more weeks. One example of this test is the enzyme-linked immunosorbent assay (ELISA). Confirmation of an ELISA is performed with the Western blot test. Viral load tests are also performed on blood samples and measure reverse transcription polymerase chain reaction (RT-PCR), branched DNA (bDNA) and nucleic acid sequence-based amplification assay (NASBA). An antigen test may also be used and can give an earlier response as antigens are produced immediately after the infection.TreatmentThere is no cure for HIV/AIDS; however, there are several classes of treatment. They include non-nucleoside reverse transcriptase inhibitors (NNRTIs) and nucleoside or nucleotide reverse transcriptase inhibitors (NRTIs) which neutralize the enzyme that creates a copy of the viral RNA. Protease inhibitors, entry or fusion inhibitors and integrase inhibitors are other approaches that disrupt the viral construction process inside the target cell.A combination of these drugs is used in treatment regimens called antiretroviral therapy (ART) or highly active antiretroviral therapy (HAART). The combination approach has been successful and has maintained low viral levels preventing transmission. The use of ART has converted treatment into a type of prevention as well, leading to the development of pre-exposure prophylaxis (PrEP) therapy. PrEP therapy is intended and appropriate for high risk populations that do not have HIV but may become exposed to it. It is a combination of antiretrovirals branded Truvada or one of many emerging drug combinations. The regimen reduces the probability of contracting HIV by 90% for those in this category if persons maintain strict and uninterrupted compliance to the treatment schedule.As good as antiretrovirals are, they cannot eliminate the entire virus and if the virus mutates, it could evolve into a new form that is not treatable. To address this difficulty, the patient must use a combination or cocktail of drugs to permanently suppress the virus from multiple directions. Patients on HIV treatment must take the drug for the rest of their life, which is burdensome, side effect prone and expensive.Therapies Under DevelopmentSangamo EffortsDuring the early part of the current decade, Sangamo Therapeutics used anex vivogene editing approach with an adenovirus vector to disrupt expression of the CCR5 co-receptor. There was a therapeutic effect in some patients, but it did not cure the majority of the patients in the trial. It is hypothesized that insufficient amounts of the modified gene were penetrating the cells that needed it and the approach did not control pre-existing HIV or modify infection by HIV strains using other co-receptors for cell penetration, preventing a cure from taking place.Other cures in development focus on therapeutic vaccines, integrase inhibitors, capsid inhibitors, CCR5 antagonists (cenicriviroc), rev inhibitors, non-nucleoside reverse transcriptase inhibitors, gp120 attachment inhibitors and others.AGT103-TAmerican Gene Technology’s lead asset is AGT103-T15, anex vivo, autologous cell therapy product targeting HIV infection. The drug is composed of a viral vector and a DNA payload which protects CD4+ T cells from attack by HIV by downregulating the CCR5 receptor and inactivating viral RNA. The lentivirus vector is delivered to CD4 T cell highly enriched for an HIV-specific subset. The lentivirus vector prevents destruction of these HIV-specific T cells which are critical to eradicating HIV from the system.The treatment is designed to improve the ability of the immune system to recognize infected cells and destroy them, thereby eliminating them from the body. AGT103 is a third generation, self-inactivating lentivirus vector that carries three inhibitory RNA embedded in a microRNA backbone. Each of the three miRNA have a role in eliminating HIV and disrupt the viral RNA from propagating within infected cells. Precise lentivirus vector targeting of gag-specific CD4+ T cells allows other T cells to continue their sentry efforts required in other immune responses.AGT103-T PreparationAGT103-T therapy is similar to what is performed in the well-publicized chimeric antigen receptor T (CAR-T) cell therapy, which is a multi-step process that withdraws, modifies and reinfuses cells into a patient’s body. Below we summarize the general process.1. T cells are removed through a blood draw (apheresis or leukapheresis)2. Withdrawn cells are taken to a manufacturing site (HCATS)163. Cells are modified using a lentivirus vector4. Modified cells are returned to the patient View Exhibit VII– Therapeutic Lentiviral Vector with Helper & Envelope Plasmid17The method of treating HIV infection may or may not include pretreatment with a vaccine, which is intended to enrich or prime the cells and increase the frequency of HIV-specific CD4+ T cells. Leukocytes are then removed from the patient via leukapheresis to obtain peripheral blood mononuclear cells (PBMCs). The HIV-specific T cells are transduced in an automated cell processor where they are exposed to gag specific antigens to train the T cells to target HIV, then cells are purified to isolate CD4+ cells. The PBMCs which include HIV-specific CD4+ T cells are transducedex vivousing the lentiviral viral vector delivery system which encodes for several features including downregulating the chemokine receptor CCR5 and small RNA capable of targeting an HIV RNA sequence. After culturing and expansion, the cells are harvested, cryopreserved and shipped to the patient. The literature suggests that a minimum of 1 x 107transduced, HIV-specific CD4+ T cells are required to induce a memory immune response; however, the precise level is not known and will vary based on the individual. As part of the protocol development, this count will be determined and infused into the patient to begin AGT103 therapy. In most AGT103-T cell products, the levels of HIV-specific CD4+ T cells exceed the minimum number by a factor of 10x to 50x. View Exhibit VIII– AGT103-T Manufacturing Process18The approach to cure HIV recognizes that the cells best equipped to eradicate HIV from the body are also the ones that are targeted and killed first by the virus. If an HIV positive individual begins ART, their CD4+ T cells will begin to repopulate and provide the necessary material to use in theex vivolentiviral transduction process.Mechanism of ActionPatients must have one to three years of ART and maintain control of the HIV disease to be eligible for treatment. Control is measured as undetectable viral RNA, stable CD4+ T cell counts above 500 cells/mm3 and no AIDS defining condition. This ensures that the suppression of HIV has been of adequate duration so that sufficient numbers of HIV-specific CD4+ T cells are available to receive theex vivotreatment. As the transduced cells are infused into the body, they have downregulated CCR5 co-receptors which will prevent HIV infection. Several different micro RNA (miRNA) are also introduced into infected cells. One miRNA sequence halts the production of HIV proteins by binding to and destroying the messenger RNA that would have produced viral proteins. Other miRNA can downregulate the expression of CCR5. When HIV-infected cells are transduced during theex vivoprocess, they too will shut down the RNA transcription process. AGT103-T attacks the HIV from multiple directions. Transduced cells will proliferate and direct normal anti-viral activity thereby clearing the virus from the body.The AGT103-T cell manufacturing process generates up to 1 x 1010CD4 T cells enriched for HIV-specific T cells that are transduced with the AGT103 vector. This process delivers HIV-specific CD4 T cells at much higher levels than were used used in the Sangamo studies and addresses one of their major shortcomings, which was insufficient therapeutic effect. While Sangamo sought to block HIV replication by broad reductions in CCR5 levels, AGT103-T is a true immunotherapy seeking to reconstitute a natural capacity for eradicating the virus.SafetyThe FDA has a strong grasp of all the key components that comprise AGT’s efforts in HIV. The modification and expansion process are well understood from the two approved CAR-T therapies that exist in the market. Viral vectors are also well understood and the oncogenic and immune responses that caused severe side effects 20 years ago have been addressed and refined with later generation viral vectors that increase safety and minimize inflammatory response in patients. The AGT103-T therapy also avoids adding features to the transduced cells and rather subtracts or downregulates the CCR5 receptor. The process also focuses on a small subset of immune cells, allowing other CD4+, non-HIV-specific cells to persist unmodified. The number of cells is similar to doses being reintroduced into the body in CAR-T therapy for example. These features and the growing experience with modified T cell products for therapy have simplified development and testing of AGT103-T.Preclinical WorkEleven cell process runs have been completed at clinical scale and the AGT103-T process is robust and reproducible. Modified cells resist HIV infection. Process development was completed in part, with clinical specimens obtained from HIV-infected volunteers participating in AGT’s CS-168study.AGT is currently conducting IND-enabling work and plans an IND submission in 2019. Several requirements have been completed so far including cGMP vector manufacturing and an animal toxicology study using AGT103-T product from pilot runs of the final cell process. There remain several outstanding items to complete for the IND application including final engineering and process qualification activities at the cell manufacturing partner and completion of process qualification. Cell process and development and testing is being conducted in preparation for IND submission which is being targeted for the second half of 2019. As per FDA protocol, 30 days following the submission of the IND, AGT may begin the trial if the agency has no concerns.Phase I Clinical TrialA Phase I clinical trial is planned to begin in fourth quarter 2019. The study will examine the safety and feasibility of AGT103-T in 18 subjects and is expected to take 18 months to complete. Costs of the trial are estimated to be approximately $7.5 million, including cell product manufacturing, clinical testing, clinical services and data analysis.Phase IIAssuming a successful Phase I study, a Phase II study will be designed to enroll sufficient participants to power the trial and measure effectiveness and safety on a larger scale. One of the hurdles that the company recognizes is the increasing demand on cell product manufacturing resources arising from growth of CAR-T and virus specific T cell therapies. It is likely that the company will be able to bank sufficient vector and payload assets in advance of the trial. Hitachi Chemical Advanced Therapeutics Solutions (HCATS) has contracted with AGT to provide transduced cells for its preclinical work and we anticipate the relationship will continue throughout the development process.The Phase II plan will be broader than simply conducting the trial. Training for HIV care providers to familiarize them with gene therapy will be organized. This is especially important due to side effects that can be experienced by patients who receive modified cells including cytokine response syndrome or immunologic inflammatory syndrome. Community relations will also be a component of Phase II preparation. Advocacy from groups most exposed to HIV will be paramount as their efforts to populate the trial will be critical.Phase IIIPhase III trial design will be based on the outcomes in earlier studies. AGT103-T may receive expedited treatment and successful data from a Phase II trial may be sufficient to receive accelerated approval. In the case of accelerated approval, post-marketing studies will be required.Costs of ManufactureDemand for cell processing has been strong in recent years as CAR-T and otherex vivoprocesses have grown. Based on the current environment, AGT estimates that manufacturing costs will be between $5 and $10 million per year in the research phase and rise to $100 million or more during the commercial stage.HIV SummaryHIV was one of the most frightening diseases when it was first discovered and generally thought to be a death sentence until antiretroviral therapy was developed and made available. While progress has been made to treat HIV and AIDS a cure has not yet been developed, which leaves millions of individuals with the disease tethered to their ART. ART extends life but also includes severe side effects. The cost is also high for a lifetime of expensive therapy, demonstrating the importance of finding a cure that will allow health care resources to be used elsewhere. AGT103-T addresses the HIV infection by first preventing the virus from gaining access to CD4+ T cells then by employing miRNA to neutralize the impact of viral proteins being created by infected CD4+ T cells. The multi-pronged approach is expected to eradicate HIV from the system and return the patient to a healthy state. While we are still in the early stages of development, an IND and start of a Phase I trial are expected this year.Liver CancerThe human liver filters foreign agents from the gastrointestinal tract and has intrinsic mechanisms to prevent a broad immune activation that is otherwise triggered by antigens from the portal vein. However, this innate tolerance is unbiased as it could potentially fail to respond to tumor-associated antigens (TAAs) and other stimulants leading to Hepatocellular carcinoma (HCC) growth and progression. Additionally, most cases of HCC occur from chronic liver inflammation that promotes immune suppression. Due to these immunosuppressive mechanisms involving several mediators and suppressive molecules, most HCC patients remain refractory to therapy.HCC is an aggressive form of primary liver cancer. A chronically inflamed liver ultimately results in cirrhosis and poses as a major risk factor for developing HCC. Patients with liver cirrhosis frequently suffer from immune dysfunction. HCC is most often diagnosed late in its course and its general prognosis remains poor. The median survival time following diagnosis is approximately 6 to 20 months and the five-year survival rate is about 19%19. As per CDC statistics, it is the third leading cause of cancer death globally. According to the World Health Organization, the global incidence of HCC is estimated to be over 750,000 annually.TreatmentCancer therapy involves destroying all cancer cells, including those that may be in a precancerous stage, while sparing normal cells. Treatment options for patients with carcinomas metastatic to the liver are targeted therapy, ablation and/or liver transplant that help in prolonging life for a few months. However, they are limited to a select subset of patients that have early stage metastasis or few small tumors or tumors that can be detected radiographically. Surgery is performed only in those patients whose tumors have not grown into blood vessels or whose liver has good functionality despite the tumor; and this is true in less than 20% of patients. Surgical resection remains the first line therapy in patients having small tumors and who have preserved liver function and no underlying/slight cirrhosis. Orthotopic liver transplantation (OLT) remains the mainstay therapy for a small percentage of HCC patients with moderate to severe cirrhosis. If diagnosed early, OLT offers a potential curative therapy, with 5-year overall survival of 75% and a tumor recurrence rate of less than 15%20, 21, 22.There is evidence in literature that once the cancer has metastasized to the liver, the median overall survival for the patient is about six to eight months23. For micro-metastases in the liver that cannot be detected using CT scan, a loco-regional therapy such as radiofrequency ablation (RFA), trans-arterial chemo-embolization (TACE), percutaneous ethanol ablation or radioembolization is an option but only provides palliative treatment. In chemoembolization, chemotherapy and embolic agents are passed through a blood vessel that feeds the cancerous tumor to cut off the tumor's blood supply. TACE is currently the established therapy for both primary and secondary hepatic malignancies. Selective Internal Radiation Therapy (SIRT) is a radioembolization procedure that employs radioactive microspheres via the hepatic artery to target liver tumors. Therefore, exposure of radioactive substance to the remaining healthy liver tissue is minimized.The current standard of care for advanced HCC is sorafenib (Nexavar by Bayer Pharmaceuticals), a kinase inhibitor, was approved by the FDA in 2007 for advanced renal cell carcinoma and unresectable HCC. Approval was based upon the results of two large randomized, double-blind, placebo-controlled, Phase III trials (SHARP and Asia-Pacific). Both trials demonstrated that at the dose of 400 mg given twice-daily, sorafenib significantly extended overall survival by 2 – 3 months in HCC patients who remained refractory to loco-regional procedures. For patients who are refractory to sorafenib, the FDA approved regorafenib (Stivarga by Bayer Pharmaceuticals) in 2017, nearly a decade later. Approval was based on the outcome of a Phase III clinical trial of 573 patients with HCC that had progressed after treatment with sorafenib (Bruix et al., 2017). Regorafenib extended median overall survival by 2.8 months compared to placebo.Therapies under investigationHCC cells produce various TAAs and neoantigens. The initial anti-tumor immune response includes uptake of TAAs and neoantigens by dendric cells (DCs). DCs then migrate into regional lymph nodes and present processed antigen to CD4+ and CD8+ T cells. Antigen recognition leads to proliferation of CD4+ T cells and induction of interferon (IFN)-γ in the presence of IL-12 and type I IFN (Th1 polarization). Antigen-specific CD8+ cytotoxic T lymphocytes (CTLs) are developed. The antigen-specific CTLs exert anti-tumor function. Below we discuss the various treatment approaches that target the different stages of cancer progression.‣ Cell therapy: Cancer vaccines promote antigen presentation; anti-CTLA-4 antibody mainly acts in priming phase and facilitates the Th1 polarization and activation of CD8+ T cells. DC vaccines are capable of inducing and activating the effector anti-tumor CTLs. However, the immune system of most advanced cancer patients cannot be activated or may only be activated to a limited extent by DCs. In such cases, DCs are cultured and expandedex vivofor immunotherapy24. In general, therapeutic efficacy of cancer vaccine is limited by a dearth of tumor specific antigens, immunosuppressive effect of tumor microenvironment and tumor heterogeneity.‣ Adoptive immune therapy: This consists of transferring a large number of CTLs with T cell receptors recognizing specifically TAAs and/or other cytotoxic cells like NK cells into patients. Autologous cells obtained from patients are expandedex vivoand adoptively transferred after genetic modifications25.‣ Chimeric antigen receptors (CAR) therapy: T-cells work independently of antigen processing and presentation. In CAR-T-cells, an antibody joins TCRs to recognize cell surface antigens in an MHC-unrestricted approach. These can be manipulated to specifically target malignancy-associated antigens. Different types of antigens can be used as potential targets, such as tissue-specific differentiation antigens, germ cell antigens, overexpression of self-proteins, mutational antigens and viral antigens. CAR-T has already been applied to treat some solid tumor and homological malignancies26. CAR-modified T cells can be developed to target any tumor antigen; however, specificity for tumor rather than host antigens is of paramount importance with regard to limiting toxicity.‣ Anti-vascular endothelial growth factor (VEGF) therapy: Anti-VEGF therapy potentially induces infiltration of T cell into tumor tissues and inhibits activation of downstream multikinases that are normally essential for cell growth, angiogenesis, proliferation and metastasis of HCC cells. Anti-VEGF therapy with sorafenib has been successful as the first systemic therapy and has demonstrated improved survival in patients with advanced-stage HCC27.‣ Checkpoint inhibitor therapy: Therapy using immune checkpoint inhibitors is established on the role of T-cell mediated immunosuppression through immune checkpoints. Activation of T-cells by DCs is through ligation of MHC class I/II and T-cell receptor (signal 1) and costimulatory molecular pathways (signal 2). Costimulatory molecular pathways may deliver positive or negative signals to T-cells and result in T-cell activation or T-cell anergy (functionally inactive) to specific antigens. Checkpoint inhibitors can block negative costimulatory molecular pathways and enhance T-cell-mediated immunity. Blocking the immune checkpoint molecules (CTLA-4) restores T cell function, allowing the immune system to more effectively detect and kill the HCC tumor. Only immune checkpoint therapy using an anti-PD-1 antibody has produced favorable outcomes in clinical trials. Nivolumab, a monoclonal antibody to block programmed cell death protein 1 (PD-1), showed high efficacy in patients refractory to sorafenib. Immunotherapy by checkpoint inhibition can cause immune-related adverse events (irAEs) in a considerable number of patients due to the induction of overstimulation of immune reactivity or to the generation of outright autoimmune phenomena28. View Exhibit IX– Immune System in Cancer29Immunotherapy for advanced HCC patients remains controversial as it lacks sufficient efficacy in preventing recurrence and prolonging survival. Therapies have largely been confined to preclinical and experimental settings and have provided divergent results.The role of γδ T cells in immune-surveillance and immune defense against tumorsAbout 5% of circulating lymphocytes are made from a smaller subset of T-cells expressing T cell receptors (TCRs) made from γ and δ chains. These are termed γδ (gamma Delta) T cells whose functional response is triggered by the presence of antigens. They have the capability to attack infected cells indirectly by activation of other immune cells. They promote cytokine production without the presence of major histocompatibility complex (MHC) molecules and manage clearance of foreign bodies, control inflammation and regulate tissue homeostasis. γδ T cells multiply at high frequencies which allows them to respond to tumors and pathogens. The advantage of using γδ T cells is that they are abundantly available in the peripheral blood. Additionally, γδ T cells selectively kill cancer cells without affecting the non-stressed (non-transformed) cells. Also, they could be culturedex vivoor stimulated and expandedin vivo30, 31. All these features make them excellent candidates for cancer immunotherapy.The mevalonate (isoprenoid) pathway is an integral metabolic pathway in the cellular processes associated with tumor formation. Prenyl pyrophosphates are intermediates in the series of enzymatic reactions in isoprenoid biosynthesis and the γδ T cells monitor these elements in isoprenoid metabolism. Accumulation of metabolites from the mevalonate pathway is a red flag that activates the γδ T cells. Under normal conditions, isopentenyl pyrophosphate (IPP), a downstream signal produced by mevalonate pathway, is at a low concentration that does not elicit a γδ T cell response. Any dysregulation of the mevalonate pathway results in IPP production in high concentrations. γδ T cells are able to recognize and kill various tumor cells, either spontaneously or after treatment with zoledronic acid (ZA)32, 33, 34. ZA is currently the most potent nitrogen-containing bisphosphonate, which has shown potential as an immunotherapeutic drug for cancer35.LV ImmunoToxAGT is developing a lentiviral vector, ImmunoTox, which modifies tumor cells to trigger the anti-tumor response of γδ T cells. The activated T cells target both genetically-modified and unmodified tumor cells. AGT’s approach triggers the γδ T cells to invade cancer at the site of the treated primary tumor as well as against metastases. γδ T cells have not been linked to auto-immunity.γδ T cell receptors are known to respond to nonpeptide prenyl pyrophosphates. This detection is key in microbial and tumor immunity. Farnesyl Diphosphate Synthase (FDPS) is a branch point enzyme in the synthesis of sterols and isoprenylated cellular metabolites mainly known to mediate immunoregulatory functions. Inhibition of FDPS in tumor cells using ImmunoTox, blocks isoprenoid metabolism resulting in IPP accumulation. Small increases in IPP levels are recognized by γδ T cells causing them to secrete high levels of inflammatory cytokines to lyse tumor cells.Cancer research has been taking advantage of the humanized mouse model (immunodeficient NOD-scid IL2rc null (NSG) mice) to better understand the mechanisms of cancer and develop T cell-based immunotherapy approaches. Peripheral blood mononuclear cells (PBMCs) are of particular interest in humanized mouse models since they engraft immunodeficient mice with mature T cells in about a span of one week that are suitable for short term studies.Mice with spontaneous liver tumors were systemically injected via the tail vein with AGT’s lentiviral vector expressing firefly luciferase proteins. Imaging performed as part of the analysis presents bioluminescent markers in harvested livers five days post injection. Preferential transduction of liver produced higher light emission showing the ability of the lentiviral vector to target and transduce tumors after injection.The mice were randomly divided into four groups of eight mice each. One group was treated with Zoledronic acid. Research has shown that systemic ZA can increase phosphoantigen expression in subcutaneously implanted tumors and so facilitate γδ cell-mediated tumor killing in humanized mice36. In the untreated group, overall survival dropped after 60 days. In the group treated with PBMC alone, overall survival was at 75% 90 days post-transplant. The PBMC+ZA group had the best overall survival of about 80%.AGT’s candidate LV-401 slows tumor growth. Results demonstrated that LV-401 with PBMC transplantation/ injection exhibited a marked inhibitory effect on tumor growth. Studies have shown that PBMC transplantation results in reconstituting the immune system37. The group treated with LV-401 + PBMC had a survival of greater than 75% at day 110 after tumor implantation. ZA was not required for increased survival rate.Is ImmunoTox better than other approaches for treating HCC?‣ CAR-T therapy primarily targets hematologic malignancies. Solid tumors have been challenging to treat with CAR T-cell therapy due to the following reasons:◦ Identifying unique cell surface markers that distinguish solid tumor cells from normal tissues is difficult.◦ A solid tumor’s external matrix structure and its highly immunosuppressive nature do not allow CAR T-cells to communicate with infected cells effectively.◦ However, several studies are investigating the potential of CAR-T therapy in solid tumors. γδ T cell response, triggered by ImmunoTox, does not require unique cell surface markers for specific tumors, as is required by CAR-T or monoclonal antibody cell therapy.‣ Studies have shown that γδ T cells appear less sensitive to immune checkpoint inhibitors compared to other T cells. Targeting γδ T cells using LV is a promising alternative as LVs can be produced by a minimal set of viral genes.‣ Further, ImmunoTox is a SIN vector that decreases the risk of vector mobilization and recombination.‣ Additionally, ImmunoTox provides for local stimulation of γδ T cells that elicits a more targeted response with less systemic exposure to therapeutic agents.‣ γδ T cells do not recognize antigens restricted by MHC molecules which makes it possible for autologous as well as allogenic therapy to be developed.MarketA majority of primary liver cancers are HCC. While targeted therapies for HCC offer a modest overall survival benefit, immunotherapy promises an increased potential benefit including progression-free survival. Nevertheless, despite the therapeutic benefit offered by checkpoint inhibitors, currently available treatments do not offer a cure.Although great strides have been made in treatment, when examining the pipeline of potential candidates, a number of oncology drugs in clinical trials have failed to show efficacy. In 2010, Pfizer discontinued a Phase III study of Sutent (sunitinib malate) as it caused serious adverse events and failed to prove superiority to sorafenib. In 2012, Bristol-Myers Squibb’s molecule brivanib failed to meet the primary endpoint of non-inferiority to Nexavar as a first-line treatment for HCC. In 2014, Novartis’ Afinitor (everolimus) did not improve overall survival in patients with advanced HCC who were refractory to sorafenib.A search for “advanced HCC” and “Phase III studies” in the NIH U.S. National Library of Medicine web-based registry of clinical trials38yielded 21 results of ongoing investigations of drug candidates or combination therapies. Earlier this year, Eli Lilly announced results of a Phase III REACH-2 study of CYRAMZA (ramucirumab) as a single agent in the second-line treatment of people with AFP-High (alpha-fetoprotein ≥400 ng/mL) HCC. Patients in the REACH-2 and REACH trials demonstrated an improvement of 3.1 months in median overall survival. Celsion’s ThermoDox’s pivotal 556-patient global Phase III OPTIMA Study in HCC completed enrollment in August 2018 and the first interim efficacy analyses is expected in the second half of 2019.A billion-dollar unmet medical need in the immuno-oncology space presents a compelling market opportunity for AGT. As per a new report by Grand View Research in 2018, the global liver cancer therapeutic market is expected to grow at a CAGR of 19% driven primarily by the increase in patient volume. The HCC therapeutic market is currently dominated by Nexavar (sorafenib by Bayer) followed by other second line of treatments Opdivo (nivolumab by Bristol-Myers Squibb) and Stivarga (regorafenib also from Bayer) and off-label chemotherapies. Sales of Nexavar reached close to a billion dollars in 2017. The wholesale price of Stivarga is roughly $15,000 for one course of treatment. Opdivo, a checkpoint inhibitor, was approved for patients who are previously treated with Nexavar. Opdivo’s U.S. revenues reached north of $1 billion in 2018 and is priced from $150,000 to $165,000 per course of treatment. Merck’s cancer drug Keytruda, which is priced similarly, failed both overall survival as well as progression-free survival in a Phase III study in advanced HCC. Currently, there are several ongoing trials investigating Keytruda in combination with other treatments in patients with advanced HCC.PhenylketonuriaPhenylketonuria (PKU) is an autosomal recessive disorder caused by a deficiency in the enzyme phenylalanine hydroxylase (PAH). PAH is a tissue-specific enzyme that is expressed in humans and converts phenylalanine (Phe) to tyrosine with the aid of tetrahydrobiopterin (BH4). Tyrosine is used to make neurotransmitters, melanin and broken down to produce energy. Gene mutations reduce the activity of PAH. Most of these mutations cause aberrant folding of proteins or disrupt the way the gene's instructions are used to make PAH. Deficiency of PAH results in the autosomal recessive disorder PKU. Failure of Phe catabolism leads to accumulation of Phe and its associated metabolites to toxic levels. High levels of Phe (>1000 μM) affect myelination of neurons that negatively impact cognitive function. Neuronal cells are particularly sensitive to high levels of amino acid resulting in neurotoxicity which results in an increase in neuropsychiatric symptoms. View Exhibit X– Kinetics of Amino Acid in Plasma39TreatmentSimilar to many rare diseases, PKU occurs early in infancy and patients benefit from early diagnosis. Since PKU has not been cured, treatment emphasizes a very restrictive diet which includes low-protein, high-starch natural foods which are consumed in small amounts. Following the diet could potentially cause nutritional deficiencies, especially vitamin D and B12. Further, due to the severe limitation of protein intake, PKU patients normally require supplements of L-amino acids, vitamins and nutrients or alternative dietary supplements. Supplements free of Phe have lower biological efficiency. Protein substitutes that mimic physiological absorption kinetics of natural proteins and prolong the absorption of amino acids help in addressing the shortcomings of the condition. Tyrosine supplementation is key to treatment as a majority of Phe is converted into tyrosine under normal conditions. However, compliance remains poor in adolescents and young adults.There are currently few treatments available in the market for PKU. BH4 is a naturally-occurring compound that serves as a cofactor for PAH. In December 2007, Kuvan (sapropterin dihydrochloride), a synthetic form of tetrahydrobiopterin (BH4), received marketing approval from the FDA making it the first specific therapy for the treatment of PKU patients. BH4 is believed to reduce Phe serum levels by improving the folding conformation of certain types of mutant PAH molecules thereby increasing Phe catabolism. Kuvan is recommended to be used in conjunction with a Phe-restricted diet. Another treatment is Palynziq (pegvaliase-pqpz), an injectable, pegylated, Phe-metabolizing enzyme (phenylalanine ammonia-lyase or PAL) indicated to reduce blood Phe concentrations ( Therapies under investigationPKU patients could benefit from the use of probiotic to deliver the PAL enzyme to the intestine. Synlogic Inc. is currently conducting clinical trials of SYNB1618, a modified probiotic, in people with PKU to establish safety and tolerability following single and multiple doses. Results are expected in mid-2019. SYNB1618 has received FDA fast track designation.Gene therapy and enzyme replacement or substitution therapy have yielded more promising data for PKU in recent years. In gene therapy, a functional copy of the PAH gene is delivered to the liver. Enzyme substitution therapy substitutes the activity of an enzyme for the deficient PAH enzyme in PKU. The enzyme substitution allows Phe to be broken down, thereby decreasing blood Phe levels. A promising line of research involves replacing some of the defective liver cells with those that have functional PAH gene.AGT’s LV - Therapeutic lentivirus expressing phenylalanine hydroxylase for genetic modification of liverMost of the currently available therapies aim to address the 25% of the PKU population who have a mild case of PKU (hyperphenylalaninaemia). For the majority of patients suffering with severe symptoms (classical PKU), identifying successful treatment has remained futile.The human PAH gene is uniquely difficult to express at high levels and is a major obstacle to PKU therapy. Researchers at AGT have vigorously pursued the design of the PAH gene to significantly increase its expression in the liver cell. The company is developing AGT323 to replace the defective PAH gene. It is a third generation SIN viral vector that carries a functional copy of the PAH gene and also carries an inhibitory RNA to suppress the expression of mutant PAH gene that is prone to aberrant folding. AGT323 is designed to directly transduce liver cells to restore the normal metabolic pathway in PKU.Preclinical studiesThe PKU mouse is an established model of human PKU and exhibits clinical characteristics similar to PKU patients, including hyperphenylalanemia, hypopigmentation, cognitive defects, audiogenic seizures, and maternal PKU syndrome40, 41. At AGT, investigators have evaluated several recombinant LVs carrying the PAH gene to reduce blood Phe levels in the PAHenu2 mouse. Investigators had given several LV vectors into female PAHenu2 mice via the portal vein and monitored blood Phe. Plasma levels of phenylalanine in homozygous (HMZ) PAHenu2 mice were greater than those of heterozygous (HTZ) littermates. In treated PKU mice (5/22), blood Phe levels were below 1500 μM/L. In the untreated group (10/22), average plasma Phe levels were above 2200 μM/L. Histology revealed high levels of expression of PAH enzyme in juvenile mice treated with AGT323.View Exhibit XI– Phe Levels in Mice Using AGT Candidate42View Exhibit XII– Mouse Liver Expression of Human PAH43Clinical development planAGT anticipates conducting a Phase I study in humans to determine the safety and efficacy of the LV gene therapy for PKU. Immuno-oncology agents can inadvertently activate the immune system against self, resulting in significant immune-related adverse events and potentially weakening therapeutic benefit. Therefore, it is critical to design clinical trials appropriately. The company plans to have a dialogue with the FDA to design dose escalation studies. Since the portal vein has access to two thirds of the liver, the company plans to administer the viral vector via this route for efficient delivery. The company is prepared to conduct a traditional 3+3 dose escalation study (3 subjects are treated per dose level) to determine maximum tolerated dose. Secondary objectives include recording blood Phe levels and quality of life indicators.View Exhibit XIII– Standard 3 x 3 Dosing Protocol44AGT’s Viral Vector AdvantagesThis treatment modality deserves attention as it has the potential to permanently cure the disorder while improving cognitive function and quality of life in patients with PKU.‣ AGT323 is designed to inject vector directly into the liver. Vectors incorporate the Vesicular Stomatitis Virus (VSV) envelope glycoprotein G that binds to the LDL receptor which is abundant in hepatocytes. This helps in efficient transduction.‣ The LV can integrate into target cells thereby rendering long term persistence of the gene expression. This could potentially guarantee a cure with a single therapeutic dose.‣ AGT323 has been reengineered to produce in excess of a 10-fold increase in PAH expression. Consequently, the effective dose required is low.‣ The LV carries two vectors, one for delivering expression of functional PAH protein in hepatocytes and a small inhibitory RNA (siRNA) for suppressing the expression of mutant PAH.PKU Upcoming MilestonesResearchers at AGT have established the activity of LV expressing PAH gene as well as suppressing of the mutant gene in preclinical studies. Currently, the team is advancing LV transduction efficiency to achieve proof of concept in a mini-swine model. The company anticipates completion of mouse model studies by the first half of 2019 as it is testing both the highest potency vector and a strategy for pre-conditioning animals to increase hepatocyte transduction rates. They also plan to initiate IND enabling studies in 2019 and possibly submit an application before year end.PKU MarketPKU is one of the most common monogenic disorders. This debilitating disease is present about 1 in 10,000 – 15,000 births in the U.S. Liver transplantation would be an effective therapy for PKU patients as it would correct the underlying molecular disorder. However, it is not an appropriate alternative for restrictive diet since it is a complex procedure. Vitamin deficiencies are an undesired effect in PKU patients on restricted diet. Clinical manifestation of Vitamin B12 appears several years after inadequate intake of supplements. Vitamin B12 deficiency causes neuropathy, anaemia, dementia and psychiatric states such as depression.Kuvan has been designated an orphan drug in the U.S. and EU. Kuvan received approval in the EU by end of 2008, Canada in April 2010 and the U.S. in 2013. In 2015, Biomarin acquired the global marketing rights to Kuvan and garnered over $400 million in sales in 2017 from roughly 2,300 patients taking the drug45. The percentage of patients responsive to BH4 therapy using Kuvan range from 20% to 62%. Although BH4 therapy has shown promise, only a small proportion of PKU patients benefit from this treatment. Maternal PKU syndrome still needs attention in managing this condition as there is insufficient safety data from pregnant women who have been taking Kuvan. Newborn screening programs identify children affected by PKU and treatment begins as early as two weeks of age with dietary restriction. Close monitoring keeps symptoms at bay and the child develops with normal intellect. LNAA therapy is only recommended for adult PKU patients who do not adhere to the diet. LNAA supplementation alone or LNAA in combination with a low-Phe diet has shown positive outcomes but long-term effects are not completely known. In 2018, the FDA granted approval to market Palinziq and net product revenues were in excess of $12 million.AGT’s PKU candidate has potential advantages and could command premium pricing as it promises a cure as opposed to lifelong therapy. AGT’s candidate received an Orphan Drug Designation (#DRU-2018-6572) from the FDA in 2018. This would provide seven years of market exclusivity to AGT’s candidate if commercialized after biologic approval is granted.Corporate DetailsGoing PublicAGT is currently structured as a closely held private company but is exploring the process to become public. While timing has not yet been determined regarding any public offering that may occur, we anticipate that details will materialize over the next several quarters. AGT boasts an impressive patent estate, three development programs in HIV, PKU and liver cancer, two platform technologies in ImmunoTox and Transient Vector technologies and other discovery programs. In February 2019 AGT opened a new round of financing at $5.00 per share with 47.3 million fully diluted shares issued or reserved, suggesting a pre-money valuation of approximately $240 million.Platform TechnologyAGT’s platform is based on the use of viral vector that is able to specifically target a desired critical mechanism of action relevant to a broad cross-section of diseases. The company identifies suitable targets by applying its key criteria which seeks a disease with:‣ A precise diagnosis and established natural history‣ A quantitative marker available to measure efficacy‣ An unmet need and material impact on human population‣ Characteristics amenable to gene therapyAGT’s platform approach seeks indications that leverage AGT’s proprietary experience, knowledge and intellectual property in viral vectors. The company’s objective is to develop tools that will allow the viral vectors to insert corrected genes inside the cells that lack them. The goal is to find drug candidates with a predictable clinical path and that have a defined unmet need in the market in the areas of infectious disease, inherited disease and cancer. They also seek indications with the largest markets when evaluated in context of risk, competition and probability of success. This screening process led to programs in HIV, liver cancer and PKU.Importance of Time and CostZacks consistently highlights the high cost of therapy as one of the greatest risks to continued growth in the biotechnology and pharmaceutical industries. Drug price inflation has been dramatic over the previous 20 years and new drugs, especially biologics can cost from $150 to $500 thousand per year or per treatment. We see a few components that underlie this reality: high regulatory burden, low success rates and lengthy drug development. AGT’s platform attempts to address all of these challenges with well-understood components to its therapy, extensive bench work that increases the likelihood of success and rapid testing and evaluation processes that can provide a go or no-go indication early in the development process. The drug design process is also more efficient as AGT creates the clinical trial protocol and vector design simultaneously, yielding safer clinical trials and a more potent drug.The company’s long term strategy is to create a platform that has modular components that can fit together to cure genetic diseases. When viewed from the perspective of rewriting defective software in the human genome, the pathway to a faster and more economical approach to therapy is easier to frame. If successful, AGT may be able to rewrite any genetic code and potentially cure the more than 7,000 monogenic diseases that exist.Stakeholder's InterestsGene therapy has attracted interest not only from patients and payors in recent years, but also from regulatory authorities. While innovative drugs and therapies are a boon to mankind, in many cases they also come with exorbitant cost. While the FDA does not have control over prices, they can impact competition to some extent by streamlining the drug approval process. In this effort, former FDA Commissioner Scott Gottlieb and the Director of the Center for Biologics Evaluation and Research Peter Marks have made an effort to increase the number of hires in anticipation of processing more than 200 IND applications by 2020.Further, the regulatory agency is developing guidelines for cell and gene therapy candidates. Regulatory agencies have offered incentives to developers to expedite therapy candidates to market. Particularly, the regenerative medicine advanced therapy (RMAT) designation came into play in 2016. The RMAT designation allows companies to have frequent dialogue with the FDA, including expedited regulatory review on condition that the candidate will treat or cure a disease categorized as a serious condition. In 2017, Scott Gottlieb announced that certain gene therapies that had the potential to modify cells permanently and bring about a sustained therapeutic effect (genetically modified cells) could be awarded the RMAT designation46. The agency also plans to include clinical guidance documents for the development of gene and cell therapy products for inherited blood disorders and specific neurodegenerative diseases. The documents could also provide guidance on how to use an accelerated approval pathway when the therapy cures a disease.Insurance companies’ business models are set up for chronic ailments that can be treated over a period of time. A paradigm shift has occurred where gene therapies offering a single treatment command a high price but may also provide a permanent cure. This has challenged the payors as they grapple with antiquated payment procedures that look at short timeframes. Payors are interested in understanding the short-term safety and efficacy data as well as the long-term benefit the gene therapy could offer. It is uncertain as to how long the therapeutic benefit will last in certain patient populations and whether or not a single treatment will be sufficient.Some insurers offer outcomes-based rebate arrangements and are not paid entirely if the treatment proves ineffective while others allow payments to be made in installments. Industry players (Novartis’ Kymriah and Spark’s Luxterna) and advocacy groups offer different contracting models for their therapy. Value-based payments are an alternate choice but depend on metrics such as lifetime burden of the illness, increases in productivity on returning to work and reductions in use of healthcare resources that are yet to be derived from long-term studies. However, as the sector is still in its infancy, such information is not yet available. Consequently, the potential impact on whether it can reduce healthcare costs is not yet established. Further, lack of new HCPCS codes for novel therapies presents another hurdle that affects reimbursement.Leadership TeamA strong leadership team comprised of veterans in viral immunology and the medical device industry makes up the backbone of American Gene Technologies. With over three decades of business and entrepreneurial experience, Jeff Galvin (CEO), had held various executive positions at several Silicon Valley startups. Several companies under his management were taken public and/or sold to public companies, including one in the medical-technology arena that was sold to Varian, the leading manufacturer of linear accelerators used in cancer therapy. Jeff’s extensive experience will be instrumental in developing and commercializing AGT’s broad viral vector portfolio. C. David Pauza, Ph.D. is the CSO for AGT and Adjunct Professor of Medicine at the University of Maryland Medical School in Baltimore. Prior to joining AGT, Dr. Pauza was Associate Director for the university’s prestigious Institute of Human Virology and Co-Leader of the Greenebaum Cancer Center Program in Viral Oncology. He is an internationally recognized expert in human virology and viral diseases including HIV, arenaviruses, poxviruses and herpesviruses. Neil Lyons is the Executive Vice President & CFO for AGT. Prior to joining AGT, Neil was the CFO for Cleveland BioLabs and RegeneRx Biotherapeutics. Prior to a career in the biotech industry, Neil held several key positions in the telecom/ IT industries with Alcatel, Bell Atlantic (Verizon) and Honeywell. Additionally, AGT has established a Scientific Advisory Board to support corporate efforts in coming years. The sixteen member Board is expected to provide their support on scientific, clinical and regulatory matters relating to AGT’s lentiviral platform.ConclusionEvolution has taken place not only in living organisms but also in science and technology. Over the last several decades gene therapy has refined its approach and improved on many of its shortcomings, emerging as one of the safest and potentially least expensive mechanisms to cure a disease. There is exploding interest in the space from large and mid-sized pharmaceutical companies that have increased their investments in gene therapy and have closed numerous billion dollar deals over the last several years. The gene therapy pipeline is growing in the industry with researchers exploring bothex vivo andin vivoapproaches. Approximately 59% of gene therapy candidates employ a viral vector for delivery. Of those, AAV and LV lead the list of those being actively used as they have proven safety, low immunogenicity and long-term transgene expression. A third of the gene therapy pipeline consists of candidates in oncology.In 2017, the FDA approved the use of two CAR-T therapies for blood cancers. Both gene therapies areex vivotreatments, as the immune cells receiving gene therapy are removed from the body prior to modification with a viral vector. This approach is aligned with FDA guidance and provides a defined path towards approval. Spark Therapeutics has been rewarded with an FDA approval for Luxturna which uses an AAV vector to deliver a gene (RPE65) directly into the eye of patients suffering from a rare disease called RPE65 mutation-associated retinal dystrophy. While AGT was not the first company to obtain an approved gene therapy product, they have developed a platform that may rapidly and cost-effectively move a product from the lab to commercialization more efficiently than any who have come before.It is an exciting era for life sciences and especially for gene therapy which has traversed a long road solving many of the problems that have appeared since the first in-human successes were achieved almost 30 years ago. We are still in the beginning stages of the efforts in gene therapy to recode the human genome to repair and replace defective genes. Much like fixing software bugs by rewriting code, modifying the genetic AGTC sequence can eliminate the defects that exist in the human genome. AGT could very well be on the vanguard of a software revolution for the next 100 years.SUBSCRIBE TO ZACKS SMALL CAP RESEARCHto receive our articles and reports emailed directly to you each morning. Please visit ourwebsitefor additional information on Zacks SCR.DISCLOSURE: Zacks SCR has received compensation from the issuer directly or from an investor relations consulting firm, engaged by the issuer, for providing research coverage for a period of no less than one year. Research articles, as seen here, are part of the service Zacks provides and Zacks receives quarterly payments totaling a maximum fee of $30,000 annually for these services. Full DisclaimerHERE._________________________________________1. From 1971 (Intel 4004) to 2018 (GC2 IPU)2. Schlimgen, Ryan; et al. Risks Associated with Lentiviral Vector Exposures and Prevention Strategies. Journal of Occupational Environmental Medicine. December 2016, 58(12):1159-1166. Illustration by Nicole Wolf.3. Worgall, Stefan; Crystal, Ronald. Principles of Tissue Engineering, 4th ed. 2014. P. 657 - 6864. Gag encodes structural proteins. Gag proteins are necessary for the assembly of virus like particles and helping them mature after they are release from the host cell.5. Pol refers to DNA polymerase enzyme which generates reverse transcriptase, integrase and protease.6. Env gene encodes a glycosylated polyprotein that generates viral envelope proteins gp12 and gp41.7. The long terminal repeat (LTR) is the control center for gene expression.8. VandenDriessche et al., Blood 100:813–822, 20029. American Gene Technologies Corporate Presentation.10. According to the National Institute of Health11. US Department of Health and Human Services. https://aidsinfo.nih.gov/understanding-hiv-aids/glossary/171/capsid12. In some rare circumstances the CXCR4 co-receptor replaces CCR5 co-receptor in the process.13. whatwhenhow.com. http://what-when-how.com/wp-content/uploads/2012/04/tmp10820_thumb_thumb.jpg14. Video link for HIV infecting CD4+ T cell: https://www.youtube.com/watch?v=odRyv7V8LAE&t=108s15. The term "AGT103" refers to the lentiviral vector that contains a miR30-CCR5/miR21-Vif/miR185-Tat microRNA cluster sequence. The term "AGT103-T" refers to a cell that has been transduced with a lentivirus that contains the AGT103 lentiviral vector.16. Hitachi Chemical Advanced Therapeutics Solutions (HCATS) is the cell manufacturing and development platform used by AGT.17. AGT February 2019 Science and Partnering Presentation. Used by permission of American Gene Technologies International.18. AGT February 2019 Science and Partnering Presentation. Used by permission of American Gene Technologies International.19. Surveillance, Epidemiology, and End Results (SEER) Program. SEER*Stat database: incidence (2009–2015).20. Liver transplantation for hepatocellular carcinoma: extension of indications based on molecular markersJ Hepatol, 49 (2008), pp. 581-58821. Predicting survival after liver transplantation in patients with hepatocellular carcinoma beyond the Milan criteria: a retrospective, exploratory analysis, Lancet Oncol, 10 (2009), pp. 35-4322. Novel advancements in the management of hepatocellular carcinoma in 2008, J Hepatol, 48 (2008), pp. S20-S3723. http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3036307/24. Vaccination of advanced hepatocellular carcinoma patients with tumor lysate-pulsed dendritic cells: a clinical trial. J Immunither 2005;28:496-504.25. www.ncbi.nlm.nih.gov/pmc/articles/PMC593720226. Journals.sagepub.com/doi/full/10.1177/101042831769222927. Cancer 2013; 120: 229–23728. Eur J Cancer. 2016;54:139–48.29. Hepatoma Res 2018;4:51. Immune system in cancer and therapies targeting the various stages in cancer cycle. CTLA-4: cytotoxic T lymphocyte associated antigen-4; PD-1: programmed cell death 1 protein; PD-L1: PD-1 ligand30. Transl Lung Cancer Res 2014;3(1):23-3331. www.frontiersin.org/articles/10.3389/fimmu.2018.00800/full32. J Exp Med 2003; 197 : 163-833. J Immunol 2009; 182 : 8118-24.34. J Immunol 2001; 167 : 5092-8.35. Expert Opin Biol Ther. 2008 Jul; 8(7):875-83.36. Cancer Res. 2011 Jul 1; 71(13):4562-72.37. Blood. 1998 Oct 1; 92(7):2556-70.38. Located at: https://clinicaltrials.gov/39. Adherence Issues in Inherited Metabolic Disorders Treated by Low Natural Protein Diets. 2012. Ann Nutr Metab 61:28940. Mouse models of human phenylketonuria. Genetics 1993;134:1205–1210.41. Epilepsy in phenylketonuria: a complex dependence on serum phenylalanine levels. Epilepsia 2007;48:1143–1150.42. Copyright 2019 American Gene Technologies. Used by permission.43. Copyright 2019 American Gene Technologies. Used by permission.44. Cancer Control July 2014, Vol. 21, No. 345. Source: Evaluate Pharma46. www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm573443.htm
7 paid iPhone apps on sale for free on July 1st Click here to read the full article. We finished off June with a fantastic roundup of paid iPhone and iPad apps on sale for free for a limited time. Our work isnt done though, and now were starting off July with an even better roundup. Youll find seven different premium apps on sale in the list below, and theyre the best freebies out of the hundreds of discounted apps we sifted through on Monday morning. These deals could be done at any moment though, so definitely get in on the action and download them for free while you still can. This post covers paid iPhone and iPad apps that have been made available for free for a limited time by their developers. BGR is not affiliated with any app developers. There is no way to tell how long they will be free. These sales could end an hour from now or a week from now obviously, the only thing we can guarantee is that they were free at the time this post was written. If you click on a link and see a price listed next to an app instead of the word get, it is no longer free. The sale has ended. If you download the app anyway, you will be charged by Apple. Some apps may have additional in-app purchases. Subscribe to our RSS feed to be notified as soon as these posts are published and youll avoid missing the sales we cover. Related Stories: 7 paid iPhone apps on sale for free on July 1st 8 paid iPhone apps on sale for free on June 28th 6 paid iPhone apps you can download for free on June 27th Crypto Push Price Tracker Normally $0.99. Crypto Push is a cryptocurrency tracker with price updates on the app icon badge for quick viewing. Updates the price on the icon badge every 5-7 minutes. Prices on the badge are rounded to the nearest whole number and prices lower than 1 are not displayed. Sort the list of currencies by price, percentage changed over 1 hour, percentage changed over 24 hours, and percentage changed over 7 days. 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An Intrinsic Calculation For Meritage Homes Corporation (NYSE:MTH) Suggests It's 42% Undervalued Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! In this article we are going to estimate the intrinsic value of Meritage Homes Corporation (NYSE:MTH) by estimating the company's future cash flows and discounting them to their present value. I will use the Discounted Cash Flow (DCF) model. It may sound complicated, but actually it is quite simple! We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. Anyone interested in learning a bit more about intrinsic value should have a read of theSimply Wall St analysis model. See our latest analysis for Meritage Homes We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars: [{"": "Levered FCF ($, Millions)", "2020": "$215.0m", "2021": "$233.0m", "2022": "$248.5m", "2023": "$262.1m", "2024": "$274.3m", "2025": "$285.5m", "2026": "$296.0m", "2027": "$306.0m", "2028": "$315.8m", "2029": "$325.5m"}, {"": "Growth Rate Estimate Source", "2020": "Analyst x1", "2021": "Est @ 8.35%", "2022": "Est @ 6.67%", "2023": "Est @ 5.48%", "2024": "Est @ 4.66%", "2025": "Est @ 4.08%", "2026": "Est @ 3.67%", "2027": "Est @ 3.39%", "2028": "Est @ 3.19%", "2029": "Est @ 3.05%"}, {"": "Present Value ($, Millions) Discounted @ 10.06%", "2020": "$195.3", "2021": "$192.3", "2022": "$186.4", "2023": "$178.6", "2024": "$169.8", "2025": "$160.6", "2026": "$151.3", "2027": "$142.1", "2028": "$133.3", "2029": "$124.8"}] ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF)= $1.6b After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 10-year government bond rate (2.7%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 10.1%. Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$325m × (1 + 2.7%) ÷ (10.1% – 2.7%) = US$4.6b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$4.6b ÷ ( 1 + 10.1%)10= $1.75b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $3.38b. To get the intrinsic value per share, we divide this by the total number of shares outstanding.This results in an intrinsic value estimate of $88.4. Relative to the current share price of $51.34, the company appears quite undervalued at a 42% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Meritage Homes as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 10.1%, which is based on a levered beta of 1.23. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Although the valuation of a company is important, it shouldn’t be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. What is the reason for the share price to differ from the intrinsic value? For Meritage Homes, I've put together three additional factors you should further examine: 1. Financial Health: Does MTH have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does MTH's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of MTH? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing! PS. Simply Wall St updates its DCF calculation for every US stock every day, so if you want to find the intrinsic value of any other stock justsearch here. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Panthers sign goaltender Sergei Bobrovsky to seven-year contract The Florida Panthers have locked up Sergei Bobrovsky, a two-time Vezina Trophy winner, for seven years. (Photo by Maddie Meyer/Getty Images) As they said themselves, the Florida Panthers got their man. The team announced on Monday afternoon that they’ve signed Sergei Bobrovsky to a seven-year deal. We’ve got our man! Welcome to the next era of #FlaPanthers goaltending. » https://t.co/TIfpXBlDL9 pic.twitter.com/Yd1KDiMDfs — Florida Panthers (@FlaPanthers) July 1, 2019 According to Sportsnet’s Chris Johnson , the 30-year-old goaltender will make $10 million per season. He becomes the second-highest paid netminder in the league, behind only Montreal’s Carey Price by $500,000. "Sergei is an elite starting goaltender who has consistently proven to be one of the best in the NHL," said Panthers general manager Dale Tallon in a release. "Adding a world class goalie with Sergei's abilities and experience will give us a solid foundation in net and the confidence to win every night as we look towards this next era of Panthers hockey in South Florida." Bobrovsky has won the Vezina Trophy as the league’s top puck-stopper twice — in 2013 and 2017. He’s started at least 60 games and won 37 of them in each of the past three seasons. During his seven-year tenure with the Columbus Blue Jackets, the Russian never had a campaign in which he posted a GAA above 2.75 or SV% below .908. In 457 NHL regular season contests in his career, he owns a record of 255-153-37 along with a sparkling 2.46 GAA and .919 SV%. Before inking his deal with the team, the Panthers’ only goaltender on the roster was Chris Driedger — a 25-year-old with three games of NHL experience under his belt. Their starter from last season, Roberto Luongo, has retired while James Reimer was traded to the Carolina Hurricanes on Sunday for Scott Darling, who the Panthers bought out. More NHL coverage on Yahoo Sports
How Many Photronics, Inc. (NASDAQ:PLAB) Shares Have Insiders Sold, In The Last Year? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. So we'll take a look at whether insiders have been buying or selling shares inPhotronics, Inc.(NASDAQ:PLAB). It is perfectly legal for company insiders, including board members, to buy and sell stock in a company. However, rules govern insider transactions, and certain disclosures are required. We would never suggest that investors should base their decisions solely on what the directors of a company have been doing. But equally, we would consider it foolish to ignore insider transactions altogether. As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' Check out our latest analysis for Photronics In the last twelve months, the biggest single sale by an insider was when the Director, George Macricostas, sold US$221k worth of shares at a price of US$10.10 per share. While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price. The silver lining is that this sell-down took place above the latest price (US$8.20). So it may not shed much light on insider confidence at current levels. Over the last year we saw more insider selling of Photronics shares, than buying. The chart below shows insider transactions (by individuals) over the last year. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date! I will like Photronics better if I see some big insider buys. While we wait, check out thisfreelist of growing companies with considerable, recent, insider buying. For a common shareholder, it is worth checking how many shares are held by company insiders. We usually like to see fairly high levels of insider ownership. Insiders own 2.4% of Photronics shares, worth about US$13m. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment. The fact that there have been no Photronics insider transactions recently certainly doesn't bother us. Our analysis of Photronics insider transactions leaves us cautious. But it's good to see that insiders own shares in the company. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check thisfreereport showing analyst forecasts for its future. Of coursePhotronics may not be the best stock to buy. So you may wish to see thisfreecollection of high quality companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
New fuel to Trump-Powell feud? US economist Art Laffer says Fed ‘should not be independent’ Art Laffer, aU.S. economistwhose philosophy helped support the GOP’s rationale for the recenttax reformeffort and an informal White House advisor, is reigniting an ongoing feud betweenTrumpand theFederal Reserve. At the heart of the administration's animosity towards Chairman Jerome Powell is the central bank’s decision late last year to raise interest rates, one that Trump believes undermined U.S. economic growth. Following that decision, the White House reportedly examined whether Trump could remove or demote Powell from the Fed’s top spot. Trump recently said he is not considering such a move, but that he would trade Powell for Mario Draghi, who heads the European Central Bank. Now, economist Arthur Laffer, a former adviser to Ronald Reagan, is reigniting the spat and calling for lawmakers and the executive branch to have greater control over decision-making at the Fed. “The Fed should not be independent of the administration, never should be. None of those people were elected, they were all appointed,” he told podcast host John Catsimatidis. “It’s a policy tool that should be in the hands of the Congress and the president to make our country better, not in the hands of some Princeton professors who have never worked a day in their life.” While Laffer added that he believes Powell doesn’t “have control of his board,” some Fed leaders are more vocally backing the chairman. “He commands my trust completely,” Tom Barkin, who heads the Federal Reserve Bank of Richmond, told theWall Street Journalof Powell. “He’s been a role model of how one handles oneself in a situation where you could imagine other people doing things that would [harm] the institution.” Trump recently bestowed the Presidential Medal of Freedom on Laffer, who became infamous for pushing the policy that tax cuts spur economic growth. Conservatives and Democrats alike criticized that decision. A former budget director for ReaganblastedLaffer as “the greatest Fake Economist to ever come down the pike,” while Washington Gov. Jay Inslee, a Democrat who is running to be the party’s presidential nominee in 2020, said he was “the last person” to deserve the distinction. Economist Stephen Moore, who was a top choice for the Fed board but removed his name from consideration amid tepid support from Republican senators, floated Laffer as a potential replacement for outgoing top White House top economist Kevin Hassett. Laffer, however, said he didn’t have an interest in the role, telling FOX Business that he doesn’t “have any chance of doing as good a job as Kevin Hassett does.” CLICK HERE TO GET THE FOX BUSINESS APP “I really don’t do those types of jobs well,” he said “My job really is to give you unvarnished, true my views of the world, from my perspective. And you know when you’re an employee of a person, you have to carry the water for the person you work for.” Related Articles • Consequences Of The Millennial/Debt Relationship • Tech Wreck - 100+K Jobs Gone and More Cuts Coming • Fmr. Prosecutor Suing Obama, Sharpton for Fueling Race War
Best TV deals for the week of July 1 It's July. Though the official halfway point of 2020 is July 2, we are six months away from a new decade. Whether you need a distraction from how fast time goes or just want to prep extra early for the holidays (which aren't eventhatfar away now), a new TV is always a safe bet. As always,Amazon,Dell, andWalmartnever cease to impress us with TV deals. This week, there are a few extra-exciting models thrown in: You can grab a curved55-inch TV from Samsungfor less than $550 or a curved65-inch TV from Samsungfor $700. goodmorning..... it is now july which means it’s august so it might as well be halloween which means it’s christmas so now it’s 2020 and we in a whole new decade...... damnpic.twitter.com/alHR9FLveo More aboutHome,Samsung,Lg,4k Tv, andMashable Shopping
AOC paints grim picture of U.S. migrant detention centers Rep. Alexandria Ocasio-Cortez sharply criticized the conditions at U.S. Customs and Border Protection (CBP) detention camps, stating that migrants were subject to “systemic cruelty.” “Just left the 1st CBP facility,” the New York congresswoman wrote on Twitter. “I see why CBP officers were being so physically &sexually threatening towards me. Officers were keeping women in cells w/ no water & had told them to drink out of the toilets. This was them on their GOOD behavior in front of members of Congress.” On Monday, ProPublica published messages from a Facebook group of roughly members, including current and former Border Patrol agents, named “I’m 10-15,” a reference to the agency’s code for “aliens in custody.” Among the messages were jokes about a 16-year-old Guatemalan migrant who died in Border Patrol custody in May and sexist references to Ocasio-Cortez, including illustrations of her performing oral sex on migrants and President Trump. The group, Ocasio-Cortez said, also suggested raising money for an agent to throw a burrito at her and Rep. Veronica Escobar, a Democrat who represents the El Paso, Texas, area. The two freshmen congresswomen were among a delegation visiting the border on Monday. “Now I’ve seen the inside of these facilities,” Ocasio-Cortez added. “It’s not just the kids. It’s everyone. People drinking out of toilets, officers laughing in front of members Congress. I brought it up to their superiors. They said ‘officers are under stress & act out sometimes.’ No accountability.” “After I forced myself into a cell w/ women&began speaking to them, one of them described their treatment at the hands of officers as ‘psychological warfare’ - waking them at odd hours for no reason, calling them wh*res, etc,” Ocasio-Cortez tweeted. “Tell me what about that is due to a ‘lack of funding?’ Now I’m on my way to Clint, where the Trump admin was denying children toothpaste and soap. This has been horrifying so far. It is hard to understate the enormity of the problem. We’re talking systemic cruelty w/ a dehumanizing culture that treats them like animals.” "There's abuse in these facilities,” said Ocasio-Cortez to reporters outside the facility . “There's abuse. This is them on their best behavior, and they put them in a room with no running water and these women were being told by CBP officers to drink out of the toilet. They were drinking water out of the toilet, and that was them knowing a congressional visit was coming. This is CBP on their best behavior, telling people to drink out of the toilet." Story continues Hours later, Ocasio-Cortez said that the detained migrants she had spoken to believed they now faced punishment for speaking with her. “What’s haunting is that the women I met with today told me in no uncertain terms that they would experience retribution for telling us what they shared,” Ocasio-Cortez tweeted . “They all began sobbing - out of fear of being punished, out of sickness, out of desperation, lack of sleep, trauma, despair.” Other members of the delegation concurred with Ocasio-Cortez’s description of the conditions in the detention camps. “We can't just focus on the children anymore,” tweeted Rep. Rashida Tlaib, D-Mich. “I met grandmothers, mothers and fathers who are suffering. This is devastating. The look in one father's eyes broke me. I can't look away.” "‘If you want water, just drink from a toilet,’" wrote Rep. Judy Chu, D-Calif. “That's what border patrol told one thirsty woman we met on today's #DemsAtTheBorder trip. These are the same CBP personnel who threatened to throw burritos at members of Congress. Changes must be made.” “Just left the first CBP facility,” tweeted Rep. Madeleine Dean, D-Pa. “The conditions are far worse than we ever could have imagined. 15 women in their 50s- 60s sleeping in a small concrete cell, no running water. Weeks without showers. All of them separated from their families. This is a human rights crisis. We were met with hostility from the guards, but this is nothing compared to their treatment of the people being held. The detainees are constantly abused and verbally harassed with no cause. Deprived physically and dehumanized mentally - everyday. This is a human rights issue.” Conditions at the border detention camps have continued to draw scrutiny. On Monday, NBC News reported that a Department of Homeland Security document revealed that agents were arming themselves out of fear of riots because the conditions were so bad. Over the weekend, a federal judge ordered that doctors be allowed into child migrant camps in order to ensure they were “safe and sanitary” after multiple reports of young migrants being unable to shower, brush their teeth or wash their hands. Acting CBP chief John Sanders announced last week he was resigning , making no mention of the conditions at the facilities. “It just felt, you know, lawless,” Dolly Lucio Sevier, a doctor who visited the centers, said in an interview with ABC News last week. “I mean, imagine your own children there. I can’t imagine my child being there and not being broken.” Rep. Alexandria Ocasio-Cortez, D-N.Y. (Photo: Alex Brandon/AP) Earlier in the day, Ocasio-Cortez criticized CBP for having a “violent culture.” “This just broke: a secret Facebook group of 9,500 CBP [Customs and Border Protection] officers discussed making a GoFundMe for officers to harm myself & Rep. Escobar during our visit to CBP facilities & mocked migrant deaths,” she wrote on Twitter, linking to the story. “This isn’t about ‘a few bad eggs.’ This is a violent culture.” “9,500 CBP officers sharing memes about dead migrants and discussing violence and sexual misconduct towards members of Congress,” added Ocasio-Cortez. “How on earth can CBP’s culture be trusted to care for refugees humanely? PS I have no plans to change my itinerary & will visit the CBP station today.” Ocasio-Cortez repeatedly made the point Monday that the views expressed by members of the secret Facebook group were indicative of a larger problem at CBP, which oversees the Border Patrol. “There are 20,000 TOTAL Customs & Border Patrol agents in the US. 9,500 - almost HALF that number - are in a racist & sexually violent secret CBP Facebook group,” Ocasio-Cortez tweeted. “They’re threatening violence on members of Congress. How do you think they’re treating caged children+families?” In May, the Arizona Daily Star reported that a Border Patrol agent who is accused of knocking down a Guatemalan man with his vehicle allegedly sent text messages that included references to migrants as “disgusting subhuman s--- unworthy of being kindling for a fire” and that asked the White House to “PLEASE let us take the gloves off trump!” ProPublica later reported that the CBP was going to investigate members of the group, stating, "Any employees found to have violated our standards of conduct will be held accountable." Ocasio-Cortez was criticized last month by Republican members of Congress for calling the facilities “concentration camps,” although a number of experts and historians agreed with her classification. On June 22, the Salt Lake Tribune editorial board published an op-ed entitled “Yes, we do have concentration camps.” In a call last week, a CBP official disputed the critical accounts and said the children housed there were given periodic access to showers and unlimited snacks. “I personally don’t believe these allegations,” said the CBP official, who spoke on the condition he not be identified, according to the New York Times . _____ 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? PHOTOS: Freak hailstorm hits Guadalajara, Mexico View comments
Barge Traffic Improves, Tropical Storm Barbara In Pacific Barges moving again on the Mississippi:After several weeks of backups due to ongoing floods, barges are finally able to move up and down the Mississippi. All locks on the upper Mississippi and Illinois rivers areopen, and only one lock in the St. Louis area remainsclosed. Traffic may still be slow in some areas, but congestion is decreasing and the overall situation is getting better. However, it could take a long time for many sectors of the economy to bounce back. Stormy in the Plains:Look for another summer day of widely scattered showers and thunderstorms across all regions of the country except the West. Storms could be strong in spots from the Cascades and Rockies to the lower Great Lakes, with a concentration of severe storms—large hail, intense winds and/or flash flooding—from near Denver to around Minneapolis and La Crosse. This may slow down drivers on portions of I-29, I-80 and I-90. Tropical update:Over the weekend, Tropical Storm Barbara became the second named storm of the Pacific hurricane season, moving west toward the central Pacific. As of early this morning, maximum winds were 65 mph but are forecast to become Category 1 hurricane strength (at least 74 mph) sometime today. By mid-week, Barbara may be a major hurricane (Category 3 of stronger), and by early Friday the storm will be about halfway between Baja California and Hawaii. Ocean freighters will have to steer clear, but Barbara is no immediate threat to any other assets at this time. Image sourced from Pixabay See more from Benzinga • Ocean Spray Says Uber Freight Provides The Right Balance Of Service And Cost • For Target, Being A "Shipper Of Choice" Means Partnering With Carriers And Vendors • July Economic Roundup © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
These Photos of the 'Big Little Lies' Cast at Zoë Kravitz's Wedding Is Giving Us FOMO Click here to read the full article. In case you didn’t get enough BLL content out of the past 48 hours, we now know that the Big Little Lies cast attended Zoë Kravitz wedding to Karl Glusman in Paris this weekend — because, of course, they did. We’re all well aware that the Monterey Five are real-life BFFs (and we’re all still waiting on our invite to the group chat). And while it’s hardly a burden to jet off to Paris for the weekend, it’s still lovely to see these five ladies support each other IRL. The big question that remains: did Meryl Streep snag an invite , and if so, did she join her castmates across the Atlantic? The wedding itself took place in Lenny Kravitz’s Parisian mansion , an 18th century masterpiece featuring eight bedrooms, a speakeasy, and art by Andy Warhol and Jean-Michel Basquiat. Celebrities in attendance at the event included Cara Delevigne, Eddie Redmayne, Denzel Washington, and Jason Momoa. The wedding was preceded by a rehearsal dinner at Restaurant Lapérouse , where co-owner Grégory Lentz tells People the celebration was in full swing. “Any room with Lenny and Jason and Denzel in it, well… was crazy and insane. There was so much love in the room. There were toasts and they were moving into tequila when I left. They were still going at 2 a.m.” Related stories Big Little Lies Just Dropped Another Hint That [SPOILER] Might Die Soon Things Got Physical Between Celeste & Mary Louise on Big Little Lies, & Fans Approve Exclusive: What 'Big Little Lies' Wacky Child Therapist Actor Really Thinks of Her Character First up, some photos of guests arriving to the rehearsal dinner —starting with Kravitz herself arriving on the scene: Next, here are co-star Reese Witherspoon and Shailene Woodley ’s rehearsal dinner looks: ReeseWitherspoonShaileneWoodley Cosmopolitan reports that Nicole Kidman made it to the ceremony Saturday, but wasn’t present for the rehearsal dinner. Here are some photos of the wedding itself, featuring Kidman, Laura Dern , and more: Story continues View this post on Instagram Date night in Paris 🇫🇷✨❤️ A post shared by Reese Witherspoon (@reesewitherspoon) on Jun 28, 2019 at 10:45am PDT View this post on Instagram And the bride wore biker shorts… to the rehearsal dinner! #ZoeKravitz tied the knot with her longtime love Karl Glusman in Paris in front of an all-star intimate guest list (and it was basically a Big Little Lies Reunion) 👰🏽🤵🏻 • • • • • RG @accessonline 📷Splash News #GlamRegram #BLL2 #biglittlelies #celebritywedding A post shared by Glam, Inc. (@you.are.glam) on Jul 1, 2019 at 8:43am PDT And here’s a sweet father-daughter moment between Zoë and Lenny Kravitz: View this post on Instagram Zoe Kravitz is a married woman! She said "I do" to Karl Glusman at her dad Lenny Kravitz's home in Paris and it is safe to say Lenny was one proud dad! Link in bio for all the details! (Credit: @lennykravitz A post shared by Access (@accessonline) on Jun 29, 2019 at 2:15pm PDT The wedding looks stunning (as do all of Kravitz’s guests). Hopefully, the BLL co-stars had the foresight to get a wedding group shot — we’re happy to keep stalking their social media pages until we find it. Sign up for SheKnows' Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram .
A Holistic Look At Meritage Homes Corporation (NYSE:MTH) Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Building up an investment case requires looking at a stock holistically. Today I've chosen to put the spotlight on Meritage Homes Corporation (NYSE:MTH) due to its excellent fundamentals in more than one area. MTH is a company that has been able to sustain great financial health, trading at an attractive share price. Below is a brief commentary on these key aspects. If you're interested in understanding beyond my broad commentary, read the fullreport on Meritage Homes here. MTH's ability to maintain an adequate level of cash to meet upcoming liabilities is a good sign for its financial health. This suggests prudent control over cash and cost by management, which is a crucial insight into the health of the company. MTH's has produced operating cash levels of 0.24x total debt over the past year, which implies that MTH's management has put its borrowings into good use by generating enough cash to cover a sufficient portion of borrowings. MTH's shares are now trading at a price below its true value based on its discounted cash flows, indicating a relatively pessimistic market sentiment. Investors have the opportunity to buy into the stock to reap capital gains, if MTH's projected earnings trajectory does follow analyst consensus growth, which determines my intrinsic value of the company. Also, relative to the rest of its peers with similar levels of earnings, MTH's share price is trading below the group's average. This supports the theory that MTH is potentially underpriced. For Meritage Homes, I've put together three important aspects you should further research: 1. Future Outlook: What are well-informed industry analysts predicting for MTH’s future growth? Take a look at ourfree research report of analyst consensusfor MTH’s outlook. 2. Historical Performance: What has MTH's returns been like over the past? Go into more detail in the past track record analysis and take a look atthe free visual representations of our analysisfor more clarity. 3. Other Attractive Alternatives: Are there other well-rounded stocks you could be holding instead of MTH? Exploreour interactive list of stocks with large potentialto get an idea of what else is out there you may be missing! We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
'Stranger Things': Millie Bobby Brown and Sadie Sink Dish on Their Awesomely '80s Mall Montage (Exclusive) Grab your favorite scrunchie, tease up your hair and meet us in the food court, because Stranger Things is taking us back to the summer of '85! In the highly anticipated third season, which drops this Thursday, July 4 on Netflix, fans will get the chance to see Mike, Eleven, Dustin, Lucas, Will and Max embrace their teenage years in Hawkins, Indiana -- which just happens to have a brand-new Starcourt mall. ET has the exclusive scoop straight from stars Millie Bobby Brown and Sadie Sink, who gush about one of the season's most exciting scenes: an awesomely '80s mall montage starring Eleven and Max! "That was a lot of fun!" Sink dished to our cameras last week at the Stranger Things world premiere red carpet in Santa Monica, California. "I think we shot that over the course of, like, two days, but it was really fun. We played music, we got in the mood, and all the laughter that you see between Millie and I -- its all genuine fun that were having." "Whatever you saw onscreen was what really happened," Brown confessed when asked about the lighthearted scene. "We were playing really loud music -- Cyndi Lauper, Madonna -- and we had the best time. Especially filming with your best friend, its kind of really easy." Coincidentally, the two co-stars and best friends showed up in matching pretty-in-pink looks to the Stranger Things premiere event on Friday. "We didn't even plan that!" Sink exclaimed. "But It works because she's, like, in the dress and Im in the pants." CHRIS DELMAS/AFP/Getty Images Sink was thinking pink in a custom Prada double-satin jumpsuit with a crystal embellished bodice, while Brown wowed on the red carpet in a custom Rodarte pink princess dress featuring an epic train. Brown revealed that she was inspired by the "summer of love" for her season three premiere look. "As soon as I think I think of the 80s and the summer, I think pink and vibrant colors and I wanted to have a great time, so Rodarte completely embodied my vision." Story continues Dying for more Stranger Things ? Catch up on everything you need to remember before bingeing season three on Thursday, July 4, on Netflix. RELATED CONTENT: 'Stranger Things' Recap: The 11 Most Important Things to Remember Before Bingeing Season 3! 'Stranger Things' Flashback: Watch the Young Stars Freak Out Over '80s Walkie-Talkies (Exclusive) 'Stranger Things' Season 3: Monsters, Murder and Mayhem at the Mall in Epic Final Trailer Related Articles: Hollywood Bikini Bods Over 40 Biggest Celebrity Breakups of 2019 -- So Far! Celebrities in Their Underwear
Estimating The Fair Value Of Varian Medical Systems, Inc. (NYSE:VAR) Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Does the July share price for Varian Medical Systems, Inc. (NYSE:VAR) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by taking the expected future cash flows and discounting them to their present value. This is done using the Discounted Cash Flow (DCF) model. It may sound complicated, but actually it is quite simple! Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. Anyone interested in learning a bit more about intrinsic value should have a read of theSimply Wall St analysis model. Check out our latest analysis for Varian Medical Systems We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: [{"": "Levered FCF ($, Millions)", "2019": "$384.0m", "2020": "$460.5m", "2021": "$534.0m", "2022": "$593.7m", "2023": "$645.0m", "2024": "$689.2m", "2025": "$728.0m", "2026": "$762.7m", "2027": "$794.3m", "2028": "$823.9m"}, {"": "Growth Rate Estimate Source", "2019": "Analyst x1", "2020": "Analyst x2", "2021": "Analyst x1", "2022": "Est @ 11.17%", "2023": "Est @ 8.64%", "2024": "Est @ 6.87%", "2025": "Est @ 5.63%", "2026": "Est @ 4.76%", "2027": "Est @ 4.15%", "2028": "Est @ 3.72%"}, {"": "Present Value ($, Millions) Discounted @ 8.1%", "2019": "$355.2", "2020": "$394.1", "2021": "$422.7", "2022": "$434.8", "2023": "$436.9", "2024": "$432.0", "2025": "$422.1", "2026": "$409.0", "2027": "$394.1", "2028": "$378.1"}] ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF)= $4.1b The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 10-year government bond rate (2.7%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 8.1%. Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$824m × (1 + 2.7%) ÷ (8.1% – 2.7%) = US$16b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$16b ÷ ( 1 + 8.1%)10= $7.24b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $11.31b. In the final step we divide the equity value by the number of shares outstanding.This results in an intrinsic value estimate of $124.41. Relative to the current share price of $136.13, the company appears around fair value at the time of writing. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind. We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Varian Medical Systems as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 8.1%, which is based on a levered beta of 0.901. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Whilst important, DCF calculation shouldn’t be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. For Varian Medical Systems, There are three important factors you should look at: 1. Financial Health: Does VAR have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does VAR's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of VAR? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing! PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the NYSE every day. If you want to find the calculation for other stocks justsearch here. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
3 Stocks That Have Been Cut in Half So Far in 2019 Stocks have had a good run through the first six months of the year, but they haven't all been winners. Some investments have been stuck on the sidelines, and that includes dozens of stocks that have actually plummeted by more than 50% in the first half of 2019. Weight Watchers(NASDAQ: WW),GameStop(NYSE: GME), andStamps.com(NASDAQ: STMP)are some of the unfortunate stocks that have been cut in half -- and then some -- over the past six months. Let's go over what each company did to fall out of favor so far this year. Image source: Weight Watchers. You can go from feast to famine, and that's how one of the market's hottest stocks two years ago has been losing a ton of weight in 2019. The provider of weight management solutions took off in late 2016 after Oprah Winfrey acquired a small stake in the stock and became its official spokeswoman. Aspiring pound shavers followed Winfrey into Weight Watchers, and investors followed suit. The stock soared 783% from the start of 2017 through the midpoint of 2018, but it's been backpedaling ever since. Winfrey's arrival was good for six straight quarters of double-digit percentage growth in revenue, but that momentum is stalling. Business is going the wrong way now, and that includes a double-digit percentage decline in revenue last time out. Weight Watchers still has 4.6 million subscribers, just as it did a year earlier, but the dynamic of those members is changing for the worse. More than two-thirds of Weight Watchers customers are now digital subscribers, a challenge because they pay less than half of what in-store support members shell out and spend less on the branded meals. Weight Watchers is now trying toposition itself as a wellness brandto capture more than just the weight conscious, but that's not going to be an easy sell. GameStop is living on borrowed time. Cartridge- and disc-based gaming is fading, as die-hard gamers turn to digital distribution and casual players gravitate to cheaper mobile diversions. GameStop is still selling the hardware necessary to kick off the gaming experience. But the slow fade of its higher margin software and -- more important -- its pre-owned games business is hurting the chain. Income investors replaced growth investors a few years ago given the stock's chunky yield, which was closing in on 20% earlier this year. But the dividend chasers followed growth investors out the door when GameStop decided toeliminate its payoutslast month. The reeling retailer had kept the distributions coming as it tried to smoke out a potential suitor, but that avenue hit a dead end earlier this year when it announced that it wasno longer exploring strategic alternatives. It's not "game over" here given the chain's current profitability, but it's hard to see GameStop ever clawing back its relevance. Putting all of your eggs -- or in this case, stamps -- in one basket can be a dangerous game. The provider of online postage and shipping solutions took a hit after announcing that its exclusive partnership with the U.S. Postal Service would be ending. Stamps.com tried to position the deal's termination as a way to strike up partnerships with other carriers, but investors saw the end of the cash cow. Its stock has lost at least half of its value in back-to-back quarters, and the former market darling's guidance paints anugly near-term picture. After eight years of double-digit revenue growth, Stamps.com is eyeing a decline on the top line with adjusted earnings falling by nearly as much as this year's 71% stock plunge. It'smailpattern baldness. 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 Rick Munarrizhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Stamps.com. The Motley Fool owns shares of GameStop and has the following options: short July 2019 $8 calls on GameStop. The Motley Fool has adisclosure policy.
Here's What Matador Resources Company's (NYSE:MTDR) ROCE Can Tell Us Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today we'll look at Matador Resources Company (NYSE:MTDR) and reflect on its potential as an investment. Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. First up, we'll look at what ROCE is and how we calculate it. Next, we'll compare it to others in its industry. Last but not least, we'll look at what impact its current liabilities have on its ROCE. ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business. All else being equal, a better business will have a higher ROCE. In brief, it is a useful tool, but it is not without drawbacks. Renowned investment researcher Michael Mauboussinhas suggestedthat a high ROCE can indicate that 'one dollar invested in the company generates value of more than one dollar'. Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Matador Resources: 0.091 = US$297m ÷ (US$3.6b - US$328m) (Based on the trailing twelve months to March 2019.) So,Matador Resources has an ROCE of 9.1%. Check out our latest analysis for Matador Resources One way to assess ROCE is to compare similar companies. Using our data, we find that Matador Resources's ROCE is meaningfully better than the 7.4% average in the Oil and Gas industry. We consider this a positive sign, because it suggests it uses capital more efficiently than similar companies. Setting aside the industry comparison for now, Matador Resources's ROCE is mediocre in absolute terms, considering the risk of investing in stocks versus the safety of a bank account. Investors may wish to consider higher-performing investments. Matador Resources has an ROCE of 9.1%, but it didn't have an ROCE 3 years ago, since it was unprofitable. That suggests the business has returned to profitability. You can see in the image below how Matador Resources's ROCE compares to its industry. Click to see more on past growth. When considering ROCE, bear in mind that it reflects the past and does not necessarily predict the future. Companies in cyclical industries can be difficult to understand using ROCE, as returns typically look high during boom times, and low during busts. ROCE is, after all, simply a snap shot of a single year. Remember that most companies like Matador Resources are cyclical businesses. What happens in the future is pretty important for investors, so we have prepared afreereport on analyst forecasts for Matador Resources. Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months. The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise. To counter this, investors can check if a company has high current liabilities relative to total assets. Matador Resources has total liabilities of US$328m and total assets of US$3.6b. Therefore its current liabilities are equivalent to approximately 9.2% of its total assets. With low levels of current liabilities, at least Matador Resources's mediocre ROCE is not unduly boosted. If performance improves, then Matador Resources may be an OK investment, especially at the right valuation. Of course,you might also be able to find a better stock than Matador Resources. So you may wish to see thisfreecollection of other companies that have grown earnings strongly. If you are like me, then you willnotwant to miss thisfreelist of growing companies that insiders are buying. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Woman, 19, dies after 360-degree swinging carnival ride breaks apart midair: report Horrifying footage captured the moment a 360-degree swinging carnival ride broke apart, reportedly killing a 19-year-old rider. The tragedy took place Friday at Istiklol Amusement Park in Jizzakh, a city in Uzbekistan located 125 miles from the capital,Tashkent, according toMetro. Riders strapped into the "Flying Saucer," a rotating pendulum ride, were swung high into the air when the contraption's metal arm snapped in half, sending passengers aboard the circular platform crashing into the ground below. One 19-year-old passenger, identified by her initials M.H., died in the accident, according to Uzbek authorities. No other mortalities were reported. Metroreports that the malfunctioned ride was installed in the park in March. A critical report regarding the amusement park's safety emerged in May.
Danielle Fishel Gives Birth to Son Adler, Opens Up About 'Nightmare' Complications Danielle Fishel just became a proud mama. On Monday, the Boy Meets World alum announced that, last week, she and husband Jensen Karp welcomed a baby boy! She also included some touching images, including one of their precious son in the hospital and another of his crib below a sign spelling out his first name in lights. "One week ago today, on 6/24 at 4:52am, Adler Lawrence Karp made his entrance into the world, 4 weeks early," she wrote alongside. She also explained some complications that arose. "My water broke on 6/20, one day before my work week directing at Raven's Home ended and my maternity leave began. I was hospitalized that night and put on magnesium sulfate because Adler was only 35 weeks old. Unfortunately, after doing an ultrasound, our amazing OB discovered fluid in his lungs that was not there during our last appointment only 10 days earlier - and thus we entered a nightmare we'll never forget." She then broke down the concerns she and her husband are dealing with regarding Adler's health issues, even as they face the excitement of parenthood. "We still don't have Adler home with us because the deeply good doctors and nurses in the NICU are working diligently to find out why the fluid is there and determine the best way to get it out," she continued. "This has been the most trying week and a half of mine and @jensenkarp's lives but we have gotten through it with the support of our incredible family and friends who have shown up for us in unexpected ways." Fishel also admitted to hesitance concerning announcing their baby's arrival as numerous questions concerning his well being are being addressed. "Jensen and I have also become closer than we ever thought possible and the love between us has grown exponentially as we have leaned on each other during both our highest highs and our lowest lows," she added. "We feel [helpless] and powerless and useless and we wanted so badly to follow our 'birth plan,' unsurprisingly none of which involved leaving our beautiful baby boy at the hospital for the first weeks of his life. We have also struggled with making this announcement - we are THRILLED Adler is here and we want to shout it from the rooftops but we know posting about his birth and it's complications opens us up to prying eyes - aka paparazzi staked outside our house, following our every move they way they did several times during my pregnancy. We are much too fragile for that right now and I pray wholeheartedly that we can have some space as we navigate these next few weeks." Story continues View this post on Instagram One week ago today, on 6/24 at 4:52am, Adler Lawrence Karp made his entrance into the world, 4 weeks early. My water broke on 6/20, one day before my work week directing at Raven's Home ended and my maternity leave began. I was hospitalized that night and put on magnesium sulfate because Adler was only 35 weeks old. Unfortunately, after doing an ultrasound, our amazing OB discovered fluid in his lungs that was not there during our last appointment only 10 days earlier - and thus we entered a nightmare we'll never forget. We still don't have Adler home with us because the deeply good doctors and nurses in the NICU are working diligently to find out why the fluid is there and determine the best way to get it out. This has been the most trying week and a half of mine and @jensenkarp's lives but we have gotten through it with the support of our incredible family and friends who have shown up for us in unexpected ways. Jensen and I have also become closer than we ever thought possible and the love between us has grown exponentially as we have leaned on each other during both our highest highs and our lowest lows. We feel helpess and powerless and useless and we wanted so badly to follow our "birth plan," unsurprisingly none of which involved leaving our beautiful baby boy at the hospital for the first weeks of his life. We have also struggled with making this announcement - we are THRILLED Adler is here and we want to shout it from the rooftops but we know posting about his birth and it's complications opens us up to prying eyes - aka paparazzi staked outside our house, following our every move they way they did several times during my pregnancy. We are much too fragile for that right now and I pray wholeheartedly that we can have some space as we navigate these next few weeks. I can't wait to share more details about him with you (he hates having a poopy diaper for even 1 minute, he loves bath time, he has the cutest sneezes I've ever heard) and sing the praises of his NICU care team but I prefer to do that when Adler is in this crib in his nursery at home on a still unknown future date. P.S. the fox will be removed from his crib before he's ever in it. 👶❤️ A post shared by Danielle Fishel Karp (@daniellefishel) on Jul 1, 2019 at 8:57am PDT Fishel concluded: "I can't wait to share more details about him with you (he hates having a poopy diaper for even 1 minute, he loves bath time, he has the cutest sneezes I've ever heard) and sing the praises of his NICU care team but I prefer to do that when Adler is in this crib in his nursery at home on a still unknown future date. P.S. the fox will be removed from his crib before he's ever in it. 👶❤️" On January 2, the 38-year-old actress broke news that she and her hubby were expecting their first child . She shared the revelation with a photo featuring three pairs of Nikes: two adult pairs and one tiny baby pair. “I'm eating for 2. I'm napping w/ wild abandon,” she wrote beside the sweet image. “Baby shoes. Baby clothes. I'm shopping. I'm nesting. I'm madly in love w/ my husband. I cry at commercials. I'm a walking cliché. I'm confident. I feel inadequate. I'm nervous. I'm excited. He's due in July. We can't wait. #BabyKarp” I'm eating for 2. I'm napping w/ wild abandon. Baby shoes. Baby clothes. I'm shopping. I'm nesting. I'm madly in love w/ my husband. I cry at commercials. I'm a walking cliché. I'm confident. I feel inadequate. I'm nervous. I'm excited. He's due in July. We can't wait. #BabyKarp pic.twitter.com/w4qHs4DGbj — Danielle Fishel Karp (@daniellefishel) January 2, 2019 The exciting announcement came just two months after Fishel and the Drop the Mic producer exchanged vows. RELATED CONTENT: Danielle Fishel Poses for Stunning Sunlit Snaps Showing Off Her Baby Bump Danielle Fishel Gives Pregnancy Update With Adorable First Baby Bump Pic 'Girl Meets World's Danielle Fishel Reveals She and Husband Jensen Karp Expecting First Child Related Articles: Hollywood Bikini Bods Over 40 Biggest Celebrity Breakups of 2019 -- So Far! Celebrities in Their Underwear
Today's Pickup: Get Your AOBRD Upgrades In Order; Indian-Americans Are Raking It In Good day, Did you know that June 28 was the first National Logistics Day? Everyone or everything deserves a day, so why not a sector that in 2018 accounted for 11.4 percent of U.S. Gross Domestic Product? To mark the occasion, politicians and industry leaders gathered in Erie, Pennsylvania for an event sponsored by Logistics Plus Inc./, which arranged to have the commemoration listed on the "National Day Calendar" every June 28.Q Quotable: "When I say now, I mean now. Do not wait until October, November or December" – Federal Motor Carrier Safety Administrator Raymond P. Martinez on the December 16, 2019 mandate for fleets with Automatic On-Board Recording Devices (AORBD) that received a two-year extension to comply with the 2017 Electronic Logging Device (ELD) guidelines. Martinez spoke last week at the SMC3 annual summer meeting in Colorado Springs, Colorado. Did you know: The average Indian-American earns $110,000 a year, by far the highest of any American demographic. (Source: Jeffrey Rosensweig, Emory University) In other news: Space logistics takes flight NASA will issue a formal call for proposals later this summer for cargo transportation services for its lunar gateway, seeking to model that effort on the space station's commercial cargo program. (SpaceNews.com) Ford enters home health care transport market Ford Motor Co. is entering the health care transportation game through its "Ford GoRide" program, an on-demand or scheduled service for non-emergency medical needs.(Home Health Care News) The ‘Nexus of Hell' Boston-area commuters say the interchange of I-90 (also known as the MassPike) and I-495 (Boston's beltway) is poorly designed and are eager for a planned improvement project that will improve safety and reduce congestion. (WCVB.com) EV charging infrastructure next big challenge in California Electric-powered vehicles are gaining traction in California, according to Steve Cliff, deputy executive director of the California Air Resources Board. The next big challenge, he says, is building a suitable charge infrastructure. (Environmental Defense Fund) AI pays off for Indian transport and logistics providers Early adopters of artificial intelligence in transportation and logistics already enjoy profit margins greater than 5 percent – while non-adopters are in the red.(Business Insider India) Final thoughts: Nothing is easy in Washington. However, relative to everything else, a federal transport spending bill is a slam-dunk because of its bipartisan nature. That's what makes it so striking to hear comments from Washington insiders that there will not be a new bill by the time the five-year FAST Act expires on September 30, 2020. President Trump touted a massive infrastructure bill almost from Day One, and early in his term even offered political cover to lawmakers on both sides of the aisle to push through hikes in the federal motor fuels tax to pay for it. Yet nothing has happened, and given the animus between the president and House Speaker Nancy Pelosi (D-California) heading into an election year, nothing likely will. Even with an opposition Congress, President Obama signed two transport spending bills into law during his term. Given President Trump's self-styled reputation as a master builder and dealmaker, the inability to get a bill passed and signed into law is an epic failure of leadership. Hammer down everyone! Image sourced from Pixabay See more from Benzinga • Stage Set For Volkswagen To Further Pursue Navistar • Finding Transportation Capacity During The Crunch • Barge Traffic Improves, Tropical Storm Barbara In Pacific © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Is Matador Resources Company (NYSE:MTDR) A Financially Sound Company? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Investors are always looking for growth in small-cap stocks like Matador Resources Company (NYSE:MTDR), with a market cap of US$2.3b. However, an important fact which most ignore is: how financially healthy is the business? Evaluating financial health as part of your investment thesis is crucial, since poor capital management may bring about bankruptcies, which occur at a higher rate for small-caps. We'll look at some basic checks that can form a snapshot the company’s financial strength. Nevertheless, this is just a partial view of the stock, and I suggest youdig deeper yourself into MTDR here. Over the past year, MTDR has ramped up its debt from US$574m to US$1.5b , which includes long-term debt. With this growth in debt, MTDR currently has US$21m remaining in cash and short-term investments , ready to be used for running the business. On top of this, MTDR has generated US$532m in operating cash flow in the last twelve months, resulting in an operating cash to total debt ratio of 36%, signalling that MTDR’s current level of operating cash is high enough to cover debt. Looking at MTDR’s US$328m in current liabilities, it appears that the company may not be able to easily meet these obligations given the level of current assets of US$230m, with a current ratio of 0.7x. The current ratio is the number you get when you divide current assets by current liabilities. MTDR is a relatively highly levered company with a debt-to-equity of 78%. This is a bit unusual for a small-cap stock, since they generally have a harder time borrowing than large more established companies. We can check to see whether MTDR is able to meet its debt obligations by looking at the net interest coverage ratio. A company generating earnings before interest and tax (EBIT) at least three times its net interest payments is considered financially sound. In MTDR's, case, the ratio of 5.86x suggests that interest is appropriately covered, which means that lenders may be inclined to lend more money to the company, as it is seen as safe in terms of payback. Although MTDR’s debt level is towards the higher end of the spectrum, its cash flow coverage seems adequate to meet debt obligations which means its debt is being efficiently utilised. Though its low liquidity raises concerns over whether current asset management practices are properly implemented for the small-cap. This is only a rough assessment of financial health, and I'm sure MTDR has company-specific issues impacting its capital structure decisions. I suggest you continue to research Matador Resources to get a more holistic view of the stock by looking at: 1. Future Outlook: What are well-informed industry analysts predicting for MTDR’s future growth? Take a look at ourfree research report of analyst consensusfor MTDR’s outlook. 2. Historical Performance: What has MTDR's returns been like over the past? Go into more detail in the past track record analysis and take a look atthe free visual representations of our analysisfor more clarity. 3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore ourfree list of these great stocks here. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Don't recall Apollo 11? Global festivities have you covered You can run a race, hit a museum, shoot off a rocket or count down to the moment 50 years ago that Neil Armstrong first stepped foot on the moon. There's no shortage of events and exhibits celebrating the historic moon landing. Museums, galleries, concert halls, movie theaters and towns with an Apollo 11 connection will be marking the anniversary over the next few weeks, particularly for the July 16 launch, July 20 moon landing and July 24 splashdown. In downtown Wapakoneta, Ohio — Armstrong's birthplace — the festivities include the Moon Festival Pageant, a Run to the Moon race and a "Wink at the Moon" concert, a nod to his family's request after Armstrong died in 2012. In Huntsville, Alabama, where the Saturn V rocket was developed, there'll be dancing in the streets. Residents will moonwalk down the roads of "Rocket City," reliving the day they danced in the streets in 1969. The U.S. Space and Rocket Center is also going for a world record. On July 16 at 8:32 a.m. local time, exactly 50 years after Apollo 11 astronauts blasted off for the moon, the museum will attempt to set a Guinness World Record by launching 5,000 model rockets simultaneously. "It's going to be epic," said Pat Ammons, spokeswoman for the museum and its popular space camp. The cardboard rockets will be set up in circles representing the five F-1 engines that propelled Saturn V into space. The museum has also invited space fans around the world to launch their own rockets that day. So far, people from 29 countries have joined, including Argentina, Vietnam and China, Ammons said. NASA will mark the occasion on the eve of the landing anniversary with a live, 1 ½-hour broadcast on NASA TV from several sites, including Kennedy Space Center in Florida, the launch site for Apollo 11 crew of Armstrong, Buzz Aldrin and Michael Collins. The Astronaut Scholarship Foundation is throwing an astronaut golf tournament, astronaut parade and astronaut pub crawl in Florida. And there's nowhere better to learn about the moon landing than the Wings Over the Rockies Air and Space Museum's weeklong " Apollopalooza " in Denver. Peanuts character Snoopy will make appearances in his astronaut regalia at Comic Con in San Diego and at Space City in Toulouse, France for the countdown to man's first steps. Can't join Snoopy? NASA's Johnson Space Center in Houston and the Armstrong Museum in Wapakoneta will do public countdowns as well. And as part of their weeklong celebrations on the National Mall, the Smithsonian National Air and Space Museum will host " The Eagle Has Landed ," a free late-night celebration with scavenger hunts, stargazing and a countdown. Story continues Some of the world's famous art galleries are also joining in the fun. Iconic and some rare drawings, paintings, films, astronomical instruments, photographs and even cameras that were flown in space will go on display. New York's Metropolitan Museum of Art will open five galleries bedecked with images of the moon dating from the dawn of photography in the 1830s. And the National Gallery of Art in Washington is putting together an exhibit celebrating a century of lunar photographs including the earliest lunar images by Warren de la Rue and Lewis M. Rutherford. "It's just extraordinary how magical these photographs are," said art historian and exhibit curator Diane Waggoner. For a history crash course, theaters and museums are bringing the Apollo 11 mission back to life. The new IMAX film "Apollo 11: First Steps" combines never-before-seen footage and audio recordings. Starting on July 8, PBS will air its " Chasing the Moon " documentary series. And the Hollywood film "First Man" is available to stream. The National Air and Space Museum will have Armstrong's refurbished spacesuit out for the first time since 2003. It also put statues of his spacesuit in baseball stadiums around the country. A Smithsonian exhibit featuring the Apollo 11 command module that flew astronauts to the moon is now on display at Seattle's Museum of Flight and travels to Cincinnati this fall. Beginning Monday, the public can visit NASA's Apollo-era Mission Control in Houston that was recently restored to the way it looked 50 years ago. "I think it conveys a great history of what humans have been able to accomplish," said Tracy Lamm of Space Center Houston. ___ Follow Jeremy Rehm on Twitter: @jrehm_sci ___ Follow AP's full coverage of the Apollo 11 anniversary at: https://apnews.com/Apollo11moonlanding ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute's Department of Science Education. The AP is solely responsible for all content. View comments
Battle Of Cloud Computing ETFs TheFirst Trust Cloud Computing ETF (SKYY)raked in $1.1 billion in fresh net assets in the third week of June—a huge sum for an otherwise narrowly focused ETF, and one that landed it among that week’s biggest creations. The fund, however, went on to face just over $1 billion in net outflows this past week—a complete unwind of the previous week’s trade, bringing year-to-date total creations to a modest net of $260 million. These big swings in flows, while dramatic, don’t change the fact that, as far as thematic ETFs go, SKYY is a bona fide success. The first fund to focus exclusively on cloud computing (launched in 2011), SKYY is today a $2.2 billion ETF. It’s also pretty liquid, trading nearly $16 million on average a day at spreads of about 0.03%. SKYY even scores high when it comes to environmental social governance (ESG) metrics. The fund has an MSCI ESG score of nearly 7 (out of 10), meaning its basket of underlying stocks is strong, and should be pretty resilient in the face of ESG risk factors. Competition Picking Up But SKYY is no longer the only game in town. While there are many ETFs that tiptoe around cloud computing names, SKYY is facing strong competition from a newcomer that’s just as focused—if not more focused—on the universe of cloud computing companies. That competitor, though while new, is seeing some impressive traction right out of the gates. TheGlobal X Cloud Computing ETF (CLOU), which launched just two months ago, is already a $403 million ETF, having attracted about 60% more assets than SKYY this year. Perhaps one of the drivers of CLOU’s immediate success is in the strategy itself. CLOU, tracking a market-cap-weighted global index of developed and emerging market names, invests in companies that generate at least 50% of their revenue from cloud computing. That list includes software as a service (SaaS) companies, platform and infrastructure as a service, data centers and even hardware manufacturers. It’s a pretty concentrated portfolio—currently comprising only 37 securities—that’s meant to be a pure-play approach to accessing the cloud computing industry. While heavily tilted toward U.S. stocks, which represent about 93% of CLOU’s country allocations, the fund also currently has exposure to Australia and China stocks. Here’s a glance inside the portfolio: By comparison, SKYY is a more diluted approach to cloud computing, given that the strategy does not have any filters for sources of revenue, resulting in a portfolio that invests in SaaS, PaaS and IaaS, but one that also owns broader technology giants such as Microsoft, Oracle and even Amazon. [Use ourstock finder toolto find an ETF’s allocation to a certain stock.] From a sector perspective, software and information technology services represent only 71% of SKYY versus 83% of CLOU. Here’s a look at SKYY’s portfolio: These allocations tilt SKYY toward larger cap names versus competing CLOU. SKYY has a weighted average market capitalization of $206 billion. CLOU’s average market cap sits at $71 billion. SKYY is also a broader portfolio in number of holdings—it owns roughly twice as many stocks as CLOU does. What has been perhaps more notably different about them in the past two months since CLOU’s inception is their performance. Check out CLOU’s outperformance: Chart courtesy ofStockCharts.com Under The Surface In a year when technology is the best-performing S&P 500 sector, rallying almost 26%, underperformance in a tech-segment ETF is a little hard to stomach for some investors. The divergence in performance is directly tied to underlying holdings. It’s SaaS companies that are shining the brightest, and CLOU has a stronger focus on them. Consider that SKYY’s top holdings, Oracle and Amazon, are up about 3-4% in the past two months (since CLOU’s inception); MongoDB is up 5%; CenturyLink is in the red. Microsoft is up 11%. That’s the fund’s top five holdings in terms of allocation. [Use ourstock finder toolto find an ETF’s allocation to a certain stock.] Meanwhile, CLOU’s top holding, the SaaS company Anaplan (PLAN), is up 40% in the past two months. Coupa Software (COUP) is up 32%; Shopify (SHOP) is up 38%. Cloud-based security company Zscaler (ZS) is up 15.5%. These are big returns, outsized relative to the broader tech sector, driving CLOU’s performance. There’s no question investors are paying a little more for that outperformance. CLOU costs 0.68% in expense ratio, or $68 per $10,000 invested, versus 0.60% for SKYY. That’s a price tag 13% higher than its main competitor. But so far, investors seem undeterred by that cost difference, pouring assets into CLOU in an effort to capture the hot performance of the software industry this year, and making CLOU one of the most successful thematic ETF launches we’ve seen in a while. Contact Cinthia Murphy atcmurphy@etf.com Recommended Stories • July/August 2019 ETF Filing Roundup • ETF Of The Week: This Min Vol Fund On A Roll • Dissecting 3 Big Quality ETFs • Hot Reads: Understanding Tracking Error Permalink\| © Copyright 2019ETF.com.All rights reserved
Tyler, the Creator Unveils Signature Ice Cream Flavor Tyler, the Creator has created his own ice cream. The flavor is called Snowflake. Its two-colored and, according to a press release, features cool peppermint on the ivory side, warm spearmint on the green side, with buttery white chocolate melted throughout, white chocolate flakes for some crunch, and a little sea salt to bring the flavor and scent forward. Snowflake is a collaboration between Tylers GOLF le FLEUR* and the Columbus, Ohio-based Jenis Splendid Ice Creams . The ice cream is available online Saturday, July 6 at 10 a.m. Eastern at the GOLF and Jenis websites. It will also be sold that day at Tylers GOLF store in Los Angeles . Snowflake arrives at Jenis locations on July 8. Tyler wrote of Snowflake: As much as I love white chocolate chip cookies, I cant get over the fact that someone made the universal rule that they always have to come with those useless macadamia nuts. For as long as I can remember, mint ice cream seemed to always come with every chocolate chip but white. I finally got the two away from their clingy friends and set up a play date for my mouth. Enjoy, TYLER, THE CREATOR See the video. Originally Appeared on Pitchfork
Is AptarGroup, Inc.'s (NYSE:ATR) 1.2% Dividend Worth Your Time? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Is AptarGroup, Inc. (NYSE:ATR) a good dividend stock? How can we tell? Dividend paying companies with growing earnings can be highly rewarding in the long term. On the other hand, investors have been known to buy a stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. A 1.2% yield is nothing to get excited about, but investors probably think the long payment history suggests AptarGroup has some staying power. Some simple research can reduce the risk of buying AptarGroup for its dividend - read on to learn more. Click the interactive chart for our full dividend analysis Dividends are usually paid out of company earnings. If a company is paying more than it earns, then the dividend might become unsustainable - hardly an ideal situation. So we need to form a view on if a company's dividend is sustainable, relative to its net profit after tax. In the last year, AptarGroup paid out 42% of its profit as dividends. This is a middling range that strikes a nice balance between paying dividends to shareholders, and retaining enough earnings to invest in future growth. Besides, if reinvestment opportunities dry up, the company has room to increase the dividend. We also measure dividends paid against a company's levered free cash flow, to see if enough cash was generated to cover the dividend. AptarGroup paid out 72% of its free cash flow last year, which is acceptable, but is starting to limit the amount of earnings that can be reinvested into the business. It's positive to see that AptarGroup's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut. Consider gettingour latest analysis on AptarGroup's financial position here. One of the major risks of relying on dividend income, is the potential for a company to struggle financially and cut its dividend. Not only is your income cut, but the value of your investment declines as well - nasty. For the purpose of this article, we only scrutinise the last decade of AptarGroup's dividend payments. During the past ten-year period, the first annual payment was US$0.60 in 2009, compared to US$1.44 last year. Dividends per share have grown at approximately 9.1% per year over this time. Dividends have grown at a reasonable rate over this period, and without any major cuts in the payment over time, we think this is an attractive combination. The other half of the dividend investing equation is evaluating whether earnings per share (EPS) are growing. Growing EPS can help maintain or increase the purchasing power of the dividend over the long run. Earnings have grown at around 4.0% a year for the past five years, which is better than seeing them shrink! AptarGroup is paying out less than half of its earnings, which we like. However, earnings per share are unfortunately not growing much. Might this suggest that the company should pay a higher dividend instead? When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. AptarGroup's dividend payout ratios are within normal bounds, although we note its cash flow is not as strong as the income statement would suggest. Second, earnings growth has been mediocre, but at least the dividends have been relatively stable. AptarGroup has a number of positive attributes, but it falls slightly short of our (admittedly high) standards. Were there evidence of a strong moat or an attractive valuation, it could still be well worth a look. Earnings growth generally bodes well for the future value of company dividend payments. See if the 11 AptarGroup analysts we track are forecasting continued growth with ourfreereport on analyst estimates for the company. Looking for more high-yielding dividend ideas? Try ourcurated list of dividend stocks with a yield above 3%. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
China Unveils A Train That Cruises At 373 Miles Per Hour With its sights set on redrawing the historic Silk Route across the world, the Chinese government has been sinking billions of dollars into expanding its transport infrastructure, both within the country and outside its borders. Apart from bolstering its road and railroad networks, China has also done exceedingly well in improving the speed of its trains, pioneering the concept of magnetic levitation (MagLev) to run trains. China's state-owned train manufacturer, the China Railway Rolling Stock Corporation (CRRC), has unveiled a MagLev train that clocks a maximum speed of 373 miles per hour. With the promised speed, the MagLev train can transport passengers from Beijing to Shanghai in around three and a half hours, roughly an hour faster than the time it takes to fly from Beijing to Shanghai. In addition, when the time it takes to board and deboard an airplane are added to the time of a journey, the flight may be much longer than the one on a maglev train. MagLev is a concept where trains literally float over rails, made possible by having strong electromagnets on both the wheels and the rail. These magnets make them repel each other – enough to eliminate the possibility of friction between the train and the tracks, and helping it cruise at hundreds of miles per hour in a highly fuel-efficient manner. Though the technology has been commercially deployed in China since 2003 with a MagLev train connecting Shanghai's Pudong airport to the city's downtown, the maximum speed of the train was 100 mph less than the current MagLev train. The train is expected to go into commercial production by 2021, once the train clears tests. CNN reportedthat the CRRC took nearly three years for its design and development, finally materializing a lightweight and high-strength train body, which laid the foundation for the development of five sets of MagLev prototypes. CRRC Qingdao Sifang, a subsidiary of CRRC, is now going a step further and establishing a test center and a MagLev trial production center, scheduled to commence operations later this year. Across the world, multiple models of transport are taking shape – all built around the idea of making transit faster, more efficient and sustainable in terms of reduced carbon emissions. In the U.S., land transport is witnessing therise of the Hyperloop– a system that transports people and cargo at supersonic speeds through a vacuum tube. First envisioned by Tesla CEO Elon Musk in 2012, the technology's promise has sprouted several startups across the world that are racing towards making it a reality before 2020. Then again, a lot of the action in hyperloop technology does happen in Asia, with China and India being favorite test sites. Even in the MagLev segment, China is not the only country looking to perfect the technology, as it's Asian rival Japan also runs MagLev trains and incidentally holds the train speed record at 374.6 mph. Though this record was set on an experimental track, the train is expected to gain mainstream relevance by 2027, as Japan is working on connecting the cities of Tokyo and Nagoya through the service, which is touted to cut transit times by half. Image Sourced by Pixabay See more from Benzinga • Today's Pickup: Get Your AOBRD Upgrades In Order; Indian-Americans Are Raking It In • Stage Set For Volkswagen To Further Pursue Navistar • Finding Transportation Capacity During The Crunch © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
WPP in exclusive talks to sell Kantar stake to Bain Capital By Justin George Varghese (Reuters) - WPP <WPP.L> is in exclusive talks to sell a majority stake in its data analytics unit Kantar to private equity firm Bain Capital, it said on Monday, in a $4 billion deal aimed at steering the world's biggest advertising company back to growth. The news puts an end to months of speculation around the heavily-contested auction which drew interest from a broad spectrum of buyout firms that are flush with cash to invest. WPP had shortlisted a series of U.S. buyout funds to submit binding bids for a majority stake in Kantar including Apollo and Platinum, Reuters reported in May. The auction, led by Goldman Sachs and part of the company's efforts to raise cash, kicked off last year and also drew interest from European private equity houses CVC Capital Partners and Permira. In a statement on Monday, WPP said Kantar was valued at $4 billion including debt. Bain's proposal was subject to negotiation and it was not certain the talks would result in a deal, the company said. Shares of WPP closed up 2.2% at 1,012 pence on Monday after media reports reported earlier in the day that Bain emerged as the leading bidder. Bain's interest in Kantar is the latest private equity deal to emerge in recent weeks. Blackstone and Lego's founding family on Friday took Merlin Entertainments <MERL.L> private in a $7.5 billion deal, in one of the biggest private equity deals in Europe in recent years. Nestle <NESN.S> also said in May it was in exclusive talks to sell its skin health business to a consortium led by EQT Partners for 10.2 billion Swiss francs ($10.33 billion). WEIGHED DOWN Kantar's underlying sales fell 2% last year to 2.6 billion pounds with operating profit down 14% to 301 million pounds. The business generates about 15% of WPP's overall sales and provides brand and marketing communications research for some of the world's largest advertisers. It has traditionally weighed on WPP's overall organic growth rates - a key measurement for the industry. Analysts say Kantar risks losing market share to more tech-savvy peers, while its business model is challenged by consumer goods companies developing their own data teams, rather than relying on surveys undertaken by external firms. First-quarter results in April showed the British company has been particularly hard hit in the United States, where a weak competitive performance in recent years has been compounded by the loss of work from Ford and others in 2018. DIGITAL FOCUS WPP, the owner of agencies including JWT and Ogilvy, is in the middle of an overhaul following several profit warnings in 2017 and 2018 and turmoil linked to founder Martin Sorrell's abrupt departure over a complaint of misconduct, which he denied. With technology transforming the way advertising is made, placed and sold, clients want WPP to better integrate its agencies so it can produce faster offerings across multiple platforms, at a cheaper cost. WPP's Mark Read, who took the helm of the 12-billion pound advertising giant last year, has pledged to spend 300 million pounds restructuring the group to bring it back in line with peers by the end of 2021. Read, a soft-spoken executive who worked alongside Sorrell for decades, set out a plan in December to hire more creative staff, including around 1,000 new jobs to improve its senior leadership in its New York agencies, in a bid to return the company to growth. ($1 = 0.9876 Swiss francs) (Reporting by Justin George Varghese in Bengaluru; Editing by Deepa Babington)
US STOCKS-Wall St rises as trade hopes drive tech gains; S&P at record-high (For a live blog on the U.S. stock market, click or type LIVE/ in a news window) * Trump says China trade talks 'back on track' * Chipmakers surge on trade relief * Boeing drops on report of Dreamliner 787 subpoena * Casino operators rise on higher Macau revenue * Indexes up: Dow 0.30%, S&P 0.55%, Nasdaq 0.88% (Updates to early afternoon) By Shreyashi Sanyal July 1 (Reuters) - Wall Street's main indexes rose on Monday, with the S&P 500 hitting an all-time high, as technology stocks gained on growing optimism around U.S.-China trade talks and a likely reprieve for Chinese telecoms company Huawei. "We're right back on track," U.S. President Donald Trump said after the world's two largest economies agreed to restart trade talks. Trump also offered concessions including no new tariffs and an easing of restrictions on Huawei Technologies Co Ltd , while China agreed to make unspecified new purchases of U.S. farm products. Tech stocks, Wall Street's top performers so far in 2019, jumped 1.22%, with heavyweight Apple Inc's 1.7% gain providing the maximum support. Chipmakers with a sizable revenue exposure to China jumped, fueling a 2.30% gain in the Philadelphia Semiconductor index . Huawei suppliers Intel Corp rose 0.1%, while Micron Technology Inc gained 4%. "The outcome between Xi and Trump was probably the best that could be expected," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC said. "Now with a trade truce and quite likely an eventual trade agreement coming online, the technology space, which is heavily connected to Asia, would be an area of the market you want to take a bet on." Stocks saw their steepest sell-off this year in May after a breakdown in the U.S.-China trade talks sparked concerns of a global economic slowdown. But hopes that the Federal Reserve would cut interest rates to preserve a strong run of U.S. economic growth helped the S&P 500 and the Dow Jones indexes post their best June performance in generations. Despite the latest development in talks, traders still expect the Fed's next move will be a rate cut at its July 30-31 policy meeting. Data showed growth in manufacturing cooled in the United States in June while factory activity shrank across much of Europe and Asia, further boosting chances of a rate cut. June factory activity data is evident of the impact tariffs and tensions are having on global growth, said Lindsey Bell, investment strategist at CFRA Research in New York. At 12:54 p.m. ET, the Dow Jones Industrial Average was up 80.44 points, or 0.30%, at 26,680.40 and the S&P 500 was up 16.15 points, or 0.55%, at 2,957.91. The Nasdaq Composite was up 70.21 points, or 0.88%, at 8,076.46. Shares of Microsoft Corp, Alphabet Inc , and Amazon.com Inc also boosted the tech-heavy index. Gains on the Dow were limited by a 1.7% drop in Boeing Co after a report that federal prosecutors had subpoenaed records relating to the production of the 787 Dreamliner in South Carolina. Wynn Resorts Ltd jumped 6.3%, the most on the S&P, as gambling revenue in the Chinese territory of Macau rose more than expected in June. Shares of peers Melco Resorts & Entertainment Ltd and Las Vegas Sands Corp also rose. Coty Inc tumbled 16.1%, falling the most on the S&P, after the company said it would overhaul its operations and write down about $3 billion in value of its brands acquired from Procter & Gamble Co. Advancing issues outnumbered decliners by a 1.67-to-1 ratio on the NYSE and by a 1.50-to-1 ratio on the Nasdaq. The S&P index recorded 59 new 52-week highs and two new lows, while the Nasdaq recorded 113 new highs and 19 new lows. (Reporting by Shreyashi Sanyal and Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)
Who Has Been Buying Tilray, Inc. (NASDAQ:TLRY) Shares? Want to participate in a short research study ? Help shape the future of investing tools and you could win a $250 gift card! We often see insiders buying up shares in companies that perform well over the long term. On the other hand, we'd be remiss not to mention that insider sales have been known to precede tough periods for a business. So we'll take a look at whether insiders have been buying or selling shares in Tilray, Inc. ( NASDAQ:TLRY ). What Is Insider Buying? It is perfectly legal for company insiders, including board members, to buy and sell stock in a company. However, such insiders must disclose their trading activities, and not trade on inside information. Insider transactions are not the most important thing when it comes to long-term investing. But it is perfectly logical to keep tabs on what insiders are doing. As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for Tilray The Last 12 Months Of Insider Transactions At Tilray Chairman Brendan Kennedy made the biggest insider purchase in the last 12 months. That single transaction was for US$250k worth of shares at a price of US$17.00 each. Although we like to see insider buying, we note that this large purchase was at significantly below the recent price of US$46.56. Because the shares were purchased at a lower price, this particular buy doesn't tell us much about how insiders feel about the current share price. Over the last year, we can see that insiders have bought 44116 shares worth US$750k. Tilray may have bought shares in the last year, but they didn't sell any. You can see the insider transactions (by individuals) over the last year depicted in the chart below. By clicking on the graph below, you can see the precise details of each insider transaction! NasdaqGS:TLRY Recent Insider Trading, July 1st 2019 There are always plenty of stocks that insiders are buying. So if that suits your style you could check each stock one by one or you could take a look at this free list of companies. (Hint: insiders have been buying them). Story continues Insider Ownership Many investors like to check how much of a company is owned by insiders. A high insider ownership often makes company leadership more mindful of shareholder interests. It appears that Tilray insiders own 0.3% of the company, worth about US$13m. We've certainly seen higher levels of insider ownership elsewhere, but these holdings are enough to suggest alignment between insiders and the other shareholders. What Might The Insider Transactions At Tilray Tell Us? There haven't been any insider transactions in the last three months -- that doesn't mean much. However, our analysis of transactions over the last year is heartening. Overall we don't see anything to make us think Tilray insiders are doubting the company, and they do own shares. Of course, the future is what matters most . So if you are interested in Tilray, you should check out this free report on analyst forecasts for the company . Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com . This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Best deals on laptops and tablets this week: Shop Lenovo, Apple, Samsung, and more Fourth of July is this week, which means a long weekend is headed our way (thank goodness). In our minds, long weekends are the best time to treat yourself — what good is your hard-earned cash if you’re never going to spend it? Sometimes, it’s okay to splurge a little bit. Holiday weeksalsousually host some pretty greatsales, too (check out this massiveKitchenAid sale at Walmart). SEE ALSO:Best cheap laptops: 10 options for under $500 What we’re eyeing up this week, though, are deals onlaptopandtabletdevices — and, not to toot our own horn, we found some good stuff. Deals onLenovo IdeaPads,MacBooks,Samsung Galaxy Tabs, and much more are heavily discounted this week, so take advantage while you can.Read more... More aboutApple,Tablets,Lenovo,Laptops, andMashable Shopping
GWR Realizes Goal By Being Acquired At A 40 Percent Premium American short-line railroad holding companyGenesee & Wyoming, Inc. (NYSE:GWR) announced that it has been acquired by infrastructure investment firmsBrookfield Infrastructure(NYSE:BIP) and GIC in adeal valued at $8.4 billion. The $112 per share offer represents a 12 percent premium to GWR's last closing price and a 39.5 percent premium to its March 8 share price, the last trading price prior to media speculation. "We believe this transaction is an excellent outcome for all GWR stakeholders. For our current stockholders, the sale price realizes significant value and represents a 39.5 percent premium to our March 8th share price. And for long-term investors who have owned our shares for the past two decades, the sale price represents a return of more than 5,400 percent," said Jack Hellmann, the company's Chairman and Chief Executive Officer. Talks of a potential deal have been floating around since March 2019 when Bloomberg published an article on the takeout rumors. On its earnings call management said, "we don't comment on market speculation or rumors," when asked about theBloomberg article. GWR is a company of roll-ups and acquisitions and has been long-tied to private equity and energy infrastructure firms, bidding on potential acquisitions together and against each other. The company's stock value has always been predicated on growth through acquisition, thereby increasing earnings and driving the stock price higher. GWR has bumped up against private equity investors on an ongoing basis as it is in the same market looking at the same targets. Many from the investment community would likely argue that this deal has been the goal all along – significant earnings growth through tuck-in acquisitions in hopes of realizing a large payday. Brookfield Infrastructure will provide approximately $500 million, with the remainder being owned by Brookfield Infrastructure's institutional partners and GIC. The deal is expected to close by year end or early 2020 assuming customary closing conditions are met and GWR's shareholders provide a two-thirds approval. The acquisition means GWR will become a privately held company and will no longer report monthly carloads and will not hold a second quarter 2019 earnings call. "For our customers, employees and Class I partners, the long-term investment horizon of Brookfield Infrastructure and GIC as seasoned infrastructure investors is perfectly aligned with the long lives of GWR railroad assets, which are integral to the local economies that we serve in North America and around the world. They are also fully supportive of our business plan, which will continue to be focused on safety, customer service and growing our footprint to provide more opportunity for our people. We also expect this transaction will allow us to further enhance our business as we benefit from Brookfield Infrastructure/GIC's expertise in real estate and technology, as well as relationships with their rail-centric/complementary portfolio companies," said Hellmann. GWR owns or leases 120 short-line railroads in North America, Europe and Australia. It provides service on more than 26,000 kilometers of track with approximately 8,000 employees. Brookfield Infrastructure is part of Brookfield Asset Management, a global alternative asset manager with more than $365 billion in assets under management. GIC is a global investment firm with the primary strategy of investing directly into operating assets with a high degree of cash flow visibility and provide an inflation hedge. GWR Stock Chart – Seeking Alpha Image Sourced From Pixabay See more from Benzinga • The Problems Of Self-Driving Cars Mirror The Concerns Of Autonomous Container Ships • China Unveils A Train That Cruises At 373 Miles Per Hour • Today's Pickup: Get Your AOBRD Upgrades In Order; Indian-Americans Are Raking It In © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Despite Its High P/E Ratio, Is AptarGroup, Inc. (NYSE:ATR) Still Undervalued? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). To keep it practical, we'll show how AptarGroup, Inc.'s (NYSE:ATR) P/E ratio could help you assess the value on offer.AptarGroup has a P/E ratio of 39.25, based on the last twelve months. That is equivalent to an earnings yield of about 2.5%. Check out our latest analysis for AptarGroup Theformula for P/Eis: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for AptarGroup: P/E of 39.25 = $124.34 ÷ $3.17 (Based on the trailing twelve months to March 2019.) A higher P/E ratio means that buyers have to paya higher pricefor each $1 the company has earned over the last year. That isn't necessarily good or bad, but a high P/E implies relatively high expectations of what a company can achieve in the future. P/E ratios primarily reflect market expectations around earnings growth rates. When earnings grow, the 'E' increases, over time. Therefore, even if you pay a high multiple of earnings now, that multiple will become lower in the future. A lower P/E should indicate the stock is cheap relative to others -- and that may attract buyers. AptarGroup saw earnings per share decrease by 13% last year. But EPS is up 3.0% over the last 5 years. The P/E ratio essentially measures market expectations of a company. You can see in the image below that the average P/E (18.1) for companies in the packaging industry is lower than AptarGroup's P/E. AptarGroup's P/E tells us that market participants think the company will perform better than its industry peers, going forward. The market is optimistic about the future, but that doesn't guarantee future growth. So investors should always consider the P/E ratio alongside other factors, such aswhether company directors have been buying shares. One drawback of using a P/E ratio is that it considers market capitalization, but not the balance sheet. In other words, it does not consider any debt or cash that the company may have on the balance sheet. Theoretically, a business can improve its earnings (and produce a lower P/E in the future) by investing in growth. That means taking on debt (or spending its cash). While growth expenditure doesn't always pay off, the point is that it is a good option to have; but one that the P/E ratio ignores. AptarGroup's net debt is 13% of its market cap. This could bring some additional risk, and reduce the number of investment options for management; worth remembering if you compare its P/E to businesses without debt. AptarGroup trades on a P/E ratio of 39.3, which is above the US market average of 18.1. With a bit of debt, but a lack of recent growth, it's safe to say the market is expecting improved profit performance from the company, in the next few years. When the market is wrong about a stock, it gives savvy investors an opportunity. As value investor Benjamin Graham famously said, 'In the short run, the market is a voting machine but in the long run, it is a weighing machine.' So thisfreereport on the analyst consensus forecastscould help you make amaster moveon this stock. You might be able to find a better buy than AptarGroup. If you want a selection of possible winners, check out thisfreelist of interesting companies that trade on a P/E below 20 (but have proven they can grow earnings). We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Essence Fest marks 25 years of celebrating black culture NEW ORLEANS (AP) — The Essence Festival, which draws thousands to New Orleans during the fourth of July week, is celebrating 25 years of bringing African American women of all ages together for thought-provoking conversation and performances from top musical acts. Launched to mark the 25th anniversary of black-owned Essence magazine, the festival has become a yearly celebration to highlight excellence in business, fashion, entertainment, and, of course, music. It is a destination vacation for African American women, which was showcased in the 2017 hit movie "Girls Trip." The movie —which starred Regina Hall, Queen Latifah, Jada Pinkett Smith, and Tiffany Haddish in a breakout role — centered on four longtime friends who reunited at Essence. The festival is July 5-7 and has two parts: daytime activities and panel discussions mainly held at the convention center and nighttime music and concerts at the Superdome. The Associated Press spoke to some performers and thought leaders who've made frequent appearances and to a relatively new performer who is moving up to the main stage this year about what they like about the festival and why they return. ___ MARY J. BLIGE The Grammy Award-winning songstress is no stranger to the festival, having closed the show many times in the past. She's scheduled to take the main stage Saturday at the Superdome. This year, though, is extra special, she said. The festival marks 25 years and so does her album, "My Life." It's a milestone that "feels great." "It's one of the most important albums of my career. It's when I started a relationship with my fans," she said. "I could tour on that album for the rest of my life and not make another song." Blige said she never doubted the festival would reach the quarter-century mark. "It's been nothing but huge since Day 1," she said. "People from all over the world and all walks of life flock to this big, black event. Everyone's coming to see what's going on, to come to New Orleans, to eat. The food down there is crazy good and there's a party every other night. There's lots of entrepreneurship around, there's gospel, there's everything. It's just phenomenal." Story continues Blige received BET's Lifetime Achievement Award in June. She and rapper Nas released a new single, "Thriving" in May. They both perform Saturday and will co-headline a tour that kicks off following the festival. Nas is also marking a 25th anniversary, for his debut record, "Illmatic." ___ REV. AL SHARPTON Sharpton has attended and participated in every festival since its inception in 1994. And, as a result, he said he stays on his toes. "Everywhere I go, people tell me 'I will see you at Essence,'" he said. "That forces me to think of a new speech every year." Sharpton generally appears during the daytime activities at the convention center. Festivalgoers can attend any number of panel discussions or presentations on issues such as politics, economic wealth, health care and entrepreneurship. He said the festival has become the "central meeting place for black people, black women specifically." "It's a celebration of who we are and the diversity of us in terms of our talents and our gifts. It's the perfect mix of entertainment and information," he said. Sharpton recalled when the magazine's co-founder, Edward Lewis, started the project: "When I was on that first leadership panel at the first festival I thought, this was just a one-time thing." But since then, the festival has grown from a few exhibitions to a destination for Fortune 500 companies, top lecturers, business minds and CEOs, Sharpton said. "People plan their vacations and reunions around Essence. It's grown from just an event to almost a pilgrimage. It's the only place that you see the kinds of crowds ranging in age from grandmothers, to mothers to daughters to granddaughters," he said. ___ MAZE, FEATURING FRANKIE BEVERLY This year the festival is paying tribute to one of its longtime stars: Maze, featuring Frankie Beverly. For 15 years, Beverly and Maze closed the Essence Festival, often turning the Superdome floor into a sea of dancing fans. Beverly has an almost cult-like following with devoted fans who sing along with him. During a Maze performance, fans can be seen dancing in the aisles, many wearing white clothing as Beverly often does. He says he's always amazed to see how fans react. "They don't have to do that, but it shows they're still into us and to still be in that position to do that, I'm moved and pleased by it. To be back this year is like getting with your family again," he said. Beverly's run at the festival ended in 2010 when a new producer decided to end the long tradition of Maze as the closer. Many fans were disappointed despite the great talent tapped to close such as Beyonce, Lionel Richie, Aretha Franklin and Earth, Wind and Fire. In 2015, Beverly returned for an appearance that coincided with the festival's recognition of the 10-year anniversary of Hurricane Katrina. On this year's final night, the festival is scheduled to pay tribute to Beverly for his lifetime contribution to music. The tribute will feature a special performance by Anthony Hamilton. "Hearing about that, that surprised me," Beverly said. "I appreciate it though. New Orleans has had a big part to play in our receiving this. They've loved us from the beginning." ___ H.E.R. The Grammy winning singer-songwriter returns to the festival this year but moves to the main stage instead of the Superlounges — smaller venues set up in the Superdome's cavernous halls. "I'm so excited," she said. "It's just honestly crazy but dope too because last year, people were telling me I should have been on the main stage and now I am." H.E.R., whose real name is Gabriella Wilson, said she's looking forward to being on stage the same night as icons Blige and first lady Michelle Obama. She's also eager to sample New Orleans' famous cuisine. "Essence is one of the places you go if you want (to) see all the beautiful black people from all over the world. It's black excellence at its finest, literally. And having it in New Orleans is the best place because the food is crazy good!" She hopes her performance is an opportunity to expose those who may not be familiar with her music. "Expect a lot of musicality. I will be picking up a few different instruments," she said. "It will be electric. A lot of people who haven't seen me live are in for a treat. I just plan to sing my heart out and invite them into my world." ___ DONNIE McCLURKIN Before the thousands of festival-goers head home Sunday, many of them gather at the convention center for a gospel service to connect spiritually. McClurkin, a pastor and singer, has performed and hosted the service multiple times and says he's looking forward to this year's event. "It's really devoted to us as African Americans, not just women, but to the black experience," McClurkin said. "At this point, it's got to be one of most sought after tickets in the world." The "We Fall Down" singer said he's awed by the festival's "diversity and appreciation for ethnic accomplishment" and that the event is also a platform for gospel performers. "It exposes us to people who may not have known us before and gives us an opportunity to minister to people from all walks of life," McClurkin said. "A major part of the festival is set aside for a Sunday morning service and people make their way to it whether they're there to see a Janet Jackson or a Beyonce, they're crammed into that hall to serve God."
Port Report: THE Alliance Brings In Korea's Hyundai Marine As Member Hyundai Merchant Marine (HMM) will join THE Alliance as a full member. The move comes after an apparent rebuff of the money-losing Korean liner company's efforts to strike a similar deal with the 2M Alliance. THE Alliance, which is also comprised of Germany's Hapag-Lloyd (FSE: HLAG), Japan's Ocean Network Express, and Taiwan's Yang Ming, said it established "a new cooperation" with its now four members lasting through 2030. The actions were agreed in Taipei on June 19, 2019. Subject to the necessary regulatory approvals, the new contract between the four lines will start on April 1, 2020. Jae-hoon Bae, President and Chief Executive Officer of HMM said, "Being a full member of THE Alliance gives us a lot of pride. We are convinced that we will be successful and generate additional value for our customers, employees and shareholders with combined experience, strategic skills, competitive fleet and strong focus on our clients´ needs." Bae, who has only been in the CEO role since last March, has been trying to figure out HMM's survival strategy. The Korean company has reported about $2.8 billion in losses since 2015 as it grapples with low freight rates and high debt due to new ship orders. Last April, Bae travelled to Europe to see if he could convince 2M members Maersk ( Nasdaq OMX: MAER ) and MSC about some form of cooperation after the expiration of a container slot sharing agreement between the companies. L to R：HMM's Jae-hoon Bae, Hapag-Lloyd's Rolf Habben Jansen, ONE's Jeremy Nixon, and Yang Ming's Bronson Hsieh. Even with HMM defecting to another consortium, the agreement will hardly move the needle as far as THE Alliance's market share. HMM only has 425,550 twenty-foot equivalent units (TEUs) in capacity, amounting to 1.8 percent of the global fleet. THE Alliance's now four members will control about 18.6 percent of the global fleet according to Alphaliner. Maersk and MSC's 2M controls about 33 percent of the global fleet while the Ocean Alliance controls 29.8 percent. Story continues Rather than market share, HMM will "provide a number of new and modern vessels, which will help us to deliver better quality and be more efficient – and it will help us also to further reduce our emissions," said Hapag-Lloyd Chief Executive Rolf Habben Jansen. HMM has ordered twelve 23,000 TEU vessels which will be delivered in the second quarter of 2020. Additionally, eight 15,000 TEU newbuildings will join HMM´s fleet in the second quarter of 2021. HMM´s 23,000 TEU newbuildings will be deployed in the Far East – North Europe trade and will further strengthen THE Alliance´s service portfolio. "We are very happy to see HMM join THE Alliance, as their membership will allow us to offer enhanced services to our customers due to a wider port coverage, expansion of our product offerings, more sailing frequencies and a better balance of our cargo flows," said Jeremy Nixon, Chief Executive Officer of Ocean Network Express. HMM´s membership will significantly strengthen the competitiveness of THE Alliance towards the other two alliances, the company said in a statement. "HMM joining THE Alliance is an important milestone for THE Alliance as it will help us to provide a broader service network to the customers and facilitate the advance of the development of THE Alliance starting from next year," said Bronson Hsieh, Chairman and Chief Executive of Yang Ming. K Line teams up as gas, coal shipping Japanese shipping company in joint venture with Taiwanese firms for energy shipping. ( World Maritime News ) Soren Skou is not amused by big container ships Maersk CEO says ordering of ever larger box ships a path to bankruptcy. ( Lloyd's List ) Panama Canal draft restrictions postponed But canal says water levels are at multi-decade lows. ( Seatrade Maritime ) Singapore tightens rules around ship refueling Lion City will require mass flow meters to measure how much fuel goes into ship. (Ship & Bunker) Image Sourced by Pixabay See more from Benzinga GWR Realizes Goal By Being Acquired At A 40 Percent Premium The Problems Of Self-Driving Cars Mirror The Concerns Of Autonomous Container Ships China Unveils A Train That Cruises At 373 Miles Per Hour © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
G20 News Drive Big Moves In The Markets The other big news originated from the Bank of International Settlements (BIS). This Swiss-based central banking committee for “central banks” released an annual report on the progress of global central banks and the global economy last weekend. They urged central banks not to chase easy money policies any longer and to focus on core policy changes, practical economic practices, and real leadership to help drive future growth. They urged nations that easy money policies may help to show some types of immediate economic improvements – but that the risks of continuing such policies and lack of true economic reforms do nothing but pack risk into the back end of these efforts. Recently we have been talking about the unit and very different opportunities in other assets likereal estateand precious metals. Each metal isunique for market timinghas its own personality. Our gold predictions are an eye-opener, whysilver is awesome, and our most recentanalysis on platinumis timely. Our opinion isthe US stock marketis poised for a big move based on this news and continued economic activity. If the US is able to settle trade issues in a manner that supports a strong future economic output and restore some balance to foreign trade, as well as continue to produce strong economic activity and output levels throughout the last 6+ months of this year, we could see a very strong price rally setting up into the end of 2019. This could prompt a big move to the upside IF all things line up properly as we have suggested. If things take an ugly turn over the next 2 to 4+ months, then we believe current support levels will likely act as a floor in the US stock market as the global economies struggle to find their “launch button” to jump-start their economies. As the news stated, the economic factors of the globe are in a transitional state at the moment. The US is the leading global economic engine and many other foreign economies must transition away from easy money policies and make hard choices to drive future growth. Volatility will be KING over the next few months/years andthe US Dollarwill likely continue to strengthen as this transition plays out. This ES chart highlights the resistance levels just below $3000 that we are watching as a critical ceiling in the ES. As we have suggested, the news last weekend is driving upward price activity into this resistance area. Traders should be cautiously bullish right now and should be keenly aware of risks that could prompt a breakdown in price. Current support is near $2700. Technology could be a huge winner if the US/China restore proper trade relations and establish a stronger future economic tie going forward. In fact, the relief of a US/China trade deal could easily spill over into the DOW and Mid-Cap stocks as general trade and infrastructure deals will likely ramp-up quickly. Our researchers believe the technology sector is the “canary in the coal mine” for the future of price related to trade and global economic activities. We believe the technology sector is unfairly weighted in either direction based on the uncertainty of the global economy right now. Resistance near $8000 is key. Support near $6800 is also very important. This leaves a $1400 range for price rotation within critical levels. Our Fibonacci price modeling system is suggesting even bigger price volatility ranges totaling over $3000 between target levels. This suggests that volatility is still increasing and that traders should understand the risks of this volatility. Currently, we are cautiously bullish as the NQ attempt to breach into new all-time high territory again. Gold pausedin the rally early in trading today, breaking back below $1400. We have confidence in out research that Gold will continue to react to the Fear & Greed that is rampant throughout the globe at the moment and begin another upside move over the next 10+ days. This move below $1400 is an excellent opportunity for traders to identify new Long entry positions for the future upside move. Remember, the transition that is required over the next 2+ years will require many difficult decisions and a means of transitioning away from easy money policies towards more practical economic policies. This will not be an easy task for many. The fear/greed cycle will show up in precious metals early and quickly. The next upside move should be towards levels above $1550 to $1650. As we’ve been saying for many months, this is the time to be a skilled trader. These volatility spikes, huge moves in the markets and incredible trade setups are fantastic opportunities for traders. Join us in picking apart these moves, setups, and opportunities. I can tell you that huge moves are about to start unfolding not only in real estate, but metals, stocks, and currencies. Some of these super cycles are going to last years. Brad Matheny goes into great detail with his simple to understand charts and guide about this. His financial market research is one of a kind and a real eye-opener. PDF guide:2020 Cycles – The Greatest Opportunity Of Your Lifetime As a technical analysis and trader since 1997, I have been through a few bull/bear market cycles. I believe I have a good pulse on the market and timing key turning points for both short-term swing trading and long-term investment capital. The opportunities are massive/life-changing if handled properly. Chris Vermeulenwww.TheTechnicalTraders.com Thisarticlewas originally posted on FX Empire • E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Strengthens Over 26740, Weakens Under 26684 But Needs Better Volume • Gold Price Forecast – Gold markets rally • Natural Gas Price Forecast – Natural gas markets continue to look bearish • S&P 500 Price Forecast – Stock markets tread water • The Crypto Daily – The Movers and Shakers 03/07/19 • GBP/USD Price Forecast – British pound find buyers
Does Market Volatility Impact MSC Industrial Direct Co., Inc.'s (NYSE:MSM) Share Price? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Anyone researching MSC Industrial Direct Co., Inc. (NYSE:MSM) might want to consider the historical volatility of the share price. Volatility is considered to be a measure of risk in modern finance theory. Investors may think of volatility as falling into two main categories. First, we have company specific volatility, which is the price gyrations of an individual stock. Holding at least 8 stocks can reduce this kind of risk across a portfolio. The second sort is caused by the natural volatility of markets, overall. For example, certain macroeconomic events will impact (virtually) all stocks on the market. Some stocks mimic the volatility of the market quite closely, while others demonstrate muted, exagerrated or uncorrelated price movements. Beta is a widely used metric to measure a stock's exposure to market risk (volatility). Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. The first thing to understand about beta is that the beta of the overall market is one. Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market. See our latest analysis for MSC Industrial Direct MSC Industrial Direct has a five-year beta of 0.92. This is reasonably close to the market beta of 1, so the stock has in the past displayed similar levels of volatility to the overall market. While history does not always repeat, this may indicate that the stock price will continue to be exposed to market risk, albeit not overly so. Share price volatility is well worth considering, but most long term investors consider the history of revenue and earnings growth to be more important. Take a look at how MSC Industrial Direct fares in that regard, below. MSC Industrial Direct is a fairly large company. It has a market capitalisation of US$4.1b, which means it is probably on the radar of most investors. It's not overly surprising to see large companies with beta values reasonably close to the market average. After all, large companies make up a higher weighting of the index than do small companies. Since MSC Industrial Direct has a beta close to one, it will probably show a positive return when the market is moving up, based on history. If you're trying to generate better returns than the market, it would be worth thinking about other metrics such as cashflows, dividends and revenue growth might be a more useful guide to the future. In order to fully understand whether MSM is a good investment for you, we also need to consider important company-specific fundamentals such as MSC Industrial Direct’s financial health and performance track record. I highly recommend you dive deeper by considering the following: 1. Future Outlook: What are well-informed industry analysts predicting for MSM’s future growth? Take a look at ourfree research report of analyst consensusfor MSM’s outlook. 2. Past Track Record: Has MSM been consistently performing well irrespective of the ups and downs in the market? Go into more detail in the past performance analysis and take a look atthe free visual representations of MSM's historicalsfor more clarity. 3. Other Interesting Stocks: It's worth checking to see how MSM measures up against other companies on valuation. You could start with thisfree list of prospective options. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Tips for expanding your business internationally Posted byOFX Jason Kumpf, Director of Strategic Partnerships at OFX offers some essential tips for medium-sized companies looking to expand the sales and operations to new territories overseas. Expanding your business overseas is an arduous and stressful process. It involves careful consideration, planning, research, and execution. There are many factors to consider when looking at entering a new market because with the great opportunity for growth comes significant risks as well. If you have been looking at other potential markets or are even considering taking the plunge into the international market here are some key tips to consider before and throughout the transition into a new market. Is your business ready? The first thing you should be considering is whether your business is ready for this massive move into an international market. Jason Kumpf mentions that many entrepreneurs make the inexperienced move of trying to do it all at once and expand into an international market when they haven’t even established a loyal customer base from their domestic operations. Effective international expansion involves financial stability and a steadily growing cash flow. Have you done your research? The next step is to conduct research. There are so many levels of research needed to maximize your potential for success. You will need to do market research in the new market to help you understand uncertainties, such as whether there would be a demand for your products, to understand whether there are already competitors with similar products existing in the market. You should also be analyzing recent historical data, future forecasts of the economy and starting to immerse yourself in the financial media of that country because an understanding of the potential fluctuations in the economy is vital. Understanding some key factors will underpin your success when expanding overseas: Economy & Market Who are my competitors? Who are my customers? What types of local experts should I employ? Is it worth forming local partnerships or Alliances to gain extra knowledge or easier penetration into the new market? Will you need to alter your delivery and shipping services now that you’re international? Are your technological resources able to operate effectively? What is the cost of entry and the cost of operating? Culture & Society How is the local culture different from your home culture? Is cultural immersion and training necessary? Do work practices need to be altered to be most effective in this country? Are there different workplace norms? How much are customers here willing to pay? Have you done the necessary planning? One major factor in successfully moving your business overseas is whether you can financially support the venture. Jason Kumpf of OFX mentions that this is part of the process is crucial and speaking with experts can assist. As with most business decisions you should be working out exactly how much everything is going to cost. When you are budgeting for overseas expansion you will have to consider costs that you haven’t had to deal with previously. Not only the overhead costs of setup in the new country, but you will also need to conduct research to understand how much employees will need to be paid and what the laws are around job termination. Risk management The cost of customs and import tariffs can also be extremely high and will need to be factored in. Currency fluctuations can also be unpredictable and can significantly affect your ability to do business. Seeking help from a currency exchange specialist will help you with your expansion overseas. Foreign Exchange services provide several risk management solutions for currency fluctuations. Offering a range of different solutions including forward contracts, limit orders and FX options. These options will help to provide you with some protection against market volatility as you expand your business What’s your best method for entering the market? Look within your business and look to see what employees you have, and what systems you have that will adapt to the international market and what you may need to change. Once a business owner starts to understand where they will be expanding overseas and the market they are entering, the next key step is to consider what’s needed for the business to effectively transition into the new market. Global Partners Jason Kumpf works with numerous Global HR groups from Fortune 500 to rapidly growing startups and sees a simple opportunity for companies to maximize their international employee base and reduce global fees with the right partners. They will need to look at their current employee base. Are there individuals with experience taking a business abroad, or with experience in the area you are entering? It is often useful to hire a local expert to assist you with your transition and help with understanding local work practices and culture. In saying this, sometimes it may make more sense to form partnerships or alliances with local businesses. Finding a solid partner can be a huge benefit to navigating the market and the necessary supply chains you may need to alter once you arrive. It will also help you with brand recognition as a good partner will already be recognizable in the market. Critical success factor Maintain focus on your original value proposition and don’t try and do everything at once. You need to ensure you nail your fundamentals and don’t abandon your domestic business. Jason Kumpf, Director of Strategic Partnerships at OFX, reminds us that there are many companies out there, like OFX, who have experience and can help you with the process of expanding internationally. OFX The postTips for expanding your business internationallyappeared first on .
CORRECTED-UPDATE 2-Lucid Motors hires former Tesla production executive (Corrects to drop reference to the latest three months in first paragraph) July 1 (Reuters) - Lucid Motors said on Monday it hired Peter Hochholdinger, a former Tesla Inc production executive, as vice president of manufacturing, its latest high-profile hire from the electric-car maker. Newark, California-based Lucid Motors had in April named https://in.reuters.com/article/lucid-motors-ceo-idINL3N2253XM Peter Rawlinson, former chief engineer of Tesla's Model S, as its chief executive officer. Hochholdinger, who was vice president of production at Tesla's Fremont factory, left last week after three years with the company. At Tesla, he was tasked with improving production for Tesla's luxury Model S sedan and Model X sport utility vehicle as well as helping build a cost-effective manufacturing program for the Model 3 sedan. His departure is the latest among a string of senior executives to leave Tesla in the past two years, as the company struggles to deliver Model 3 sedans efficiently in international markets. The car is seen as crucial to the company's long-term profitability. Chief Executive Officer Elon Musk said in May that the company was on course to deliver a record number of cars in the second quarter, beating the 90,700 it sent to customers in the final quarter of last year. Tesla is expected to report its quarterly delivery and production numbers this week. Lucid, which has more than $1 billion investment from Saudi Arabia's Public Investment Fund, was founded in 2007 as Atieva by Sam Weng and Bernard Tse, a former vice president of Tesla. The company positions itself as being less of a direct competitor to Tesla than with luxury car makers such as Audi or BMW, Rawlinson had said. Rawlinson said Hochholdinger's experience in manufacturing would help the company in launching Lucid Air and other future models. (Reporting by Vibhuti Sharma in Bengaluru; Editing by James Emmanuel and Anil D'Silva)
Option Trader Betting Big On Western Digital As A G-20 Winner After a 3% rally on Monday morning fromWestern Digital Corp(NASDAQ:WDC) in response tothe trade war truce between the U.S. and Chinaat the G-20 summit over the weekend, at least one large option trader is betting the semiconductor rally won’t last. Tensions may have eased between the U.S. and China for the time being, but at least one trader with deep pockets isn’t optimistic about Wester Digital’s longer-term outlook. The Trades On Monday,Benzinga Prosubscribers received four options alerts related to Western Digital. At 9:45 a.m. ET, a trader bought 700 Western Digital call options with a $48 strike price expiring on July 12 at the ask price of $2.521. The trade represented a bullish bet worth $176,470. At 10:43 a.m., a trader sold 537 Western Digital put options with a $37.50 strike price expiring on Oct. 18 at the bid price of $1.115. The trade represented a bullish bet worth $58,875. At 10:58 a.m., a trader sold 522 Western Digital put options with a $42.50 strike price expiring on Aug. 16 at the bid price of $1.046. The trade represented a bullish bet worth $54,601. At 11:01 a.m., a trader sold another 501 of the same Western Digital put options with a $42.50 strike price expiring on Aug. 16, this time at the bid price of $1.005. The trade represented a bullish bet worth $50,350. Together, the four trades represented more than $340,000 worth of bullish Western Digital options trades. 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 Western Digital options trades, it’s unlikely they are hedges. Ride The Momentum? Western Digital shares have been on a tear in recent weeks as China trade tensions have cooled, and the options market suggests that bullish momentum could continue in the months ahead. Interestingly, Monday’s bullish Western Digital trades may all actually represent one single trade by a large option trader. Given the call buy was worth $176,000 and the three put sales total $163,000, a single large trader may have simply transitioned from a short (put) position in Western Digital to a long (call) position based on the G-20 agreement. It appears the truce between the U.S. and China at the G-20 exceeded market expectations, especially when it comes to semiconductor stocks. However, bullish traders will need to see more follow-through and progress toward a concrete trade deal in coming weeks, or the rally may not last. Western Digital's stock traded at $48.67 per share at time of publication. Related Links: AT&T Option Trades Suggest 'Risk-Off' Positioning Ahead Of Next Week How To Read And Trade An Options Alert See more from Benzinga • Analyst: The G-20 Winner 'Is Clearly Apple' • This Day In Market History: Benjamin Graham Launches Investment Firm • Why Bitcoin Tends To Make Bigger Moves On The Weekend © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trump's record-setting stock market is meaningless: presidential candidate Tim Ryan Democratic presidential hopeful Congressman Tim Ryan isn’t impressed by President Donald Trump’s record-setting stock market. “I just don’t think these metrics today such as unemployment and the stock market are reflective of the mass majority of the people in the United States. I hate to say that. I take no joy in that,” Ryan told Yahoo Finance when asked for his thoughts on the record-setting stock market that Trump so often touts. “The reality is that people are squeezed. Millennials are squeezed. There is an affordable housing crisis in the country. There is a health care crisis in the country. There is a student loan crisis in the country. It’s affecting the mass majority of people,” Ryan added. “So, I think the president is digging his own grave when he goes around saying how great the economy is going because when you talk to average people, it’s not going well for them. Nevertheless, those with money in the market enter the second half of trading in 2019 the same way they exited the first half: feeling darn good about themselves. The S&P 500 briefly surpassed its previous all-time intraday high earlier Monday, reaching as high as 2,977.93 on the session before retreating. Those not on the beach this Fourth of July holiday week have run with news of a trade truce over the weekend between Trump and his Chinese counterpart Xi Jinping. Federated Chief Investment Officer Stephen Auth — who oversees more than $500 billion in assets — told Yahoo Finance he remains bullish on the markets. That’s despite ongoing uncertainty around global trade conditions and escalating political rhetoric as the 2020 election cycle ramps. But to Ryan’s point, the stock market’s latest surge seems completely detached from reality in many parts of the business community. TheJune ISM manufacturing index fell to 51.7 — the lowest level since October 2016. More worrisome than the headline number is that the new orders component —a proxy on future demand for manufacturers — fell to its weakest reading since December 2015. “The key question now is whether the détente with China will be enough to lift business confidence or instead confidence remains tempered because of the existing tariffs and still the overhang threat of more if no deal takes place,” Bleakley Advisory Group Chief Investment Officer Peter Boockvar wrote to clients after the ISM report hit Monday. The lackluster ISM reading joins a host of negative signals on the health of the U.S. economy in recent weeks. For example, companies from FedEx (FDX) to Nike (NKE) have reported mixed to disappointing earnings in large part to higher supply chain costs and cooling overseas demand. Brian Sozzi is an editor-at-large and co-host of ‘The First Trade’ at Yahoo Finance. Follow Brian Sozzi him on Twitter@BrianSozzi Read the latest financial and business news from Yahoo Finance • Why Shake Shack CEO is testing a 4-day workweek • Trump's trade war with China may shock investors this summer • 2 black swans could come out of nowhere and kill stocks this summer • Why scrapping Trump's corporate tax cuts could crush businesses Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit.
MSC Industrial Direct Co., Inc.'s (NYSE:MSM) 3.4% Dividend Yield Looks Pretty Interesting Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Is MSC Industrial Direct Co., Inc. (NYSE:MSM) a good dividend stock? How can we tell? Dividend paying companies with growing earnings can be highly rewarding in the long term. If you are hoping to live on the income from dividends, it's important to be a lot more stringent with your investments than the average punter. In this case, MSC Industrial Direct likely looks attractive to investors, given its 3.4% dividend yield and a payment history of over ten years. We'd guess that plenty of investors have purchased it for the income. The company also bought back stock equivalent to around 2.9% of market capitalisation this year. Some simple analysis can offer a lot of insights when buying a company for its dividend, and we'll go through this below. Explore this interactive chart for our latest analysis on MSC Industrial Direct! Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. So we need to form a view on if a company's dividend is sustainable, relative to its net profit after tax. In the last year, MSC Industrial Direct paid out 46% of its profit as dividends. This is a middling range that strikes a nice balance between paying dividends to shareholders, and retaining enough earnings to invest in future growth. Besides, if reinvestment opportunities dry up, the company has room to increase the dividend. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. MSC Industrial Direct paid out 50% of its free cash flow last year, which is acceptable, but is starting to limit the amount of earnings that can be reinvested into the business. It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously. Remember, you can always get a snapshot of MSC Industrial Direct's latest financial position,by checking our visualisation of its financial health. One of the major risks of relying on dividend income, is the potential for a company to struggle financially and cut its dividend. Not only is your income cut, but the value of your investment declines as well - nasty. For the purpose of this article, we only scrutinise the last decade of MSC Industrial Direct's dividend payments. During the past ten-year period, the first annual payment was US$0.80 in 2009, compared to US$2.52 last year. Dividends per share have grown at approximately 12% per year over this time. It's rare to find a company that has grown its dividends rapidly over ten years and not had any notable cuts, but MSC Industrial Direct has done it, which we really like. Examining whether the dividend is affordable and stable is important. However, it's also important to assess if earnings per share (EPS) are growing. Over the long term, dividends need to grow at or above the rate of inflation, in order to maintain the recipient's purchasing power. MSC Industrial Direct has grown its earnings per share at 7.0% per annum over the past five years. Earnings per share have been growing at a credible rate. What's more, the payout ratio is reasonable and provides some protection to the dividend, or even the potential to increase it. To summarise, shareholders should always check that MSC Industrial Direct's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. Firstly, we like that MSC Industrial Direct pays out a low fraction of earnings. It pays out a higher percentage of its cashflow, although this is within acceptable bounds. Earnings per share growth has been slow, but we respect a company that maintains a relatively stable dividend. Overall we think MSC Industrial Direct is an interesting dividend stock, although it could be better. Companies that are growing earnings tend to be the best dividend stocks over the long term. See what the 16 analysts we track are forecasting for MSC Industrial Directfor freewith publicanalyst estimates for the company. We have also put together alist of global stocks with a market capitalisation above $1bn and yielding more 3%. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Top Stock Picks for Week of July 1, 2019 Diodes Incorporated DIOD,is a leading manufacturer and supplier of high-quality discrete and analog semiconductor products. DIOD has seen a lot of positive earnings estimate revisions. Over the past 90 days, the Zacks Consensus Estimate for DIOD's full-year earnings has moved 12% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive. Based on the most recent data, DIOD has returned 6.29% so far this year. Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to DIOD as it looks to continue its solid performance. Chipotle Mexican Grill Inc. CMG,together with its subsidiaries operates quick-casual and fresh Mexican food restaurant chains. Shares of Chipotle have outperformed the industry over the past year. Despite having a good share of negative publicity from a food-borne illness, Chipotle’s viable business strategy and the appointment of Brian Niccol significantly helped in 2018. For 2019, management expects comps to grow in the mid to high-single-digit range and expects to open 140-155 restaurants. Chipotle's increased focus on food safety and enhancing customer experience, along with various sales-building initiatives, is likely to drive the top line. The Hottest Tech Mega-Trend of AllLast year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >> 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 reportDiodes Incorporated (DIOD) : Free Stock Analysis ReportChipotle Mexican Grill, Inc. (CMG) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research
Is Vishay Precision Group, Inc. (NYSE:VPG) Worth US$40.63 Based On Its Intrinsic Value? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Vishay Precision Group, Inc. (NYSE:VPG) as an investment opportunity by taking the expected future cash flows and discounting them to their present value. This is done using the Discounted Cash Flow (DCF) model. Don't get put off by the jargon, the math behind it is actually quite straightforward. Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. Anyone interested in learning a bit more about intrinsic value should have a read of theSimply Wall St analysis model. See our latest analysis for Vishay Precision Group We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: [{"": "Levered FCF ($, Millions)", "2020": "$23.6m", "2021": "$26.1m", "2022": "$28.3m", "2023": "$30.1m", "2024": "$31.8m", "2025": "$33.2m", "2026": "$34.6m", "2027": "$35.8m", "2028": "$37.0m", "2029": "$38.2m"}, {"": "Growth Rate Estimate Source", "2020": "Analyst x2", "2021": "Est @ 10.56%", "2022": "Est @ 8.21%", "2023": "Est @ 6.57%", "2024": "Est @ 5.41%", "2025": "Est @ 4.61%", "2026": "Est @ 4.05%", "2027": "Est @ 3.65%", "2028": "Est @ 3.37%", "2029": "Est @ 3.18%"}, {"": "Present Value ($, Millions) Discounted @ 9.35%", "2020": "$21.6", "2021": "$21.9", "2022": "$21.6", "2023": "$21.1", "2024": "$20.3", "2025": "$19.4", "2026": "$18.5", "2027": "$17.5", "2028": "$16.6", "2029": "$15.6"}] ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF)= $194.1m After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 10-year government bond rate (2.7%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 9.3%. Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$38m × (1 + 2.7%) ÷ (9.3% – 2.7%) = US$593m Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$593m ÷ ( 1 + 9.3%)10= $242.83m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $436.97m. In the final step we divide the equity value by the number of shares outstanding.This results in an intrinsic value estimate of $32.34. Relative to the current share price of $40.63, the company appears slightly overvalued at the time of writing. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Vishay Precision Group as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 9.3%, which is based on a levered beta of 1.11. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Whilst important, DCF calculation shouldn’t be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. What is the reason for the share price to differ from the intrinsic value? For Vishay Precision Group, There are three fundamental factors you should look at: 1. Financial Health: Does VPG have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does VPG's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of VPG? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing! PS. Simply Wall St updates its DCF calculation for every US stock every day, so if you want to find the intrinsic value of any other stock justsearch here. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
How to Stay Safe While Setting Off Fireworks This July 4th Fireworks are a staple of the Fourth of July , right along with hot dogs and wearing red, white and blue. However, those who opt to light a personal display rather than leaving it to the professionals could be asking for trouble. According to the Consumer Product Safety Commission , there were an estimated 12,900 fireworks-related injuries that required the attention of emergency departments in 2017, with 67 percent of the incidents happening in the month surrounding the holiday. There were also eight fireworks-related deaths reported that year, according to the CPSC, with victims ranging in age from four to 57. “CPSC works year round to help prevent deaths and injuries from fireworks,” said Ann Marie Buerkle, CPSC acting chairman, in a statement. “Beyond CPSC’s efforts, we want to make sure everyone takes simple safety steps to celebrate safely with their family and friends. We work with the fireworks industry, monitor incoming fireworks shipments at the ports and enforce federal fireworks safety regulations, so that all Americans have a safe Fourth of July.” Aside from bodily harm, fireworks can also result in financial hardship. Fireworks are responsible for an average of 18,500 fires per year and an average of $43 million in property damage, the National Fire Prevention Association reports. Getty Images Those planning to conduct their own fireworks displays at home should take measured precautions and follow these tips to avoid injuries and other consequences. Check local laws Consumer fireworks are not legal in all areas. Before lighting up, it’s important to consult and obey local regulations to ensure you’re not breaking the law, advises the National Council on Fireworks Safety . Be sure to only purchase legal fireworks from a licensed seller and never experiment with homemade devices. And remember, just because they’re legal doesn’t mean they’re safe. Take necessary precautions It’s always best to be prepared, so the National Council on Fireworks Safety recommends to keep a bucket of water and active water hose nearby in case of emergency. In addition, never light fireworks indoors and keep them away from dry grass and other flammable items. Story continues Those handling fireworks should avoid wearing loose clothing that could catch fire and sport safety glasses to avoid eye injuries. If any injury occurs, immediately seek medical attention by calling 911. Light with care The National Council on Fireworks Safety says to ignite one firework at a time and then move away quickly. If a firework doesn’t light, do not try to reignite it or stand over it to investigate why it didn’t take off. Wait 20 minutes, then put the dud in a water bucket. When finished, dispose of fireworks by wetting them down and placing in a metal trash can away from buildings until the following day. Getty Images Keep pets and children away All fireworks should be handled by adults, according to the National Council on Fireworks Safety. Never allow children to set off the explosives. Instead of sparklers, give children glow sticks to play with. Pets should also be kept away from firework displays and kept inside. PEOPLE Pet Vet Dr. Evan Antin explained fireworks can set off your pet’s fight or flight response. Your dog may get a rush of adrenaline from the loud bangs and crackles, resulting in the belief that his life is at risk. Booze after the bursts Never let someone who has been drinking handle fireworks.
Mom arrested for allegedly murdering son she had tried to drown as a baby A California mother has been arrested after she allegedly murdered her 12-year-old son and seriously injured his 7-year-old brother, theTulare County Sheriff's Officeannounced on Facebook last Saturday. A caller reported Sherri Telnas, 45, to the police around 5:25 in the morning after the mother was seen "acting strangely" with her two children. Telnas purportedly brought the two boys to a cornfield, where police later found the children unresponsive in a nearby irrigation ditch. "Deputies arrived and rendered medical aid," the sheriff's office said. "Both boys were taken to a local hospital where the 12-year-old died from his injuries ... The cause of death is pending an autopsy. The second is listed in critical condition." Telnas, who was arrested without incident, had, in fact, tried to murder her older son Jack before, according to theMissoulian. In April 2008, the mother reportedly attempted to drown herself and Jack — then just 10 months old — in a Montana river. At some point, Telnas then drove to a hospital, where she admitted what she had done to law enforcement. Medical records showed that the infant had been underwater "for an appreciable period of time and had water in his lungs." Telnas was originally charged with attempted deliberate homicide for her 2008 crime, but the charges were reduced after police concluded that she could not have acted "purposely or knowingly." Mineral County Attorney Shaun Donovan said at the time that Telnas had been "in the throes of mental illness" when she tried to submerge herself and her child underwater. In a telephone interview with theMissoulian, her husband, Jacob Telnas, also confirmed her erratic state of mind. "I asked her what changed her mind, and she said she just couldn't believe what she was doing," he told the newspaper, following his wife's drowning attempt. "She doesn't remember what was going on while she was doing it, but then she suddenly came to her senses and started to revive Jack." The woman was later sentenced in 2009 to 20 years in the custody of Montana's Department of Public Health and Human Services. In a statement, Ashley Ritchie, a spokesperson for the Tulare County Sheriff's Office, said that California authorities were aware of the 2008 incident but did not provide any further information. "We are working with multiple agencies to confirm the details," she said.
Inside The Secret Border Patrol Facebook Group Where Agents Joke About Migrant Deaths And Post Sexist Memes By A.C. Thompson Members of a secret Facebook group for current and former Border Patrol agents joked about the deaths of migrants, discussed throwing burritos at Latino members of Congress visiting a detention facility in Texas on Monday and posted a vulgar illustration depicting Rep. Alexandria Ocasio-Cortez engaged in oral sex with a detained migrant, according to screenshots of their postings. In one exchange, group members responded with indifference and wisecracks to the post of a news story about a 16-year-old Guatemalan migrant who died in May while in custody at a Border Patrol station in Weslaco, Texas. One member posted a GIF of Elmo with the quote, “Oh well.” Another responded with an image and the words “If he dies, he dies.” Created in August 2016, the Facebook group is called “I’m 10-15” and boasts roughly 9,500 members from across the country. (10-15 is Border Patrol code for “aliens in custody.”) The group described itself, in an online introduction, as a forum for “funny” and “serious” discussion about work with the patrol. “Remember you are never alone in this family,” the introduction said. Responsible for policing the nation’s southern and northern boundaries, the Border Patrol has come under intense scrutiny as the Trump administration takes new, more aggressive measures to halt the influx of undocumented migrants across the United States-Mexico border. The patrol’s approximately 20,000 agents serve under the broader U.S. Customs and Border Protection agency, which has been faulted for allegedly mistreating children and adults in its custody. The agency’s leadership has been in turmoil, with its most recent acting chief, John Sanders, resigning last week. ProPublica received images of several recent discussions in the 10-15 Facebook group and was able to link the participants in those online conversations to apparently legitimate Facebook profiles belonging to Border Patrol agents, including a supervisor based in El Paso, Texas, and an agent in Eagle Pass, Texas. ProPublica has so far been unable to reach the group members who made the postings. Story continues (Photo: ) ProPublica contacted three spokespeople for CBP in regard to the Facebook group and provided the names of three agents who appear to have participated in the online chats. CBP hasn’t yet responded. “These comments and memes are extremely troubling,” said Daniel Martinez, a sociologist at the University of Arizona in Tucson who studies the border. “They’re clearly xenophobic and sexist.” The postings, in his view, reflect what “seems to be a pervasive culture of cruelty aimed at immigrants within CBP. This isn’t just a few rogue agents or ‘bad apples.’” The Border Patrol Facebook group is the most recent example of some law enforcement personnel behaving badly in public and private digital spaces. An investigation by Reveal uncovered hundreds of active-duty and retired law enforcement officers who moved in extremist Facebook circles, including white supremacist and anti-government groups. A team of researchers calling themselves the Plain View Project recently released a hefty database of offensive Facebook posts made by current and ex-law enforcement officers. And in early 2018, federal investigators found a raft of disturbing and racist text messages sent by Border Patrol agents in southern Arizona after searching the phone of Matthew Bowen, an agent charged with running down a Guatemalan migrant with a Ford F-150 pickup truck. The texts, which were revealed in a court filing in federal court in Tucson, described migrants as “guats,” “wild ass shitbags,” “beaners” and “subhuman.” The messages included repeated discussions about burning the migrants up. A screenshot of one of the posts in the Facebook group. (Photo: ) Several of the postings reviewed by ProPublica refer to the planned visit by members of the Congressional Hispanic Caucus, including Ocasio-Cortez and Rep. Veronica Escobar, to a troubled Border Patrol facility outside of El Paso. Agents at the compound in Clint, Texas, have been accused of holding children in neglectful, inhumane conditions. Members of the Border Patrol Facebook group were not enthused about the tour, noting that Ocasio-Cortez, a Democrat from Queens, had compared Border Patrol facilities to Nazi concentration camps. Escobar is a freshman Democrat representing El Paso. One member encouraged Border Patrol agents to hurl a “burrito at these bitches.” Another, apparently a patrol supervisor, wrote, “Fuck the hoes.” “There should be no photo ops for these scum buckets,” posted a third member. Perhaps the most disturbing posts target Ocasio-Cortez. One includes a photo illustration of her engaged in oral sex at an immigrant detention center. Text accompanying the image reads, “Lucky Illegal Immigrant Glory Hole Special Starring AOC.” Another is a photo illustration of a smiling President Donald Trump forcing Ocasio-Cortez’s head toward his crotch. The agent who posted the image commented: “That’s right bitches. The masses have spoken and today democracy won.” The posts about Escobar and Ocasio-Cortez are “vile and sexist,” said a staffer for Escobar. “Furthermore, the comments made by Border Patrol agents towards immigrants, especially those that have lost their lives, are disgusting and show a complete disregard for human life and dignity.” The head of the Congressional Hispanic Caucus, Joaquin Castro, reviewed the Facebook discussions and was incensed. “It confirms some of the worst criticisms of Customs and Border Protection,” said Castro, a Democrat who represents San Antonio. “These are clearly agents who are desensitized to the point of being dangerous to migrants and their co-workers.” He added that the agents who made the vulgar comments “don’t deserve to wear any uniform representing the United States of America.” Love HuffPost? Become a founding member of HuffPost Plus today. Vicki Gaubeca, director of the Southern Border Communities Coalition, said the postings are more evidence of the sexism and misogyny that has long plagued the Border Patrol. “That’s why they’re the worst at recruiting women,” said Gaubeca, whose group works to reform the agency. “They have the lowest percentage of female agents or officers of any federal law enforcement agency.” In another thread, a group member posted a photo of father and his 23-month-old daughter lying face down in the Rio Grande. The pair drowned while trying to ford the river and cross into the U.S.; pictures of the two have circulated widely online in recent days, generating an outcry. The member asked if the photo could have been faked because the bodies were so “clean.” (The picture was taken by an Associated Press photographer, and there is no indication that it was staged or manipulated.) “I HAVE NEVER SEEN FLOATERS LIKE THIS,” the person wrote, adding, “could this be another edited photo. We’ve all seen the dems and liberal parties do some pretty sick things…” This article originally appeared on HuffPost .
Mayim Bialik’s positive Pride post spammed with anti-LGBT comments The reaction to Mayim Bialik ’s Pride post on Instagram is a reminder that there’s much to be done in the name of equality. Mayim Bialik's Pride post was trolled by bigots. (Photo: Astrid Stawiarz/Getty Images) On the last day of Pride month, the Big Bang Theory alum took to Instagram to remind her followers that the “LGBTQ+ community is still fighting 365/year for equality.” This fight “began long before the Stonewall riots,” she wrote, and, now 50 years later, “continues.” View this post on Instagram A post shared by mayim bialik (@missmayim) on Jun 30, 2019 at 2:09pm PDT While many simply thanked her for the support, amid Pride celebrations across the country the same day, others felt the need to spam the post with homophobic comments. For instance, one person thinks the LBGTQ community “should have NO rights at all.” (Screenshot: Mayim Bialik via Instagram) Others wrote the LBGTQ community isn’t fighting for anything. “They have [their] rights. They can get married,” wrote one, adding, “All Pride is about now is being as obscene as possible.” (Screenshot: Mayim Bialik via Instagram) (Screenshot: Mayim Bialik via Instagram) Religion was brought into it with one person saying Bialik can’t be an Orthodox Jew if she supports anything LBGTQ. (She’s actually described herself as Modern Orthodox.) “Why would you encourage something against your belief? You may win the people, but not before [losing] your faith.” wrote one. (Screenshot: Mayim Bialik via Instagram) Another wrote that the actress is “fighting against God” by supporting Pride. (Screenshot: Mayim Bialik via Instagram) There were also comments like, “F**k the gay pride” and “I don’t have to like anything and this one.” Others posted vomit emojis. (Screenshot: Mayim Bialik via Instagram) (Screenshot: Mayim Bialik via Instagram) (Screenshot: Mayim Bialik via Instagram) Still, there were positive comments to offset the hate. One person wrote that “homophobia of any kind is dying” and “homophobes will change or die with it.” (Screenshot: Mayim Bialik via Instagram) (Screenshot: Mayim Bialik via Instagram) (Screenshot: Mayim Bialik via Instagram) Bialik is one of many celebrities supporting Pride over the weekend: Glenn Close had a really thoughtful post. Andy Cohen was in the thick of things with Housewives aplenty at NYC Pride. Ellen Pompeo showed off her daughter’s Pride manicure . And there were countless others. Read more on Yahoo Entertainment: Justin Bieber, Demi Lovato dispute Taylor Swift accusations against Scooter Braun 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' Want daily pop culture news delivered to your inbox? Sign up here for Yahoo Entertainment & Lifestyle’s newsletter.
The Future of Disney Stock Still Just Comes Down to Streaming From one perspective,Disney(NYSE:DIS) looks like one of the best businesses in the market. The company’s Parks business is an obvious cash cow.Star Warsand Marvel Studios add to the company’s long-held intellectual property to create a content powerhouse. That content will only be boosted by the recent acquisition of assets fromFoxCorporation(NASDAQ:FOX, NASDAQ:FOXA), which will help drive the company’s streaming service, to be launched later this year. Source:Baron Valium via Flickr Looked at another way, however, Disney isn’t quite as attractive. The Disney stock pricesoared after streaming plans were announcedback in April. But for years before that — and months since — DIS has done little but move sideways. Disney’s new streaming service might drive optimism, but it’s a response to cord-cutting causing shrinking profits in the company’s key media businesses. ESPN, in particular, seems at risk in the changing content landscape. For years, that split perception of Disney kept the Disney stock price largely locked in place. But the new streaming plan has changed the story surrounding DIS stock. InvestorPlace - Stock Market News, Stock Advice & Trading Tips What’s interesting is that the fundamentals seem to reflect that change as well. Looking at the legacy businesses, DIS stock actually looks potentially overvalued. But if an investor believes the Fox acquisition and, more importantly, the streaming plans are worthwhile, the price of Disney stock should have room to climb. There are few businesses in the world better than Disney’s parks. Disney’s pricing power, in particular, appears to be unmatched. Adjusted for inflation, the price of a Disney World ticket hasroughly tripled since 1971. Disneyland admission prices have alsomore than tripledjust since 2000, albeit on an unadjusted basis. Disney’s ability to hike pricing hasn’t slowed down. Pricing increased 7% in the first half of fiscal 2019, according to the company’s10-Q. And the company continues to tweak its rates based on demand, in an attempt to increase attendance and pricing while keeping the visitor experience reasonably intact. Meanwhile, newStar Warsareas in both U.S. parks offer yet another reason to visit, and another reason for consumers to pay more. Likewise, the cruise line business is seeing strong demand and higher pricing. The strength of the Disney brand and the Disney experience has driven stunning growth in the parks business: According to Disney filings, operating income increased 14% in fiscal 2017, 19% last year and another 16% in the first half of FY19. There’s little reason, barring a recession, to see that trend changing. That’s the good news. Outside of the two U.S. parks, however, the news isn’t quite as good. The company’s parks in Shanghai and Hong Kong aren’t wholly owned. In fact, the international business isn’t all that profitable. Trailing twelve-month operating income for the entire international portfolio is $467 million. That’s less than 10% of total profits for the parks business. • 10 Best Stocks to Buy and Hold Forever Those businesses are growing nicely, reversing from a modest loss in fiscal 2016, and posting 8% growth in the first half. But the parks business remains a U.S. story for the foreseeable future. Meanwhile, the Consumer Products business, which now is part of the company’s Parks, Experiences and Products segment, is much weaker than investors might assume. Earnings have trended downward for years, including a 17% decline between fiscal 2016 and fiscal 2018. Profits have risen 3% in the first half, but there’s still a sense that Disney hasn’t quite capitalized on its IP in this space. Notably, the company has given up on its ambitions in video games, instead outsourcing intellectual property to developers likeElectronic Arts(NASDAQ:EA). That weakness isn’t fatal to the bull case for DIS stock. Consumer Products generates barely 10% of total operating income (excluding losses in the direct-to-consumer and international businesses) over the last twelve months. That figure will come down further over the next year as Fox profits hit the books. But without growth in Consumer Products, PE&P growth remains reliant on the two U.S. parks. And it’s worth wondering if a recession might hit demand … or if there comes a point when ticket prices simply can’t increase any further. Can Disney really charge, say, $200 per day for Disney World admission? Will consumers balk at some point — particularly if the economy isn’t quite as strong as it seems to be at the moment? It’s worth noting that shares of the two publicly traded U.S. theme park operators have struggled of late.Cedar Fair L.P.(NYSE:FUN) shares hit their lowest level in almost five years last month.Six Flags(NYSE:SIX) is not far from a 30-month low. Investors in the rest of the space are worried. To be sure, Disney World is not Six Flags or Cedar Fair, in many ways. And, again, the U.S. parks business is attractive even considering cyclical risk. But there are concerns elsewhere in the Parks, Experiences and Products segment. Certainly, there are reasons to believe that growth will at least slow going forward. Beyond the parks business is where Disney gets interesting — and the debate over the Disney stock price intensifies. The Studio Entertainment segment contains Disney’s film library and its production businesses, including Pixar, Marvel, LucasFilm, Touchstone and Walt Disney Pictures. At the moment, it would seem to be a great business. Disney’s studios dominate the box office in an unprecedented manner. The companygenerated nearly 20% of total worldwide box officelast year, according toVariety. Its nearly $8 billion haul was the second-best in history, behind only Disney’s 2016 performance. The company is on pace toset a new recordthis year. Avengers:Endgameposted unbelievable numbersthis spring, and should benefit Disney’s fiscal Q3 results, likely coming in just a few weeks. And the company’s various brands appeal to pretty much every demographic in almost every geography worldwide. And yet, profit-wise, the Studio business hasn’t been that impressive over the past few years. Operating profit increased less than 9% over the past two fiscal years, with a dip in fiscal 2017 followed by big growth last year. First-half earnings are down by half, though timing is a big factor.Toy Story 4andEndgameno doubt will boost Q3 and second-half results, but even with all the blockbusters Disney churns out, profit growth isn’t that spectacular. Part of the problem is that the blockbusters are enormously expensive. CFO Christine McCarthy noted on theQ2 conference callthat results even fromEndgamewould “be tempered somewhat by the cost structure”. Timing is an issue as well: even huge franchises can’t pump out a film every year. Thedisappointing resultsfromSolo: A Star Warsstory earlier this year show that even ardent fans can suffer from fatigue. Looking forward, the Avengers franchise is taking a pause, andStar Warswill do the same. This is a lumpy business, and with those pauses, it’s a business that some might believe is at or near a peak. There is some evidence for the argument that Disney’s production businesses probably are near, or at, peak revenue and earnings. Even with Disney’s help, U.S. box office receipts continue to weaken, dropping 9% so far this year. Receipts in China areoff over 2%. Shares of movie theater operators are feeling the pressure:AMC Entertainment(NYSE:AMC) trades at an all-time low following a 2013 IPO, whileCinemark Holdings(NYSE:CNK) has traded sideways for about five years now. At a certain point, Disney is going to have a hard time driving bigger box office receipts if fewer consumers are going to theaters. In theory, the company could start developing films for its streaming service. But it’s tough to replicate the $1.5 billion in global box officeAvengers:Endgamehas created in a subscription model. There’s also the question as to whether tastes will change. How many superhero movies can consumers watch?Dark PhoenixandHellboyalready have disappointed this year (Disney didn’t produce either film, butDark Phoenixwas a Fox picture). The current Hollywood business model of churning out sequels and constantly expanding franchises likely will change at some point. Either customers will get bored, the market will be oversaturated and/or less people will go to the movies. That said, it may be other, smaller studios that take the hit before Disney. Fox brings new intellectual property — and it has room for margin improvement, as Disney management noted on the Q2 call. And for all the hype about blockbusters, production actually isn’t the biggest revenue driver for the Studio Entertainment. Even in fiscal 2018, a huge year for Disney in terms of new releases, box office revenue was barely ahead of revenue earned from television and streaming video on demand (SVOD). Another 16% of segment revenue last year came from the company’s still-strong home entertainment business. Those revenues have higher profit margins, as the cost of existing films is minimal. And so one argument for patience toward Studio Entertainment is that segment is more about the underlying and existing IP than new releases … even if those new releases garner much more of the headlines. Over the past four quarters, the Studio Entertainment and Parks businesses combined have generated just shy of $7 billion in operating income, according to Disney filings. The Media Networks segment over the same period has contributed $7.35 billion in earnings. If there’s a short case for DIS stock, this is it. Yes, the parks and studio businesses are attractive. But over half of earnings — admittedly before the acquisition of the assets from Fox, and for now ignoring losses in digital and international — come from the Media Networks segment and the Consumer Products business. Neither appears to be a good business right now. As I wrote just last month, ESPN isa major problem for Disney. It’s the key reason why the Disney stock price stayed stuck for nearly four years. Profits for the Cable Networks group — of which ESPN is the major profit engine — declined in each of the last three fiscal years. ESPN and ESPN2 have each lost roughly 12 million subscribers since fiscal 2011. The news has been better so far this year, with profits in the Media Networks segment up year-over-year. But there are still obvious concerns. Notably, Cable Networks earnings declined again in the first half. ESPN is a major profit driver, and clearly it is headed in the wrong direction. Indeed, the risk to Disney’s networks business isn’t limited to just ESPN. The segment as a whole, which includes ABC, Disney Network, Freeform and a 50% stake in A&E network, has worries as well, even after a seemingly strong half. Overall, affiliate fee rates — paid to ESPN and other Disney networks from cable and satellite operators — have risen 7% in the first half. So have advertising rates. That might seem like good news. It isn’t. Even with those rate increases, profit growth is minimal: Just 0.5% year-over-year through the first six months. And those increases aren’t going to hold forever. Affiliate fee renegotiations are likely on the way:Credit Suisse(NYSE:CS) estimated last year that 95% of its deals are up for renewal starting in late fiscal 2019. ESPN’s leverage is likely declining. Consumers — many of whom don’t even watch sports — are increasingly aware that they are paying as much as $10 per month to have ESPN, whether they want it or not. Cord-cutting is driven in part by that fact, which contributes to higher prices from the likes ofComcast(NASDAQ:CMCSA) andCharter Communications(NASDAQ:CHTR). Even if ESPN can hold rates reasonably steady — or modestly positive — affiliate fee revenues are going to drop going forward. Meanwhile, advertisers are targeting live sports in an increasingly fragmented content landscape, but ad rates can’t climb 7% a year forever, either. Here, too, higher rates are being offset by lower views: advertising revenue rose just 0.4% in the first six months. Admittedly, this isn’t just a Disney problem. Networks of all types are challenged. But elsewhere, investors have priced in those challenges.AMC Networks(NASDAQ:AMCX) trades for less than 7x 2019 EPS estimates.Discovery Communications(NASDAQ:DISCA) sits at 8x, withCBS(NYSE:CBS) modestly higher. This is a business likely heading for long-term decline. And that significantly colors the bull case for DIS stock. Disney’s FY19 segment-level EBITDA should look something like this: • Media Networks: $7.4 billion • Parks, Experiences and Products: $9.0 billion • Studio Entertainment: $3.1 billion What does that mean for the Disney stock price? The Media Networks business likely is worth at most $74 billion, assuming a 10x EBITDA multiple. That’s a premium to other networks stocks, with CBS trading at almost exactly 9x at the moment and other networks receiving even lower valuations. Valuing the Parks, Experiences and Products businesses is more difficult. EBITDA significantly exceeds EBIT (also known as operating profit), given the capital-intensive nature of the parks business. That should reduce the EBITDA multiple somewhat. About a quarter of profit in the segment comes from consumer products, a business that at least of late has been declining. That, too, suggests a lower multiple. Cedar Fair is valued at a touch under 10x EBITDA. Six Flags garners a multiple near 12x. Disney’s parks unquestionably are more valuable, however. Cedar Fair is targeting 4% EBITDA growth over the next four years. Six Flags’ profit increases of late are in the single digits. Neither holds a candle to Disney’s growth, past or future. Disney’s parks, plus its cruise line business, are more valuable qualitatively and fundamentally; 12x appears to be a reasonable, if somewhat aggressive, multiple. That’s a premium to Six Flags even with the drag from consumer products. That values the PE&P segment at about $108 billion. For the Studio Entertainment, the exercise is more difficult. No studio is as dominant. No peers exist as a standalone on the public markets (Lionsgate(NYSE:LGF.A,NYSE:LGF.B) ownsStarzand has a heavy presence in television production). But we know that Disney paid roughly 11.5x EBITDA for Fox — about the same asAT&T(NYSE:T) did forTime Warner. That multiple would value Disney’s film business at about $35 billion. Disney also has corporate costs, which run at roughly $900 million a year. Those should be deducted from any sum of the parts analysis. A somewhat arbitrary 8x multiple knocks $7 billion off the total — and implies that these three businesses, combined, are worth right at $210 billion. Before the Fox deal closed, Disney had about $16 billion in net debt, and 1.49 billion shares outstanding. These calculations would suggest an equity value pre-Fox of about $194 billion, or $130 per share. With the Disney stock price currently at $140, that doesn’t make DIS stock seem all that attractive. And that’s particularly true since even $130 might be an aggressive estimate; 10x EBITDA for any media company in this environment is potentially high. Move that back to 8-9x and DIS stock drops closer to $120. Looking at it another way, the overall EBITDA numbers suggest these three businesses, based on debt levels before the Fox deal, could drive less than $8 per share in EPS; $130, in that model, suggests about a 17x P/E multiple. That seems cheap. But, again, over half of these profits — from Media Networks and Consumer Products — are likely in decline. Consolidated growth is likely minimal. That was the case before Disney’s recent moves, and it explained why the Disney stock price didn’t move over that stretch. Fundamentally, just looking at the four biggest businesses — parks, consumer products, networks and films — DIS stock looks reasonably valued, and maybe even a bit overvalued. But, of course, DIS stock isn’t based just on those four businesses. Disney isn’t just those businesses anymore. It spent about $56 billion in cash and stock — after the proceeds from the sale of Fox’s stake inSkyto Comcast — for the Fox assets. Disney owns a majority stake in digital distributorBAMTech, which underpins the company’s ESPN+ offering. It owns two-thirds ofHulu, with an agreement totake full ownership next decade. As far as Fox goes, the question is whether the deal creates value for Disney stock. Again, the $120-$130 valuation above is based on the structure of Disney before the deal. If Disney overpaid, that figure comes down — and Disney paid a hefty premium after a bidding war with Comcast. But Disney also has said it projects as much as $2 billion in cost synergies from the deal — in addition to an expected EBITDA contribution of about $4.7 billion. Should those savings be realized, DIS paid less than 9x EBITDA — a much more attractive multiple. BAMTech and Hulu both are losing money, but both still have value regardless. Disney has contributed nearly $2 billion for its stake in BAMTech so far. Disney in a filingvalued Hululast November at $9.3 billion, making its stake worth about $6 billion. But its deal with AT&T implied a valuation closer to $14 billion, as does its agreement to pay Comcast at least $5.8 billion for its current 33% ownership. That would make Disney’s stake in the streaming service worth close to $10 billion, or about $6 per share; 10% accretion from Fox (almost $6 billion in value created) adds almost $4 per share to the Disney stock price (based on the post-Fox share count of about 1.8 billion). Hulu is worth about $5 per share. BAMTech is probably worth $1-2 per share. Add those figures to the $130 valuation of the legacy businesses and fair value for DIS stock gets to $140 — right where it trades at the moment. Historically, sum of the parts valuations like this tend to be viewed in a skeptical light. Value on paper can’t always be realized in practice. In many of these cases, investors assign a “conglomerate discount” to businesses with disparate operations.General Electric(NYSE:GE), even before its recent troubles, was a prime example. In many cases, the sum of the parts islessthan the parts. • 7 Stocks on Sale the Insiders Are Buying But Disney should be different. The whole point of Disney is that each business amplifies the other. The $4 billion acquisition of LucasFilm didn’t just allow Disney to make newStar Warsfilms. It gave the company the existing library, which it could monetize through its home entertainment division. It added a new source of revenue for the consumer products division. And it allowed for the expansion of Disney World and Disneyland — driving higher revenue and bigger profits in the Parks business. That’s one of the more attractive aspects of the Disney case. And streaming would seem to be another example of the cross-selling ability that defines Disney. The service will rest on already-developed and/or purchased content, whether itsStar Wars,The Simpsons,Toy Storyor Mickey Mouse cartoons. Streaming is just a way for Disney to make more money off its existing property, and at the moment, it doesn’t appear priced into DIS stock at all. That suggests upside for Disney stock, right? Perhaps. But it’s not quite that simple. Disney is already losing money from its digital pivot, as it funds losses at BAMTech, ESPN+ and now Hulu. It’s going to spend more money as it launches streaming — and it’s going to lose revenue and profits as well. Most notably, Disney is pulling back content fromNetflix(NASDAQ:NFLX), and foregoing hundreds of millions of dollars in high-margin licensing revenue in the process. But it’s also going to lose sales in its Home Entertainment division, which has generated $1.6 billion in revenue over the past year. Consumers aren’t going to buy aStar WarsDVD if they can have access to the entire library — and the rest of Disney’s content — for $5.99 a month. Between lost revenues and higher spending, Disney is going to see overall earnings decline in the near term, as even CEO Bob Iger has said. Simply shifting content to the service, between lost licensing and home entertainment revenues, likely hits earnings by well over a billion dollars. But streaming isn’t just a near-term issue. There’s a real question as to whether the digital era is better for a content owner like Disney. It’s not better for ESPN, certainly, which is moving from getting $9+ per month for cable subscribers to just $5 a month for ESPN+ users. Even for the rest of the business, however, there’s a cost to streaming. And so Disney’s streaming plans have to be successful to move DIS stock higher — and they probably have to be hugely successful. Disney+ has to get millions of subscribers to get to the point where profitability is guaranteed and investors can view the business as a legitimate competitor to Netflix. It very well might do so. Bulls would argue — and perhaps rightfully so — that no company on Earth has better content. It can target families with the Disney brand and adults withStar Wars,The Simpsons, Marvel and content from ABC. And at some point, Disney no doubt will start raising prices for Disney+, returning some of the profits lost during the digital shift. But with the gains since the streaming service was announced, there’s not much room for error left in the Disney stock price. Investors are acting as if success is a foregone conclusion. If they’re right, and streaming over time can add a few billion dollars in profits, DIS stock has a path to $200 in the coming years. If streaming stumbles at all, however, even the best of Disney’s businesses likely won’t be able to offset that disappointment. As of this writing, Vince Martin did not hold a position in any of the aforementioned securities. • 2 Toxic Pot Stocks You Should Avoid • 7 F-Rated Stocks to Sell for Summer • 7 Stocks to Buy for the Same Price as Beyond Meat • 7 Penny Marijuana Stocks That Are NOT Cheap Stocks Compare Brokers The postThe Future of Disney Stock Still Just Comes Down to Streamingappeared first onInvestorPlace.
Analysis: EU leaders leader fail again to share out top jobs BRUSSELS (AP) — European Union leaders let their people down Monday. And now they're hoping some sleep will help them save face and wrap up a never-ending summit that has turned into a massive embarrassment. After a choppy few years, they had a precious opportunity to show unity as they huddled to make appointments for prestigious EU jobs , people who will run the world's biggest trading bloc over the next five years. Instead, leaders bickered, pointed fingers, organized unsuccessful backroom meetings to stake out narrow nationalist agendas and sought first and foremost to protect their own party political interests. "Our credibility is fundamentally stained by all these too-long meetings," French President Emmanuel Macron said after an all-night summit fell apart without agreement on the top posts. "We are a club of 28 that meets without ever deciding anything. Our compatriots see it," he said, arguing for fundamental change to how the EU works . German Chancellor Angela Merkel had little positive to say about what happened. "Today people find this pretty bad. I can believe that and we'll have to live with it." To make matters worse, the leaders had already failed to agree on the top jobs at a two-day summit less than two weeks ago. They will try yet again Tuesday. Instead of highlighting a united "Team Europe," to use Macron's phrasing, EU leaders indulged in the kind of backroom horse trading for Brussels jobs that has long raised the ire of anti-EU populists who claim the bloc is opaque and out of touch with the continent's 500 million people, who need answers to much more urgent questions. EU voters turned out in numbers not seen in two decades for European Parliament elections in May, showing a renewed interest in the bloc's future after years marked by battles over Brexit and the continent's migrant crisis. "No other major democracy in the world has such a bizarre and arcane method for choosing its political leadership," Dutch EU lawmaker Sophie in 't Veld tweeted Monday. "Over 200 million people have voted (for European Parliament), but 28 individuals withdraw behind closed doors and play musical chairs." The challenge at Sunday's summit seemed straightforward enough. EU Commission President Jean-Claude Juncker and Council chief Donald Tusk are both closing in on the end of their mandates this autumn, as is foreign policy chief Federica Mogherini. European Parliament President Antonio Tajani is due to be replaced on Wednesday in a vote by lawmakers that would not require the leaders' consent. Story continues All are high-profile jobs involving meeting and negotiating with world leaders like U.S. President Donald Trump and China's Xi Jinping. Or fighting for trade deals with economic heavyweights like Japan, or defending strategic agreements with Iran. After the failed June 20-21 summit, drawn-out talks to carve up the jobs resumed among a small group of leaders at the Group of 20 meeting of leaders in Osaka last week, before continuing Sunday at a summit of all 28 EU leaders in Brussels. The leaders haggled into the night and continued as a pastel pink sunrise faded into Monday morning. By the time the leaders threw in the towel, the midday sun was beating down on EU headquarters. Pledges of increased electoral accountability on how the EU leadership is picked soon faded. While May's EU elections attracted more voters to the ballot boxes across the continent, they also delivered a more splintered parliament, in which the two biggest groups cannot command a majority for the first time. That means that divisions between political groupings have only deepened, making it harder than ever to balance political, geographic and gender considerations when assigning top jobs. Dutch socialist Frans Timmermans hoped to replace Juncker as president of the EU's Commission, even though the S&D socialists group in parliament is smaller than the EPP Christian Democrats. The appointments have to be signed off by European lawmakers and that may not be so easy in the new Parliament. Timmermans wasn't invited to the summit, but squeezed in a meeting with one of the leaders anyway. A vocal proponent of transparency at the EU, he was livestreamed talking Sunday night with Bulgarian Prime Minister Boyko Borissov at a Bulgarian diplomatic residence discussing his candidature and the Bulgarian's wish list. But after a few minutes of talking to Borissov, Timmermans pointed to the camera and said: "I'm not sure we should be recording all of this." Immediately afterward, the video clip ended. As the all-nighter dragged on, exhaustion set in and Tusk told the leaders to go home and try again on Tuesday. "It's complicated and I don't know if we'll get it done tomorrow," said Dutch Prime Minister Mark Rutte. "I'm sure there will be phone calls, but I'm going to let the others have a nap, too," he said. ____ Lorne Cook, Geir Moulson from Frankfurt, Angela Charlton from Paris and Veselin Toshkov from Sofia contributed. View comments
Why MRC Global Inc.'s (NYSE:MRC) High P/E Ratio Isn't Necessarily A Bad Thing Want to participate in a short research study ? Help shape the future of investing tools and you could win a $250 gift card! This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). We'll show how you can use MRC Global Inc.'s ( NYSE:MRC ) P/E ratio to inform your assessment of the investment opportunity. MRC Global has a P/E ratio of 30.24 , based on the last twelve months. That means that at current prices, buyers pay $30.24 for every $1 in trailing yearly profits. Check out our latest analysis for MRC Global How Do I Calculate A Price To Earnings Ratio? The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for MRC Global: P/E of 30.24 = $17.12 ÷ $0.57 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? A higher P/E ratio implies that investors pay a higher price for the earning power of the business. That is not a good or a bad thing per se , but a high P/E does imply buyers are optimistic about the future. How Growth Rates Impact P/E Ratios Generally speaking the rate of earnings growth has a profound impact on a company's P/E multiple. That's because companies that grow earnings per share quickly will rapidly increase the 'E' in the equation. Therefore, even if you pay a high multiple of earnings now, that multiple will become lower in the future. A lower P/E should indicate the stock is cheap relative to others -- and that may attract buyers. MRC Global increased earnings per share by a whopping 39% last year. Unfortunately, earnings per share are down 15% a year, over 5 years. Does MRC Global Have A Relatively High Or Low P/E For Its Industry? One good way to get a quick read on what market participants expect of a company is to look at its P/E ratio. As you can see below, MRC Global has a higher P/E than the average company (17) in the trade distributors industry. NYSE:MRC Price Estimation Relative to Market, July 1st 2019 MRC Global's P/E tells us that market participants think the company will perform better than its industry peers, going forward. Clearly the market expects growth, but it isn't guaranteed. So investors should delve deeper. I like to check if company insiders have been buying or selling . Story continues A Limitation: P/E Ratios Ignore Debt and Cash In The Bank One drawback of using a P/E ratio is that it considers market capitalization, but not the balance sheet. Thus, the metric does not reflect cash or debt held by the company. In theory, a company can lower its future P/E ratio by using cash or debt to invest in growth. Such expenditure might be good or bad, in the long term, but the point here is that the balance sheet is not reflected by this ratio. MRC Global's Balance Sheet MRC Global has net debt worth 51% of its market capitalization. This is a reasonably significant level of debt -- all else being equal you'd expect a much lower P/E than if it had net cash. The Bottom Line On MRC Global's P/E Ratio MRC Global trades on a P/E ratio of 30.2, which is above the US market average of 18.1. Its meaningful level of debt should warrant a lower P/E ratio, but the fast EPS growth is a positive. So despite the debt it is, perhaps, not unreasonable to see a high P/E ratio. Investors have an opportunity when market expectations about a stock are wrong. People often underestimate remarkable growth -- so investors can make money when fast growth is not fully appreciated. So this free report on the analyst consensus forecasts could help you make a master move on this stock. Of course you might be able to find a better stock than MRC Global . So you may wish to see this free collection of other companies that have grown earnings strongly. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com . This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
US duty free owners give millions to Israeli settlements JERUSALEM (AP) — When travelers shop at dozens of duty free shops at airports worldwide, they may be paying for more than a bottle of vodka or box of chocolates. The Falic family of Florida, owners of the ubiquitous chain of Duty Free Americas shops, funds a generous and sometimes controversial philanthropic empire in Israel that runs through the corridors of power and stretches deep into the occupied West Bank. An Associated Press investigation shows that the family has donated at least $5.6 million to settler organizations in the West Bank and east Jerusalem over the past decade, funding synagogues, schools and social services as well as far-right causes considered extreme even in Israel. The Falics' philanthropy is not limited to the settlements and they support many mainstream causes in the U.S. and Israel. However, they are a key example of how wealthy U.S. donors have bolstered the contentious settlement movement. Most of the world considers Jewish settlements in the West Bank and east Jerusalem to be obstacles to peace, but Israel considers the territories "disputed." The Falics support the ultranationalist Jewish community in Hebron, whose members include several prominent followers of a late rabbi banned from Israeli politics for his racist views, and whose movement is outlawed by the U.S. as a terrorist organization. They back Jewish groups that covertly buy up Palestinian properties in east Jerusalem, and they helped develop an unauthorized settlement outpost in the West Bank. The outpost was later retroactively legalized. They have supported groups that are pushing for the establishment of a Third Temple for Jews at the holiest and most contested site in the Holy Land. They also have given more money than any other donor to Prime Minister Benjamin Netanyahu, a strong supporter of settlements, and have donated to other leaders of his Likud party. In a response to AP questions through his lawyer, Simon Falic, who spoke on behalf of the family, said Jews should be able to live anywhere in the Holy Land, whether it's Israel, Israeli-annexed east Jerusalem or the West Bank. He condemned violence and claimed none of the groups he supports do anything illegal under Israeli law. Story continues "We are proud to support organizations that help promote Jewish life all over the Land of Israel," said Falic, whose business is based in Miami, Florida. "The idea that the mere existence of Jewish life in any geographical area is an impediment to peace makes no sense to us." However, the international community overwhelmingly believes the settlements violate international law, which prohibits an occupying power from transferring its own population into the territory it occupies. Since capturing the West Bank and east Jerusalem in the 1967 Mideast war, the settler population has grown to about 700,000 people, roughly 10% of Israel's Jewish population. In recent years, it has received a boost from Netanyahu's pro-settler government and from a far more tolerant attitude by President Donald Trump, whose top Mideast advisers are longtime settlement supporters. This growth has been fueled in part by fundraising arms for leading settlement groups in the United States. According to a past investigation of U.S. tax forms by the Israeli daily Haaretz, fundraising organizations in the U.S. raised more than $230 million for settlement causes between 2009 and 2013 alone. "Far-right foreign donors are a pillar of the settlement enterprise," said Peace Now, an Israeli anti-settlement watchdog group. Other prominent settlement donors include casino magnate Sheldon Adelson, U.S. billionaire Ira Rennert, American financier Roger Hertog and the U.S. ambassador to Israel, David Friedman. Names of dozens of other lesser-known donors adorn buildings, playgrounds and even park benches throughout the West Bank. But the Falics stand out for the wide scope of groups they support and their close ties with leading Israeli politicians. Critics say activities billed as harmless philanthropy have come at the expense of Palestinians. Duty Free Americas is headed by three Falic brothers: Simon, Jerome and Leon. The chain operates over 180 stores at airports and border crossings in the U.S. and Latin America. Leon Falic told the trade publication TRBusiness that the privately held company last year posted over $1.65 billion in sales. The family has two main charitable organizations, the U.S.-based Falic Family Private Foundation and the Segal Foundation in Israel. During the decade ending in 2017, the U.S. foundation distributed about $20 million to "various worldwide Jewish organizations," according to tax filings. The Israeli foundation gave away roughly $15 million over that time. Financial reports do not outline recipients, but an AP analysis of the tax records of more than two dozen settlement organizations identified at least $5.6 million in donations. Other funds went to other causes, including the country's amateur American football league, a Jerusalem hospital and a Jewish seminary in northern Israel. Perhaps the Falics' most controversial activity is in Hebron, a city where several hundred ultranationalist settlers live in heavily guarded enclaves amid some 200,000 Palestinians. Relations between the populations are tense, and some of the Jewish leaders are followers of the late Rabbi Meir Kahane, whose "Kach" party was outlawed in Israel in the 1980s for calling for a mass expulsion of Arabs from the country. The U.S. also branded Kach a terrorist group. According to the AP analysis, the Falics donated roughly $600,000 to "Hachnasat Orchim Hebron," a group that hosts visitors to the Jewish community. Baruch Marzel, a former aide to Kahane, is deeply involved. Falic said his connections to Marzel were primarily through a "beautiful project" that distributes snacks to Israeli soldiers protecting the residents of Hebron. "While I may not agree with everything he has said, the work we have done that has been affiliated with the Hebron community has been positive, non-controversial and enhances Jewish life in the Hebron area — which we strongly support," he said. Issa Amro, a Palestinian activist in Hebron, disagrees. He said the seemingly harmless project serves the settler cause at the expense of Palestinians. "We are suffering from settler violence," he said. "When I tell the soldiers 'protect me,' they tell me 'we are not here to protect you. We are with our own people, who are the settlers.'"
An Intrinsic Calculation For Alimentation Couche-Tard Inc. (TSE:ATD.B) Suggests It's 37% Undervalued Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Alimentation Couche-Tard Inc. (TSE:ATD.B) as an investment opportunity by estimating the company's future cash flows and discounting them to their present value. This is done using the Discounted Cash Flow (DCF) model. Don't get put off by the jargon, the math behind it is actually quite straightforward. Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in theSimply Wall St analysis model. Check out our latest analysis for Alimentation Couche-Tard We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: [{"": "Levered FCF ($, Millions)", "2019": "$1.9b", "2020": "$1.9b", "2021": "$1.9b", "2022": "$1.9b", "2023": "$2.1b", "2024": "$2.7b", "2025": "$3.0b", "2026": "$3.2b", "2027": "$3.3b", "2028": "$3.5b"}, {"": "Growth Rate Estimate Source", "2019": "Analyst x4", "2020": "Analyst x4", "2021": "Analyst x2", "2022": "Analyst x1", "2023": "Analyst x1", "2024": "Analyst x1", "2025": "Est @ 9.24%", "2026": "Est @ 7.05%", "2027": "Est @ 5.52%", "2028": "Est @ 4.45%"}, {"": "Present Value ($, Millions) Discounted @ 6.72%", "2019": "$1.8k", "2020": "$1.6k", "2021": "$1.5k", "2022": "$1.5k", "2023": "$1.5k", "2024": "$1.8k", "2025": "$1.9k", "2026": "$1.9k", "2027": "$1.9k", "2028": "$1.8k"}] ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF)= $17.2b We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 10-year government bond rate (1.9%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 6.7%. Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$3.5b × (1 + 1.9%) ÷ (6.7% – 1.9%) = US$75b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$75b ÷ ( 1 + 6.7%)10= $38.95b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is $56.19b. In the final step we divide the equity value by the number of shares outstanding. This results in an intrinsic value estimate in the company’s reported currency of $99.59. However, ATD.B’s primary listing is in Canada, and 1 share of ATD.B in USD represents 1.308 ( USD/ CAD) share of TSX:ATD.A,so the intrinsic value per share in CAD is CA$130.27.Relative to the current share price of CA$82.41, the company appears quite good value at a 37% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Alimentation Couche-Tard as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 6.7%, which is based on a levered beta of 0.800. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Whilst important, DCF calculation shouldn’t be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. What is the reason for the share price to differ from the intrinsic value? For Alimentation Couche-Tard, I've compiled three additional aspects you should further research: 1. Financial Health: Does ATD.B have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does ATD.B's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of ATD.B? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing! PS. Simply Wall St updates its DCF calculation for every CA stock every day, so if you want to find the intrinsic value of any other stock justsearch here. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
This Is the Most Real Photo Kim Kardashian Has Ever Shared of Her Psoriasis Some of Kim Kardashian West ‘s psoriasis may have cleared, but she’s still dealing with skin problems caused by the condition. The cosmetics mogul, 38, shared a candid photo of her left leg before she applied her new KKW Beauty body foundation that showed areas of pigmentation loss on her skin after a psoriasis breakout cleared up. Kardashian West asked her fans if any of them had ever suffered from a similar side effect. “Does anyone else get pigment loss after their psoriasis clears???” the Keeping Up with the Kardashians star captioned her Instagram Story photo. Luckily, Kardashian West’s makeup artist used her brand new body makeup to conceal the uneven color on her leg before a night out on the town with her sisters this weekend for BFF Larsa Pippen’s birthday. New York City dermatologist and The Beauty of Dirty Skin author Dr. Whitney Bowe tells PEOPLE that the discoloration Kardashian West is experiencing is quite common after any inflammatory skin condition flare-up. “You can be left with something called PIH — it stands for either post-inflammatory hyperpigmentation or post-inflammatory hypopigmentation. It can happen after acne, eczema or psoriasis. It can even happen after a cat scratches you, or following any scrape or wound on the skin,” she says. Michael Loccisano/WireImage; Kim Kardashian/ Instagram Based on Kardashian West’s photo, Bowe believes she has hypopigmentation, which means pigment production is slowed down, leaving her with light marks. But she has no need to worry, because the side effect is not permanent. “Almost always, this discoloration is temporary, but it can sometimes take months to fully resolve. Sun exposure can prolong the discoloration effect, so be sure to protect the skin if you see this kind of effect,” Dr. Bowe says. RELATED PHOTOS: UPDATED! All the Behind-the-Scenes Photos Kim Kardashian Has Shared from Her Fashion Fittings The star’s newest KKW Beauty launch was inspired by her psoriasis. “I’ve learned to live with and not be insecure of my psoriasis, but for days when I want to just cover it up I use this Body Makeup,” Kardashian West said. “My formula is so creamy and buildable and has a smooth satin finish. It builds easily for a more full coverage if needed.” Story continues Kim Kardashian West/Instagram Over the years, Kardashian West has been open on social media about struggling with the skin condition which causes red, scaly patches usually on the legs, elbows and lower back and are caused by genetics. This past year, she even revealed the psoriasis has since begun creeping up to her face . Kim Kardashian/Instagram “Psoriasis is the shits! 😂,” the star said in the caption of a selfie she shared while using an herbal ointment on the irritated lesions.
Are Investors Undervaluing Alimentation Couche-Tard Inc. (TSE:ATD.B) By 37%? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Does the July share price for Alimentation Couche-Tard Inc. (TSE:ATD.B) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value. I will be using the Discounted Cash Flow (DCF) model. Don't get put off by the jargon, the math behind it is actually quite straightforward. Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. Anyone interested in learning a bit more about intrinsic value should have a read of theSimply Wall St analysis model. See our latest analysis for Alimentation Couche-Tard We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today's dollars: [{"": "Levered FCF ($, Millions)", "2019": "$1.9b", "2020": "$1.9b", "2021": "$1.9b", "2022": "$1.9b", "2023": "$2.1b", "2024": "$2.7b", "2025": "$3.0b", "2026": "$3.2b", "2027": "$3.3b", "2028": "$3.5b"}, {"": "Growth Rate Estimate Source", "2019": "Analyst x4", "2020": "Analyst x4", "2021": "Analyst x2", "2022": "Analyst x1", "2023": "Analyst x1", "2024": "Analyst x1", "2025": "Est @ 9.24%", "2026": "Est @ 7.05%", "2027": "Est @ 5.52%", "2028": "Est @ 4.45%"}, {"": "Present Value ($, Millions) Discounted @ 6.72%", "2019": "$1.8k", "2020": "$1.6k", "2021": "$1.5k", "2022": "$1.5k", "2023": "$1.5k", "2024": "$1.8k", "2025": "$1.9k", "2026": "$1.9k", "2027": "$1.9k", "2028": "$1.8k"}] ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF)= $17.2b We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 10-year government bond rate (1.9%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 6.7%. Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$3.5b × (1 + 1.9%) ÷ (6.7% – 1.9%) = US$75b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$75b ÷ ( 1 + 6.7%)10= $38.95b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $56.19b. In the final step we divide the equity value by the number of shares outstanding. This results in an intrinsic value estimate in the company’s reported currency of $99.59. However, ATD.B’s primary listing is in Canada, and 1 share of ATD.B in USD represents 1.308 ( USD/ CAD) share of TSX:ATD.A,so the intrinsic value per share in CAD is CA$130.27.Relative to the current share price of CA$82.41, the company appears quite undervalued at a 37% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent. The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Alimentation Couche-Tard as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 6.7%, which is based on a levered beta of 0.800. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Valuation is only one side of the coin in terms of building your investment thesis, and it shouldn’t be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. What is the reason for the share price to differ from the intrinsic value? For Alimentation Couche-Tard, There are three important aspects you should further examine: 1. Financial Health: Does ATD.B have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does ATD.B's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of ATD.B? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing! PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the TSE every day. If you want to find the calculation for other stocks justsearch here. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Jamie Dimon backs minimum wage hike: ‘We’ve got to give people more of a living wage’ The chief executive of the largest bank in the U.S. is fed up with the low pay received by many Americans. JPMorgan Chase (JPM) CEO Jamie Dimon, who has received criticism for the rate of entry-level pay at his bank, said in a new interview he’s “generally” in favor of minumum wages going up. “We’ve got to give people more of a living wage,” he says. Dimon qualified his support, noting that increasing the minimum wage nationwide could slow down U.S. economic performance. “If the federal maybe raises, then states should do more locally so it doesn't damage the economy too much,” he adds. Dimon voiced a similar position in his annual shareholder letter, in April, in which he noted that “forty percent of American workers earn less than $15 an hour, and about 5% of full-time American workers earn the minimum wage or less, which is certainly not a living wage.” The federal minimum wage currently stands at $7.25 an hour, a rate that was set 10 years ago. In March, House Democrats took asignificant steptoward the passage of a bill that would set a $15 minimum wage, advancing the measure out of committee. House Speaker Nancy Pelosi, who supports the bill, plans to bring it to a full vote in the chamber. Even if the bill were to pass, it would likely fail to gain support from the GOP-controlled senate and President Donald Trump. Theminimum starting wageat JPMorgan Chase is $16.50 per hour, though it can start at $18 for workers in high-cost regions. “Remember, that's already at the median level of Americans,” Dimon said of the entry-level wage. “And hopefully, it's the first rung on the ladder.” Bank of Americaannouncedin April that its hourly pay would rise to $17 in May and increase to $20 by 2021. At a hearing on Capitol Hill that month, Rep. Katie Porter (D-CA) pressed Dimon on the entry-level wage at the bank, detailing the budget of a single mother who made $16.50 per hour at the company but could not afford to support herself and her daughter. "Would you recommend that she overdraft at your bank and be charged overdraft fees?" Porter asked. "I don't know,” Dimon said. “I'd have to think about it.” In the interview with Serwer, Dimon said the bank might raise its minimum pay in the coming years. “It may go up over time,” he says. “We look at it every year and decide how we're going to compete or not.” Dimon made the comments to Yahoo Finance Editor-in-Chief Andy Serwer in a conversation that aired on Yahoo Finance in an episode of “Influencers with Andy Serwer,” a weekly interview series with leaders in business, politics, and entertainment. Democratic lawmakers have alsotargetedthe tens of millions in compensation received by top bank executives, including Dimon, who received $31 million in compensation last year. The ratio between CEO pay and entry-level wages at JPMorgan Chase stands at 381:1, ranking itsecond highest among the large banks, after Citigroup. But juxtaposition of CEO and entry-level pay is “comparing apples and oranges,” Dimon tells Serwer, calling the calculation “a complete waste of time.” “People don't think clearly about stuff like that,” he adds. “We treat our people well, we educate our people, we give them a huge opportunity — and that's what we should do.” Dimon pointed to the benefits package JPMorgan offers entry-level employees, recounting how the company improved its health care coverage when he found out some employees couldn’t afford the deductibles. “The second we found out for our lower paid folks making under $60,000 a year, we cut the deductible to the extent that if they do the wellness programs it's effectively zero,” he says. Dimon also pointed to the competitive pressure that compels him to pay enough to hire and retain effective workers. “To act like somehow I can steal from them and do a good job at my company is a little bit crazy,” he says. Andy Serwer is editor-in-chief of Yahoo Finance. Follow him on Twitter:@serwer. Read more: Jamie Dimon: Donald Trump should 'walk away' if he can't get a good deal with China Jamie Dimon: Donald Trump deserves ‘some’ credit for the strong economy Charlie Munger: Trump is not primarily responsible for US economic success
NBA free agency: Could the Warriors quickly flip D'Angelo Russell? In order to alleviate some of the sting that came with losing Kevin Durant to the Brooklyn Nets, the Golden State Warriors are reportedly on the verge of acquiring DAngelo Russell via a sign-and-trade deal. But maybe the move is about more than just filling some of the void left by Durants departure. [Free agency updates: Keep track of the moves, rumors, cap space and more ] During an interview on the Dan Patrick Show Monday morning, Marc Stein of the New York Times said bluntly that the Warriors will trade Russell down the line. Yes, the same Russell who reportedly has a max contract four years, $117 million lined up with the Warriors. And the notion makes plenty of sense, too. Heres what Stein had to say: This is all about the future. DAngelo Russell doesnt fit there whatsoever, Stein said . They just wanted to make sure that they did not see Kevin Durant arguably the best player in the league when healthy walk out the door for nothing. They got a 23-year-old All-Star and they will trade him. Its just a matter of when. Do they keep him for a whole season? Do they trade him at mid-season? Stephen Curry and Klay Thompson arent going anywhere, so there isnt room for DAngelo. Because Klay Thompson suffered a torn ACL in Game 6 of the NBA Finals, he will be sidelined for the majority of the 2019-20 season. That creates an opening for Russell, who averaged 21 points per game and was named to his first All-Star team last year, next to Steph Curry in the Warriors starting lineup. But, to Stein, Russell is not a long-term fit for Golden State. Russell is a 6-foot-5, shoot-first point guard who predominantly had the ball in his hands during his time with the Nets. We all know Thompson is comfortable playing off-ball, but that was a logical happening with Durant in the lineup. With Durant out of the picture, Curry ascends back to the top of the Warriors offensive pecking order. And when Thompson is back to full health, its hard to envision Russell adapting. Story continues D'Angelo Russell is reportedly headed to the Golden State Warriors in a sign-and-trade deal. (AP Photo/Darron Cummings) But if Russell acclimates himself well in the short-term, the Warriors will have a heck of a trade chip down the line. It could be at next years trade deadline, or it could be after the season around the time of the draft, perhaps. Offloading Russell, as Stein mentioned, could be a proactive way to position the Warriors for the future from a roster depth perspective and a salary cap perspective. This was really about the Warriors protecting themselves for the future, Stein said . Next season, this first season in this new palace theyve built in San Francisco, is really all about setting them up for the future. They want to be able to, in year two, to move forward at the level weve been accustomed to watching them for the last five years. More from Yahoo Sports: Winners and losers from opening night of NBA free agency Nets won free agency with KD, Kyrie, but now real work starts Dolan, Knicks are same old laughingstock after Sunday Ellis is coaching USWNT vs. country that wouldnt let her play
What Does Monolithic Power Systems, Inc.'s (NASDAQ:MPWR) Share Price Indicate? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Monolithic Power Systems, Inc. (NASDAQ:MPWR), which is in the semiconductor business, and is based in United States, saw a decent share price growth in the teens level on the NASDAQGS over the last few months. With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price. But what if there is still an opportunity to buy? Let’s examine Monolithic Power Systems’s valuation and outlook in more detail to determine if there’s still a bargain opportunity. View our latest analysis for Monolithic Power Systems Monolithic Power Systems appears to be overvalued by 25.27% at the moment, based on my discounted cash flow valuation. The stock is currently priced at US$136 on the market compared to my intrinsic value of $108.39. Not the best news for investors looking to buy! If you like the stock, you may want to keep an eye out for a potential price decline in the future. Given that Monolithic Power Systems’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us another chance to buy in the future. This is based on its high beta, which is a good indicator for share price volatility. Future outlook is an important aspect when you’re looking at buying a stock, especially if you are an investor looking for growth in your portfolio. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. With profit expected to grow by 43% over the next couple of years, the future seems bright for Monolithic Power Systems. It looks like higher cash flow is on the cards for the stock, which should feed into a higher share valuation. Are you a shareholder?It seems like the market has well and truly priced in MPWR’s positive outlook, with shares trading above its fair value. At this current price, shareholders may be asking a different question – should I sell? If you believe MPWR should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable. But before you make this decision, take a look at whether its fundamentals have changed. Are you a potential investor?If you’ve been keeping an eye on MPWR for a while, now may not be the best time to enter into the stock. The price has surpassed its true value, which means there’s no upside from mispricing. However, the positive outlook is encouraging for MPWR, which means it’s worth diving deeper into other factors in order to take advantage of the next price drop. Price is just the tip of the iceberg. Dig deeper into what truly matters – the fundamentals – before you make a decision on Monolithic Power Systems. You can find everything you need to know about Monolithic Power Systems inthe latest infographic research report. If you are no longer interested in Monolithic Power Systems, you can use our free platform to see my list of over50 other stocks with a high growth potential. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Does The ATS Automation Tooling Systems Inc. (TSE:ATA) Share Price Fall With The Market? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! If you own shares in ATS Automation Tooling Systems Inc. (TSE:ATA) then it's worth thinking about how it contributes to the volatility of your portfolio, overall. In finance, Beta is a measure of volatility. Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. The first type is company specific volatility. Investors use diversification across uncorrelated stocks to reduce this kind of price volatility across the portfolio. The second type is the broader market volatility, which you cannot diversify away, since it arises from macroeconomic factors which directly affects all the stocks on the market. Some stocks mimic the volatility of the market quite closely, while others demonstrate muted, exagerrated or uncorrelated price movements. Beta is a widely used metric to measure a stock's exposure to market risk (volatility). Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. The first thing to understand about beta is that the beta of the overall market is one. A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one. See our latest analysis for ATS Automation Tooling Systems Zooming in on ATS Automation Tooling Systems, we see it has a five year beta of 1.55. This is above 1, so historically its share price has been influenced by the broader volatility of the stock market. If the past is any guide, we would expect that ATS Automation Tooling Systems shares will rise quicker than the markets in times of optimism, but fall faster in times of pessimism. Share price volatility is well worth considering, but most long term investors consider the history of revenue and earnings growth to be more important. Take a look at how ATS Automation Tooling Systems fares in that regard, below. ATS Automation Tooling Systems is a small cap stock with a market capitalisation of CA$2.0b. Most companies this size are actively traded. It is quite common to see a small-cap stock with a beta greater than one. In part, that's because relatively few investors can influence the price of a smaller company, compared to a large company. Beta only tells us that the ATS Automation Tooling Systems share price is sensitive to broader market movements. This could indicate that it is a high growth company, or is heavily influenced by sentiment because it is speculative. Alternatively, it could have operating leverage in its business model. Ultimately, beta is an interesting metric, but there's plenty more to learn. This article aims to educate investors about beta values, but it's well worth looking at important company-specific fundamentals such as ATS Automation Tooling Systems’s financial health and performance track record. I urge you to continue your research by taking a look at the following: 1. Future Outlook: What are well-informed industry analysts predicting for ATA’s future growth? Take a look at ourfree research report of analyst consensusfor ATA’s outlook. 2. Past Track Record: Has ATA been consistently performing well irrespective of the ups and downs in the market? Go into more detail in the past performance analysis and take a look atthe free visual representations of ATA's historicalsfor more clarity. 3. Other Interesting Stocks: It's worth checking to see how ATA measures up against other companies on valuation. You could start with thisfree list of prospective options. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Facebook’s Inches Towards Global Regulatory Compliance, Applies for New York BitLicense Facebook’s initiative to create an accessible, frictionless, globally-available cryptocurrency and payments network is brushing up against unprecedented regulatory hurdles, at least according to a new report fromReuters. Though the social media company is taking steps to comply with watchdogs around the world, many experts are concerned that it won’t be enough. Facebook’s path forward will involve careful orchestration with central banks, financial overseers, and enforcement officers around the world. This administrative tightrope-walk may involve “literally hundreds, perhaps thousands, of licenses from hundreds of different regulators,” said Sean Park, Founder and Chief Investment Officer at Anthemis, a venture capital company that invests in the crypto industry. So far,Calibra, a Facebook subsidiary that will develop a wallet and financial services for the Facebook ecosystem, has registered as a money services business with the U.S. Financial Crimes and Enforcement Network (FinCEN), applied for money-transfer licenses in the United States, and began the process to obtain a BitLicense from New York’s Department of Financial Services. Related:Russia Won’t Ban Facebook’s Libra Currency, Deputy Finance Minister Says The company has also reportedly spoken with authorities at Britain’s Financial Conduct Authority, the Bank of England, and Switzerland’s financial regulator, FINMA. Additionally, theRussian Ministry of Financesaid Libra will be treated in Russia like any other digital asset, with forthcoming regulations expected. A similar sentiment was expressed bySwiss Regulators. Despite these steps toward compliance, Facebook “will not get a free pass anywhere,” said Park. Authorities inEurope,United States, andIndiapromised a close look at the social media company’s proposal, immediately after it launched.Singapore’s Central Banksaid it requires more information about the project and the announcement spurred G7 members to rethink how it organizes its cryptocurrencytask force. Related:BIS Chief: Central Banks May Issue Digital Currencies ‘Sooner Than We Think’ Libra was put forward at a time when Facebook is already facing public and governmental scrutiny for its outsized influence and questionable privacy policies. Or as Barry Lynn, executive director of Open Markets Institute put it: “This is a corporation that’s got fires all over the world with regulators. It’s only going to get worse.” While Libra is not exclusively Facebook’s project, being overseen by a consortium of corporate and non-governmental investors based in Geneva called the Libra Association, the currency itself faces existential challenges. The Bank for International Settlements and the International Organization of Securities Commissions are expected to place deep restrictions on the global applicability of the tender. And last week Randal Quarles, chair of the Financial Stability Board, called for closer scrutiny of retail payments using cryptocurrencies. “The scrutiny that we’ve seen is something that we expected and welcome,” a Facebook spokesman said. “We announced this early by design in order to have this discourse in the open and gather feedback.” Libra plans to reinvest customer deposits in government bonds and currencies to create a reserve that will stabilize Libra’s price. A Facebook representative told Reuters that these reserves would follow the monetary policies of the source countries. He added, that Libra is not planning to acquire local banking licenses. It is unknown the total costs of applying for the right to operate seamlessly across the world, irrespective of local laws. The company will need to arrange compliance networks, monitor for money laundering, tax evasion, and fraud, appease consumer protection watchdogs, and establish KYC protocols for every country it intends to operate in. “I would say the risks are commensurate with the returns – potentially huge,” Pascal Bouvier, managing partner at MiddleGame Ventures, a financial technology venture capital firm, told Reuters. Given the anti-trust roadblocks Facebook is already facing, as well as the challenges of attempting to disrupt global finance with system’s planned launch in 2020, at least one analyst is predicting Facebook hasn’t fully considered their position. “A year is enough time to meet with regulators, figure out where the real trouble spots are and potentially scale it back to something narrower,” Jeff Bandman, a former U.S. Commodities Futures Trading Commission official turned fintech regulatory consultant at Bandman Advisors, said. Image via Shutterstock. • Bitcoin, Facebook and the End of 20th Century Money • Monero and Zcash Conferences Showcase Their Differences (And Links)
Ivanka Trump’s behaviour at the G20 is only acceptable if she’s playing a secret feminist takeover long game From AOC to Christine Lagarde, everyone seems to be wondering what exactly Ivanka Trump is doing at the G20 summit. In case you haven’t encountered the video evidence already, the Elysee Palace released a short, painful clip yesterday of the First Daughter attempting to make social justice chit-chat with Lagarde, Theresa May, Emmanuel Macron and Justin Trudeau. Prime Minister May says something about convincing people to support social justice by approaching the issue with economic arguments, at which point Ivanka decides to jump in. “It’s the same with the defence side,” she says. “In terms of the whole ecosystem, it’s very male-dominated.” It doesn’t make a huge amount of sense as a sentence, but why should it? It’s not like that’s a requisite of the Trump school of politics. Right-wing Trump fans who have never uttered a progressive phrase in their lives get all hot and heavy when you criticise Ivanka’s presence at such events. “But what about FEMINISM?” they cry, wringing the same hands they used to touch their interns on the shoulder just a little bit longer than was appropriate. “Ivanka cares about women’s empowerment and says she supports families! She stood up on the world stage and said the United Nations should do more! She supports initiatives against poverty! What more do you want?” To which I would say: less nepotism, for one thing. Elected female leaders speaking for the women of the world rather than unelected daughters of presidents, for another. Does feminism look like a woman using her privilege to further the cause of gender equality? Absolutely. But does Ivanka Trump walk the walk after she talks the talk? Does she go home to the US and pressurise her father not to separate children from their mothers at the border; not to defund Planned Parenthood; not to stand and watch as an abortion ban is introduced in the state of Alabama? Absolutely not. There is a tiny, tiny part of me that feels sorry for multimillionaire, the-G20-is-my-playpen Ivanka Trump. She gets wheeled out whenever her father is having a tough time convincing the world he’s not a raging, misogynist despot and is then told to smile and look pretty for the cameras as sure-fire evidence that he respects women. It must be difficult. It must be tiresome. It must be, sometimes, humiliating. Story continues But then I remember the time she disagreed publicly with Alexandria Ocasio-Cortez because she didn’t think a minimum wage was “what Americans want”. “I don’t think most Americans, in their heart, want to be given something,” she said. “I’ve spent a lot of time travelling round this country for the last four years. People want to work for what they get.” Of course, Ivanka hasn’t really worked for what she’s got – unless you count the emotional labour of making your father seem slightly more palatable to a world that is worried he might become the next orchestrator of a devastating world war. And I doubt the woman who reportedly was taken to school each day in a white stretch limousine knows that much about making ends meet. But why let inheriting millions of dollars get in the way of depriving working people – half of whom are women – of a minimum wage, right girls?! AOC today suggested that if more Republicans did work normal service jobs, they might govern with a little more empathy. I agree with her. I also think that if the US government started to function like a meritocracy rather than a country club, the policies the president is enacting might start looking more like functional legislation and less like Post-Its you write when you’ve had too many whiskeys. If qualified, seasoned diplomats advised and accompanied Donald Trump during his time at the G20, we might have seen some actual progress. And let’s remember that a photo-op at the DMZ with his best buddy Kim Jong-un doesn’t count as progress: we’ve seen how meetings between those two world leaders go, and they don’t tend to lead to anything concrete. They do, however, give both overblown fools some brilliant PR material to allay their next national scandals. Ivanka is merely a symptom of the disease that pervades the White House, but that doesn’t make her blameless. She clearly craves power in the same way that her father does, and believes that she is due it. As the video the French government released proves – and the hashtag #UnwantedIvanka, replete with Photoshopped images of the First Daughter sashaying down the beach on D-Day in heels or blocking the Beatles on the Abbey Road zebra crossing hammers home – she actively tries to include herself in conversations which she is not welcome in, and where her input is not helpful. Someone has to tell Donald Trump he can’t run a country like a business, and it isn’t going to be Ivanka and her husband Jared “full security clearance” Kushner. Well, unless they’re playing an incredibly well-orchestrated long game and actually plan to pull the premiership out from under Donald Trump’s feet one day while he’s sleeping, before instituting a full-scale feminist utopia. If that’s it, then Ivanka: I’m giving you the signal. The time is now. If that’s not it, then I think it’s time America voted the First Daughter currently representing their interests to the world out of office once and for all. Oh, wait.
Is Now An Opportune Moment To Examine Illumina, Inc. (NASDAQ:ILMN)? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today we're going to take a look at the well-established Illumina, Inc. (NASDAQ:ILMN). The company's stock received a lot of attention from a substantial price increase on the NASDAQGS over the last few months. With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price. However, could the stock still be trading at a relatively cheap price? Let’s examine Illumina’s valuation and outlook in more detail to determine if there’s still a bargain opportunity. View our latest analysis for Illumina Illumina appears to be overvalued according to my relative valuation model. I’ve used the price-to-earnings ratio in this instance because there’s not enough visibility to forecast its cash flows. The stock’s ratio of 63.59x is currently well-above the industry average of 39.64x, meaning that it is trading at a more expensive price relative to its peers. But, is there another opportunity to buy low in the future? Given that Illumina’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us another chance to buy in the future. This is based on its high beta, which is a good indicator for share price volatility. Investors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. Illumina’s earnings over the next few years are expected to increase by 71%, indicating a highly optimistic future ahead. This should lead to more robust cash flows, feeding into a higher share value. Are you a shareholder?It seems like the market has well and truly priced in ILMN’s positive outlook, with shares trading above its fair value. However, this brings up another question – is now the right time to sell? If you believe ILMN should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable. But before you make this decision, take a look at whether its fundamentals have changed. Are you a potential investor?If you’ve been keeping tabs on ILMN for some time, now may not be the best time to enter into the stock. The price has surpassed its industry peers, which means it is likely that there is no more upside from mispricing. However, the optimistic prospect is encouraging for ILMN, which means it’s worth diving deeper into other factors in order to take advantage of the next price drop. Price is just the tip of the iceberg. Dig deeper into what truly matters – the fundamentals – before you make a decision on Illumina. You can find everything you need to know about Illumina inthe latest infographic research report. If you are no longer interested in Illumina, you can use our free platform to see my list of over50 other stocks with a high growth potential. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Every Photo of Ivanka Trump at G20 Is Deeply Uncomfortable Every Photo of Ivanka Trump at G20 Is Deeply Uncomfortable From ELLE Last week, Ivanka Trump attended the G20 Summit in Osaka with her father's delegation and gave a speech on women's empowerment as part of this administration's on-going commitment to words that mean nothing to them. From the looks of the photos that have emerged from the meeting of world leaders (and, apparently, also their preferred daughters???) Ivanka had the time of her life, which is odd because she is definitely not a world leader and also G20 doesn't exactly sound like a blast. Nonetheless, there are dozens of photos of the First Daughter straight up cackling in dignitaries' faces like she's a high school junior visiting her older sibling at college and trying to make friends at a frat party no one invited her to. Photo credit: Getty Images This photo is giving me huge Janice from Friends vibes. Somehow I... suddenly hate laughter now? This photo is what I want people to think is happening when I respond to a text with "Hahahaha." Just a complete breakdown over humor. When I text you four ha's, best believe that I have collapsed on the floor, convulsing and screaming, barely able to control my muscles, such is the extent of this mirth. When I text "lol I'm dying!" it's because it's true. Stop texting jokes and call 911, please. Photo credit: Getty Images Woman laughing alone at summit. Every photo of Ivanka at G20 looks like one of the video games at a bar where you have to find all the things wrong a picture in 60 seconds. I look at them and my brain goes, "Got it!" I'm not saying that the president's daughter who has no diplomacy experience shouldn't be front and center at a meeting of world leaders like it's Bring Your Child to Work Day. Heaven forfend! I'm just saying it has completely broken me. You know that thing where you go to a bar with friends and some random stranger keeps hanging out at the periphery of your group, laughing a little too loudly at your jokes, and then the next morning, you scroll through your photos and realize they've inserted themselves into every shot? That's what I'm getting from these G20 photos. Story continues Ivanka Trump at G20 is like Rachel in the John Early and Kate Berlant short film, Rachel , about a woman who crashes a house party and then refuses to leave. My utterly brain refuses to process this. I keep looking at images and going, "Wait! That's Apprentice star Ivanka Trump inserting herself into a conversation with the actual Queen of the Netherlands. Is this a game show or something?" Photo credit: Getty Images The awkwardness of these trios has reached Michael Scott levels. And it doesn't help that every photo also has huge The Shining energy, also. Photo credit: Getty Images You, in all honesty, hate to see it. Beyond the idea of the president's offspring doing a "Here's Johnny" in the middle of a chat between the Prime Minister of Japan and the President of the United States, there's the basic physical logistics of the whole thing. This image hurts my feelings and sends a chill through my spine. Her face is so close to theirs! It's like she's a ghostly apparition that only I can see. Like she's Beetlejuice or something. Somebody said "Kale juice" three times and now we're stuck with this situation. Photo credit: Getty Images It makes sense, then, that when she wasn't inspecting Shinzo Abe's pores, Ivanka occupied herself by showing up in the background of photos of her father like one of those ghosts in The Haunting of Hill House . And just like in The Haunting of Hill House it's unclear if she's just a regular vengeful ghost or a psychological manifestation of a deeply embedded family curse. It's a real toss-up. But whatever it is, it looks like she's having the time of her life, scream-laughing and standing too close to Angela Merkel. Lol I'm dying! ('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
Have Insiders Been Buying Arch Coal, Inc. (NYSE:ARCH) Shares This Year? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! We often see insiders buying up shares in companies that perform well over the long term. On the other hand, we'd be remiss not to mention that insider sales have been known to precede tough periods for a business. So we'll take a look at whether insiders have been buying or selling shares inArch Coal, Inc.(NYSE:ARCH). Most investors know that it is quite permissible for company leaders, such as directors of the board, to buy and sell stock on the market. However, such insiders must disclose their trading activities, and not trade on inside information. We would never suggest that investors should base their decisions solely on what the directors of a company have been doing. But it is perfectly logical to keep tabs on what insiders are doing. For example, a Harvard Universitystudyfound that 'insider purchases earn abnormal returns of more than 6% per year.' View our latest analysis for Arch Coal Director Robert Hamill made the biggest insider purchase in the last 12 months. That single transaction was for US$99k worth of shares at a price of US$98.97 each. That means that even when the share price was higher than US$94.21 (the recent price), an insider wanted to purchase shares. Their view may have changed since then, but at least it shows they felt optimistic at the time. We always take careful note of the price insiders pay when purchasing shares. Generally speaking, it catches our eye when an insider has purchased shares at above current prices, as it suggests they believed the shares were worth buying, even at a higher price. The only individual insider to buy over the last year was Robert Hamill. You can see the insider transactions (by individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below! Arch Coal is not the only stock insiders are buying. So take a peek at thisfreelist of growing companies with insider buying. Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders. I reckon it's a good sign if insiders own a significant number of shares in the company. It appears that Arch Coal insiders own 0.6% of the company, worth about US$10m. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment. The recent insider purchase is heartening. We also take confidence from the longer term picture of insider transactions. When combined with notable insider ownership, these factors suggest Arch Coal insiders are well aligned, and that they may think the share price is too low. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check thisfreereport showing analyst forecasts for its future. If you would prefer to check out another company -- one with potentially superior financials -- then do not miss thisfreelist of interesting companies, that have HIGH return on equity and low debt. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Racist Border Patrol Facebook group confirms all your worst suspicions Border Patrol agents are only sort of trying to hide it. On Monday, investigative non-profit ProPublica droppeda bombshell reportrevealing a "secret" U.S. Border Patrol Facebook group full of racist and misogynist content targeting both migrant families and elected officials such as Rep. Alexandria Ocasio-Cortez. It's incredibly vile stuff, and confirms many of the worst suspicions regarding the agency accused of running "torture facilities." Just what kind of content, exactly, does this 9,500-member strong Facebook group of reportedly current and former Border Patrol members champion? Why that would be memes mocking dead migrant children, photoshopped images of elected officials performing sex acts, and discussions of throwing things at elected officials who visit Border Patrol detention facilities.Read more... More aboutFacebook,Border Patrol,Alexandria Ocasio Cortez,Tech, andSocial Media Companies
Why Best Buy Stock Popped 5% This Morning Best Buy(NYSE: BBY)stock was rocking this morning, up more than 5% on news that over the weekend, President Trump postponed implementation ofnew 25% tariffson some $300 billion worth of Chinese imports to the U.S. The stock hasn't been able to hold onto all those gains -- as of 1:50 p.m. EDT, Best Buy shares are up "only" 4.2%. Still, the reason the stock is doing well survives intact. Image source: Getty Images. In May, Best Buy suffereda one-day, 5% sell-offin response to news that President Trump would implement tariffs on some $300 billion worth of Chinese goods. Not long after, Best Buy CEO Hubert Joly was quoted warning that "tariffs at 25 percent will result in price increases and will be felt by U.S. consumers," potentially depressing sales at Best Buybythese consumers. Absent those 25% tariffs, however, it's logical to presume that prices willnotrise, that consumers willnotfeel a pinch, and Best Buy's sales estimates will remain intact -- or even improve. After all, in reiterating guidance in May for full-year sales between $42.9 billion and $43.9 billion and adjusted earnings per share of $5.45 to $5.65, the company said it was balancing "better-than-expected Q1 earnings" against "our best estimate of the impact associated with the recent increase in tariffs on goods imported from China." Take away the tariffs, and all you've got left is a great Q1 -- potentially giving rise to an even better full year for Best 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.
Abraxas Petroleum Corporation (NASDAQ:AXAS): Earnings To Drop Next Year Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Since Abraxas Petroleum Corporation (NASDAQ:AXAS) released its earnings in March 2019, analyst forecasts seem bearish, with profits predicted to drop by 3.2% next year. Though compared to its 5-year track record of the average earnings growth rate of -5.7%, this is still an improvement. Currently with a trailing-twelve-month profit of US$58m, the consensus growth rate suggests that earnings will drop to US$56m by 2020. Below is a brief commentary on the longer term outlook the market has for Abraxas Petroleum. For those interested in more of an analysis of the company, you canresearch its fundamentals here. View our latest analysis for Abraxas Petroleum The view from 6 analysts over the next three years is one of positive sentiment. Given that it becomes hard to forecast far into the future, broker analysts tend to project ahead roughly three years. To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line. By 2022, AXAS's earnings should reach US$251m, from current levels of US$58m, resulting in an annual growth rate of 36%. EPS reaches $0.45 in the final year of forecast compared to the current $0.35 EPS today. Margins are currently sitting at 39%, which is expected to expand to 102% by 2022. Future outlook is only one aspect when you're building an investment case for a stock. For Abraxas Petroleum, I've put together three important aspects you should look at: 1. Financial Health: Does it have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does Abraxas Petroleum's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High-Growth Alternatives: Are there other high-growth stocks you could be holding instead of Abraxas Petroleum? Exploreour interactive list of stocks with large growth potentialto get an idea of what else is out there you may be missing! We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
3 Stocks for the Convenience Economy This article wasfirst published by MyWallSt. It's pretty rare for a company to upend its entire business model. So when it does happen -- when a public company pivots in a new direction -- investors tend to take notice (and often panic). That's exactly what happened a year ago whenZillow(NASDAQ: ZG)announced it wouldbegin buying and selling homes through a new business segment called Instant Offers. Rather than simply being an aggregator of agent listings, Zillow was suddenly inserting itself directly in the value chain. Nine months later, new CEO Rich Barton announced that the new segment had generated $128 million in revenue -- 28% of the company's overall sales. Barton also doubled down on the move. "I love it when a plan comes together," Barton said. "Well, our daring plan to transform the real estate transaction for the super-empowered smartphone-wielding 'Uber-ized' consumer is, in fact, coming together, or at least it's beginning to come together." There aren't many resumes out in the world as impressive as Rich Barton's. While working atMicrosoftin 1994, Barton pitched the concept of an online travel portal to Bill Gates and Steve Ballmer. The idea was given the green light andExpediawas born. Barton led Expedia to IPO in 1999 and served in the top job until 2003. Following his departure from Expedia, Barton founded Zillow and served as CEO for six years before taking on the role of executive chairman. He also founded Glassdoor, which allows employees to rate their managers (information we always find interesting). Image source: Unsplash. So when Barton talks about "super-empowered smartphone-wielding 'Uber-ized' consumers," he knows what he's talking about -- the convenience economy. Nowadays, consumers demand a frictionless, convenient experience, with instant feedback. They want one-day shipping, free returns, and the GPS location of theirGrubhubdriver. But which companies are making all of this possible? As the world continues to migrate countless "jobs-to-be-done" onto smartphones, it's almost certain that you've usedTwilio's(NYSE: TWLO)technology. When you first validated your number on WhatsApp orTwitter, received a call from yourUberdriver -- or even made in-app contact with romance in mind -- Twilio had your back. Simply put, Twilio allows businesses to embed voice, messaging, and video into their own apps. This empowers 155,000 companies to tell their customers that their flight is boarding, their table is ready, their taxi is waiting, or anything else that requires instant contact Revenue has been growing at 67% compounded annual growth rate since 2013, with active customers almost tripling in the last two years. This year Twilio anticipates revenue to cross the $1 billion mark, thanks in some part to its acquisition of SendGrid. Communication systems are so rarely core to what a business does (not to be confused with communication, which is absolutely essential) that virtually every software business out there is a potential customer. Twilio makes its resilient solutions easy, affordable, and available to every type of customer. This is why its user base and revenues are destined for steady growth in a world of hyper-communication. Since 2014,Zendesk's(NYSE: ZEN)revenue has grown 48% on average every year. The company's flagship product, Zendesk Support, now has over 73,000 accounts and allows companies to manage customers from multiple channels (Facebook, Twitter,Alphabet's Google) all in one portal. Meanwhile, by launching a series of complementary products like Zendesk Chat and Zendesk Talk, the company has managed to increase gross margins from 64% to 70%. Zendesk's commitment to shipping the best products has seen the company attract major clients likeAirbnb, Uber, andVeeva Systems. Anyone who has ever interacted with these businesses knows how much importance they place on customer service, so the fact that they chose Zendesk speaks volumes. Zendesk is still not profitable, as it continues to pump big money into sales, marketing, and research and development. But every quarter it's becoming more efficient with its sales and marketing spend, generating $2.08 in revenue for every dollar spent, up from $1.63 back in 2014. The company has a visionary founding CEO, who still owns 3.3% of the company and has instilled a great company culture, with happy employees who believe in his mission. Amazon.comis the obvious choice here, but for those comfortable with volatility, look toStitch Fix(NASDAQ: SFIX)for a business that is Uber-izing fashion retail. This subscription service ships you five items of clothing at a time based on your preferences such as style, fit, and budget -- you just pay for what you want and send the rest back. Today, the business has over 3 million paying members in the U.S. who have been matched with 3,900 stylists. But this is not a business based purely on the hope that a stylist will select clothes to a client's taste. It is one powered by predictive algorithms that power-charge the stylists' probability of success. And the more customers use the service, the better the predictions become. The convenience of online shopping is beyond repute, leading to tough times for malls and brick-and-mortar retailers. Now, you don't even have to spend time in front of the screen hunting down items. Stitch Fix shares are up over 100% since the company went public in November 2017, but we still think there's plenty of room to run for this young and dynamic company. Image source: MyWallSt. Check out more great articles like this at MyWallSt now. MyWallSt operates a full disclosure policy. MyWallSt staff currently hold long positions in Stitch Fix, Twilio, Zendesk, and Zillow. Read ourfull disclosure policy here. 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 John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. 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. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Facebook, Microsoft, Stitch Fix, Twilio, Twitter, Veeva Systems, Zendesk, and Zillow Group (A shares). The Motley Fool recommends Grubhub and Uber Technologies. The Motley Fool has adisclosure policy.
England looks to overcome 'ruthless' US in World Cup semis LYON, France (AP) England coach Phil Neville says the United States has a ruthless streak. It's one of the reasons the U.S. has never missed the semifinals at the Women's World Cup, and why the team has three overall titles, more than any other nation. "America has got that ruthless streak of wanting to win," Neville said. "You saw the last five minutes of the (quarterfinal) game against France. The game management was fantastic. They took the ball into the corner, they knew what it took to win, and they celebrated like winners. That's what I admire, and that's what my team has now. It's about winning." The third-ranked Lionesses play the defending champions Tuesday in Lyon. The winner will go on to the championship match, facing the winner of the other semifinal Wednesday between Sweden and the Netherlands. England has never broken through to the final at the World Cup. The Lionesses fell to Japan four years ago in the semis in Canada before going on to defeat Germany in the third-place match for the team's best tournament finish. Neville said that's not good enough. "My players now want to win," he said. "If we don't get the right result, we'll feel the disappointment and we'll see that as a failure. That's not me being negative, that's just our expectations, and our belief and our confidence and our mindset." There were questions when Neville was appointed to lead the team early in 2018 because he'd never coached a women's team. But the former Manchester United and Everton star has answered all the critics by building a team that believes it can win. "I think we've shown throughout this tournament that we can go toe-to-toe with anybody," captain Steph Houghton said. The Lionesses head into the U.S. game with four straight shutouts in France, including a 3-0 quarterfinal victory over Norway. Jill Scott, Ellen White and Lucy Bronze each scored, with Bronze's goal sealing it. Story continues White, as well as Alex Morgan and Megan Rapinoe, has five goals each in the tournament to lead the field for the Golden Boot. Australia's Sam Kerr also scored five, but the Matildas were eliminated in the round of 16. Rapinoe has been particularly dangerous in the past two games, scoring twice in a 2-1 victory over Spain in the round of 16 before another brace in the 2-1 quarterfinal victory over France. The performance in Paris on Friday night came as Rapinoe was embroiled in controversy over a video that surfaced of her saying she wouldn't visit the White House if the Americans win the World Cup. President Donald Trump subsequently called her out on Twitter. The French peppered goalkeeper Alyssa Naeher with shots and the United States settled into a five-man backfield, something French coach Corinne Diacre said she'd never seen the top-ranked Americans do before. The United States held firm. Christen Press said being able to shift from the team's normally aggressive attack to a more defensive stand is part of what makes the team ruthless. "I would characterize it as optimism that we're going to win. But there is a ruthlessness to this team. And that's win at all costs," Press said. "That means tactically adapt in a way that we never have in four years. And you have to do that to win. ... It's incredible that we could change and still be so solid." The United States and England have met just once before in the World Cup, a 3-0 U.S. win in the 2007 quarterfinals. But earlier this year the teams played to a 2-all tie in the SheBelieves Cup. The Americans have been called brash and confident at this World Cup, from a resounding 13-0 victory over Thailand in the opener, to a shutout of nemesis Sweden to close the group stage, and finally to Rapinoe's raised arms in the victory over France. Neville added ruthless to the list. Naeher explained that it's just a part of the team's DNA. "That's the root of the U.S. women's national team, from back to the teams from 20 years ago," she said. "And that's always been the U.S. mentality and that's something that every veteran player has instilled in all the new players as we've come in. It's now our job to carry that through." ___ More AP soccer: https://apnews.com/apf-Soccer and https://twitter.com/AP_Sports
Distant relatives Meghan Markle and Red Sox player Mookie Betts meet: Watch their hug! Meghan Markle apparently has a famous distant relative! The Duchess of Sussex joined husband Prince Harry for asurprise appearance at the London Series MLB baseball gamebetween the New York Yankees and the Boston Red Sox in London on Saturday, where she learned that one of the day's players is distantly related to her. SEE ALSO:Meghan and Harry criticized for their christening plans for baby Archie While the couple visited the Red Sox locker room, right fielder Mookie Betts told the former "Suits" actress that they're family -- somehow. "My great, great, great, great..." Betts said to Meghan sheepishly. "We’re family somehow!" Though he didn't fully explain the connection, which was first reported bythe Boston Globein May 2018, the new mother responded with an excited, "Oh!" before giving the baseball player a hug as the rest of the team laughed. In response, Husband Harry hilariously quipped, "Does anyone else want to claim they’re family?" DuringHarry and Meghan's visitto both teams' locker rooms, they were gifted a Red Sox onesie and a mini Yankees jersey for their newborn son, Archie Harrison, who was born just under two months ago. SEE ALSO:Inside Queen Elizabeth's relationships with Meghan Markle and Kate Middleton Theouting, which also saw them take the field ahead of the game alongside ten athletes from the Invictus Games, which supported the aforementioned London Series and was founded by Harry himself. It was only Meghan's second public outing since giving birth, with the first one being Trooping the Colour for the Queen's birthday earlier in June. Meghan will remain on maternity leave through the summer and isexpected to attend Wimbledonin support of her friend, Serena Williams.
The Complete Money Guide for Ex-Offenders The United States has a higher rate of incarceration per capita than any other nation: 698 of every 100,000 residents wind up behind bars. And when those offenders are released, they often face an entirely new set of challenges — especially when it comes to finances. First, there are the costs associated with incarceration itself, like parole fees, probation supervision fees, DUI-related costs and restitution. Then, there are the accounts that you may have fallen behind on during lockup, like credit cards, student loans and child support payments (the latter two can even lead to wage garnishment). Since studies show that incarcerated people were earning, on average, 41% less than their non-incarcerated counterparts even before they went to jail, it’s not as if most ex-offenders are set up for financial success right off the bat. But that doesn’t mean that the newly released should give up hope. With the right tools and a healthy dollop of determination, you can find financial freedom. In this article we’ll discuss: • Finding workWhere to look for felon-friendly jobs • Putting a roof over your head • Budgeting: Setting the foundations for your financial future • Ditching debt • Building your credit • Finding the right tools for financial success • Taking advantage of public services It’s widespread knowledge that finding a job is a whole lot harder for those who have a criminal record. In fact, some studies have shown the existence of a record reduces callback rates by as much as 50%. And that has implications beyond the immediate need to earn money — unemployment has consistently been linked to increased chances of recidivism. Fortunately, though, there’s been a recent shift toward a more forgiving hiring culture. A 2018 survey of hiring managers and HR professionals suggests they’re more willing than ever to overlook a criminal record. Plus, initiatives likeBan the Box, which encourages public and private employers to remove questions about conviction history from their employment applications, is slowly making it easier for ex-convicts to move forward based on merit instead of being dismissed outright. Still, the job market is tough for anyone — and doubly so when you’re walking in with an undeniable handicap. So how do you land a gig with those kinds of odds? “You need to be honest,” explained Michelle Cirocco, the chief social responsibility officer atTeleverde, a business-to-business marketing company that actively recruits ex- and currently incarcerated women. Thanks in large part to Ban the Box, you may not have to disclose your conviction immediately. But you still want to bring it up before your potential boss runs a background check, Cirocco suggests. Along with keeping your hiring manager from an unpleasant surprise, being upfront about your record gives you the opportunity to explain your side of the story, as well as the steps you’ve taken to learn and grow from the experience. Mention any in-prison programming you went through, whether that’s vocational training or substance abuse counseling. But one of the most important steps can also be one of the most difficult: putting yourself out there in the first place. “Too often, people are afraid that because of the scarlet letter of their felony conviction, they’re not worthy of a job — so they don’t even bother to apply,” Cirocco said. “Believe that you’re worthy, apply for the job, and know you can do it,” she said. “You will run into discrimination, but don’t let it stop you.” Even with all the confidence and straight-talk in the world, you can’t land a gig if you don’t know where to look. Alison Rapping, CEO of theArouet Foundation, suggests that your job search start on the inside. If you’re participating in any sort of job training or vocational programming, ask the people in charge for leads to pursue down the line. “Usually,” she said, “those people know who’s going to hire.” She also suggested checking out your local state workforce development program, as well as participating in the job placement and training services offered byGoodwill. There are also criminal-record specific job boards online, likeJobs for Felons HubandJail to Job. But as can be true for almost any job seeker, your network is likely your most important asset, so be aggressive about expanding it. “Join things — recovering meetings, community meetups,” Rapping suggested. “Find things in your community to get involved with where you can meet people. Networking and connections will help you find the job.” And if you see an open position that looks like a perfect fit, don’t be afraid to go for it, even if it’s not explicitly felon-friendly. “Call them up and ask them,” Rapping said. After all, the worst thing they can say is no. Having a job is all well and good, but it won’t do you many favors if you don’t have a reliable place to sleep at night. However, the same discrimination that can keep ex-convicts from finding employment can also cause trouble when it comes to lease signing. When first released from prison, many ex-offenders look to public shelters and halfway houses for temporary accommodations, or, if they’re lucky, move in with family and friends.Shelter Listingsoffers a great list of transitional housing options organized by state. Once it comes time to find a more permanent living situation, you can stack the odds in your favor by seeking out apartment complexes that routinely rent to formerly-incarcerated people. Brokers and real estate agents can help you find leads, but may charge fees for their services.Jobs for Felons Hub, mentioned above, also offers some well-organized, housing resources. But your best move, according to multiple sources we talked to for this story, is to stick to private renters; the kind you find by driving around town looking for “For Rent” signs or browsing Craigslist. Individual people are usually far more likely to hear your case than a corporate-run apartment complex. “As long as you can prove you have good references, good income and an employer who can vouch for you,” said Rapping, you should be able to find a private renter who’s willing to give you a chance. (There’s that networking thing again — it’s important!) But beware of predatory practices, sky-high fees and scams, which some landlords will run on ex-convicts who think they have no other options. “Read the fine print on anything that you get,” said Cirocco. And don’t fork over that rent check or deposit until you have the keys in your hand. Finding shelter and a reliable source of income are major battles won. But now comes the more difficult (and exciting) part: setting the stage for a stable financial future. The first step, as is the case for anyone trying to get their money right, isbudgeting— and learning that not everything is going to happen at once. “Patience is [a newly-released convict’s] best asset,” said Isaac M. Cooper, CEO and managing partner at Birmingham, Ala.-based IMC Financial Consulting, LLC. IMC is partnering withThe Dannon Projectto impart practical financial skills to a class of 50 ex-offenders through a curriculum it callsF.L.E.E, or Financial Literacy Entrepreneurship and Education. Depending on an ex-convict’s lifestyle before jail, the money flow may be different than what they experienced before serving time. Regardless, the first step to creating a budget is to sit down and reckon with your personal priorities. “Write down your plan,” Cooper suggested. “What do you want to get accomplished? What is important to you?” Before reaching for lofty goals, however, you’ll need to factor out your basic living expenses, including shelter, utilities and food, as well as necessities like transportation and clothing — not to mention any debts owed, including preexisting loans and conviction-related expenses, like restitution. (We’ll dive more deeply into debt in just a minute.) Be sure you’ve taken everything into account, and don’t be afraid to add a cushion. “Always assume everything’s going to cost a lot more than you think it’s going to,” Rapping advised. Using budgeting apps likeMintorYou Need a Budgetcan help ensure you’ve considered every last expense. And when it comes to actually sticking to that budget, don’t overlook the power of shopping at thrift stores or taking advantage of food banks. “Don’t feel overly prideful,” Rapping said, adding that food pantries often have relationships with local growers and thus offer excellent produce. One of the biggest obstacles the newly released face — and one of the hardest to budget for on a limited income — is debt. You may have gone into prison already on the hook for student loans or credit card payments, and now you’ve potentially got lawyer fees, restitutions and fines on top of it. To add insult to injury, you may find yourself having to pay penalties for financial scenarios you couldn’t avoid, like a lapse in car insurance coverage. There are all these penalties because you didn’t have the ability to manage your accounts, explained Cirocco. “And meanwhile, here come the bill collectors.” Whether you have a criminal record or not, paying off debt takes time and persistence, and the only way to get it done is to get started. There are two main debt repayment strategies that might be helpful to consider: thesnowballand theavalanche. Although these tactics go about debt repayment in different ways, the goal is the same: Pay off your debts so you can stop wasting money on interest payments and apply it to bigger and better goals. But again, remember that patience is key, especially when you’re also dealing with so many other financial obstacles. If you’ve been on the inside for a while, you probably haven’t had the chance to make any positive impact on your credit history. If anything, your accounts may have fallen delinquent if you were unable to pay while incarcerated. Depending on when you were jailed, you may even be starting from scratch, which makes it tough to get access to financial products like a mortgage or an auto loan. The first thing you’ll want to do is check your credit report to see what it’s been up to during your absence. You can request a free report without impacting your credit score once a year at the officialAnnual Credit Reportwebsite. Your report won’t necessarily list yourcredit score— the three-digit number that acts as a shorthand for lenders assessing your creditworthiness — but it will give you the details on your open accounts, payment history and any negative marks like collections pursuits or civil judgments. You’ll also want to check carefully for any signs of fraud or identity theft: If you see an account you don’t recognize or incorrect personal information,file a disputewith the credit bureau as soon as possible. If you find yourself needing to repair a poor credit history or build one from scratch, there are tools at your disposal that can make a big difference.Secured cards, for instance, require a cash deposit, but report payment to credit bureaus, which will give you an opportunity to demonstrate positive behavior. Payment history is one of the most heavily-weighted of the factors that go into calculating your credit score, with your amount of debt counting as a close second. Thus, paying off your accounts on time each month is imperative to establishing a solid credit history or repairing a broken one. Just like any other endeavor, a successful financial journey necessitates certain basic tools. Opening a checking account or taking out a personal loan could be key ingredients to getting your finances back in order. But once again, these should-be simple steps can be complicated for those with criminal records. Worse yet, there are plenty of predatory lenders out there who are happy to take advantage of your precarious position. Depending on your financial history, you may or may not have aChexSystemsrecord, a red flag that can make you look like a risky prospect to banks. Fortunately, some banks offer “second chance” checking accounts with less stringent requirements, although they may come with a monthly service charge. MagnifyMoney, a fellow LendingTree company, compiled alist of the top seven banksthat offer second chance checking. Local credit unions may be more lenient when it comes to offering products for those with imperfect histories, so it’s worth shopping around in your area when you’re choosing a bank. The same is true of personal or installment loans, which can be difficult to obtain for those with little or no credit history. That said, try to avoid payday loans and other short-term, high-interest financial products, which can carry APRs of up to a staggering 400%, or even more. Although the promise of fast cash is alluring, it’s not a sound financial decision in the long run. Although there are plenty of challenges facing those who’ve been incarcerated, there is a little bit of a silver lining known as public services. Depending on your socioeconomic status, location and other demographic factors, you may be eligible for benefits like food stamps, state-sponsored health care or down-payment assistantship grants. Although it’s natural for your pride to take a hit when accepting charity, don’t let it get in the way of your financial recovery. “It’s totally OK to use the things that are available,” advised Rapping. Public services can go a long way toward keeping your budget in check and finding the things you need to live a comfortable lifestyle. To find out more about the social supports you’re eligible for, online research is a great start.Help for Felonsoffers a comprehensive state-by-state guide of reentry programs. You can also head to your local Medicare office, and while signing up talk to your representative about other opportunities that may be available for you. You can also query other ex-offenders, who know from experience. No matter what part of your financial wellness you’re tackling, the most important step is to find ways to get involved with the world around you and bring new people into your tribe. As Rapping put it, “Don’t give up. Stay hopeful. Stay connected.” Tapping your network can help you find the services you need to get your fiscal affairs in order, but rebuilding your finances is just one small part of reintegration. Engaging with your community is the best way to feel not merely unimprisoned, but free.
Dairy Queen’s New Zero Gravity Blizzard Is Filled With Oreo Pieces Photo credit: Dairy Queen From Country Living Dairy Queen’s newest Blizzard is out of this world (sorry, we had to). The Zero Gravity Blizzard is the galaxy-inspired frozen treat that looks as good as it tastes. It starts with vanilla soft serve and is blended with Oreo cookie pieces and cotton candy. Then, it’s topped with space-like blue and black swirls and galaxy sprinkles. You can order it as a mini, small, medium, or large, but we all know that we’re getting the biggest one. View this post on Instagram Celebrate the Moon Landing’s 50th Anniversary with the only treat suitable for space: the all new #ZeroGravityBLIZZARD Treat– only here for a limited time and served upside down or the next one’s free.* Try one today! #HappyTastesGood A post shared by Dairy Queen (@dairyqueen) on Jun 24, 2019 at 5:00am PDT “Celebrate the Moon Landing’s 50th anniversary with the only treat suitable for space: the all new #ZeroGravityBLIZZARD Treat - only here for a limited time and served upside down or the next one’s free,” Dairy Queen announced on Instagram. The 50th anniversary of Apollo 11’s moon landing is on July 20, so you’ll definitely want to swing by a location on that day. To keep the celebration going (with Oreos, of course), the cookie now comes in a Marshmallow Moon flavor with a purple crème to give you the space feel. We could get used to these themed snacks! ('You Might Also Like',) 60+ Grilling Recipes for an Epic Summer Cookout The Best Reese Witherspoon Movies, Ranked 70 Impressive Tiny Houses That Maximize Function and Style
Will Abraxas Petroleum Corporation's (NASDAQ:AXAS) Earnings Grow Over The Next Year? Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! After Abraxas Petroleum Corporation's (NASDAQ:AXAS) recent earnings announcement in March 2019, analyst forecasts seem bearish, with profits predicted to drop by 3.2% next year. However, compared to its 5-year track record of the average earnings growth rate of -5.7%, this is still an improvement. Currently with a trailing-twelve-month profit of US$58m, the consensus growth rate suggests that earnings will drop to US$56m by 2020. Below is a brief commentary on the longer term outlook the market has for Abraxas Petroleum. Investors wanting to learn more about other aspects of the company shouldresearch its fundamentals here. View our latest analysis for Abraxas Petroleum The longer term view from the 6 analysts covering AXAS is one of positive sentiment. Since forecasting becomes more difficult further into the future, broker analysts generally project out to around three years. To understand the overall trajectory of AXAS's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. From the current net income level of US$58m and the final forecast of US$251m by 2022, the annual rate of growth for AXAS’s earnings is 36%. This leads to an EPS of $0.45 in the final year of projections relative to the current EPS of $0.35. With a current profit margin of 39%, this movement will result in a margin of 102% by 2022. Future outlook is only one aspect when you're building an investment case for a stock. For Abraxas Petroleum, I've compiled three essential factors you should further examine: 1. Financial Health: Does it have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does Abraxas Petroleum's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High-Growth Alternatives: Are there other high-growth stocks you could be holding instead of Abraxas Petroleum? Exploreour interactive list of stocks with large growth potentialto get an idea of what else is out there you may be missing! We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Costco Sells HUGE Pre-Made Margarita Bottles For Less Than $10 Photo credit: Instagram / @costcodeals From Country Living There are few words as beautiful as "margarita." Forgive us for loving really good tequila and a bit of sugar, but it’s one our favorite hot weather drinks. This summer, however, we won’t be mixing up our own, because Costco has its very own premade one that saves us the work. The Golden Margarita comes from Costco’s brand Kirkland. The bottle says it has “a refreshing taste of lime and orange in a well-balanced ready-to-serve margarita.” It’s made with 100% de agave wine, so it’s technically a margarita wine cocktail. We’re sold! View this post on Instagram Happy Cinco De Mayo ❤️💃🏼🇲🇽🌵☀️ Amazing Ready-To-Drink Margarita from @costco @kirklandsignatured . #margarita #agave #cincodemayo #tequila #goldenmargarita #refreshing #porch #sitting #alcohol #richmond #virginia A post shared by Tiffany Davenport (@little.tiffany.anne) on May 5, 2018 at 1:03pm PDT Apparently, this bottle has been sitting on Costco shelves for years now and we had no idea. Go figure! It was brought back to the forefront by Instagram account @costcodeals . The bottle is ready to serve over ice, so there’s no need to channel your inner bartender. The 1.5-liter Golden Margarita has 12.7% ABV and costs less than $10. On your mark, get set, sip! ('You Might Also Like',) 60+ Grilling Recipes for an Epic Summer Cookout The Best Reese Witherspoon Movies, Ranked 70 Impressive Tiny Houses That Maximize Function and Style
How Innospec Inc. (NASDAQ:IOSP) Can Impact Your Portfolio Volatility Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! If you own shares in Innospec Inc. (NASDAQ:IOSP) then it's worth thinking about how it contributes to the volatility of your portfolio, overall. In finance, Beta is a measure of volatility. Volatility is considered to be a measure of risk in modern finance theory. Investors may think of volatility as falling into two main categories. First, we have company specific volatility, which is the price gyrations of an individual stock. Holding at least 8 stocks can reduce this kind of risk across a portfolio. The second sort is caused by the natural volatility of markets, overall. For example, certain macroeconomic events will impact (virtually) all stocks on the market. Some stocks are more sensitive to general market forces than others. Beta is a widely used metric to measure a stock's exposure to market risk (volatility). Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. The first thing to understand about beta is that the beta of the overall market is one. A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price. See our latest analysis for Innospec Looking at the last five years, Innospec has a beta of 1.27. The fact that this is well above 1 indicates that its share price movements have shown sensitivity to overall market volatility. Based on this history, investors should be aware that Innospec are likely to rise strongly in times of greed, but sell off in times of fear. Share price volatility is well worth considering, but most long term investors consider the history of revenue and earnings growth to be more important. Take a look at how Innospec fares in that regard, below. With a market capitalisation of US$2.2b, Innospec is a pretty big company, even by global standards. It is quite likely well known to very many investors. It takes deep pocketed investors to influence the share price of a large company, so it's a little unusual to see companies this size with high beta values. It may be that that this company is more heavily impacted by broader economic factors than most. Since Innospec has a reasonably high beta, it's worth considering why it is so heavily influenced by broader market sentiment. For example, it might be a high growth stock or have a lot of operating leverage in its business model. This article aims to educate investors about beta values, but it's well worth looking at important company-specific fundamentals such as Innospec’s financial health and performance track record. I highly recommend you dive deeper by considering the following: 1. Future Outlook: What are well-informed industry analysts predicting for IOSP’s future growth? Take a look at ourfree research report of analyst consensusfor IOSP’s outlook. 2. Past Track Record: Has IOSP been consistently performing well irrespective of the ups and downs in the market? Go into more detail in the past performance analysis and take a look atthe free visual representations of IOSP's historicalsfor more clarity. 3. Other Interesting Stocks: It's worth checking to see how IOSP measures up against other companies on valuation. You could start with thisfree list of prospective options. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.
Ashley Graham Showed Up to Sophie Turner’s Pre-Wedding Bash in All-White & with a Thigh-High Slit Joe Jonas and Sophie Turner aren’t your traditional newlyweds. First they got married in Vegas by an Elvis impersonator and this past weekend they kicked off their second wedding in France with a white-out welcome party. The couple asked friends and family to attend the star-studded affair at Hotel Crillon le Brave in Provence wearing all white. Model Ashley Graham and her husband Justin Ervin were happy to follow suit. The 31-year-old model and her hubby were seen arriving at the pre-wedding party in matching all-white ensembles. Graham wore a custom Retrofete beaded dress with a v-neck and thigh-high slit for the night of fun. Although her dress is custom, the brand makes an identical version in silver, called the Denisa dress ($538). Graham kept in line with the theme down to her accessories. She accented her dress’s v-neck with Donni’s June 16-and-24-inch white pearl necklaces ($238; $318) and elongated her tanned legs with Raye the Label strappy heels. Although the exact style she wore isn’t available, the Raye Clara heel ($158) is nearly identical. The “ Pretty Big Deal ” host completed the summer-ready ensemble with the Edie Parker Oval top-handle bag ($1,295) in white. The only thing that didn’t follow the white-out dress code? Her Fendi Gentle cat-eye shades ($470), but they’re pretty cool so Turner and Jonas probably let the very minor faux pas slide. All we can say is, ain’t no party like a Jo-Bro and J-Sister party—especially when there’s a theme. RELATED : Priyanka Chopra Had 3 Outfit Changes During Sophie Turner and Joe Jonas's Wedding Weekend
Academy Reaches Gender Parity in 2019 New Member Invitations Click here to read the full article. Half of the 842 new members invited to join the Academy of Motion Picture Arts and Sciences are women, the group announced on Monday. The organization behind the Oscars also disclosed that 29% of the new invitees are people of color. Should those people accept, and they almost universally do, the Academy will have doubled the percentage of nonwhite people in their ranks in four years. Related stories Academy Reaches Gender Parity in 2019 New Member Invitations BAFTA Keeps Its 2021 and 2022 Awards Ahead of the Oscars Academy Board Election Results in More Diversity as Film Editors Branch Heads for Runoff In 2015, people of color accounted for only 8% of the Academy body. In 2019, it stands at 16%, the Academy reported. As it stands, the Academy counts 8,946 active members, with 8,733 eligible to vote on the Oscars . The total membership including retired members is 9,794. This year’s number falls short of 2018’s record of 928 invitations. New members in this round include “Crazy Rich Asians” director Jon Chu, actors Winston Duke and Gemma Chan, and screenwriters Ritesh Batra (“Photograph”), Chinonye Chukwu (“Clemency”), Park Young-soo (“Detective Dee”) and Ryo Sakaguchi (“Ant-Man and the Wasp”). Ten of the 17 Academy arms invited more women than men, including directors, writers, executives, makeup and hair, costume design and casting. The directors branch is notable thanks to the abysmal employment numbers for women in the directors chair. New members to the directors branch include Nisha Ganatra, Jennifer Kent, Melanie Laurent and Eva Husson. AMPAS came under fire in 2016 following the viral social media campaign #OscarsSoWhite, which decried the uniform race of many top nominees. Newly minted members in the acting branch include Lady Gaga, Tom Holland, Adewale Akinnuoye-Agbaje, Jamie Bell, Sterling K. Brown, Marina De Tavira, Claire Foy, Damian Lewis, Archie Panjabi, Amanda Peet, Andrea Riseborough, Will Poulter and Letitia Wright. After invitations are accepted, the academy will host a mixer in the fall. Story continues The 2019 Academy Awards saw an encouraging amount of diverse winners, including landmark wins for the likes of Hannah Beachler and Ruth E. Carter (both for “Black Panther”), as well as supporting acting prizes for Regina King (“If Beale Street Could Talk”) and second-time winner Mahershala Ali (“Green Book”). Outspoken Academy critic Spike Lee took best adapted screenplay for “BlacKkKlansman” with his co-writer Kevin Willmott. Alfonso Curaon swept several categories with his semi-autobiographical “Roma.” The 2019 invitees are: Actors Adewale Akinnuoye-Agbaje – “Suicide Squad,” “Trumbo” Yareli Arizmendi – “A Day without a Mexican,” “Like Water for Chocolate” Claes Bang – “The Girl in the Spider’s Web,” “The Square” Jamie Bell – “Rocketman,” “Billy Elliot” Bob Bergen – “The Secret Life of Pets,” “WALL-E” Bruno Bichir – “Crónica de un Desayuno,” “Principio y Fin” Claire Bloom – “The King’s Speech,” “Limelight” Héctor Bonilla – “7:19 La Hora del Temblor,” “Rojo Amanecer” Juan Diego Botto – “Ismael,” “Vete de Mí” Sterling K. Brown – “Black Panther,” “Marshall” Gemma Chan – “Crazy Rich Asians,” “Mary Queen of Scots” Rosalind Chao – “I Am Sam,” “The Joy Luck Club” Camille Cottin – “Larguées,” “Allied” Kenneth Cranham – “Maleficent,” “Layer Cake” Marina de Tavira – “Roma,” “La Zona (The Zone)” Stephen Dillane – “Darkest Hour,” “The Hours” Winston Duke – “Us,” “Black Panther” Jennifer Ehle – “A Quiet Passion,” “Zero Dark Thirty” Irene Escolar – “Bajo la Piel de Lobo,” “Un Otoño sín Berlin” Claire Foy – “First Man,” “Breathe” Gina Gallego – “Minority Report,” “Erin Brockovich” Giancarlo Giannini – “Quantum of Solace,” “Seven Beauties” David Harewood – “Free in Deed,” “Blood Diamond” Stephen McKinley Henderson – “Fences,” “Manchester by the Sea” Dolores Heredia – “Huérfanos,” “A Better Life” Tom Holland – “Avengers: Endgame,” “Spider-Man: Homecoming” Tom Hollander – “Bohemian Rhapsody,” “Pride & Prejudice” Nina Hoss – “A Most Wanted Man,” “Barbara” Lennie James – “Blade Runner 2049,” “Get On Up” Gemma Jones – “Rocketman,” “Sense and Sensibility” Barry Keoghan – “Dunkirk,” “The Killing of a Sacred Deer” Anupam Kher – “Hotel Mumbai,” “The Big Sick” Andreas Sebastian Koch – “Bridge of Spies,” “The Lives of Others” Lady Gaga* – “A Star Is Born,” “Frank Miller’s Sin City: A Dame to Kill For” Tracy Letts – “The Post,” “Lady Bird” Damian Lewis – “Our Kind of Traitor,” “Dreamcatcher” Helen McCrory – “Their Finest,” “Harry Potter and the Half-Blood Prince” Natascha McElhone – “Solaris,” “The Truman Show” Ofelia Medina – “Innocent Voices,” “Frida: Naturaleza Viva” Elisabeth Moss – “Us,” “The Square” Peter Mullan – “Tyrannosaur,” “Trainspotting” Jack O’Connell – “Unbroken,” “Starred Up” Archie Panjabi – “A Mighty Heart,” “The Constant Gardener” Amanda Peet – “The Way Way Back,” “Syriana” Kevin Pollak – “The Front Runner,” “The Usual Suspects” Will Poulter – “Detroit,” “The Revenant” Andrea Riseborough – “Battle of the Sexes,” “Birdman or (The Unexpected Virtue of Ignorance)” Toni Servillo – “The Great Beauty,” “La Ragazza del Lago” Alexander Skarsgård – “The Legend of Tarzan,” “Melancholia” Tamlyn Tomita – “The Day after Tomorrow,” “The Joy Luck Club” Jean-Louis Trintignant – “Amour,” “Those Who Love Me Can Take the Train” Carlo Verdone – “Manuale d’Amore,” “Borotalco” Harriet Walter – “The Young Victoria,” “Atonement” Olivia Williams – “An Education,” “The Sixth Sense” Letitia Wright – “Black Panther,” “Ready Player One” Yousra – “The Storm,” “Egyptian Story” Casting Directors Casting Directors Justine Arteta – “Battle of the Sexes,” “Little Miss Sunshine” Eyde Belasco – “Sorry to Bother You,” “(500) Days of Summer” Jo Edna Boldin – “The Ballad of Buster Scruggs,” “Hell or High Water” Nathalie Boutrie – “Mommy,” “Monsieur Lazhar” Nathalie Cheron – “Lucy,” “La Femme Nikita” Robin D. Cook – “The Shape of Water,” “Crimson Peak” Alexa L. Fogel – “The Boy Who Harnessed the Wind,” “Our Brand Is Crisis” Celestia Fox – “The Remains of the Day,” “Howards End” Rie Hedegaard – “Flame and Citron,” “The Celebration” Irene Lamb – “Brazil,” “The Empire Strikes Back” Don Phillips – “Dazed and Confused,” “Fast Times at Ridgemont High” Lene Seested – “After the Wedding,” “Brothers” Christi Soper Hilt – “How to Train Your Dragon: The Hidden World,” “The Boss Baby” Cinematographers Christopher Aoun – “Capernaum,” “Kalveli: Shadows of the Desert” Vanja Černjul – “Crazy Rich Asians,” “Adult Beginners” Carolina Costa – “Crystal Swan,” “They” Svetlana Cvetko – “In Search of Greatness,” “Silicon Cowboys” Autumn Durald Arkapaw – “The Sun Is Also a Star,” “Untogether” Diego García – “Divino Amor,” “Our Time” Hong Kyung-pyo – “Burning,” “Run Off” Miguel Littin Menz – “Cabros de Mierda,” “Hands of Stone” Zak Mulligan – “We the Animals,” “Bleeding Heart” Sean Porter – “Green Book,” “Rough Night” Joshua James Richards – “The Rider,” “God’s Own Country” George Richmond – “Rocketman,” “Tomb Raider” David Alex Riddett – “Early Man,” “Shaun the Sheep Movie” Robbie Ryan – “The Favourite,” “The Meyerowitz Stories (New and Selected)” Akira Sako – “Ajin: Demi-Human,” “Shippu Rondo” Giorgi Shvelidze – “Namme,” “Beri” Lyle Vincent – “Thoroughbreds,” “The Bad Batch” Ari Wegner – “Stray,” “Lady Macbeth” Costume Designers Stacey Battat – “Gloria Bell,” “The Bling Ring” Mimi Lempicka – “Au Revoir Là-Haut (See You Up There),” “Blanche” Debra McGuire – “I Feel Pretty,” “Anchorman: The Legend of Ron Burgundy” Antoinette Messam – “Superfly,” “Creed” Lena Mossum – “The Man Who Killed Don Quixote,” “13 Roses” Gaetano Speranza – “Stan & Ollie,” “Everest” Aleksandra Staszko – “Cold War,” “Ida” Julio Suárez – “Zama,” “The Headless Woman” Anna Terrazas – “Roma,” “Abel” Directors Zoya Akhtar – “Gully Boy,” “Zindagi Na Milegi Dobara” Raja Amari – “Foreign Body,” “Les Secrets” Jon Baird – “Stan & Ollie,” “Filth” M. Neema Barnette – “Woman Thou Art Loosed: On the 7th Day,” “Civil Brand” Julie Bertuccelli – “Dernières Nouvelles du Cosmos,” “Since Otar Left…” Laís Bodanzky – “Como Nossos Pais,” “Bicho de Sete Cabecas” Zero Chou – “Ching’s Way Homes,” “Spider Lilies” Jonathan M. Chu – “Crazy Rich Asians,” “Now You See Me 2” Sergey Dvortsevoy – “Ayka,” “Tulpan” Pernille Fischer Christensen – “Becoming Astrid,” “Someone You Love” Lucía Gajá – “Batallas Intimas,” “Mi Vida Dentro” Nisha Ganatra – “Late Night,” “Chutney Popcorn” Matteo Garrone – “Dogman,” “Tale of Tales” Will Gluck – “Peter Rabbit,” “Easy A” Eva Husson – “Girls of the Sun,” “Bang Gang (A Modern Love Story)” Liza Johnson – “Elvis & Nixon,” “Return” Tunde Kelani – “The Lion and the Jewel,” “The Narrow Path” Jennifer Kent* – “The Nightingale,” “The Babadook” Mélanie Laurent – “Galveston,” “Breathe” Phil Lord* – “Spider-Man: Into the Spider-Verse,” “21 Jump Street” Alison Maclean – “The Rehearsal,” “Jesus’ Son” Christopher Miller* – “Spider-Man: Into the Spider-Verse,” “21 Jump Street” Carol Morley – “Out of Blue,” “The Falling” Ulrike Ottinger – “Under Snow,” “Twelve Chairs” Gloria Rolando – “Dialogue with My Grandmother,” “1912: Breaking the Silence, Chapter 1“ Amr Salama – “Sheikh Jackson,” “Tahrir 2011” Shamim Sarif – “Despite the Falling Snow,” “The World Unseen” Ivan Sen – “Goldstone,” “Toomelah” Maryse Sistach – “Moon Rain,” “The Girl on the Stone” Frances-Anne Solomon – “Hero: Inspired by the Extraordinary Life and Times of Mr. Ulric Cross,” “Peggy Su!” David E. Talbert – “Almost Christmas,” “First Sunday” Yim Soon-rye – “Little Forest,” “Whistle Blower” Jasmila Žbanić – “One Day in Sarajevo,” “Grbavica” Documentary Nancy Abraham – “Solitary,” “The Loving Story” Khadija Al-Salami – “Yemen: Kids and War,” “Al Sarkha (Scream)” Phie Ambo – “Free the Mind,” “Family” Karim Amer – “The Great Hack,” “The Square” Isabel Arrate Fernandez – “Return to Homs,” “Five Broken Cameras” Kirstine Barfod – “Venus,” “Born to Lose” Ruth Beckermann – “The Waldheim Waltz,” “East of War” Jordana Berg – “The Edge of Democracy,” “The Mighty Spirit” Doug Block – “The Children Next Door,” “Home Page” Steven Bognar – “American Factory,” “The Last Truck: Closing of a GM Plant” Dallas Brennan Rexer – “No Woman, No Cry,” “Deadline” Ditsi Carolino – “Hindered Land,” “Bunso” Erin Casper – “Risk,” “American Promise” Julian Cautherley – “Buena Vista Social Club: Adios,” “The Crash Reel” Lori Cheatle – “Matangi/Maya/M.I.A.,” “I Am Another You” Jimmy Chin – “Free Solo,” “Meru” Jonathan Chinn – “Black Sheep,” “LA 92” Christopher Clements – “One Child Nation,” “Take Your Pills” Davis Coombe – “Chasing Coral,” “Saving Face” Ben Cotner – “13th,” “The Case Against 8” Brenda Coughlin – “Risk,” “Dirty Wars” Linda Davis – “The Kill Team,” “The Waiting Room” Talal Derki – “Of Fathers and Sons,” “Return to Homs” Jessica Devaney – “The Feeling of Being Watched,” “Speed Sisters” Katja Dringenberg – “The Congo Tribunal,” “Black Box BRD” Anne Fabini* – “Return to Homs,” “More than Honey” Penelope Falk – “Step,” “Joan Rivers: A Piece of Work” Drew Fellman – “Pandas,” “Island of Lemurs: Madagascar” Skye Fitzgerald – “Lifeboat,” “Finding Face” Josh Fox – “Awake, a Dream from Standing Rock,” “Gasland” Ansgar Frerich – “Let the Bell Ring,” “Of Fathers and Sons” Laura Gabbert – “City of Gold,” “Sunset Story” Jannat C. Gargi – “Knife Skills,” “Circo” Maureen Gosling – “Blossoms of Fire,” “Burden of Dreams” Roberta Grossman – “Seeing Allred,” “Above and Beyond” Ryan Harrington – “Sea of Shadows,” “A Place at the Table” Mette Heide – “Amanda Knox,” “Rafea: Solar Mama” Lisa Heller – “Say Her Name: The Life and Death of Sandra Bland,” “Saving Face” Carolyn Hepburn – “One Child Nation,” “3 1/2 Minutes, Ten Bullets” Lee Hirsch – “Bully,” “Amandla! A Revolution in Four Part Harmony” Hong Hyung-sook – “The Border City 2,” “Reclaiming Our Names” Chiemi Karasawa – “Elaine Stritch: Shoot Me,” “Harry Dean Stanton: Partly Fiction” Eva Kemme – “Of Fathers and Sons,” “Taste of Cement” Stephen Kijak – “We Are X,” “Stones in Exile” Su Kim – “Midnight Traveler,” “Hale County This Morning, This Evening” Alison Klayman – “The Brink,” “Ai Weiwei: Never Sorry” Karen Konicek – “Monrovia, Indiana,” “Ex Libris – The New York Public Library” Jan Krawitz – “Perfect Strangers,” “Big Enough” Sabine Krayenbühl – “The Price of Everything,” “Mad Hot Ballroom” Susan Lacy – “Jane Fonda in Five Acts,” “Inventing David Geffen” Beth Levison – “32 Pills: My Sister’s Suicide,” “The Trials of Spring” Mor Loushy – “The Oslo Diaries,” “Censored Voices” Carrie Lozano – “The Ballad of Fred Hersch,” “The Weather Underground” Ma Li – “Inmates,” “Born in Beijing” Leah Marino – “Motherland,” “Imelda” Rafael Marmor – “Mike Wallace Is Here,” “The Short Game” Gesa Marten – “Shot in the Dark,” “Lost in Liberia” Yael Melamede – “(Dis)Honesty – The Truth about Lies,” “Desert Runners” Noé Mendelle – “Woman in Sari,” “State of the World” Muffie Meyer – “Making Rounds,” “Grey Gardens” Bryn Mooser – “Lifeboat,” “Body Team 12” Eva Mulvad – “The Good Life,” “Enemies of Happiness” Alysa Nahmias – “Unrest,” “Unfinished Spaces” Andrea Blaugrund Nevins – “Tiny Shoulders: Rethinking Barbie,” “Still Kicking: The Fabulous Palm Springs Follies” Christine O’Malley – “If You Build It,” “I.O.U.S.A.” Martha Orozco – “Nueva Venecia,” “Drought,” Ferne Pearlstein – “The Last Laugh,” “Imelda” Per Kirkegaard Pedersen – “That Summer,” “Armadillo” PJ Raval – “Call Her Ganda,” “Before You Know It” Kimberly Reed – “Dark Money,” “Prodigal Sons” Stacey Reiss – “The Eagle Huntress,” “The Diplomat” Melissa Robledo – “Command and Control,” “Merchants of Doubt” Susan Rockefeller – “Food for Thought, Food for Life,” “Making the Crooked Straight” Vanessa Roth – “American Teacher,” “Freeheld” Marjan Safinia – “Seeds,” “But You Speak Such Good English” Courtney Sexton – “Apollo 11,” “Three Identical Strangers” Avner Shahaf – “The Oslo Diaries,” “The Gatekeepers” Alexandra Shiva – “This Is Home: A Refugee Story, “ “How to Dance in Ohio” Tobias N. Siebert – “Of Fathers and Sons,” “The Story of the Weeping Camel” Karen Sim – “Watchers of the Sky,” “Back on Board: Greg Louganis” Claire Simon – “Young Solitude,” “Human Geography” Sara Stockmann – “Bobbi Jene,” “Armadillo” Helena Třeštíková – “A Marriage Story,” “Marcela” Matt Tyrnauer – “Studio 54,” “Valentino The Last Emperor” Lindsay Utz – “American Factory,” “Quest” Lisa Valencia-Svensson – “Call Her Ganda,” “Herman’s House” Aliona van der Horst – “Love Is Potatoes,” “Boris Ryzhy” Baby Ruth Villarama – “Sunday Beauty Queen,” “Jazz in Love” Miao Wang – “Maineland,” “Beijing Taxi” Stephanie Wang-Breal – “Blowin’ Up,” “Tough Love” M. Watanabe Milmore – “Metallica: Some Kind of Monster,” “Revelations: Paradise Lost 2” William Weber – “To Be Takei,” “We Were Here” Ryan White – “Ask Dr. Ruth,” “The Case Against 8” Michelle M. Witten – “Generation Wealth,” “Author: The JT LeRoy Story” Matt Wolf – “Bayard & Me,” “Teenage” Hao Wu – “People’s Republic of Desire,” “The Road to Fame” Tom Yellin – “Cartel Land,” “Girl Rising” Farihah Zaman – “Remote Area Medical,” “This Time Next Year” Executives Richard Abramowitz Edward Allen Spring Aspers Steve Bertram Neal Block Gail Blumenthal Gabriel Brakin Matthew Evan Brodlie Ben Browning Lisa Bunnell Andres Calderon Jean Chi Marjorie Cohn Tim Collins Shakim Compere Tyler Dinapoli Sidonie Dumas Jesse Ehrman Scott Forman Greg Forston Margaret French-Isaac Cindy Gardner Michele Halberstadt Kiska Higgs Jennifer Hollingsworth Leah Holzer Mike Jackson Jonathan Kadin Ken Kao Laine R. Kline Eric Lagesse Cassidy Lange Patricia Louise Laucella Ivana Lombardi Jillian Longnecker Richard Lorber Funa Maduka Alana Mayo Howard Meyers Andrea M. Miloro Meredith Milton Tom Molter Lumumba M. Mosquera Chantal Nong Megan O’Brien Jun Oh Dana O’Keefe Marisa Michele Paiva Linda Pan Nicola Pearcey Julie Rapaport Betsy Rodgers Adam Rosenberg Michael Schaefer Georges Schoucair Sara Scott Beatriz Sequeira Meyer Shwarzstein Molly Smith Kimberly Steward Shelby Stone Syrinthia Studer Niels Swinkels Cathleen Taff Winnie Tsang John Vanco Samantha Vincent Robert Walak Ty Warren Brad Weston Cami Sarah Winikoff Christa Zofcin Workman Film Editors Michel Aller – “Shazam!,” “The Nun” Joshua Altman – “Minding the Gap,” “The Price of Free” John Axelrad – “The Lost City of Z,” “Crazy Heart” Alexander Berner – “Alien vs. Predator,” “Resident Evil” Edgar Burcksen – “100 Years: One Woman’s Fight for Justice,” “A New York Heartbeat” Lee Chatametikool – “Malila: The Farewell Flower,” “Pop Aye” Dany Cooper – “Measure of a Man,” “The Sapphires” Peter Elliot – “Shaft,” “Think like a Man” Anne Fabini* – “Of Fathers and Sons,” “Return to Homs” Robert Fisher, Jr. – “Spider-Man: Into the Spider-Verse,” “Cloudy with a Chance of Meatballs” Teresa Font – “Pain & Glory,” “The Man Who Killed Don Quixote” Laure Gardette – “Capernaum,” “Polisse” François Gédigier – “Alone in Berlin,” “Yves Saint Laurent” Terel Gibson – “Sorry to Bother You,” “The Ballad of Lefty Brown” Eddie Hamilton – “Mission: Impossible – Fallout,” “Kingsman: The Golden Circle” Julia Juaniz – “Finding Steve McQueen,” “Black Butterfly” Mako Kamitsuna – “Mudbound,” “Blackhat” Kim Hyun – “Burning,” “Poetry” Kim Jae-beom – “The Battleship Island,” “The Handmaiden” Kim Sang-beom – “Rampant,” “The Handmaiden” Guy Lecorne – “High Life,” “Let the Sunshine In” Petar Marković – “Ayka,” “Tulpan” Yorgos Mavropsaridis – “The Favourite,” “The Lobster” Anne McCabe – “Can You Ever Forgive Me?,” “Dirty Grandpa” Kirk Morri – “Aquaman,” “The Conjuring” Shigeru Nishiyama – “Mirai,” “The Boy and the Beast” Nacho Ruiz Capillas – “Twelve-Year Night,” “The Others” Marco Spoletini – “Dogman,” “The Wonders” Károly Szalai – “On Body and Soul,” “Spy Master” John Venzon – “The Lego Batman Movie,” “Storks” Justine Wright – “The Iron Lady,” “The Last King of Scotland” Makeup Artists and Hairstylists Robin Beauchesne – “The Lone Ranger,” “The Way Back” Tym Shutchai Buacharern – “Black Panther,” “Dreamgirls” Joseph A. Campayno – “Limitless,” “Unfaithful” Rosalina Da Silva – “X-Men: Apocalypse,” “Watchmen” Sterfon Demings – “Roman J. Israel, Esq.,” “Milk” Manolo García – “Suspiria,” “The Sea Inside” Pamela Goldammer – “Border,” “The Hallow” Sylvie Imbert – “The Man Who Killed Don Quixote,” “Blancanieves” Jamie Kelman – “Vice,” “Looper” Nicki Ledermann – “The Greatest Showman,” “Inside Llewyn Davis” Ana López-Puigcerver – “Julieta,” “The Others” Göran Lundström – “Border,” “Passion” Sharon Martin – “Half of a Yellow Sun,” “Snow White and the Huntsman” Jane O’Kane – “Adrift,” “Ghost in the Shell” Kyra Panchenko – “Trainwreck,” “A Most Violent Year” Marc Pilcher – “Mary Queen of Scots,” “The Nutcracker and the Four Realms” Christina Roesler-Kerwin – “Bumblebee,” “End of Watch” Sarah Rubano – “The Amazing Spider-Man 2,” “District 9” Lucy Sibbick – “Darkest Hour,” “Tulip Fever” Ivo Strangmüller – “Never Look Away,” “A Royal Affair” Mitsuyo Takasaki – “Silence,” “Kakekomi” Jay Wejebe – “Red Sparrow,” “Interstellar” Josh Weston – “Stan & Ollie,” “Suspiria” Gigi Williams – “Inherent Vice,” “Gone Girl” Marketing and Public Relations Molly Albright Flavia Amon Robin Baum Steve Beeman Myles Bender Liz Berger Jeanne R. Berney Lylle Breier Dana Bseiso Vazquez Lori Burns Nicole Butte VJ Carbone Jan Craft Catherine Culbert Carol Cundiff Brian Dailey Mark Davis Bette Ann Einbinder Amy Elkins Kira C. Feola April Florentino Brooke Ford Seth Fradkoff Pamela Godwin-Austen Simon Halls Kristina Marie Hernandez Etienne Hernandez-Medina Jessica Intihar Joshua Jason Melissa Kates Meryl Katz Sumyi Khong Antonson Wendy Kupsis-Robino Vinicius Losacco Rebecca Mall Lorna Mann Ellene V. Miles Liz Miller Martha Morrison David K. O’Connor Lisa Oropeza Courtney Ott Jordan Park Peed Danni Pearlberg Jennifer Peterson Nicole Quenqua Michelle Rasic Claire Raskind Mike Rau Arianne Rocchi Katherine Rowe Jonathan Rutter Dorothea Sargent Sara Serlen David Singh Justin Slobig Andrew Stachler Amanda Stirling Jennifer Stott Julie Tustin Jessica Uzzan Roya Vakili Tirrell Whittley Dylan Wiley Rob Wilkinson Annett Wolf Paula Woods lena Zilberman Music Michael Abels – “Us,” “Get Out” Adele Adkins – “Skyfall” Nathan Barr – “The House with a Clock in Its Walls,” “The Last Exorcism” Kris Bowers – “Green Book,” “Norman Lear: Just Another Version of You” Missy Cohen – “Hold the Dark,” “The Informant!” Jane Antonia Cornish – “Scotty and the Secret History of Hollywood,” “Citizen Jane: Battle for the City” John Finklea – “Vice,” “Rogue One: A Star Wars Story” Annette Focks – “Ostwind,” “Krabat” Richard Ford – “Downsizing,” “Hidden Figures” Ludwig Goransson – “Black Panther,” “Creed” Rupert Gregson-Williams – “Aquaman,” “Hacksaw Ridge” Hildur Guðnadóttir – “Mary Magdalene,” “Sicario: Day of the Soldado” Jed Kurzel – “The Mustang,” “The Babadook” Lady Gaga* – “A Star Is Born,” “The Hunting Ground” Bryan Lawson – “Robin Hood,” “Suicide Squad” Annie Lennox – “A Private War,” “The Lord of the Rings: The Return of the King” Peter Stephen Myles – “Jason Bourne,” “Pacific Rim” Anne Nikitin – “American Animals,” “The Imposter” Heitor Teixeira Pereira – “Smallfoot,” “Real Women Have Curves” Arthur Pingrey – “Jim: The James Foley Story,” “Racing Extinction” Mark Ronson – “A Star Is Born,” “Quincy” Jason Ruder – “A Star Is Born,” “La La Land” Roxanne Joy Seeman – “Get on the Bus,” “Little Monsters” John Charles Edward Swihart – “The Education of Charlie Banks,” “Napoleon Dynamite” Sherry Whitfield – “The Zookeeper’s Wife,” “Easy A” Robin Whittaker – “The House with a Clock in Its Walls,” “Amy” Scott Wittman – “Mary Poppins Returns,” “When Harry Met Sally” Andrew Wyatt – “A Star Is Born,” “Music and Lyrics” Producers Mollye Asher – “The Rider,” “Fort Tilden” Stefanie Azpiazu – “Private Life,” “Enough Said” Lucy Barreto – “Reaching for the Moon,” “Bossa Nova” Luiz Carlos Barreto – “João, o Maestro,” “The Middle of the World” Jess Wu Calder – “Blindspotting,” “Blair Witch” Francesca Cima – “Youth,” “The Great Beauty” Naomi Despres – “Lizzie,” “Kill the Messenger” Neal Dodson – “A Most Violent Year,” “All Is Lost” Benjamín Domenech – “Zama,” “Acusada (The Accused)” Gail Egan – “Final Portrait,” “A Most Wanted Man” Helen Estabrook – “Tully,” “Whiplash” Santiago Gallelli – “Zama,” “Acusada (The Accused)” Rebecca Green – “It Follows,” I’ll See You in My Dreams” Dolly Hall – “The Maid’s Room,” “High Art” Osnat Handelsman-Keren – “The Kindergarten Teacher,” “Bethlehem” Debra Hayward – “Mary Queen of Scots,” “Les Misérables” Mohamed Hefzy – “Sheikh Jackson,” “Clash” David Hinojosa – “First Reformed,” “Beatriz at Dinner” Cristina Huete – “The Queen of Spain,” “Chico & Rita” Janine Jackowski – “Toni Erdmann,” “The Forest for the Trees” Talia Kleinhendler – “The Kindergarten Teacher,” “Bethlehem” Vincent Landay – “Her,” “Adaptation” Stephanie Langhoff – “The Skeleton Twins,” “Safety Not Guaranteed” John Lesher – “Black Mass,” “Birdman or (The Unexpected Virtue of Ignorance)” Georgina Lowe – “Peterloo,” “Mr. Turner” Scott Macaulay – “Casting JonBenet,” “Raising Victor Vargas” Riva Marker – “Wildlife,” “Beasts of No Nation” Kevin Messick – “Vice,” “Hansel & Gretel Witch Hunters” Donatella Palermo – “Fire at Sea,” “Wondrous Boccaccio” Ewa Puszczyńska – “Cold War,” “Ida” Andrea Cecilia Roa – “It Comes at Night,” “Unexpected” Matías Roveda – “Zama,” “Acusada (The Accused)” Michael Sean Ryan – “Last Weekend,” “Junebug” Tanya Seghatchian – “Cold War,” “My Summer of Love” Brad Simpson – “Crazy Rich Asians,” “Ben Is Back” Deborah Snyder – “Wonder Woman,” “Man of Steel” Richard Suckle – “Wonder Woman,” “American Hustle” Emma Tillinger Koskoff – “Silence,” “The Wolf of Wall Street” Anne-Dominique Toussaint – “Where Do We Go Now?,” “Caramel” Liz Watts – “The Rover,” “Animal Kingdom” Charles B. Wessler – “Green Book,” “There’s Something about Mary” James Whitaker – “A Wrinkle in Time,” “The Finest Hours” Production Design Michel Barthelemy – “The Sisters Brothers,” “Rust and Bone” Hussein Baydoun – “Capernaum,” “The Insult” Daniel Birt – “The Mummy,” “Chappie” Silke Buhr – “Never Look Away,” “Who Am I” Susan Burig – “Avengers: Infinity War,” “The SpongeBob Movie: Sponge out of Water” Charisse Cardenas – “American Sniper,” “The Lincoln Lawyer” Stephen Cooper – “Hell or High Water,” “Patriots Day” Chris Cornwell – “Ride Along,” “The Ides of March” Fiona Crombie – “The Favourite,” “Macbeth” Jann K. Engel – “Annabelle: Creation,” “The Big Short” Bárbara Enríquez – “Roma,” “Resident Evil: Extinction” Alice Felton – “The Favourite,” “Una” Beauchamp Fontaine – “Nebraska,” “The Skeleton Key” Bryony Foster – “Safe,” “Shanghai Noon” Craig Foster – “Inside Out,” “Up” Shepherd Frankel – “Ant-Man and the Wasp,” “27 Dresses” Vera Hamburguer – “Today (Hoje),” “Castelo Rá-Tim-Bum, o Filme” Jeremy Hindle – “Detroit,” “Zero Dark Thirty” Stephen J. Lineweaver – “Ted,” “Jerry Maguire” Tamara Marini – “Spectre,” “Jumper” Akiko Matsuba – “Shoplifters,” “Like Father, like Son” Tom Miller – “Incredibles 2,” “Cars” Desma Murphy – “Aquaman,” “Project X” Cornelia Ott – “Jason Bourne,” “Valkyrie” Julia Roeske – “Never Look Away,” “Womb” Sebastian Schroeder – “Bumblebee,” “The Jane Austen Book Club” David Edward Scott – “Captain America: Civil War,” “Tron: Legacy” Fredda Slavin – “Violet & Daisy,” “Limitless” Marcel Sławiński – “Cold War,” “The Mill & the Cross” Katarzyna Sobańska Strzałkowska – “Cold War,” “In Darkness” Emelia Weavind – “Queen of Katwe,” “District 9” Short Films and Feature Animation Mikhail Aldashin – “Gora Samotsvetov,” “Bukashki” Gil Alkabetz – “Morir de Amor,” “Rubicon” María del Puy Alvarado – “Mother,” “Pulse” Julius Amedume – “Mr. Graham,” “Mary & John” Cyril Aris – “The President’s Visit,” “Siham” Louise Bagnall – “Late Afternoon,” “Donkey” Josh Beveridge – “Spider-Man: Into the Spider-Verse,” “Storks” Rodrigo Blaas – “La Luna,” “Alma” Steve Bloom – “Coco,” “One Man Band” Neil Boyle – “Sherlock Gnomes,” “The Last Belle” Suzanne Buirgy – “Home,” “Kung Fu Panda 2” Jim Capobianco – “Mary Poppins Returns,” “Ratatouille” Andrew Carlberg – “Skin,” “The Blazing World” Andrew Chesworth – “One Small Step,” “Juiced and Jazzed” Jeremy Comte – “Fauve,” “What Remains” Manuel Cristóbal – “Buñuel in the Labyrinth of the Turtles,” “Arrugas (Wrinkles)” Erika Dean Dapkewicz – “Puss in Boots,” “Monsters vs Aliens” Patrick Delage – “The Secret Life of Pets 2,” “Sing” Jonathan Del Val – “Dr. Seuss’ The Grinch,” “The Secret Life of Pets” Jean de Meuron – “Blood Brothers,” “La Femme et le TGV” Celine Desrumaux – “Age of Sail,” “The Little Prince” Emma De Swaef – “This Magnificent Cake!,” “Oh Willy…” Danny Dimian – “Spider-Man: Into the Spider-Verse,” “The Angry Birds Movie” Piotr Dumala – “Forest,” “Crime and Punishment” Nash Dunnigan – “The Peanuts Movie,” “Ice Age Continental Drift” Ron Dyens – “Tram,” “Madagascar, Carnet de Voyage” Jérémie Fajner – “White Fang,” “Song of the Sea” Marianne Farley – “Marguerite,” “Saccage (Ransack)” Abi Feijó – “Uncle Thomas, Accounting for the Days,” “Kali the Little Vampire” Jeff Gabor – “Ice Age: Collision Course,” “Epic” Sari Gennis – “James and the Giant Peach,” “Ferngully: The Last Rainforest” Nuria González Blanco – “Late Afternoon,” “Violet” Maria Gracia Turgeon – “Fauve,” “What Remains” Trisha Gum – “The Lego Movie 2: The Second Part,” “The Lego Batman Movie” Jennifer Hager – “Zootopia,” “Moana” Karl Edward Herbst – “Smallfoot,” “Hotel Transylvania 2” Jeffrey Hermann – “Bilby,” “Bird Karma” Julian Higgins – “Winter Light,” “Here and Now” Andreas Hykade – “Love & Theft,” “Ring of Fire” Trevor Jimenez – “Weekends,” “Key Lime Pie” Kevin J. Johnson – “Alvin and the Chipmunks: Chipwrecked,” “Astro Boy” Joung Yumi – “Love Games,” “Dust Kid” Sandy Yun-Shan Kao – “Trolls,” “Shrek Forever After” Anurag Kashyap – “Madly,” “Bombay Talkies” Mara Kassin – “Ladies Lounge,” “Curfew” William Kentridge – “The Refusal of Time,” “Felix in Exile” Aleksandra Korejwo – “The Swan,” “Carmen Torero” Igor Kovalyov – “Milch (Milk),” “Flying Nansen” Raimund Krumme – “Passage,” “Crossroads” Jerzy Kucia – “Fugue for Cello, Trumpet and Landscape,” “Reflections” Antoneta Kusijanovic – “Into the Blue,” “Eye for an Eye” Vincent Lambe – “Detainment,” “Broken Things” Brian Larsen – “Piper,” “Brave” Brian Leach – “Ralph Breaks the Internet,” “Zootopia” Matthias Lechner – “Zootopia,” “Escape from Planet Earth” Kira Lehtomaki – “Ralph Breaks the Internet,” “Zootopia” Patrick Lin – “Toy Story 4,” “Inside Out” Julie Lockhart – “Shaun the Sheep Movie,” “The Pirates! Band of Misfits” Rocio Lopez Ortiz – “Dear Chickens,” “Fingerplay” Phil Lord* – “Spider-Man: Into the Spider-Verse,” “21 Jump Street” Joanna Lurie – “Flowing through Wonder,” “The Silence beneath the Bark” Christopher Miller* – “Spider-Man: Into the Spider-Verse,” “21 Jump Street” Nijla Mu’min – “Dream,” “Two Bodies” Rani Naamani – “How to Train Your Dragon: The Hidden World,” “The Boss Baby” Takashi Nakamura – “Harmony,” “A Tree of Palme” Terence Nance – “Univitellin,” “Swimming in Your Skin Again” Guy Nattiv – “Skin,” “Dear God” Victor Navone – “Inside Out,” “Cars 2” Damian Nenow – “Another Day of Life,” “Paths of Hate” Diane Obomsawin – “I Like Girls,” “Kaspar” David O’Reilly – “The External World,” “Please Say Something” Mamoru Oshii – “The Sky Crawlers,” “Ghost in the Shell” Katsuhiro Otomo – “Steamboy,” “Akira” Marie-Hélène Panisset – “Marguerite,” “The Last Round” Bob Persichetti – “Spider-Man: Into the Spider-Verse,” “The Little Prince” Malcon Pierce – “Moana,” “Frozen” Bobby Pontillas – “One Small Step,” “Moana” Qiu Yang – “A Gentle Night,” “Under the Sun” Bonne Radford – “Smallfoot,” “The Road to El Dorado” Andrew Rosen – “The Breadwinner,” “Todd & the Book of Pure Evil: The End of the End” R odney Rothman* – “Spider-Man: Into the Spider-Verse” Rick Rothschild – “Flyover America,” “Captain Eo” James Ryan – “The Boss Baby,” “Turbo” Yuichiro Saito – “Mirai,” “The Boy and the Beast” Jason Schleifer – “The Boss Baby,” “Megamind” Alex Schwartz – “Mr. Peabody & Sherman,” “How to Train Your Dragon” Chad Sellers – “Olaf’s Frozen Adventure,” “Zootopia” Domee Shi – “Bao,” “Inside Out” Gerry Shirren – “Song of the Sea,” “Carnivale” Lynn Smith – “Soup of the Day,” “Pearl’s Diner” Marc Smith – “Big Hero 6,” “Treasure Planet” Erik Smitt – “Incredibles 2,” “Piper” Julien Soret – “Despicable Me 3,” “The Secret Life of Pets” Rodrigo Sorogoyen – “Mother,” “El Iluso” Olivier Staphylas – “Penguins of Madagascar,” “Puss in Boots” Christina Steinberg – “Spider-Man: Into the Spider-Verse,” “Rise of the Guardians” Jackie J. Stone – “Burning Angel Dust,” “If I Leap” Bin-Han To – “Revolting Rhymes,” “The Princess, the Prince and the Green-Eyed Dragon” David Torres – “How to Train Your Dragon 2,” “Megamind” Josie Trinidad – “Ralph Breaks the Internet,” “Zootopia” Jeffrey Turley – “Mary Poppins Returns,” “Feast” Dominique Welinski – “See Factory,” “Tunisia Factory” Dean Wellins – “Tick Tock Tale,” “The Iron Giant” Kevin H. Wilson, Jr. – “My Nephew Emmett,” “Crimson on the Tobacco Road” Catherine Winder – “The Angry Birds Movie,” “Escape from Planet Earth” Lauren Wolkstein – “The Strange Ones,” “Cigarette Candy” Steven Woloshen – “Casino,” “Snip” Shaofu Zhang – “One Small Step,” “Dragonboy” Sound Kami Asgar – “Zombieland,” “Apocalypto” Peter Brown – “Aquaman,” “Star Trek Beyond” Paul Davies – “A Private War,” “The Queen” Bill R. Dean – “Shazam!,” “All Eyez on Me” Nicky de Beer – “The Journey Is the Destination,” “Cry, the Beloved Country” Sergio Díaz – “Roma,” “Desierto” Gillian Dodders – “Annihilation,” “Ex Machina” Daniel Hambrook – “Stan & Ollie,” “Atonement” Justin Herman Martin Jacob Lopez – “Insidious: The Last Key,” “The Amazing Spider-Man” Jon Michaels – “Game Night,” “Geostorm” David Miranda – “Batman Returns,” “Point Break” Branka Mrkic-Tana – “American Made,” “Lee Daniels’ The Butler” Brandon Proctor – “Black Panther,” “A Quiet Place” Kira Lynn Roessler – “A Star Is Born,” “Aquaman” Brian Saunders – “Captain Marvel,” “Gorillas in the Mist” Mac Smith – “The Game Changers,” “The Birth of a Nation” Carlos Solis – “The Dark Knight Rises,” “Harry Potter and the Deathly Hallows: Part 1“ Oriol Tarragó – “Jurassic World: Fallen Kingdom,” “A Monster Calls” Damian Grady Volpe – “Mudbound,” “Drive” Trevor Ward – “Avengers: Age of Ultron,” “The Hunger Games: Mockingjay – Part 1“ John Warhurst – “Bohemian Rhapsody,” “Les Misérables” Visual Effects Christian M. Alzmann – “Ready Player One,” “Valerian and the City of a Thousand Planets” Randall Balsmeyer – “BlacKkKlansman,” “Drawing Home” Johnathan R. Banta – “Dumb and Dumber To” Lyndon Barrois – “R.I.P.D.,” “Sucker Punch” Sherry Bharda – “Hichki,” “Sui Dhaaga: Made in India” Abigail Brady Gaia Bussolati – “Il Campione,” “Il Primo Re (Romulus & Remus: The First King)” Danny Cangemi – “Act of Valor,” “The Other Guys” Francois Chardavoine Kathy Chasen-Hay – “John Wick: Chapter 2,” “Saban’s Power Rangers” Frazer Churchill – “The Kid Who Would Be King,” “Miss Peregrine’s Home for Peculiar Children” Alessandro Cioffi – “Guardians of the Galaxy Vol. 2,” “Thor: Ragnarok” James Clyne – “Solo: A Star Wars Story,” “Star Wars: The Force Awakens” Grady Cofer – “Us,” “Ready Player One” Brian Connor – “Godzilla: King of the Monsters,” “The Meg” Jay Andrew Cooper – “Avengers: Endgame,” “Solo: A Star Wars Story” Elizabeth Ellen D’Amato – “Jurassic World,” “Lucy” Enrico Damm – “A Quiet Place,” “Rogue One: A Star Wars Story” Lorelei David – “Ant-Man and the Wasp,” “Avengers: Infinity War” Sean Devereaux – “The Equalizer 2,” “The Spy Who Dumped Me” Michael Eames – “Avengers: Infinity War,” “Christopher Robin” Laurens Ehrmann – “The Guardians,” “Beautiful Accident” Shannon Blake Gans Diana Giorgiutti – “Spider-Man: Homecoming,” “Ant-Man” Terry Glass – “13 Hours: The Secret Soldiers of Benghazi” Aleksandr Gorokhov – “Searching,” “Three Seconds” Caroleen Green – “Rock Dog,” “The Book of Life” Francesco Grisi – “Il Campione,” “Il Primo Re (Romulus & Remus: The First King)” Christian Guillon – “The Love Punch,” “Oceans” Jessica Harris – “Black Panther,” “The Meg” Jeremy Hattingh – “Escape Room,” “The Brothers Grimsby” Claas Henke – “Aquaman,” “Black Panther” Samir Hoon – “Bumblebee,” “Monster Hunt 2” Joni Jacobson – “Saban’s Power Rangers,” “Crouching Tiger, Hidden Dragon: Sword of Destiny” Kevin Ellis Jenkins – “Star Wars: The Last Jedi,” “Star Wars: The Force Awakens” Theo Jones – “Christopher Robin,” “Guardians of the Galaxy Vol. 2” Lee Jeon-hyeong – “7 Years of Night,” “Intimate Strangers” Christian Manz – “Fantastic Beasts: The Crimes of Grindelwald,” “Fantastic Beasts and Where to Find Them” Ed Marsh – “Shazam!,” “A Star Is Born” Thomas Martinek Michael Melchiorre – “Avengers: Endgame,” “Avengers: Infinity War” David William Meny – “Warcraft,” “Pacific Rim” Luke Millar – “Mortal Engines,” “War for the Planet of the Apes” Srinivas Mohan – “2.0,” “Baahubali: The Beginning” Harry Mukhopadhyay – “Captain Marvel,” “Justice League” Tristan Myles – “First Man,” “Blade Runner 2049” Sergei Nevshupov – “Mortal Engines,” “Spacewalk” Helen Newby – “Avengers: Endgame,” “Avengers: Infinity War” Park Young-soo – “Detective Dee: The Four Heavenly Kings,” “Mulgoe (Monstrum)” Pavani Rao Boddapati – “Alita: Battle Angel,” “The BFG” Mark Rappaport Lesley Robson-Foster – “High Flying Bird,” “I Think We’re Alone Now” Steve Rosenbluth Ryo Sakaguchi – “Ant-Man and the Wasp,” “The Meg” Christoph Salzmann – “Alita: Battle Angel,” “War for the Planet of the Apes” Robert Smith – “Avengers: Endgame,” “Captain Marvel” Kevin Sprout – “Ready Player One,” “Deepwater Horizon” Jeffrey Allan Sutherland – “Bumblebee,” “Monsters and Men” Sebastian Sylwan Charles Tait – “Alita: Battle Angel,” “Avengers: Infinity War” William Gregory Teegarden – “Avengers: Infinity War,” “The Fate of the Furious” Dominic Tuohy – “Solo: A Star Wars Story,” “The Mummy” Alexander Vegh – “Shazam!,” “A.X.L.” Bill Watral – “Incredibles 2,” “Sanjay’s Super Team” Arman Yahin – “Ded Moroz. Bitva Magov,” “The Duelist” Yee Kwok-Leung – “The Leakers,” “Shock Wave” Writers John Ajvide Lindqvist – “Border,” “Let the Right One In” Desiree Akhavan – “The Miseducation of Cameron Post,” “Appropriate Behavior” Marie Amachoukeli – “Savage,” “Young Tiger” David Arata – “Children of Men,” “Spy Game” Jean-Pierre Bacri – “Place Publique,” “Look at Me” Josiane Balasko – “The Ex-Love of My Life,” “French Twist” Sophie Barthes – “Madame Bovary,” “Cold Souls” Ritesh Batra – “Photograph,” “The Lunchbox” Houda Benyamina – “Divines” Anna Biller – “The Love Witch,” “Viva” Pamela Brady – “Team America: World Police,” “South Park: Bigger, Longer & Uncut” Andrew Bujalski – “Support the Girls,” “Computer Chess” Kay Cannon – “Pitch Perfect 2,” “Pitch Perfect” Elizabeth Chandler – “The Sisterhood of the Traveling Pants,” “A Little Princess” Chinonye Chukwu – “Clemency,” “Alaskaland” Sara Colangelo – “The Kindergarten Teacher,” “Little Accidents” Roman Coppola – “Isle of Dogs,” “Moonrise Kingdom” Lucinda Coxon – “The Little Stranger,” “The Danish Girl” Karen Croner – “The Tribes of Palos Verdes,” “Admission” Josephine Decker – “Madeline’s Madeline,” “Flames” Agnès de Sacy – “The Summer House,” “Yao” Katherine Dieckmann – “Strange Weather,” “Motherhood” Doris Dörrie – “Cherry Blossoms,” “Men…” Harry Elfont – “Leap Year,” “Made of Honor” Glenn Ficarra – “Smallfoot,” “Bad Santa” Gillian Flynn – “Widows,” “Gone Girl” Dana Fox – “Isn’t It Romantic,” “Couples Retreat” Víctor Gaviria – “The Animal’s Wife,” “The Rose Seller” Holly Goldberg Sloan – “Angels in the Outfield,” “Made in America” Jane Goldman – “Kingsman: The Golden Circle,” “Miss Peregrine’s Home for Peculiar Children” Andrew Haigh – “45 Years,” “Weekend” Elizabeth Hannah – “Long Shot,” “The Post” Phil Hay – “Destroyer,” “Ride Along” Olivia Hetreed – “Birds like Us,” “Wuthering Heights” Eliza Hittman – “Beach Rats,” “It Felt like Love” Christina Hodson – “Bumblebee,” “Unforgettable” Jihad Hojeily – “Capernaum,” “Where Do We Go Now?” Rick Jaffa – “Jurassic World,” “Rise of the Planet of the Apes” Agnès Jaoui – “Place Publique,” “Look at Me” Deborah Kaplan – “Leap Year,” “Can’t Hardly Wait” Jennifer Kent* – “The Nightingale,” “The Babadook” Cédric Klapisch – “Back to Burgundy,” “L’Auberge Espagnole” Kate Lanier – “Beauty Shop,” “Glitter” Phil Lord* – “Spider-Man: Into the Spider-Verse,” “21 Jump Street” Jenny Lumet – “The Mummy,” “Rachel Getting Married” Maïwenn – “My King,” “Polisse” Matt Manfredi – “Destroyer,” “Clash of the Titans” Jim McKay – “En el Séptimo Día,” “Girls Town” Christopher Miller* – “Spider-Man: Into the Spider-Verse,” “21 Jump Street” Deborah Moggach – “Tulip Fever,” “Pride & Prejudice” Jessie Nelson – “I Am Sam,” “Stepmom” Marti Noxon – “Fright Night,” “I Am Number Four” Rungano Nyoni – “I Am Not a Witch” Tracy Oliver – “The Sun Is Also a Star,” “Girls Trip” Diana Lynn Ossana – “Brokeback Mountain” Gail Parent – “Confessions of a Teenage Drama Queen,” “Sheila Levine Is Dead and Living in New York” Zak Penn – “Ready Player One,” “The Incredible Hulk” Katell Quillévéré – “Alone at My Wedding,” “Love like Poison” John Requa – “Smallfoot,” “I Love You Phillip Morris” Pamela Ribon – “Ralph Breaks the Internet,” “Smurfs: The Lost Village” Rodney Rothman* – “Spider-Man: Into the Spider-Verse,” “22 Jump Street” Valeria Sarmiento – “Elle,” “Our Marriage” Coline Serreau – “Chaos,” “Think Global, Act Rural” Sebastián Silva – “Tyrel, ”Magic Magic” Amanda Silver – “Jurassic World,” “Rise of the Planet of the Apes” Marina Stavenhagen – “Have You Seen Lupita?,” “Streeters” Maryam Touzani – “Adam,” “Razzia” Juliette Towhidi – “Testament of Youth,” “Love, Rosie” Patrick Wang – “The Grief of Others,” “In the Family” Wang Quan’an – “White Deer Plain,” “Apart Together” Kevin Willmott – “BlacKkKlansman,” “Chi-Raq” Members-at-Large Brad Allan Scott Ateah Rick Avery Rita Belda Debbi Bossi Glenn Boswell Charlie Brewer Bob Brown Pavel Cajzl Nick Cannon Michael Cioni Douglas Crosby David E. Dolby Jim Dowdall Aaron Downing Marny Eng Paul Federbush Tami Goldman Al Goto Bonnie Greenberg Buzz Hays Sharon Smith Holley Rob Inch Jerry Ketcham Ladislav Lahoda Gretchen Libby Josh Lowden Brian Machleit Jo McLaren Mike Mitchell Robert Nagle Zareh Nalbandian John Naveira Otto Nemenz Casey O’Neill Mitch Paulson David Pierce Allan Poppleton Anne Putnam Kolbe Arjun Ramamurthy Sara Romilly Daniel S. Rosen George Marshall Ruge Bird Runningwater Manny Siverio Mimi Steele Shelly Strong TJ White Lee M. Wimer Associates Jeremy Barber Jason Burns Tanya Michal Cohen Rich Cook Natasha Galloway Randi Goldstein Charles B. James Brian Kend Eric Reid Shani Rosenzweig Roeg Sutherland Sign up for Variety’s Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram .
Buttigieg turns to Silicon Valley to bolster campaign fundraising haul Democratic presidential candidate and South Bend, Ind., Mayor Pete Buttigieg. (Photo: Robert Franklin/South Bend Tribune via AP) On the heels of an impressive fundraising quarter , South Bend, Ind., Mayor Pete Buttigieg is returning to Silicon Valley later this month to endear himself to the tech industry’s deep-pocketed donors. According to an invitation reviewed by Yahoo News, Google policy adviser Jacob Helberg and PayPal investor Keith Rabois will host a reception for Buttigieg in San Francisco on July 24. Billed as an “evening reception and conversation,” the event will be co-hosted by Pay By Group CEO Camilo Acosta, angel investor Cyan Banister and former Facebook product manager Seth Rosenberg. Interested attendees can join as a “co-host,” by either shelling out $2,800 or raising $15,000, or can participate as a “champion” with a $1,000 donation. A Buttigieg campaign aide who spoke on condition of anonymity said that high-ticket fundraisers are only a part of the mayor’s fundraising strategy. Coupled with the big-ticket events are grassroots-level fundraisers. Low ticket prices, the aide said, make Buttigieg accessible to every economic cross section of the electorate, not just ones with high credit limits. In keeping with trend, Buttigieg will host a San Francisco grassroots event on the July 24 as well, Yahoo News has learned. “We take an ‘all of the above’ fundraising strategy from one dollar online donations, donations made through social media, all the way up to max contributions and having people raise money on our behalf,” the aide said. “I think one of the more successful components of our strategy has been approaching stressing grassroots events. Not only do these raise significant resources, they also bring in new donors. Fifty-four percent of people at grassroots are brand new to the campaign — someone who might not know much about Pete can pay 25 dollars and get up close with Pete.” That strategy paid off in the second quarter of 2019, with Buttigieg raking in $24.8 million in campaign donations. Solidifying his bonds with Silicon Valley is a smart move for Buttigieg, said Democratic strategist Max Burns. Story continues “Pete probably has a more familiar relationship with tech than other candidates, just due in part to the generational difference,” said Burns, a former Facebook employee. “In engaging with tech company executives, Pete is savvier and more issue-aware of the real policy problems the tech giants present. And I think he probably has more legitimacy in bringing them to the table for that same reason. In most cases, he's right around their age, and he doesn't seem as distant from them.” As he has established himself as a top contender, Buttigieg has been regularly knocking at the door of the tech industry, much like his efforts to woo deep-pocketed Hollywood donors. In recent months, his campaign has sought to solidify Buttigieg’s support with the tech industry by onboarding former Square executive Swati Mylavarapu, who has ties to Obama administration alums. A source with knowledge of Silicon Valley finds that Mylavarapu’s prior relationship with establishment Democrats could help steer some away from former Vice President Joe Biden, who has recently seen a drop off in Silicon Valley support. “I know a lot of [Obama] administration officials who are looking to Pete as a Biden alternative,” said the source, adding that many in the industry are still looking for a friendly, moderate face. Biden remains popular with executives at the highest level, the source said, whereas Buttigieg wins over the midlevel staff. Sens. Elizabeth Warren and Bernie Sanders are popular with the everyday tech employees, many of whom run increasingly left of center, the source said. Plus, as Recode reported , Buttigieg has stopped short of demonizing industry leaders in the ways that some of his more progressive rivals have. “The individual employees and execs backing Pete are doing that knowing his position on the issue is in favor of empowering the FTC to more aggressively police/reverse tech mergers,” Burns said. _____ 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? PHOTOS: Hong Kong protesters take over legislative chambers
More states move to protect patients seeking prescribed meds AUGUSTA, Maine (AP) — A growing number of states have passed laws in hopes of helping patients get the medication they want despite the cost, including Maine under a new law recently signed by Democratic Gov. Janet Mills. The new law, which mirrors similar legislation twice vetoed by the former Republican governor, is set to be effective in mid-September. Georgia, Washington and Oklahoma passed similar bills this year, according to the Arthritis Foundation, which calls Maine's law one of the nation's "strongest." Currently, a policy known as "step therapy" allows insurers to require patients to try the least risky or most cost-effective drugs and progress to other prescribed medications only if necessary. Supporters, which include patient rights groups, say Maine's new law would bring transparency and flexibility to that process. Such advocates say it's dangerous to force patients with chronic physical or mental illnesses to "fail first" and sometimes face emergency room visits and hospitalizations before receiving medication originally prescribed by their physician. Existing Maine laws include some protections for patients who want to appeal such decisions. Health plans have two business days — or 24 hours for urgent requests — to make a decision on such appeals once they receive all the information they need. But it's a cumbersome process, according to patient Lori Schnieders, of Cutler, Maine, who has autoimmune hepatitis and travels over four hours to receive treatment for rheumatoid arthritis she has battled for 40 years. She called step therapy a costly waste of time for providers that amounts to "torture" for some patients, particularly those not well-versed in insurance procedures. "They put me through the process of: 'Have you tried this, have you tried that, let's try this,'" said Schnieders, a child psychology professor. "Because the medication that I'm on frankly is quite expensive." Story continues Her insurer twice made her try a new medication that caused severe allergic reactions, she said. Now each January, she said, she has to justify why she wants to stay on her medication instead of switching to other drugs. "If I'm not having severe flare-ups with my arthritis, then why not leave me on the medication that's worked for nine years?" She said. "Why keep trying to change it?" Maine's new legislation would grant appeals or exceptions automatically if insurers don't decide in 48 hours, and within 24 hours for "exigent circumstances." Schnieders said she is excited that Maine's law will require step therapy decisions to be based on clinical practice guidelines and ensure physicians can request exceptions. The law also includes explicit exceptions for patients who have already tried the required prescription drug. Insurers could still require enrollees to try a generic drug before covering an equivalent brand-name prescription drug. "It certainly doesn't ban step therapy," said Ben Chandhok, spokesman for the Arthritis Foundation. "We just want to make in certain specific circumstances, they can navigate that." But insurers and pharmacy benefit managers argue Maine's law will hurt efforts to both lower prescription drug costs and protect patients from costly or less established therapies. Such critics warn Maine's law will raise premiums and out-of-pocket costs, and say doctors are too quick to prescribe new drugs pushed by pharmaceutical companies. "Many drugs have harmful side effects or interact adversely with other medications," April Alexander, Pharmaceutical Care Management Association assistant vice president, told lawmakers in written testimony this spring. "Step therapy encourages trying safer, alternative therapies first." Such critics took particular issue with the part of the law providing exceptions from step therapy for patients who are "stable" on a prescription drug selected by a provider. Total retail prescription drug spending rose 26.8% from 2012 to 2012, according to the federal Centers for Medicare and Medicaid Services. That's faster than all other spending on personal health care. Maine's bill drew lobbyists representing the nation's biggest insurers along with major pharmaceutical manufacturers.
'It's really troubling': Parts of America are trapped in a ‘catch-22’ economic situation While the economy and the job market have boomed in thepost-Financial Crisis period, Americans living in “distressed” zip codes — which are increasingly rural — are struggling to find stability. And their path to progress poses a “catch-22” situation, according to a researcher from the Economic Innovation Group (EIG). “Young people are kind of trapped in debt in distressed communities,” EIG Research Director Kenan Fikri told Yahoo Finance. “And they don't really have a pathway to get out of their situation and be able to afford moving to a prosperous metropolitan area to try to turn the situation around. So it's really in a catch-22 that individuals who are trying to advance themselves from these communities end up landing.” An EIGreport, originally published in October 2018, looked at around 25,800 zip codes — 99% of the U.S. population — and compared two periods: 2007 to 2011, and 2012 to 2016. One of the primary reasons for the distressed communities being left behind, researchers found, was a lack educational attainment. Yet when residents from these distressed communities tried to bridge that gap by attending college, they ended up burdened by student debt, creating a worse situation financially. Distress was defined through seven metrics: educational attainment, housing vacancy, unemployment levels, poverty rate, median income, the change in number of jobs, and in business establishments. “It's really troubling, we did a casual overlay of the [Distressed Communities Index] map with that of where student debt is most burdensome and found that delinquency rates are higher in places where economic opportunity is worse,” Fikri said Keith Orejel, an assistant professor at Wilmington College who studies rural communities, told Yahoo Finance that the “plight of rural America as much more structural. When one gets down to brass tacks, at the end of the day, rural areas never recovered from the Great Recession.” Orejel added: “If you actually look at the data, it is quite shocking. Urban and metropolitan employment today is well above what it was prior to the Great Recession, whereas total employment in nonmetropolitan areas is still below what it was prior to the Great Recession. And there is clearly just an absence of job opportunities in the countryside that is making these sort of economically unappealing places to live.” While 97% of America’s land mass is rural, only around 20% of the population resides in those areas, according to theU.S. Census. The data also showed that around 65% of thetotal rural populationlives east of the Mississippi River, and nearly half of the people living in rural areas are in the South. These rural areas “are increasingly in distress, and we find that rural economic well-being is more volatile generally,” said Fikri. “As the recovery progressed, metropolitan areas really benefited disproportionately. The Great Recession didn't impact rural zip codes that severely as a group, but the recovery didn't really reach them either.” The most distressed zip codes are concentrated “in the southeast, rural west, and urban centers in the northeast and midwest that have the country's most persistent pockets of really entrenched poverty,” Fikri explained. “And we see that poverty coincides with all sorts of other socioeconomic problems: low levels of education, low levels of employment, low levels of job growth, and low levels of new business openings.” The South in particular saw a big decline in overall rankings. “Louisiana, New Mexico, and West Virginia saw even more of their zip codes fall into the distressed category between the two periods and the distressed share of their populations rise accordingly,” the report stated. “They joined Alabama, Arkansas, and Mississippi to bring the number of states with approximately one-third or more of residents living in distressed communities to six.” The problem with many of the distressed areas within these states was that a large number of jobs were overwhelmingly blue-collar work which was “physically demanding” and low-paying, according to the report: “3 out of 10 employed adults in these communities worked in such classically blue-collar jobs as production, construction, transportation, and maintenance occupations.” But the big boom that followed the Great Recession period has disproportionately affected areas with white-collar workers, with the number of jobs surging in “prosperous” areas, as seen in the chart below: And the post-recession recovery didn’t just miss distressed zip codes entirely, the report added. They’re also “projected to never fully recover from the Great Recession on current trendlines.” EIG found that the great divide between distressed communities and thriving, stable ones ultimately came down to one big fault-line: education. Most of the major metro areas listed as distressed share the lowest ranks on college attainment nationally. “The population differential between prosperous and distressed communities was almost entirely accounted for by the clustering of college-educated Americans in well-off zip codes,” the report stated. “Prosperous zip codes contained… 27.7 million adults with a bachelor’s degree or higher, almost six times the 4.8 million that lived in distressed zip codes.” In Bakersfield, California for example, where nearly 50% of the population live in distressed zip codes, the area’s residents “had the lowest college attainment rate of its peers, with only 15.7% of the population holding a bachelor’s degree or higher — half the national rate,” the report stated. And while educational attainment is seen as a crucial step for those trying to come out of struggling communities, that same college degree pushes many others into debt. Having taken on relatively high levels of student debt because they’re unable to afford the high tuition costs, borrowers struggle to repay loans upon graduation. In Bakersfield, the median debt held by a graduate was $15,150, while the median income was $60,862 according to an analysis by WalletHub. That means that upon graduation, student debt represented nearly a quarter of the college graduate’s income. And since education was a big driver of economic well-being, many rural communities have struggled because of trailing rates of educational attainment. The 2017USDAchart below details that a considerable proportion of people living in the South lacked a high school diploma. And while some do choose to go to college, it hasn’t been an economically rewarding experience, USDA stats also reveal. In 2015, while nearly 48% of young adults aged 18 to 24 living in a city enrolled in college, only 29% of their rural counterparts did the same according to theNational Center for Education Statistics. And those who finished college then saw their earnings lag substantially behind those in urban areas, according to theUSDA. Orejel, the professor who studies rural communities, brought up another problem facing rural communities: The decline of the manufacturing industry. Manufacturing jobs that were available in rural areas — andcreated jobsthat retained young people — served as a “staple of middle class jobs in the countryside have just been utterly devastated.” That trend is well-observed.Yahoo Finance previously reportedthat since 1989, while there has been a surge in service jobs by 53.4%, goods-producing industries have fell by 15.5%. But the transition to a more modern economy hasn’t been easy. Most of the big industries like finance and real estate don’t find these places attractive, “because rural areas don't have the infrastructure to support a lot of these more sophisticated enterprises,” Orejel explained. “And the population lacks the educational attainment to staff such positions.” Hence the gap widens further, Orejel said: “In the bifurcated economy that has developed since 2008, where you have a lot of high tech, professional, high-education, jobs, that are fueling economic growth, those are more and more gravitating towards metropolitan areas.” He concluded that “what's left for the rural economy is the low wage, lower end of the service sector — which are notoriously low paying with little to no benefits. And then almost complete lack of job security.” — Aarthi is a writer for Yahoo Finance. Follow her on Twitter@aarthiswami. Read more: • The richest 10% own 70% of the country’s wealth • Household debt hits $13.6 trillion as student loan and credit card delinquencies rise • Elizabeth Warren unveils 'broad cancellation plan' for student debt • 'The clock is ticking' on U.S. consumer loans — and that could mean a slowdown, Deutsche Bank warns • Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit.
Wynn Resorts News: Why WYNN Stock Is Surging Today WYNN stock is on its way up Monday, but it isn’t due to any Wynn Resorts news. Source:Aurlmas via Flickr (Modified) Instead, it looks like the increase forWynn Resorts(NASDAQ:WYNN) comes from other news in the casino market. Specifically, the Macau region is reporting strong revenue growth for gaming companies in June. According to this news, gaming revenue for the month of June was up byroughly 6%from the same time last year. This was good news for casino stocks as there were worries that casino companies may struggle in the are in the future. InvestorPlace - Stock Market News, Stock Advice & Trading Tips The concerns about gaming revenue in China comes from the ongoing trade war between the U.S. and the country. Luckily for WYNN stock, it doesn’t look like this is the case. While there are still concerns about the gaming market in the U.S., that isn’t bad Wynn Resorts news for WYNN stock today, reportsInvestorpedia. • 7 F-Rated Stocks to Sell for Summer It isn’t just the month of June that has been good Wynn Resorts news. Themonth of Maywas also a positive with the Macau region still seeing strong growth from the same month in 2018. These two back-to-back months of revenue growth are reassuring investors that the trade war between the U.S. and China won’t have a strong impact on the market. WYNN stock was up 6% as of Monday afternoon and is also up 18% since the start of the year. • 2 Toxic Pot Stocks You Should Avoid • 7 F-Rated Stocks to Sell for Summer • 7 Stocks to Buy for the Same Price as Beyond Meat • 7 Penny Marijuana Stocks That Are NOT Cheap Stocks As of this writing, William White did not hold a position in any of the aforementioned securities. Compare Brokers The postWynn Resorts News: Why WYNN Stock Is Surging Todayappeared first onInvestorPlace.
MIT made an AI that can detect and create fake images Creating digital renderings and editing images can take hours, but researchers from MIT and IBM want to change that. They've trained AI togenerate photographic imagesfrom scratch and to intelligently edit objects inside them. While this could be beneficial for artists and designers, it also offers insight into how neural networks learn context, and the team hopes to leverage the tool to spotfake or altered images. NamedGANpaint Studio, the tool is available as afree demo. Rather than manually add a tree to an image, you can tell the tool where you want the object and it will add one that matches the scene. You can erase objects too, like stools from an image of a kitchen. It's still a work in progress, but the team hopes GANpaint Studio might one day edit video clips. If, for instance, an essential prop were left out of a film scene, editors could use AI to add it in later. As they were building GANpaint Studios, the researchers were surprised to discover that the system learned simple rules about the relationships between objects -- like that a door does not belong in the sky. Because GANpaint Studio uses a GAN -- a set of neural networks developed to compete against each other -- it has to expose it's internal reasoning for decisions like preventing a cloud from appearing in the grass. That insight could help researchers better understand how neural networks learn context and what we think of as common sense. While GANpaint Studio makes it easy to create fake images, it could also help computer scientists learn to spot them. "You need to know your opponent before you can defend against it," said Jun-Yan Zhu, who co-authored a paper on the tool. The researchers will presenttheir workat a conference next month. In the meantime, you can give GANpaint Studiosa spin.
Meet the human-like social robot that could train you at your next job — Strictly Robots Stockholm-based technology startupFurhat Roboticsdesigned a social robot that communicates with gestures and emotions similar to humans.Read more... More aboutMashable Video,Robot,Artificial Intelligence,Ai, andStrictly Robots
Apple News+ Is Already Hitting a Roadblock Apple(NASDAQ: AAPL)has high hopes for Apple News+, the premium news subscription service itlaunched in March. Content publishers had long been frustrated with poor monetization in the free version of Apple News, and a subscription feecould prop upthe underlying economics of the paid version of the service. However, Applewants halfof all that subscription revenue, leaving publishers to divvy up the rest based on their proportionate share of engagement. It's not going well. Image source: Apple. Business Insiderreported last week that Apple is already considering making changes to the service to address a wide range of issues. News+ is more or less a rebranded version of Texture, the subscription-based magazine service that Apple acquired in early 2018. Texture was available on other platforms before getting shut down, while News+ is not. Apple reportedlygarnered 200,000free trial users for News+ immediately after launch, but it's unclear how many of those users may have converted to paid subscribers. Apple made lofty promises to publishers regarding how much subscription revenue they could expect, according to BI. One publishing exec told the outlet that the revenue has been "one twentieth" of what Apple forecast, and that the revenue is comparable to how much they were getting from Texture -- which is to say, not a lot. Other concerns include confusion around the interface since free content is presented next to paid content (with a small News+ icon), as well as focusing on magazine formats is proving less than ideal for news content that is typically text-based. Additionally, publishers want ways to bolster engagement within their own publications, since that's how they get paid. Many publishers feel like News+ is an unfinished product and that Apple isn't really all that committed to it, according to the report. Perhaps most troubling is a lack of underlying demand to begin with. Magazines have been in a long-term decline for years, and no one was clamoring for a service that offered subscription-based access to hundreds of periodicals. "No one wants all-you-can-eat magazine content," one executive told BI. For what it's worth, Apple seems receptive to feedback from its publishing partners and is attempting to address the concerns. That might require some patience, as Apple tends to release bigger updates at a slower pace, instead of other companies that constantly tweak apps with frequent, iterative releases. While Apple News+ seems off to a rocky start, the company could still turn things around. Apple is committed to News+ for at least a few years.The New York Postreported earlier this year that Apple's total cost for acquiring Texture was a massive $485 million, whichonly makes senseif the bulk of that total consists of content licensing costs over the next three years. News+ is unlikely to ever be material to the business, but will contribute a small number of paid subscriptions to the company'smarch to 500 million. 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 Evan Niu, CFAowns shares of Apple. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: short January 2020 $155 calls on Apple and long January 2020 $150 calls on Apple. The Motley Fool has adisclosure policy.
Estimating The Fair Value Of Clean Harbors, Inc. (NYSE:CLH) Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card! Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Clean Harbors, Inc. (NYSE:CLH) as an investment opportunity by taking the expected future cash flows and discounting them to their present value. I will use the Discounted Cash Flow (DCF) model. Don't get put off by the jargon, the math behind it is actually quite straightforward. Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. Anyone interested in learning a bit more about intrinsic value should have a read of theSimply Wall St analysis model. View our latest analysis for Clean Harbors We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: [{"": "Levered FCF ($, Millions)", "2019": "$202.3m", "2020": "$221.4m", "2021": "$237.1m", "2022": "$250.8m", "2023": "$263.0m", "2024": "$274.2m", "2025": "$284.5m", "2026": "$294.4m", "2027": "$303.9m", "2028": "$313.3m"}, {"": "Growth Rate Estimate Source", "2019": "Analyst x4", "2020": "Analyst x4", "2021": "Est @ 7.1%", "2022": "Est @ 5.79%", "2023": "Est @ 4.87%", "2024": "Est @ 4.23%", "2025": "Est @ 3.78%", "2026": "Est @ 3.46%", "2027": "Est @ 3.24%", "2028": "Est @ 3.09%"}, {"": "Present Value ($, Millions) Discounted @ 8.38%", "2019": "$186.7", "2020": "$188.5", "2021": "$186.2", "2022": "$181.8", "2023": "$175.9", "2024": "$169.2", "2025": "$162.0", "2026": "$154.6", "2027": "$147.3", "2028": "$140.1"}] ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF)= $1.7b The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 10-year government bond rate (2.7%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 8.4%. Terminal Value (TV)= FCF2029× (1 + g) ÷ (r – g) = US$313m × (1 + 2.7%) ÷ (8.4% – 2.7%) = US$5.7b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= $US$5.7b ÷ ( 1 + 8.4%)10= $2.55b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is $4.24b. To get the intrinsic value per share, we divide this by the total number of shares outstanding.This results in an intrinsic value estimate of $75.89. Relative to the current share price of $71.1, the company appears about fair value at a 6.3% discount to where the stock price trades currently. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind. Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Clean Harbors as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 8.4%, which is based on a levered beta of 0.948. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Although the valuation of a company is important, it shouldn’t be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. For Clean Harbors, I've put together three further aspects you should further examine: 1. Financial Health: Does CLH have a healthy balance sheet? Take a look at ourfree balance sheet analysis with six simple checkson key factors like leverage and risk. 2. Future Earnings: How does CLH's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with ourfree analyst growth expectation chart. 3. Other High Quality Alternatives: Are there other high quality stocks you could be holding instead of CLH? Exploreour interactive list of high quality stocksto get an idea of what else is out there you may be missing! PS. Simply Wall St updates its DCF calculation for every US stock every day, so if you want to find the intrinsic value of any other stock justsearch here. We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading.

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