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: EA drops Jon Gruden from ‘Madden NFL 22’ videogame

Jon Gruden no longer coaches the Raiders, and he won't be roaming the sidelines of the "Madden NFL 22" videogame either......»»

Category: topSource: marketwatchOct 13th, 2021

GameStop stock drops as holiday sales plunge

GameStop Corp. shares dropped in the extended session Monday after the videogame retailer forecast same-store sales below the.....»»

Category: topSource: marketwatchJan 13th, 2020

Driving the 2022 Nissan Leaf, the cheapest EV you can buy in the US

The 2022 Nissan Leaf doesn't get as much range as some of its rivals, but its $27,400 starting price can't be beat. The 2022 Nissan Leaf SL Plus. Tim Levin/Insider I drove the 2022 Nissan Leaf, the cheapest EV you can buy in the US. The latest Leaf starts at $27,400. The one I drove came out to a bit over $39,000. The 2022 Leaf is accessible, practical, and nice to drive, but other EVs have more range. When Nissan first launched the Leaf hatchback in late 2010, electric cars weren't really a thing. Tesla had been selling its first model, the Roadster, for a couple of years. But it didn't sell very many of them, and they were for rich people. If you were one of the few buyers who wanted a practical, economical, fully-electric ride in those early days, the Leaf was your best bet. More than a decade later, the electric-vehicle landscape couldn't be more different.Tesla is the most valuable car company on Earth. The Hummer nameplate, which shut down mere months before the Leaf arrived, is being reborn under GMC with electric motors in place of a roaring engine. More battery-powered SUVs and pickups are on the horizon than I care to count. Through all that change, the Leaf is still kicking. Moreover, a recent price cut to $27,400 makes the 2022 Leaf the lowest-priced EV you can buy new in the US. That drops to just under $20,000 if you redeem the full federal tax credit for plug-in purchases.But can one of the OG EVs still deliver value in 2021, even at a budget price point? A week with the 2022 Leaf told me the answer is: definitely, so long as you can look past the hatchback's so-so range in certain trims, less common fast-charging plug, and analog interior relative to some of its newer rivals. A solid EV at a bargain base priceAlthough I did test the cheapest EV you can buy in the US, the 2022 Leaf, I, unfortunately, didn't get to drive the cheapest version of the Leaf. Nissan would only loan out an upper-trim SL Plus model, which came out to $39,255, destination fees included. Still, the core of what the Leaf offers is shared across the lineup. The 2022 Nissan Leaf SL Plus. Tim Levin/Insider The 2022 Leaf comes in five trims and offers two battery sizes. The key difference between normal and Plus models is that the latter come with the bigger battery pack, which translates to more power and longer range. Here's how the trims break down by retail price and EPA range:Leaf S ($27,400): 149 miles Leaf SV ($28,800): 149 miles Leaf S Plus ($32,400): 226 miles Leaf SV Plus ($35,400): 215 milesLeaf SL Plus ($37,400): 215 miles What stands out: EV practicality that won't break the bankThe Leaf I tested was perfectly pleasant to drive and delivered lots of the pros you'd expect from any EV. Without a rumbly gas engine up front, the Leaf was quiet. Although it didn't deliver nearly the kind of lose-your-lunch acceleration you get in some higher-priced EVs, the Leaf was noticeably agile from a stop. Darting through city traffic or making short-notice highway merges was no problem, and the Leaf smoothly and eagerly got up to speed, which you can't say of every gas-powered economy car. The 2022 Nissan Leaf SL Plus. Tim Levin/Insider Like most EVs, the Leaf offers one-pedal driving, which makes driving incrementally more convenient while boosting range. Switch on the e-Pedal function, and the Leaf doesn't coast when you take your foot off of the accelerator. Instead, the motor starts slowing down to a stop while feeding that captured braking energy back into the battery pack. Once you master the timing, you practically never need to touch the brake. Another plus: A bunch of advanced safety features come as standard. That includes blind-spot monitoring, lane-keep assist, and reverse automatic braking, but excludes ProPilot Assist, which steers for you on the highway and uses radar to match the speed of the car ahead. The 2022 Nissan Leaf SL Plus. Tim Levin/Insider Some may call the Leaf's shape and look dorky compared with the swarm of high-riding little SUVs zooming about these days. But I ask you: Is a roomy, practical interior "dorky"? Are comfortable back seats with ample leg and headroom … "dorky"? How about a cavernous rear cargo area with the seats folded down? If that's "dorky," then maybe I don't want to be cool. What falls short: Range and charging, but not by muchIn a job interview or college application, it's cliché (and a terrible idea) to rattle off "weaknesses" like "caring too much" and "working too hard." But in the case of the Nissan Leaf, what some call flaws, others may see as legitimate selling points. Step inside the 2022 Leaf and you won't find a minimal interior and a giant, iPad-style touchscreen like you'd see in the latest EVs from Volkswagen, Ford, or Tesla. Instead, there's a modest, eight-inch display and buttons. Lots of them. There are buttons for the climate control. A button that turns on one-pedal driving. Switches for the heated seats. The 2022 Nissan Leaf SL Plus. Tim Levin/Insider This could repel EV shoppers looking to live on the bleeding edge. But for anyone put off by the screen-ification of new cars, the Leaf could be a breath of fresh air. Inside and out, the Leaf feels less like some futuristic piece of technology and more like an approachable, familiar vehicle with the small quirk of running on electricity instead of gas. Range - or the lack of it - could be a real drawback for some. The base Leaf gets 149 miles on a charge, which isn't much in today's market, but it's also tough to complain about given the hatchback's low price. Only one person can decide whether 149 miles works for you.Looking at the Leaf's top trims, though, range feels like it's lacking for the price. For just a bit more than the price of the SL Plus I tested, you could buy a Tesla Model 3 or Volkswagen ID.4, both of which offer at least 250 miles of driving on a full battery. For a bit less, you can get a Hyundai Kona EV with 258 miles of range. The 2022 Nissan Leaf SL Plus. Tim Levin/Insider The mid-range S Plus, which promises a healthy 226 miles of range and only costs $5,000 more than the base model, feels like the best deal here.Another knock to the Leaf: It uses a CHAdeMO port for fast-charging, an aging standard of charger that's harder to come by in the US than newer CCS plugs. The Leaf is also equipped with a more common J1772 port, but that's only good for slower charging. Fast-charging is the only way to add substantial amounts of range in minutes, rather than hours. This all may not matter much if you plan to juice up at home, but it could pose a problem if you rely on public chargers.Our impressions: Bring on the good, cheap EVsThe Nissan Leaf may be the cheapest new EV for sale in America, but you need to pay up for some of the things I experienced during testing: extended range, extra interior conveniences, features like adaptive cruise control, and more. But the core of what the Leaf offers - a pleasant driving experience, conscience-cleansing electric power, and hatchback utility - all can be had on the cheapest model. Even after spending on the larger battery pack, the Leaf only retails for $32,400. That's all pretty remarkable in a world where sub-$35,000 EVs are in short supply. Alongside the Leaf S, the only other EV you can buy new for less than $30,000 is the Mini Electric, which only has 110 miles of range and isn't really practical for a school run or Costco haul. Amid all the flashy new startups and pricey flagship EVs, it's nice to see that someone out there is dropping prices and making solid, accessible EVs for the masses.Read the original article on Business Insider.....»»

Category: smallbizSource: nyt21 hr. 24 min. ago

Into the Heart of Q3 Earnings Season

The big banks got us off to a flying start in this Q3 earnings season, but we will get a true sense of how good or otherwise the corporate profitability picture is after seeing the coming week's reporting docket. The big banks got us off to a flying start in this Q3 earnings season, but we will get a true sense of how good or otherwise the corporate profitability picture is after seeing the coming week’s reporting docket. It goes beyond the Finance sector and includes reports ranging from Netflix NFLX, Tesla TSLA and Snap SNAP to Johnson & Johnson JNJ, Procter & Gamble PG and Intel INTC. In total, this week will bring results from more than 200 companies, including 73 S&P 500 members.This week’s lineup of results will give us fresh insights on the most important issue weighing on the earnings picture at present, namely inflationary trends and developments on the logistics/supply-chain front. The banks aren’t as directly exposed to these issues as P&G and Tesla are. That said, some of the bank leaders see these issues as transitory, and expect them to be worked out over time.With respect to bank earnings, not only have the reported numbers turned out to be stronger than expected, but managements have provided reassuring comments about trends in core banking activities that have been muted in recent quarters. The group’s investment banking businesses were on fire, offsetting tough comparisons on the trading front.Including all the results that came out through Friday, October 15th, we now have Q3 results from 41 S&P 500 members, or 8.2% of the index’s total membership. Total earnings (or aggregate net income) for these 41 companies are up +40.4% from the same period last year on +13.4% lower revenues, with 85.4% beating EPS estimates and 70.7% beating revenue estimates.The two sets of comparison charts below put the Q3 results from these 41 index members in a historical context, which should give us a sense how the Q3 earnings season is tracking at this stage relative to recent periods.The first set of comparison charts compare the earnings and revenue growth rates for these 41 index members: Image Source: Zacks Investment Research The Finance sector is heavily represented in the results at this stage. For the Finance sector, we now have Q3 earnings from 40.6% of the sector’s market cap in the S&P 500 index. Total earnings for these Finance sector companies are up +42.2% on +9.9% higher revenues, with 92.9% beating EPS estimates and 78.6% beating revenue estimates.Reported Q3 earnings growth drops to +36.9% on an ex-Finance basis.The second set of charts compare the proportion of these 41 index members beating EPS and revenue estimates: Image Source: Zacks Investment Research I had started getting worried about the revenue numbers at the start of Q3 earnings season, but the picture has notably improved since then, as you can see above. Expectations for Q3 & BeyondTotal Q3 earnings for the S&P 500 index are expected to be up +29.4% from the same period last year on +14.1% higher revenues. The growth rate has started going up as more companies come out with better-than-expected results.The chart below presents the earnings and revenue growth picture on a quarterly basis, with expectations for 2021 Q3 contrasted with the actual growth achieved over the preceding four quarters, and estimates for the following three: Image Source: Zacks Investment Research The chart below shows the comparable picture on an annual basis: Image Source: Zacks Investment Research We mentioned earlier how the aggregate 2021 Q2 earnings tally represented a new all-time quarterly record: Image Source: Zacks Investment Research We all know that large segments of the economy — particularly in the broader leisure, travel and hospitality spaces — are held down by the pandemic, with companies in these areas still earning significantly less than they did in the pre-Covid period. In fact, many of these companies aren’t expected to get back to pre-Covid profitability levels for almost another full year.The impressive feature of the record earnings in each of the last two quarters is that they were achieved without help from these key parts of the economy.For a detailed look at the overall earnings picture, including expectations for the coming periods, please check out our weekly Earnings Trends report >> Solid Start to Q3 Earnings Season Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intel Corporation (INTC): Free Stock Analysis Report Johnson & Johnson (JNJ): Free Stock Analysis Report Netflix, Inc. (NFLX): Free Stock Analysis Report Procter & Gamble Company The (PG): Free Stock Analysis Report Tesla, Inc. (TSLA): Free Stock Analysis Report Snap Inc. (SNAP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 15th, 2021

UK Fuel & Household Energy Spending Soared 20% In The Past 2 Weeks: Lloyds Bank

UK Fuel & Household Energy Spending Soared 20% In The Past 2 Weeks: Lloyds Bank Via The Epoch Times, Sept. 24 saw the highest amount spent on fuel in a single day since Lloyds Bank records began, analysis of customers’ debit cards shows. The peak fell the day after BP and Tesco closed some filling stations due to problems with fuel delivery. Across the UK, people spent a fifth (20 percent) more at petrol stations in the past two weeks, compared with the two weeks before, the bank said. Sept. 24 saw the bank’s debit card users spend 125 percent more on fuel than on the same day in 2019, and the highest amount since records began in April 2014. The East Midlands saw the biggest increase in fuel spending in the last two weeks compared with the two before, up 24 percent, followed by the West Midlands (23 percent), and the south east (22 percent). This was followed by Yorkshire and Humber (20 percent). Wales and Scotland saw the lowest increases, at 14 percent and 15 percent respectively, followed by London and the south west on 19 percent. However, the bank said there were signs that demand for fuel was easing. Week-on-week spending across the UK has fallen by almost a third (31 percent), with the number of transactions down 20 percent. Only three regions, all in the south and east, saw drops of less than 30 percent. Londoners’ spending on fuel fell just 20 percent, the lowest of any region, followed by the south east (21 percent) and east of England (25 percent). The amount spent on cards on household energy in the past two weeks also increased, by 24 percent, as a combination of colder weather and soaring energy prices gripped the UK. Spending on energy is now 14 percent higher than the same two weeks in 2020, the bank’s figures show. Philip Robinson, payments and fraud and financial crime director at Lloyds Bank, said: “After an initial incredible spike in late September where spending on fuel was the highest we’ve ever seen it, over the past week card payments at petrol stations have fallen, particularly in northern and western parts of the UK. “However, household energy spend continues to increase, 13 percent in the last week alone, driven by rising prices and colder months. “With this in mind, now is a very good time to sit down and reflect on your personal finances ahead of Christmas 2021. “Budget effectively and give yourself a clear idea of what you can afford this festive season.” Tyler Durden Fri, 10/15/2021 - 02:00.....»»

Category: dealsSource: nytOct 15th, 2021

Boyar Value Group 3Q21 Commentary

Boyar Value Group commentary for the third quarter ended September 30, 2021. Q3 2021 hedge fund letters, conferences and more “Cryptocurrencies, regardless of where they’re trading today, Will eventually prove to be worthless. Once the exuberance Wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in Cryptocurrencies.” – […] Boyar Value Group commentary for the third quarter ended September 30, 2021. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Warren Buffett Series in PDF Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more “Cryptocurrencies, regardless of where they’re trading today, Will eventually prove to be worthless. Once the exuberance Wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in Cryptocurrencies.” – John Paulson Stock market investors have a laundry list of worries these days, from partisan bickering over the infrastructure package and a massive social and climate spending bill (amid a high-stakes game of political chicken over the debt ceiling) to supply chain disruptions and a spike in the costs of critical commodities. Geopolitical tensions are escalating between the United States and China—which is undergoing a significant regulatory crackdown—and question marks surround the future of interest rates and the consequences of a future Fed taper. And that’s to say nothing of the coronavirus! So it’s no surprise that investors are on edge—we’re getting depressed just reading through the list. Yet volatility in 2021, measured by how much the S&P 500 has decreased from its all-time high (~5%), has been tame. (According to David Lebovitz, a global market strategist with JP Morgan, the average peak-totrough decline for the S&P 500 over the past 41 years has been 14.3%.) In fact, until September, the S&P 500 was regularly charting new all-time highs, at ~54 and counting. But then the stock market got spooked, with the S&P 500 suffering its worst monthly performance (down 4.65%) since March 2020 and its worst September performance since 2011 (during the European debt crisis). Worse, all but one sector was in the red, with Energy the only advancer. Despite a 4.65% September loss, the S&P 500 eked out a 2% gain for the quarter, marking the sixth consecutive quarter of advances. But its 227 days without a 5% drop from the high ended on September 29—the seventh-longest such streak on record, Jacob Sonenshine of Barron’s tells us. The Dow and the Nasdaq were less fortunate, with their fivequarter winning streaks ending after respective falls of 4.2% and 5.31% in September. The Dow declined by 1.46% for the quarter, and the Nasdaq fell by 0.38%. Historically speaking, a September decline in the S&P 500 isn’t surprising: the past 100 years have seen 89 monthly drops of more than 5%. Felice Maranz of Bloomberg notes that September and October have accounted for 12 of the 26 times the market has dropped by more than 10% in a month. Encouragingly, these 26 drops were followed by subsequent 12-month gains on 16 occasions (for an average gain of 6.8%). Bond yields also began to increase (the 10-year Treasury went from 1.18% to 1.61% in less than 3 months), which dragged down technology shares. Higher yields on long-term risk-free investments make future profits less valuable, harming many tech company valuations, which are often based on expectations of significant profits many years down the line. Since technology companies are weighted heavily in the S&P 500 (nearly 28%, or more than 2x the weighting of the next-largest sector, Health Care, at 13.3%), the index dropped quite a bit more than the average stock did. (In September the S&P 500 index declined by 4.65%, while the S&P 500 equal-weighted index fell 3.90%.) The S&P 500 finished 3Q 2021 selling for 20.3x earnings (fwd.) versus 19.2x at its February 19, 2020, pre-COVID peak and 13.3x at its March 23, 2020, pandemic low. Since the March 23 bottom, the S&P 500 has gained well over 90%. By most traditional valuation measures (price to earnings, price to book, price to free cash flow, etc.), the S&P 500 is historically overvalued. Overvaluation against historical averages does not mean that investors should avoid equities, because extraordinarily low interest rates make prior valuation comparisons less meaningful. More important, at The Boyar Value Group, we don’t buy “the market”; rather, we purchase, and hold, businesses that sell far below our estimate of their worth. It might be especially hard uncovering bargains right now, but we’ve identified quite a few businesses selling at attractive levels even so. What’s Been Driving Share Price Returns in 2021? None of the 11 S&P 500 GICS sectors had standout performance in 3Q 2021, with 4 in negative territory and 1 flat (Consumer Discretionary). The biggest gainer, Financials, advanced a mere 2.7%. (For comparison, last quarter’s biggest gainer, Real Estate, advanced 13.1%.) By the end of 3Q, no sector was in negative territory YTD, and the best-performing sector by far was Energy (+43.2%). However, its low weighting in the S&P 500 (2.7%) gave it little effect on the index’s return, and its fantastic rise should be viewed in context, following as it did a loss of 37.3% in 2020. Other notable gainers thus far in 2021 have been Financials (+29.1%), Real Estate (+24.4%), and Communication Services (+21.6%). Interestingly, according to JP Morgan, since the market bottomed in March 2020, the S&P 500 had advanced ~97.3% as of September 30, 2021—leaving the index “only” ~30.6% above its February 2020 peak. The FAAMG stocks (Facebook, Apple, Amazon, Microsoft, and Alphabet—formerly Google), which have seemingly been leading the market ever upward, have struggled lately. Since their September peak, they have lost ~9%, or nearly $1 trillion, in market value. Due to FAAMG’s heavy weighting in the S&P 500 (~22%), if this area of the market continues struggling, the S&P 500 likely won’t perform well. Even so, we think there could be plenty of opportunities to make money investing in companies that have lower index weightings and/or that are outside the major indices. Some of the biggest “pandemic winners” are struggling too, with shares in Zoom Video Communications Inc (NASDAQ:ZM), Peloton Interactive Inc (NASDAQ:PTON), and Teladoc Health Inc (NYSE:TDOC) down 24%, 43%, and 34%, respectively, in 2021. (Though it’s worth noting that each company’s share price is trading significantly higher than before the pandemic.) One pandemic standout that has continued to soar throughout 2021 is vaccine maker Moderna, whose shares are up 192% in 2021 and up over 1,000% since March 2020. In hindsight, many signs of an imminent pullback were present. Market sentiment, for example, was very bullish (usually a contrarian indicator). At the beginning of August, two-thirds of JP Morgan clients surveyed were planning to increase their stock exposure in the coming weeks. A recent Bank of America gauge that tracks levels of optimism among market strategists was at a postcrisis high, and as of mid-August, 56% of all Wall Street analyst recommendations on S&P 500 index components were buys, the highest figure since 2002. However, we aren’t market timers. That’s because we know that trying to pinpoint the exact start of a market correction is a fool’s errand that impedes long-term results by prompting more trades (making results less tax-efficient) while removing the chance to make spectacular gains with companies that may be temporarily overvalued based on current earnings but that still have great long-term potential. When selling a high-quality company that has temporarily gotten ahead of itself in terms of valuation but that has excellent future growth prospects, knowing when to repurchase shares is extremely difficult, because the company’s share price often never drops enough to tempt investors into buying it again. So if you sell early to lock in a profit, anticipating a future correction, your profit on a well-timed sale might short-change you on future outsized gains. Reasons for Optimism According to Bloomberg, the final quarter of the year has been the strongest quarter for stocks since 2001, with an average increase of 4.1%. If history is any guide, 4Q 2021 could be a good quarter: 412 members of the S&P 500 are heading into it with gains for the year, the third-highest figure during the past 20 years. During that same period, each time 400 or more stocks have been positive through 3Q, the S&P 500 has produced a gain for 4Q.In another potentially bullish sign for stocks, cash holdings among S&P 500 companies hit $1.8 trillion in August 2021, as reported by Dow Jones Market Data—an increase of almost 30% from 3Q 2019. According to recent research by Goldman Sachs cited by Hardika Singh in a Wall Street Journal article, corporate America seems unlikely to be hoarding this cash, with S&P 500 companies expected to increase cash spending to $2.8 trillion in 2021 (mostly on capital expenditures, mergers, and business investment). Corporations also seem willing to buy back their own shares, having collectively authorized ~$870 billion in share repurchases thus far in 2021, $50 billion ahead of the record set in the first 9 months of 2018. If they deploy this capital wisely, share buybacks could buoy share prices in the short run, with capital investments spurring long-term earnings growth. What Does TINA Have to Do with the Stock Market? TINA, meaning “there is no alternative,” has become a popular catchphrase among investors, used to express the idea that stocks should continue doing well simply because interest rates are so low as to leave investors few investment options to produce an adequate rate of return. With the 10-year Treasury yielding ~1.6% and municipal bonds yielding ~1.17%, investors certainly are lacking attractive traditionally “safe” investment opportunities! Interest rates are so low that even the yields on some risky European junk bonds don’t earn any real return after factoring in inflation. Until rates rise meaningfully, equities should continue to see support—because there truly are few alternatives. The State of Value Investing Since April 2020, the S&P 500 value index has risen a little under 60%, while the S&P 500 growth index has surged over 90%, says Jacob Sonenshine of Barron’s. Value stocks should start outperforming if history is any guide: in the first 2 years of a recovery after a recession, value has bested growth by an average of 24%, based on data from Research Affiliates. The swift rotation back into value shares that began in September 2020 ended abruptly in July of this year as the delta variant slowed down the economic recovery, interest rates fell, and investors once again began embracing technology-oriented shares. But value looks like it might be making a comeback, with interest rates rising again and investors starting to embrace industrial and financial shares. Market Tops With the S&P 500 having advanced well over 80% since its March 2020 highs, and in view of all the political and economic uncertainty on the horizon, investors are questioning whether the latest bull market has ended. However, Mark Hulbert of the Wall Street Journal points out that unlike bear-market bottoms, which usually occur quickly (thankfully), bull markets end slowly, because individual sectors or investment styles peak and retreat at different times: “A recent illustration that not all sectors and styles hit their bull-market highs at the same time came at the top of the internet-stock bubble in early 2000. Though the S&P 500 and Nasdaq Composite indexes hit their bull-market highs in March 2000, value stocks—and small-cap value stocks, in particular—kept on rising. The S&P 500 at its October 2002 bear-market low was 49% lower than its March 2000 high, and the Nasdaq Composite was 78% lower, but the average small-cap value stock was 2% higher than it was in March 2000. Hulbert analyzed 30 bull-market tops since the mid-1920s, using data maintained by Ned Davis Research, and identified the dates when individual sectors and market styles (value, growth, blend) reached their bull-market peaks, reporting a 225-day spread between the dates when the first and last market sectors reached their bull-market tops. There are exceptions, of course, such as with bear markets caused by exogenous events such as 9/11 and the pandemic, but in general, he says, “it’s more accurate to view a bull-market top as a process rather than a single event.” As Hulbert points out, even the so-called experts can’t determine when a market peaks. Over the past 40 years, on days when the S&P 500 reached a bull-market high, the market timers that he followed recommended equity exposure at an average of 65.7%—a higher level of recommended investment than on 95% of all other days over the period. The experts were even worse at picking bear market lows, with their average equity exposure at market lows over the same period a mere 5%—yet another example of investors buying high and selling low! The takeaway is that knowing when a market has peaked is pretty much impossible to do regularly: even the so-called experts are consistently wrong. Individual investors would do much better to base their decisions on the value of each of their holdings rather than trying to guess whether they’re in a bull or bear market. Speculation in the Market The amount of speculation in the stock market worries us. A good example is the heightened use of stock options, which have legitimate hedging purposes, but which individuals seem to have recently embraced for speculative purposes. CBOE data indicate that option trading by individual investors has risen 4x over the past 5 years. As noted by Gundan Banerdi in the Wall Street Journal, “Nine of 10 of the most-active call-options trading days in history have taken place in 2021, Cboe Global Markets data show. Almost 39 million option contracts have changed hands on an average day this year, up 31% from 2020 and the highest level since the market’s inception in 1973, according to figures from the Options Clearing Corp.” As a result, the options market has grown so large that in some respects it’s bigger than the stock market. In 2021, for example, according to CBOE data, the daily average notional value of single stock options was over $432 billion, compared with $404 billion in stocks. We’ve said it before, and we’ll say it again: staying the course and taking a long-term view is one of individual investors’ best ways of stacking the odds of investment success in their favor. According to Dalbar, over the past 20 years the S&P 500 has advanced 7.5% annually, yet the average investor has gained a mere 2.9% (barely beating the 2.1% inflation over the period). Why this underperformance? Partly because investors let their emotions get the best of them and chase the latest investment fad (or they pile into equities at market peaks and sell out at market troughs)—or sell for nonfundamental reasons, such as simply because a company’s share price (or an index) has increased in value. By contrast, taking a multiyear view tilts the odds of success in investors’ favor. Since 1950, the range of stock market returns measured by the S&P 500 (using data supplied by JP Morgan) in any given year has been from +47% to -39%. For any given 5-year period, however, that range is +28% to -3%—and for any given 20-year period, it is +17% to +6%. In short, since 1950, there has never been a 20-year period when investors did not make at least 6% per year in the stock market. Although past performance is certainly no guarantee of future returns, history shows that the longer the time frame you give yourself, the better your chances of earning a satisfactory return. As always, we’re available to answer any questions you might have. If you’d like to discuss these issues further, please reach out to us at jboyar@boyarvaluegroup.com or 212-995-8300. Best regards, Mark A. Boyar Jonathan I. Boyar Boyar Value Group Updated on Oct 14, 2021, 2:01 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 14th, 2021

I used a COVID-19 rapid test for the first time and it was surprisingly easy

I tested myself for COVID-19 from the comfort of my bedroom. The instructions in the BinaxNOW test kit left little room for human error. I tried Abbott's BinaxNOW rapid antigen test. Andrea Michelson I tested myself for COVID-19 from the comfort of my bedroom. I had never taken a rapid test before, but the instructions were easy to follow. Rapid antigen tests are convenient, but they're not as sensitive as PCR tests. I made it through 2020 and most of 2021 without taking a rapid COVID-19 test. I've been careful about masking up and socializing outside, so I haven't had many COVID scares. Andrea Michelson I got a couple PCR tests last year when I wanted to be sure I was healthy — after coming home from college to visit my family, for instance. I trusted the gold-standard test wouldn't steer me wrong, especially if I quarantined before taking it.Since then, rapid antigen tests have become more widespread. Antigen tests quickly scan for fragments of the virus' genetic material, which is a good way to know if you're infectious or not. But they don't detect the virus with as much sensitivity as PCR tests, so there's a greater chance of getting a false negative.The convenience of getting a result in 15 minutes appealed to me, but I knew I would have to take it with a grain of salt. Experts say rapid tests are most helpful if used for frequent screening, like testing every three days. I picked up a BinaxNow test from Walgreens to have on hand. The Walgreens by me had plenty of rapid tests, but other drugstores have sold out. Andrea Michelson A few weeks ago, I bought a BinaxNOW self-administered antigen test kit for $23.99. Walgreens had plenty of the two-test packs, and I heard they were hard to find.A colleague told me they were capped at one test kit when ordering online from Walgreens. Other pharmacies also limit how many tests you can buy due to high demand. CVS allows four tests per customer in stores, or six per purchase online. I opened the test kit to find two swabs and one dropper. I was skeptical of the tiny dropper at first. Andrea Michelson I wondered how someone would make the tiny vial of reagent liquid — the juice that mixes with your sample to produce a result — last for two test cards, but soon found another dropper hiding in the box.The test kit also came with two wrapped test cards, a fact sheet about antigen testing, and detailed instructions in both English and Spanish.Following step one in the instructions, I washed my hands before getting started. I unwrapped the test card and lay it on my desk. The instructions included lots of diagrams and tips for minimizing human error. Andrea Michelson Careful not to touch the test strip, I placed the card atop the instruction manual. I had a bit of trouble getting the card to lie open, but bending the spine back (as suggested in the instructions) did the trick. I can see how the process has room for human error. The bubbles worried me at first, but they subsided before I inserted the swab. Andrea Michelson The next step was a little trickier. I had to drop some reagent liquid in the correct hole on the test card.The instructions said to hold the bottle straight, not at an angle, and to make sure to get six drops in. A false negative can occur if there's not enough liquid in the hole.I tried my best to use enough of the solution, but the dropper spit out several air bubbles along with it. I added an extra drop for good measure, and there was not enough liquid left for a second test when I was done. I swabbed myself while taking a selfie, which was harder than it looks. Swabbing my own nose was a bit unpleasant, but no worse than getting a test at a clinic. Andrea Michelson Then came the dreaded swab. The kit was pretty well-designed for minimizing human error on this step: I removed the swab at the stick end, and inserted the soft tip into my nostril.The instructions say to make at least five big circles per nostril, or swab for 15 seconds on each side. I counted to 15, eyes watering, and then repeated on the other side. I inserted the swab into the test card, closed it, and waited. Turning the swab ensures that it's coated in the reagent liquid. Andrea Michelson I slid the snotty swab tip though the two holes in the test card as instructed. I'm glad the directions included a diagram for this step.Before closing the card, I made sure to turn the swab to the right three times to mix my sample with the reagent drops. I feel pretty confident I'm COVID-free after seeing my negative result. The final product reminded me of a wrapped lollipop. Andrea Michelson The test kit advertises results in 15 minutes, but I waited 25 just to be safe.My test card was identical to the negative result diagram, with a single pink line where it said "control." There wasn't even a hint of a second line, which would indicate a positive result.If I had reason to believe I was exposed to the coronavirus, I would take a couple more rapid tests this week to be sure I was negative. But given that I'm fully vaccinated and haven't come into contact with any sick people to my knowledge, I feel good about my result. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 14th, 2021

PLx Pharma stock drops again, and company looks to clarify USPTF"s recent comments about aspirin use

Shares of PLx Pharma Inc. dropped 9.2% in afternoon trading Thursday, but nearly halved their earlier loss, as the drug maker responded to recently raised concerns over the use of aspirin to prevent heart attacks. The stock was down as much as 17.7% at a three-month low of $13.38 in intraday trading, and had tumbled 24.9% at that price in two days, after the U.S. Preventive Services Task Force (USPTF) said Tuesday that it no longer recommended people take aspirin to prevent a first heart attack or stroke. PLx makes Vazalore, which is a liquid-filled aspirin capsule. PLx addressed the "confusion" created by the USPTF's recent report, which do not pertain to those who have already suffered a cardivascular event. "VAZALORE's targeted population is those patients with a history of cardiovascular disease and who are already on a physician prescribed aspirin therapy to help prevent another heart attack or clot-related stroke," said Chief Executive Natasha Giordano. "We strongly recommend patients consult with their doctors before starting or stopping aspirin therapy." Despite the recent pullback, PLx's stock was still up 167.4% year to date, while the S&P 500 has gained 18.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchOct 14th, 2021

The best winter boots for men in 2021

When the cold weather, ice, and snow come, you'd best be prepared with a good pair of winter boots. These are the best winter boots for men in 2021. When you buy through our links, Insider may earn an affiliate commission. Learn more. Timberland When winter hits, be prepared with the best boots for inclement weather. Whether you're interested in stylish or utilitarian boots, here are 15 great choices. All these boots are insulated and waterproof or water-resistant. Table of Contents: Masthead StickyWinter is on the way and when the temperature drops, you better have something on your feet that will keep your toes from freezing. Whether you're looking for a boot that's super stylish or a utilitarian boot for shoveling snow, we've put together a guide to 15 of the best choices available. At the very least, a winter boot should be waterproof and have insulation, whether from materials like PrimaLoft or Thinsulate, which are both lightweight and made of synthetic fibers, or wool, which some people prefer since it isn't man-made. Besides waterproofing and insulation, a third major consideration is how a boot will handle icy conditions. Look for a boot with good traction. Many of the selections below use outsoles from Vibram, a storied Italian company famed for its rubber lug soles.The last consideration is use. We've included winter boots that work for the office or social events but can still handle foul weather, all the way to boots built for winter hiking through snow and across ice. And many that fall in between these two extremes. You're probably not going to want to wear a handmade pair of Italian boots to shovel snow or sport high rubber boots at the office, but we're sure you'll find exactly what you need in this roundup. Here are the best winter boots for men in 2021: L.L.Bean 10-inch Shearling-Lined Bean Boots L.L. Bean L.L.Bean's 10-inch Shearling-Lined Bean Boots feature waterproof leather on the outside to handle snow and sleet while soft shearling lining and PrimaLoft insulation keep your feet warm. Sizing options: 7 to 14Color options: BrownL.L.Bean has been crafting winter boots for more than 100 years — it was the first product when the brand launched in 1912 — and today it still makes the Bean Boot in Maine. This 10-inch shearling-lined duck-style boot incorporates waterproof leather uppers that are triple-stitched, with a steel shank and a rubber chain-tread bottom to keep you stable. Inside, a natural shearling lining and PrimaLoft insulation keep your feet warm down to 25°F for light outdoor activity and -20°F for moderate activity.10-inch Shearling-Lined Bean Boots (button) Merrell Men's Thermo Glacier Mid Waterproof Boot Merrell Merrell's Thermo Glacier Mid Waterproof Boots are the perfect winter hikers, especially if your toes tend towards being cold. These boots are also lightweight, waterproof, and great in icy conditions. Sizing options: 7 to 15Color options: Earth, Merrell GreyIf you're looking for some winter hikers, Merrell has been making exceptional hiking boots for 40 years, and the Thermo Glacier Mid Waterproof Boot is one of its bestsellers. According to shoppers, these boots are light, extra warm, comfortable, durable, completely waterproof, and have great traction in icy conditions. They feature Vibram outsoles, a bellows tongue to prevent moisture and debris from getting in, are lined in fleece, have PrimaLoft Aerogel insulation over the toes, and a heat-reflecting insole that traps body heat around the foot.Men's Thermo Snowdrift Zip Mid Shell (button) Sorel 1964 Pac T Boot Zappos Sorel's 1964 Pac T boots have everything you'd want in a winter boot, plus eco-friendly materials like leather from a sustainable tannery and recycled felt. Sizing options: 7.5 to 14 Color options: Black, Hickory/BlackSorel's 1964 Pac T Boot has everything you want in a winter boot, plus it's made using eco-friendly materials. The Pac T features waterproof leather from a sustainable tannery and vulcanized rubber upper that's seam-sealed to keep moisture out. It's insulated with a removable washable recycled felt inner boot, is lined in micro-fleece, and has a Sherpa pile snow cuff for extra warmth. Finally, it has a molded EVA footbed and a thick rubber outsole to keep your feet happy and steady when you're tromping around in the snow. 1964 Pac T boots (button) Nisolo All-Weather Andres Boot Nisolo Beauty and brawn meet in the Nisolo All-Weather Andres Boot that works as well in the office as it does outdoors.Sizing options: 8 to 13Color options: 6 colorwaysNisolo's All-Weather Andres Boot combines elegance and toughness for a boot that works as well in the office as it does on a winter hike through the woods. These beauties are Nisolo's version of a traditional trench boot and are handcrafted in Peru using sustainably produced water-resistant leather for the uppers in a factory that pays its workers a living wage. The gusseted tongue keeps out moisture and the shock-absorbing studded rubber outsoles will keep you surefooted when it's slippery out. All-Weather Andres Boot (button) Timberland Premium 6-inch Waterproof Boots Timberland The Timberland Waterproof Boots are iconic for a reason: They have unmistakable style and what it takes to keep you comfortable when the temperature drops. Sizing options: 6 to 18; regular and wide sizesColor options: 6 colorwaysThe Timberland Waterproof Boots are iconic not just for their unmistakable style but because they can actually stand up to the elements. They have sustainably produced waterproof leather uppers that are seam-sealed to prevent moisture from seeping in, 400 grams of PrimaLoft ECO insulation inside to keep out the chill, and thick rubber lugged outsoles to keep you from slipping on the icy pavement. There's a good amount of padding on the collar around the ankle and a leather-lined footbed for comfort. Then there are the unique colorways available, but the basic black is also a real standout. Men's Premium 6-inch Waterproof Boots (button) Danner Hood Winter Light Boot Danner Danner's Hood Winter Light Boot has a full-grain leather upper, a waterproof Gore-Tex liner, Thinsulate insulation, and Vibram outsole, all in one stunning package. Sizing option: 7 to 15; regular and wide sizesColor options: BrownThe American heritage brand Danner began making boots for Oregon loggers back in 1932 and, as you'd expect, its footwear is built for the outdoors and harsh weather. It is also stunningly handsome. The Hood Winter Light Boot is a style Danner recently brought back just in time for colder weather. It's got a full-grain leather upper, a breathable waterproof Gore-Tex liner to keep out the rain and snow, 200 grams of Thinsulate to keep out the cold, and a Vibram Kletterlift outsole with tons of traction. And, it's made in the U.S. Hood Winter Light Boot (button) Muck Boots Men's Arctic Outpost Pull-On The Original Muck Boot Company The Original Muck Boot Company is famous for its rain boots but its winter boots are also superb. The Arctic Outpost Pull-On has a full-grain leather and thick neoprene upper and is lined in fleece for those cold winter days. Sizing options: 7 to 15Color options: BrownYou may know the Original Muck Boot Company for its rain boots, but the brand also makes wonderful winter boots. The Arctic Outpost Pull-on has a full-grain leather and thick waterproof neoprene upper that protects you from the snow, a soft fleece lining to protect you from the cold, and a Vibram Arctic Grip Outsole to protect you from falling down. And the pull-on style means they're easy to get in and out of. Men's Arctic Outpost Pull-On (button) Kamik Men's Hunter Cold-Weather Boot Amazon The Kamik Hunter Cold-Weather Boot is made in Canada, rated for -40°F, and is a great value at under $60. Sizing options: 7 to 15Color options: BlackKamik is a family-owned Canadian company with a history going back to the turn of the 20th century. The Hunter Cold-Weather Boot is made of waterproof synthetic rubber and includes a removable thermal liner. It hits about mid-calf so it's high enough to keep deep snow out, and has a nylon collar to further prevent snow from getting in. It's rated to -40°F, manufactured in Canada, and will cost you less than $60. Men's Hunter Cold-Weather Boot (button) Irish Setter Canyons Pull-On Boot Irish Setter Irish Setter Canyons Pull-On Boots are your cold-weather friends that are insulated, waterproof, sturdy, and easy to get on and off. Sizing options: 8 to 14; regular and wideColor options: BrownThe Irish Setter Canyons Pull-On Boot is a Chelsea-style boot made for winter weather. It features full-grain waterproof leather uppers, 200 grams of PrimaLoft insulation, and even has an exclusive ScentBan process that kills odor-causing bacteria to keep your boots smelling fresh. The Vibram outsole will keep you surefooted no matter the terrain.Canyons Pull-On Boot (button) The North Face Chilkat IV The North Face The North Face Chilkat IV boots are attractive enough for city wear but serious enough for a winter trek in the woods.Sizing options: 7 to 14 Color options: Zinc Grey, Utility Brown, and TNF Black The North Face Chilkat IV is a serious winter boot that features waterproof leather and molded rubber uppers, ample insulation that's also eco-friendly, and temperature-sensitive rubber lugs for increased traction in icy conditions. Then there's the EVA midsole and molded footbed for a comfortable ride. And above and beyond all that, they're attractive enough for tromping through city streets and are also snowshoe compatible for weekends in the country. Men's Chilkat IV Boots (button) Keen Slater II Waterproof Boots Keen The Keen Slater II Waterproof Boots are stylish, yes, but more than that. They're also waterproof, insulated, have a wool collar, and use environmentally friendly leather. Sizing options: 7.5 to 11.5 Color options: MagnetKeen is better known for shoes you wear in the summer, but its winter boots are also impressive. The Slater II Waterproof Boots are, as their name indicates, waterproof. They're also insulated, supportive, use environmentally friendly leather for the uppers, have warm wool at the ankle, and look quite stylish when paired with your favorite jeans and a thick winter sweater. KEEN Slater II Waterproof Boot - Men's (button) Wolverine Yak Insulated Boot Wolverine The Wolverine Yak Insulated Boot is like a duck boot on steroids.Sizing options: 7 to 14; regular and wide  Color options: Brown, GravelWolverine is known for its hard wearing work boots and its winter boots are no exception. The Yak Insulated Boot is like a duck boot on steroids — waterproof, breathable, nicely insulated and cushioned in all the right places. The uppers have full-grain waterproof leather, there are 200 grams of Thinsulate Ultra insulation on the inside, and they have thick rubber outsoles for gripping the winter ground. Men's Yak Insulated Boot (button) Fracap M120 Alto Brill Boots Fracap The Fracap M120 Alto Brill Boots are works of art you can wear on your feet in the winter. Sizing options: 6 to 16; regular and wide  Color options: BrownIf you're looking to splurge on winter boots, you couldn't do any better than the Fracap M120 Alto Brill Boots. Sure, they're alluring because of their full-grain Italian calf leather uppers, fur collars, and hand-milled outsoles. But they're also handmade in Italy by a small family-run business that's been around since 1908 and will ship your boots internationally for free. These are works of art that double as winter boots. M120 Alto Brill Boots (button) Blundstone Thermal Boot Irish Setter The Blundstone Thermal Boots are just like your favorite Blunnies, except that they're built for winter with added insulation and shearling footbeds. Sizing options: 8 to 13 Color options: Antique Brown, Black, and Rustic BrownThe Blundstone Thermal Boot is just like your favorite Blundstone Chelsea — premium waterproof leather uppers, patented comfort system for all-day wear, and durable TPU outsoles to keep you surefooted — plus these Blunnies are winterized. They have plush, removable shearling footbeds and Thinsulate insulation to keep your feet warm when the temperature drops. Blundstone Thermal Boot - Men's (button) Columbia Hyper-Boreal Omni-Heat Tall Boot Zappos The sleek design of the Columbia Hyper-Boreal Omni-Heat Tall Boot hides a ton of functional elements to keep your feet warm and comfortable. Sizing options: 7 to 14Color options: Dark Grey, BlackStreet style meets winter functionality in the Columbia Hyper-Boreal Omni-Heat Tall Boot. The boot holds a surprising amount of functional elements in its sleek design that are all there to help keep your feet warm and comfortable. The Hyper-Boreal Omni-Heat Tall Boot includes 200 grams of insulation plus the company's patented heat reflection system that helps retain heat while allowing moisture to dissipate. Then there's the lightweight midsole with plenty of cushioning for all-day comfort. Hyper-Boreal Omni-Heat Tall (button) Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 14th, 2021

: Amazon videogame exec on the success of ‘New World’ and why everyone is chasing Roblox

Amazon.com Inc. managed to dominate online book sales, then all of e-commerce and cloud computing. Now, the company has found a significant foothold in the next business it has targeted: Videogames......»»

Category: topSource: marketwatchOct 14th, 2021

Report paints bright picture for construction spending, even better if Biden infrastructure bill passes

Following the steep drops in building activity across New York City in 2020, the next three years are expected to see a resurgence in spending and job creation as the industry continues to advocate for increased public investment. The New York Building Congress’ New York City Construction Outlook 2021-2023 released today forecasts spending... The post Report paints bright picture for construction spending, even better if Biden infrastructure bill passes appeared first on Real Estate Weekly. Following the steep drops in building activity across New York City in 2020, the next three years are expected to see a resurgence in spending and job creation as the industry continues to advocate for increased public investment. The New York Building Congress’ New York City Construction Outlook 2021-2023 released today forecasts spending to increase to $60.6 billion in 2021, up 26 percent from 2020, when non-essential construction was shut down for 11 weeks. The report was released today at the annual Building Congress Construction Industry Breakfast, at which Governor Hochul delivered the keynote address. GOV. CATHY HOCHUL “Each year I travel to every county in New York State, and I see how infrastructure is not just an abstract concept but an integral part of every New Yorker’s life,” said Governor Hochul. “As Governor, I will pursue an ambitious agenda that brings our infrastructure into the 21st century – because it’s in our DNA as New Yorkers to dream big and tackle the impossible. We can’t get that done without strong public-private sector partnerships like with the New York Building Congress, and I look forward to continue working together to build New York’s future.” “Despite the economic impact that COVID-19 has had on New York City since the start of the pandemic, the building industry proves its strength time and time again, as spending and job creation continue on an upward trend from 2020,” said Carlo A. Scissura, President & CEO of the New York Building Congress. “With a long road to economic recovery ahead, the ever-present threats of climate change and infrastructure that’s crumbling, we need meaningful, immediate support from Washington. Investments in the infrastructure are investments in a stable and vibrant city, state and nation.” “Over the last year and a half, the building industry once again demonstrated its dedication to New York City and the amazing people who live here,” said Elizabeth Velez, Chair of the New York Building Congress and President of Velez Organization. “The Construction Outlook report released by the New York Building Congress today shows our industry is ready to lead the way out of the economic crisis brought about by this awful pandemic. In the process, I know we will continue to diversify our own ranks, innovate to meet 21st-Century demands and realities and build a fairer city that works for everyone.” CHERYL McKISSACK DANIEL “No matter what you throw at New York City, we are able to withstand it and come back stronger,” said Cheryl McKissack Daniel, Chair of the New York Building Foundation and President & CEO of McKissack & McKissack. “The New York City Construction Outlook 2021-2023 report is further proof of the building industry’s strength in times of crisis. This should underscore why we need more investment in our infrastructure, as it is one of the best ways to improve our society.” “The essential role of the construction industry to the health and vitality of our communities could not be more clear than in this Construction Outlook report,” said the City of New York’s Senior Advisor for Recovery Lorraine Grillo. “The anticipated robust growth and trajectory for investments in construction jobs, new construction, and our public infrastructure reaffirm the importance of the work by resilient New Yorkers represented by the New York Building Congress in realizing a recovery for all of us.” “It’s clear that confidence in New York City’s construction and real estate industries remains high, and for good reason,” said Gary LaBarbera, President of the Building and Construction Trades Council of Greater New York. “Time and again, it’s been major infrastructure and public works projects that have stimulated economic activity that leads to recovery, and as always, our members are ready to get to work to build back New York stronger and more resilient than ever. It’s critical that we sustain this upward trend in construction activity with the successful passage of the Bipartisan Infrastructure Framework, which will invest in New York’s future and create tens of thousands of middle-class careers with benefits in the process.” “Real estate and construction represent 10 percent of the city’s GDP and is the fastest way of creating the jobs to rebuild the city’s economy,” said Louis J. Coletti, President and CEO of the Building Trades Employers Association. “As New York builds and rebuilds over the coming years, AIA New York will work with its partners in the building industry to advocate for higher standards of design excellence for public and private projects,” said Benjamin Prosky, Executive Director American Institute of Architects New York (AIANY) Center For Architecture. ”From ambitious designs that enhance public infrastructure to increasing quality affordable housing, modernizing schools, and fostering advancements in energy efficient technology, architects recognize that this is a pivotal  moment for the design, construction, and development community to shape an NYC that is beautiful, efficient and equitable for all.” The data and projections in this report were generated without the once-in-a-generation federal infrastructure bill that is being discussed in the House of Representatives, which would have a massive economic impact on New York City and the entire country. If the $1.2 trillion plan was to pass, it would expedite construction of the Gateway Program– a long-delayed but nationally crucial infrastructure project that could potentially generate $19 billion in economic activity. The Construction Outlook report provides a three-year analysis and forecast of construction spending and employment in New York, while also providing deeper insight into the factors that could shape the industry and the city’s economy in the coming years. The New York Building Congress for the first time also adjusted its projections for inflation, giving a fuller picture of how spending compares historically. The latest report forecasts the second-highest spending period in real dollars, and the fourth highest when adjusted for inflation. Key insights from the report include: ●      Construction Employment to Increase: The industry will likely add 135,000 new jobs to the economy in 2021, but employment will remain at the lowest point since 2014. Employment will likely continue on an upward trend in the coming years, with 140,200 jobs in 2022 and 157,100 jobs in 2023. ●      Overall Spending: Construction spending is expected to total $174.1 billion between 2021 and 2023. Compared to the pre-COVID-19 period of 2017 to 2019, when building was at a high point, spending is forecasted to decrease by just $1.5 billion. When adjusted for inflation, however, the drop is a significantly higher $38.2 billion.   ●      Government Spending: Government spending is up from 2020 – when $21.3 billion was invested by New York City, New York State and major agencies – but will decline in the forecasted period from $23.1 billion in 2021 to $22.2 billion in 2022 and then to $21.1 billion in 2023. While government spending is expected to be higher over this period when compared to 2017 to 2019, public investments is lower now than during the height of the Great Recession when adjusted for inflation. This decline is especially significant given the need for government spending to spur economic recovery. ●      Residential Construction Spending: The Building Congress forecasts $13.6 billion in residential construction spending this year, up 21 percent from 2020. Over three years, spending is expected to total $36.6 billion, which is down 33 percent from 2017 to 2019.   ●      Non-Residential Construction Spending: Non-residential construction spending, which includes office space, education, healthcare, public buildings, sports & entertainment venues and hotels, is projected to total $23.7 billion in 2021, dip to $22.2 billion in 2022 and rise to $25 billion in 2023. ●      Public Transit Spending: The MTA will spend 33 percent more on construction projects over the next three years than the pre-COVID period from 2017 to 2019. When adjusted for inflation, however, this is a more modest increase of 7 percent. The post Report paints bright picture for construction spending, even better if Biden infrastructure bill passes appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyOct 14th, 2021

: Amazon’s top videogame exec on the success of ‘New World’ and why everyone is chasing Roblox

Amazon.com Inc. managed to dominate online book sales, then all of e-commerce and cloud computing. Now, the company has found a significant foothold in the next business it has targeted: Videogames......»»

Category: topSource: marketwatchOct 14th, 2021

Core PPI increase in past 12 months drops to 5.9% from 6.3%

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

Category: topSource: marketwatchOct 14th, 2021

AT&T stock drops toward 11-year low, as dividend yield rises further above 8%

Shares of AT&T Inc. dropped 0.6% in afternoon trading Wednesday, putting them on track to suffer the longest losing streak in a year, and as they headed for the lowest close since July 2010. The stock has shed 7.5% over the past six sessions, which would be the longest stretch of losses since the nine-day loss streak that ended Oct. 21, 2020. The selloff has boosted AT&T's implied dividend yield to 8.23%, making it the second-highest yielding stock in the S&P 500 , just below fellow communications company Lumen Technologies Inc.'s yield of 8.27%. That compares with the implied yield for the S&P 500 of 1.39%. AT&T's stock selloff comes amid growing investor concerns over competition with cable companies, and over ramped up spending by telecommunications companies to build out their fiber networks. Shares of AT&T rival Verizon Communications Inc. slipped 0.3% in Wednesday afternoon trading toward a fifth straight loss and the lowest close since March 2020, while pushing up its implied dividend yield to 5.00%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchOct 13th, 2021

Stellar Demand For 30Y Auction As Curve Comes Crashing Down

Stellar Demand For 30Y Auction As Curve Comes Crashing Down After an ugly 3Y auction, and a solid 10Y sale yesterday, moments ago the Treasury sold $24BN in a 29 Year-10 month reopening of cusip SZ2 ahead of today's Fed minutes. But if one thought investors would show any nerves about the coming taper in today's auction, boy were they in for a surprise. That's because the auction was nothing short of spectacular: stopping at 2.049%, the auction stopped through the 2.062% When Issued by 1.3bps, which aside from last month's 1.8bps stop, was the first non-tailing auction in 5. That said, it was the highest auction for the 30Y tenor since June's 2.172, even if there was no concession in today's session as a result of the sharp grind lower in yields on the long end if not the short one. The Bid to Cover of 2.3595 was solid, and aside from September's 2.486, was the highest since April; it was also above the 2.31% six-auction average. The internals were more remarkable, however, and with Indirects taking down a near record 70.55% (the third highest ever), And Directs taking down 17.2%, or the same as last month, Dealers were left holding on to just 12.29%, the lowest on record! In short, an absolutely stellar auction and one which appears to confirm that the bear flattening is here to stay because with every tick higher in short-term rates, the long end drops as the curve prepares to flatten and then invert ahead of the coming recession which the Fed will tighten right into.   Tyler Durden Wed, 10/13/2021 - 13:17.....»»

Category: blogSource: zerohedgeOct 13th, 2021

: AT&T stock drops 1.0% toward 6th straight loss, and lowest close since July 2010

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news......»»

Category: topSource: marketwatchOct 13th, 2021

Futures Reverse Losses Ahead Of Key CPI Report

Futures Reverse Losses Ahead Of Key CPI Report For the second day in a row, an overnight slump in equity futures sparked by concerns about iPhone sales (with Bloomberg reporting at the close on Tuesday that iPhone 13 production target may be cut by 10mm units due to chip shortages) and driven be more weakness out of China was rescued thanks to aggressive buying around the European open. At 800 a.m. ET, Dow e-minis were up 35 points, or 0.1%, S&P 500 e-minis were up 10.25 points, or 0.24%, and Nasdaq 100 e-minis were up 58.50 points, or 0.4% ahead of the CPI report due at 830am ET. 10Y yields dipped to 1.566%, the dollar was lower and Brent crude dropped below $83. JPMorgan rose as much as 0.8% in premarket trading after the firm’s merger advisory business reported its best quarterly profit. On the other end, Apple dropped 1% lower in premarket trading, a day after Bloomberg reported that the technology giant is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units due to prolonged chip shortages. Here are some of the biggest U.S. movers today: Suppliers Skyworks Solutions (SWKS US), Qorvo (ORVO) and Cirrus Logic (CRUS US) slipped Tuesday postmarket Koss (KOSS US) shares jump 23% in U.S. premarket trading in an extension of Tuesday’s surge after tech giant Apple was rebuffed in two patent challenges against the headphones and speakers firm Qualcomm (QCOM US) shares were up 2.7% in U.S. premarket trading after it announced a $10.0 billion stock buyback International Paper (IP US) in focus after its board authorized a program to acquire up to $2b of the company’s common stock; cut quarterly dividend by 5c per share Smart Global (SGH US) shares rose 2% Tuesday postmarket after it reported adjusted earnings per share for the fourth quarter that beat the average analyst estimate Wayfair (W US) shares slide 1.8% in thin premarket trading after the stock gets tactical downgrade to hold at Jefferies Plug Power (PLUG US) gains 4.9% in premarket trading after Morgan Stanley upgrades the fuel cell systems company to overweight, saying in note that it’s “particularly well positioned” to be a leader in the hydrogen economy Wall Street ended lower in choppy trading on Tuesday, as investors grew jittery in the run-up to earnings amid worries about supply chain problems and higher prices affecting businesses emerging from the pandemic. As we noted last night, the S&P 500 has gone 27 straight days without rallying to a fresh high, the longest such stretch since last September, signaling some fatigue in the dip-buying that pushed the market up from drops earlier this year. Focus now turn to inflation data, due at 0830 a.m. ET, which will cement the imminent arrival of the Fed's taper.  "A strong inflation will only reinforce the expectation that the Fed would start tapering its bond purchases by next month, that's already priced in," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "Yet, a too strong figure could boost expectations of an earlier rate hike from the Fed and that is not necessarily fully priced in." The minutes of the Federal Reserve's September policy meeting, due later in the day, will also be scrutinized for signals that the days of crisis-era policy were numbered. Most European equities reverse small opening losses and were last up about 0.5%, as news that German software giant SAP increased its revenue forecast led tech stocks higher. DAX gained 0.7% with tech, retail and travel names leading. FTSE 100, FTSE MIB and IBEX remained in the red. Here are some of the biggest European movers today: Entra shares gain as much as 10% after Balder increases its stake and says it intends to submit a mandatory offer. Spie jumps as much as 10%, the biggest intraday gain in more than a year, after the French company pulled out of the process to buy Engie’s Equans services unit. Man Group rises as much as 8.3% after the world’s largest publicly traded hedge fund announced quarterly record inflows. 3Q21 net inflows were a “clear beat” and confirm pipeline strength, Morgan Stanley said in a note. Barratt Developments climbs as much as 6.3%, with analysts saying the U.K. homebuilder’s update shows current trading is improving. Recticel climbs 15% to its highest level in more than 20 years as the stock resumes trading after the company announced plans to sell its foams unit to Carpenter Co. Bossard Holding rises as much as 9.1% to a record high after the company reported 3Q earnings that ZKB said show strong growth. Sartorius gains as much as 5.9% after Kepler Cheuvreux upgrades to hold from sell and raises its price target, saying it expects “impressive earnings growth” to continue for the lab equipment company. SAP jumps as much as 5% after the German software giant increased its revenue forecast owing to accelerating cloud sales. Just Eat Takeaway slides as much as 5.8% in Amsterdam to the lowest since March 2020 after a 3Q trading update. Analysts flagged disappointing orders as pandemic restrictions eased, and an underwhelming performance in the online food delivery firm’s U.S. market. Earlier in the session, Asian stocks posted a modest advance as investors awaited key inflation data out of the U.S. and Hong Kong closed its equity market because of typhoon Kompasu. The MSCI Asia Pacific Index rose 0.2% after fluctuating between gains and losses, with chip and electronics manufacturers sliding amid concerns over memory chip supply-chain issues and Apple’s iPhone 13 production targets. Hong Kong’s $6.3 trillion market was shut as strong winds and rain hit the financial hub.  “Broader supply tightness continues to be a real issue across a number of end markets,” Morgan Stanley analysts including Katy L. Huberty wrote in a note. The most significant iPhone production bottleneck stems from a “shortage of camera modules for the iPhone 13 Pro/Pro Max due to low utilization rates at a Sharp factory in southern Vietnam,” they added. Wednesday’s direction-less trading illustrated the uncertainty in Asian markets as traders reassess earnings forecasts to factor in inflation and supply chain concerns. U.S. consumer price index figures and FOMC minutes due overnight may move shares. Southeast Asian indexes rose thanks to their cyclical exposure. Singapore’s stock gauge was the top performer in the region, rising to its highest in about two months, before the the nation’s central bank decides on monetary policy on Thursday. Japanese stocks fell for a second day as electronics makers declined amid worries about memory chip supply-chain issues and concerns over Apple’s iPhone 13 production targets.  The Topix index fell 0.4% to 1,973.83 at the 3 p.m. close in Tokyo, while the Nikkei 225 declined 0.3% to 28,140.28. Toyota Motor Corp. contributed the most to the Topix’s loss, decreasing 1.3%. Out of 2,181 shares in the index, 608 rose and 1,489 fell, while 84 were unchanged. Japanese Apple suppliers such as TDK, Murata and Taiyo Yuden slid. The U.S. company is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units as prolonged chip shortages hit its flagship product, according to people with knowledge of the matter Australian stocks closed lower as banks and miners weighed on the index. The S&P/ASX 200 index fell 0.1% to close at 7,272.50, dragged down by banks and miners as iron ore extended its decline. All other subgauges edged higher. a2 Milk surged after its peer Bubs Australia reported growing China sales and pointed to a better outlook for daigou channels. Bank of Queensland tumbled after its earnings release. In New Zealand, the S&P/NZX 50 index rose 0.2% to 13,025.18. In rates, Treasuries extended Tuesday’s bull-flattening gains, led by gilts and, to a lesser extent, bunds. Treasuries were richer by ~2bps across the long-end of the curve, flattening 5s30s by about that much; U.K. 30-year yield is down nearly 7bp, with same curve flatter by ~6bp. Long-end gilts outperform in a broad-based bull flattening move that pushed 30y gilt yields down ~7bps back near 1.38%. Peripheral spreads widen slightly to Germany. Cash USTs bull flatten but trade cheaper by ~2bps across the back end to both bunds and gilt ahead of today’s CPI release. In FX, the Bloomberg Dollar Spot Index fell by as much as 0.2% and the greenback weakened against all of its Group-of-10 peers; the Treasury curve flattened, mainly via falling yields in the long- end, The euro advanced to trade at around $1.1550 and the Bund yield curve flattened, with German bonds outperforming Treasuries. The euro’s volatility skew versus the dollar shows investors remain bearish the common currency as policy divergence between the Federal Reserve and the European Central Bank remains for now. The pound advanced with traders shrugging off the U.K.’s weaker-than-expected economic growth performance in August. Australia’s sovereign yield curve flattened for a second day while the currency underperformed its New Zealand peer amid a drop in iron ore prices. The yen steadied after four days of declines. In commodities, crude futures hold a narrow range with WTI near $80, Brent dipping slightly below $83. Spot gold pops back toward Tuesday’s best levels near $1,770/oz. Base metals are in the green with most of the complex up at least 1%. To the day ahead now, and the main data highlight will be the aforementioned US CPI reading for September, while today will also see the most recent FOMC meeting minutes released. Other data releases include UK GDP for August and Euro Area industrial production for August. Central bank speakers include BoE Deputy Governor Cunliffe, the ECB’s Visco and the Fed’s Brainard. Finally, earnings releases include JPMorgan Chase, BlackRock and Delta Air Lines. Market Snapshot S&P 500 futures up 0.1% to 4,346.25 STOXX Europe 600 up 0.4% to 459.04 MXAP up 0.2% to 194.60 MXAPJ up 0.4% to 638.16 Nikkei down 0.3% to 28,140.28 Topix down 0.4% to 1,973.83 Hang Seng Index down 1.4% to 24,962.59 Shanghai Composite up 0.4% to 3,561.76 Sensex up 0.8% to 60,782.71 Australia S&P/ASX 200 down 0.1% to 7,272.54 Kospi up 1.0% to 2,944.41 Brent Futures down 0.4% to $83.12/bbl Gold spot up 0.5% to $1,768.13 U.S. Dollar Index down 0.23% to 94.30 German 10Y yield fell 4.2 bps to -0.127% Euro little changed at $1.1553 Brent Futures down 0.4% to $83.12/bbl Top Overnight News from Bloomberg Vladimir Putin wants to press the EU to rewrite some of the rules of its gas market after years of ignoring Moscow’s concerns, to tilt them away from spot-pricing toward long-term contracts favored by Russia’s state run Gazprom, according to two people with knowledge of the matter. Russia is also seeking rapid certification of the controversial Nord Stream 2 pipeline to Germany to boost gas deliveries, they said. Federal Reserve Vice Chairman for Supervision Randal Quarles will be removed from his role as the main watchdog of Wall Street lenders after his title officially expires this week. The EU will offer a new package of concessions to the U.K. that would ease trade barriers in Northern Ireland, as the two sides prepare for a new round of contentious Brexit negotiations. U.K. Chancellor of the Exchequer Rishi Sunak is on course to raise taxes and cut spending to control the budget deficit, while BoE Governor Andrew Bailey has warned interest rates are likely to rise in the coming months to curb a rapid surge in prices. Together, those moves would mark a simultaneous major tightening of both policy levers just months after the biggest recession in a century -- an unprecedented move since the BoE gained independence in 1997. Peter Kazimir, a member of the ECB’s Governing Council, was charged with bribery in Slovakia. Kazimir, who heads the country’s central bank, rejected the allegations A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks were mixed following the choppy performance stateside with global risk appetite cautious amid the rate hike bets in US and heading into key events including US CPI and FOMC Minutes, while there were also mild headwinds for US equity futures after the closing bell on reports that Apple is set to reduce output of iPhones by 10mln from what was initially planned amid the chip shortage. ASX 200 (unch.) was little changed as gains in gold miners, energy and tech were offset by losses in financials and the broader mining sector, with softer Westpac Consumer Confidence also limiting upside in the index. Nikkei 225 (-0.3%) was pressured at the open as participants digested mixed Machinery Orders data which showed the largest M/M contraction since February 2018 and prompted the government to cut its assessment on machinery orders, although the benchmark index gradually retraced most its losses after finding support around the 28k level and amid the recent favourable currency moves. Shanghai Comp. (+0.4%) also declined as participants digested mixed Chinese trade data in which exports topped estimates but imports disappointed and with Hong Kong markets kept shut due to a typhoon warning. Finally, 10yr JGBs were steady with price action contained after the curve flattening stateside and tentative mood heading to upcoming risk events, although prices were kept afloat amid the BoJ’s purchases in the market for around JPY 1tln of JGBs predominantly focused on 1-3yr and 5-10yr maturities. Top Asian News Gold Edges Higher on Weaker Dollar Before U.S. Inflation Report RBA Rate Hike Expectations Too Aggressive, TD Ameritrade Says LG Electronics Has Series of Stock-Target Cuts After Profit Miss The mood across European stocks has improved from the subdued cash open (Euro Stoxx 50 +0.5%; Stoxx 600 +0.3%) despite a distinct lack of newsflow and heading into the official start of US earnings season, US CPI and FOMC minutes. US equity futures have also nursed earlier losses and trade in modest positive territory across the board, with the NQ (+0.5%) narrowly outperforming owing to the intraday fall in yields, alongside the sectorial outperformance seen in European tech amid tech giant SAP (+4.7%) upgrading its full FY outlook, reflecting the strong business performance which is expected to continue to accelerate cloud revenue growth. As such, the DAX 40 (+0.7%) outperformed since the cash open, whilst the FTSE 100 (-0.2%) is weighed on by underperformance in its heavyweight Banking and Basic Resources sectors amid a decline in yields and hefty losses in iron ore prices. Elsewhere, the CAC 40 (+0.3%) is buoyed by LMVH (+2.0%) after the luxury name topped revenue forecasts and subsequently lifted the Retail sector in tandem. Overall, sectors are mixed with no clear bias. In terms of individual movers, Volkswagen (+3.5%) was bolstered amid Handelsblatt reports in which the Co was said to be cutting some 30k jobs as costs are too high vs competitors, whilst separate sources suggested the automaker is said to be mulling spinning off its Battery Cell and charging unit. Chipmakers meanwhile see mixed fortunes in the aftermath of sources which suggested Apple (-0.7% pre-market) is said to be slashing output amid the chip crunch. Top European News The Hut Shares Swing as Strategy Day Feeds Investor Concern U.K. Economy Grows Less Than Expected as Services Disappoint Man Group Gets $5.3 Billion to Lift Assets to Another Record Jeff Ubben and Singapore’s GIC Back $830 Million Fertiglobe IPO In FX, the Dollar looks somewhat deflated or jaded after yesterday’s exertions when it carved out several fresh 2021 highs against rival currencies and a new record peak vs the increasingly beleaguered Turkish Lira. In index terms, a bout of profit taking, consolidation and position paring seems to have prompted a pull-back from 94.563 into a marginally lower 94.533-246 range awaiting potentially pivotal US inflation data, more Fed rhetoric and FOMC minutes from the last policy meeting that may provide more clues or clarity about prospects for near term tapering. NZD/GBP - Both taking advantage of the Greenback’s aforementioned loss of momentum, but also deriving impetus from favourable crosswinds closer to home as the Kiwi briefly revisited 0.6950+ terrain and Aud/Nzd retreats quite sharply from 1.0600+, while Cable has rebounded through 1.3600 again as Eur/Gbp retests support south of 0.8480 yet again, or 1.1800 as a reciprocal. From a fundamental perspective, Nzd/Usd may also be gleaning leverage from the more forward-looking Activity Outlook component of ANZ’s preliminary business survey for October rather than a decline in sentiment, and Sterling could be content with reported concessions from the EU on NI customs in an effort to resolve the Protocol impasse. EUR/CAD/AUD/CHF - Also reclaiming some lost ground against the Buck, with the Euro rebounding from around 1.1525 to circa 1.1560, though not technically stable until closer to 1.1600 having faded ahead of the round number on several occasions in the last week. Meanwhile, the Loonie is straddling 1.2450 in keeping with WTI crude on the Usd 80/brl handle, the Aussie is pivoting 0.7350, but capped in wake of a dip in Westpac consumer confidence, and the Franc is rotating either side of 0.9300. JPY - The Yen seems rather reluctant to get too carried away by the Dollar’s demise or join the broad retracement given so many false dawns of late before further depreciation and a continuation of its losing streak. Indeed, the latest recovery has stalled around 113.35 and Usd/Jpy appears firmly underpinned following significantly weaker than expected Japanese m/m machinery orders overnight. SCANDI/EM - Not much upside in the Sek via firmer Swedish money market inflation expectations and perhaps due to the fact that actual CPI data preceded the latest survey and topped consensus, but the Cnh and Cny are firmer on the back of China’s much wider than forecast trade surplus that was bloated by exports exceeding estimates by some distance in contrast to imports. Elsewhere, further hawkish guidance for the Czk as CNB’s Benda contends that high inflation warrants relatively rapid tightening, but the Try has not derived a lot of support from reports that Turkey is in talks to secure extra gas supplies to meet demand this winter, according to a Minister, and perhaps due to more sabre-rattling from the Foreign Ministry over Syria with accusations aimed at the US and Russia. In commodities, WTI and Brent front-month futures see another choppy session within recent and elevated levels – with the former around USD 80.50/bbl (80.79-79.87/bbl) and the latter around 83.35/bbl (83.50-82.65/bbl range). The complex saw some downside in conjunction with jawboning from the Iraqi Energy Minster, who state oil price is unlikely to increase further, whilst at the same time, the Gazprom CEO suggested that the oil market is overheated. Nonetheless, prices saw a rebound from those lows heading into the US inflation figure, whilst the OPEC MOMR is scheduled for 12:00BST/07:00EDT. Although the release will not likely sway prices amidst the myriad of risk events on the docket, it will offer a peek into OPEC's current thinking on the market. As a reminder, the weekly Private Inventory report will be released tonight, with the DoE's slated for tomorrow on account of Monday's Columbus Day holiday. Gas prices, meanwhile, are relatively stable. Russia's Kremlin noted gas supplies have increased to their maximum possible levels, whilst Gazprom is sticking to its contractual obligations, and there can be no gas supplies beyond those obligations. Over to metals, spot gold and silver move in tandem with the receding Buck, with spot gold inching closer towards its 50 DMA at 1,776/oz (vs low 1,759.50/oz). In terms of base metals, LME copper has regained a footing above USD 9,500/t as stocks grind higher. Conversely, iron ore and rebar futures overnight fell some 6%, with overnight headlines suggesting that China has required steel mills to cut winter output. Further from the supply side, Nyrstar is to limit European smelter output by up to 50% due to energy costs. Nyrstar has a market-leading position in zinc and lead. LME zinc hit the highest levels since March 2018 following the headlines US Event Calendar 8:30am: Sept. CPI YoY, est. 5.3%, prior 5.3%; MoM, est. 0.3%, prior 0.3% 8:30am: Sept. CPI Ex Food and Energy YoY, est. 4.0%, prior 4.0%; MoM, est. 0.2%, prior 0.1% 8:30am: Sept. Real Avg Weekly Earnings YoY, prior -0.9%, revised -1.4% 2pm: Sept. FOMC Meeting Minutes DB's Jim Reid concludes the overnight wrap So tonight it’s my first ever “live” parents evening and then James Bond via Wagamama. Given my daughter (6) is the eldest in her year and the twins (4) the youngest (plus additional youth for being premature), I’m expecting my daughter to be at least above average but for my boys to only just about be vaguely aware of what’s going on around them. Poor things. For those reading yesterday, the Cameo video of Nadia Comanenci went down a storm, especially when she mentioned our kids’ names, but the fact that there was no birthday cake wasn’t as popular. So I played a very complicated, defence splitting 80 yard through ball but missed an open goal. Anyway ahead of Bond tonight, with all this inflation about I’m half expecting him to be known as 008 going forward. The next installment of the US prices saga will be seen today with US CPI at 13:30 London time. This is an important one, since it’s the last CPI number the Fed will have ahead of their next policy decision just 3 weeks from now, where investors are awaiting a potential announcement on tapering asset purchases. Interestingly the August reading last month was the first time so far this year that the month-on-month measure was actually beneath the consensus expectation on Bloomberg, with the +0.3% growth being the slowest since January. Famous last words but this report might not be the most interesting since it may be a bit backward looking given WTI oil is up c.7.5% in October alone. In addition, used cars were up +5.4% in September after falling in late summer. So given the 2-3 month lag for this to filter through into the CPI we won’t be getting the full picture today. I loved the fact from his speech last night that the Fed’s Bostic has introduced a “transitory” swear jar in his office. More on the Fedspeak later. In terms of what to expect this time around though, our US economists are forecasting month-on-month growth of +0.41% in the headline CPI, and +0.27% for core, which would take the year-on-year rates to +5.4% for headline and +4.1% for core. Ahead of this, inflation expectations softened late in the day as Fed officials were on the hawkish side. The US 10yr breakeven dropped -1.9bps to 2.49% after trading at 2.527% earlier in the session. This is still the 3rd highest closing level since May, and remains only 7bps off its post-2013 closing high. Earlier, inflation expectations continued to climb in Europe, where the 5y5y forward inflation swap hit a post-2015 high of 1.84%. Also on inflation, the New York Fed released their latest Survey of Consumer Expectations later in the European session, which showed that 1-year ahead inflation expectations were now at +5.3%, which is the highest level since the survey began in 2013, whilst 3-year ahead expectations were now at +4.2%, which was also a high for the series. The late rally in US breakevens, coupled with lower real yields (-1.6bps) meant that the 10yr Treasury yield ended the session down -3.5bps at 1.577% - their biggest one day drop in just over 3 weeks. There was a decent flattening of the yield curve, with the 2yr yield up +2.0bps to 0.34%, its highest level since the pandemic began as the market priced in more near-term Fed rate hikes. In the Euro Area it was a very different story however, with 10yr yields rising to their highest level in months, including among bunds (+3.5bps), OATs (+2.9bps) and BTPs (+1.0bps). That rise in the 10yr bund yield left it at -0.09%, taking it above its recent peak earlier this year to its highest closing level since May 2019. Interestingly gilts (-4.0bps) massively out-performed after having aggressively sold off for the last week or so. Against this backdrop, equity markets struggled for direction as they awaited the CPI reading and the start of the US Q3 earnings season today. By the close of trade, the S&P 500 (-0.24%) and the STOXX 600 (-0.07%) had both posted modest losses as they awaited the next catalyst. Defensive sectors were the outperformers on both sides of the Atlantic. Real estate (+1.34%) and utilities (+0.67%) were among the best performing US stocks, though some notable “reopening” industries outperformed as well including airlines (+0.83%), hotels & leisure (+0.51%). News came out after the US close regarding the global chip shortage, with Bloomberg reporting that Apple, who are one of the largest buyers of chips, would revise down their iPhone 13 production targets for 2021 by 10 million units. Recent rumblings from chip producers suggest that the problems are expected to persist, which will make central bank decisions even more complicated over the coming weeks as they grapple with increasing supply-side constraints that push up inflation whilst threatening to undermine the recovery. Speaking of central bankers, Vice Chair Clarida echoed his previous remarks and other communications from the so-called “core” of the FOMC that the current bout of inflation would prove largely transitory and that underlying trend inflation was hovering close to 2%, while admitting that risks were tilted towards higher inflation. Atlanta Fed President Bostic took a much harder line though, noting that price pressures were expanding beyond the pandemic-impacted sectors, and measures of inflation expectations were creeping higher. Specifically, he said, “it is becoming increasingly clear that the feature of this episode that has animated price pressures — mainly the intense and widespread supply-chain disruptions — will not be brief.” His ‘transitory swear word jar’ for his office was considerably more full by the end of his speech. As highlighted above, while President Bostic spoke US 10yr breakevens dropped -2bps and then continued declining through the New York afternoon. In what is likely to be Clarida’s last consequential decision on monetary policy before his term expires, he noted it may soon be time to start a tapering program that ends in the middle of next year, in line with our US economics team’s call for a November taper announcement. In that vein, our US economists have updated their forecasts for rate hikes yesterday, and now see liftoff taking place in December 2022, followed by 3 rate increases in each of 2023 and 2024. That comes in light of supply disruptions lifting inflation, a likely rise in inflation expectations (which are sensitive to oil prices), and measures of labour market slack continuing to outperform. For those interested, you can read a more in-depth discussion of this here. Turning to commodities, yesterday saw a stabilisation in prices after the rapid gains on Monday, with WTI (+0.15%) and Brent Crude (-0.27%) oil prices seeing only modest movements either way, whilst iron ore prices in Singapore were down -3.45%. That said it wasn’t entirely bad news for the asset class, with Chinese coal futures (+4.45%) hitting fresh records, just as aluminium prices on the London Metal Exchange (+0.13%) eked out another gain to hit a new post-2008 high. Overnight in Asia, equity markets are seeing a mixed performance with the KOSPI (+1.24%) posting decent gains, whereas the CSI (-0.06%), Nikkei (-0.22%) and Shanghai Composite (-0.69%) have all lost ground. The KOSPI’s strength came about on the back of a decent jobs report, with South Korea adding +671k relative to a year earlier, the most since March 2014. The Hong Kong Exchange is closed however due to the impact of typhoon Kompasu. Separately, coal futures in China are up another +8.00% this morning, so no sign of those price pressures abating just yet following recent floods. Meanwhile, US equity futures are pointing to little change later on, with those on the S&P 500 down -0.12%. Here in Europe, we had some fresh Brexit headlines after the UK’s Brexit minister, David Frost, said that the Northern Ireland Protocol “is not working” and was not protecting the Good Friday Agreement. He said that he was sharing a new amended Protocol with the EU, which comes ahead of the release of the EU’s own proposals on the issue today. But Frost also said that “if we are going to get a solution we must, collectively, deliver significant change”, and that Article 16 which allows either side to take unilateral safeguard measures could be used “if necessary”. Elsewhere yesterday, the IMF marginally downgraded their global growth forecast for this year, now seeing +5.9% growth in 2021 (vs. +6.0% in July), whilst their 2022 forecast was maintained at +4.9%. This masked some serious differences between countries however, with the US downgraded to +6.0% in 2021 (vs. +7.0% in July), whereas Italy’s was upgraded to +5.8% (vs. +4.9% in July). On inflation they said that risks were skewed to the upside, and upgraded their forecasts for the advanced economies to +2.8% in 2021, and to +2.3% in 2022. Looking at yesterday’s data, US job openings declined in August for the first time this year, falling to 10.439m (vs. 10.954m expected). But the quits rate hit a record of 2.9%, well above its pre-Covid levels of 2.3-2.4%. Here in the UK, data showed the number of payroll employees rose by +207k in September, while the unemployment rate for the three months to August fell to 4.5%, in line with expectations. And in a further sign of supply-side issues, the number of job vacancies in the three months to September hit a record high of 1.102m. Separately in Germany, the ZEW survey results came in beneath expectations, with the current situation declining to 21.6 (vs. 28.0 expected), whilst expectations fell to 22.3 (vs. 23.5 expected), its lowest level since March 2020. To the day ahead now, and the main data highlight will be the aforementioned US CPI reading for September, while today will also see the most recent FOMC meeting minutes released. Other data releases include UK GDP for August and Euro Area industrial production for August. Central bank speakers include BoE Deputy Governor Cunliffe, the ECB’s Visco and the Fed’s Brainard. Finally, earnings releases include JPMorgan Chase, BlackRock and Delta Air Lines. Tyler Durden Wed, 10/13/2021 - 08:13.....»»

Category: blogSource: zerohedgeOct 13th, 2021

Black Friday 2021 is coming - here"s what we expect from Walmart, plus early deals available now

Black Friday falls on November 26 this year. Walmart will offer plenty of discounts, and you can already find some deals right now. When you buy through our links, Insider may earn an affiliate commission. Learn more. Walmart offers big price drops on tons of products during Black Friday. Walmart; Gilbert Espinoza/Business Insider Table of Contents: Masthead StickyBlack Friday 2021 is coming November 26, and we expect plenty of big deals from Walmart. The retailer is a great place to shop for home goods, tech, and gifts across all product categories - especially with in-store pickup as an option for last-minute shoppers. Frequent Walmart customers should also consider a Walmart Plus membership to take advantage of special perks all year long. Below, we highlighted some of the best early Walmart deals available, along with what to expect from the retailer when the big shopping holiday rolls around.The best early Black Friday Walmart dealsClara HD (medium, Preferred: Walmart)VS-12 Deluxe Vacuum Sealer (medium, Preferred: Walmart)Simply Store Glass Bakeware Set (medium, Preferred: Walmart)Navigator Lift-Away NV 380 Upright Vacuum (medium, Preferred: Walmart)Stainless Steel Countertop Microwave Oven (medium, Preferred: Walmart)When does Walmart's Black Friday sale start? Black Friday 2021 lands on November 26, but we expect Walmart will start featuring deals well before then. Its sales will likely also continue through Cyber Monday. We'll update this story with details and deals as new ones surface.How we select the best Black Friday deals at WalmartWe only choose products that meet our high standard of coverage, from brands we've tested and trust.We compare the prices against other retailers like Amazon, Target, and Best Buy and only include the deals that are the same or better (not including promotional discounts that come from using certain credit cards).We research price history thoroughly, to ensure that every deal we list is actually worth your time.Does Walmart have curbside pickup?For contact-free shopping, Walmart offers curbside pickup. All you need to do is place an order online and select your pickup time slot. A Walmart team member will do your shopping and load them into your car from there.Alternatively, some items can even be ordered online and picked up the same day. All you have to do is keep an eye out for products marked "Free Pickup Today" when shopping. Same-day pickup items are made available within four hours of placing your order - you'll get an email when it's ready.What Black Friday deals should you buy at Walmart?Historically, Walmart's Black Friday markdowns are on par with those offered by Best Buy, Target, and Amazon - and we expect this year to be no different. Outside of a few select doorbusters, we anticipate each retailer to price-match their competitor's prices during Black Friday. Shoppers can expect big savings on several TVs, streaming media players, kitchen appliances, and more. Should I sign up for Walmart Plus before Black Friday?Walmart has yet to announce if its Walmart Plus members will receive any specific Black Friday benefits. Last year, members received the same perks they do year round, like free shipping, scan and go, and free grocery delivery. The service costs $98 a year or $13 a month. Signing up for Walmart Plus is a good idea if you're a frequent Walmart shopper, regardless of Black Friday.If you're planning on making smaller purchases, however, it could be beneficial to sign up for a Walmart Plus 15-day free trial right before the holiday. The free trial gets you free shipping without an order minimum, meaning you can make as many impulse buys as you'd like without worrying about shipping costs. 15-Day Free Trial (small)Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 12th, 2021

Google Follows In Apple"s Footsteps, Countersues "Fortnite" Creator Epic Games, Alleges Breach Of Contract

Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) has taken legal action against videogame producer Epic Games over code in its "Fortnite" video game, which Google said breached its Android app store Google Play Store, after& read more.....»»

Category: blogSource: benzingaOct 12th, 2021

"F9" producer Joe Roth drops $23 million for a Beverly Hills Midcentury

Prolific producer Joe Roth just closed a blockbuster deal in Beverly Hills, paying $23 million for a 1960s Midcentury designed by Daniel Dworsky.Prolific producer Joe Roth just closed a blockbuster deal in Beverly Hills, paying $23 million for a 1960s Midcentury designed by Daniel Dworsky......»»

Category: topSource: latimesOct 12th, 2021

Micron stock drops after report warns DRAM prices set to fall

Micron Technology Inc. shares tumbled to a 10.5-month low Tuesday after a report said prices for DRAM memory chips will fall next year as supply is set to outstrip demand......»»

Category: topSource: foxnewsOct 12th, 2021