St. Louis Federal Reserve President James Bullard said Thursday the central bank still has a lot of work to do before it brings inflation under control.
A voting member on the rate-setting Federal Open Market Committee, Bullard delivered remarks centered on a rules-based approach to policymaking. Using standards set by Stanford economics professor John Taylor, Bullard insisted that the moves the Fed has made so far are insufficient.
Even using assumptions he characterized as “generous” regarding the progress the Fed has made so far in its inflation fight, he noted in a series of slides that “the policy rate is not yet in a zone that may be considered sufficiently restrictive.”
“To attain a sufficiently restrictive level, the policy rate will need to be increased further,” he added in the presentation.
There’s little if any dissent on the Fed over whether rates need to continue to rise. Most members have suggested a few more increases over the next several months that will take the central bank’s benchmark overnight borrowing rate to around 5% from its current target range of 3.75%-4%.
However, Bullard’s presentation argued that 5% could serve as the low range for the where the funds rate needs to be, and that upper bound could be closer to 7%. That is well out of sync with current market pricing, which also sees the fed funds rate topping out around 5%.
The Taylor Rule, as it is known, establishes a link between the funds rate compared to inflation and economic growth. Inflation growth has abated recently, but the annual rate remains around the highest in more than 40 years.
Bullard’s remarks follow statements from multiple other Fed officials expressing the need to keep up the heat against inflation, though several said policymakers could ease up a bit from the level of recent increases. The Fed has approved four consecutive 0.75 percentage point rate increases, and markets widely expect the December meeting to yield a 0.5 percentage point move.
This is breaking news. Please check back for updates.
Binance’s Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks in the market.
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The chief executive of the largest online exchange for cryptocurrency, Binance, criticized the former CEO of bankrupt exchange FTX and took aim at economist Nouriel Roubini.
Appearing at the the Milken Institute’s Middle East and Africa Summit on Thursday, Changpeng Zhao, known as “CZ”, was asked to respond to a tweet by Sam Bankman-Fried in which he referred to a “sparring partner,” largely believed to be CZ.
“When he tweets about a sparring partner, his house is burning and all this is happening, he’s losing focus. I didn’t know this problem existed in FTX before otherwise we would’ve sold those FTT tokens a long time ago,” he told CNBC’s Dan Murphy.
“That day when he tweeted that, he should have been working on other things. He should not be writing tweets.”
Zhao also added detail about Binance’s decision on Nov. 9 to back out of a deal to rescue rival exchange FTX.
“To be quite clear [Bankman-Fried] came to me. When he came to me I knew he was desperate. So probably a bunch of people passed on the deal before us,” Zhao said Thursday.
“It didn’t take us very long to figure out there were way bigger problems [at FTX] than we imagined,” he added.
When asked if he thought the former FTX CEO was a criminal, Zhao said he would leave that judgement to other people but said he “[knew] there have been lies and there has been misappropriation of people’s funds” which he described as “fraud.”
CNBC has contacted FTX and Bankman-Fried for a response to the comments but has not yet received a reply.
Economist Nouriel Roubini also came up during the interview after he described Changpeng Zhao as one of the “seven Cs of crypto” – an unflattering list which also included “concealed, corrupt, crooks, criminals, con men, carnival barkers.”
Roubini described crypto and some of its major players as an “ecosystem that is totally corrupt” at an Abu Dhabi Finance Week event Wednesday.
Zhao’s response to the criticism was simple: “We don’t care,” he told CNBC on Thursday.
“Negative energy doesn’t make it far in life and those people will generally stay poor,” he said, implying Roubini was “very impolite” and somebody who “doesn’t know the local custom.”
The CEO has had a busy week of speaking engagements, and on Wednesday said cryptocurrency “will be fine” after he announced plans for a recovery fund for people who hit a rough patch in the industry.
“We want the strong industry players today to protect the good industry players who might just be hurt short term,” Zhao said, also speaking from Abu Dhabi.
Cryptocurrency has been in the limelight this week after FTX declared bankruptcy Friday and the price of bitcoin dropped below $17,000 for the first time since 2020.
By the time you get through this article, you’ll know what you need to know about the stock, the Jack in the Box share price and its dividend.
The key takeaway: Jack in the Box can offer a turnaround story and a growth story as well as a Jack in the Box stock price that comes with an established dividend. The company is not yet well known as a dividend grower but that may change down the road. Until then, as an investor, you can look forward to growth and an attractive payout.
Jack in the Box Inc. Overview
Jack in the Box was founded in 1951 when its owner Robert Oscar Peterson rebranded an existing fast food concept as Jack in the Box. The new chain was to be drive-thru oriented and featured the first two-way intercom for drive-thru service. The concept proved popular and led to the design of the iconic Jack in the Box drive-thru locations featuring a smiling clown across California and the west.
The original chain was company owned and private and eventually sold to Ralston Purina, which operated it for many years. During this time, the company grew and expanded until hitting a slow patch in the early 1980s. It was about this time that Ralston Purina decided to sell the company to management. Management reinvigorated the brand and by 1987, it went public.
Longtime CEO Larry Comma altered the business during the early 2000s which led to brand stagnation and reduced sales and profits. In 2018, the franchisees held a “no confidence” vote, which led to his resignation. The current CEO, Darin Harris, came on board in June 2020 after serving as a franchise operator for Qdoba and Papa John’s and as a senior executive for Captain D’s, Arby’s and Cici’s Pizza.
Today, the company has accelerated the switch from company-owned to franchised, leaning hard on digital, expanding into new territories, and unifying system-wide menu choices. These efforts helped reestablish Jack in the Box as a player during the COVID-19 pandemic and set it up for long-term sustained growth as well. The company sells a diverse range of chicken finger meals, hamburgers, chicken sandwiches and international-themed items like tacos and egg rolls.
Jack in the Box Dividend and Dividend History
Jack in the Box first paid its dividend in 2014 so it has a recent dividend history. The company has increased its payout over the years if not at a consecutive annual pace. The average rate of increase is running well over 10% and company metrics suggest it could sustain a few more like it if it chose to do so. The dividend yield is attractive as well, about 2%, above the broad market average. The company pays its dividend on a quarterly basis and buys back shares as well. The board of directors approved a fresh buyback allotment late in 2022 that is worth $200 million to investors over the course of several years.
Dividend stocks are the foundation of many investment strategies. How many dividend stocks you purchase is up to you, but Jack in the Box could be one of them. Read on for more information and to learn how dividend stocks work.
Ratings: JACK
Let’s take a look at dividend safety and attractiveness, its positive balance sheet and analyst ratings to help you determine whether JACK fits into your investment goals.
Dividend Safety and Attractiveness
By Wall Street standards, you can consider Jack in the Box dividends relatively safe, with a low 28% payout ratio. This means the company only pays 28% of its earnings as dividends, a very reasonable amount that leaves ample cash flow to service debt and fund expansion plans. The yield near 2% is less attractive than competitors but the payout is cheap compared to competitors as well. Jack in the Box was trading near 15x its current-year earnings outlook in 2022 while competitors traded 19x to 25x earnings.
Positive Balance Sheet
Jack in the Box carries debt and net debt as well but the balance sheet is well managed. The long-term debt-to-asset ratio is very low at just over 1x assets, a strong position for a growth company.
Analyst Consensus
The analysts’ consensus in Jack in the Box slipped to a firm “hold” following the Del Taco acquisition because it was a little confusing. Why did Jack buy a taco store after it had already sold a taco store, Qdoba? Regardless of the reason, it was accretive to the top and bottom lines so sentiment should improve as results roll in and the expansion plans gain traction.
JACK Dividend Growth CAGR
The compound annual growth rate (CAGR) for Jack in the Box is the mean annual growth rate of an investment over a specified period of time longer than one year. The higher the CAGR, the better and a reason to buy dividend stocks. Jack’s CAGR in 2022 was only 2%. That said, the company had not increased its dividend for several years before and the last two increases were 10% and 33%, which are substantial increases and attractive to dividend growth investors. Note that a high CAGR could decline in the following years and create a headwind for share prices.
Dividend Capture Strategy for JACK
Let’s walk through the dividend capture strategies for Jack in the Box.
Step 1: Buy Jack in the Box stock.
Buy the stock for the first step in the dividend capture strategy. You must do this before the day of record or the day of official ownership of the stock. You can hold the stock for the least amount of time by buying on the day of record or just before — only shareholders of record on the day of record can receive an upcoming payment.
Step 2: Hold Jack in the Box stock.
Next, hold Jack in the Box stock until after the day of record. Doing this entitles you to receive the upcoming dividend. It doesn’t matter whether or not the investor owns the stock on the day the payment is distributed — any owner of record will receive the payment.
Step 3: Sell Jack in the Box stock.
The third and most difficult step involves selling the stock. Owners of record can sell the stock as soon as the ex-dividend day, which is the day after the date of record. The tricky part is selling the stock at break even or higher because any losses will cut into the profits earned by “capturing” the dividend. Jack stock price tends to rise as the date of record approaches, then falls the day after and often by the dividend amount, which often happens among known dividend payers.
Additional Strategy: Invest in Jack in the Box.
How to invest in dividend stocks like Jack in the Box? Follow steps one and two but hold off on step three from above. Dividend stocks and income investing involve buying and holding so you can earn dividends over time. When you should sell dividend stocks depends on the portfolio strategy, share price and market action.
Jack in the Box Winds Up for Growth
Jack in the Box offers an interesting play on fast food and hamburgers for three reasons:
The first is CEO Darin Harris, who seems clued into what the modern fast-food consumer wants.
The opportunity for growth, which is phenomenal. The company would have to triple in size to outcompete the No. 3 player, Wendy’s, and then triple again to match the No. 2 player, Burger King.
The dividend, which has not grown now but will once the growth story has matured.
FAQs
Let’s take a look at some questions about Jack in the Box stock.
Is Jack in the Box’s dividend growing?
The Jack stock dividend continues to grow but is not yet a well-known dividend grower. The company has only made dividend increases but far fewer have been consecutive. The payout ratio is low so increases could be substantial at some point in the future.
What is Jack in the Box’s dividend yield?
The Jack in the Box dividend yield varies with the share price but tends to run in the range of 2% or so. The yield is lower than competitors in the burger/fast food arena but there are mitigating factors that include the company’s growth opportunity and the outlook for future dividend increases.
When does Jack in the Box pay dividends?
Jack in the Box dividend is an annualized payout that comes in four installments. Distributions are made once per quarter following the board’s approval. Jack in the Box has never paid a special dividend or irregular or extra dividend but it could happen in the future.
Opinions expressed by Entrepreneur contributors are their own.
California startup Upside Foods just cleared a major hurdle in bringing its lab-cultured chicken to a sandwich near you. The U.S. Food and Drug Administration (FDA) said in a press release published Wednesday that the agency had completed its “first pre-market consultation of a human food made from cultured animal cells.”
The FDA cleared Upside to continue creating meat products with its animal cell culture technology. Though the company still needs approval to sell its lab-grown chicken (or seafood or meat), the FDA has concluded by analyzing how Upside produces its meat that it is safe for consumption. The agency does not question its safety.
This is a significant step forward for producers of meat grown from cultured cells. Upside Foods founder Uma Valeti said in a statement that the company has “made history … as the first company to receive a ‘No Questions’ letter from the FDA for cultivated meat.”
“This milestone marks a major step towards a new era in meat production,” Valeti said, “and I’m thrilled that U.S. consumers will soon have the chance to eat delicious meat that’s grown directly from animal cells.”
Upside Foods still has another major milestone to go, however, to receive permission to sell its product. In addition to FDA approval, the company also needs approval from the Food Safety and Inspection Service, which is under the U.S. Department of Agriculture (USDA).
Singapore-based ride-hailing and food delivery giant Grab narrowed losses and broke even in its deliveries segment for the first time since 2012, during the third quarter.
The company posted an adjusted earnings before interest, taxes, depreciation and amortization loss of $161 million, a 24% improvement from the adjusted EBITDA loss of $212 million in the same period a year ago.EBITDA is a measure of profitability that shows earnings before interest, taxes, depreciation and amortization.
Grab offers a range of services including ride-hailing, food delivery, package delivery, grocery delivery and mobile payments through GrabPay.
The company said its delivery business broke even three quarters ahead of expectations, “primarily due to optimization of our incentive spend, and contributions from Jaya Grocer.” In January,Grab acquired a majority stake in Malaysian mass-premium supermarket chain Jaya Grocer to accelerate its expansion into grocery delivery.
Food deliveries also reported positive adjusted EBITDA in the third quarter, two quarters ahead of its previous guidance.
“We achieved core food deliveries and overall deliveries segment-adjusted EBITDA breakeven ahead of guidance while narrowing our overall loss for the period significantly. We accomplished this by staying laser-focused on our cost structure and incentive,” Anthony Tan, Grab co-founder and group CEO, said in a statement.
U.S.-listed shares of Grab rose 0.64% to close at $3.15 a piece in Wednesday trade, outperforming the S&P 500 and Nasdaq Composite which declined 0.83% and 1.54%, respectively.
Grab went public in December 2021 after closing its SPAC merger. The stock has plummeted 56% year to date.
Grab’s monthly average active driver-partners in the quarter hit 80% of pre-Covid levels. The company also said incentives declined to 9.4% of GMV, compared with 11.4% for the same period last year and 10.4% for the previous quarter.
“This demonstrates our commitment to growing profitably and sustainably,” said Tan.
Grab raised its full-year forecast and now expects revenue between $1.32 billion and $1.35 billion, up from the previous range of $1.25 billion to $1.30 billion. It also revised its adjusted EBITDA outlook for the second half of the year and now expects a loss of $315 million, better than the $380 million it previously predicted.
“We will aim to better optimize our cost structure by limiting discretionary spending,” Grab CFO Peter Oey said during the media conference.
“We began pausing or slowing hiring in various corporate departments. We’ve also been disciplined to optimize costs in non-headcount overheads,” he added.
As many Americans fire up their furnaces for the winter months, they’ll also be eyeing their home heating bills. They’re going to be paying more, and several companies will be the beneficiary of those higher prices. Among them will be several midstream oil and gas companies that are responsible for keeping natural gas flowing across the country.
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Midstream companies are among the most stable investments in the oil and gas industry. Many operate as master limited partnerships (MLPs). These companies aren’t known for generating significant capital growth. In fact, they’re known as the “utilities” of the natural gas sector.
Investing in MLPs isn’t for every investor as they do present some tax implications. But for investors who have wealth preservation and income as their most important goals, these stocks make up for that with generous dividends.
This article will look at three of the top companies that investors should be looking at right now. Each offers a healthy dividend, but also may be ready to deliver some share price appreciation. But first, let’s answer this question.
Is It Too Late to Invest in Natural Gas Stocks?
It wouldn’t seem to be the case. A poll conducted by Pew Research Center in March 2022 found that over two-thirds of Americans support the use of a diverse energy mix that includes natural gas.
Many of these respondents still want the United States to be carbon neutral by 2050. But most of the respondents were concerned about “unexpected problems” that could result from reducing fossil fuel production.
One of those unexpected problems is on full display since the Russian invasion of Ukraine. Europe relies on Russia for much of its natural gas needs. To meet that need this winter, many European Union nations are looking for natural gas from elsewhere. And the United States is a prime candidate.
Enterprise Products Partners
With a $54 billion market cap, Enterprise Products Partners (NYSE: EPD) is one of the largest midstream companies. In its most recent quarter, the company’s natural gas pipelines transported a record $17.5 trillion BTUs per day which speaks to the ongoing demand for natural gas.
Many analysts note that over 30% of the company’s shares (or “units” since it’s an MLP) are owned by company insiders. The thesis is that this level of ownership means that management has a personal stake in making sure the business is run in a prudent manner. And that is reflected in the company’s balance sheet which keeps a significant amount of cash on hand.
Some of that cash is used to support the dividend which currently has a yield of over 7.6%. Plus, the company just increased its dividend for its 25th consecutive year making it part of the dividend aristocrat club.
As of this writing, EPD stock has just crossed above both its 50- and 200-day simple moving averages after a period of consolidation. This may create an opportunity for investors to capture a little share price growth to end the year.
Enbridge
Enbridge (NYSE: ENB) has a market cap of over $81 billion. I could list many of the same positives for Enbridge as I did for Enterprise Products Partners. This is a very fundamentally sound company with a secure dividend that currently yields over 6%.
One differentiating factor for Enbridge is its ability to capitalize on the growing liquefied natural gas (LNG) market. As mentioned above, Europe is looking to the West for natural gas which will have to be transported as LNG. Enbridge has several projects that are near liquefication terminals. The company expects this will allow it to garner a fair share of this business, which adds growth potential to the solid dividend offered by Enbridge.
Magellan Midstream Partners
The third midstream company to watch is Magellan Midstream Partners (NYSE: MMP). It checks in with the smallest market cap of the three companies. At just over $10 billion, it could be considered a mid-cap company.
MMP stock is up over 10% for the year and is trading above its 50- and 200-day moving averages at the time of this writing. But investors are really buying a stock like this for secure income. The company does have a dividend yield of just over 8%. And the company has increased that dividend for 19 consecutive years.
If International Game Technology PLC (NYSE: IGT) were a slot machine, it would be showing three diamonds. The stock is up more than 60% from its September 2022 low and on the move following a sparkling third-quarter performance.
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As far as reopening plays go, the electronic gaming equipment maker is proving to be a diamond in the rough. While most airlines and restaurants experience bumpy recoveries, casinos are booming.
According to the American Gaming Association, the U.S. casino industry had its best quarter ever in Q3. Commercial casino operators hauled in more than $15 billion as consumers continued to spend on experiences in the face of elevated gas and grocery prices. And since this excludes revenue at tribal casinos, the overall figure is likely much higher.
Americans’ willingness to visit casinos during economic weakness is welcomed news for IGT. Casinos are more likely to spend on new slot machines and table games when business is good. This along with the emergence of online gaming was evident in the company’s latest report.
How Were IGT’s Third Quarter Financial Results?
IGT reported an 8% year-over increase in third-quarter revenue. Leading the way was the Global Gaming division, which recorded a 31% jump in revenue as casinos reopened and reactivated installed equipment. IGT generates revenue not only from new equipment sales, but also from various maintenance and service streams. Revenue was down 4% in the Global Lottery business.
Third quarter earnings per share (EPS) came in at $0.43, which marked a 13% improvement from the prior year period. Both revenue and EPS topped Wall Street expectations.
As the income statement strengthened, so too did the balance sheet. IGT ended the period with $5.1 billion in net debt, a 16% year-over-year decline. Lower debt is a positive not only because it reduces interest expense, but also improves the company’s chances of securing additional funding to pursue organic growth or M&A opportunities. At 3.1x, IGT’s net debt leverage ratio is the lowest it has ever been. This is nothing short of remarkable considering what it endured during the early pandemic.
IGT wasn’t the only one that had a good third quarter. In September 2022, one lucky player at Foxwoods Resort Casino in Connecticut won over $1.2 million playing IGT’s Wheel of Fortune Pink Diamond slot machine. Given the Wheel of Fortune franchise has awarded more than 1,100 millionaires since its 1996 inception, it’s easy to see why casino operators (and their visitors) consider these must-have machines.
What is the Outlook for IGT?
Management maintained its 2022 revenue forecast of $4.1 billion to $4.2 billion, with $1 billion expected in the current quarter. At the midpoint, the full-year outlook represents minimal growth beyond 2021 levels. But some growth off a strong base beats a reversion to 2020 levels as has been commonplace in other reopening industries. In 2021, IGT’s revenue surged 31% and it swung from a deep loss to a big profit.
Longer-term, the mid-cap company has a pair of aces in the hole that are expected to complement the traditional gaming equipment business. Online gaming is becoming a bigger part of the mix as states legalize Internet-based casinos. IGT’s suite of online gaming products gives casinos a cost-friendly alternative to developing an online gaming platform in-house.
Sports betting is the real kicker in the IGT growth story. The company’s sports betting solutions similarly represent a quick way to enter the market — and avoid being late to the game.
Will IGT Stock Keep Trending Higher?
IGT is a three-headed growth monster with promising opportunities in land-based casinos, online gambling and sports betting. Having a trio of diversified growth drivers in hand should keep investors coming to the tables.
Another aspect of the investment that could keep buyers interested is the dividend which was reinstated late last year. IGT presently has a 3.3% forward yield that is among the best in the consumer discretionary sector. This gives the stock a rare combination of growth and income that has been hard to come by in the market.
Of course, a major economic recession could dent people’s enthusiasm for in-person or online gaming. Thus far, Americans’ appetite for a night out at the casino has been resilient, though, and the stickiness of this trend will be a key theme to watch. If it recedes, expect IGT’s ascent to do the same. A setback in regulatory approvals could also slow the stock’s roll.
Since the Q3 report, a few sell-side analysts have weighed in on where IGT goes from here. The price target range of $25 to $29 implies limited upside after last week’s high volume gapper, a reflection of the uncertain economic outlook and tough market for growth names.
Yet with long-term secular headwinds in its favor tied to the legalization of online gaming and sports betting, over time IGT could easily push past Wall Street’s latest targets. Any macro-related weakness would make the stock worth a roll of the dice.
Satya Nadella, chief executive officer of Microsoft Corp., during the company’s Ignite Spotlight event in Seoul, South Korea, on Tuesday, Nov. 15, 2022. Nadella gave a keynote speech at an event hosted by the company’s Korean unit. Photographer: SeongJoon Cho/Bloomberg via Getty Images
SeongJoon Cho | Bloomberg | Getty Images
The CEO of Microsoft says he is bullish about Asia, especially China and India, as Microsoft plans to build more data centers around the world.
“Absolutely. We’re very, very bullish about what’s happening in Asia,” Satya Nadella, chairman and CEO of Microsoft, told CNBC’s Tanvir Gill in an interview Thursday, adding that Microsoft is investing in at least 11 regions.
“We’re absolutely committed to all of these countries and in China too. Today, we primarily work to support multinational companies that operate in China and multinational companies out of China.”
He also added that India has been a “massive growth market” after emerging from the pandemic.
“Microsoft’s presence in India was about mostly multinational companies operating in India. But for now, it’s completely changed,” he said.
“It’s the reverse where these companies who are innovating in India, whether it’s the big large conglomerates, or the new startups, are all using [artificial intelligence] cloud technology to be able to innovate and create services that are obviously popular in India and elsewhere,” he told CNBC.
Microsoft in October announced a round of layoffs affecting less than 1% of its employees. Meanwhile, Meta is cutting 11,000 workers, while Snap is laying off more than 1,000 people.
“The current labor markets are much more resilient,” said Nadella, adding that most companies from energy firms to banks and retailers need software engineers.
He added that no industry is immune to macroeconomic issues. “So everyone has to manage the costs and demand properly,” he said.
“One of the fascinating things about the U.S. is the amount of capital that’s getting invested,” he said, adding that new industrial infrastructure such as fabrication plants, power plants and battery factories are being built.
“I am much more focused on observing where what is happening in terms of new growth inside the United States. So I’m very, very optimistic about the U.S. and the world.”
Nadella replaced billionaire Steve Ballmer as Microsoft CEO in 2014. Prior to that, Nadella was executive vice-president of Microsoft’s cloud and enterprise group.
Microsoft shares were at $241.73 in after-hours trade. Shares have dropped 27.8% year-to-date.
— This is a developing story. Please check back for updates.
Opinions expressed by Entrepreneur contributors are their own.
Cryptocurrency investors burned by the spectacular failure of FTX are prepared to sue exchange founder Sam Bankman-Fried and the celebs who took part in promoting it. In a class-action suit filed in Miami late Tuesday, the plaintiffs targeted celebrities, including Tom Brady, Larry David, and Steph Curry, alleging that by shilling FTX, they were taking part in deceptive practices.
The lawsuit also claims that FTX was selling unregistered securities in the form of yield-bearing accounts. According to the suit, the defendants made “misrepresentations and omissions” designed to “induce confidence and to drive consumers to invest in what was ultimately a Ponzi scheme.”
The lawsuit, filed Tuesday in U.S. District Court in Miami, alleges that FTX was designed “to take advantage of unsophisticated investors” by persuading them to use the company’s services to invest in crypto. None of the defendants who appeared in advertisements for the investment platform “performed any due diligence before marketing these FTX products to the public,” the filing added.
Noted attorney David Boies — who recently represented Theranos entrepreneur Elizabeth Holmes in her trial for fraud — filed the suit on behalf of Oklahoman Edwin Garrison, owner of an interest-earning FTX account.
The filing states that while the celebrities named as defendants did disclose they were in partnership with FTX, they didn’t detail “the nature, scope, and amount of compensation they personally received in exchange for the promotion of the Deceptive FTX Platform.”
Court papers point out that the Securities Exchange Commission (SEC) has said that a “failure to disclose this information would be a violation of the anti-touting provisions of the federal securities laws.”
The suit didn’t ask for a specific dollar amount but claimed that the defendants may be liable for “many billions of dollars in damages.”
House Minority Leader Kevin McCarthy (R-CA) talks to reporters during his weekly news conference in the U.S. Capitol Visitors Center on March 18, 2022 in Washington, DC.
Republicans will take majority control of the House, NBC News projects, ousting Democrats from key positions of power and complicating President Joe Biden‘s legislative hopes for the remainder of his term.
The outcome in the House was expected, but it didn’t happen in the way Republicans hoped it would. Democrats broadly exceeded many analysts’ expectations, dashing GOP hopes of a “red wave” that would not only net them a sweeping House majority but provide a symbolic repudiation of Democratic leadership.
Instead, Republicans are projected to take a slim lead in the House — 221-214, according to NBC’s estimate based on the handful of races that have yet to be called. The GOP’s win in the lower chamber of Congress only became clear more than a week after Election Day.
The results widened a rift within the party, as some conservatives quickly blamed their losses in winnable races on former President Donald Trump‘s influence over the quality and messaging of key candidates. Nearly all of Trump’s picks in the most competitive House races were defeated, as were many of his preferred candidates for Senate and in key gubernatorial and secretary of state elections.
One day before NBC’s projection, House Minority Leader Kevin McCarthy, R-Calif., won a party vote to become the GOP nominee for speaker of the House. McCarthy won in a 188-31 vote, NBC reported, signaling that the narrow Republican majority in the next Congress may grapple with internal divisions. To become speaker, McCarthy needs at least 218 votes — a majority of the chamber — when the full House votes in early January.
Democrats’ performance cut against a persistent narrative that the party was vulnerable due to a range of factors, including Biden’s unpopularity and historical trends that disfavor the party in the White House.
But it wasn’t enough for Democrats to keep their grip on a narrow House majority. GOP candidates up and down the ballot sought to capitalize on widespread anxieties about crime and inflation, which ranked as top issues throughout the cycle and formed the basis of many attacks on Democratic leadership in Congress and the White House.
Biden’s low approval ratings hardly helped Democrats in tough House and Senate races, forcing some to distance themselves from the administration.
While Democrats overcame political headwinds in major swing states, they faltered in the solid-blue stronghold of New York, where Republicans performed stronger than some analysts expected. Democratic Congressional Campaign Committee Chairman Rep. Sean Patrick Maloney, who came under fire from his own party after a messy New York redistricting fight, lost his race and ceded his seat to GOP challenger Mike Lawler.
Biden said in a statement Wednesday evening, “Last week’s elections demonstrated the strength and resilience of American democracy.”
“There was a strong rejection of election deniers, political violence, and intimidation. There was an emphatic statement that, in America, the will of the people prevails,” Biden said.
The president congratulated McCarthy and expressed a willingness to work across the aisle. “The American people want us to get things done for them. They want us to focus on the issues that matter to them and on making their lives better,” Biden said. “And I will work with anyone – Republican or Democrat – willing to work with me to deliver results for them.”
Bleakley Advisors’ Peter Boockvar agrees with the Dallas Fed’s warning about the state of the housing market and warns that a 20 percent correction is coming. With CNBC’s Melissa Lee and the Fast Money traders, Karen Finerman, Dan Nathan, Guy Adami and Julie Biel.
A hashtag’s worth a thousand words when it comes to what’s trending on Twitter, but sometimes you don’t want to believe every hashtag you read.
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Just ask comedian Jimmy Fallon who fell victim to a hashtag Tuesday into Wednesday that inferred he was, well, no longer living.
The tag #RIPJimmyFallon started trending on Tuesday when thousands started using the hashtag in Tweets, some seeming to not grasp that the hashtag was fake while others fully embraced the joke.
“Mummy, why do only good people die?” “Well sweetie, when you’re picking flowers from a garden. You always pick the best ones first”#RipJimmyFallonpic.twitter.com/yv8pKSAQtq
The hashtag caught the attention of Fallon himself, an avid Twitter user who often creates a “hashtag of the week” to allow fans of his show to play along and have the chance to have their tweets end up during a segment on that week’s episode of The Late Show, who asked Musk to remove it.
“Wait a second, how do we know you’re not an alien body snatcher pretending to be Jimmy!? Say something that only the real Jimmy would say …,” he teased the comedian, presumably poking fun at the hashtag or perhaps trying to engage in a Twitter war of wits with Fallon.
As of late afternoon on Wednesday, Fallon had yet to quip back.
Musk was taking heat on the platform Wednesday after a leaked memo Musk had reportedly sent to Twitter employees preparing them for a “hardcore” time ahead at the company before issuing an ultimatum for employees to agree to the challenges ahead or face termination at end of day Thursday and receive three months of severance.
The billionaire has not confirmed or denied the memo.
FTX logo with crypto coins with 100 Dollar bill are displayed for illustration. FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.
Jonathan Raa | Nurphoto | Getty Images
In the latest fallout from FTX’s rapid collapse last week, the lending arm of the crypto investment bank Genesis Global Trading is pausing new loan originations and redemptions, the company announced in a thread of tweets Wednesday.
The lending arm of the bank serves an institutional client base and is known as Genesis Global Capital. At the end of its third quarter, it had more than $2.8 billion in total active loans, according to the company’s website.
“We recognize how challenging this past week has been due to the impact of the FTX news. At Genesis we are entirely focused on doing everything we can to serve our clients and navigate this difficult market environment,” Genesis wrote in a tweet.
“Our #1 priority is to serve our clients and preserve their assets.”
“We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible. We will provide more information in the coming days,” Gemini said, noting that the change doesn’t impact any other Gemini products and services.
At around noon Eastern time, reports surfaced that Gemini services were offline. The company said it experienced an Amazon Web Services outage on one of its primary databases and that it was working to bring the exchange back up.
Genesis Trading, which acts as Genesis Global Capital’s broker/dealer, is independently capitalized and operated separately from that lending unit, interim CEO Derar Islim told customers on a call Wednesday, according to CoinDesk.
“Our spot and derivatives trading and custody businesses remain fully operational,” a Genesis spokesperson told CNBC. “With regards to lending, our number one priority is to serve our clients and preserve their assets. Therefore, we have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business. We are working diligently to shore up the necessary liquidity to meet our lending client obligations.”
The decision reflects a sign of contagion outside of BlockFi, which is reportedly preparing for a potential bankruptcy filing, according to The Wall Street Journal. The cryptocurrency lender had already halted withdrawals of customer deposits and admitted that it has “significant exposure” to the now-bankrupt crypto exchange FTX and its sister trading house, Alameda Research.
The Journal, citing people familiar with the matter, added that BlockFi is also planning to lay off more of its workers as it braces for a possible Chapter 11 filing, though the firm stopped short of saying a majority of its assets are custodied by FTX.
A representative from BlockFi did not immediately respond to requests for comment.
Sam Bankman-Fried’s cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection in the U.S. last week, according to a company statement posted on Twitter. Bankman-Fried has also stepped down as CEO and has been succeeded by John J. Ray III, though the outgoing chief will stay on to assist with the transition.
Approximately 130 additional affiliated companies are part of the proceedings, including Alameda Research, Bankman-Fried’s crypto trading firm, and FTX.us, the company’s U.S. subsidiary.
In a matter of days, FTX went from a $32 billion valuation to bankruptcy as liquidity dried up, customers demanded withdrawals and rival exchange Binance ripped up its nonbinding agreement to buy the company. FTX founder Bankman-Fried admitted last week that he “f—ed up.”
FTX may have more than 1 million creditors, according to an updated bankruptcy filing Tuesday, hinting at the huge impact of its collapse on crypto traders.
When Rachel Kambury, 31, started working at publishing house Hachette six years ago, her manager sat her down and said, “I’m so happy you’re here.”
Courtesy of Rachel KamburySupporters sent bagels and assorted snacks to strikers on the picket line.
She was flattered. “I was certainly happy to be there,” Kambury recalls. “But then he said, ‘You actually beat out 400 other people for this job.’”
At the time Kambury was honored and felt validated that she was chosen instead of hundreds of others for one coveted spot. Though the role was her dream job, the salary was less-than-desirable. It was 2016, and Kambury was earning around $33,000 — before taxes.
“I quickly came to this realization of, Oh, that’s how they justify these salaries, because there were 400 people who were ready and willing to take my spot,” she says. “They know that and take it for granted.”
Kambury has since moved on to other publishing companies; she’s currently an associate editor at HarperCollins. She’s now well into her career, has worked on hundreds of bestsellers and has bid on books for up to $500,000 — and yet, “I’m only making about $13 an hour after taxes,” she says.
Kambury is one of the hundreds of unionized HarperCollins employees currently picketing for fair pay and better working standards. Kambury says that the strike, which started on November 10, will continue until the employees negotiate a fair contract. The union represents about 250 employees, who have been working without a contract since April, according to the New York Times.
Day 2: Picketing in the rain. Thank you to everyone who cheered, honked, and donated food to keep us going today! #hcponstrikepic.twitter.com/YmtMC9V9Gw
The movement has garnered support from others in the publishing industry, world-renowned authors and online supporters voicing their solidarity. The widespread attention has brought to light, as Kambury points out, that it’s not just HarperCollins — it’s pretty much all of publishing.
“I would call it a combination of hazing and the process of elimination,” Kambury says. “This goes for all of the major publishers and some of the smaller ones — they’ve built their business over the years more and more on the exploitation of labor. They take passionate kids right out of college as much as possible.”
Kambury isn’t referring to “hazing” in the traditional sense, but rather subtle manipulation by those in power who reinforce the problematic systems that have made publishing a cutthroat industry for decades.
“You hear things like, ‘This is the way it’s always been,’ and, ‘When I started I was at $14,000 a year,’” she says. “So there’s this sort of top-down treatment of young employees where it’s like, ‘You should be grateful to be here. Don’t complain about the salary. Don’t care about the workload.’”
Kambury points out another key problem in the publishing industry today: The generational difference wherein higher-ups who have been in the industry for decades will now “pat themselves on the back” for approving overtime or granting paid time off. Kambury says she’s been “lucky” enough to have managers who approve her overtime, but she has friends in the industry whose managers do not even let them log it — but that doesn’t mean they aren’t working 10-15 extra hours a week, because Kambury says that’s a given.
The strikers are asking for three major changes. First, a raise in base salaries and then an adjustment to certain ranges after that to ensure there isn’t wage compression. Second, a commitment to codifying language in the contract to essentially make sure that the company’s commitment to diversity isn’t just words — that it follows through on what those words mean.
When they started this process back in December 2021, the union stewards put together about six pages of proposals Kambury says were “very doable, nothing crazy. And now we’re down to three — not even pages — we’re just down to three demands.”
What frustrates Kambury and so many others currently on the picket line is that they believe what they’re asking for is relatively standard. However, because the publishing industry has been built on systems of low-paid labor, it’s more of an uphill battle than one might expect. “The company has made it very, very clear that they consider us expendable, disposable and replaceable,” Kambury says. “And that’s an incredibly horrible feeling.”
Despite the circumstances, Kambury says the energy on the picket line — and online — is “electric and inspiring.”
“If I could bottle it and turn it into a perfume, I would,” she says. “I would wear it every day. It’s just so comforting.”
The strikers have been picketing since November 10 and intend to press on, rain or shine. HarperCollins did not immediately respond to request for comment.
Sometimes there’s nothing sweeter than a piece of candy when you’re in the mood for a treat, but for one German man who saved a company from millions of dollars in losses, a candy reward did anything but satisfy his sweet tooth.
Getty Images
A 38-year-old man named Anouar said he was traveling through a train station in Frankfurt, Germany when he saw a piece of paper on the ground which turned out to be a $4.8 million check (precisely $4,631,538.80 euros) addressed to beloved European sweets maker Haribo from German supermarket chain Rewe.
Haribo is most famously known for their gummy bears, or “Goldbears” as they’re known in some places abroad.
The man told German outlet Bild (according to The Independent) that he contacted the candy company who instructed him to immediately destroy the check and to send them proof via photo message.
His reward for the find? Six packages of Haribo candy were mailed to his home.
“I thought that was a bit cheap,” Anouar said (roughly translated), clearly disappointed with the results of his good deed.
In a statement to Fox Business, Haribo said that the company was glad that Anouar found the missing check but noted that it wouldn’t have really mattered whose hands it ended up in since the check could not have been deposited by anyone but the company itself.
“Whilst we recognized that this was a crossed cheque that could not be deposited by anyone but the company this was addressed to, we were grateful that Mr. Anouar took the time to contact us and we were pleased to share a sweet gesture with him as a thank you,” a spokesperson for the company told the outlet.
Haribo turned 100 this year, and in celebration of its massive milestone, decided to roll out a new flavor bear to celebrate — a blueberry-flavored party hat that will make its way into bags throughout this year.
April 27 was also officially named National Gummi Bear Day in honor of the brand’s birthday this year.
Airbnb CEO Brian Chesky will be listing his home on the platform, opening it up to renters.
Courtesy companyYour bedroom in Brian Chesky’s home, now on Airbnb,
“This is my real home in San Francisco. I live near [Mission] Dolores Park,” Chesky said at a press event on Tuesday in New York.
How do you stay in Airbnb CEO’s Brian Chesky’s home?
Stays at Chesky’s house in San Francisco will begin in January, but the guest rooms are already filled up. Additional availabilities will be added over the next few weeks, a company rep said.
It will could include warm cookies, Chesky joked at the event.
Warm cookies at Chesky’s house. Courtesy company.
“I always thought to put the home on Airbnb,” he said. He wanted to put himself “in the shoes” of an Airbnb host, he added.
Chesky’s home is chock-full of company memorabilia, like the receipt from the air mattress that hosted the first Air Bed and Breakfast, the original company name, guests, and various logos in interesting places.
A vintage Airbnb logo coffee mug in Chesky’s bathroom. Courtesy company.
“We have some Obama O’s and Captain McCains. This is how we funded the company in 2008, selling collectible breakfast cereal,” he said Tuesday.
Early days cereal. Courtesy company.
Chesky’s kitchen. Courtesy company.
You could potentially ask Chesky for entrepreneurial advice while hanging out on the couch.
The CEO said in January he would be working remotely from Airbnbs and living in them full-time. That turned out to be about 16 or 17 Airbnbs from Atlanta to Miami, he said Tuesday.
But, now he’s settling down, with guests.
Living area. Courtesy company.
The home includes a backyard with a view. Chesky bought the house about two and a half years ago.
Backyard-ing it with Chesky. Courtesy company.
You might even be able to hang out with Chesky’s dog, Sophie.
Student loan borrowers gather near The White House to tell President Biden to cancel student debt on May 12, 2020.
Paul Morigi | Getty Images Entertainment | Getty Images
Student loan default rates could dramatically spike if the Biden administration’s loan forgiveness plan is blocked, a top official for the U.S. Department of Education said in a new court filing.
The warning came as the Department of Justice asked a federal judge in Texas to stay an order that has temporarily blocked the Biden administration’s debt relief program.
“Unless the [Education] Department is allowed to provide debt relief, we anticipate there could be an historically large increase in the amount of federal student loan delinquency and defaults as a result of the COVID-19 pandemic,” Education Department Under Secretary James Kvaal said in the filing.
“This could result in one of the harms that the one-time student loan debt relief program was intended to avoid.”
In an economy that has produced the highest inflation rate since the early 1980s, Americans are struggling to keep up with day-to-day expenses.
More consumers are now relying on credit cards to get by, which has helped propel total credit card debt to $930 billion in the third quarter, just shy of the all-time record, according to a new report from the Federal Reserve Bank of New York.
Credit card balances climbed more than 15% from a year earlier, the largest annual jump in more than 20 years.
“With prices more than 8% higher than they were a year ago, it is perhaps unsurprising that balances are increasing,” the Fed researchers wrote in a blog post. “The real test, of course, will be to follow whether these borrowers will be able to continue to make the payments on their credit cards.”
Meanwhile, “high inflation and high interest rates are making it harder than ever to pay down credit card debt,” said Ted Rossman, senior industry analyst for CreditCards.com.
Not only are credit card balances back to pre-pandemic levels, but consumers are also carrying balances for long periods.
Among Americans who carry credit card debt from month to month, 60% have been in credit card debt for at least a year, according to CreditCards.com.
High inflation and high interest rates are making it harder than ever to pay down credit card debt.
Ted Rossman
senior industry analyst for CreditCards.com
Since most credit cards have a variable rate, there’s a direct connection to the Fed’s benchmark. As the federal funds rate rises, the prime rate does, too, and credit card rates follow suit. Cardholders usually see the impact within a billing cycle or two.
Already, credit card rates are roughly 19% — an all-time high — up from 16% earlier in the year.
Further, those rates will continue to rise since the central bank has indicated even more increases are coming until inflation shows clear signs of a pullback.
The best thing you can do now is pay down high-interest debt with a 0% balance transfer card, Rossman advised. Otherwise, consolidate and pay down credit cards with a lower-interest personal loan, he said.
How much money you need to earn to cover expenses and save for the future comes down to understanding your net worth and your goals, according to Paul Deer, a Boulder, Colorado-based certified financial planner and vice president of advisory service at Personal Capital.
Your net worth is essentially the sum of all of your assets — including cash, retirement accounts, college savings, house, cars, investment properties and valuables such as art and jewelry — minus any liabilities, or long-term debt, such as a mortgage, student loans, revolving credit card balances and any other personal loans.
“First and foremost, is your net worth growing or shrinking over time?” Deer said. If your net worth has been declining, it’s important to work on saving more and spending less.
From there, consider the milestones you want to achieve going forward, Deer said, whether that’s retiring, buying a home or paying for your child’s or grandchild’s education.
“Laying those out can really help provide clarity over what you should be prioritizing today.”
Most people agree that they need to cut costs to build up their savings, and yet reports show consumers haven’t pulled back on food, entertainment or travel.
Members of the police searching the fields near the village of Przewodow in Poland on November 16, 2022. Two people were killed on Tuesday in an explosion at a farm near the village in south-eastern Poland that lies about six kilometers inside the country’s border with Ukraine.
Anadolu Agency | Anadolu Agency | Getty Images
NATO said there was no indication that the missile strike that hit a Polish border village on Tuesday night was deliberate, saying that Russia was ultimately to blame as it continues to bombard Ukraine with missiles.
The military alliance’s secretary-general, Jens Stoltenberg, said the missile incident took place “as Russia launched a massive wave of rocket attacks across Ukraine.”
While the investigation was ongoing into the incident, he said, “there was no indication this was the result of a deliberate attack” and no indication it was a result of “offensive military actions against NATO.”
Preliminary analysis, as previously reported, suggests the incident was caused by a Ukrainian air defense missile fired to intercept a Russian missile.
“Let me be clear, this is not Ukraine’s fault. Russia bears the ultimate responsibility as it continues its war against Ukraine,” he said.
The comments come after the alliance’s North Atlantic Council held an emergency meeting following the missile strike that hit Poland on Tuesday night, killing two civilians.
Early Wednesday morning, The Associated Press reported, citing three unnamed U.S. officials, that preliminary assessments indicated “the missile that struck Poland had been fired by Ukrainian forces at an incoming Russian missile.”
Other media agencies, including NBC News, cited similar details on Wednesday; Reuters reported a NATO source as saying President Joe Biden had told the G-7 and NATO partners that the strike was caused by “a Ukrainian air defense missile,” while The Wall Street Journal cited two senior Western officials briefed on the preliminary U.S. assessments as saying the missile was from a Ukrainian air defense system.
Those assessments came after Biden said Tuesday that it was “unlikely” the missile was fired from Russia, citing the trajectory of the rocket. President Andrzej Duda of Poland said Wednesday that there was no indication that this was an intentional attack on Poland.
“There are many indications that it was an air defense missile, which unfortunately fell on Polish territory,” Duda said.
Ukrainian President Volodymyr Zelensky makes a surprise visit to Kherson on November 14, 2022 in Kherson, Ukraine.
Paula Bronstein | Getty Images News | Getty Images
Ukraine’s defense ministry responded cautiously to reports suggesting its own armed forces fired a missile that hit Poland, killing two people,saying the issue was “very sensitive” as more details emerge about the incident.
Early Wednesday morning, the Associated Press reported, citing three unnamed U.S. officials, that preliminary assessments indicated “the missile that struck Poland had been fired by Ukrainian forces at an incoming Russian missile.”
Other media agencies cited similar details on Wednesday with Reuters reporting a NATO source saying President Joe Biden had told the G-7 and NATO partners that the strike was caused by “a Ukrainian air defense missile,” while the Wall Street Journal cited two senior Western officials briefed on the preliminary U.S. assessments as saying the missile was from a Ukrainian air-defense system.
Ukraine’s ministry was cautious about that initial assessment as investigations continued and NATO prepared to meet in an emergency session in Brussels on Wednesday.
Late Tuesday, U.S. President Joe Biden said it’s “unlikely” the missile that killed two people in Poland was fired from Russia, citing the trajectory of the rocket. President Andrzej Duda of Poland said Tuesday night that his government didn’t yet conclusively know who fired a missile that struck Polish territory.
Yuriy Sak, an advisor to Ukraine’s Defense Minister Oleksiy Reznikov, told CNBC that Kyiv welcomed a thorough investigation of the incident, but said the issue was “very sensitive.”
“It is too early to give any definitive answers and it’s very dangerous to jump to any conclusions,” Sak said Wednesday morning.
“I would like to just stress once again that right now, the president of Poland has said that there are no conclusive evidence of what exactly has happened. [U.S. President] Joe Biden, when he was making his comment, he was also cautious because everybody understands that this is a very sensitive issue,” he said.
“Before any conclusions are made, an investigation must be done. So, that is where we stand,” he said.
Police run a check point outside the scene in Przewodow, Poland, where authorities in Warsaw say a Russian-made missile struck its territory, killing two civilians.
Omar Marques | Getty Images News | Getty Images
Tuesday night’s incident came after Ukraine suffered a wave of missile strikes by Russia with one Ukrainian official saying over 90 missiles were fired at the country. The attacks knocked out energy infrastructure across Ukraine, reportedly leaving 7 million people without power.
For its part, Ukraine blamed Russia for the missile that hit Poland last night, with President Volodymyr Zelenskyy reportedly telling his Polish counterpart that it was “a rocket launched from the territory of the Russian Federation.” Russia said it had not fired the missile and called it a “deliberate provocation in order to escalate the situation.”
Ukrainian defense official Yuriy Sak told CNBC that Ukraine’s international allies should have responded to Kyiv’s repeated requests for them to impose a no-fly zone over Ukraine.
NATO refused to do that early in the war, fearing it would be dragged into a direct conflict with nuclear power Russia.
“What we want to stress is that if there was no invasion of Ukraine, yesterday would not have happened. If the Ukrainian sky would have been closed at our request by our allies, this would not have happened,” Sak said, echoing comments by British Prime Minister Rishi Sunak who said Wednesday morning that “none of this would be happening if it wasn’t for the Russian invasion of Ukraine.”
Sak said it was crucial that the missile incident didn’t distract from Ukraine’s defense needs.
“It is very important that we don’t shift the focus now and that we continue to discuss the options for further closing the Ukrainian sky, providing Ukraine with efficient air defense systems, because what needs to happen is that we need to all collectively make sure that such tragic incidents as yesterday do not happen again,” he said.
World leaders hold an emergency meeting in Bali to discuss the explosion on Polish territory. Shown are U.S. President Joe Biden (C), U.K. Prime Minister Rishi Sunak, Canada’s Prime Minister Justin Trudeau, German Chancellor Olaf Scholz, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, Japan Prime Minister Kishida Fumio, European Commission President Ursula von der Leyen, European Council President Charles Michel, Spain’s Prime Minister Pedro Sanchez, Netherlands’ Prime Minister Mark Rutte and U.S. Secretary of State Antony Blinken
Ludovic Marin | AFP | Getty Images
As a flurry of urgent and high-level diplomatic talks are taking place among NATO members on Wednesday, defense analysts suggested that, whether Russia fired the missile or not, it bears a lot responsibility for the attack.
“Russia is to some degree culpable regardless, because it’s firing missiles on civilian infrastructure targets, and firing them dangerously close to NATO territory and the Ukrainian-Polish border, and Ukraine needs to defend itself,” Samuel Ramani, a geopolitical analyst and associate fellow at the Royal United Services Institute defense think tank, told CNBC Wednesday.
“But it may not be that Russia intentionally targeted Poland, and it could be Ukraine doing it. So right now, I think we need an investigation to figure out what’s really happening.”
