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  • China predicts COVID ‘normalcy’ within months, but experts forecast more than 1 million deaths

    China predicts COVID ‘normalcy’ within months, but experts forecast more than 1 million deaths

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    China’s closely watched reopening is now causing concern as the number of new COVID-19 cases grows and the country reports the first deaths in several weeks. 

    Much of the news out of China this week is in stark contrast to zero COVID, the strict policy that was in place up until a month ago. In response to widespread protests, authorities have lifted many of the restrictions that limited how people in China were able to move, work and treat their illnesses.

    Now some local governments are encouraging people with mild COVID to continue to work. Beijing reported five COVID deaths on Tuesday and two on Monday — the first COVID fatalities to be reported in the country in weeks. Cities like Guangzhou are expanding “fever clinics” that can handle up to 110,000 patients a day, up from 40,000. And basic cold medicines are in short supply.

    Chinese authorities have reportedly told state media that the surge is part of an “exit wave” of cases, according to the Financial Times. A headline from Monday’s China Daily, an English-language news outlet in China, reads: “Virus experts expect normalcy by spring.”

    Experts have predicted that millions of people in China will get sick, and up to 1.6 million people could die in 2023.

    COVID news to know: 

     In the U.S., it’s still hard to find children’s cold medications. CVS Health
    CVS,
    -0.31%

    and Walgreens Boots Alliance
    WBA,
    +0.95%

    this week put limits on purchases of children’s cold and flu medicines in response to high demand amid a surge in cases of pediatric COVID, influenza and respiratory syncytial virus, or RSV, according to the Wall Street Journal. This includes medications like acetaminophen and ibuprofen. 

    Testing positive a second or third time may worsen long-COVID symptoms, according to a study published in Nature in November. However, it can be hard to predict how each new infection will affect an individual patient. “It makes sense that repeat infections would not be beneficial to a person’s health,” one doctor told WebMD. “But I think it’s really hard to know what the additional risk of each subsequent infection would be because there are all sorts of other things in the mix.” 

    COVID hospitalizations are rising in the U.S. There are about 40,000 people hospitalized with COVID right now, a figure that is 11% higher than it was two weeks ago, according to the most recent update of a New York Times tracker. The numbers of new infections and COVID-related deaths are also rising this month. The seven-day daily average of new cases is about 66,000, while about 413 people are dying each day.

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  • Messi is a World Cup champion at last as Argentina beats France on penalty kicks

    Messi is a World Cup champion at last as Argentina beats France on penalty kicks

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    LUSAIL, Qatar — Lionel Messi, wearing a black Qatari robe over his blue-and-white Argentina shirt, kissed the World Cup, shuffled toward his teammates and hoisted the golden trophy high in the air.

    It was an iconic sight that finally — definitively — places the soccer superstar in the pantheon of the game’s greatest players.

    Messi’s once-in-a-generation career is complete: He is a World Cup champion.

    In probably the wildest final in the tournament’s 92-year history, Argentina won its third World Cup title by beating France 4-2 in a penalty shootout after a 3-3 draw featuring two goals from the 35-year-old Messi and a hat trick by his heir apparent, France forward Kylian Mbappé.

    “It’s just crazy that it became a reality this way,” Messi said. “I craved for this so much. I knew God would bring this gift to me. I had the feeling that this (World Cup) was the one.”

    Amid the chaos inside Lusail Stadium, Mbappé did all he could to emulate Brazil great Pelé as a champion at his first two World Cups. Even scoring the first hat trick in a final since Geoff Hurst for England in 1966.

    It wasn’t enough.

    Now there’s no debate. Messi joins Pelé — a record three-time World Cup champion — and Diego Maradona, the late Argentina great with whom Messi was so often compared, in an exclusive club of the best soccer players of all time.

    Who is the greatest? It’s a discussion that will rage forever because there can never be a definitive answer. Messi has put up a good argument, though, and — with the World Cup title on his resume — he is surely above Cristiano Ronaldo as the best player of his generation.

    Messi achieved what Maradona did in 1986 and dominated a World Cup for Argentina. He scored seven goals and embraced the responsibility of leading his team out of those dark moments after a shocking 2-1 loss to Saudi Arabia in the group stage.

    Playing in the spirit of Maradona, Messi coupled his dazzling skills with rarely seen aggression and led Argentina to the title by becoming the first man in a single edition of the World Cup to score in the group stage and then in every round of the knockout stage.

    The torch will one day pass to Mbappé, but not just yet.

    “Let’s go, Argentina!” Messi roared into a microphone on the field in the post-match celebrations after playing in a record 26th World Cup match.

    Later, he said: “I can’t wait to be in Argentina to witness the insanity of this.”

    Messi had a tantalizing glimpse of the 18-carat gold World Cup trophy when walking on the stage to collect the Golden Ball, awarded to the player of the tournament. He even kissed the World Cup and rubbed it repeatedly.

    He got his hands on it for good about 10 minutes later, after a ceremonial robe — a bisht — was draped over his shoulders by Qatar’s emir, Sheikh Tamim bin Hamad Al Thani. And, oh, did he enjoy the moment, celebrating with his family and the teammates who put Argentina atop the soccer world for the first time since the 1986 World Cup in Mexico. The country’s other title came in 1978 on home soil.

    Messi was in scintillating form from the start of the final, putting Argentina ahead from the penalty spot after Angel Di Maria was tripped and later playing a part in a flowing team move that resulted in Di Maria making it 2-0 after 36 minutes.

    Mbappé, on the other hand, was anonymous until bursting into life by scoring two goals in a 97-second span — one an 80th-minute penalty, the other a volley from just inside the area after a quick exchange of passes — to take the game to extra time at 2-2.

    Messi still had plenty of energy and he was on hand to tap in his second goal in the 108th minute, with a France defender clearing the ball just after it had crossed the line. Argentina was on the brink of the title once again, but there was still time for another penalty from Mbappé, after a handball, to take the thrilling game to a shootout.

    “We managed to come back from the dead,” said France coach Didier Deschamps, whose team was looking to become the first back-to-back champions since Brazil in 1962.

    Mbappé and Messi took their teams’ first penalties and scored. Kingsley Coman had an attempt saved by Argentina goalkeeper Emi Martinez and Aurelien Tchouameni then missed for France, giving Gonzalo Montiel the opportunity to end it. He converted the penalty to the left and sparked wild celebrations.

    “The match was completely insane,” said Argentina coach Lionel Scaloni, who was asked if he had a message for Maradona, who died two years ago.

    “If he had been here, he would have enjoyed it so much,” Scaloni said. “He would have been the first person on the field (to celebrate). I wish he’d have been here to enjoy the moment.”

    Europe’s run of four straight World Cup winners, dating to 2006, came to an end. The last South American champion was Brazil, and that was also in Asia — when Japan and South Korea hosted the tournament in 2002.

    In Qatar, Argentina backed up its victory from last year’s Copa America, its first major trophy since 1993. It’s quite the climax to Messi’s international career, which is not over just yet. He said after the match that he would continue to play with the national team.

    It was quite a final for a unique World Cup — the first to be played in the Arab world.

    For FIFA and the Qatari organizers, a final between two major soccer nations and the world’s two best players represented a perfect way to cap a tournament laced in controversy ever since the scandal-shrouded vote in 2010 to give the event to a tiny Arab emirate.

    The years-long scrutiny since has focused on the switch of dates from the traditional June-July period to November-December, strong criticism of how migrant workers have been treated, and then unease about taking soccer’s biggest event to a nation where homosexual acts are illegal.

    On Sunday, there was one narrative at play for most people: Could Messi do it?

    He could, despite the 23-year-old Mbappé doing all he could to deny his Paris Saint-Germain teammate. Finishing the tournament as the top scorer with eight goals is likely only a crumb of comfort.

    Messi has been a man on a mission in the Middle East, determined to erase memories of his only other World Cup final — in 2014 when Argentina lost to Germany 1-0 and Messi squandered a great chance in the second half.

    On that night at the Maracana Stadium, Messi stared down at that golden World Cup trophy that escaped him.

    Eight years later, he raised it aloft in the biggest moment of a career like no other.

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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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  • FTC sues to block Microsoft’s $69 billion acquisition of game giant Activision Blizzard

    FTC sues to block Microsoft’s $69 billion acquisition of game giant Activision Blizzard

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    The Federal Trade Commission on Thursday sued Microsoft Corp. to block its $69 billion deal to buy Activision Blizzard Inc.

    The acquisition, which would be Microsoft’s
    MSFT,
    +1.07%

    largest and the biggest ever in the video gaming industry, would “enable Microsoft to suppress competitors to its Xbox gaming consoles and its rapidly growing subscription content and cloud-gaming business,” the FTC claimed.

    “Microsoft has already shown that it can and will withhold content from its gaming rivals,” Holly Vedova, director of the FTC’s Bureau of Competition, said in a statement. “Today we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets.”

    FTC members pointed to Microsoft’s record of “acquiring and using valuable gaming content to suppress competition from rival consoles,” including its acquisition of ZeniMax, parent company of Bethesda Softworks.

    Microsoft President Brad Smith indicated the software giant will fight the lawsuit. In a statement, he said Microsoft has “been committed since Day One to addressing competition concerns.”

    “While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court,” Smith said.

    Activision CEO Bobby Kotick, in a statement, said the suit “sounds alarming, so I want to reinforce my confidence that this deal will close. The allegation that this deal is anti-competitive doesn’t align with the facts, and we believe we’ll win this challenge.”

    Still, In recent weeks Microsoft has taken steps to demonstrate to regulators its acquisition of Activision would not give it an unfair advantage in the gaming market. On Tuesday, Microsoft said it would bring the “Call of Duty” franchise to Nintendo Co.’s
    7974,
    -1.31%

    Switch, a rival of Microsoft Xbox, and Microsoft has said it would make Call of Duty available on rival Sony Group Corp.’s
    SONY,
    -0.06%

    PlayStation.

    “It’s a bad idea,” Geoffrey Manne, president of the International Center for Law and Economics, said of the FTC’s lawsuit vs. Microsoft. “There may be markets in which some activities of some of these large tech companies cause concerns, but when they are expanding into new markets or enhancing competition in markets where they aren’t leaders, we should be encouraging them, not threatening them with lawsuits.”

    The government’s action in administrative court marks the first serious regulatory threat to Microsoft’s business in more than two decades, when the Justice Department brought a landmark antitrust lawsuit against the software giant that took years and was settled in 2002. Since then, Microsoft had sidestepped antitrust scrutiny and Smith in particular has focused the glare on its tech rivals Amazon.com Inc.
    AMZN,
    +2.24%
    ,
    Apple Inc.
    AAPL,
    +1.19%
    ,
    Alphabet Inc.’s
    GOOGL,
    -0.94%

     
    GOOG,
    -0.89%

    Google, and Facebook parent company Meta Platforms Inc.
    META,
    +1.26%
    .

    Read more: Microsoft’s shadowy presence in antitrust push is angering the rest of Big Tech

    Shares of Microsoft are up 1% in trading Thursday. Activision’s
    ATVI,
    -1.33%

    stock is down 1.5%.

    The FTC’s lawsuit comes the same day it is heading to court in San Jose, Calif., in what is expected to be a three-week trial to bloc Meta’s $300 million acquisition of VR fitness app maker Within.

    The trial is likely to showcase an intriguing look at the agency’s ability to stifle alleged anticompetitive conduct using largely untested legal theories at a time when Congress is sitting on tech antitrust legislation.

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  • Aaron Judge signs $360 million deal with Yankees — at $40 million a year, he’ll be the highest paid position player in MLB

    Aaron Judge signs $360 million deal with Yankees — at $40 million a year, he’ll be the highest paid position player in MLB

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    Aaron Judge has agreed to return to the New York Yankees on a $360 million, nine-year contract, according to Tuesday reports from the MLB Network and Fox.

    Judge will make $40 million per season on his new deal with the Yankees, the highest average annual payout for a position player in MLB history. The new deal is the third largest overall contract in MLB history in total value, only behind Mike Trout’s $426.5 million deal with the Los Angeles Angels and Mookie Betts’ $365 million deal with the Los Angeles Dodgers.

    See also: Athletes like Tom Brady and Odell Beckham took crypto as compensation. As of now, that’s backfiring.

    Judge, 30, turned down a seven-year, $213.5 million extension from the Yankees before this season, according to Yankees President Brian Cashman, in hopes of earning more in free agency. He appears to have done that with this agreement.

    Judge is coming off his best season as a professional after winning the American League MVP award and leading the Yankees to a division title. While an MVP award is usually a telltale sign that a player just had a special season, it was actually even more magical than that.

    See also: Dropping Aaron Judge’s 61st home-run ball might have cost this fan $250,000 or more

    Judge broke the American League home-run record of 61, set by Roger Maris in 1961, when he hit 62 home runs last season. The only players in history who have hit more than 61 home runs in a single season played in the National League — and they have been linked to steroid use.

    Before his new reported deal, in his seven seasons as a big leaguer, Judge has earned a total of just $36 million from his contracts, according to Spotrac, for a career average annual salary of $5.14 million, not appreciably higher than the game’s current average of $4.4 million. He was the 54th highest paid player in the MLB last season at $19 million.

    See also: Cristiano Ronaldo will reportedly join Saudi club Al-Nassr for historic $210 million per season

    Judge, was selected by New York in the first round of the 2013 MLB draft and made his big league debut in 2016.

    The Associated Press contributed to this article.

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  • Netherlands eliminates U.S. in round of 16 at World Cup

    Netherlands eliminates U.S. in round of 16 at World Cup

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    Memphis Depay and Daley Blind scored in the first half and Denzel Dumfries added a late goal as the Netherlands eliminated the United States from the World Cup with a 3-1 victory Saturday that advanced the Dutch to the quarterfinals.

    Second-half substitute Haji Wright cut the U.S. deficit to 2-1 in the 76th minute when Christian Pulisic’s cross hit his trailing foot and popped over goalkeeper Andries Noppert and into the net. But Dumfries, who assisted on the first two goals, scored on a volley in the 81st.

    Runners-up in 1974, 1978 and 2010, the Oranje extended their unbeaten streak to 19 games and face Argentina or Australia on Friday.

    It was a disappointing end for a rebuilt U.S. team hoping to advance past the round of 16 for the first time since 2002. Using the second-youngest squad in the tournament, the Americans achieved the bare minimum to consider the World Cup a success, beating Iran in their group-stage finale to reach the knockout round.

    But just like in 2010 against Ghana and 2014 against Belgium, the United States was eliminated in the round of 16. The Americans are winless in 12 games against European opponents at the World Cup since 2002, losing six, and are 1-7 during the tournament’s knockout rounds.

    Pulisic, playing four days after getting hurt during his game-winning goal against Iran, had a chance to put the United States ahead in the third minute but Noppert, playing in only his fourth international match, blocked his point-blank shot. With the Americans seeking an equalizing goal, Noppert dived to stop Tim Weah’s 25-yard effort in the 42nd.

    The crowd of 44,846 was well back from the field at renovated Khalifa International Stadium, which has an athletics track and was more subdued than the raucous spectators for the match against Iran.

    While the United States had the better play at the start, the Dutch went ahead after breaking the American press. Dumfries one-timed a pass from the right flank as Depay streaked unmarked into the penalty area. His right-footed shot from 14 yards beat Matt Turner to the far post in the 10th minute for his 43rd international goal, moving him into sole possession of second place on the Dutch career scoring list behind Robin van Persie’s 50.

    The goal was the first allowed by the United States from the run of play in the tournament. In 37 World Cup matches, the Americans have never won a game in which they trailed.

    The Netherlands doubled the lead on virtually the final kick of the first half, in the first minute of stoppage time. After a quick series of exchanges following a throw-in, Dumfries got a cross around Tyler Adams and found Blind wide open at the penalty spot. Blind scored only his third international goal — his first in eight years. Gio Reyna fed an open Weston McKennie in the 54th, but he skied his shot over the crossbar.

    Wright entered in the 67th and scored his second international goal, sparking U.S. hopes. But Dumfries was left unmarked by Tim Ream and Antonee Robinson and used his left foot to volley Blind’s cross.

    YOUNG AND THE RESTLESS
    The starting lineup for the United States was its youngest for a World Cup knockout match at 25 years, 86 days. The previous low was 27 years, 19 days for the 1930 semifinal loss to Argentina.

    TRAINER’S ROOM
    United States forward Josh Sargent did not dress after injuring his right ankle against Iran.

    UP NEXT
    The Netherlands will next play Friday at Lusail Stadium, the site of this year’s final.
    The Americans begin the 2026 cycle with a match against Serbia on Jan. 25 in Los Angeles and face Colombia three days later in Carson, California. The games are not on FIFA dates, meaning mostly Major League Soccer players will be used.

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  • Netherlands eliminates U.S. in round of 16 at World Cup

    Netherlands eliminates U.S. in round of 16 at World Cup

    [ad_1]

    Memphis Depay and Daley Blind scored in the first half and Denzel Dumfries added a late goal as the Netherlands eliminated the United States from the World Cup with a 3-1 victory Saturday that advanced the Dutch to the quarterfinals.

    Second-half substitute Haji Wright cut the U.S. deficit to 2-1 in the 76th minute when Christian Pulisic’s cross hit his trailing foot and popped over goalkeeper Andries Noppert and into the net. But Dumfries, who assisted on the first two goals, scored on a volley in the 81st.

    Runners-up in 1974, 1978 and 2010, the Oranje extended their unbeaten streak to 19 games and face Argentina or Australia on Friday.

    It was a disappointing end for a rebuilt U.S. team hoping to advance past the round of 16 for the first time since 2002. Using the second-youngest squad in the tournament, the Americans achieved the bare minimum to consider the World Cup a success, beating Iran in their group-stage finale to reach the knockout round.

    But just like in 2010 against Ghana and 2014 against Belgium, the United States was eliminated in the round of 16. The Americans are winless in 12 games against European opponents at the World Cup since 2002, losing six, and are 1-7 during the tournament’s knockout rounds.

    Pulisic, playing four days after getting hurt during his game-winning goal against Iran, had a chance to put the United States ahead in the third minute but Noppert, playing in only his fourth international match, blocked his point-blank shot. With the Americans seeking an equalizing goal, Noppert dived to stop Tim Weah’s 25-yard effort in the 42nd.

    The crowd of 44,846 was well back from the field at renovated Khalifa International Stadium, which has an athletics track and was more subdued than the raucous spectators for the match against Iran.

    While the United States had the better play at the start, the Dutch went ahead after breaking the American press. Dumfries one-timed a pass from the right flank as Depay streaked unmarked into the penalty area. His right-footed shot from 14 yards beat Matt Turner to the far post in the 10th minute for his 43rd international goal, moving him into sole possession of second place on the Dutch career scoring list behind Robin van Persie’s 50.

    The goal was the first allowed by the United States from the run of play in the tournament. In 37 World Cup matches, the Americans have never won a game in which they trailed.

    The Netherlands doubled the lead on virtually the final kick of the first half, in the first minute of stoppage time. After a quick series of exchanges following a throw-in, Dumfries got a cross around Tyler Adams and found Blind wide open at the penalty spot. Blind scored only his third international goal — his first in eight years. Gio Reyna fed an open Weston McKennie in the 54th, but he skied his shot over the crossbar.

    Wright entered in the 67th and scored his second international goal, sparking U.S. hopes. But Dumfries was left unmarked by Tim Ream and Antonee Robinson and used his left foot to volley Blind’s cross.

    YOUNG AND THE RESTLESS
    The starting lineup for the United States was its youngest for a World Cup knockout match at 25 years, 86 days. The previous low was 27 years, 19 days for the 1930 semifinal loss to Argentina.

    TRAINER’S ROOM
    United States forward Josh Sargent did not dress after injuring his right ankle against Iran.

    UP NEXT
    The Netherlands will next play Friday at Lusail Stadium, the site of this year’s final.
    The Americans begin the 2026 cycle with a match against Serbia on Jan. 25 in Los Angeles and face Colombia three days later in Carson, California. The games are not on FIFA dates, meaning mostly Major League Soccer players will be used.

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  • University of Virginia shooting suspect in custody, university police announce

    University of Virginia shooting suspect in custody, university police announce

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    CHARLOTTESVILLE, Va. (AP) — The three students killed in a shooting at the University of Virginia were all members of the school’s football team, the school’s president said.

    President Jim Ryan told a Monday morning news conference the shooting happened Sunday night on a school bus of students returning from an off-campus trip.

    The suspect has been identified as Christopher Darnell Jones Jr., who is also student.

    The incident occurred Sunday near a university parking garage. In addition to the three football players killed, two others were reported to have been wounded.

    Police went on a manhunt Monday in search of the student suspected in the attack, officials said.

    During a press conference in the 11 o’clock hour local time, the university police chief, Tim Longo, was given word that the suspect was in custody. He immediately returned to the microphone and reported that update to the assembled reporters.

    Classes at the university were canceled Monday, following the violence Sunday night, and the Charlottesville campus was unusually quiet as authorities searched for the suspect, whom university President Ryan identified as Christopher Darnell Jones Jr.

    A shelter-in-place order to the university community had been lifted less than an hour earlier after a law-enforcement search of the campus.

    In a letter to the university posted on social media, Ryan said the shooting happened around 10:30 p.m. Sunday.

    The university’s emergency management issued an alert Sunday night notifying the campus community of an “active attacker firearm.” The message warned students to shelter in place following a report of shots fired on Culbreth Road on the northern outskirts of campus.

    Access to the shooting scene was blocked by police vehicles Monday morning.

    Officials urged students to shelter in place and helicopters could be heard overhead as a smattering of traffic and dog-walkers made their way around campus.

    The university police department posted a notice online saying multiple police agencies including the state police were searching for a suspect who was considered “armed and dangerous.”

    In his letter to campus, the university president said Jones was suspected to have committed the shooting and that he was a student.

    “This is a message any leader hopes never to have to send, and I am devastated that this violence has visited the University of Virginia,” Ryan wrote. “This is a traumatic incident for everyone in our community.”

    Eva Surovell, 21, the editor in chief of the student newspaper, The Cavalier Daily, said that after students received an alert about an active shooter late Sunday night, she ran to the parking garage, but saw that it was blocked off by police. When she went to a nearby intersection, she was told to go shelter in place.

    “A police officer told me that the shooter was nearby and I needed to return home as soon as possible,” she said.

    She waited with other reporters, hoping to get additional details, then returned to her room to start working on the story. The gravity of the situation sunk in.

    “My generation is certainly one that’s grown up with generalized gun violence, but that doesn’t make it any easier when it’s your own community,” she said.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives said agents were responding to the campus to assist in the investigation.

    The Virginia shooting came as police were investigating the deaths of four University of Idaho students found Sunday in a home near the campus. Officers with the Moscow Police Department discovered the deaths when they responded to a report of an unconscious person just before noon, according to a news release from the city. Authorities have called the deaths suspected homicides but did not release additional details, including the cause of death.

    On April 16, 2007, another Virginia university was the scene of what was then one of the deadliest shootings in U.S. history. Twenty-seven students and five faculty members at Virginia Tech were gunned down by Seung-Hui Cho, a 23-year-old mentally ill student who later died from a self-inflicted gunshot wound.

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  • Chinese travel, consumption stocks rally as Beijing eases COVID rules

    Chinese travel, consumption stocks rally as Beijing eases COVID rules

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    Shares of Chinese travel and consumer companies gained ground in Hong Kong after Beijing eased some Covid-19 restrictions, improving the outlook for sectors directly hit by the pandemic and the broader economic recovery.

    In Friday afternoon trade, the Hang Seng China Enterprises Index
    160462,
    +7.98%

    advanced 7.6%, while the city’s benchmark Hang Seng Index
    HSI,
    +7.51%

    jumped 7.1% to 17221.43, recovering to levels last seen a month ago. The benchmark index would mark its largest one-day gain since mid-March if it closes at current levels.

    China’s three major airlines, Air China Ltd.
    601111,
    -3.11%
    ,
    China Southern Airlines Co.
    600029,
    +0.13%

    and China Eastern Airlines Corp.
    600115,
    +1.14%
    ,
    added between 2.2% and 5.1%, while travel retailer China Tourism Group Duty Free Corp.
    601888,
    +3.65%

    climbed 7.1%.

    Broader consumer-related sectors also strengthened, amid hopes that less stringent rules could help revive consumption. E-commerce platforms Alibaba Group Holding Ltd.
    BABA,
    +7.60%

    9988,
    +11.51%

    and JD.com Inc.
    JD,
    +8.41%

    9618,
    +16.22%

    jumped 11% and 16%, respectively, while restaurant operator Haidilao International Holding Ltd.
    6862,
    +5.21%

    climbed 4.7%.

    China said Friday that it will shorten the quarantine period for close contacts of COVID cases and travelers to the country, among other policy tweaks. But the government also said it will stick to its zero-COVID policy.

    Friday’s market upturn came on the back of U.S. stocks’ biggest rally in two years, after October inflation data was weaker than expected, lifting expectations of less aggressive interest-rate increases by the Federal Reserve.

    Write to Clarence Leong at clarence.leong@wsj.com

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  • Starbucks says higher prices, customizable beverages will carry it through potential economic winter

    Starbucks says higher prices, customizable beverages will carry it through potential economic winter

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    Ever since Starbucks Corp. rolled out longer-term financial targets in September, Wall Street has wondered how the coffee chain might meet what analysts say were ambitious goals, as rising prices drain consumer spending. For at least the year ahead, executives on Thursday called out three ways to get there: higher prices, younger customers and cold, customizable beverages.

    For the fiscal year ahead, executives for the coffee chain on Thursday said they expected global same-store sales to be “near the high end” of its long-term target of between 7% to 9% growth. FactSet expects growth of 8.6%.

    When an analyst asked what gave management confidence in that target, interim Chief Executive Howard Schultz said that its coffee was an “affordable luxury,” and that it was armed with a loyalty program that it didn’t have in years past. And they said its customers were getting younger, not older.

    “Not only has it gotten younger, but that young, Gen Z customer tends to have significantly more discretionary money at their disposal,” he said. “And their loyalty to Starbucks has been quite significant and predicted.”

    He said Starbucks
    SBUX,
    +0.12%

    had raised prices by nearly 6% over the past 12 months and hadn’t seen demand subside. And he said cold coffee beverages made up 76% percent of total drink sales in its U.S. company-owned stores. In the fourth quarter, more than half of beverages overall in those stores were customized, leading to $1 billion in sales a year for add-on syrups, foams and other ingredients.

    “I think customization, which we spoke a lot about in our prepared remarks, is obviously giving us the ticket is becoming more accretive,” he said.

    Management said they expect U.S. same-store sales growth of 7% to 9% for the year ahead. For China, they’re banking on “outsize” growth for the metric — interrupted by a decrease in the first-quarter — as the nation potentially emerges from pandemic-related lockdowns.

    For overall revenue, they expect gains of between 10% and 12%. Management also said they would resume their buyback program in fiscal 2023.

    Even as the Federal Reserve tries to chart a path to lower prices, Starbucks is the latest company to say it still has “pricing power,” or the ability to charge customers more. Snack maker Mondelez International
    MDLZ,
    -0.93%
    ,
    earlier in the week, said it planned to raise prices through next year. Similarly, its own chief executive also described its snacks as an “affordable indulgence.

    Prior to the call, Starbucks reported fiscal fourth-quarter results that beat expectations, helped by a boost in U.S. sales and higher prices.

    The coffee chain reported net income of $878 million, or 76 cents a share, compared with $1.76 billion, or $1.49 a share, in the same quarter last year. Revenue rose 3% to $8.4 billion, compared with $8.15 billion in the prior-year quarter.

    Same-store sales rose 7% worldwide, helped largely by bigger ticket sizes, even as actual transaction volume remained muted. They were up 11% in the U.S. But international same-store sales fell 5%, with a 16% drop in China.

    Excluding restructuring, impairment and other costs, Starbucks earned 81 cents per share, compared with 99 cents a year earlier. U.S. members of its loyalty program who were active for three months rose 16% to 28.7 million.

    Analysts polled by FactSet expected Starbucks to report adjusted earnings per share of 72 cents, on revenue of $8.323 billion. Same-store sales were expected to rise 4.2%.

    Shares rose 2.4% after hours.

    As with other restaurants and retailers, Starbucks’ sales this year have been helped by price increases. Analysts have also said higher-income consumers, who might not mind higher prices as much, as well as demand for cold beverages, have propelled demand. While China’s COVID-19 restrictions have weighed on sales, analysts say demand trends are strong elsewhere.

    “The U.S. business is humming, and the China risk is increasingly understood,” Wedbush analyst Nick Setyan wrote in a research note ahead of Starbucks’ earnings.

    The earnings report comes as Starbucks battles a nascent unionization push at some of its stores. Some bargaining efforts between the company and the union members have stalled, amid allegations from both of bad-faith negotiations. The company over the past year has spent more to raise employee pay and rolled out other incentives at non-union stores.

    Starbucks stock has tumbled 27% so far this year. The S&P 500 Index
    SPX,
    -1.06%
    ,
    by comparison, is down around 22%.

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  • New omicron subvariants accounted for more cases in New York region in latest week than BA.5, CDC data shows

    New omicron subvariants accounted for more cases in New York region in latest week than BA.5, CDC data shows

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    The omicron sublineages named BQ.1 and BQ.1.1 continued to spread in the U.S. in the week through Oct. 29, accounting for 27.1% of new cases nationwide, according to Centers for Disease Control and Prevention data.

    The two accounted for 42.5% of all cases in the New York region, which includes New Jersey, Puerto Rico and the Virgin Islands, up from 37% the previous week. That was more than the BA.5 omicron subvariant, which accounted for 35.7% of new cases in the New York area in the latest week.

    The BA.5 omicron subvariant accounted for 49.6% of all U.S. cases, the data show.

    BQ.1 and BQ.1.1 were included in BA.5 variant data as recently as three weeks ago, because their numbers were too small to break out. BQ.1 was first identified by researchers in early September and has been found in the U.K. and Germany, among other places.

    Last week, the World Health Organization said that BQ.1 and another sublineage dubbed XBB do not appear to have immune-escape mutations that warrant being designated as variants of concern. However, BA.5 is still a variant of concern that is being closely monitored, said a statement from the WHO’s Technical Advisory Group on SARS-CoV-2 Virus Evolution.

    Workers in a manufacturing facility that assemble Apple Inc.’s
    AAPL,
    -1.66%

    iPhone in the Chinese city of Zhengzhou appear to have left to avoid COVID-19 curbs, with many traveling on foot for days after an unknown number of employees were quarantined in the facility after a virus outbreak, the Associated Press reported. 

    Videos circulating on Chinese social media platforms showed people who are allegedly Foxconn workers climbing over fences and carrying their belongings down a road.

    Separately, visitors to Shanghai Disneyland were left stranded at the park on Monday after the resort halted operations to comply with COVID-19 restrictions amid a new outbreak of the virus.

    In the U.S., known cases of COVID are continuing to ease and now stand at their lowest level since mid-April, although the true tally is likely higher given how many people overall are testing at home, where data are not being collected.

    The daily average for new cases stood at 36,869 on Sunday, according to a New York Times tracker, down 2% from two weeks ago. The daily average for hospitalizations was up 3% to 27,415, while the daily average for deaths was down 6% to 352. 

    Coronavirus Update: MarketWatch’s daily roundup has been curating and reporting all the latest developments every weekday since the coronavirus pandemic began

    Other COVID-19 news you should know about:

    • With a downcast earnings season passing the halfway mark, results from financial-technology companies and vaccine makers will arrive this week amid questions about consumer spending as well as demand for COVID drugs, MarketWatch’s Bill Peters reported. Pfizer Inc.
    PFE,
    -1.82%

    will report earnings on Tuesday, followed by Moderna Inc.
    MRNA,
    -0.47%

    on Thursday. Analysts will have their eye on the state of COVID-19 vaccine and treatment sales and on what executives are anticipating for the full year, as they prepare for a private market for COVID medications and as more people shrug off the pandemic. Pfizer executives, during a call last week, said they intended to charge between $110 and $130 for a single-dose vial of the vaccine for U.S. adults when government purchases end. But they said they believe anyone who has health insurance shouldn’t have to pay anything out of pocket.

    The FDA authorized newly modified COVID-19 boosters to target the latest versions of the omicron variant. But as WSJ’s Daniela Hernandez explains, a key part of the decision-making process was changed with these new shots. Photo: Laura Kammermann

    • A number of young children are being hospitalized because of respiratory syncytial virus, or RSV, and it’s happening at an unusual time of year and among older children than in years past, MarketWatch’s Jaimy Lee reported. COVID may be a contributing factor, in part because many children were not exposed to RSV last season and also because a prior COVID infection or exposure may change the way a baby’s immune system responds to RSV and may lead to more severe illness from an RSV infection, according to Asuncion Mejias, a principal investigator with the Center for Vaccines and Immunity at the Research Institute at Nationwide Children’s Hospital in Columbus, Ohio.

    • On Saturday, more than 3,000 people took part in the first Pride march in South Africa since the COVID pandemic , celebrating the LGBT community and defying a U.S. warning of a possible terror attack in the area, the AP reported. The U.S. government this week warned of a possible attack in the Sandton part of Johannesburg, where the march took place. The South African government expressed concern that the U.S. had not shared enough information to give credibility to the alleged threat. Police said all measures had been taken to ensure safety in the area.

    Here’s what the numbers say:

    The global tally of confirmed cases of COVID-19 topped 630.2 million on Monday, while the death toll rose above 6.58 million, according to data aggregated by Johns Hopkins University.

    The U.S. leads the world with 97.5 million cases and 1,070,266 fatalities.

    The Centers for Disease Control and Prevention’s tracker shows that 226.9 million people living in the U.S., equal to 68.4% of the total population, are fully vaccinated, meaning they have had their primary shots.

    So far, just 22.8 million Americans have had the updated COVID booster that targets the original virus and the omicron variants, equal to 7.3% of the overall population.

     

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  • McDonald’s ‘adult Happy Meal’ toys are selling for up to $300,000 on eBay

    McDonald’s ‘adult Happy Meal’ toys are selling for up to $300,000 on eBay

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    When it comes to nostalgia, McDonald’s customers sure are lovin’ it. 

    The burger chain brought back its Halloween pails on Tuesday, which haven’t been offered in the U.S. since 2016. The plastic trick-or-treat buckets decorated to look like a ghost, a goblin or a jack-o’-lantern (aka McBoo, McGoblin and McPunk’n, respectively) quickly began trending among real-time Google searches on Tuesday. 

    But the appetite for these Halloween buckets is nothing compared to the recent McDonald’s
    MCD,
    +1.10%

    collaboration with streetwear company Cactus Plant Flea Market, which dished out a $12-$13 box (better known as the “adult Happy Meal”) that featured a food combo and a collectible figurine targeted toward the grownups who grew up on Happy Meals.

    They sold out quickly, and now some enterprising fast food lovers are hawking the adult Happy Meal toys over online resale sites for thousands of dollars.

    So what’s the appeal? Nostalgia, nostalgia, nostalgia. “Everyone remembers their first Happy Meal as a kid … and the can’t-sit-still feeling as you dug in to see what was inside,” McDonald’s wrote in a press release. “And now, we’re reimagining that experience in a whole new way — this time, for adults.”

    The limited-edition Cactus Plant Flea Market Box at McDonald’s rolled out on Oct. 3, feeding the inner child of the average customer by offering a choice of a Big Mac or 10-piece chicken nuggets main dish, french fries and a soft drink, as well as one of four “toys” featuring redesigned McDonald’s mascots like the Grimace, the Hamburgler and Birdie, as well as a new “Cactus Buddy!” figure (yes, the exclamation point is part of his name.)

    The Cactus Plant Flea Market boxes sold out in many places on the same day that they came out. Some McDonald’s employees took to Reddit and TikTok to share how much they were not lovin’ it — which was reminiscent of the hatred many Starbucks
    SBUX,
    +0.07%

    employees felt toward the viral unicorn frappuccino in 2017

    And now, both the toys and the boxes have become near impossible to come by — unless you’re willing to cough up a lot of cash. A medium Cactus Plant Flea Market Box costs about $12, with large box closer to $13 — and one New Jersey mom noted that in her area, a Big Mac combo with fries and a drink runs under $10, so she spent $3 basically get the collectible toy.

    But one eBay listing offering three of the collectible Cactus Plant Flea Market, still unwrapped and in their original packaging, is asking for a whopping $300,000.

    The sold-out Cactus Plant Flea Market Boxes, aka McDonald’s “adult Happy Meals,” are popping up on resale sites for thousands of dollars.


    Screenshot

    Another listing on the fashion marketplace Grailed, which is marked as an “authenticated” post, features the “Cactus Buddy!” figure for the asking price of $39,999 (10% off of the original $44,444 price tag.) 

    The sold-out Cactus Plant Flea Market Boxes, aka McDonald’s “adult Happy Meals,” are popping up on resale sites for thousands of dollars.


    Screenshot

    But there are dozens of other listings for the individual toys and boxes on resale sites such as eBay and Facebook Marketplace in the much more palatable $10-$30 range, or bundles with all four collectible figurines running between $60-$70

    McDonald’s was not immediately available for comment, but a rep told Axios that, “The hype for the Cactus Plant Flea Market Box was so real that some of our restaurants have sold out of the limited-edition experience.” They added that, “We’re thrilled by the excitement we’re seeing.”

    The official McDonald’s Twitter account has also been fielding queries from disappointed potential customers who haven’t been able to get their hands on any of the adult Happy Meals, apologizing that this was only a limited time offer. 

    Time will tell if more “adult Happy Meals” will be offered in the future. There’s clearly a customer base hungry for more. 

    This isn’t McDonald’s first viral sensation, of course. The fast food giant has also scored success with celebrity collaborations featuring K-Pop sensation BTS, or singing diva Mariah Carey — which also reportedly sold out.

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  • U.S. stocks edge up despite higher-than-expected inflation data

    U.S. stocks edge up despite higher-than-expected inflation data

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    U.S. stock indexes edged higher on Wednesday, while hotter-than-expected producer price inflation data deepened concerns that the Federal Reserve may continue its aggressive interest rate hikes.

    How are stock-index futures trading
    • The Dow Jones Industrial Average 
      DJIA,
      +0.50%

       was up 120 points, or 0.4% to around 29,355

    • The S&P 500 
      SPX,
      +0.35%

      gained 5.3 points, or 0.2% to about 3,594

    • The Nasdaq Composite
      COMP,
      -6.31%

      traded 5.1 points, or 0.1% higher to 10,430

    On Tuesday, the Dow Jones Industrial Average rose 36 points, or 0.12%, to 29239, the S&P 500 declined 24 points, or 0.65%, to 3589, and the Nasdaq Composite dropped 116 points, or 1.1%, to 10426. The S&P 500 closed down 1,177 points, or 24.7% for the year to date.

    What’s driving markets

    The 12-month rate of producer price inflation slowed to to 8.5% from 8.7% while the annual core rate, excluding food and energy, was unchanged at 5.6%, but the monthly rate rose 0.4% in September, above forecast, and the monthly core PPI was also up 0.4% in September.

    Such data has worsened fears that to curb inflation, the Fed will continue its aggressive rate hikes, which may steer the U.S. economy into a recession.

    “We believe the odds of a recession in 2023 are now better than 50%,” Greg Bassuk, chief executive at AXS Investments, wrote in a Wednesday note. “Last week’s market turbulence saw volatility at levels we have not seen since July, and we believe investors should brace for ongoing market volatility and uncertainty throughout Q4, in concert with another likely Fed interest rate hike to the tune of 0.75% in November,” according to Bassuk.

    The 10-year Treasury yield BX:TMUBMUSD10Y, which started the year around 1.65% was trading at 3.931% on Wednesday, off 1.3 basis points, after the producer price inflation data.

    Traders are also awaiting U.S. September consumer prices data on Thursday due at 8:30 am Eastern Time.

    “Inflation has proven to be difficult to forecast and given the negative ‘shock’ from the August CPI, it would be difficult for any investor to have conviction going into this report,” according to Tom Lee, head of research at Fundstrat.

    “For us, analyzing the month over month numbers is much more important than looking at the headline,” Zachary Hill, head of portfolio management at Horizon Investments, said in an interview.

    “The way we’ve been thinking about it, the last three months annualized [inflation] gives you a kind of a decent idea of where the shorter term trends are around inflation,” Hill said. “We think that’s what the Fed is going to be looking at to see progress towards their 2% goal. And unfortunately, based on various measures, we’re nowhere near that today.”

    Adding to the market anxiety, and keeping any Wednesday rally in check, is the continuing volatility in U.K. government bonds after the Bank of England reiterated it would stop supporting the market after Friday.

    Investors have become increasingly concerned of late that severe stresses in the financial system may emerge as central banks switch from the era of zero or negative interest rates to sharply higher borrowing costs as they try to tackle inflation at multi-decade highs.

    “[G]lobal financial conditions have tightened as central banks continue to raise interest rates. Our latest Global Financial Stability Report shows that financial stability risks have increased since our last report, with the balance of risks tilted to the downside,” said the International Monetary Fund in a report released on Tuesday.

    “The mood of global investors was gloomy enough and hardly needed yesterday’s reminder from the IMF that the risks to financial stability have increased,” Ian Williams, strategist at Peel Hunt, noted. “Its report highlighted specifically (if obviously) the threats from persistent inflation, China’s slowdown and the war in Ukraine. The highlighted ‘disorderly repricing of risk’ is arguably already underway.”

    The Fed may offer its view on the topic as a number of officials are due to give comments on Wednesday. Minneapolis Fed President Neel Kashkari said the Fed is “dead serious” about getting inflation down. Fed vice chair Michael Barr will speak at 1:45 p.m. The minutes of the Fed’s previous monetary policy setting meeting will be released at 2 p.m. ET and Fed governor Michelle Bowman will deliver comments at 6.30 pm.

    Companies in focus
    • Shares of Philips
      PHIA,
      -12.27%

      PHG,
      -11.33%

      plunged 12% after the Dutch tech company issued its second profit warning this year, forewarning that supply chain problems will impact sales and third-quarter profits.

    • Intel Corp.
      INTC,
      +1.50%

      may fire thousands of workers by the end of the month, around the same time the chip manufacturer reports quarterly results amid a tough year for semiconductor makers, Bloomberg reported late Tuesday. The company’s shares rose 1% Wednesday.

    • Shares of PepsiCo Inc. climbed 4.6% Wednesday, after the beverage and snack giant reported third-quarter profit and revenue that rose above expectations and raised its full-year outlook, as higher prices helped offset some volume weakness.

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  • Philips warns of 5% fall in like-for-like sales due to supply-chain woes

    Philips warns of 5% fall in like-for-like sales due to supply-chain woes

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    Royal Philips NV said Wednesday that its performance for the third quarter was hurt by stronger-than-anticipated supply-chain challenges, and adopted a more pessimistic view on its sales through the end of the year.

    The Dutch health-technology company
    PHIA,
    -8.01%

    PHG,
    -0.80%

    said that it expects to record a 1.3 billion euro ($1.26 billion) impairment charge in the period. The company said that this is an impairment of goodwill of Philips Respironics, its sleep and respiratory care business, and that it is due to revisions to the business’s financial forecast.

    This compares with adjusted Ebita of EUR512 million, or 12.3% of sales, a year earlier.

    Analysts had seen the metric at EUR336 million, according to a consensus estimate provided by the company.

    Philips expects to book a EUR1.3 billion impairment charge on its sleep and respiratory care business after revising its financial forecast for the unit, it said.

    Group comparable sales for the quarter fell around 5%.

    For the last quarter of the year, Philips now expects a mid-single-digit decline in comparable sales, it said.

    In late July, Philips had guided for 6%-9% growth in comparable sales over the second half of the year.

    “Philips still expects a better second half of the year, compared to the first half of 2022. However, the company sees prolonged supply chain disruptions and a worsening macro-environment,” it said.

    The company said it expects adjusted Ebita margin to be in the range of a high single to double digit for the last quarter of the year.

    Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com and Cristina Roca at cristina.roca@wsj.com

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  • Yankees star Aaron Judge slams home run No. 62, breaking Roger Maris’ 61-year-old A.L. record

    Yankees star Aaron Judge slams home run No. 62, breaking Roger Maris’ 61-year-old A.L. record

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    ARLINGTON, Texas — Aaron Judge hit his 62nd home run of the season Tuesday night, breaking Roger Maris’ American League record and setting what some fans consider baseball’s “clean” standard.

    The 30-year-old Yankees slugger drove a 1-1 slider from Texas right-hander Jesús Tinoco into the first row of seats in left field when leading off the second game of New York’s day-night doubleheader.

    After No. 99 took a smooth, mighty swing, he had a wide smile on his face as he rounded the bases and his Yankees teammates streamed out of the dugout to celebrate with him. They stayed away from home plate, letting Judge step on it before sharing hugs and high-fives.

    Judge’s mother and father were in the stands to see Judge end a five-game homerless streak, including Game 1 of the doubleheader when he was 1 for 5 with a single.

    The ball was caught by a fan in Section 31, who was then taken with security to have the ball authenticated.

    Another fan was escorted away after leaping out of the seats into a gap between the seats and the left-field wall.

    Maris’ 61 for the Yankees in 1961 had been exceeded six times previously, but all were tainted by the stench of steroids. Mark McGwire hit 70 for the St. Louis Cardinals in 1998 and 65 the following year. Barry Bonds hit an MLB-record 73 for the San Francisco Giants in 2001, and the Chicago Cubs’ Sammy Sosa had 66, 65 and 63 during a four-season span starting in 1998.

    McGwire admitted using banned steroids, while Bonds and Sosa denied knowingly using performing-enhancing drugs. Major League Baseball started testing with penalties for PEDs in 2004, and some fans — perhaps many — until now have considered Maris as holder of the legitimate record.

    Also see: Aaron Judge hits 62nd homer, but can he save Major League Baseball from itself?

    A Ruthian figure with a smile as outsized as his body, the 6-foot-7 Judge has rocked the major leagues with a series of deep drives that hearken to the sepia tone movie reels of his legendary pinstriped predecessors.

    “He should be revered for being the actual single-season home run champ,” Roger Maris Jr. said Wednesday night after his father’s mark was matched by Judge. “I think baseball needs to look at the records and I think baseball should do something.”

    Judge had homered only once in the past 13 games, and that was when he hit No. 61 last Wednesday in Toronto. The doubleheader nightcap in Texas was his 55th game in row played since Aug. 5.

    Previously: Dropping Aaron Judge’s 61st home-run ball might have cost this fan $250,000 or more

    Judge was 3 for 17 with five walks and a hit by pitch since moving past the 60 home runs Babe Ruth hit in 1927, which had stood as the major league record for 34 years. Maris hit his 61st off Boston’s Tracy Stallard at old Yankee Stadium on Oct. 1, 1961.

    Judge has a chance to become the first AL Triple Crown winner since Detroit’s Miguel Cabrera in 2012. He leads the AL with 131 RBIs and began the day trailing Minnesota’s Luis Arraez, who was hitting .315.

    The home run in his first at-bat put him back to .311, where he had started the day before dropping a point in the opener.

    Judge’s accomplishment will cause endless debate.

    “To me, the holder of the record for home runs in a season is Roger Maris,” author George Will said earlier this month. “There’s no hint of suspicion that we’re seeing better baseball than better chemistry in the case of Judge. He’s clean. He’s not doing something that forces other players to jeopardize their health.”

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  • Dropping Aaron Judge’s 61st home-run ball might have cost this fan $250,000 or more

    Dropping Aaron Judge’s 61st home-run ball might have cost this fan $250,000 or more

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    Talk about dropping the ball.

    New York Yankees star Aaron Judge hit his 61st home run of the season Wednesday night, tying the American League record — but leaving at least one person with good reason to frown, despite having just witnessed baseball history firsthand.

    A Toronto Blue Jays fan sitting in the left-field stands at Toronto’s Rogers Centre, where Judge blasted the home run that tied fellow Yankees slugger Roger Maris for the league single-season record, was almost ideally positioned — and even equipped — for this once-in-a-lifetime opportunity. Unfortunately, the ball glanced off his glove and landed in the Blue Jays bullpen below.

    And a potentially huge payoff slipped through his fingers.

    The fan was later revealed to be a 37-year-old Toronto restaurant owner, who reportedly gave his name as Frankie Lasagna to the Canadian Press. He said normally he “would never ever bring a glove other than this situation,” with his left-field seat a reasonably likely landing spot for a home run by the right-handed-hitting Judge and history on the line.

    In video footage, the fan appears visibly upset after missing the ball and his chance to be a bit player in baseball history. “The disbelief comes over you and just the shock and the amazement,” he said. “I was like, ‘Oh my God, I almost had it.’ “

    Don’t miss: Aaron Judge looks to break American League home-run record — and then get the Yankees to break the bank

    Opinion: Aaron Judge hits 61st homer, but can he save Major League Baseball from itself?

    David Kohler, CEO of California auction house SCP Auctions Inc., estimated the value of a ball hit for Judge’s home 61st home run could be between $200,000 and $250,000. And if this was Judge’s last home-run ball of the season, it could end up being valued at more than $1 million.

    See: Aaron Judge’s milestone home run balls could be worth millions

    “The Yankees are beloved,” Kohler said. “Aaron Judge is beloved. There’s no negativity here like the steroid era in the past.” (The only players to have hit more than 61 home runs in a season have been linked with performance-enhancing drugs and played for National League clubs.)

    The moment went viral on Twitter after the game.

    The historic ball landed in the Blue Jays bullpen and eventually made its way to Judge. The Yankees star didn’t keep it for long, however, as a video of Judge gifting the ball to his mother was posted on Twitter
    TWTR,
    -1.18%

    after the game.

    “It’s a moment that I’ll never forget. I’ll cherish it,” the Yankees right fielder said. “Having my mom here supporting me — she’s been here through it all. That’s for sure. The Little League days. Getting me ready for school. Taking me to my first couple of practices and games. Being there for my first professional game and being there when I debuted and now getting chance to be here. This is something special. We’re not done yet.”

    Judge tied the AL record held since 1961 by Maris, who also manned right field in the Bronx. Maris made $32,000 during that 1961 season with the Yankees, which would be worth around 10 times that today, according to Saving.org. Judge is considered undercompensated with his 2022 season salary of $19 million, according to contract data from Spotrac.

    What would the Toronto restaurateur have done with the ball? Some fans give record-breaking memorabilia to the athletes accomplishing the noteworthy feats, often in exchange for autographs and future game tickets.

    “I would have held on to it for as long as I could [to] negotiate,” the Torontonian said. “Maybe get Judge to try to come to the restaurant.”

    MarketWatch sports news:

    The Mets, owned by hedge-fund manager Steve Cohen, now have the highest payroll in baseball: $273.9 million

    How Roger Federer became one of the few athletes to earn $1 billion: ‘He’s a sports marketer’s dream’

    Brett Favre also sought welfare money for football facility, texts reveal

    Minor-league baseball players unionize, just 17 days after organizing began

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  • Yankees slugger Aaron Judge hits 61st home run, tying Roger Maris’ AL record

    Yankees slugger Aaron Judge hits 61st home run, tying Roger Maris’ AL record

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    TORONTO — Aaron Judge tied Roger Maris’ American League record of 61 home runs in a season, going deep for the New York Yankees against the Toronto Blue Jays on Wednesday night.

    The 30-year-old slugger drove a 94.5 mph belt-high sinker with a full-count from left-hander Tim Mayza over the left-field fence in the seventh inning at Rogers Centre, a 117 mph drive that landed 394 feet from the plate. The tiebreaking, two-run drive, which put the Yankees ahead 5-3, clanked off the front of the stands and dropped into Toronto’s bullpen.

    Judge’s mother and Roger Maris Jr. rose and huegged from front-row seats. He appeared to point toward them after rounding second base, them was congratulated by the entire Yankees team who gave him hugs after he crossed the plate

    Judge moved past the 60 home runs Babe Ruth hit in 1927, which had stood as the major league mark until Maris broke it in 1961. All three stars reached those huge numbers playing for the Yankees.

    Barry Bonds holds the big league record of 73 for the San Francisco Giants in 2001.

    Judge had gone seven games without a home run — his longest drought this season was nine in mid-August. This was the Yankees’ 155th game of the season, leaving them seven more in the regular season.

    The home run came in the fourth plate appearance of the night for Judge, ending a streak of 34 plate appearances without a home run.

    Judge is hitting .314 with 130 RBIs, also the top totals in the AL. He has a chance to become the first AL Triple Crown winner since Detroit’s Miguel Cabrera in 2012.

    Maris hit No. 61 for the Yankees on Oct. 1, 1961, against Boston Red Sox pitcher Tracy Stallard.

    Maris’ mark has been exceeded six times, but all have been tainted by the stench of steroids. Mark McGwire hit 70 home runs for the St. Louis Cardinals in 1998 and 65 the following year, and Bonds topped him. Sammy Sosa had 66, 65 and 63 during a four-season span starting in 1998.

    McGwire admitted using banned steroids, while Bonds and Sosa denied knowingly using performing-enhancing drugs. Major League Baseball started testing with penalties for PEDs in 2004, and some fans — perhaps many — until now have considered Maris the holder of the “clean” record.

    Among the tallest batters in major league history, the 6-foot-7 Judge burst on the scene on Aug. 13, 2016, homering off the railing above Yankee Stadium’s center-field sports bar and into the netting above Monument Park. He followed Tyler Austin to the plate and they become the first teammates to homer in their first major league at-bats in the same game.

    Judge hit 52 homers with 114 RBIs the following year and was a unanimous winner of the AL Rookie of the Year award. Injuries limited him during the following three seasons, and he rebounded to hit 39 homers with 98 RBIs in 2021.

    As he approached his last season before free agent eligibility, Judge on opening day turned down the Yankees’ offer of an eight-year contract worth from $230.5 million to $234.5 million. The proposal included an average of $30.5 million annually from 2023-29, with his salary this year to be either the $17 million offered by the team in arbitration or the $21 million requested by the player.

    An agreement was reached in June on a $19 million, one-year deal, and Judge heads into this offseason likely to get a contract from the Yankees or another team for $300 million or more, perhaps topping $400 million.

    Judge hit six homers in April, 12 in May and 11 in June. He earned his fourth All-Star selection and entered the break with 33 homers. He had 13 homers in July and dropped to nine in August, when injuries left him less protected in the batting order and pitchers walked him 25 times.

    He became just the fifth player to hold a share of the AL season record. Nap Lajoie hit 14 in the AL’s first season as a major league in 1901, and Philadelphia Athletics teammate Socks Seabold had 16 the next year, a mark that stood until Babe Ruth hit 29 in 1919. Ruth set the record four times in all, with 54 in 1920, 59 in 1921 and 60 in 1927, a mark that stood until Maris’ 61 in 1961.

    Maris was at 35 in July 1961 during the first season each team’s schedule increased from 154 games to 162, and baseball Commissioner Ford Frick ruled if anyone topped Ruth in more than 154 games “there would have to be some distinctive mark in the record books to show that Babe Ruth’s record was set under a 154-game schedule.”

    That “distinctive mark” became known as an “asterisk” and it remained until Sept. 4, 1991, when a committee on statistical accuracy chaired by Commissioner Fay Vincent voted unanimously to recognize Maris as the record holder.

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