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  • The best food marketing stunts of the year | CNN Business

    The best food marketing stunts of the year | CNN Business

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    New York
    CNN
     — 

    Comically oversized snack foods. A cocktail infused with processed cheese. And a fine dining establishment for feline lovers.

    In 2022, there were plenty of restaurants, food manufacturers and at least one artist collective that tried to break through with their shenanigans.

    These food stunts were often outrageous and sometimes regrettable. But only a few unleashed items that made us say, “wait, what? Why would you do that? Who would eat that?” And, occasionally: “that actually sounds pretty good.”

    Here’s what caught our attention this year.

    Over the summer, Kraft Heinz

    (KHC)
    introduced a new cocktail: The Veltini, a martini made with Velveeta-infused vodka, olive brine and vermouth, garnished with Velveeta-stuffed olives and Velveeta-stuffed shells. The concoction was available for a limited time at BLT steakhouses in New York, Washington, D.C., Charlotte and elsewhere.

    The drink was part of Kraft Heinz’s broader efforts to reinvigorate the Velveeta brand after it saw sales of the processed cheese jump during the pandemic. To help Velveeta stage a comeback, the brand launched a new ad campaign, made tweaks to its logo and sold a cheese-scented nail polish.

    The Veltini made a splash, even though (or perhaps because) those brave enough to try it were unenthused.

    One Washington Post writer said it looked “like a deranged cheese monster, with olives as beady eyes and a dripping Velveeta cheese rim as a lopsided mouth.” The Today Show’s Hoda Kotb tried it on air, reluctantly, and was not a fan. “Yuck,” she said, “No, girl, no.” Her co-host, Jenna Bush Hager, said it wasn’t bad.

    This cereal is supposed to be eaten with orange juice.

    To be clear, this isn’t orange juice cereal: It’s cereal designed to be eaten with orange juice instead of milk. OJ-maker Tropicana sold the honey almond cereal for a limited time in May in honor of National Orange Juice Day.

    The brand acknowledged that people might not be into the combination. “Whether you hate it or love it, you won’t know until you try it,” Tropicana said. “It may not be for everyone.”

    One reviewer who gave the franken-breakfast a shot described it as “​​not bad,” adding “I can’t imagine eating a bowl of this every day.”

    Plus, she said, it didn’t taste like it was supposed to go with orange juice specifically. “There’s absolutely nothing different from other cereals.”

    Oscar Maye's

    In August, Oscar Mayer, also owned by Kraft Heinz, introduced the “Cold Dog”: A hot-dog flavored popsicle. The item was sold for a limited time at Popbar locations in New York City, New Orleans and elsewhere.

    The idea came from a June Instagram post by Oscar Mayer which asked followers whether the idea was “genius” or “stupid.” Comments on the post range from horrified to intrigued. Enough people were interested to give Oscar Mayer the green light.

    “After the overwhelming fan excitement for our beloved Cold Dog, it was a no-brainer to make this hot dog-inspired frozen pop a reality,” Anne Field, an Oscar Mayer spokesperson, said in a press release at the time.

    So how did it taste? In at least one reviewer’s opinion, pretty good.

    “I was beyond skeptical of how they could make a hot dog popsicle taste good. And somehow, they managed to do it!” according to a writer at Delish, who noted that Popbar uses gelato as the base for its pops. “The gelato is extremely creamy and has a strong smokey flavor that balances out the popsicle’s delicate sweetness. The sweet ‘mustard’ drizzle makes it taste more like a proper ice cream.”

    A Big Cheez-It is 16 times larger than a regular Cheez-It.

    In late June, Taco Bell tested out an item called a “Big Cheez-It Tostada.” As the name implies, it’s a tostada which used a Big Cheez-It — specifically, a Cheez-It 16 times larger than a regular one — as its base. The chain also tested out a “Big Cheez-It Crunchwrap Supreme,” which included the giant Cheez-It within the wrap.

    The items were available for a limited-time at one Taco Bell location. On July 3, within a week of the launch, Taco Bell reported that the items had already sold out. “The Big Cheez-It Tostada and Big Cheez-It Crunchwrap are in such Big demand that our limited offer is no longer available,” the chain said.

    Reviewers who tried the item were mixed. “Very cheesy, mmm” said one. Another concluded that “it’s not bad, it’s just weird.” Some noted that the Cheez-It, big though it may be, was not strong enough to maintain the weight of the toppings.

    A large Cheez-It was also utilized by Pizza Hut in 2019, when the pizza chain introduced its stuffed Cheez-It pizza. The limited-time item included “four baked jumbo squares” stuffed with cheese or pepperoni and cheese, and came with a side of marinara sauce for dipping.

    We're gonna need a bigger boat.

    Unlike the Big Cheez-It Tostada, the Big Froot Loop is an unauthorized creation, made by the artist collective MSCHF.

    The loop weighs nearly half a pound, is 930 calories and recently went on sale for $19.99. MSCHF tried to make the big loop taste as much as possible like the real thing, according to MSCHF’s co-founder Daniel Greenberg.

    “We look at things in culture and figure out how to make a twist on it,” Greenberg previously told CNN. The thinking behind the project was straightforward: “Let’s make a big f—ing fruit loop and that was it.” According to the MSCHF site, the item, which went on sale December 19, is already sold out.

    Kellogg’s, which makes actual Froot Loops, was not into it.

    “Kellogg Company does not have a relationship with MSCHF and we were not involved in the creation of the Big Fruit Loop,” Kellogg spokesperson Kris Bahner previously told CNN in a statement. “The campaign does not accurately depict the Kellogg’s brand.”

    Bahner added that “given the trademark infringement and unauthorized use of our brand, we have reached out to the company seeking an amicable resolution.”

    A dish at

    Over the summer, Fancy Feast invited people to answer the question: What does cat food taste like? Well, sort of.

    The cat food maker briefly opened a restaurant called “Gatto Bianco by Fancy Feast” in New York City in August. Gatto Bianco was open for just two nights, with four seatings per night.

    The restaurant dishes drew inspiration from Fancy Feast Medleys, cat food that is itself inspired by human food like salmon primavera and turkey florentine. The restaurant’s menu was created by Amanda Hassner, in-house chef for Fancy Feast, as well as restaurateur Cesare Casella, a Michelin star winner, according to a Fancy Feast press release.

    “Food has the power to connect us to others in meaningful ways and take us to places we have never been,” Hassner said in a statement at the time. “The same is true for our cats.”

    Hassner added that “the dishes at Gatto Bianco are prepared in ways that help cat owners understand how their cats experience food — from flavor, to texture, to form.” On the menu, according to OpenTable, were baked sea bass, spare ribs, salmon, braised beef and for dessert, panna cotta, almond cake and affogato.

    A Mashable reporter dined at the exclusive restaurant and reported that “the food is tasty,” and the atmosphere feline. “The design of the restaurant itself is practically an Instagram installation for the cat-obsessed, complete with ornate cat wallpaper, gold-embellished Fancy Feast cloth napkins, and cat art (as in, artwork of cats, not art made by cats).”

    Papa Bowls are all topping, no crust.

    As a permanent addition to the Papa Johns menu, the no-crust, toppings-only Papa Bowls are technically not a stunt.

    But the menu offering was so polarizing when it launched in August that we had to give it a nod.

    The bowls were devised to help combat pandemic-induced pizza fatigue by giving Papa Johns customers an option that was, let’s say, pizza adjacent. The company also hoped that the bowls would eliminate the “veto vote,” when a restaurant is ruled out because it doesn’t have enough options for everyone in the dining party.

    The bowls come in three varieties: Chicken Alfredo; Italian Meats Trio with pepperoni, sausage and meatballs; and Garden Veggie. There’s also a build-your-own option.

    The announcement made quite a splash. Comedian Jon Stewart, who has made repeated jabs at Arby’s, said he owed an apology to the chain upon seeing news of the Papa Bowl. At least one YouTube reviewer panned the bowls, saying it was gross and slimy. But some people thought it was a good idea.

    And during a November analyst call, Papa Johns CEO Rob Lynch said the bowls are “performing well and in line with our expectations.”

    — Zoe Sottile and CNN’s Jordan Valinsky contributed to this report.

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  • FIFA rebuffed Zelensky’s offer to share message of peace at World Cup final, report says

    FIFA rebuffed Zelensky’s offer to share message of peace at World Cup final, report says

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    World soccer’s governing body FIFA rebuffed an offer from Ukrainian President Volodymyr Zelensky to share a message of world peace at the World Cup final, according to a CNN report.

    Citing an unnamed source, CNN reported that Zelensky’s office offered an appearance via video link prior to kickoff at Sunday’s final. Defending World Cup champion France takes on Argentina in the match at Lusail Stadium, several miles north of the Qatari capital Doha.

    The source told CNN that Zelensky’s office was surprised by the negative response. It’s unclear if the message was to be delivered live, or taped, the report said. “We thought FIFA wanted to use its platform for the greater good,” the source was quoted as having told CNN, reportedly adding that talks between Ukraine and FIFA are ongoing.

    See: Qatar World Cup controversy means sponsors are walking a tightrope

    MarketWatch has reached out to FIFA and Zelensky’s office with requests for comment.

    Since Russia launched its full-scale invasion of Ukraine on Feb. 24, Zelensky has used high-profile video addresses to rally international support for his embattled nation. These have included addresses to the U.N. General Assembly, the U.S. Congress, Britain’s House of Commons, the German Bundestag, the European Parliament and a G-20 summit, as well as video-link appearances at the Grammys and the Cannes Film Festival.

    The last World Cup was held in Russia, with Russian President Vladimir Putin in attendance as France defeated Croatia 4-2 in the final. (FIFA, controversially, announced its host-country selections for 2018 and 2022 — Russia and Qatar — on the same December day in 2010.)

    The 2022 tournament is perhaps the most controversial in World Cup history, with Qatar facing a barrage of criticism over its treatment of migrant workers and its approach to LGBTQ+ rights in the country.

    Now read: British band the Farm blocks McDonald’s from using hit song in Qatar World Cup ad

    The criticism of Qatar, the first Arab nation to host a World Cup, reached a crescendo before the tournament kicked off last month. During a press conference on the eve of the opening game, FIFA’s president, Gianni Infantino, launched into a lengthy defense of the decision to hold the tournamentin Qatar and accused the West of “hypocrisy.”

    This World Cup is also the first to take place during the northern hemisphere’s winter. Traditionally, the tournament takes place in June and July, but this year’s tournament was moved to minimize the impact of Qatar’s searing heat.

    See: For Budweiser, Qatar World Cup has been a tale of tough logistics and quick thinking

    Branding experts have observed that this controversial World Cup poses challenges for the big-name corporations involved in the event. FIFA’s list of partners includes U.S. corporate titans Coca-Cola Co.
    KO,
    -0.57%

     and Visa Inc. 
    V,
    -0.49%
    ,
      who are both involved in the Qatar event. McDonald’s Corp. 
    MCD,
    -2.06%

    and Crypto.com are also World Cup sponsors.

    The tournament’s beer sponsor, Budweiser, an Anheuser-Busch InBev
    BUD,
    -0.18%

    brand, has had a particularly eventful several weeks in Qatar. In an abrupt reversal just two days before the soccer showpiece kicked, Qatar organizers banned beer sales in the tournament’s eight stadiums.

    The reversal of that decision appeared to take Budweiser by surprise, with the company tweeting “Well, this is awkward …” before deleting the post. Budweiser quickly shrugged off the beer ban and promised a huge victory party for the country that wins the soccer showpiece.

    Fox Sports, which is owned by Fox Corp.
    FOX,
    -0.21%
    ,
     a sister company of MarketWatch publisher Dow Jones’s parent company, News Corp
    NWSA,
    +0.28%
    ,
      holds English-language broadcast rights in the U.S. to the Qatar World Cup.

    Read on: Could Qatar’s ‘reusable’ World Cup stadium end up in Uruguay? There are some amazing plans for tournament venues.

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  • Vanguard sees a recession in 2023 — and one ‘silver lining’ for investors

    Vanguard sees a recession in 2023 — and one ‘silver lining’ for investors

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    The last 12 months was a year of fast-rising inflation, fast-rising interest rates and fast-rising questions about a future recession.

    Prices went up while stock markets and savings account balances went down, leaving consumers and investors dizzy and their wallets hurting.

    There may be more financial pain, that’s pretty sure — but it might not be as bad as feared, according to Vanguard’s look ahead to 2023.

    The likely recession will not send jobless rates charging sharply higher, sticker shock will fade for the price of goods, and the rise in rent and mortgages will also ease, Vanguard said.

    On Tuesday, inflation data for November showed prices are continuing to cool. Analysts say that makes a 50-basis point increase, rather than a 75-basis-point increase, more likely.

    The good news: This opens up chances for stocks to rebound, the asset-manager added.

    The outlook, released this week, comes as Americans are trying to guess what 2023 holds for their finances while they manage their holiday shopping budgets, and 2022 investments.

    On Tuesday, inflation data for November showed prices are continuing to cool. From October to November, the cost of living nudged up 0.1%, lower than the 0.3% forecast, the Consumer Price Index showed. Year over year, the inflation rate receded to 7.1% from 7.7% in October, according to the CPI data.

    On Wednesday, the Federal Reserve will announce its latest decision on interest rate increases. A 50-basis point increase is widely expected after four jumbo-sized 75-basis point hikes from the central bank.

    Here’s one roadmap for what’s next, as far as Vanguard’s researchers and experts can see.

    Hot inflation will cool

    Inflation rates during 2022 climbed to four-decade highs. There have been signs of easing, such as smaller-than-expected price increases in October.

    “As we step into 2023, early signs of a recovery in goods supply and softening demand could help balance supply and demand for consumption goods and bring prices lower,” the authors noted ahead of Tuesday’s CPI numbers.

    But the cost and demand of services are going to prevent a quick fall, they noted. Signs of slowing price increases are already emerging in rents and mortgages, but they will take longer to ease than prices of consumer goods, the authors said.

    That echoes the view from Treasury Secretary Janet Yellen, who said Sunday there will be “much lower inflation,” absent any unanticipated shocks to the economy.

    But while hot inflation will cool, it will still be warm to the touch. The Fed says 2% inflation is its target goal; Vanguard sees 3% inflation by the end of 2023.

    A recession is very much on the cards

    As “generationally high inflation” slowed economies across the world, the Fed and other central banks have countered with interest-rate increases to tame price increases. That “will ultimately succeed, but at a cost of a global recession in 2023,” according to Vanguard’s report. Vanguard sees a 90% chance of a recession in the United States by the end of next year.

    Vanguard is hardly alone in the recession call, so the question is how bad could the big picture look?

    In Vanguard’s view, it’s not so bad. “Households, businesses, and financial institutions are in a much better position to handle the eventual downturn, such that drawing parallels with the 1970s, 1980s, 2008, or 2020 seems misplaced,” the authors wrote.

    Job losses may be clustered

    For now, the jobless rate in a tight labor market is 3.7%, which is just a little above the lowest levels in five decades. That stands against the headline-grabbing list of companies where layoffs are mounting, notably in the tech sector.

    When a recession, in all likelihood, lands next year, “unemployment may peak around 5%, a historically low rate for a recession,” the Vanguard outlook said. As interest rates climb, the job losses “should be most concentrated in the technology and real estate sectors, which were among the strongest beneficiaries of the zero-rate environment.”

    The unemployment rate going from 3.7% to the 5% vicinity is “a sizable move,” Roger Aliaga-Díaz, Americas chief economist for Vanguard, said in a Monday press conference on the report. “But it is less dramatic of a rise than compared to past recessions perhaps.”

    Spotting the opportunities

    When interest rates go up, bond prices go down. So it’s been difficult for bonds with lower returns and “near-term pain” for investors this year, the Vanguard outlook said.

    “However the bright side of higher rates is higher interest payments. These have led our return expectations for U.S. and international bonds to increase by more than twofold,” the report said.

    Vanguard said U.S. bond return projections could be 4.1% – 5.1% annually over the next year versus its 1.4% – 2.4% return estimate last year. For U.S. stocks, the forecast could be 4.7% – 6.7% annually, while returns in emerging market equities could be between 7% and 9%.

    On Tuesday morning, stock markets are soaring higher on the cooler than expected inflation data, igniting hopes of an end of year Santa Claus rally.

    ‘There’s one silver lining of our outlook for a modest global recession. And it’s the clear silver lining of higher expected returns for investors.’


    — Joseph Davis, Vanguard’s chief global economist

    Still, the Dow Jones Industrial Average
    DJIA,
    +0.30%

    is down nearly 5% year to date. The S&P 500
    SPX,
    +0.73%

    is off 14% in that time and for the Nasdaq Composite
    COMP,
    +0.38%

    is down more than 26%.

    When the market hits bottom is impossible to know, the outlook said — but it noted “valuations and yields are clearly more attractive than they were a year ago.”

    “There’s one silver lining of our outlook for a modest global recession. And it’s the clear silver lining of higher expected returns for investors,” said Joseph Davis, Vanguard’s chief global economist.

    “We’re long concerned that the low rate environment was both unsustainable and ultimately a tax and a headwind for savers and long term investors,” Davis said.

    But even with all the turbulence this year, “we certainly are starting to see the dividends to higher real interest rates around the world in the higher projected returns that we anticipate for investors over the coming decade.”

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  • Best stock picks for 2023: Here are Wall Street analysts’ most heavily favored choices

    Best stock picks for 2023: Here are Wall Street analysts’ most heavily favored choices

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    Following a sharp and sustained rise in interest rates, U.S. stocks have taken a broad beating this year.

    But 2023 may bring very different circumstances.

    Below are lists of analysts’ favorite stocks among the benchmark S&P 500
    SPX,
    the S&P 400 Mid Cap Index
    MID
    and the S&P Small Cap 600 Index
    SML
    that are expected to rise the most over the next year. Those lists are followed by a summary of opinions of all 30 stocks in the Dow Jones Industrial Average
    DJIA.

    Stocks rallied on Dec. 13 when the November CPI report showed a much slower inflation pace than economists had expected. Investors were also anticipating the Federal Open Market Committee’s next monetary policy announcement on Dec. 14. The consensus among economists polled by FactSet is for the Federal Reserve to raise the federal funds rate by 0.50% to a target range of 4.50% to 4.75%.

    Read: 5 things to watch when the Fed makes its interest-rate decision

    A 0.50% increase would be a slowdown from the four previous increases of 0.75%. The rate began 2022 in a range of zero to 0.25%, where it had sat since March 2020.

    A pivot for the Fed Reserve and the possibility that the federal funds rate will reach its “terminal” rate (the highest for this cycle) in the near term could set the stage for a broad rally for stocks in 2023.

    Wall Street’s large-cap favorites

    Among the S&P 500, 92 stocks are rated “buy” or the equivalent by at least 75% of analysts working for brokerage firms. That number itself is interesting — at the end of 2021, 93 of the S&P 500 had this distinction. Meanwhile, the S&P 500 has declined 16% in 2022, with all sectors down except for energy, which has risen 53%, and the utilities sector, which his risen 1% (both excluding dividends).

    Here are the 20 stocks in the S&P 500 with at least 75% “buy” or equivalent ratings that analysts expect to rise the most over the next year, based on consensus price targets:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    EQT Corp.

    EQT Oil and Gas Production

    $36.91

    $59.70

    62%

    78%

    69%

    Catalent Inc.

    CTLT Pharmaceuticals

    $45.50

    $72.42

    59%

    75%

    -64%

    Amazon.com Inc.

    AMZN Internet Retail

    $90.55

    $136.02

    50%

    91%

    -46%

    Global Payments Inc.

    GPN Misc. Commercial Services

    $99.64

    $147.43

    48%

    75%

    -26%

    Signature Bank

    SBNY Regional Banks

    $122.73

    $180.44

    47%

    78%

    -62%

    Salesforce Inc.

    CRM Software

    $133.11

    $195.59

    47%

    80%

    -48%

    Bio-Rad Laboratories Inc. Class A

    BIO Medical Specialties

    $418.28

    $591.00

    41%

    100%

    -45%

    Zoetis Inc. Class A

    ZTS Pharmaceuticals

    $152.86

    $212.80

    39%

    87%

    -37%

    Delta Air Lines Inc.

    DAL Airlines

    $34.77

    $48.31

    39%

    90%

    -11%

    Diamondback Energy Inc.

    FANG Oil and Gas Production

    $134.21

    $182.33

    36%

    84%

    24%

    Caesars Entertainment Inc

    CZR Casinos/ Gaming

    $50.27

    $67.79

    35%

    81%

    -46%

    Alphabet Inc. Class A

    GOOGL Internet Software/ Services

    $93.31

    $125.70

    35%

    92%

    -36%

    Halliburton Co.

    HAL Oilfield Services/ Equipment

    $34.30

    $45.95

    34%

    86%

    50%

    Alaska Air Group Inc.

    ALK Airlines

    $45.75

    $61.08

    34%

    93%

    -12%

    Targa Resources Corp.

    TRGP Gas Distributors

    $70.42

    $93.95

    33%

    95%

    35%

    Charles River Laboratories International Inc.

    CRL Misc. Commercial Services

    $201.94

    $269.25

    33%

    88%

    -46%

    ServiceNow Inc.

    NOW Information Technology Services

    $401.64

    $529.83

    32%

    92%

    -38%

    Take-Two Interactive Software Inc.

    TTWO Software

    $102.61

    $135.04

    32%

    79%

    -42%

    EOG Resources Inc.

    EOG Oil and Gas Production

    $124.06

    $158.24

    28%

    82%

    40%

    Southwest Airlines Co.

    LUV Airlines

    $38.94

    $49.56

    27%

    76%

    -9%

    Source: FactSet

    Most of the companies on the S&P 500 list expected to soar in 2023 have seen large declines in 2022. But the company at the top of the list, EQT Corp.
    EQT,
    is an exception. The stock has risen 69% in 2022 and is expected to add another 62% over the next 12 months. Analysts expect the company’s earnings per share to double during 2023 (in part from its expected acquisition of THQ), after nearly a four-fold EPS increase in 2022.

    Shares of Amazon.com Inc.
    AMZN
    are expected to soar 50% over the next year, following a decline of 46% so far in 2022. If the shares were to rise 50% from here to the price target of $136.02, they would still be 18% below their closing price of 166.72 at the end of 2021.

    Read: Here’s why Amazon is Citi’s top internet stock idea

    You can see the earnings estimates and more for any stock in this article by clicking on its ticker.

    Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.

    Mid-cap stocks expected to rise the most

    The lists of favored stocks are limited to those covered by at least five analysts polled by FactSet.

    Among components of the S&P 400 Mid Cap Index, there are 84 stocks with at least 75% “buy” ratings. Here at the 20 expected to rise the most over the next year:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    Arrowhead Pharmaceuticals Inc.

    ARWR Biotechnology

    $31.85

    $69.69

    119%

    83%

    -52%

    Lantheus Holdings Inc.

    LNTH Medical Specialties

    $54.92

    $102.00

    86%

    100%

    90%

    Progyny Inc.

    PGNY Misc. Commercial Services

    $31.21

    $55.57

    78%

    100%

    -38%

    Coherent Corp.

    COHR Electronic Equipment/ Instruments

    $35.41

    $60.56

    71%

    84%

    -48%

    Exelixis Inc.

    EXEL Biotechnology

    $16.08

    $26.07

    62%

    81%

    -12%

    Darling Ingredients Inc.

    DAR Food: Specialty/ Candy

    $61.17

    $97.36

    59%

    93%

    -12%

    Perrigo Co. PLC

    PRGO Pharmaceuticals

    $31.83

    $49.25

    55%

    100%

    -18%

    Mattel Inc.

    MAT Recreational Products

    $17.39

    $26.58

    53%

    87%

    -19%

    ACI Worldwide Inc.

    ACIW Software

    $20.75

    $31.40

    51%

    83%

    -40%

    Topgolf Callaway Brands Corp.

    MODG Recreational Products

    $21.99

    $32.91

    50%

    83%

    -20%

    Dycom Industries Inc.

    DY Engineering and Construction

    $86.03

    $128.13

    49%

    100%

    -8%

    Travel + Leisure Co.

    TNL Hotels/ Resorts/ Cruiselines

    $37.98

    $56.00

    47%

    75%

    -31%

    Frontier Communications Parent Inc.

    FYBR Telecommunications

    $25.21

    $36.18

    44%

    82%

    -15%

    Manhattan Associates Inc.

    MANH Software

    $120.06

    $171.80

    43%

    88%

    -23%

    MP Materials Corp Class A

    MP Other Metals/ Minerals

    $31.39

    $44.79

    43%

    92%

    -31%

    Lumentum Holdings Inc.

    LITE Electrical Products

    $54.45

    $76.44

    40%

    76%

    -49%

    Tenet Healthcare Corp.

    THC Hospital/ Nursing Management

    $44.22

    $62.00

    40%

    80%

    -46%

    Repligen Corp.

    RGEN Pharmaceuticals

    $166.88

    $233.10

    40%

    82%

    -37%

    STAAR Surgical Co.

    STAA Medical Specialties

    $59.57

    $82.67

    39%

    82%

    -35%

    Carlisle Cos. Inc.

    CSL Building Products

    $251.99

    $348.33

    38%

    75%

    2%

    Source: FactSet

    Wall Street’s favorite small-cap names

    Among companies in the S&P Small Cap 600 Index, 91 are rated “buy” or the equivalent by at least 75% of analysts. Here are the 20 with the highest 12-month upside potential indicated by consensus price targets:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    UniQure NV

    QURE Biotechnology

    $22.99

    $51.29

    123%

    95%

    11%

    Cara Therapeutics Inc.

    CARA Biotechnology

    $11.34

    $23.63

    108%

    88%

    -7%

    Vir Biotechnology Inc.

    VIR Biotechnology

    $25.50

    $53.00

    108%

    75%

    -39%

    Dynavax Technologies Corp.

    DVAX Biotechnology

    $11.22

    $23.20

    107%

    100%

    -20%

    Thryv Holdings Inc.

    THRY Advertising/ Marketing Services

    $18.40

    $36.75

    100%

    100%

    -55%

    Artivion Inc.

    AORT Medical Specialties

    $12.93

    $23.13

    79%

    83%

    -36%

    Cytokinetics Inc.

    CYTK Pharmaceuticals

    $38.33

    $67.43

    76%

    100%

    -16%

    Harsco Corp.

    HSC Environmental Services

    $7.17

    $12.30

    72%

    80%

    -57%

    Ligand Pharmaceuticals Inc.

    LGND Pharmaceuticals

    $64.80

    $110.83

    71%

    100%

    -35%

    Corcept Therapeutics Inc.

    CORT Pharmaceuticals

    $20.84

    $34.20

    64%

    80%

    5%

    Payoneer Global Inc.

    PAYO Misc. Commercial Services

    $5.70

    $9.33

    64%

    100%

    -22%

    Xencor Inc.

    XNCR Biotechnology

    $28.69

    $46.71

    63%

    93%

    -28%

    Pacira Biosciences Inc.

    PCRX Pharmaceuticals

    $45.50

    $72.90

    60%

    80%

    -24%

    BioLife Solutions Inc.

    BLFS Chemicals

    $19.72

    $31.38

    59%

    89%

    -47%

    Customers Bancorp Inc.

    CUBI Regional Banks

    $30.00

    $47.63

    59%

    75%

    -54%

    ModivCare Inc.

    MODV Other Transportation

    $92.22

    $145.83

    58%

    100%

    -38%

    Stride Inc.

    LRN Consumer Services

    $32.56

    $51.25

    57%

    100%

    -2%

    Ranger Oil Corp. Class A

    ROCC Oil and Gas Production

    $36.98

    $58.00

    57%

    100%

    37%

    Outfront Media Inc.

    OUT Real Estate Investment Trusts

    $17.59

    $27.00

    53%

    83%

    -34%

    Walker & Dunlop Inc.

    WD Finance/ Rental/ Leasing

    $82.22

    $125.20

    52%

    100%

    -46%

    Source: FactSet

    The Dow

    Here are all 30 components of the Dow Jones Industrial Average ranked by how much analysts expect their prices to rise over the next year:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    Salesforce Inc.

    CRM Software

    $133.11

    $195.59

    47%

    80%

    -48%

    Walt Disney Co.

    DIS Movies/ Entertainment

    $94.66

    $119.60

    26%

    82%

    -39%

    Apple Inc.

    AAPL Telecommunications Equipment

    $144.49

    $173.70

    20%

    74%

    -19%

    Verizon Communications Inc.

    VZ Telecommunications

    $37.95

    $44.60

    18%

    21%

    -27%

    Visa Inc. Class A

    V Misc.s Commercial Services

    $214.59

    $249.33

    16%

    86%

    -1%

    Microsoft Corp.

    MSFT Software

    $252.51

    $293.06

    16%

    91%

    -25%

    Chevron Corp.

    CVX Integrated Oil

    $169.75

    $191.20

    13%

    54%

    45%

    Cisco Systems Inc.

    CSCO Information Technology Services

    $49.30

    $53.76

    9%

    44%

    -22%

    UnitedHealth Group Inc.

    UNH Managed Health Care

    $545.86

    $593.30

    9%

    85%

    9%

    Goldman Sachs Group Inc.

    GS Investment Banks/ Brokers

    $363.18

    $392.63

    8%

    59%

    -5%

    Walmart Inc.

    WMT Specialty Stores

    $148.02

    $159.86

    8%

    72%

    2%

    JPMorgan Chase & Co.

    JPM Banks

    $134.21

    $143.84

    7%

    59%

    -15%

    Home Depot Inc.

    HD Home Improvement Chains

    $327.98

    $346.61

    6%

    61%

    -21%

    American Express Co.

    AXP Finance/ Rental/ Leasing

    $157.31

    $164.57

    5%

    43%

    -4%

    McDonald’s Corp.

    MCD Restaurants

    $276.62

    $288.67

    4%

    72%

    3%

    Johnson & Johnson

    JNJ Pharmaceuticals

    $177.84

    $185.35

    4%

    36%

    4%

    Coca-Cola Co.

    KO Beverages: Non-Alcoholic

    $63.97

    $66.62

    4%

    73%

    8%

    Boeing Co.

    BA Aerospace and Defense

    $186.27

    $192.69

    3%

    77%

    -7%

    Intel Corp.

    INTC Semiconductors

    $28.69

    $29.54

    3%

    13%

    -44%

    Walgreens Boots Alliance Inc.

    WBA Drugstore Chains

    $41.06

    $42.24

    3%

    17%

    -21%

    Merck & Co. Inc.

    MRK Pharmaceuticals

    $108.97

    $110.62

    2%

    65%

    42%

    Caterpillar Inc.

    CAT Trucks/ Construction/ Farm Machinery

    $233.06

    $236.23

    1%

    41%

    13%

    Honeywell International Inc.

    HON Aerospace and Defense

    $214.50

    $217.35

    1%

    54%

    3%

    Nike Inc. Class B

    NKE Apparel/ Footwear

    $112.07

    $112.58

    0%

    64%

    -33%

    3M Co.

    MMM Industrial Conglomerates

    $126.85

    $127.30

    0%

    5%

    -29%

    Procter & Gamble Co.

    PG Household/ Personal Care

    $152.47

    $150.22

    -1%

    59%

    -7%

    Travelers Companies Inc.

    TRV Multi-Line Insurance

    $187.11

    $184.24

    -2%

    18%

    20%

    Amgen Inc.

    AMGN Biotechnology

    $276.78

    $264.79

    -4%

    24%

    23%

    Dow Inc.

    DOW Chemicals

    $51.11

    $48.73

    -5%

    15%

    -10%

    International Business Machines Corp.

    IBM Information Technology Services

    $149.21

    $140.29

    -6%

    33%

    12%

    Source: FactSet

    Don’t miss: 10 Dividend Aristocrat stocks expected by analysts to rise up to 54% in 2023

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  • Novozymes and Chr. Hansen agree deal to merge

    Novozymes and Chr. Hansen agree deal to merge

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    Danish biotechnology companies Novozymes AS
    NZYM.B,
    -10.74%

    and Chr. Hansen Holding AS
    CHR,
    +25.98%

    said Monday they have agreed to merge, creating a biological solutions provider with combined annual revenue of around 3.5 billion euros ($3.69 billion).

    The companies, which produce products such as enzymes, probiotics and biopharmaceutical ingredients, said the combination between two strategically complementary businesses will drive efficiencies while unlocking potential within biosolutions and providing additional growth opportunities.

    “Novozymes and Chr. Hansen share the strong conviction that our combined scale, know-how, commercial strengths, and innovation excellence will drive value for our shareholders, customers and society at large,” said Novozymes Chief Executive Ester Baiget.

    The deal will see Chr. Hansen shareholders receive 1.5326 new B-shares in Novozymes for each Chr. Hansen share, reflecting an implied premium of 49% to Chr. Hansen’s closing share price on Friday and valuing each Chr. Hansen share at 660.55 Danish kroner ($93.53) a share.

    Novo Holdings AS, the largest shareholder in both Novozymes and Chr. Hansen, will support the proposed merger and exchange its 22% stake in Chr. Hansen at an exchange ratio of 1.0227 new B-shares in Novozymes.

    The companies said they see annual revenue synergies of EUR200 million within four years after completion of the deal.

    Write to Dominic Chopping at dominic.chopping@wsj.com

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  • Coca-Cola is getting into Christmas movies | CNN Business

    Coca-Cola is getting into Christmas movies | CNN Business

    [ad_1]


    New York
    CNN Business
     — 

    Coca-Cola is hoping that this holiday season, families will crack open some Cokes, settle into a comfy spot and watch its first Christmas Anthology film series.

    The beverage company partnered with production firm Imagine Entertainment to create three short films, which are available to watch on Amazon Prime across the globe starting Wednesday.

    The venture is a continuation of Coca-Cola’s Real Magic platform, which takes an experimental approach to marketing the company’s core product.

    In the past year, Real Magic has focused on unusual, limited-time flavors such as Starlight, Byte and Dreamworld, which have been launched alongside digital experiences including a holographic concert and a debut in Fortnite. The Christmas Anthology is part of a new platform called Real Magic Presents.

    For Coca-Cola

    (KO)
    , it’s important to do more than just sell soda — the soda giant has to connect with younger consumers and build new traditions, especially as interest in sugary, carbonated soft drinks stagnates.

    “We’re always exploring new ways to reach our audience,” said Selman Careaga, category president of Coca-Cola trademark, calling Christmas “a great canvas for creativity.” The anthology, he said, is “a new way to engage” with the holiday.

    Coca-Cola has a history of associating itself with Christmas, so much so that the company has an FAQ page for “Did Coca-Cola create Santa Claus?” (The answer: Sort of. In 1931, the company commissioned a painting of Santa that aligns with how he is portrayed in the US today, according to the page.)

    In more recent years, the company’s polar bears and brightly-lit trucks have been strongly linked with the holiday.

    This year, Coke is trying something a little more high-concept.

    After launching the Real Magic platform in 2021, Coca-Cola published a video on YouTube called “Real Magic at Christmas,” about a boy who bonds with his new neighbors by working together to build a chimney out of cardboard boxes.

    This year, the short films are longer — running between 10 and 12 minutes — and more ambitious.

    A vampire meets his girlfriend's family.

    There’s “Alma,” which shows a single mom who has cooled on Christmas being reminded of the joy of the holiday by a sentient computer; “Les Petits Mondes De Noël,” a moody love story about two exes who reunite in Paris; and “Christmas Bites,” about a vampire who wins over his girlfriend’s family when he steps in for Santa on Christmas Eve.

    A viewer wouldn’t necessarily know that these are Coca-Cola movies, except for the fact that each film features at least one character sipping a Coke.

    But for the company, the shorts are about more than just product placement. “It allows us to work on content that fits into our Real Magic platform,” said Careaga.

    The films are not your typical cheesy Christmas movie, and not only because they’re shorts. There are no overt love stories, fat snowflakes swirling around fake sets or ugly sweaters (at least, not too many).

    The Hallmark model may be popular in the United States, but it doesn’t necessarily have global appeal, said Marc Gilbar, EVP of brands and documentaries at Imagine Entertainment.

    Characters reconnect in

    “I mentioned Hallmark films” to members of the global team working on the project, Gilbar said. “That shorthand doesn’t mean much to someone in Spain or someone in Argentina. It’s more centered on our traditions.”

    The Coca-Cola anthology is designed to appeal to a global audience. “Alma,” set in Mexico, is in Spanish, and “Les Petits Mondes De Noël,” is in French. Only “Christmas Bites” is in English.

    And although these are certainly Christmas movies, they’re not overtly religious.

    “Christmas means different things to different people,” Gilbar said. “The religious aspect never really came up. It was more about other traditions.”

    As Coke dips its toes in film-making, rival Pepsi took another approach, partnering with “Falling for Christmas” star Lindsay Lohan to promote Pilk, or Pepsi plus milk, as a holiday tradition.

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  • $3,000 gold and more outrageous market predictions investors shouldn’t brush aside.

    $3,000 gold and more outrageous market predictions investors shouldn’t brush aside.

    [ad_1]

    Monday served as another smackdown for investors who are banking on a Goldilocks economy and a less aggressive Fed.

    Some are now not ruling out a Grinch-like turn from the central bank — a 0.75% hike next week instead of the 0.50% markets have been pinning hopes on — following strong data on services, jobs and wages.

    It all goes along with the theme of 2022 — expect the unexpected. The relief of moving out of a crippling pandemic was quickly replaced by the biggest war on Europe’s shores in decades, that sparked worldwide inflation surges.

    What comes next is anyone’s guess and that brings us to our call of the day via Saxo Bank’s annual “Outrageous Predictions” for 2023.

    While some of these will sound crazy, note that the Saxo team, led by Chief Investment Officer Steen Jakobsen, have nailed a few wild prophecies in the past decade. Those include: a Brexit prediction in 2015, a 25% drop for the S&P 500 from its 2007 high in 2008, a tripling of Bitcoin’s value forecast in 2017.

    The focus for 2023’s prediction is that “a return to the disinflationary prepandemic dynamic is impossible because we have entered into a global war economy, with every major power across the world now scrambling to shore up their national security on all fronts; whether in an actual military sense, or due to profound supply-chain, energy and even financial insecurities that have been laid bare by the pandemic experience and Russia’s invasion of Ukraine,” says Jakobsen.

    As for those predictions, here we go:

    • Gold crosses $2,075 then rockets to $3,000 on unstoppable inflation. “Fed policy tightening and quantitative tightening drives a new snag in U.S. treasury markets that forces new sneaky ‘measures’ to contain Treasury market volatility that really amounts to new de facto quantitative easing,” says Saxo. And China’s end of zero-COVID drives up demand, commodity prices and inflation.

    • Widespread price controls to cap official inflation due to war economy mentality. “In 2023, expect broadening price and even wage controls, maybe even something like a new National Board for Prices and Incomes being established in the U.K. and the U.S.,” said Saxo. Market fallout? Fuel for gold’s
      GC00,
      +0.19%

      climb.

    • There’s a new reserve asset in town. Non U.S.-allied countries move away from the U.S. and IMF to create an “international clearing union (ICU) and a new reserve asset, called the Bancor (currency code KEY)” that borrows from economist John Maynard Keynes idea of resisting U.S. power over the international monetary system. Nonaligned central banks slash U.S. dollar reserves, Treasury yields soar and the dollar
      DXY,
      +0.09%

      drops 25% against a basket of currencies that trade with Bancor.

    • Japan pegs USDJPY to 200. Pressure intensifies on the already weak yen
      USDJPY,
      +0.04%

      into 2023 as currency intervention fails and inflation soars. The government resets the financial system, erasing all debt, recapitalizing banks, as trillions of yen return to Japan shores. But the yen still weakens by year-end.

    • A $10 trillion-dollar Manhattan project. A team of major tech leaders form a mega research-and-development effort for energy infrastructure and ground-breaking technologies — the Third Stone. Companies tied to the project soar in an overall weak environment for investing.

    • Tax haven ban kills private equity. The OECD launches a full ban on the biggest tax havens in the world in 2023 and in the U.S., carried interest tax as capital gains is shifted to ordinary income. It’s a body blow for private equity and venture capital — the valuation of publicly listed private-equity firms fall 50%.

    The rest of their predictions are here, such as the formation of an EU Armed Forces in 2023 and an “UnBrexit” referendum.

    Read: Why Monday’s stock-market rout should be a wake up call for investors

    The markets

    MarketWatch

    Stocks
    DJIA,
    -0.96%

     
    SPX,
    -1.40%

     
    COMP,
    -1.77%

    are drifting into the red, with Treasury yields
    TMUBMUSD10Y,
    3.571%

     
    TMUBMUSD02Y,
    4.395%

    steady, the dollar
    DXY,
    +0.09%

    lower and oil
    CL.1,
    -3.43%

     
    BRN00,
    -3.73%

    also down.

    For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily.

    The buzz

    BioVie stock
    BIVI,
    -18.43%

    is climbing after positive results from the clinical-stage biopharmaceutical company on a drug for Parkinson’s and Alzheimer’s.

    NRG Energy
    NRG,
    -15.79%

    agreed to buy Vivint Smart Home
    VVNT,
    +32.31%

    in a $5.2 billion deal. Vivint shares are soaring.

    MEI Pharma
    MEIP,
    -33.52%

    shares are tumbing after drugmaker said it would stop developing cancer treatment zandelisib outside of Japan and announces job cuts. Herbalife shares
    HLF,
    -18.85%

    are down 10% after an offering of convertible notes 

    Powell Industries
    POWL,
    +19.11%

    stock is up 9% after the electrical equipment maker’s well-received results and new orders. Within software Sumo Logic
    SUMO,
    +11.65%

    and GitLab shares
    GTLB,
    +5.71%

    are surging on upbeat results and forecasts.

    Layoffs extending beyond tech? PepsiCo 
    PEP,
    -0.86%

    is reportedly cutting hundreds of workers at its North American headquarters.

    Home builder Toll Brothers
    TOL,
    -1.56%

    will report results after the close.

    The October trade deficit jumped 5.4% to $78,2 billion.

    The U.S. and EU are reportedly considering fresh steel and aluminum tariffs on China to fight carbon emissions.

    Best of the web

    “Nothing to be glad about.” An empty, lonely and cold formerly occupied Ukraine city.

    Morocco’s World Cup team leans on its secret weapon of parents in the stands.

    Why human composting could be the next big thing.

    The chart

    Headed into the holidays, consumers are using savings and credit, says a team of Jefferies analysts led by Corey Tarlowe. “The savings rate continues to trend lower and credit card balances are growing +15% Y/Y. We believe these trends indicate that the consumer is stretched.”

    Against this backdrop, they like Costco
    COST,
    -1.34%
    ,
    Dollar General
    DG,
    -1.52%
    ,
    Target
    TGT,
    +0.13%

    and Walmart
    WMT,
    -0.98%
    .


    FactSet/Jefferies

    The tickers

    These were the top-searched tickers on MarketWatch at 6 a.m.:

    Ticker

    Security name

    TSLA,
    -2.00%
    Tesla

    GME,
    -5.32%
    GameStop

    AMC,
    -9.00%
    AMC Entertainment

    NIO,
    +2.37%
    NIO

    BBBY,
    -8.86%
    Bed Bath & Beyond

    AAPL,
    -1.83%
    Apple

    APE,
    -5.40%
    AMC Entertainment Holdings preferred shares

    COSM,
    -17.49%
    Cosmos

    AMZN,
    -2.26%
    Amazon.com

    MULN,
    -3.08%
    Mullen Automotive

    Random reads

    Tributes pour after “Cheers” star Kirstie Alley dies at 71.

    Happy 190th birthday to the world’s oldest tortoise.

    A green Grinchy dog for Christmas? Not everyone’s heart grew three sizes.

    Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.

    Listen to the Best New Ideas in Money podcast with MarketWatch reporter Charles Passy and economist Stephanie Kelton

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  • World Cup fans find booze at hotels, Qatar’s 1 liquor store

    World Cup fans find booze at hotels, Qatar’s 1 liquor store

    [ad_1]

    DOHA, Qatar — In a dusty neighborhood on the outskirts of Qatar’s capital, guards stand duty at a gated compound ringed with razor wire, carefully checking passports and permits before allowing anyone inside. But this isn’t a prison or a high-security area associated with the ongoing World Cup.

    It’s the liquor store.

    Rigid limits on alcohol are a fact of life in this conservative Muslim nation on the Arabian Peninsula, which follows the same strict Wahhabi interpretation of Islam as its neighbor Saudi Arabia. Soccer fans coming to Qatar for the World Cup got a taste of that just before the tournament as authorities cancelled beer sales at stadiums.

    Yet corks continue to be popped in luxury boxes at games. Fans are filling pints from beer towers at dozens of hotel bars, lounges and nightclubs with liquor licenses. Sales of $14 Budweisers at Doha’s FIFA Fan Zone continue unabated.

    “Not to say that you need alcohol to fuel your life, but it’s a good time,” said Ed Ball, an American who created an online map for imbibers in Doha to find bars. “The idea being passed around that you can’t drink in Qatar is wrong. There are places.”

    In addition to the bars, there’s the liquor store where non-Muslim residents and visitors can shop after applying for a government-issued license. Located next to an Indian school in Doha’s dusty Abu Hamour neighborhood, it is run by the Qatar Distribution Co., a state-owned enterprise under the umbrella of Qatar Airways, which holds exclusive rights to distribute alcohol and pork in the country.

    The store — currently the only one selling liquor in Qatar — operates on an appointment system, harkening back to the strict coronavirus regulations that governed this country prior to just before the World Cup.

    On a recent visit, guards twice checked an Associated Press reporter’s identifications and appointments. Razor wire tops the compound’s high walls, which bar the public from a peek inside. Signs warn that any abuse aimed at the guards can result in an alcohol license being revoked. Empty silver-colored beer kegs are piled up in the parking lot.

    At the end of a chlorine-scented walkway, customers reach the entrance to the store. Inside, the shelves and stands are stocked with bottles of wine largely running from $12.50 up to $45. A liter of Absolut vodka goes for $42, while a liter of Jack Daniels whiskey sets a shopper back $70. A 24-pack of standard Budweiser cans costs nearly $52.

    A small section of the store offers frozen pork pepperoni pizzas, slabs of bacon, Spam and cans of pork and beans.

    Customers filled their carts or carried bottles and cans in their hands, checking against shopping lists or texting family members to double check what was needed. Several wore FIFA passes for the tournament around their necks.

    Outside the shop, a 31-year-old British woman who works as a school teacher in Qatar, filled the trunk of her car. She declined to offer her name, given the connotations drinking can carry in Qatari society, but dismissed criticism surrounding drinking and the tournament.

    “It’s really not that big of a deal,” she said of the licensing system in Qatar. “It’s like going to the supermarket — for alcohol.”

    She added that she thought the restrictions on sales for the matches also made sense. “I’m British. I know what it’s like to to be around drunk people all the time.”

    Across the wider Persian Gulf, alcohol remains banned in Iran, Kuwait, Saudi Arabia and the sheikhdom of Sharjah in the United Arab Emirates. Drinking alcohol is considered haram, or forbidden, in Islam. Imams point to a verse in the Quran calling wine “the work of Satan.”

    But the region as a whole has a long history with alcohol, itself an Arabic word. The 8th century poet Abu Nawas even was known for his “khamriyyat,” or “wine poems.”

    Both alcohol and pork face a 100% import duty. Qatar says it uses the tax revenue to improve health care, infrastructure, education and other public services.

    Visitors are not allowed to bring alcohol into the country. Many hotels are dry and prohibit guests from bringing alcohol to their rooms.

    Even with those restrictions, Qatar sold 23.2 million liters of alcoholic drinks in 2021, according to data from Euromonitor International. Though dwarfed by the United Arab Emirates’ 115 million liters sold in the same period, Qatar’s numbers show a 14.6% growth as the pandemic waned.

    Meanwhile, Ball’s online map of bars in Qatar has been viewed over 875,000 times. An accompanying Twitter account shows him downing two pints of beer in 10 seconds.

    “For me, drinking is just like eating. It just goes along with the culture,” Ball told the AP after returning home to Seattle, where he works for Boeing Co. “I know it’s not part of Qatar … but it’s also part of the World Cup. One of the biggest sponsors is Budweiser so it just goes to show you it kind of goes hand in hand.”

    Bars in Qatar typically scan IDs of those heading in, with many working on a voucher system during the tournament to make sure fans spend at least certain amount.

    On Saturday night, a group of Russians screamed expletives at the U.S. team during its match with the Netherlands as they downed shots and posed for photographs with servers at Doha’s Irish Harp.

    Dermot O’Callaghan, a 66-year-old soccer fan from Dublin, Ireland, enjoyed a much calmer pint at the bar, swaying along to the Cuban band Chicas Melao.

    “It’s very enjoyable, you can get a drink here if you want in the evenings,” O’Callaghan said. “You do have a cohort of fans roaming around, looking for a drink.”

    ———

    AP World Cup coverage: https://apnews.com/hub/world-cup and https://twitter.com/AP—Sports

    ———

    Follow Jon Gambrell on Twitter at www.twitter.com/jongambrellAP.

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  • Inflation and credit-card debt are on the rise, despite a strong job market. Tell us how the economy is affecting you.

    Inflation and credit-card debt are on the rise, despite a strong job market. Tell us how the economy is affecting you.

    [ad_1]

    We want to hear from readers who have stories to share about the effects of increasing costs and a changing economy. If you’d like to share your experience, write to readerstories@marketwatch.com. Please include your name and the best way to reach you. A reporter may be in touch.

    For many people living in the U.S., these are tough — and confusing — times.

    On Friday, the Labor Department reported 263,000 new jobs in November, while the unemployment rate held steady at 3.7%. Layoffs remain low, despite mass job cuts in the tech sector. Average hourly wages have also risen 5.1% in the past year, but still lag behind inflation for many workers. And there were 10.3 million job openings in October — slightly down from the previous month’s 10.7 million. 

    Some people might see the latest economic data as both challenging and confusing.

    After all, the cost of living rose 7.7% on the year in October. The once red-hot housing market is finally cooling, thanks to mortgage rates that have more than doubled over the last year amid the Federal Reserve’s attempts to rein in inflation, and rents, while moderating, have surged from pre-pandemic levels. Borrowing money to cover increased precarity is becoming more expensive too, with the average credit-card APR at 19.2% as of Nov. 30, according to Bankrate.

    ‘It’s just mind-boggling, the disconnect that we’ve seen.’

    Given all the conflicting signals, economists say it can be difficult for consumers to know exactly how to feel about the economy right now. “It’s not new, this disparity between the actual facts on the ground about what’s going on in the economy and the sentiment,” said Heidi Shierholz, president of the Economic Policy Institute, a left-leaning think tank. 

    “I remember this summer it was just unambiguously the strongest jobs recovery we’ve had in decades,” she added. “There’s just absolutely zero chance that we were in a recession — not only were we not in a recession, we were in just an extraordinarily fast recovery — and the polling, a huge share of people actually thought we were in a recession. It’s just mind-boggling, the disconnect that we’ve seen.”

    Still, the fact that inflation is eating into people’s savings — and that essential goods like food, energy and housing have spiked in cost — is bound to make many people unhappy. 

    Struggling to pay for rent and food

    “Going into the pandemic, more than seven out of every 10 extremely low-income renters were already spending more than half of their income on rent. And then the pandemic hits; we saw a lot of low-wage workers lose their jobs and see an income decline,” said Andrew Aurand, vice president for research at the National Low Income Housing Coalition. “Then in 2021, we see this huge spike in prices. For a variety of reasons, they’ve struggled for a long time, and since the pandemic, it’s gotten even worse.”

    Moderate-income Americans are struggling too. Maybe you can’t afford your favorite family meals, as the price of grocery store and supermarket purchases has jumped by 12.4% from last year. Or maybe you’re putting off a trip to see family this holiday season thanks to the higher cost of airfare, or you’re worried about losing your job as some business leaders warn of a recession. Perhaps you’re forced to rely on credit cards and personal loans, as credit-card debt is up 15% from a year ago.

    MarketWatch has chronicled many of these changes, detailing renters’ frustrations, families’ tough choices at the grocery store, and the reality faced by would-be home buyers sidelined by higher rates and dwindling affordability. 

    But we would like your help telling an ongoing story about the American economy, centering the experiences of everyday people. Our readers know better than anyone about how today’s economic conditions have impacted their daily lives.

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  • 20 dividend stocks with high yields that have become more attractive right now

    20 dividend stocks with high yields that have become more attractive right now

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    Income-seeking investors are looking at an opportunity to scoop up shares of real estate investment trusts. Stocks in that asset class have become more attractive as prices have fallen and cash flow is improving.

    Below is a broad screen of REITs that have high dividend yields and are also expected to generate enough excess cash in 2023 to enable increases in dividend payouts.

    REIT prices may turn a corner in 2023

    REITs distribute most of their income to shareholders to maintain their tax-advantaged status. But the group is cyclical, with pressure on share prices when interest rates rise, as they have this year at an unprecedented scale. A slowing growth rate for the group may have also placed a drag on the stocks.

    And now, with talk that the Federal Reserve may begin to temper its cycle of interest-rate increases, we may be nearing the time when REIT prices rise in anticipation of an eventual decline in interest rates. The market always looks ahead, which means long-term investors who have been waiting on the sidelines to buy higher-yielding income-oriented investments may have to make a move soon.

    During an interview on Nov 28, James Bullard, president of the Federal Reserve Bank of St. Louis and a member of the Federal Open Market Committee, discussed the central bank’s cycle of interest-rate increases meant to reduce inflation.

    When asked about the potential timing of the Fed’s “terminal rate” (the peak federal funds rate for this cycle), Bullard said: “Generally speaking, I have advocated that sooner is better, that you do want to get to the right level of the policy rate for the current data and the current situation.”

    Fed’s Bullard says in MarketWatch interview that markets are underpricing the chance of still-higher rates

    In August we published this guide to investing in REITs for income. Since the data for that article was pulled on Aug. 24, the S&P 500
    SPX,
    -0.29%

    has declined 4% (despite a 10% rally from its 2022 closing low on Oct. 12), but the benchmark index’s real estate sector has declined 13%.

    REITs can be placed broadly into two categories. Mortgage REITs lend money to commercial or residential borrowers and/or invest in mortgage-backed securities, while equity REITs own property and lease it out.

    The pressure on share prices can be greater for mortgage REITs, because the mortgage-lending business slows as interest rates rise. In this article we are focusing on equity REITs.

    Industry numbers

    The National Association of Real Estate Investment Trusts (Nareit) reported that third-quarter funds from operations (FFO) for U.S.-listed equity REITs were up 14% from a year earlier. To put that number in context, the year-over-year growth rate of quarterly FFO has been slowing — it was 35% a year ago. And the third-quarter FFO increase compares to a 23% increase in earnings per share for the S&P 500 from a year earlier, according to FactSet.

    The NAREIT report breaks out numbers for 12 categories of equity REITs, and there is great variance in the growth numbers, as you can see here.

    FFO is a non-GAAP measure that is commonly used to gauge REITs’ capacity for paying dividends. It adds amortization and depreciation (noncash items) back to earnings, while excluding gains on the sale of property. Adjusted funds from operations (AFFO) goes further, netting out expected capital expenditures to maintain the quality of property investments.

    The slowing FFO growth numbers point to the importance of looking at REITs individually, to see if expected cash flow is sufficient to cover dividend payments.

    Screen of high-yielding equity REITs

    For 2022 through Nov. 28, the S&P 500 has declined 17%, while the real estate sector has fallen 27%, excluding dividends.

    Over the very long term, through interest-rate cycles and the liquidity-driven bull market that ended this year, equity REITs have fared well, with an average annual return of 9.3% for 20 years, compared to an average return of 9.6% for the S&P 500, both with dividends reinvested, according to FactSet.

    This performance might surprise some investors, when considering the REITs’ income focus and the S&P 500’s heavy weighting for rapidly growing technology companies.

    For a broad screen of equity REITs, we began with the Russell 3000 Index
    RUA,
    -0.04%
    ,
    which represents 98% of U.S. companies by market capitalization.

    We then narrowed the list to 119 equity REITs that are followed by at least five analysts covered by FactSet for which AFFO estimates are available.

    If we divide the expected 2023 AFFO by the current share price, we have an estimated AFFO yield, which can be compared with the current dividend yield to see if there is expected “headroom” for dividend increases.

    For example, if we look at Vornado Realty Trust
    VNO,
    +1.03%
    ,
    the current dividend yield is 8.56%. Based on the consensus 2023 AFFO estimate among analysts polled by FactSet, the expected AFFO yield is only 7.25%. This doesn’t mean that Vornado will cut its dividend and it doesn’t even mean the company won’t raise its payout next year. But it might make it less likely to do so.

    Among the 119 equity REITs, 104 have expected 2023 AFFO headroom of at least 1.00%.

    Here are the 20 equity REITs from our screen with the highest current dividend yields that have at least 1% expected AFFO headroom:

    Company

    Ticker

    Dividend yield

    Estimated 2023 AFFO yield

    Estimated “headroom”

    Market cap. ($mil)

    Main concentration

    Brandywine Realty Trust

    BDN,
    +2.12%
    11.52%

    12.82%

    1.30%

    $1,132

    Offices

    Sabra Health Care REIT Inc.

    SBRA,
    +2.41%
    9.70%

    12.04%

    2.34%

    $2,857

    Health care

    Medical Properties Trust Inc.

    MPW,
    +2.53%
    9.18%

    11.46%

    2.29%

    $7,559

    Health care

    SL Green Realty Corp.

    SLG,
    +2.25%
    9.16%

    10.43%

    1.28%

    $2,619

    Offices

    Hudson Pacific Properties Inc.

    HPP,
    +1.41%
    9.12%

    12.69%

    3.57%

    $1,546

    Offices

    Omega Healthcare Investors Inc.

    OHI,
    +1.23%
    9.05%

    10.13%

    1.08%

    $6,936

    Health care

    Global Medical REIT Inc.

    GMRE,
    +2.55%
    8.75%

    10.59%

    1.84%

    $629

    Health care

    Uniti Group Inc.

    UNIT,
    +0.55%
    8.30%

    25.00%

    16.70%

    $1,715

    Communications infrastructure

    EPR Properties

    EPR,
    +0.86%
    8.19%

    12.24%

    4.05%

    $3,023

    Leisure properties

    CTO Realty Growth Inc.

    CTO,
    +2.22%
    7.51%

    9.34%

    1.83%

    $381

    Retail

    Highwoods Properties Inc.

    HIW,
    +0.99%
    6.95%

    8.82%

    1.86%

    $3,025

    Offices

    National Health Investors Inc.

    NHI,
    +2.59%
    6.75%

    8.32%

    1.57%

    $2,313

    Senior housing

    Douglas Emmett Inc.

    DEI,
    +0.87%
    6.74%

    10.30%

    3.55%

    $2,920

    Offices

    Outfront Media Inc.

    OUT,
    +0.89%
    6.68%

    11.74%

    5.06%

    $2,950

    Billboards

    Spirit Realty Capital Inc.

    SRC,
    +1.15%
    6.62%

    9.07%

    2.45%

    $5,595

    Retail

    Broadstone Net Lease Inc.

    BNL,
    -0.30%
    6.61%

    8.70%

    2.08%

    $2,879

    Industial

    Armada Hoffler Properties Inc.

    AHH,
    +0.00%
    6.38%

    7.78%

    1.41%

    $807

    Offices

    Innovative Industrial Properties Inc.

    IIPR,
    +1.42%
    6.24%

    7.53%

    1.29%

    $3,226

    Health care

    Simon Property Group Inc.

    SPG,
    +1.03%
    6.22%

    9.55%

    3.33%

    $37,847

    Retail

    LTC Properties Inc.

    LTC,
    +1.42%
    5.99%

    7.60%

    1.60%

    $1,541

    Senior housing

    Source: FactSet

    Click on the tickers for more about each company. You should read Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.

    The list includes each REIT’s main property investment type. However, many REITs are highly diversified. The simplified categories on the table may not cover all of their investment properties.

    Knowing what a REIT invests in is part of the research you should do on your own before buying any individual stock. For arbitrary examples, some investors may wish to steer clear of exposure to certain areas of retail or hotels, or they may favor health-care properties.

    Largest REITs

    Several of the REITs that passed the screen have relatively small market capitalizations. You might be curious to see how the most widely held REITs fared in the screen. So here’s another list of the 20 largest U.S. REITs among the 119 that passed the first cut, sorted by market cap as of Nov. 28:

    Company

    Ticker

    Dividend yield

    Estimated 2023 AFFO yield

    Estimated “headroom”

    Market cap. ($mil)

    Main concentration

    Prologis Inc.

    PLD,
    +1.63%
    2.84%

    4.36%

    1.52%

    $102,886

    Warehouses and logistics

    American Tower Corp.

    AMT,
    +0.75%
    2.66%

    4.82%

    2.16%

    $99,593

    Communications infrastructure

    Equinix Inc.

    EQIX,
    +0.80%
    1.87%

    4.79%

    2.91%

    $61,317

    Data centers

    Crown Castle Inc.

    CCI,
    +0.93%
    4.55%

    5.42%

    0.86%

    $59,553

    Wireless Infrastructure

    Public Storage

    PSA,
    +0.19%
    2.77%

    5.35%

    2.57%

    $50,680

    Self-storage

    Realty Income Corp.

    O,
    +0.72%
    4.82%

    6.46%

    1.64%

    $38,720

    Retail

    Simon Property Group Inc.

    SPG,
    +1.03%
    6.22%

    9.55%

    3.33%

    $37,847

    Retail

    VICI Properties Inc.

    VICI,
    +0.81%
    4.69%

    6.21%

    1.52%

    $32,013

    Leisure properties

    SBA Communications Corp. Class A

    SBAC,
    +0.27%
    0.97%

    4.33%

    3.36%

    $31,662

    Communications infrastructure

    Welltower Inc.

    WELL,
    +3.06%
    3.66%

    4.76%

    1.10%

    $31,489

    Health care

    Digital Realty Trust Inc.

    DLR,
    +0.63%
    4.54%

    6.18%

    1.64%

    $30,903

    Data centers

    Alexandria Real Estate Equities Inc.

    ARE,
    +1.49%
    3.17%

    4.87%

    1.70%

    $24,451

    Offices

    AvalonBay Communities Inc.

    AVB,
    +0.98%
    3.78%

    5.69%

    1.90%

    $23,513

    Multifamily residential

    Equity Residential

    EQR,
    +1.46%
    4.02%

    5.36%

    1.34%

    $23,503

    Multifamily residential

    Extra Space Storage Inc.

    EXR,
    +0.31%
    3.93%

    5.83%

    1.90%

    $20,430

    Self-storage

    Invitation Homes Inc.

    INVH,
    +2.15%
    2.84%

    5.12%

    2.28%

    $18,948

    Single-family residental

    Mid-America Apartment Communities Inc.

    MAA,
    +1.83%
    3.16%

    5.18%

    2.02%

    $18,260

    Multifamily residential

    Ventas Inc.

    VTR,
    +2.22%
    4.07%

    5.95%

    1.88%

    $17,660

    Senior housing

    Sun Communities Inc.

    SUI,
    +2.12%
    2.51%

    4.81%

    2.30%

    $17,346

    Multifamily residential

    Source: FactSet

    Simon Property Group Inc.
    SPG,
    +1.03%

    is the only REIT to make both lists.

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  • Nestle lifts guidances, confirms plan to buy back $21 billion shares over 2022-24

    Nestle lifts guidances, confirms plan to buy back $21 billion shares over 2022-24

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    Nestle SA has lifted its full-year organic sales-growth guidance and outlined targets for 2025 ahead of its investor seminar on Tuesday.

    The Swiss packaged-foods giant
    NSRGY,
    +0.11%

    NESN,
    -0.26%

    said it now expects sales to grow organically between 8% and 8.5% from previous expectations of around 8%. The underlying trading operating profit margin is still seen at around 17%.

    By 2025, it expects to return to an underlying trading operating profit margin in the range of 17.5% to 18.5%, following the margin impact of cost inflation in 2021 and 2022.

    Annual underlying earnings-per-share growth is seen between 6% and 10% in constant currency over the 2022-25 period, Nestle said. The company aims for free cash flow toward 12% of sales, and return on invested capital of 15% by 2025.

    In terms of portfolio management, it said it will explore strategic options for peanut allergy treatment Palforzia, following slower than expected adoption by patients and heathcare professionals. The review should be completed in the first half of next year.

    Nestle said the health-science business will focus more on consumer care and medical nutrition.

    The company confirmed its program to repurchase 20 billion Swiss francs ($21.14 billion) of its shares between 2022 and 2024 and said it aims to keep increasing its dividend year on year.

    Write to Giulia Petroni at giulia.petroni@wsj.com

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  • Hong Kong emigres seek milk tea in craving for taste of home

    Hong Kong emigres seek milk tea in craving for taste of home

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    HONG KONG (AP) — In London, Wong Wai-yi misses the taste of home.

    A year ago, the 31-year-old musician was in Hong Kong, earning a good living composing for TV and movies and teaching piano. Today, she makes about half as much in London working part-time as a server alongside her musical pursuits. She chose the job in part because staff meals allow her to save money on food.

    It’s a difficult adjustment. And Wong, who left Hong Kong with her boyfriend in January, has turned to a beloved hometown staple to keep her grounded: milk tea. She brings the beverage to parties with Hong Kong friends and gives bottles to co-workers as gifts.

    “It’s like reminding myself I am a Hong Konger. It will be fine as long as we are willing to endure the hardships and work hard,” said Wong, who left as part of an exodus that began after Beijing passed a law in 2020 that curtailed civil liberties.

    As tens of thousands leave Hong Kong for new lives abroad, many are craving a flavor from childhood that’s become a symbol of the city’s culture: the sweet, heavy tea with evaporated milk that’s served both hot and cold at diner-like restaurants called cha chaan tengs. Workshops are popping up to teach professionals to brew tea like short-order cooks, and milk tea businesses are expanding beyond Chinatowns in Britain.

    In Hong Kong, milk tea is an unassuming beverage, something you use to wash down sweet French toast off a plastic plate. It’s so beloved that members of Hong Kong’s protest movement have called themselves part of a “Milk Tea Alliance” with activists from Taiwan, Thailand, and Myanmar, who drink similar beverages.

    Following a law that silenced or jailed most political opposition, over 133,000 residents have secured a special visa that allows them to live and work in the U.K. and apply for British citizenship after six years. Official figures have not been released on how many have gone but most recipients are expected to do so, given the visa’s cost.

    The pathway was introduced last year in response to China’s 2020 enactment of the National Security Law, which the U.K. called “a clear breach” of the 1984 Sino-British Joint Declaration. The declaration included a promise to retain the former British colony’s rights and freedoms for 50 years after it was returned to China’s rule in 1997.

    Exiled activist Lee Ka-wai said that immersing himself at a Hong Kong-style cafe in London with a cup of milk tea was a “luxury.”

    The 26-year-old fled Hong Kong in March last year out of fear of being arrested. He is wanted by the city’s anti-graft body for allegedly inciting others to boycott the legislative election in December 2021. As an asylum seeker in Britain, he is not allowed to work and is living on savings.

    Even if the taste is right, he said, the feel of a cha chaan teng and the sounds of customers chatting in Cantonese cannot be replicated.

    “It’s strange because I can feel a sense of home overseas. But it also has another meaning — there’s something that cannot be replaced,” he said. “What we long for most is to go home and see a better Hong Kong. But we can’t.”

    Some emigrants, like Eric Tam, a 41-year-old manager at an insurance company, enroll in milk tea lessons before leaving. Visiting Hong Kong this month, he stocked up on a milk tea blend, a recipe that evolved from British teas in the colonial era.

    While tea is easy to find in England, he said, the taste isn’t the same: “British milk tea is just watery milk,” said Tam.

    Before moving to Liverpool with his wife and two younger daughters in June, Tam signed up for lessons at the Institution of Hong Kong Milk Tea. The two-year-old organization teaches students skills like pouring tea back and forth between a kettle and a plastic container to enhance its flavor before mixing it with evaporated milk.

    Yan Chan, the school’s founder, estimated that about 40% of the 2,000 people who have studied with her were planning to emigrate.

    Milk tea only began to emerge as a symbol of the Hong Kong identity over the last 15 years, said Veronica Mak, associate professor at the sociology department of Hong Kong Shue Yan University.

    Mak said that many young people began to think about Hong Kong identity after the government removed Queen’s Pier, a landmark from the city’s colonial past, in 2007. Childhood memories, marketing and a fashion for localism came together to make milk tea a totem of Hong Kong culture.

    “When you ask young people what kind of milk tea they like to drink, they will tell you it’s the bubble milk tea,” she said, referring to a drink from Taiwan. “But when you come to the identity part … they will not say the bubble tea but the local style milk tea.”

    Most milk tea lovers interviewed told the Associated Press that milk tea isn’t political. But Tam said it’s a form of silent resistance.

    “We can choose to preserve the culture that we want to keep. It cannot be destroyed even if other people try,” he said.

    Contemporary Asian tea culture is catching on globally. Outside Chinatowns, at least five Hong Kong-style milk tea brands have emerged over the past two years in Britain. One set up a pop-up cafe in the trendy London neighborhood of Shoreditch in September, attracting Londoners and tourists as well as Hong Kong emigres.

    Eric Wong, a tea wholesaler, began selling bottled milk tea in 2021 after moving to the UK, and offers milk tea workshops. He said he’s making 500 to 1,000 bottles of milk tea a week, and his south London business broke even after about six months. His Trini Hong Kong Style Milk Tea products are available online and at major Asian supermarkets.

    The taste of home can provoke strong emotions. A young woman from Hong Kong once shed tears after tasting his tea, Wong said.

    Between people planning to leave and growing interest in local culture, Chan is busy. On Nov. 3, nine people attended her class, none of whom had plans to emigrate.

    Cooking enthusiast Dennis Cheng had a class with her in late September and practiced the signature pouring while preparing to leave Hong Kong with his wife and children.

    He said the taste will help remind him of Hong Kong and friends back home.

    “This may help me feel emigrating overseas isn’t really that sad,” he said. “It’s just that I need more time to adapt to it.”

    ___

    Associated Press photographer Kin Cheung in London contributed to this story.

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  • Margot Robbie says tequila shots helped her film nude ‘Wolf of Wall Street’ scenes | CNN

    Margot Robbie says tequila shots helped her film nude ‘Wolf of Wall Street’ scenes | CNN

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    CNN
     — 

    According to Margot Robbie, she needed a little bit of liquid courage to film a now-famous scene in “The Wolf of Wall Street.”

    The Daily Mirror reported that during remarks at a BAFTA: A Life In Pictures recording, the Australian actress shared some of what happened behind the scenes when she starred as Naomi Lapaglia in the 2013 film opposite Leonardo DiCaprio as real-life stockbroker Jordan Belfort.

    The pair had a pretty racy nude scene together, and Robbie reportedly said she reached for some tequila to prepare.

    “I’m not going to lie, I had a couple of shots of tequila before that scene because I was nervous – very, very nervous,” she said.

    The film went on to be pretty big, unlike what Robbie had imagined.

    “Honestly, I know it sounds silly now, knowing how big the movie became, at the time I thought, ‘No one is going to notice me in this film,” she said.“‘It kind of doesn’t matter what I do in this film because everyone is going to be focused on Leo [DiCaprio] and everything.’”

    The role in the 2013 film actually helped launch Robbie into stardom.

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  • Break it down: Dancers begin charting path to Paris Olympics

    Break it down: Dancers begin charting path to Paris Olympics

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    NEW YORK — Breaking is in Victor Montalvo’s blood. He is a descendant of twin breakers — his father and uncle — who were performing in Mexico long before they taught a young Montalvo to spin on his back.

    Born in Kissimmee, Florida, the 28-year-old who also goes by B-Boy Victor has mastered the foundations of the dance form. He has power. He has the flavor and swagger expected of a diehard b-boy. His movement syncs with the breakbeat flowing from the DJ’s turntables.

    Scribble, chirp, rip, boom, blip.

    He hopes to take breaking further than his relatives ever dreamt, to battle his way to a medal ceremony, when the now-global dance art debuts at the Olympic Summer Games less than two years from now.

    “I feel like I have a really high chance,” Montalvo told The Associated Press.

    He is among dozens of champion b-boys and b-girls — a term for a male or female entrenched in the culture of hip hop — who are charting a path to the 2024 Games in Paris. The International Olympic Committee announced two years ago that breaking would become an official Olympic sport, a development that divided the breaking community between those excited for the larger platform and those concerned about the art form’s purity.

    But after the Red Bull BC One World Final, held earlier this month in the birthplace of hip hop and a short distance from the very streets where Black and Puerto Rican New Yorkers pioneered the art of breaking, the field of Olympic competitors is starting to take shape. The Nov. 12 event also attracted some of the original b-boys and b-girls, as the hip hop community prepares to celebrate 50 years since the culture’s founding in 1973.

    “You never thought that something you were doing for fun was going to go around the world,” said Douglas “Dancin’ Doug” Colón, a b-boy of the first generation of breakers from Harlem who beamed with pride over the dance form’s acceptance into the Olympics.

    Along with Colón, first generation b-boy Trixie sat near a circular stage in the center of Manhattan’s Hammerstein Ballroom. One by one, Red Bull BC One World Final competitors from Canada, China, France, Italy, Kazakhstan, South Korea and Venezuela took to the battle stage. The energy drink beverage company runs the world’s largest breaking competition.

    The OGs offered blessings to their descendants by giving them dap — a friendly gesture of greeting in the Black and Latino communities that communicates solidarity and well wishes to the recipient. Joe Conzo, Jr, a photographer known in the community as “Joey Snapz,” who documented hip hop in the Bronx from its infancy, also sat stageside taking pictures of the Olympic hopefuls.

    “Nothing’s going to change the culture, the culture stays the same,” Colón said. “Even though it’s now an Olympic sport, people back in the hood will still be doing their thing.”

    Victor Alicea, a Red Bull BC One World Final judge, told the AP that judging competitions within the hip hop culture has always been very subjective. But that won’t be the case with the Paris Olympics, where officials will use a newly developed judging system to decide which b-boy or b-girl bested their opponent in one-on-one battles.

    The Trivium judging system, created for the debut of breaking at the 2018 Youth Olympic Games in Buenos Aires, is a digital scoring platform that allows judges to react in real time to breakers’ physical, artistic and interpretative qualities or their “body, mind and soul.” A panel of five judges scores each breaker on creativity, personality, technique, variety, performativity and musicality. The scores can adjust throughout the battle, based on how a breaker responds to their opponent.

    Scores can be lowered if a breaker “bites,” or copies, a set of moves from their opponent. Misbehavior, such as deliberate physical contact with an opponent, and other unsportsmanlike conduct can also lower a breaker’s score.

    “I look for someone that takes over the floor. It’s a battle. It’s not just you dance and then I dance. You’ve got to bring it,” said Alicea, who is also known as B-boy Kid Glyde.

    Montalvo, who was ranked as the world’s top b-boy after a world championship competition in Paris last December, said his path to the Olympics will require intense training. It will also require more winning performances at competitions sanctioned by the World DanceSport Federation, an IOC-approved body administering the battles. Breakers who do well in those events score points that help them qualify for the Paris Games. Olympic qualifiers kick off in September and run through June 2024.

    At the end of the process, 16 b-boys and 16 b-girls will be allowed to compete over two days at the iconic Place de la Concorde, an outdoor public square in Paris.

    That gives Olympic hopefuls lots of opportunities to sharpen their skills for the high stakes battles.

    MEET THE CONTENDERS

    B-BOY VICTOR

    What sets Montalvo apart from other b-boys, he said, is his command of judge-favored foundations of breaking: “toprock” moves, footwork, “downrock” moves done closer to the floor, “power” moves showing acrobatics and strength, along with the classic “headspins,” “windmills” and “freeze” poses.

    “I feel like the foundations are the most important thing,” he said. “I see a lot of dancers doing big moves, but then they don’t have those small details. They don’t know how to get out of those big moves. It’s important to create a story, and the foundations are like creating a story.”

    B-BOY YU-KI

    During a Red Bull BC One quarterfinal round battle against Japan’s Yuki Minatozaki, Montalvo transitioned from a windmill into a downrock move in which his legs moved back and forth so quickly that they looked like turning Double Dutch ropes. Minatozaki responded with a smirk, half-hearted applause and sarcastic thumbs up — all in the spirit of good sportsmanship — before exploding into a headspin and showcasing energetic standing footwork.

    “It feels great that the sport now has a lot more eyeballs on it,” Minatozaki, who goes by B-boy Yu-Ki, told the AP through a translator. The 23-year-old has been breaking since the age of five. He intends to seek a spot in the Paris Games, he said.

    Minatozaki lost his battle against Montalvo, who also went on to the final to defeat Lee-Lou Demierre of the Netherlands, another likely Olympic contender. That victory did not earn Montalvo points toward qualifying for the Olympics.

    B-GIRL INDIA

    India Sardjoe, a 16-year-old breaker from the Netherlands, won the Red Bull BC One World Final b-girl title. She said she planned to focus next on competing in crew battles – this entails a team of breakers competing against another for a group title and bragging rights, reminiscent of breaking’s roots in the Bronx. Sardjoe was fresh off of claiming the top honor at the European Breaking Championships, a WDSF event held in Manchester, England on Nov. 6.

    The Red Bull title is an accomplishment, nonetheless.

    “I had to battle the defending champion, so that’s not nothing,” Sardjoe said. “But I was super happy to battle against her.”

    B-GIRL LOGISTX

    Sardjoe defeated 19-year-old Logan Edra, also known as B-girl Logistx, who won last year’s Red Bull BC One World Final in Gdansk, Poland. Hailing from San Diego, Edra began breaking at age eight, after first training in ballet and jazz. Her father nudged her into hip hop lessons.

    Like Sardjoe and Montalvo, Edra told the AP she will compete in WDSF events over the next year and half for a spot in the Olympics. On Saturday, she competed in the Breaking for Gold Challenge Series in Tokyo and took home a silver medal behind Lithuania’s Dominika Banevič, known as B-Girl Nicka, who won gold.

    “I’m competing against the best of the best,” Edra said. “Because I have such a high standard for myself, I try to out-train everybody. The training is crazy — I’ve got bruises on my elbows and my knees from practicing moves over and over. It’s a lot of commitment because we don’t have as many resources as other sports do.”

    B-GIRL ISIS

    Isis Alexandra Granda Chalen, a b-girl who grew up in Ecuador before moving to the U.S., started young in ballet, folk and contemporary dance. But breaking spoke to her rebellious nature, particularly at a time when she questioned if those other dance forms were aligned with her dreams.

    “The moment that I understood that I have more responsibility for myself, I put more work into breaking and I got the opportunities to be here,” Chalen, 27, said ahead of the Red Bull BC One World Final.

    “Now, we’re going to do this transition, from artists to athletes,” she said of her Olympic dreams. “It’s a big opportunity for every country. I came from Latin America, where there aren’t as many opportunities. But the Olympics are for everybody.”

    B-GIRL SUNNY

    Sunny Choi, a Queens, New York-based b-girl who won the 2022 Red Bull BC One Cypher USA in September, said there’s an accessibility to the art and sport of breaking that will make it a huge draw at the Paris Olympics. She hopes to earn a spot on the U.S. team.

    “We have a lot of diversity in breaking, which is really beautiful about what we do, because there aren’t many financial barriers to entry,” Choi told the AP. “If you have a clean floor and, nowadays, access to YouTube or something where you can learn, and some music, you can just do this on your own.”

    She said her nascent Olympic journey has already required personal and professional sacrifices that initially had her questioning if she wanted to compete at all.

    “I’m one of those all or nothing people,” Choi said. “I’ve done a lot of soul searching to remove some of the mental blocks. I feel like this journey is going to pull out a lot from me and I just need to be ready for that.”

    ————

    Aaron Morrison is a New York City-based national writer and member of the AP’s Race and Ethnicity team. Follow him on Twitter: https://www.twitter.com/aaronlmorrison.

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  • ‘There are plenty of storm clouds on the horizon’: 5 things not to buy on Black Friday

    ‘There are plenty of storm clouds on the horizon’: 5 things not to buy on Black Friday

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    It’s a year for shopping prudently.

    Americans will spend between $942.6 billion and $960.4 billion this holiday season, according to projections from the National Retail Federation. That’s up from last year when holiday sales hit a record $889.3 billion, the trade association said.

    However, people are not willing to go as crazy this Black Friday compared to previous years: that 6% to 8% year-over-year growth expectation is slower than the 13.5% annual increase in holiday season spending in 2021 when consumers had pandemic-era government benefits to spend.

    Once again, millions of people will also be shopping from the comfort of their home and avoiding the Black Friday crowds. Online and other non-store sales are predicted to rise 10% to 12% (to between $262.8 billion and $267.6 billion).

    People have reason to be concerned about their spending.

    “The economy is probably doing better than it feels right now, but that’s not true for everyone of course,” said Ted Rossman, senior industry analyst at Bankrate.com. “There are plenty of storm clouds on the horizon.” He cited rising interest rates, 40-year high inflation and tech layoffs. 

    People have reason to be concerned about their spending. The personal saving rate — meaning personal saving as a percentage of disposable income, or the share of income left after paying taxes and spending money — fell to 3.3% in the third quarter from 3.4% in the prior quarter, the government said last month. 

    Despite a strong labor market and unemployment hovering at 3.7% in October, Rossman said, “it still seems like a recession is likely in 2023, although the best guess is that it will be a mild one.”

    So what should you not buy this Black Friday? Quite a lot, if you don’t believe in living large. Here are 5 things to think about avoiding:

    — Quentin Fottrell

    Tech accessories

    For tech accessories — like earbuds and headphones — waiting until December may be a better way to score better deals, added Ryan McGonagill, director, industry research at Savings.com, another site that aggregates discounts.

    The most popular electronic products like Apple AAPL iPads, MacBooks and iPhones have scant Black Friday deals. “For a limited time, get an Apple Gift Card to use on a later purchase when you buy an eligible iPhone, Apple Watch, Mac, AirPods, and more,” according to Apple’s Black Friday offer.

    Computer makers and retailers, however, are coming off the work-from-home boom and may have inventory they need to thin before year’s end. Holiday discounts on computers, at least through October, were at 10% off the base price, according to analysis from Adobe
    ADBE,
    +2.92%
    .
     

    The software and analytics provider said computer discounts could go much steeper, up to 32% off the base price before the end of the year. Cyber Monday could be the best day for bargains on computers, Adobe said, but computer deals may stick around for the rest of 2022.

    Pay attention to early deals, if you desperately need a new laptop. “Many retailers offer the same pricing on Black Friday and Cyber Monday,” said Kristin McGrath, editor at RetailMeNot.com, a site that promotes deals. “So start looking on Black Friday and use Cyber Monday as a second chance to snag what you missed.”

    — Andrew Keshner

    Seasonal items

    Winter wear is usually not going to be on sale before Christmas, so it’s best to shop for your puffy jackets and snow boots in the New Year, if you can. The same goes for white linen, tools and holiday decorations, said Charles Lindsey, associate professor in the Marketing School of Management at the University at Buffalo.

    Most stores put their coats, hats, scarves and flannel pajamas on sale — with discounts on big-name brands of 50% or more in January — to make room for their spring collections. Similarly, buy summer clothes in the fall and winter. 

    “The best time to buy holiday decor is immediately after said holidays,” according to DealNews, a site offering shopping advice. “After Christmas sales are generally your best bet for snagging deeply discounted ornaments, lights, and inflatables in order to be well prepared for next year.” 

    Fashion-conscious shoppers inclined to snap up discounted items may want to practice patience on Black Friday. Apparel may have even deeper discounts after the holidays. If you feel compelled to buy something new to wear to the office party, invest in quality pieces. Fast fashion has a cost: It has contributed to a waste crisis, in part because such items are not meant to last very long in your closet.

    But that does not mean you should not keep your eyes peeled for some seasonal goods on Black Friday. Walmart
    WMT,
    +0.34%
    ,
    for instance, is pushing out the boat early with some discounts on toys, including hoverboards, bicycles, remote-control cars, and karaoke machines. Similarly, Kohl’s
    KSS,
    +4.17%

    has discounts on a range of doll’s houses.

    — Quentin Fottrell and Emma Ockerman

    Appliances and white goods

    There might be tempting Black Friday deals on appliances, mattresses and furniture. Discounts on appliances may reach up to an 18% from the base price, Adobe said. Still, “you’re going to get another shot at them during New Year’s Eve sales and again during Presidents Day sales in February,” McGrath said.

    If Black Friday is “too chaotic …you’ll have plenty of opportunities to save,” she added. Department stores usually run very attractive discounts on houseware in the days following Christmas. “Stores know they’ll be getting a lot of traffic with so many people returning gifts — and hope to convince shoppers to make an impulse self-gifting purchase or two,” McGrath said.

    If you can’t wait, Costco
    COST,
    +1.64%

    is already rolling out deals on white goods and appliances, including $70 off a Sonos
    SONO,
    +1.87%

    WiFi speaker. However, Consumer Reports cautions consumers against falling for big deals without checking out the reliability of the brand first, as you could end up paying more in repairs down the road. 

    You might be tempted by offers and rebates on matching kitchen suites — typically a refrigerator, range, dishwasher, and microwave — from the same maker,” Consumer Reports said. “But price is only part of the equation when you’re purchasing appliances. Reliability is key, and it can vary within a brand’s offerings.”

    — Andrew Keshner

    Fitness equipment

    One of the best times to buy exercise equipment is around the New Year, when people are making resolutions to improve their health, said Regina Conway, who researches sales and promotions for Slickdeals, a site that tracks retail discounts.

    When you make your purchase, think twice before buying equipment that runs on proprietary technology, like Peloton
    PTON,
    -1.13%

    or Lululemon’s
    LULU,
    +1.79%

    Mirror exercise products, mainly because the at-home fitness boom faces an uncertain future post-pandemic, Conway noted.

    However, this Black Friday is a little different than previous years, and there are some deals in categories that traditionally don’t have good Black Friday discounts, including exercise equipment. “This year we’re seeing strong Black Friday deals from industry stalwarts like NordicTrack,” Conway said.

    Peloton Interactive, which is facing a challenging time since people are no longer stuck at home due to the pandemic, is currently offering $600 off this fitness bike package. However, consumers will still have to fork over $2,195 for the machine and exercise regime.

    “We think consumers are likely to continue to prefer out-of-home experiences in the near-term and believe Peloton is still working through pandemic pull-forward,” Cowen & Co. analyst John Blackledge wrote in an analyst note on Tuesday, citing “limited visibility” on Peloton’s fiscal 2023 performance.

    — Leslie Albrecht and Quentin Fottrell

    Big-ticket items like TVs 

    Does Amazon
    AMZN,
    +0.80%

    founder Jeff Bezos have a point about the dangers of splurging this year? In something of a Black Friday surprise, Bezos offered some shocking spending tips as Americans gear up for the holiday shopping season — amid four-decade-high inflation. Or, to be more accurate, he offered tips on what not to spend your money on.

    ‘If you’re an individual and you’re thinking about buying a large-screen TV, maybe slow that down, keep that cash, see what happens. Same thing with a refrigerator, a new car, whatever. Just take some risk off the table,” Bezos said in a recent interview on CNN
    WBD,
    +2.27%
    .
    The remarks drew a significant amount of scorn on social media, with some critics advising people to avoid shopping on Amazon too.

    About those TVs: “They’re normally not going to be a high-end TV brand,” Lindsey said. “It will be a lower to mid-tier brand. Companies utilize these TVS as doorbusters to get people in the store and people clicking on their website. You’re probably better off shopping around the Superbowl in late January.”

    Rossman said consumers are becoming more judicious about their Black Friday splurging. “People seem to be pulling back on some big-ticket purchases,” he told MarketWatch. “For example, sellers of appliances, electronics and furniture all posted disappointing results in the most recent retail sales report.”

    “Yet discretionary sectors such as travel and dining are seeing sharp increases in spending,” he added. “I think the main explanation is pent-up demand. People are prioritizing experiences over things right now, largely due to the pandemic. There was also a pull-forward in demand for many physical goods the past couple of years as many out-of-home activities were curtailed.”

    — Quentin Fottrell

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  • EXPLAINER: Islam’s ban on alcohol and how it’s applied

    EXPLAINER: Islam’s ban on alcohol and how it’s applied

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    DOHA, Qatar — Just two days before the World Cup opener, host nation Qatar banned the sale of beer at stadiums in a sudden U-turn that was criticized by some and welcomed by others.

    Qatari officials have long said they were eager to welcome soccer fans from around the world to the tournament but that visitors should also respect their culture and traditions. Alcohol consumption, impermissible in Islam, is one of the areas where the country has been attempting to strike a delicate balance.

    Here’s a look at some of the issues related to alcohol and Muslim beliefs.

    WHAT DOES THE QURAN SAY ABOUT ALCOHOL?

    Drinking alcohol is considered haram, or forbidden, in Islam. As proof of the prohibition, Islamic scholars and Muslim religious authorities typically point to a verse in the Quran, the Muslim holy book, that calls intoxicants “the work of Satan” and tells believers to avoid them. Additionally, they cite sayings of Prophet Muhammad and the negative effects that alcohol can have.

    Beyond abstaining from drinking, some Muslims also seek religious edicts on a variety of related day-to-day questions or dilemmas. These include whether or not to consume food mixed with alcohol; if it’s considered a sin to work at a restaurant that serves alcohol in a Western country; if perfumes containing alcohol are allowed; and whether to attend ceremonies or events where booze is served.

    MUSLIM ATTITUDES ON ALCOHOL

    While the prohibition on alcohol in Islam is believed to be widely heeded, not all Muslims abstain from drinking. Some drink, whether privately or publicly. In a Pew Research Center survey of Muslims around the globe, most people surveyed said that drinking alcohol was morally wrong. More than half in all countries where Muslims were surveyed held this view, including more than nine-in-ten in Thailand, Ghana, Malaysia, the Palestinian territories, Indonesia, Niger and Pakistan, according to the Pew report, which was published in 2013 and included 38,000 interviews. Still, in 11 of the 37 countries where this question was asked, at least one-in-ten said that drinking alcohol is morally acceptable and in some countries, sizable percentages said consuming alcohol is not a moral issue, the report added.

    HOW IS THE BAN ON ALCOHOL APPLIED?

    Alcohol is available in some Islamic nations though regulations vary widely and there can be intricate rules and restrictions on its sale or where it can be consumed. Some countries, like Saudi Arabia, outlaw alcohol altogether. Drinking there can be punished by flogging, fines, imprisonment and, for foreigners, deportation. The kingdom has in recent years been opening up entertainment options, which has spurred speculation about whether exceptions for alcohol consumption may be made in the future.

    Other places have a more relaxed approach, such as Dubai, a top travel destination in the United Arab Emirates that is known to many for its glitz and love for superlatives. Dubai boasts a variety of bars, nightclubs and lounges that attract many visitors and well-to-do expatriate residents. In recent years, the city has also been increasingly loosening laws governing alcohol sales and possession of liquor. As in some other places, alcohol sales there provide a lucrative tax revenue source.

    Alcohol is sold freely in liquor stores in Jordan and served in bars and restaurants throughout the capital of Amman. It is also available in Muslim-majority Egypt, which is traditionally popular with tourists and is home to a Christian minority. There, the young and rich can sip on cocktails or wines in beach clubs or bars, many with foreign names, while swaying to music. Wine, beer and spirits can also be ordered online among other options. Still, drinking is rejected by most; in the Pew study, 79% of surveyed Muslims in Egypt said they viewed alcohol as morally wrong.

    BREAKING THE RULES

    In dry countries, some have gone to great lengths to obtain alcohol, at times risking arrest, or worse. In Saudi Arabia, home to Islam’s holiest sites, there have been reports of efforts to skirt the ban, including liquor runs by some to neighboring Bahrain. Attempts to sneak booze into the kingdom have over the years included bottles of whisky hidden in socks and cans of beer disguised as Pepsi. Some endeavors, however, end in tragedy. In 2002, 19 people in Saudi Arabia died and others were hospitalized after drinking cologne containing methanol. In Iran, some have also died from methanol poisoning after they drank toxic homemade brews.

    DRINKING IN QATAR

    Qatar, which like Saudi Arabia follows an ultraconservative version of Islam known as Wahhabism, has strict limits on the purchase and consumption of alcohol, though its sale has been permitted in hotel bars for years. During the World Cup, beer was originally supposed to be sold also at stadiums and at fan zones in the evenings. That changed Friday when it was announced that only non-alcoholic beer would be available at the stadiums, except for in the luxury hospitality areas where champagne, wine, whiskey and other alcohol is served. The vast majority of ticket holders don’t have access to those areas.

    The World Cup in Qatar is not the first to spur debate over whether alcohol sales should be allowed in matches. For the 2014 tournament, Brazil was forced to change a law to allow alcohol sales in stadiums — but the same cultural issues were not at play. Brazil had banned alcohol sales at soccer matches in a bid to curb fan violence. Some of those who were pushing for the ban’s lifting said at the time that in-stadium beer sales were a key part of World Cup tradition.

    ———

    Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.

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  • The PC boom has gone bust, and we are about to see the results ahead of Black Friday

    The PC boom has gone bust, and we are about to see the results ahead of Black Friday

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    The pandemic-fueled personal-computer boom has ended, so how will that affect demand and pricing for PCs and the retailers that sell them this holiday season?

    A sense of the fallout will be provided in the week ahead with results due from PC makers Dell Technologies Inc.
    DELL,
    +0.67%

    and HP Inc.
    HPQ,
    +0.17%
    ,
    along with videoconferencing platform Zoom Video Communications Inc.
    ZM,
    -1.15%

    and electronics chain Best Buy Co Inc.
    BBY,
    +2.88%

    All of those companies will report amid signs of deep holiday discounting for products such as clothing and electronics, after many customers — stuck at home in 2020 and 2021 — loaded up on laptops and other goods and turned Zoom into a digital conference room. But this year, decades-high inflation, and a return to prepandemic spending on travel and hanging out in person, have forced retailers and electronics makers to adjust to a world where more people are spending on essentials.

    PC shipments have fallen at rates not seen since at least the 1990s. Adobe
    ADBE,
    -2.06%

    has said online holiday discounts for electronics have been as steep as 17%. For computers, they’ve run for as much as 10% less. TVs are also being sold for cheaper. Holiday-season forecasts have generally called for sales increases, helped by price increases and enduring demand despite those price increases.

    In-depth: The pandemic PC boom is over, but its legacy will live on

    However, results from Target
    TGT,
    +0.54%

    on Wednesday missed big on third-quarter earnings, and the big-box retailer said it was bracing for a possible decline in fourth-quarter same-store sales, citing “softening sales and profit trends that emerged late in the third quarter and persisted into November.” Results from Walmart
    WMT,
    +1.51%

    were almost the opposite, however, detailing earnings that beat by a wide margin and a raised full-year outlook.

    Among smaller retailers, discounter Ross Stores Inc.
    ROST,
    +9.86%

    hiked its full-year profit forecast, citing sales momentum but easier year-over-year comparisons up ahead. But Williams-Sonoma Inc.
    WSM,
    -6.15%

    noted “macro uncertainty” and “increasingly inconsistent” demand.

    This week in earnings

    The companies report during a shortened, quieter week — thanks to Thanksgiving — and after concerns about a recession have hung over much of the year. With 94% of S&P 500
    SPX,
    +0.48%

    companies having already reported third-quarter results, only a dozen are set to release earnings in the week ahead.

    But among those 94%, there are signs that preoccupations with a downturn might be easing, after the economy grew during the third quarter and reversed after two quarters of declines.

    FactSet senior analyst John Butters, in a report on Thursday, said 179 companies have mentioned the term “recession,” during earnings calls in the third quarter. That’s still above the average over 10 years, but it’s below the 242 companies that mentioned a recession in the second quarter.

    Previously: Executives seem pretty convinced a recession is coming

    Elsewhere on Monday, J.M. Smucker Co.
    SJM,
    +1.11%

    — best known for Folgers and Jif — reports results, following concerns about higher food prices and how much higher they might go. Life-sciences electronics maker Agilent Tecnologies Inc.
    A,
    +1.21%

    report results on Monday as well. Fast-food chain Jack in the Box Inc.
    JACK,

    reports Tuesday. Tractor and construction-vehicle Deere & Co.
    DE,
    +0.31%

    reports Wednesday, following production and supply-chain snarls but steady demand.

    The calls to put on your calendar

    Clothing demand, discount demand: Urban Outfitters Inc.
    URBN,
    +2.44%

    reports Monday, while Burlington Stores Inc.
    BURL,
    +4.63%
    ,
    Nordstrom Inc.
    JWN,
    +1.71%

    and dollar-store chain Dollar Tree Inc.
    DLTR,
    -0.21%

    report on Tuesday.

    The discounting wave across clothing retailers, an effort to clear inventories, might attract more consumers, but it’s worried Wall Street analysts focused on margins and the bottom line. Still, some analysts have said that more younger shoppers feel like their wardrobes are getting stale, and they say Nordstrom, whose customers tend to have more money, is best geared for “an upcoming wardrobe refresh.

    Off-price clothing and home-goods retailer Burlington, meanwhile, will report after rival discounters Ross and TJX received a lift from investors this week.

    See also: The holiday-shopping season has a different problem this year than last — and it could lead to some deals

    Ross’ chief executive, Barbara Rentler, noted that rising prices had hurt its lower-income consumers. But Jefferies analysts said that Burlington and other discounters, which often buy up goods that other retailers don’t want, stood to benefit from the inventory purge.

    Dollar Tree, meanwhile, reports as more shoppers seek cheaper grocery options, but as food prices rise nonetheless. But Bank of America analysts, in a note last month, said traffic data implied a “slowdown” heading into the results.

    The numbers to watch

    Demand trends for PCs, electronics: Dell and HP report in the wake of deeper job cuts across the tech industry, while Zoom tries to tack on more features — such as calendar and email functions — to appeal to small business and adapt to a hybrid-work world.

    The PC boom’s demise hit home at Dell during its prior quarter, reported in August, after personal-computer sales at the company came in below estimates. Executives, at that time, said PC demand had fallen and that “customers are taking a more cautious view of their needs given the uncertainty.”

    Opinion: Tech earnings are about to dive, and there’s no life preserver in sight

    Some analysts, however, signaled that some degree of investor pessimism was already baked into the stock prices.

    “We recognize the deteriorating industry fundamentals in relation to PCs as well as incremental slowdown in IT Infrastructure. That said, we believe the magnitude of the cuts last quarter set up Dell to be less exposed to another round of material earnings revisions,” JPMorgan analysts said in a note. And even as HP feels similar pain, analysts there said share buybacks could be “a bright spot.”

    Results from HP and Dell could also have implications for Best Buy, which sells laptops, TVs, phones and other electronic devices.

    “Recall that initial expectations for the year were that BBY would face pressure as it lapped stimulus-fueled spending and broad-based demand for technology products and services,” Wedbush analysts said in a note on Friday.

    “However, the macro has been more volatile than expected with consumers facing significant inflationary pressures and lower-income households are making decisions to trade down in some categories such as televisions.”

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  • Texas woman arrested after smuggling endangered spider monkey in box she claimed held beer | CNN

    Texas woman arrested after smuggling endangered spider monkey in box she claimed held beer | CNN

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    CNN
     — 

    Talk about monkey business.

    A Texas woman entering the US told border officials the wooden box in her car was filled with beer. In reality, it was an endangered spider monkey she planned to sell.

    The 20-year-old woman pleaded guilty to smuggling wildlife into the US without first declaring and invoicing it, and fleeing an immigration checkpoint, after a monthslong investigation, according to a news release from US Immigration and Customs Enforcement.

    She attempted to enter the US from Mexico through the Gateway International Bridge in Brownsville, Texas, on March 21, the release stated. Officers noticed a wooden box with holes inside her car, which she claimed contained beer she had bought in Mexico.

    However, when officers opened the box, they discovered a live spider monkey. Officers then referred the woman to a second inspection, but she sped off instead.

    Later that day, officers discovered online sales listings for the spider monkey with the woman’s phone number, according to the release.

    The woman turned herself in on March 28, according to the release. The monkey was recovered and placed in an animal shelter in Central Florida.

    The woman will be sentenced on January 25, 2023, the release noted.

    “Smuggling in endangered species for commercial gain is a tragic crime against nature’s precious resources,” said Craig Larrabee, acting special agent in charge at Homeland Security Investigations San Antonio, in the release. “HSI takes every opportunity to join our federal, private sector and international partners to share our knowledge, experience and investigative techniques designed to protect and preserve threatened and endangered species.”

    There are seven species of spider monkeys found across Central and South America, according to the World Wildlife Fund. Officials did not specify to which species the recovered spider monkey belonged.

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  • World Cup fans ready to celebrate despite stadium beer ban

    World Cup fans ready to celebrate despite stadium beer ban

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    DOHA, Qatar — Flag-draped fans poured into Qatar on Friday ahead of the Middle East’s first World Cup as organizers banned the sale of beer at stadiums — a last-minute decision that stunned FIFA sponsor Budweiser but was largely welcomed by the country’s conservative Muslims and shrugged off by some visitors.

    This small, energy-rich country, home to some 3 million people and roughly the size of Jamaica, expects another 1.2 million fans to fly in for the tournament that begins on Sunday.

    After Friday prayers, the talk of Doha became the sudden ruling by the government to halt all beer sales at stadiums.

    Many welcomed the decision in this conservative emirate, which follows the same austere Wahhabi Islam of neighboring Saudi Arabia — despite allowing beers, wine and liquor to be sold at discrete hotel bars in the country. Already, the country’s some 300,000 citizens have criticized the Western excesses of some celebrations and vehemently dismissed criticism of its views on LGBTQ rights.

    “The whole reason why I came to this country is so that I can enjoy and have the facilities and the advantage of living in a modern economy, but with Islamic heritage,” said Mohammad Ali, a 50-year-old doctor from Sheffield, England, who lives in Qatar. “I wouldn’t want to see that lifestyle compromised.”

    “I wouldn’t want with my kids and my family enjoying my time out and being confronted by a drunken — I’m not gonna say a hooligan — but drunken and disorderly fans,” he added.

    Alcohol will still be served in hotels, luxury suites and private homes during the tournament. Budweiser continued its work turning a luxury hotel into a massive themed bar. It won’t be cheap: a standard bottle of beer went for a little over $15.

    In Doha’s Souq Waqif market, 35-year-old Pablo Zambrano of Ecuador shrugged off the news of the beer ban ahead of his country’s opening night match against Qatar on Sunday. He’s staying with his with mother who lives here and said the fridge already is stocked with beer, which foreigners can buy legally in selected depots.

    “There’s things about the alcohol and the women with the dress codes,” Zambrano said, referring to the country’s conservative customs. “It’s different. But it’s going to be good.”

    Zambrano was one of a growing number of fans sightseeing in the traditional market and along the Corniche, a seaside boulevard with views of Doha’s glittering skyline.

    Just down the street, 24-year-old vegetable seller Ajmal Pial from Khulna, Bangladesh, took in the breeze with the city’s skyscrapers stretched out behind him across the waters of the Persian Gulf.

    But instead of his nation’s green and red disc flag, Pial waved Brazil’s over his head as his friend took pictures of him. He and his friends support Argentina and Brazil, two of the tournament favorites.

    For Pial and others, the World Cup represents a pinnacle of work in Qatar and likely a final hurrah before heading home as jobs slow. Labor conditions in Qatar, like much of the Gulf Arab states, have been criticized for exploiting the low-paid workers who built this former pearling port into a desert metropolis.

    Qatar has overhauled its labor laws, but activists have asked for more to be done. There are no guarantees for freedom of speech in Qatar, but Pial said he felt genuinely happy at the chance to see the tournament.

    His friend, 32-year-old Shobuz Sardar, also from Khulna, Bangladesh, said part of that excitement came from the fact that it’s only the second time that an Asian country hosts the World Cup, 20 years after Japan and South Korea co-hosted the tournament.

    He also hinted at the conditions he and other workers from Asia can face in Qatar.

    “You also know that there are too many people all here for work, for jobs,” Sardar said. “They don’t have any option for having fun. This World Cup makes them have fun.”

    Laborers from the Middle East and Asian nations mixed with fans marching up and down the Corniche. Across government buildings and electronic displays, Qatar’s deep purple and white flag with its nine-jagged points seemed to fly nearly everywhere.

    For Qatar, coming off a yearslong boycott by four Arab nations over a political dispute, nearly reaching the opening match shows they were able to overcome. U.S. Secretary of State Antony Blinken plans to visit Qatar during the tournament — showing the close relationship America shares with a nation hosting some 8,000 of its troops at its massive Al-Udeid Air Base.

    On the Corniche as the sun set and the call to prayers could be heard, crowds gathered around a clock counting down to the opening match.

    Qatari fans marched and chanted, waving a banner bearing the face of its ruling emir, Sheikh Tamim bin Hamad Al Thani. That same image of Sheikh Tamim, with the Arabic inscription “Tamim, the Glory,” could be seen everywhere in Doha during the boycott.

    Tarek Mujahid, a 37 year old from Alexandria, Egypt, praised Qatar for being the first Arab nation to host the World Cup.

    “I’m very, very, very, very happy — No. 1 because it’s an Arab country” hosting, he said.

    ———

    Associated Press writers Nebi Qena and Lujain Jo contributed to this report.

    ———

    Follow Jon Gambrell on Twitter at www.twitter.com/jongambrellAP.

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  • Tyson recalls 93,000 pounds of beef contaminated with a ‘mirror-like material’

    Tyson recalls 93,000 pounds of beef contaminated with a ‘mirror-like material’

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    Tyson Fresh Meats, a division of Tyson Foods Inc.
    TSN,
    +0.20%
    ,
    is recalling 93,697 pounds of ground beef over a possible contamination with a “mirror-like material.”

    According to the U.S. Department of Agriculture’s Food Safety and Inspection Service, the ground beef items were packaged on Nov. 2, and the issue was discovered after several customers found this mirror-like material in their meat after purchasing it from a grocery store.

    The products part of the Tyson recall are as follows:

    • 10-pound chubs containing “Hill Country fare ground beef 73% lean/27% fat with best before or freeze by: Nov. 25, 2022.”

    • 5-pound chubs containing “Hill Country fare ground beef 73% lean/27% fat with best before or freeze by: Nov. 25, 2022.”

    • 5-pound chubs containing “H-E-B ground chuck ground beef 80% lean/20% fat.”

    The USDA advises individuals who purchased these items to throw them away or return them to the place of purchase immediately. The impacted products were sold in retail grocery stores in Texas.

    The specific labels for the ground beef that Tyson is recalling can be found here.

    See: Flying with Thanksgiving food? TSA dishes up rules for traveling with foodstuffs this holiday season

    It’s been a tough time for meat lovers: Last week, the CDC warned that many people should “not eat meat or cheese from any deli counter” unless it was “steaming hot” due to a listeria outbreak.

    But there could be some more meat alternatives on the horizon.

    The Tyson recall news came as the Food and Drug Administration (FDA) announced on Thursday that meat grown in a laboratory setting is safe for human consumption.

    “Advancements in cell culture technology are enabling food developers to use animal cells obtained from livestock, poultry, and seafood in the production of food, with these products expected to be ready for the U.S. market in the near future.,” the FDA said. To be clear, such products are not yet on the U.S. market, but they have now received this preliminary vote of regulatory confidence.

    And earlier this week, the CFO of Tyson Foods apologized to investors during a company earnings call over his arrest early on the morning of Nov. 6 after being found sleeping in a house that wasn’t his. 

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