ReportWire

Tag: resources

  • Chase working to resolve issue with accidental double payments made through Zelle

    Chase working to resolve issue with accidental double payments made through Zelle

    [ad_1]

    A spokesperson for JPMorgan Chase & Co. on Friday has confirmed statements on social media that some customers are seeing duplicate transactions and fees on their checking accounts.

    “We’re sorry,” the spokesperson said in an email to MarketWatch. “We’re working to resolve the issue and will automatically reverse any duplicates and adjust any related fees.” 

    JPMorgan Chase
    JPM,
    +2.10%

    customers on Twitter and other social-media outlets said payments made through Zelle were showing up twice.

    “PSA!!!,” said Twitter user @haunteraIIA. “Anyone waking up to duplicate zelle charges from chase, my call just went through and was told the duplicate charge should be credited within 24hours. they’re having issues with this today. i was on hold for an hour, so just in case anyone else wakes up freaked out lol.”

    Zelle is jointly owned by six banks: JPMorgan, Truist Financial Corp.
    TFC,
    +3.62%
    ,
    Capital One
    COF,
    +4.00%
    ,
    U.S. Bancorp
    USB,
    +4.00%
    ,
    PNC Financial Services Group Inc.
    PNC,
    +3.21%

    and Wells Fargo & Co.
    WFC,
    +2.95%
    .

    A spokesperson from Chase clarified that the problems are confined to its customers.

    Also Read: Banks explore reimbursing customers who send money to scam Zelle accounts

    Weston Blasi contributed to this report.

    [ad_2]

    Source link

  • Philadelphia Fed’s factory gauge shows ninth straight month of declining activity in May

    Philadelphia Fed’s factory gauge shows ninth straight month of declining activity in May

    [ad_1]

    The numbers: The Philadelphia Federal Reserve said Thursday its gauge of regional business activity rose to negative 10.4 in May from negative 31.3 in the prior month. Any reading below zero indicates deteriorating conditions. This is the ninth straight negative reading and the eleventh in the last twelve months. 

    Economists polled by the Wall Street Journal expected a negative 20 reading in May.

    Key details: The barometer on new orders increased 13.8 points but remained at negative 8.9 in May. The shipments index rose slightly to negative 4.7.  The measure on six-month business outlook worsened to negative 10.3 in May from negative 1.5 in the prior month.

    Big picture: The continued contraction in activity is a sign that U.S. manufacturing continues to struggle.

    The Philadelphia Fed index is closely followed to give economists an advance signal of factory conditions across the country.

    The national ISM manufacturing index has been in contractionary territory for six months.

    Earlier this week, the similar Empire State survey released by the New York Fed showed manufacturing activity plummeted 42.6 points to negative 31.8 in May. 

    Market reaction: Stocks
    DJIA,
    -0.23%

    SPX,
    +0.05%

    were set to open mixed on Thursday. The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.627%

    rose to 3.62%.

    [ad_2]

    Source link

  • 20 AI stocks expected to post the highest compound annual sales growth through 2025

    20 AI stocks expected to post the highest compound annual sales growth through 2025

    [ad_1]

    Things move quickly in the world of artificial intelligence. It is easy to sit back and complain about developments that could be disruptive, but sometimes investors are best served by putting emotions aside and observing new developments and how they affect markets. Could AI developments and related trends make you a lot of money?

    Below is a new screen showing a group of AI-oriented companies expected to increase their sales most rapidly through 2025, based on consensus estimates among analysts polled by FactSet. Then we show expected revenue growth rates for the largest AI-oriented companies in the screen.

    Over the long haul, many businesses might perform more efficiently by employing AI. Maybe this technology can create an economic revolution similar to the one that moved the majority of the working population away from agricultural labor during the 19th and 20th centuries.

    Back in February, we screened 96 stocks held by five exchange-traded funds focused on AI and related industries and listed the 20 that analysts thought would rise the most over the following 12 months.

    Three months is a long time for AI, and the shakeout hasn’t even started.

    Read: Congress and tech seem open to regulating AI efforts, but that doesn’t mean it will happen

    There is no way to predict how politicians will react to perceived or real threats of AI and machine learning. And the largest U.S. tech players are doing everything they can to employ the new technology and remain dominant. But that doesn’t mean they will grow more quickly than smaller AI-focused players.

    A new AI stock screen

    Once again we will begin a screen with these five ETFs:

    • The Global X Robotics & Artificial Intelligence ETF
      BOTZ,
      +0.97%

      BOTZ was established 2016 and has $1.8 billion in assets under management. The fund tracks an index of companies listed in developed markets that are expected to benefit from the increased utilization of robotics and AI. There are 44 stocks in the BOTZ portfolio, which is weighted by market capitalization and rebalanced once a year. Its largest holding is Intuitive Surgical Inc.
      ISRG,
      +0.53%
      ,
      which makes up 10% of the portfolio, followed by Nvidia Corp.
      NVDA,
      +3.30%

      at 9.4%.

    • The iShares Robotics and Artificial Intelligence Multisector ETF
      IRBO,
      +1.64%

      holds 116 stocks that are equal-weighted, as it tracks a global index of companies that derive at east 50% of revenue from robotics or AI, or have significant exposure to related industries. This ETF was launched in 2018 and has $304 million in assets.

    • The $246 million First Trust Nasdaq Artificial Intelligence & Robotics ETF
      ROBT,
      +1.83%

      has 107 stocks in its portfolio, with a modified weighting based on how directly companies are involved in AI or robotics. It was established in 2018.

    • The Robo Global Artificial Intelligence ETF
      THNQ,
      +1.81%

      has $26 million in assets and was established in 2020. I holds 69 stocks and isn’t concentrated. It uses a scoring system to weight its holdings by percentage of revenue derived from AI, with holdings also subject to minimum market capitalization and liquidity requirements.

    • The newest ETF on this list is the WisdomTree Artificial Intelligence and Innovation Fund
      WTAI,
      +2.42%
      ,
      which was established in December and has $13 million in assets and holds 73 stocks in an equal-weighted portfolio. According to FactSet, stocks are handpicked and selected companies “generate at least 50% of their revenue from AI and innovation activities, including those related to software, semiconductors, hardware technology, machine learning and innovative products.”

    Altogether and removing duplicates, the five ETFs hold 270 stocks of companies in 23 countries. We first narrowed the list to 197 covered by at least nine analysts and for which consensus sales estimates are available through calendar 2025. We used calendar-year estimates because some companies have fiscal years that don’t match the calendar.

    Here are the 20 screened AI-related companies expected by analysts to have the highest compound annual growth rates (CAGR) for sales from 2023 through 2025. Sales estimates are in millions of U.S. dollars. The list also shows which of the above five ETFs holds each stocks.

    Company

    Ticker

    Estimated sales – 2023 ($mil)

    Estimated sales – 2024 ($mil)

    Estimated sales – 2025 ($mil)

    Two-year estimated sales CAGR through 2025

    Held by

    BioXcel Therapeutics Inc.

    BTAI,
    -2.47%
    $5

    $39

    $121

    411.5%

    WTAI

    Luminar Technologies Inc. Class A

    LAZR,
    +8.82%
    $86

    $266

    $588

    161.0%

    ROBT, WTAI

    BlackBerry Ltd.

    BB,
    +6.01%
    $685

    $769

    $1,925

    67.6%

    ROBT

    Credo Technology Group Holding Ltd.

    CRDO,
    +10.29%
    $183

    $259

    $363

    40.9%

    IRBO

    SentinelOne Inc. Class A

    S,
    +1.05%
    $619

    $881

    $1,176

    37.9%

    WTAI

    Wolfspeed Inc.

    WOLF,
    +5.02%
    $982

    $1,323

    $1,860

    37.6%

    WTAI

    SK hynix Inc.

    000660,
    +1.66%
    $18,319

    $27,899

    $34,542

    37.3%

    WTAI

    Mobileye Global Inc. Class A

    MBLY,
    +1.67%
    $2,109

    $2,782

    $3,920

    36.3%

    ROBT, WTAI

    Snowflake Inc. Class A

    SNOW,
    +1.42%
    $2,811

    $3,863

    $5,139

    35.2%

    IRBO, THNQ, WTAI

    Lemonade Inc.

    LMND,
    +8.08%
    $395

    $471

    $712

    34.2%

    THNQ, WTAI

    Nio Inc. ADR Class A

    NIO,
    +1.39%
    $11,874

    $16,733

    $21,304

    33.9%

    ROBT

    Stem Inc.

    STEM,
    +4.88%
    $607

    $833

    $1,055

    31.8%

    WTAI

    Upstart Holdings Inc.

    UPST,
    +10.37%
    $547

    $768

    $938

    31.0%

    BOTZ, WTAI

    Cloudflare Inc. Class A

    NET,
    +5.84%
    $1,284

    $1,669

    $2,194

    30.7%

    THNQ

    Samsara Inc. Class A

    IOT,
    +1.42%
    $830

    $1,062

    $1,364

    28.2%

    THNQ

    Ambarella Inc.

    AMBA,
    +3.45%
    $287

    $355

    $472

    28.2%

    IRBO, ROBT, THNQ, WTAI

    iflytek Co. Ltd. Class A

    002230,
    -1.34%
    $3,561

    $4,582

    $5,851

    28.2%

    THNQ

    Tesla Inc.

    TSLA,
    +4.41%
    $99,558

    $128,412

    $161,061

    27.2%

    ROBT, THNQ, WTAI

    CrowdStrike Holdings Inc. Class A

    CRWD,
    +2.40%
    $2,935

    $3,793

    $4,739

    27.1%

    THNQ, WTAI

    PB Fintech Ltd.

    543390,
    +1.39%
    $358

    $462

    $573

    26.5%

    IRBO

    Source: FactSet

    Click the tickers for more about each company or ETF.

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

    We have screened for expected revenue growth, rather than for earnings or cash flow, because in a newer tech-oriented business area, investors are most likely to consider the top line as companies sacrifice profits to build market share.

    It is important to do your own research if you consider purchasing any individual stock, to form your own opinion about a company’s ability to remain competitive over the long term. Starting from the top of the list, BioXcel Therapeutics Inc.
    BTAI,
    -2.47%

    is expected to show exponential sales growth, but that is from a low expected baseline this year.

    What about the largest AI-related companies held by these ETFs?

    Here are the largest 20 companies in the screen by market capitalization, ranked by expected sales CAGR from 2022 through 2025. Once again the sales estimates are in millions of U.S. dollars, but the market caps are in billions.

    Company

    Ticker

    Estimated sales – 2023 ($mil)

    Estimated sales – 2024 ($mil)

    Estimated sales – 2025 $mil)

    Two-year estimated sales CAGR through 2025

    Market Cap ($bil)

    Held by

    Tesla Inc.

    TSLA,
    +4.41%
    $99,558

    $128,412

    $161,061

    27.2%

    $528

    ROBT, THNQ, WTAI

    Nvidia Corp.

    NVDA,
    +3.30%
    $29,839

    $36,877

    $46,154

    24.4%

    $722

    BOTZ, IRBO, ROBT, THNQ, WTAI

    Taiwan Semiconductor Manufacturing Co. Ltd. ADR

    TSM,
    +5.83%
    $71,434

    $86,284

    $101,112

    19.0%

    $445

    ROBT, WTAI

    Advanced Micro Devices Inc.

    AMD,
    +2.23%
    $22,976

    $26,823

    $30,359

    15.0%

    $163

    IRBO, ROBT, THNQ, WTAI

    ASML Holding NV ADR

    ASML,
    +2.83%
    $28,974

    $32,374

    $37,796

    14.2%

    $263

    THNQ, WTAI

    Microsoft Corp.

    MSFT,
    +0.95%
    $223,438

    $251,028

    $282,397

    12.4%

    $2,318

    IRBO, ROBT, THNQ, WTAI

    Samsung Electronics Co. Ltd.

    005930,
    -0.61%
    $200,595

    $227,286

    $252,129

    12.1%

    $292

    IRBO, WTAI

    Amazon.com Inc.

    AMZN,
    +1.85%
    $559,438

    $626,549

    $702,395

    12.1%

    $1,164

    IRBO, ROBT, THNQ, WTAI

    Adobe Inc.

    ADBE,
    +3.34%
    $19,470

    $21,784

    $24,276

    11.7%

    $158

    IRBO, THNQ

    Netflix Inc.

    NFLX,
    +1.86%
    $33,915

    $38,067

    $42,275

    11.6%

    $148

    IRBO, THNQ

    Tencent Holdings Ltd.

    700,
    -0.58%
    $88,727

    $99,212

    $110,556

    11.6%

    $422

    IRBO, ROBT

    Salesforce Inc.

    CRM,
    +2.37%
    $34,392

    $38,273

    $42,786

    11.5%

    $205

    IRBO, THNQ

    Alphabet Inc. Class A

    GOOGL,
    +1.11%
    $299,810

    $333,077

    $369,195

    11.0%

    $710

    IRBO, ROBT, THNQ, WTAI

    Intel Corp.

    INTC,
    -1.20%
    $51,060

    $57,799

    $62,675

    10.8%

    $122

    IRBO, ROBT

    Meta Platforms Inc. Class A

    META,
    +1.53%
    $125,901

    $139,545

    $154,259

    10.7%

    $528

    IRBO, WTAI

    Alibaba Group Holding Ltd. ADR

    BABA,
    +2.17%
    $134,140

    $148,206

    $162,199

    10.0%

    $235

    ROBT, THNQ

    Texas Instruments Inc.

    TXN,
    +1.20%
    $17,941

    $19,433

    $20,799

    7.7%

    $148

    IRBO

    Apple Inc.

    AAPL,
    +0.36%
    $390,845

    $416,761

    $445,956

    6.8%

    $2,706

    IRBO, WTAI

    Siemens Aktiengesellschaft

    SIE,
    +2.55%
    $84,681

    $89,145

    $93,925

    5.3%

    $130

    ROBT

    Johnson & Johnson

    JNJ,
    -0.20%
    $98,761

    $100,990

    $103,870

    2.6%

    $414

    ROBT

    Source: FactSet

    Tech-stock picks that are small and focused: This fund invests in unsung innovators. Here are 2 top choices.

    [ad_2]

    Source link

  • Newmont Strikes Gold With $17.5 Billion Takeover

    Newmont Strikes Gold With $17.5 Billion Takeover

    [ad_1]


    • Order Reprints

    • Print Article



    Newmont


    has agreed to buy Australian gold and copper miner


    Newcrest


    for $17.5 billion in what would be the largest ever gold-mining deal.


    [ad_2]

    Source link

  • Import prices rise in April for first monthly gain this year

    Import prices rise in April for first monthly gain this year

    [ad_1]

    The numbers: The cost of U.S. imported goods rose 0.4% in April, the Labor Department said Friday. This was the first increase this year.

    Economists polled by the Wall Street Journal had forecast a 0.3% gain.

    Over the past 12 months, the costs of imports has dropped 4.8%. That followed a 12.5% gain in the prior year.

    Key details: The cost of imported fuel rose 4.5% in April after a 3.9% drop in the prior month. This was the first increase since last June.

    The cost of imports excluding fuel were flat in April after a 0.5% decline in the prior month. Over the past year, nonfuel import prices are down 1.9%.

    Exports prices rose 0.2% in April. They are down 5.9% over the past year.

    Big picture: The stronger dollar last year dampened import prices and was a source of disinflation, but with the dollar softer this year, prices are firming.

    One sign perhaps of the weaker dollar is that consumer goods prices ex-autos rose 0.2% in April and are up 1.1% annualized over the past three months, said Michael Gapen, U.S. economist at Bank of America Securities.

    What are they saying? “Perhaps imported inflation is the first early signal of how brutal the fight against inflation will be in the coming months. Investors and traders should remember that the Fed’s target is 2%,” said Alex Kuptsikevich, senior market analyst at FXPro.

    Market reaction: Stocks
    DJIA,
    -0.03%

    SPX,
    -0.16%

    were lower in volatile morning trading on Friday. The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.468%

    rose to 3.45%.

    [ad_2]

    Source link

  • U.S. stocks head for best day in 2 weeks on strong earnings from Meta and other big-tech names

    U.S. stocks head for best day in 2 weeks on strong earnings from Meta and other big-tech names

    [ad_1]

    U.S. stocks rose on Thursday, on track for their biggest gain in two weeks, as another batch of strong big-tech earnings reports helped boost the broader market while offsetting signs of slowing economic growth.

    How are stocks trading

    On Wednesday, the Dow Jones Industrial Average fell 229 points, or 0.68%, to 33,302 as worries about First Republic Bank FRC overshadowed upbeat big-tech earnings.

    What’s driving markets

    For…

    [ad_2]

    Source link

  • 8 value stocks that look like bargains for long-term investors

    8 value stocks that look like bargains for long-term investors

    [ad_1]

    When is it a good time to buy stocks? Some investors would say the current negativity dominating the financial media means you are better off sitting on the sidelines. Others would say it is always a good time to buy stocks, provided you can get them for good prices.

    Count John Buckingham, editor of the Prudent Speculator, in the latter camp. He is a value investor with decades of experience. During an interview, he emphasized the importance of remaining disciplined through all market conditions. While he favors the value…

    [ad_2]

    Source link

  • European stocks break two-day declining streak

    European stocks break two-day declining streak

    [ad_1]

    European stocks finished higher Friday, with the Stoxx Europe 600 index STOXX Europe 600 Index rising 0.34% to 469.00.

    The German DAX DAX increased 0.54% to 15,881.66, the French CAC 40 index CAC 40 Index increased 0.51% to 7,577.00 and the FTSE 100 index FTSE 100 Index increased 0.15% to 7,914.13.

    Among Stoxx Europe 600 constituents, health…

    [ad_2]

    Source link

  • Is it safe to live near recycling centers? Questions surge after Indiana plastics site burns.

    Is it safe to live near recycling centers? Questions surge after Indiana plastics site burns.

    [ad_1]

    As the fire at an Indiana plastics-recycling storage facility burned over several days and officials scrambled to calm evacuated residents and measure air quality, larger safety questions emerged across a nation that relies on recycling to help offset the impact of teeming landfills and littered waterways.

    Authorities in the eastern part of the state on Sunday finally lifted a dayslong evacuation order after it was determined immediate environmental concerns related to the fire had passed.

    But the man-made disaster had already done its part, leaving many wondering if recycling centers — challenging to regulate because they range from small community-led efforts to major industrial facilities — are as safe as Americans think they are?

    Public health experts told MarketWatch the nation needs to take a harder look at how we store and dispose of chemicals-heavy plastics in particular, along with other recycled materials that can act as a tinderbox in certain conditions. It may be a wakeup call to the scores of Americans who embrace recycling as one of the longest-tested and straightforward solutions to help the environment. What happens after recyclable materials leave the home can be quite another story, however.

    Read: Recycling is confusing — how to be smarter about all that takeout plastic

    Worker safety in the handling of large recycling machinery remains a priority of the Occupational Safety and Health Administration (OSHA) and other agencies, but less scrutiny may be given to the emissions those workers breathe in, and in the case of the Indiana emergency, what pollution community members near a recycling center may be exposed to.

    “Any company, regardless of its intentions, must be held accountable for regulations, not only for the safety of its employees, but for the communities around it,” Dr. Panagis Galiatsatos, a pulmonologist, who is the national spokesperson for the American Lung Association, told MarketWatch.

    “This [Indiana crisis] is alarming — a good deed [such as recycling] undone by the consequences of not having sound safety precautions,” said Galiatsatos, who is also an assistant professor at the Johns Hopkins School of Medicine and helps lead community engagement for the Baltimore Breathe Center.

    As for the fire in Richmond, Ind., a college town and county seat of about 35,000 people near the Ohio border, the city’s fire chief, Tim Brown, made clear that there were known code violations by the operator of the former factory that had been turned into plastics storage for recycling or resale. This dangerous fire was a matter of “when, not if,” Brown said in the initial hours that the fire, whose origin is not yet known, burned.

    The city of Richmond’s official site about the disaster described the fire as initially impacting “two warehouses containing large amounts of chipped, shredded and bulk recycled plastic, [which] caught fire.” The site does offer cleanup help advice.

    Brown, the fire chief, reported that just over 13 of the 14 acres which made up the recycling facility’s property had burned, according to nearby Dayton, Ohio, station WDTN. Brown told reporters the six buildings at the site of the fire were full of plastic from “floor to ceiling, wall to wall,” along with several full semi-trailers. He said Sunday that fire fighters would continue to monitor for flare-ups, according to the Associated Press.

    Richmond Mayor Dave Snow said the owner of the buildings has ignored citations that dinged his operation for code violations, and the city has continued to go through steps to get the owner to clean up the property, including preventing the operator from taking on additional plastic.

    “We just wish the property owner and the business owner would’ve taken this more serious from day one,” Snow said, according to the report out of Dayton, which cited sister station WXIN. “This person has been negligent and irresponsible, and it’s led to putting a lot of people in danger,” the mayor added.

    But some environmental groups say lax enforcement puts citizens at risk.

    “Indiana is already top in the nation for water and air quality violations, but the consequences are too negligible here for industry to adhere to the laws,” said Susan Thomas, communications director at Just Transition Northwest Indiana, a climate justice group based in the state.

    “We need real solutions to the climate crisis, not more false ones that shield chronic polluters from justice,” she said.

    The Environmental Protection Agency (EPA) had collected debris samples from the Richmond fire and searched nearby grounds for any debris, which will be sampled for asbestos given the age of the buildings housing the recycling facility. Residents have been warned not to touch or mow over debris until the sample results are available. Testing was also carried out on the Ohio side of the border.

    No doubt, the catastrophe had impacted daily life. Wayne County, Ind., health department officials and fire-safety officials told residents to shelter in place and reduce outdoor activity if they even smelled smoke. According to the health department’s help line, symptoms that may be related to breathing smoke include repeated coughing, shortness of breath or difficulty breathing, wheezing, chest tightness or pain, palpitations, nausea or lightheadedness.

    Any safer than a landfill?

    When a lens on recycling is widened, it comes to light that how facilities handle their plastic and other materials may not involve much more care than that given to chemical-emitting plastic left to break down in a landfill, say the concerned public health officials.

    Of the 40 million tons of plastic waste generated in the U.S., only 5%-6%, or about two million tons, is recycled, according to a report conducted by the environmental groups Beyond Plastics and The Last Beach Cleanup. About 85% went to landfills, and 10% was incinerated. The rate of plastic recycling has decreased since 2018, when it was at 8.7%, per the study.

    Generally speaking, when plastic particles break down, they gain new physical and chemical properties, increasing the risk they will have a toxic effect on organisms, says the environmental arm of the United Nations. The larger the number of potentially affected species and ecological functions, the more likely it is that toxic effects will occur.

    And although the conditions of the Indiana fire differ from those experienced earlier this year when a Norfolk Southern Corp.
    NSC,
    +0.30%

    freight train carrying hazardous materials in several cars derailed near East Palestine, Ohio, the public’s concern for that event — which also sparked an evacuation after a chemical plume from a controlled burn — spread widely on social media.

    Now, add in Richmond. The public, at large, is increasingly wondering if officials are doing their job to prevent such disasters, and whether the full extent of chemical exposure is known.

    “This [fire in Indiana] overlaps in a general sense the chemical safety question raised by the Ohio derailment — and it shouldn’t have just been raised by that one event, but that certainly brought it into focus,” said Dr. Peter Orris, chief of occupational and environmental medicine at the University of Illinois – Chicago.

    Orris said lasting solutions pushing awareness and safety around the storage and transportation of chemicals and chemical-based plastic must span political differences over the reach of regulation. He recalled a time just after the 9/11 terror attacks when a fresh look at the transportation of toxic chemicals and the storage and shipment of ammonia and other substances that can have nefarious uses in the wrong hands drew support from unusual partners.

    “Shortly after 9/11 a rather broad coalition, including environmental interests such as Greenpeace, and consumer groups, with congressional support, alongside Homeland Security all pushed a model bill about where and how you could transport toxic chemicals, especially going through populated areas,” he said. “Dealing with new concerns around chemicals and recycling plastic may require the same breadth of interests.”

    Already, the Biden administration has shown the will to target chemical exposure in U.S. water. Earlier this year, the EPA moved to require near-zero levels of perfluoroalkyl and polyfluoroalkyl substances, part of a classification of chemicals known as PFAS, and also called “forever chemicals” due to how long they persist in the environment. Both the chemical companies and their trade groups have pushed their own steps toward reducing risk, they say. Exposure to some of the chemicals has been linked to cancer, liver damage, fertility and thyroid problems, as well as asthma and other health effects.

    Read more: Cancer-linked PFAS — known as ‘forever chemicals’ — could be banned in drinking water for first time

    And, Orris stressed, regulating recycling with a one-size-fits-all approach may not work.

    Surprisingly, it can be the smaller recycling facilities that take bigger steps in curbing emissions than their larger counterparts. Orris in recent years reported on efforts of a San Francisco recycling plant that made emissions reduction a priority, including by banning incineration. The same research trip turned up issues with a Los Angeles-area plant, exposing “real problems with its policies and procedures beginning with the neighborhood smell from organic materials to other issues with toxins.”

    How can plastic be so dangerous?

    Specifically, the chemicals that help fortify plastic for its many uses present their own unique conditions.

    As plastic is heated at high temperatures, melted and reformed into small pellets, it emits toxic chemicals and particulate matter, including volatile gases and fly ash, into the air, which pose threats to health and the local environment, says a Human Rights Watch paper, citing environmental engineering research. When plastic is recycled into pellets for future use, its toxic chemical additives are carried over to the new products. Plus, the recycling process can generate new toxic chemicals, like dioxins, if plastics are not heated at a high enough temperature.

    There are other concerns. Plastic melting facilities can emit volatile organic compounds (VOCs) and carcinogens, which in higher concentrations can pollute air both inside facilities and in areas near recycling facilities.

    “Plastics, the way they burn, put out dangerous toxins. And plastic can create its own unique chemistry even when it comes into interaction with benign chemicals,” said Galiatsatos of Johns Hopkins.

    “There are the lung issues from people breathing in these chemicals and the toxins associated with them. But there is more: systemic inflation from breathing in chemicals, and that can lead to heart disease,” he said.

    “I wish we would pay the same amount of attention to plastics, their recycling and their disposal, as we do with sewer systems. When was the last time we heard of a waste system-based cholera outbreak in the U.S.?” he asked rhetorically. “Exactly. That we care about. Yet plastics, especially the burning of chemicals, we treat too lightly.”

    [ad_2]

    Source link

  • Bernard Arnault, now worth $210 billion, has extended his lead over Elon Musk on the global billionaires list

    Bernard Arnault, now worth $210 billion, has extended his lead over Elon Musk on the global billionaires list

    [ad_1]

    There is currently no dispute over who wears the crown of world’s wealthiest person. It isn’t Tesla Chief Executive Elon Musk.

    The net worth of Bernard Arnault, the founder and chairman and chief executive officer of LVMH Moet-Hennessy Louis Vuitton SE
    MC,
    +1.01%
    ,
    stood at $210 billion as of Thursday, according to the Bloomberg Billionaire Index. That makes him the world’s richest person by that marker, with an increasingly comfortable lead over Tesla’s
    TSLA,
    -0.48%

    Musk, who also leads SpaceX and Twitter and whose wealth stands at $180 billion. At times the two have been in a neck-and-neck race for that top spot.

    LVMH shares closed at a record €883 on Thursday, helping lift the French CAC-40
    PX1,
    +0.52%

    to an all-time high. That followed forecast-beating first-quarter sales from the luxury giant, thanks to returning China shoppers as COVID-19 restrictions eased, and rebounding international travel that drove duty-free sales. Up 7% so far this week, LVMH shares rose another 0.5% on Friday to €888.70.

    The stock surge padded Arnault’s fortune by $11.6 billion on Thursday, the second-biggest single-day gain ever for him and a fresh record fortune, according to Bloomberg.  Musk didn’t do badly.

    He increased his wealth by $3.83 billion on Thursday, before Tesla and U.S. equities
    SPX,
    -0.21%

    generally retreated a bit on Friday.

    Read: Who is Bernard Arnault, the world’s richest person after surpassing Elon Musk?

    LVMH owns jewelers Bulgari and Tiffany, alongside fashion houses Louis Vuitton and Dior. Results released late Wednesday showed the luxury standard-bearer beating expectations across every division, led by fashion and leather goods, the latter of which is significant, Berenberg analysts observed.

    “As the most profitable division, this also bodes well for margin development,” said Berenberg analyst Graham Renwick, in a note to clients on Friday.

    “This performance sets the standard for [first quarter] luxury reporting and gives encouragement on China’s recovery from pandemic disruption. Overall, we think these results continue to demonstrate LVMH’s strong momentum and best-in-class execution — again reaffirming its high quality and strong track record, which we believe investors are favoring in this uncertain macro environment,” said Renwick, who reiterated a buy rating on LVMH’s stock and lifted his share-price target to €960.

    The luxury sector got another confidence boost on Friday, as Hermès International SCA
    RMS,
    +1.52%

    revealed sales momentum in the first quarter, driven by a bump in tourism and new stores. The maker of the legendary Birkin handbag saw a 23% annual increase in first-quarter sales and backed “ambitious” organic revenue-growth targets.

    Luxury stocks have seen an impressive rebound in 2023, after a weak 2022 — LVMH shares fell 6% in 2022 as travel restrictions in China and overall economic worries weighed on shoppers.

    LVMH shares are up 30% so far in 2023, with Hermès up 36% and Christian Dior SE
    CDI,
    +1.46%

    and Gucci owner Kering SA
    KER,
    +1.30%

    up 26% and 21%, respectively.

    As for Musk, his wealth is divided among his businesses. While Tesla accounts for $76 billion, Bloomberg estimates his share of SpaceX is worth $49 billion, and his share of Tesla is worth nearly $10 billion. He paid $44 billion for Twitter last year, after an attempt to wriggle out of the deal, and its current valuation is a matter of much speculation. Musk has fired thousands of employees and claimed this week that a return to profitability is now just around the corner.

    Tesla is slated to report quarterly results next week, and some analysts aren’t optimistic due to persistent price cuts of its models.

    Read: U.S. billionaires have grown nearly one-third richer during the pandemic, while a ‘permanent underclass’ struggles, Oxfam report says

    [ad_2]

    Source link

  • Coinbase, Newmont, Tilray, Hexo, Virgin Orbit, and More Stock Market Movers

    Coinbase, Newmont, Tilray, Hexo, Virgin Orbit, and More Stock Market Movers

    [ad_1]


    • Order Reprints

    • Print Article


    [ad_2]

    Source link

  • 14 dividend stocks yielding 4% or more that are expected to increase payouts in 2023 and 2024

    14 dividend stocks yielding 4% or more that are expected to increase payouts in 2023 and 2024

    [ad_1]

    If you invest in dividend stocks, you are probably looking for long-term growth to go with the income. Otherwise you might be content to hold one-month U.S. Treasury bills, which yield 4.5% or park your money in an online savings account for a yield close to 4%.

    Below is screen of stocks with current dividend yields ranging from 4.14% to 8.46%. What sets these apart from other stocks with high dividend yields is that their payout increases are expected to accelerate in 2023 and 2024 from those in 2022.

    On Tuesday, S&P Dow Jones Indices said in a press release that it expected dividend payments by publicly traded U.S. companies to continue to hit record levels in 2023. But Howard Silverblatt, a senior index analyst with the firm, said that the pace of dividend increases in the first quarter had slowed and that he expected this year’s increases to be “at half the pace of the double-digit 2022 growth.”

    Silverblatt also said current events in the banking industry were “expected to negatively impact future spending from both consumers and companies, which in turn may curtail corporate dividend growth.”

    For many banks, there’s another big item on the table. A focus on share buybacks in recent years is very likely to end — this is a use of cash that can raise earnings per share if the share count is reduced, but there can be consequences, especially after a year of rising interest rates that pushed down the market value of banks’ investments in bonds.

    In a note to clients on March 16, Dick Bove, a senior research analyst with Odeon Capital, predicted that stock repurchases in the banking industry would be “meaningfully cut back if not flat out eliminated.” He made three general points about buybacks in the banking industry:

    • Buybacks remove working capital that would otherwise provide returns to a bank.

    • Buybacks mean a bank’s board of directors is “in favor of flat-out giving capital away to investors that want nothing to do with the bank — they are selling its stock.”

    • Buybacks do “nothing to increase bank stock prices – many bank stocks are selling at below their prices of five years ago.”

    A company might find it much easier to curtail or stop buying back shares to preserve cash than it is to cut regular dividends. Preserving and increasing the dividend over time has been correlated with good performance for stocks over time. These articles provide examples of how dividend compounding is correlated with long-term growth as income streams build up:

    Dividend stock screen

    The S&P Dow Jones Indices report raises the question of which stocks might buck the trend.

    Starting with the S&P 500
    SPX,
    -0.50%
    ,
    there are 71 companies stocks with current dividend yields of at least 4.00% indicated by annual payout rates. Among these companies, 68 increased dividends during 2022, according to data provided by FactSet.

    Then we looked at the pace of dividend increases in 2022 and the consensus estimates for dividends paid during 2023 and 2024, among analysts polled by FactSet. Among the remaining 68 companies, there are 29 for which the estimated 2023 dividend increase is higher than the 2022 dividend increase. Narrowing further, there are 14 for which the estimated 2024 dividend increases are higher than the estimated 2023 dividend increases.

    Here are the 14 stocks that passed the screen, sorted by current dividend yield:

    Company

    Ticker

    Dividend yield

    Dividend increase – 2022

    Expected dividend increase in 2023

    Expected dividend increase in 2024

    Altria Group Inc.

    MO,
    +0.27%
    8.46%

    4.5%

    4.7%

    4.9%

    Newell Brands Inc.

    NWL,
    -1.19%
    7.55%

    0.0%

    0.1%

    0.6%

    Boston Properties Inc.

    BXP,
    -0.94%
    7.42%

    0.0%

    0.7%

    1.0%

    KeyCorp

    KEY,
    -2.22%
    6.99%

    5.3%

    6.7%

    6.8%

    Prudential Financial Inc.

    PRU,
    +0.17%
    6.08%

    4.3%

    4.7%

    4.8%

    ONEOK Inc.

    OKE,
    +0.60%
    5.87%

    0.0%

    2.2%

    2.4%

    Healthpeak Properties Inc.

    PEAK,
    -0.32%
    5.54%

    0.0%

    2.1%

    2.2%

    Dow Inc.

    DOW,
    -0.53%
    5.16%

    0.0%

    1.1%

    2.2%

    Iron Mountain Inc.

    IRM,
    -1.00%
    4.70%

    0.0%

    1.8%

    5.4%

    NRG Energy Inc.

    NRG,
    +1.34%
    4.50%

    7.7%

    7.9%

    7.9%

    Franklin Resources Inc.

    BEN,
    -0.58%
    4.50%

    3.6%

    4.3%

    5.7%

    Federal Realty Investment Trust

    FRT,
    -0.53%
    4.38%

    0.9%

    1.7%

    2.1%

    Ventas Inc.

    VTR,
    -0.57%
    4.26%

    0.0%

    3.3%

    5.5%

    Kraft Heinz Co.

    KHC,
    +1.42%
    4.14%

    0.0%

    0.7%

    0.8%

    Source: FactSet

    Click on the ticker for more about each company.

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

    Any stock screen is limited, but can be useful as a starting point or supplement to your own research. If you see any companies of interest, do some research to form your own opinion of how likely they are to remain competitive over the next decade, at least.

    Don’t miss: This stock ETF keeps beating the S&P 500 by selecting for quality

    [ad_2]

    Source link

  • J&J, C3.ai, Albemarle, Walmart, and More Stock Market Movers

    J&J, C3.ai, Albemarle, Walmart, and More Stock Market Movers

    [ad_1]


    • Order Reprints

    • Print Article


    [ad_2]

    Source link

  • East Palestine derailment: Norfolk Southern sued by Justice Department and EPA

    East Palestine derailment: Norfolk Southern sued by Justice Department and EPA

    [ad_1]

    The Justice Department and the Environmental Protection Agency have filed a complaint against Norfolk Southern Corp. for unlawful discharge of pollutants and hazardous substances in the Feb. 3 train derailment in East Palestine, Ohio.

    The complaint seeks penalties and injunctive relief for the unlawful discharge of pollutants, oil and hazardous substances under the Clean Water Act, according to statements released by the Justice Department and the EPA. The Justice Department and EPA are also seeking a declaratory judgment on liability for past and future costs under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).

    Norfolk Southern’s
    NSC,
    +1.51%

    stock has fallen 16.8% since the derailment near the Ohio-Pennsylvania border. The stock is up 0.3% Friday.

    Related: Norfolk Southern will do ‘everything it takes’ for East Palestine, CEO tells senators

    “When a Norfolk Southern train derailed last month in East Palestine, Ohio, it released toxins into the air, soil, and water, endangering the health and safety of people in surrounding communities,” Attorney General Merrick Garland said in a statement. “With this complaint, the Justice Department and the EPA are acting to pursue justice for the residents of East Palestine and ensure that Norfolk Southern carries the financial burden for the harm it has caused and continues to inflict on the community.” 

    In a separate statement, EPA Administrator Michael Regan said: “No community should have to go through what East Palestine residents have faced. With today’s action, we are once more delivering on our commitment to ensure Norfolk Southern cleans up the mess they made and pays for the damage they have inflicted as we work to ensure this community can feel safe at home again.”

    Norfolk Southern has created a website, nsmakingitright.com, to track its progress in cleaning up the site.

    “Our job right now is to make progress every day cleaning up the site, assisting residents whose lives were impacted by the derailment, and investing in the future of East Palestine and the surrounding areas,” a spokesperson for Norfolk Southern told MarketWatch. “We are working with urgency, at the direction of the U.S. EPA, and making daily progress. That remains our focus and we’ll keep working until we make it right.”

    Related: Norfolk Southern sued by Ohio over ‘entirely avoidable’ East Palestine derailment

    More than 9.4 million gallons of affected water have been recovered and transported off-site for final disposal, according to Norfolk Southern, along with 12,904 tons of waste soil that has been removed for proper disposal.

    The company has also flushed 5,200 feet of affected waterways and sampled more than 275 private drinking water wells, according to nsmakingitright.com.

    The suit from the Justice Department and the EPA comes just two weeks after Ohio Attorney General Dave Yost filed a 58-count civil lawsuit against Norfolk Southern over the derailment in East Palestine.

    Now read: Here are the chemicals spilled near Philly as U.S. drinking-water safety is top of mind

    No one was killed or injured in the Ohio derailment, but the incident has been described as a “PR nightmare” for Norfolk Southern and the rail industry. The derailed cars included 11 tank cars carrying hazardous materials that subsequently ignited, damaging an additional 12 railcars, according to the National Transportation Safety Board, and setting off concerns about the impact on air and water quality and dangers to health in the region.

    Earlier this month, Norfolk Southern CEO Alan Shaw was grilled by senators when he provided testimony on the disaster before the Senate Committee on Environment and Public Works.

    While safety was the primary focus of the hearing, Shaw was also pressed on Norfolk Southern’s stock buybacks and the company’s use of precision scheduled railroading, which focuses on the movement of individual train cars rather than whole trains.

    Related: Train derailment in Minnesota thrusts rail safety back into the spotlight

    In his testimony, Shaw vowed to do “everything it takes” for the community affected by the derailment.

    Rail safety was thrust into the spotlight again this week with the derailment of a BNSF train carrying ethanol and corn syrup in Minnesota early Thursday. 

    Everstream Analytics, a supply-chain analytics company, has been researching train derailments involving Class I rail carriers between 2018 and 2023. A Class I carrier is defined as any carrier earning annual revenue greater than $943.9 million, according to the U.S. government’s Surface Transportation Board. Data show that derailments across rail companies increased considerably in the U.S. between 2021 and 2022, according to Everstream Analytics.

    [ad_2]

    Source link

  • FedEx, First Republic, U.S. Steel, XPeng, and More Stock Market Movers

    FedEx, First Republic, U.S. Steel, XPeng, and More Stock Market Movers

    [ad_1]


    • Order Reprints

    • Print Article

    Stock futures rose Friday as the biggest banks in the U.S. moved to rescue beleaguered First Republic Bank.

    These stocks were poised to make moves Friday: 


    [ad_2]

    Source link

  • First Republic gets $30 billion in deposits from 11 major U.S. banks, but stock resumes slide as it suspends dividend

    First Republic gets $30 billion in deposits from 11 major U.S. banks, but stock resumes slide as it suspends dividend

    [ad_1]

    Bank of America BAC, Citigroup C, JPMorgan Chase JPM and Wells Fargo WFC said Thursday that they are each making $5 billion in uninsured deposits into First Republic Bank FRC as part of a $30 billion backstop by 11 banks against the ravaged banking landscape of the past week.

    However, First Republic stock fell 14.7% in after-hours trading after the bank said it would suspend its dividend to conserve cash. The bank last paid a quarterly dividend of 27 cents a share on Feb. 9 to shareholders of record as of Jan. 26.

    It…

    [ad_2]

    Source link

  • Mortgage rates fall in latest week. Freddie Mac cites worries over bank closures, and turmoil in financial markets

    Mortgage rates fall in latest week. Freddie Mac cites worries over bank closures, and turmoil in financial markets

    [ad_1]

    The numbers: Mortgage rates are down for the first time in six weeks, as the U.S. economy deals with bank collapses and an uncertain road ahead.

    The 30-year fixed-rate mortgage averaged 6.60% as of March 16, according to data released by Freddie Mac FMCC on Thursday. 

    That’s down 13 basis points from the previous week — one basis point is…

    [ad_2]

    Source link

  • Philadelphia Fed’s manufacturing gauge remains deep in contraction territory in March

    Philadelphia Fed’s manufacturing gauge remains deep in contraction territory in March

    [ad_1]

    The numbers: The Philadelphia Fed said Thursday its gauge of regional business activity inched up to negative 23.2 in March from negative 24.3 in the prior month. Any reading below zero indicates improving conditions. This is the seventh straight negative reading and the ninth in the last ten months.

    Key details: Broad indicators in the data were all negative in March. The barometer on new orders sank to negative 28.2 in March from negative 13.6 in the prior month. The shipments index sank to negative 25.4 from 8. The measure…

    [ad_2]

    Source link

  • Adobe results, outlook top Street views as ‘mission critical’ software tops spending priorities

    Adobe results, outlook top Street views as ‘mission critical’ software tops spending priorities

    [ad_1]

    Adobe Inc. shares rallied in the extended session Wednesday after the software company topped Wall Street expectations for the quarter and hiked its outlook, while anticipating its acquisition of interactive-design platform Figma will close by the end of the year.

    Adobe ADBE shares rose 5% after hours, following a less than 0.1% gain to close the regular session at $333.61.

    The…

    [ad_2]

    Source link

  • Tesla, Apple, Ciena, and More Stock Market Movers

    Tesla, Apple, Ciena, and More Stock Market Movers

    [ad_1]


    • Order Reprints

    • Print Article

    Stock futures traded mostly flat Monday as Wall Street kicked off a week that includes testimony before Congress from Federal Reserve Chairman Jerome Powell and the U.S. jobs report for February.

    These stocks were poised to make moves Monday:


    [ad_2]

    Source link