Arnaud Adjler and his Engine Capital said in a June 22 US Securities & Exchange Commission 13D filing that it sent a letter to SciPlay Corp.’s (NASDAQ:SCPL) three independent directors asking them to reject an intellectual property agreement with Light & Wonder Inc. (NASDAQ:LNW), charging that Chief Executive Officer Barry Cottle has a potential conflict of interest with […] Arnaud Adjler and his Engine Capital said in a June 22 US Securities & Exchange Commission 13D filing that it sent a letter to SciPlay Corp.’s (NASDAQ:SCPL) three independent directors asking them to reject an intellectual property agreement with Light & Wonder Inc. (NASDAQ:LNW), charging that Chief Executive Officer Barry Cottle has a potential conflict of interest with its partner. Engine wrote that they’re concerned that Cottle, who is negotiating the agreement, is also Light & Wonder’s CEO. 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 Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss 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); Q1 2022 hedge fund letters, conferences and more Ajdler noted that the letter was his second to the company. It followed a May 13 missive expressing issues with the IP arrangement. It said that since that letter, it made several unsuccessful attempts to meet company representatives. Ajdler’s upset because Light & Wonder, SciPlay’s parent company, did a 2019 IPO of the unit that required SciPlay to pay $255 million for a perpetual licensing agreement that entitled the company exclusive access to all Light & Wonder content for three years, and non-exclusive access to after that. “Given the related-party nature of this negotiation and these potential conflicts of interest, we request that the board form a special committee of independent directors to handle these negotiations and appoint a lead independent director to strengthen the Company’s governance.” Based on discussions with several industry participants, Arnaud said. Engine does not believe the company should make any more payments. “To protect the value of minority shareholders’ investment in the company and ensure that Light & Wonder does not unfairly wield its outsized influence over SciPlay in these negotiations, we believe the independent members of the board must immediately step in,” Arnaud wrote. SciPlay, with a $1.78 billion market capitalization, rose three cents, or 0.22%, on Wednesday and closed at $13.80, near the middle of its Wednesday range. The stock treaded between $22.29 and $10.75. Light & Wonder shares fell 3.7 percent. SciPlay’s 18 cents a share first quarter earnings missed the market’s 22 cent estimate by almost 20%. In the year ago quarter, the company earned 21 cents a share. Both quarter's results are adjusted for one time items. Over the last four quarters, SciPlay’s managed to beat consensus EPS and revenue estimates only once for each. SciPlay shares have lost about 18.1% since the beginning of the year versus the S & P 500’s roughly 19% retreat. Article by Greg Morcroft, Fintel Updated on Jul 1, 2022, 12:11 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});.....»»

If not for the war, there would’ve probably been a repeat of the 2008 gold market. However, there is something similar: the bearish outlook for miners. Gold stocks are declining similarly to how they did in 2008. History Can Be Rhymed The Russian invasion triggered a rally, which was already more than erased, and if […] If not for the war, there would’ve probably been a repeat of the 2008 gold market. However, there is something similar: the bearish outlook for miners. Gold stocks are declining similarly to how they did in 2008. History Can Be Rhymed The Russian invasion triggered a rally, which was already more than erased, and if it wasn’t for it, the self-similarity would be very clear (note the head-and-shoulders patterns marked with green). Since the latter happened, it’s not as clear, but it seems that it’s still present. At least that’s what the pace of the current decline suggests.  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 Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton 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); Q1 2022 hedge fund letters, conferences and more I used a red dashed line to represent the 2008 decline, and I copied it to the current situation. They are very similar. We even saw a corrective upswing from more or less the 200-week moving average (red line), just like what happened in 2008. We saw a breakdown to new short-term lows, which means that the volatile part of the slide is likely already underway. Today’s decline in silver prices to new yearly lows definitely supports the above. All right, let’s zoom in and see how mining stocks declined in 2008. Back then, the GDXJ ETF was not yet trading, so I’m using the GDX ETF as a short-term proxy here. The decline took about 3 months, and it erased about 70% of the miners’ value. The biggest part of the decline happened in the final month, though. However, the really interesting thing about that decline – that might also be very useful this time – is that there were five very short-term declines that took the GDX about 30% lower.  I marked those declines with red rectangles. After that, a corrective upswing started. During those corrective upswings, the GDX rallied by 14.8-41.6%. The biggest corrective upswing (where GDX rallied by 41.6%) was triggered by a huge rally in gold, and since I don’t expect to see anything similar this year, it could be the case that this correction size is an outlier. Not paying attention to the outlier, we get corrections of between 14.8% and 25.1%. The interesting thing was that each corrective upswing was shorter (faster) than the preceding one. The first one took 12 trading days. The second one took seven trading days. The third one took 2 trading days, and the fourth and final one took just 1 trading day. Fast forward to the current situation. Let’s take a look at the GDXJ ETF. The GDXJ ETF declined by 32.4% and then corrected – it rallied by about 20.3%. The corrective upswing took 14 trading days. The above is in perfect tune with the previous patterns seen in the GDX during the 2008 slide. What does it tell us? It indicates that history can be rhymed, and while it will not be identical, we should pay attention to the indicators that worked in 2008. The next corrective upswing (a notable one, that is) might start when the GDXJ ETF declines by about 29-35% from its recent top. To clarify, I don’t claim that the above technique would be able to detect all corrective upswings, or that I aim to trade all of them. For instance, in my view, it was a good idea to enter a long position on May 12 and switch to a short position on May 26, but I wasn’t aiming to catch the intraday moves. GDXJ could also decline a bit more than 29-35%, as let’s keep in mind that previous statistics are based on the GDX ETF and we are discussing the GDXJ here, and the latter is likely to decline even more than GDX as juniors are more correlated with the general stock market (and the latter is likely to slide). So, let’s say that the GDXJ might decline between 29% and 40% from the recent high before triggering another notable corrective upswing (one that could take between 5 and 10 trading days based on how long the last one took and how big those corrections were in 2008). The recent high was formed with the GDXJ ETF at $42.19. Applying the above-mentioned percentages to this price provides us with $24.78-29.32. And yes, the above would be likely to take place along with a big decline in gold prices. Now, is there any meaningful support level in this area that could stop the decline? Yes! Still Bearish The late-March 2020 low is at $26.62, and it provides significant short-term support within the analogy-based target area. Additionally, the above corresponds – more or less – to the size of the decline that would match the size of the April-May decline. It would be only somewhat bigger. Let’s keep in mind that gold stocks don’t necessarily move on their own, but rather move along with gold. So, if gold moves to its strong medium-term support provided by the 2021 lows and then starts a brief rally, the same action would be likely in mining stocks. The head and shoulders pattern confirms that the downside target is well below $30, perhaps even as low as ~$24. There’s also an additional detail present on GDXJ’s very short-term chart. The GDXJ just broke below the declining wedge. While falling wedges are usually a bullish sign, they only become such after a break to the upside. What we witnessed was a relatively uncommon occurrence: a breakdown on the downside. The implications are therefore bearish instead of being bullish, and the profit potential for the current short position remains enormous. Thank you for reading our free analysis today. Please note that the above is just a small fraction of today’s all-encompassing Gold & Silver Trading Alert. The latter includes multiple premium details such as the targets for gold and mining stocks that could be reached in the next few weeks. If you’d like to read those premium details, we have good news for you. As soon as you sign up for our free gold newsletter, you’ll get a free 7-day no-obligation trial access to our premium Gold & Silver Trading Alerts. It’s really free – sign up today. Przemyslaw Radomski, CFA Founder, Editor-in-chief Sunshine Profits: Effective Investment through Diligence & Care All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. Opinions and analyses are based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are deemed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice. Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. Updated on Jul 1, 2022, 12:06 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});.....»»

Fridays are all about podcast links here at Abnormal Returns. You can check out last week’s links including a look at the... The bizHow "The Tennis Podcast" became central to understanding the game. (nytimes.com)A Q&A with Stephen Dubner of Freakonomics fame on their 500th episode. (morningbrew.com)Substack is greatly increasing audio availability on the site. (on.substack.com)WorkCardiff Garcia talks with Adam Ozimek, the chief economist of the Economic Innovation Group, about the future of work. (shows.acast.com)Adam Grant on how to improve the status quo at work. (podcasts.apple.com)CryptoJeff Malec talks with Leigh Drogen of Starkiller Capital about the wild world of crypto. (youtube.com)Stephen Dubner on whether NFTs were just a big, old scam. (freakonomics.com)Real estateBarry Ritholtz talks with Jonathan Miller, CEO and co-founder of the real estate appraisal and consulting firm Miller Samuel, about the state of residential real estate. (ritholtz.com)Christine Benz and Jeff Ptak talk with Ilyce Glink about the state of the residential market. (morningstar.com)FinanceJosh and Michael talk with Felix Salmon about the financial media, art markets and more. (thereformedbroker.com)Joe Weisenthal and Tracy Alloway talk with Dan McCrum and Paul Murphy about unearthing the WireCard fraud. (podcasts.apple.com)Kevin Thompson talks with Jonathan Clements about Humble Dollar and the markets. (rss.com)Vishal Khandelwal talks with William Green the author of "Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life." (vishalkhandelwal.com)Patrick O'Shaughnessy talks with Chris Bloomstran about the business of Berkshire Hathaway ($BRK.A) (joincolossus.com)Non-financePatrick O'Shaughnessy talks with Prof. Kenneth Stanley co-author of "Why Greatness Cannot Be Planned: The Myth of the Objective." (joincolossus.com)Dan Harris talks with Shaila Catherine author of "Beyond Distraction: Five Practical Ways to Focus the Mind." (tenpercent.com)Diahna Fortuna talks with Annie Murphy Paul author of "The Extended Mind: The Power of Thinking Outside the Brain" (youtube.com)Russ Roberts talks with A.J. Jacobs author of "The Puzzler: One Man's Quest to Solve the Most Baffling Puzzles Ever, from Crosswords to Jigsaws to the Meaning of Life." (econtalk.org).....»»

    Welcome to the Second Half of this annus horribilis, the worst start to any year since 1982? 1971? 1929? Pick your favorite year, the specifics no longer matter. The headlines are all shouting at us how bad the first half was. The New York Times is fairly typical: “After Worst Start in 50… Read More The post Nowhere to Hide appeared first on The Big Picture.     Welcome to the Second Half of this annus horribilis, the worst start to any year since 1982? 1971? 1929? Pick your favorite year, the specifics no longer matter. The headlines are all shouting at us how bad the first half was. The New York Times is fairly typical: “After Worst Start in 50 Years, Some See More Pain Ahead for Stock Market.” Mohammed El-Erian sums it up well: Further to yesterday’s tweet, some of this morning’s media headlines.#Investors are finding that the notion of “#inflation impacting everyone” applies to them too. A key issue for the outlook is the extent to which a late #Fed will aggressively hike rates into a slowing #economy pic.twitter.com/GDxqPBT9GO — Mohamed A. El-Erian (@elerianm) July 1, 2022   The problem with all of this handwringing: It’s a feature, not a bug, and there is nothing you can do about it. If you want the upside, you must tolerate the uncomfortable downside (more or less). Consider the century of drawdowns as shown in the chart above. If you want to see any kind of long-term returns, putting up with regular decreases in value is simply the cost of admission. You can diversify, but that has not helped very much this year. You can try to time the market, but good luck with that. Few can do it, fewer still with any consistency, and fewer yet will do it on your behalf. You can try to miss the big down days, but then you end up missing the big up days, too. Worse, people who try to time make a hash out of the process, with 30% never returning to risk assets or equities — just move to cash, and * SHEESH*  stay that way for the rest of their lives. Rather than get pulled into this mania, it is much more useful and psychologically healthy to recognize we must accept that drawdown, corrections, bear markets, and crashes are simply part of the process. Indeed, they are a very important part, because bear markets and crashes are where you earn the upside over risk-free treasuries. Risk is what leads to returns — and risk means suffering through markets that fail to meet your expectations. Have a great holiday weekend . . .         Previously: Big Up Big Down Days May 5, 2022 Panic Selling Quantified (March 24, 2022) If You Sell Now, When Do You Get Back In? (March 23, 2022) Stop Listening to Pundits (December 8, 2021) Market Volatility is a Feature not a Bug (February 11, 2019) Pundit Suckitude: Its a feature, not a bug. (July 30, 2013)   The post Nowhere to Hide appeared first on The Big Picture......»»

Blain: "Markets Are Still In Denial/Fool-Themselves Mode" Authored by Bill Blain via MorningPorridge.com, “Cheer up my lads ‘tis to glory we steer, to add something new to this wonderful year…” Stocks tumbled 20% in H1, but Central Banks are fixated on Inflation as the No 1 priority with higher interest rates nailed on. Supply chain issues remain difficult, meaning corporate earnings will remain under pressure. The market is setting up for further weakness through H2. It’s the last day of June, the end of the 2nd Quarter of this inglorious year, and the headlines sum up the mood: Banks are warning of recession, Tesla is laying off staff from its Autodrive division (really? I thought that was what justified it’s 100 times P/E?), petrol prices at the pump are putting on a new high. Or how about Morgan Stanley warning the price of Carnival Cruise could tumble to zero if recession triggers a major demand shock.. High probability then… Will things get any better in the second half of the year? Probably not. Jay Powel said it all: The process is highly likely to involve some pain, but the worst pain would be from failing to address this high inflation and allowing it to become persistent” Inflation is Central Banks number one concern – not addressing the market declines we’ve seen in the first half. We’re expecting a series of large hikes in interest rates through the summer – even the ECB! Yet, Markets are still in denial/fool-themselves mode. Markets tend to accentuate the positive and, in doing so remain largely unaware of reality. But at some point reality and inflated hopes tend to collide. Usually painfully. I’m guessing, but I have a gut-feeling the coming July earnings season could be the straw that triggers the next leg down. The results news-flow will be subtle, and its unlikely to be a succession of disastrous results – just a stream of not-quite-as-good-as-expected numbers. Cumulatively, the news trend will confirm companies are struggling more than anticipated with the consequences of high staffing costs and low availability, high inventories and the need to discount, falling demand on the back of the inflation shock, and ongoing supply chain issues. Listen very closely to what CEO’s are really saying, and strip out what they want you to hear. Get past the corporate blandishments and it could reverse years of blithe expectations. It’s going to highlight just how badly the real world is still misfiring. (There is a developing sub-text to the corporate outlook – the increasing untenability of highly levered Zombies.. the first, like Revlon have already stumbled.) Think back to the Pandemic. When it began in March 2020 the stock market took a massive dip. And then it went steadily higher and higher – fuelled by expectations of swift recovery once Covid was beaten. Positive news – like vaccine tests, airports reopening or falling infections were each greeted by rallies. Traders and professional investors talked about how the wall of pandemic savings would create a post-pandemic boom. The real question to ponder is… why were markets so wrong? Now we look headed for recession. It’s not just the Ukraine energy and food inflation stocks. Much of it boils down to still broken global supply chains. One of the surprising things I’ve learnt over nearly 40 years about the business of finance is how little investment bankers actually know about the real world. They experience little real “friction” in the business of moving assets around an electronic balance sheet, or calculating returns on a laptop. This morning I have experienced friction because my Laptop had a hissy fit. I was about to punch it before our IT guy bravely stepped in…. In the real world there is tremendous friction in every single part of all transactions – loading a ship, putting cargo on a plane, getting goods shifted from A to B, waiting for parts, waiting for payments, dealing with customers, building products and selling them. It’s difficult. Yet, friction played little part in the markets analysis of the pandemic. Analysts straight out of Investment Management school have diddly-squat idea about the real world. Even now I don’t think the “market” understands the real economy. It’s still poised for a buying opportunity – looking for signals the bottom has passed and it’s time to buy. I read loads of research about why markets may go up, and look at pages of overweight recommendations and just a few lines of underweight. The market remains highly biased to the upside. That’s the real divergence in the economy – what the market thinks is happening, and what actual people on the ground actually see… Let me digress for a moment and try to explain the divergence: For the first 20 years of my inglorious career in finance I spent 99% of my time speaking to fellow finance professionals – traders, salesmen, economists all pushing whatever the investment banking line was. I then relayed these perspectives to my clients in the debt capital markets; Bank Treasurers, CEOs, Investment Firm Economists and Strategists, Portfolio Managers and funding bosses. I existed in a groupthink bubble comprising entirely financial market participants. I thought, acted and behaved like a financial professional clone. It took me years to realise just how conditioned I had become. I was lucky. Writing the Morning Porridge since 2007 – and being a natural cynic – has helped. I was lucky to retain just enough disbelief to realise how fundamentally broken financial markets were by the Global Financial Crisis in 2008. My blinkers over investment banking were lifted after the bank I’d led from zero to top 3 in the Financial Institutions business sacked me for “not fitting in.” I perceived just how distorted markets became as a result of regulation, monetary experimentation and QE. I broke out the bubble. As financial markets became more and more distorted, I started to look for opportunities in real assets rather than financial assets. It’s been fascinating. Since 2009 I’ve been fortunate to spend an increasing amount of my time talking to real people with real jobs in the real economy. I chat to real entrepreneurs and businesses looking for finance and meeting a whole range of executives, engineers, marketing managers, retail leaders, designers and guys who actually make stuff. A brush with illness brought me to Earth, meeting doctors able to explain not only why I wasn’t working, but the issues with heath provision. Talking to real nurses, brickies, chippies, and artisans has been extraordinary. I now find it’s difficult to take all finance professionals seriously. It’s been a learning curve about friction. Pandemic reality slows and there still aren’t enough ships, lorry drivers, pilots, baggage handlers… As shortages bite, inflation rises, we get further exogenous shocks, and a cost-of-living crisis develops. Firms suddenly find themselves with over-ambitious inventories, and suddenly there is talk of companies dumping stock, meaning they miss margins. As interest rates soar to address inflation, zombie companies that leveraged themselves up to buy back their own stock suddenly find themselves busting. (There just is not enough worry about how the junk sector is likely to fare.) And supply chains are not fixed. Speak to real economy professionals and they will tell you rising labour costs, rising energy costs, rising logistical costs, rising transport costs, ongoing shortages of key parts, longer lead times for parts, ongoing supply disruptions, rising inventory levels, rising tariffs and barriers to trade, increasing red-tape, geopolitical uncertainty, right down to their simply not being enough space to store components in what was once a just-in-time based factory… and it’s all a recipe for a broken economy. Compare and contrast to what the market expected and believed would happen – a frictionless reopening of the post-pandemic economy, and what we actually have: ongoing supply chain disruption and friction. All it takes is a few missing containers, a delayed ship (because it slowed down because fuel costs soared), or a container pork blocked because there aren’t enough lorry drivers. One pebble quickly becomes a landslide. Real businesses are addressing it – they are solving problems ranging from storage space, using smart data, communications, planning and new supply chain approaches. If a particular chip is unavailable and irreplaceable, they find a work around – even it means delaying deliveries. Its tough. They know it may take years because it’s not just supply chains that are changing – its terms of trade, trade routes and costs. Markets assume it will just happen – probably tomorrow or the day after. No it won’t. And ongoing supply chain crisis is just one aspect of what markets aren’t grasping in terms of the economic reality out there… The inflation shocks from Energy, Food and now Wages. These are real and long-term. They were never transitory. One of the aspects of the coming Carnival Lines dunking will be its coming liquidity crisis on the back of rising interest rates and crashing customer demand. Morgan Stanley point out it has $30 bln of debt and “unsustainably” high leverage. As its’ stock prices continues on a downwards spire, then raising new equity will be dilutive and costly. You can bet its not the only firm in trouble! Tyler Durden Fri, 07/01/2022 - 11:05.....»»

Pentagon Agency Wants Arms Monitors On Ground In Ukraine To Track Billions In Hardware Shipped Much belatedly now that there's a seemingly endless US weapons pipeline going into Ukraine, the Pentagon is worried they might end of in the "wrong hands" and is seeking to take steps to do something about it. It now wants to track serial numbers of US weaponry on the ground as the fight for Ukraine continues. As early as April US officials began admitting that once advanced systems like Javelin anti-tank weapons cross into Ukraine they have no idea where they go from there. There's speculation that some percentage of Western-supplied arms will be resold on the black market, or even make there way to other conflicts outside Ukraine, such as in the Middle East.  Image source: AFP/Getty “We have fidelity for a short time, but when it enters the fog of war, we have almost zero,” one intelligence source told CNN in a prior report. "It drops into a big black hole, and you have almost no sense of it at all after a short period of time." But on Thursday, the Pentagon’s Defense Security Cooperation Agency (DSCA) issued a statement urging US military leaders to send weapons inspectors into war-torn Ukraine in order to directly monitor the literal billions of dollars in arms being handed out. This would go beyond the current set-up of the Pentagon simply taking Ukrainian officials' "word for it" when it comes to proper distribution and usage of weapons and ammo against the Russian invading forces. After all, there have been signs the Department of Defense is tapping into America's own vital stockpiles in order to supply the Ukrainians. An analyst with the military commentary site Defense One describes that currently, "All U.S. officials can do now is review receipts of the arms transfers from other locations in Europe and take Ukrainian officials’ word that the weapons are being properly used and stored." But DSCA deputy director Jed Royal has stated, "Over time, we would like to be able to extend our insights with greater presence on the ground." Royal added that in a scenario inspectors are sent in, it would not be "some kind of operational detachment or anything along those lines." But that's not how Moscow would see it, after vowing to target any inbound foreign weapons shipments in locates it identifies in the conflict theater. The Pentagon official said further: "What I'm talking about is a security cooperation office, appropriately the right size given the mission set for Ukraine, that would fall under chief of mission authority like we have in other countries," he said. The Pentagon’s "end-use monitoring" mission typically involves inspectors physically reviewing weapons and checking serial numbers. That is “just harder to do that without a robust presence on the ground,” Royal said. Without one, "we are somewhat limited in our ability to get the kind of insight that we would like to have." But according to a recent report in The New York Times, the CIA has had a significant ground presence since the start of the Russian invasion and even prior. I'm starting to wonder whether the US Government's ability to find ways to justify its posture of Endless War - and that's what it is: endless - might have something to do with how a tiny slice of Americans (corporate and security state elites who wield huge power in DC) benefit? pic.twitter.com/kCnaorRJda — Glenn Greenwald (@ggreenwald) July 1, 2022 Yet it goes without saying that Pentagon foreign weapons transfer programs have some degree of actual oversight, being much more in public view and officially disclosed, whereas the CIA operates in the shadows - often with its activities not being detailed till years later (the covert "Timber Sycamore" program in Syria is a prime example). Thus the CIA has less incentive to provide oversight and accountability when it comes to US covert arms programs - and often even actively fights to prevent such oversight. Tyler Durden Fri, 07/01/2022 - 11:25.....»»

"…And Then?" By Michael Every of Rabobank "... And Then?" Thursday was another down day in most markets, with staggering moves in some. US stocks closed down (-0.9% S&P) and had their worst H1 since 1970. How many Wall Street analysts had that pencilled in? Bonds rallied. US 10s breached the key 3% level, which had been establishing itself as a floor vs. a 3.50% ceiling, but were back above it at time of writing. European bonds have seen a staggering two-day move, with German 5s down 35bp in just two days, apparently only the third time that has happened in 20 years, and 10s down 29bps. That was despite Reuters suggesting that the ECB would buy Italian, Greek, Portuguese, and Spanish bonds with the proceeds from German, French, and Dutch bonds. Yet overall bonds still had an H1 for the ages too – in a bad sense. Commodities got smacked again and are all well down from their 2022 peaks. Base metals have given up all their Ukraine war gains. Yet oil as the key benchmark is still up 48% year-to-date. Javier Blas from Bloomberg also picks up the Banque de France flagging concerns about global commodity trading, which it calls an "oligopolistic market", with "potentially systemic importance and moral hazard", and where "more extensive work still needs to be done on the regulation." This is red flag that has been waved by the Fed before. Bitcoin crumbled further below $19,000. The US dollar once again was up sharply, then down again, with the DXY at 104.7, having been at 105.5. If we see another spike that is held even as everything else starts to collapse,… well, fasten your seatbelts. Fed swap lines will be needed. In short, if you bought stocks in H1, you lost; if bonds, you lost; if commodities, you were doing great until recently; if crypto you lost; if the US dollar, you were fine. Some of the extreme moves we have seen recently were likely exacerbated by end-month and end-quarter flows/repositioning. So, now on to Q3 and H2. We kick off with the Atlanta Fed Q2 GDP tracker being revised down to -1.0%, meaning the US *is* already in recession even before we have to worry about one ahead. At least that clears the picture a little. Except that supply chain chaos may be easing at sea in some places, but worsening in others. As Freight Waves puts it, “The jaws of the supply chain vise are squeezing trade so tight that the headache it is creating will be a whopper for logistics managers this peak season. Port congestion is growing again as a result of labour and equipment inefficiencies.”  More, properly-focused workers are needed urgently, is their conclusion. Indeed, alongside airport chaos, American Airline pilots are getting a 17% pay rise to try to keep things running. Yes, 17%, not 1.7%. In short, some pipeline deflation is evident – but not in energy: and pockets of structural inflation remain that cannot be resolved by the stroke of any central bank pen. Listening to recent commentary, the market appears madly focused on the idea that for all of the calamites unfolding around us there is one simple solution - the Fed cuts rates, and soon. Making that call is important, and particularly because it means ignoring what the Fed, every central bank, and the BIS, just said loudly and clearly – that rates are going up a lot anyway. However, let’s presume the Fed and every central bank is wrong (which is a healthy place to start) and the market is right (which isn’t), and a Fed pivot is imminent (which may be true). My key question is: “…and then?” Most of the market doesn’t seem to have an answer in terms of the big picture. It doesn’t even want to try to think of one. Fed cuts will apparently make all our issues go away. Yes, a logical near-term response is “go long stocks; long bonds; long commodities; short the US dollar; long crypto; and long risk”. However, my question is still: “…and then?” What about Inequality? Energy prices? The food crisis? Regulation of commodity markets? Geopolitics? National security? The war? The climate? How does this all join up, and where are we going even if we do get lower rates? I cannot tell you how few market commentators are willing to even begin to answer those questions holistically: because it’s hard; and because “go long stocks; long bonds; long commodities; short the US dollar; long crypto; and long risk”, makes lots of people lots of money. So, they will keep peddling their threadbare wares, and I will keep saying “…and then?” until I get some answers like the annoying voice at the Chinese restaurant in that avantgarde arthouse US film ‘Dude, Where’s My Car?’ And ‘wonton soup’, while nice, is not going to be one of them. To make my point, yesterday saw another huge US Supreme Court ruling: this time to roll back the “administrative state” - as Justice Thomas had flagged in an interview. Specifically, it ruled the Environmental Protection Agency has limits to its regulation of carbon emissions. As with Roe vs. Wade, elected officials now have to make decisions on crucial matters, this time federal not state. “…and then?” Which regulator will be next, and which key legislation will then be added to the pile for a dysfunctional Congress that has a narrow Democrat majority now, but which is likely to see a larger Republican (and MAGA) one after the November mid-term elections? “…and then?” To repeat another point I had made on Monday, if you extend the logic of the ruling, the Fed may get nervous. I’m not sure exactly what case somebody might be able to bring against the 1913 Federal Reserve Act --perhaps being egregiously harmed by QE?-- but if they can, we might find out if this Court thinks the Fed also has de facto executive power, enforcement power, and adjudication power outside of the constitution. The ECB dealt with similar issues in their German constitutional court case in recent years and emerged even more powerful – but then Europe generally likes centralized regulation a whole lot more than US conservatives do. Yet one wonders how the ECB will fare politically if it starts selling core bonds to buy peripherals, and once we eventually find out how its much-vaunted but even more controversial Anti-Fragmentation Tool (AFT) actually works --or doesn’t-- in practice. “…and then?” Who knows? But more volatility surely. Does the Fed get to keep control when other elements of the administrative state fade away? Or does the Fed gain greater power via regulation of commodity markets and expanded dollar swap lines (for friends only),… and then do central governments gain greater powers over central banks to ensure national security needs are met? “…and then?” We have to look bigger picture. Turkey is to get new US F-16s, and so Greece is to get new US F-35s (partly paid for by the ECB via German, French, and Dutch bonds). “…and then?”   Not too far away, and despite the utopian prognostications of the EU’s foreign policy bumblebee Borrell, the word on the street is the Iranians are playing hard ball in the latest indirect US-Iran talks because a powerful clique in Tehran is not sure if they want to bother with the pretense of the nuclear deal or not. People are really talking about the “last chance” for any agreement. “…and then?” New Zealand agreed a trade deal with the EU. Yet PM Ardern’s warning at the recent NATO summit --also attended by Australia, Japan, and South Korea-- that China is becoming more assertive, has drawn a sharp rebuke, as did the summit’s focus on China as well as Russia. Beijing has noted Ardern’s “misguided,” “wrong,”, and “regrettable” accusations.     “…and then?” In the US, Senate Minority Leader McConnell has now threatened to withhold support on the until-now bipartisan US COMPETES Act aimed at helping to onshore semiconductor production, if the bill also includes items not related to the issue at hand. Relatedly, just published a look at the potential for ‘friend-shoring’ of supply chains from China to others (‘Friends Reunited’). The simple conclusion is that were this to happen on even the limited scale we project relative to China’s total labour force, it could transform global trading patterns; moreover, China’s trade surplus would swing to a deficit, leading to lower GDP growth and an inability to use fiscal and monetary policy to compensate without a balance of payments and FX crisis. Obviously, China will do all that it can to retain its trade ‘MySpace’ as a result. “…and then?”   “…and theeen?”  “…and theeeeeen?” “…So, we think the Fed will cut rates…”  Happy Friday, July, Q3, and H2. Tyler Durden Fri, 07/01/2022 - 11:45.....»»

Stanphyl Capital letter to investors for the month ended June 30, 2022, discussing their short thesis for Tesla Inc (NASDAQ:TSLA). Tesla’s Gigantic Money Furnaces Losing Billions Of Dollars In an interview released in June but conducted in late-May with a local Tesla fan club, Elon Musk called Tesla Inc (NASDAQ:TSLA)’s new German and Texas factories […] Stanphyl Capital letter to investors for the month ended June 30, 2022, discussing their short thesis for Tesla Inc (NASDAQ:TSLA). Tesla’s Gigantic Money Furnaces Losing Billions Of Dollars In an interview released in June but conducted in late-May with a local Tesla fan club, Elon Musk called Tesla Inc (NASDAQ:TSLA)’s new German and Texas factories “gigantic money furnaces losing billions of dollars.” Yet in the quarterly conference call just five weeks prior to that he implied things were going great at those factories… 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 Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton 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); Q1 2022 hedge fund letters, conferences and more So, as Zach said, we remain confident of a 50% growth in vehicle production in 2022 versus ‘21. I think, we actually have a reasonable shot at a 60% increase over last year. So, let’s see. Obviously, we ramped production, as you will know, with Giga Berlin and Giga Texas in the past few months. So, with two fantastic factories with great teams, and they are ramping rapidly. Now, with new factories, the initial ramp always looks small, but it grows exponentially. So, I have very high confidence in the teams of both factories. And we expect to ramp those initially slowly, but like I said, growing exponentially with them achieving high volume by the end of this year. …and then proceeded to almost immediately dump billions of dollars in TSLA stock. Back when this country had an SEC that prioritized “corporate fraud” over nonsensical crap such as “climate change disclosures” it might have taken a look at this, but under Trump and now Biden the SEC has become one of the most useless agencies in Washington, which is quite an accomplishment considering its competition! We also learned in June that Tesla only fulfilled its obligation to report a series of serious Autopilot accidents to the NHTSA after the NHTSA had already learned about them. Elon Musk remains the most vile person ever to head a large-cap U.S. public company, and we remain short Tesla, the biggest bubble-stock in modern market history, because: It has a flat-to-sliding share of the world’s EV market and a share of the overall auto market that’s only around 1.5%, yet a market cap greater than the next 9 largest automakers (by market cap) combined despite selling fewer than 3% of the cars they do. It has no “moat” of any kind; i.e., nothing meaningfully proprietary in terms of its electric car technology (which has now been equaled or surpassed by numerous competitors), while existing automakers—unlike Tesla­—have a decades-long “experience moat” of knowing how to mass-produce, distribute and service high-quality cars consistently and profitably. Meanwhile, its previously proprietary Superchargers are being opened to everyone. Excluding working capital benefits and sunsetting emission credit sales Tesla generates only minimal free cash flow. Growth in sequential unit demand for Tesla’s cars is at a crawl relative to expectations. Elon Musk is a pathological liar. A Terrible Q2 Tesla will soon report a terrible Q2 (even before accounting for a roughly $500 million Bitcoin write-down), with deliveries down substantially from Q1, which itself showed no growth over Q4. However, Q2’s decrease was due to a monthlong COVID-related closing of Tesla’s Shanghai factory, and thus it might be a while yet before we can get a “clean” demand picture for the company. Regardless, Tesla has objectively lost its “product edge,” with many competing cars now offering comparable or better real-world range, better interiors, similar or faster charging speeds and much better quality. (Tesla ranks second-to-last in Consumer Reports’ reliability survey while British consumer organization Which? found it to be one of the least reliable cars in existence.) Thus, due to competitors’ temporary production constraints, waiting times are now longer for many of Tesla’s direct EV competitors than they are for a Tesla. (Here’s one example, and here’s another.) In fact, Tesla is now the second, third or fourth choice for many EV buyers, and only maintains its volume lead though a short-lived edge in production capacity that will disappear over the next 12 to 36 months as competitors rapidly increase the ability to produce their superior EVs. In fact, Tesla’s poorly-built Model Y faces current (or imminent) competition from the much better made (and often just better) electric Hyundai Ioniq 5, Kia EV6, Ford Mustang Mach E, Cadillac Lyriq, Nissan Ariya, Audi Q4 e-tron, BMW iX3, Mercedes EQB, Volvo XC40 Recharge and Polestar 3. And Tesla’s Model 3 now has terrific direct “sedan competition” from Volvo’s beautiful Polestar 2, the great new BMW i4, the upcoming Hyundai Ioniq 6 and Volkswagen Aero, and multiple local competitors in China—here, from Snowbull Capital’s @TaylorOgan, is just one example of that Chinese competition: And in the high-end electric car segment worldwide the Porsche Taycan (the base model of which is now considerably less expensive than Tesla’s Model S) outsells the Model S, while the spectacular new Mercedes EQS, Audi e-Tron GT and Lucid Air make it look like a fast Yugo, and the extremely well reviewed new BMW iX and Mercedes EQS SUV do the same to the Model X. The worst thing that can possibly happen to “the Tesla story” will be when its German and Texas plants are fully operational and the subsequent excess capacity stares the world right in the face, thereby ending its myth of “unlimited demand” (especially at current, drastically-raised prices, where the cheapest Model 3 now starts at $47,000 and the cheapest Model Y begins at $66,000); in fact, look for margin-destroying price cuts by late this year or early 2023. Tesla Is Netflix Indeed, for years I’ve said “Tesla is Blackberry”—the maker of a first-generation version of a product that—once the market was proven—would be supplanted into niche obscurity by newer, better versions; now I can provide a much more recent analogy: Tesla is Netflix. For years Netflix had an absurd valuation based on its pioneering position in streaming media, but once it proved that such a market existed myriad competitors swarmed all over it, and in April the stock collapsed when we learned that not only is Netflix no longer in “hypergrowth” mode but for the first time since 2011 (when it transitioned from physical DVDs) it actually lost subscribers. I believe Musk knows that Tesla is “the next Netflix” (hence his recent “Twitter buying distraction”), with VW, Hyundai/Kia, Ford, GM, BMW, Mercedes, BYD & other Chinese competitors and, in a few years, Toyota & Honda, being the Disney, HBO Max, Amazon Prime, Peacock, Hulu, Paramount +, etc., of the electric car market, stealing Tesla’s share and eventually pounding its stock price down 95% or so from today’s, into the valuation of “just another car company.” Meanwhile, in June the NHTSA announced that its investigation of Tesla’s deadly Autopilot has expanded into “an engineering analysis,” the last required step before (finally!) demanding a full recall. The refund liability potential for Tesla for this is in the billions of dollars, and possibly even the tens of billions if a class action lawsuit proves that the cars involved were purchased solely due to the (fallacious) promise of “full self-driving.” And, of course, there will be a massive “valuation reappraisal” for Tesla’s stock as the world wakes up to the fact that Tesla’s so-called “autonomy technology” is just trailing-edge garbage. Also in June the NHTSA released some raw data about driver assistance system crashes, and over 70% of them involved Teslas. (For all Tesla deaths cited in the media—which is likely only a small fraction of those that have occurred—see TeslaDeaths.com.) Also interesting is that—unlike for other systems—in the vast majority of cases the Autopilot Teslas hit something rather than “were hit,” as was the case for more advanced systems (Level 4). And Tesla has sold this trashy software for over five years now: …and still promotes it on its website via a completely fraudulent video! Meanwhile, the “record” profits that accompanied Q1’s nearly flat delivery number were obtained via myriad one-time items, including $679 million of emission credit sales that will disappear over the next year or two as every automaker ramps up its EV sales, a mysterious $502 million reduction in SG&A expense (of which only $140 million was due to reduced stock comp) despite opening new factories in Germany and Texas (what is Tesla capitalizing instead of expensing???) and a combination of FIFO accounting and multiple sticker price increases that allowed Tesla to expense rapidly rising raw materials costs at older, lower prices while selling cars built from those materials at new, considerably higher prices. And, as cited here previously, Tesla practices consistently fraudulent warranty accounting. Adjusting for these factors, Tesla had GAAP earnings for the quarter that were at least $1/share lower than the posted $2.86, and annualizing that realistic $1.86/share to $7.44 means that at June’s closing price Tesla (on a no-growth quarter) had a PE ratio of around 90 vs. an industry-wide figure in the mid-single digits. Meanwhile, excluding growth in net payables and $993 million in sunsetting emission credit sales, Tesla’s free cash for Q1 2022 and Q4 2021 combined was just $950 million, which annualizes to only around $1.9 billion*. A 15x multiple on this (roughly a 100% premium to BMW’s multiple) would make TSLA stock worth only around $28/share! *And I’m not even backing out Tesla’s massively dilutive stock comp An Energy Company And for those of you who think that Tesla is “really an energy company,” in Q1 “Tesla Energy” had revenue of just $616 million (down 10.5% sequentially) and cost of revenue of $688 million, meaning it had a negative gross margin. So if Tesla is “really an energy company,” it’s even more screwed than if it’s just a car company! Meanwhile, many Tesla bulls sincerely believe that ten years from now the company will be twice the size of Volkswagen or Toyota, thereby selling around 20 million cars a year (up from the current run-rate of around 1.3 million); in fact in March Musk himself even raised this as a possibility. To illustrate how utterly absurd this is, going from 1.3 million cars a year today to 20 million in ten years means that in addition to one million cars a year of eventual production from the new German and Texas factories, Tesla would have to add 35 more brand new 500,000 car/year factories with sold out production; i.e., a new factory nearly every single quarter for ten years! Another favorite hype story from Tesla bulls has been “the China market,” but Tesla’s Q1 2022 domestic China sales sequentially declined by approximately 8000 units vs. Q4 2021, and it had only around 1.9% of the overall Chinese passenger vehicle market and has flatlined at only around 10% of the BEV market. In other words, “Tesla China” is no longer “a growth story”: Another favorite Tesla hype story has been built around so-called “proprietary battery technology.” In fact though, Tesla has nothing proprietary there—it doesn’t make them, it buys them from Panasonic, CATL and LG, and it’s the biggest liar in the industry regarding the real-world range of its cars. And if new-format 4680 cells enter the market some time in 2024 (as is now expected), even if Tesla makes some of its own,  other manufacturers will gladly sell them to anyone. And oh, the joke of a “pickup truck” Tesla previewed in 2019 (and still hasn’t shown in production-ready form) won’t be much of “growth engine” either, as it will enter a dogfight of a market; in fact, Ford’s terrific 2022 all-electric F-150 Lightning now has over 200,000 retail reservations (plus many more fleet reservations), GM has introduced its fantastic 2023 electric Silverado which already has nearly 200,000 reservations and Rivian’s pick-up has gotten excellent early reviews. Regarding safety, as noted earlier in this letter, Tesla continues to deceptively sell its hugely dangerous so-called “Autopilot” system, which Consumer Reports has completely eviscerated; God only knows how many more people this monstrosity unleashed on public roads will kill despite the NTSB condemning it. Elsewhere in safety, the Chinese government forced the recall of tens of thousands of Teslas for a dangerous suspension defect the company spent years trying to cover up, and now Tesla has been hit by a class-action lawsuit in the U.S. for the same defect. Tesla also knowingly sold cars that it knew were a fire hazard and did the same with solar systems, and after initially refusing to do so voluntarily, it was forced to recall a dangerously defective touchscreen. In other words, when it comes to the safety of customers and innocent bystanders, Tesla is truly one of the most vile companies on Earth. Meanwhile the massive number of lawsuits of all types against the company continues to escalate. So Here Is Tesla’s Competition In Cars... (note: these links are regularly updated) Porsche Taycan Porsche Taycan Cross Turismo Porsche Macan Electric SUV Officially Coming in 2023 Volkswagen ID.3 Volkswagen ID.4 Electric SUV Volkswagen unveils ID.6 SUV EV in China Volkswagen ID.Buzz Electric Van Volkswagen unveils the ID. AERO sedan with 385 miles of range New sketch of 2025 Volkswagen ID.1 unveiled VW’s Cupra Born Volkswagen unveils $7.1B commitment to boost product line-up, R&D, mfg in N. America Audi e-tron Audi e-tron Sportback Audi E-tron GT Audi Q4 e-tron Audi Q6 e-tron confirmed for 2022 launch 2022 Audi A6 e-tron set to take on Tesla Audi will expand EV lineup with electric A6 wagon Audi TT to be axed in 2023 for 'emotional', electric replacement Hyundai Ioniq 5 Hyundai Ioniq 6 Will Be a Slick-Looking EV Sedan Hyundai Kona Electric Genesis reveals their first EV on the E-GMP platform, the electric GV60 crossover Genesis Electrified GV70 Revealed With 483 Horsepower And AWD Kia Niro Electric: 239-mile range & $39,000 before subsidies Kia EV6: Charging towards the future Kia EV9 to land in US in 2023 with 300-miles range, $50,000 price Kia EV4 on course to grow electric SUV range Jaguar’s All-Electric i-Pace Jaguar to become all-electric brand; Land Rover to Get 6 electric models Daimler will invest more than $47B in EVs and be all-electric ready by 2030 Mercedes EQS: the first electric vehicle in the luxury class 2023 Mercedes EQS SUV Is a Seven-Seat EV Flagship with up to 536 HP 2023 Mercedes EQE Electric Sedan Mercedes EQE SUV to rival BMW iX and Tesla Model X Mercedes EQC electric SUV available now in Europe & China Mercedes-Benz Launches the EQV, its First Fully-Electric Passenger Van Mercedes-Benz EQB Makes Its European Debut, US Sales Confirmed Mercedes-Benz unveils EQA electric SUV with 265 miles of range and ~$46,000 price Ford Mustang Mach-E Available Now Ford F-150 Lightning electric pick-up available 2022 Ford set to launch ‘mini Mustang Mach-E’ electric SUV in 2023 Ford to launch 7 EVs in Europe in big electric push Ford unveils Lincoln Star electric SUV concept as it readies to add four new EVs by 2026 Polestar 2 sedan Polestar 3 SUV With 372-Mile Range Coming Late 2022 Volvo XC40 Recharge Volvo C40 Recharge Chevrolet Bolt sedan, 259-mile range starting at $31,000 Chevrolet Bolt EUV electric crossover Cadillac All-Electric Lyriq Available Spring 2022 GMC 2022 ALL-ELECTRIC SUPERTRUCK HUMMER EV GM’s 2023 electric Silverado pickup truck GMC to launch electric Hummer SUV in 2023 2023 Chevrolet Blazer EV primed to take on Tesla Model Y GM Launches BrightDrop to Electrify the Delivery of Goods and Services GM & Honda Will Codevelop Affordable EVs Targeting Most Popular Vehicle Segments Honda pours $40 billion into electrification, targets 2 million EV production by 2030 Honda and Sony finalize 50-50 joint venture to build EVs in 2025 BMW leads off EV offensive with iX3 BMW expands EV offerings with iX tech flagship and i4 sedan BMW i7 EV, with 600 hp, will be most powerful variant of new 7 Series flagship BMW iX1 Revealed With 313 HP, 272 Miles WLTP Range Renault-Nissan alliance plows $26B into EV blitz- will jointly launch 35 new EVs Nissan vows to hop back on EV podium with Ariya Nissan LEAF e+ with 226-mile range is available now Nissan Unveils $18 Billion Electric-Vehicle Strategy Renault upgrades Zoe electric car as competition intensifies Renault Dacia Spring Electric SUV Renault to boost low-volume Alpine brand with 3 EVs Renault's electric Megane will debut new digital cockpit Stellantis promises 'heart-of-the-market SUV' from new, 8-vehicle EV platform Chrysler to go all-EV by 2028 Alfa Romeo's First Electric Car Will Arrive in 2024 Peugeot e-208 PEUGEOT E-2008: THE ELECTRIC AND VERSATILE SUV Peugeot 308 will get full-electric version Subaru shows off its first electric vehicle, the Solterra SUV Citroen compact EV challenges VW ID3 on price Rivian R1T Is the Most Remarkable Pickup We’ve Ever Driven Maserati going fully electric by 2030 -all vehicles will offer a BEV version by 2025 Mini Cooper SE Electric Toyota’s Electric bZ4X Goes On Sale in Spring 2022 Toyota will have lineup of 30 full EVs by 2030; Lexus will be all-electric brand Honda and Sony to build, sell EVs by 2025 Opel sees electric Corsa as key EV entry 2021 Vauxhall Mokka revealed as EV with sharp looks, massive changes Skoda Enyaq iV electric SUV offers range of power, battery sizes Electric Skoda Enyaq coupe to muscle-in on Tesla Model 3 Skoda plans small EV, cheaper variants to take on French, Korean rivals Nio to launch in five more European countries after Norway BYD will launch electric SUV in Europe The Lucid Air Achieves an Estimated EPA Range of 517 Miles on a Single Charge Bentley will start output of first full EV in 2025 All-electric Rolls-Royce Spectre to launch in 2023 – firm to be EV-only by 2030 Aston Martin will build electric vehicles in UK from 2025 Meet the Canoo, a Subscription-Only EV Pod Coming in 2021 Two new electric cars from Mahindra in India; Global Tesla rival e-car soon Former Saab factory gets new life building solar-powered Sono Sion electric cars Foxconn aims for 10% of electric car platform market by 2025 And In China, Where Tesla’s EV Market Share Is Stuck At 10% And Not Growing… BYD is #1 in Chinese EVs, selling FAR more than Tesla Volkswagen to boost Chinese EV capacity to 1m by 2023 Audi-FAW's $3.3 billion electric vehicle venture Nio Xpeng Motors Hozon/Neta Li Auto GAC Aion Leap Motors GM launches Ultium EV production platform in China Ford Mustang Mach-E Rolls Off Assembly Line in China Cheaper than Tesla: Honda takes aim at China's middle class BMW i3 Debuts As All-Electric 3 Series Only For China Hongqi Geely Zeekr Premium EVs by Geely Baidu and Geely put nearly $400 million more into their electric car venture Mercedes-Benz Said To Build EV In China From 2024 BAIC Hyundai, BAIC Motor to inject $942 mn in China JV for EVs Toyota partners with BYD to build affordable $30,000 electric car Lexus RZ 450e Steers For China Dongfeng SAIC Renault launches sales of first EV in China Nissan expects 40% of sales in China to be electrified by 2026 Changan forms subsidiary Avatar Technology to develop smart EVs with Huawei, CATL WM Motors/Weimar Chery Seres Enovate Singulato JAC Motors Iconiq Motors Aiways Skyworth Auto Youxia Human Horizons Xiaomi announces plans for four electric vehicle models Here's Tesla's Competition In Autonomous Driving; The Independents All Have Deals With Major OEMs… Waymo ranked top & Tesla last in Guidehouse leaderboard on automated driving systems Tesla has a self-driving strategy other companies abandoned years ago Waymo operates robotaxis NOW GM’s Cruise operates robotaxis NOW Argo AI (owned by Ford & VW) Begins Driverless Vehicle Operations in Miami & Austin Mobileye operates driverless test fleets in Europe and the U.S. Cadillac Super Cruise Sets the Standard for Hands-Free Highway Driving Ford’s hands-free “Blue Cruise” Mercedes Launches SAE Level 3 Drive Pilot System Honda Legend Sedan with Level 3 Autonomy Now Available in Japan Hyundai + Motional Bringing IONIQ 5 robotaxis to the streets from 2023 Amazon’s Zoox will test its autonomous vehicles on Seattle’s rainy streets Baidu Apollo’s autonomous driving service is now inclusive to all the megacities in China Alibaba-backed AutoX unveils first driverless RoboTaxi production line in China Pony.ai approved for public driverless robotaxi service in Beijing Here's Where Tesla's Competition Will Get Its Battery Cells... Panasonic (making deals with multiple automakers) LG Samsung SK Innovation Toshiba CATL BYD Northvolt Volkswagen to Build Six Electric-Vehicle Battery Factories in Europe GM’s Ultium GM to develop lithium-metal batteries with SolidEnergy Systems Ford, SK Innovation announce EV battery joint venture BMW & Ford Invest in Solid Power to Secure All Solid-State Batteries for Future Electric Vehicles Stellantis affirms commitment to build battery factory in Italy with Mercedes, TotalEnergies Stellantis and Samsung SDI to Invest Over $2.5B in Battery Production Plant in United States Stellantis and LG to Invest Over $5 Billion CAD in Joint Venture for Li-Ion Battery Plant in Canada Stellantis and Factorial Energy to Jointly Develop Solid-State Batteries for Electric Vehicles Mercedes-Benz to build 8 battery factories in push to become electric-only automaker Mercedes-Benz and Sila achieve breakthrough with high silicon automotive battery Toyota to build plant in N.C. capable of making up to 1.2M batteries a year Toyota Outlines Solid-State Battery Tech, $13.6 Billion Investment Nissan Announces Proprietary Solid-State Batteries Daimler joins Stellantis as partner in European battery cell venture ACC Renault signs EV battery deals with Envision, Verkor for French plants Nissan to build $1.4bn EV battery plant in UK with Chinese partner UK companies AMTE Power and Britishvolt plan $4.9 billion investment in battery plants Foxconn breaks ground on first EV battery plant Freyr Verkor Farasis Microvast Akasol Cenat Wanxiang Eve Energy Svolt Romeo Power ProLogium Hyundai Motor developing solid-state EV batteries Morrow Here's Tesla's Competition In Charging Networks... Infrastructure Bill: $7.5 billion Towards Nationwide Network of 500,000 EV Chargers Electrify America EVgo Chargepoint Ionity Europe Shell 51 U.S. electric companies commit to build nationwide EV fast charging network by end of 2023 GM to Expand Access to EV Charging with More than 40,000 Charging Stations Volkswagen powers up the grid to take on Tesla Circle K begins North American EV fast charger rollout, plans 200-site network by 2024 Porsche to build out its own network of EV charging stations Petro-Canada Coast-to-Coast Canadian Charging Network Volta E.On BP Volkswagen and BP partner to deploy up to 8,000 EV chargers across EU/UK Smatric Allego Podpoint Instavolt Fastned Total Nio Battery Swap Stations BMW to Build 360,000 Charging Points in China to Juice Electric Car Sales Evie And here’s Tesla’s competition in storage batteries… Panasonic Samsung LG Energy Solutions CATL BYD AES + Siemens (Fluence) GE Hitachi ABB Toshiba Saft Johnson Contols EnerSys SOLARWATT Sonnen Generac Kokam Eaton Tesvolt Leclanche Lockheed Martin Honeywell EOS Energy Storage ESS Electriq Power Redflow Primus Power Simpliphi Power Invinity Murata Bollore Adara Blue Planet Aggreko Orison Powin Energy Nidec Powervault Kore Power Shanghai Electric LithiumWerks Natron Energy Energy Vault Ambri Voltstorage Cadenza Innovation Morrow Gridtential Villara Elestor SolarEdge Q-Cells Huawei Toyota ADS-TEC Form Energy Enphase Sumitomo Electric Stryten Energy Freyr Growatt Polarium Thanks, Mark Spiegel Updated on Jul 1, 2022, 10:56 am (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});.....»»

US Manufacturing Slumps In May, New Orders & Jobs Contract Analysts expected Manufacturing PMI to be flat from its ugly preliminary print of 52.4 and saw ISM Manufacturing dropping to 54.5 from 56.1 - both still comfortably in expansion (above 50) despite the collapse in US macro data relative to expectations. BUT... things improved intra-month for Manufacturing PMI - rising to 52.7 final from 52.4 preliminary - but still notably below April's 57.0 print. ISM Manufacturing was worse, falling to 53.0 from 56.1 (below the 54.5 expectations). Source: Bloomberg The headline PMI dropped to its lowest level since July 2020 amid a near-stagnation of factory output and a fall in new orders. The decrease in sales was the first since May 2020, with domestic and foreign client demand falling. The ISM print is the weakest since June 2020 and under the hood is more worrisome with an outright contraction in new orders and employment... Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said: “The PMI survey has fallen in June to a level indicative of the manufacturing sector acting as a drag on GDP, with that drag set to intensify as we move through the summer. Forward-looking indicators such as business expectations, new order inflows, backlogs of work and purchasing of inputs have all deteriorated markedly to suggest an increased risk of an industrial downturn. “Demand growth is cooling from households amid the cost-of-living crisis, and capital spending by companies is also showing signs of moderating due to tightening financial conditions and the gloomier outlook. However, most marked has been a steep drop in orders for inputs by manufacturers, which hints at an inventory correction. “Some welcome news is that the drop in demand for inputs has brought some pressure off supply chains and calmed prices for a wide variety of goods, which should help alleviate broader inflationary pressures in coming months.” So, even though the manufacturing surveys are still above the 50 Maginot Line, the steep declines sync positively with the rising recession fears and soaring rate-cut expectations being priced into the markets... Will Powell jawbone that expectation away, or embrace it as policy? Tyler Durden Fri, 07/01/2022 - 10:04.....»»

Bond Yields Are Puking... The 5Y Treasury yield is down 25bps this morning. Read that again... 25bps! The entire Treasury curve is re-rating lower as recession risks soar (Manufacturing surveys look ugly this morning)... The 10Y yield has plunged below 3.00% - now testing 2.80%... (and 5Y yields are also at 2.80%) Bonds are rallying from their cheapest level relative to stocks in 11 years... And market expectations for Fed hikes are tumbling while subsequent rate-cut expectations are rising... A very dramatic difference from The Fed's Dot-Plot expectations... Mr. Powell, you have a problem! Tyler Durden Fri, 07/01/2022 - 10:11.....»»

Toronto Police Cause Confusion With Post About Missing "Woman" With A Goatee.....»»

"One Of The Worst Downturns In Recent History": Zuck Warns Facebook Employees To Brace For Layoffs One month ago we showed that while the BLS still revels in its seasonally-adjusted statistical nonsense to divine the monthly level of payrolls, the real world is seeing a wave of mass layoff the likes of which have not been seen since the covid crash Fast forward to today when it appears that we are about to hit the motherlode of mass layoffs, after none other than Zuck sounded the alarm bell. According to Reuters, Facebook-owner Meta Platforms has cut plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg told employees on Thursday, as he warned them to brace for a deep economic downturn. “If I had to bet, I'd say that this might be one of the worst downturns that we've seen in recent history," Zuckerberg told workers in a weekly employee Q&A session, audio of which was heard by Reuters. And while Zuck emphasized the lack of hiring - noting that it has reduced its target for hiring engineers in 2022 to around 6,000-7,000, down from an initial plan to hire about 10,000 new engineers, which comes amid a hiring paused announced month - he confirmed that layoffs are also coming saying the company was "turning up the heat" on performance management to weed out staffers unable to meet more aggressive goals. “Realistically, there are probably a bunch of people at the company who shouldn't be here," Zuckerberg said, adding that "part of my hope by raising expectations and having more aggressive goals, and just kind of turning up the heat a little bit, is that I think some of you might decide that this place isn't for you, and that self-selection is OK with me." Others made the message even more forcefully, with Chief Product Officer Chris Cox saying that the company must "prioritize more ruthlessly" and "operate leaner, meaner, better executing teams." "I have to underscore that we are in serious times here and the headwinds are fierce. We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets," Cox wrote. Translation: when even the most profitable tech companies are braching for mass layoffs, the bottom is about to fall out... or as Biden would say: Tyler Durden Fri, 07/01/2022 - 10:45.....»»

Mega-cap stocks (those with a market cap of more than $200 billion) are known to be stable. However, tightening monetary policies, multi-decade high inflation, rising commodities prices, geopolitical tensions, and concerns over economic growth have made even these stocks relatively more volatile than usual on the negative side. In June, there were only a few […] Mega-cap stocks (those with a market cap of more than $200 billion) are known to be stable. However, tightening monetary policies, multi-decade high inflation, rising commodities prices, geopolitical tensions, and concerns over economic growth have made even these stocks relatively more volatile than usual on the negative side. In June, there were only a few mega-cap stocks that were in the green. Let’s take a look at the five best and worst performing mega-cap stocks in June 2022. Five Best Performing Mega-Cap Stocks In June 2022 We have used the monthly return data (from finviz.com) to come up with the five best and worst performing mega-cap stocks in June 2022. First, let’s take a look at the five best performing mega-cap stocks in June 2022. .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 Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio 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); Q1 2022 hedge fund letters, conferences and more PepsiCo (-1%) Founded in 1965 and headquartered in Purchase, N.Y., it is a food and beverage company. PepsiCo, Inc. (NASDAQ:PEP) shares are down by over 4% year to date and by almost 1% in the last three months. The company reported revenue of more than $79 billion in 2021 and over $70 billion in 2020. As of writing, PepsiCo shares were trading at over $166, and have a 52-week range of $147.77 to $177.62 Costco Wholesale (3%) Founded in 1983 and headquartered in Issaquah, Wash., this company operates a chain of membership-only big-box retail stores. Costco Wholesale Corporation (NASDAQ:COST) shares are down by over 15% year to date and by almost 17% in the last three months. The company reported revenue of more than $190 billion in 2021 and over $160 billion in 2020. As of writing, Costco Wholesale shares were trading at over $478, and have a 52-week range of $393.88 to $612.27. UnitedHealth Group (3%) Founded in 1977 and headquartered in Minnetonka, Minn., this company offers health care coverage, software, and data consultancy services. UnitedHealth Group Inc (NYSE:UNH) shares are up by over 2% year to date and by almost 1% in the last three months. The company reported revenue of more than $280 billion in 2021 and over $250 billion in 2020. As of writing, UnitedHealth Group shares were trading at over $510, and have a 52-week range of $383.12 to $553.29. Eli Lilly & Co. (3%) Founded in 1876 and headquartered in Indianapolis, Ind., this company deals in pharmaceutical products, including Diabetes, Oncology, Immunology, Neuroscience, and Other therapies. Eli Lilly And Co (NYSE:LLY) shares are up by over 17% year to date andby  over 13% in the last three months. The company reported revenue of more than $28 billion in 2021 and over $23 billion in 2020. As of writing, Eli Lilly shares were trading at over $325, and have a 52-week range of $220.20 to $330.85. AbbVie (4%) Founded in 2011 and headquartered in North Chicago, Ill., it is a biopharmaceutical firm that develops and sells pharmaceutical products. AbbVie Inc (NYSE:ABBV) shares are up by over 13% year to date but are down by over 4% in the last three months. The company reported revenue of more than $56 billion in 2021 and over $45 billion in 2020. As of writing, AbbVie shares were trading at over $152, and have a 52-week range of $105.56 to $175.91. Five Worst Performing Mega-Cap Stocks In June 2022 JPMorgan Chase (-15%) Founded in 1968 and headquartered in New York City, it is a financial holding company that provides financial and investment banking services. JPMorgan Chase & Co (NYSE:JPM) shares are down by almost 29% year to date and by over 17% in the last three months. The company reported revenue of more than $57 billion in 2021 and over $64 billion in 2020. As of writing, JPMorgan Chase shares were trading at over $112, and have a 52-week range of $110.93 to $172.96 Bank of America (-16%) Founded in 1904 and headquartered in Charlotte, N.C., this company offers banking and nonbanking financial services. Bank of America Corp (NYSE:BAC) shares are down by over 30% year to date and over 24% in the last three months. The company reported revenue of more than $47 billion in 2021 and over $51 billion in 2020. As of writing, Bank of America shares were trading at over $31, and have a 52-week range of $30.64 to $50.11. Meta Platforms (-17%) Founded in 2004 and headquartered in Menlo Park, Calif., this company develops and operates social media applications. Meta Platforms Inc (NASDAQ:META) shares are down by over 52% year to date and by over 25% in the last three months. The company reported revenue of more than $117 billion in 2021 and over $85 billion in 2020. As of writing, Meta Platforms shares were trading at over $160, and have a 52-week range of $154.25 to $384.33. Chevron (-17%) Founded in 1906 and headquartered in San Ramon, Calif., this company provides administrative, financial management, and technology support for energy and chemical operations. Chevron Corporation (NYSE:CVX) shares are up by over 23% year to date but are down by over 11% in the last three months. The company reported revenue of more than $150 billion in 2021 and over $90 billion in 2020. As of writing, Chevron shares were trading at over $145, and have a 52-week range of $92.86 to $182.40. NVIDIA (-18%) Founded in 1993 and headquartered in Santa Clara, Calif., this company offers computer graphics processors, chipsets, and related software. NVIDIA Corporation (NASDAQ:NVDA) shares are up by over 48% year to date and by over 44% in the last three months. The company reported revenue of more than $26 billion in 2021 and over $16 billion in 2020. As of writing, NVIDIA shares were trading at over $149, and have a 52-week range of $148.62 to $346.47. Updated on Jul 1, 2022, 10:08 am (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});.....»»

The rising prices of goods make it hard for low-income families to balance their budgets, especially those with kids. Thus, to help such families, New Jersey is planning to provide some stimulus relief. The child stimulus checks from New Jersey, if approved, would be in the form of a tax credit. Under the program, each […] The rising prices of goods make it hard for low-income families to balance their budgets, especially those with kids. Thus, to help such families, New Jersey is planning to provide some stimulus relief. The child stimulus checks from New Jersey, if approved, would be in the form of a tax credit. Under the program, each eligible child will get a refundable tax credit of up to $500. Child Stimulus Checks From New Jersey: Who Will Get Them? On Wednesday, the New Jersey state legislature approved a program that would give up to $500 tax credit to families with young children. This proposal is part of a record $50.6 billion budget, which was approved by the Democrat-controlled New Jersey state legislature during the state’s current budget session. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Under the program, called the New Jersey Child Tax Credit Program, families with income less than $30,000 a year will get a refundable tax credit of up to $500 per year for each child under the age of six. The amount of tax credit would be reduced by $10 for every $1,000 exceeding the $30,000 with an upper limit of $80,000. A minimum of $300 per child will go to a household with an annual income of up to $80,000. Republicans criticize the legislation’s limited scope as the benefit won’t be offered to children over six years. Also, Republicans are critical of the bill's expediency, saying the tax credit won’t reach families until the 2024 tax season. Despite the opposition, the proposal passed 31-6 in the Senate and 76-2 in the General Assembly. Now, the legislation sits on Gov. Phil Murphy's desk for final approval. New Jersey Child Tax Credit Program: Much-Needed Relief As per an analysis by the Office of Legislative Services, the child stimulus checks from New Jersey could cost the state about $156.3 million. The Office of Legislative Services noted that the program would benefit about 374,000 children under six. Further, the analysis found that at least 180,700 children would be eligible for the full credit of $500 and 99,500 children would get at least $300. Unlike the federal expanded child tax credit, the child stimulus checks from New Jersey would come automatically to eligible families. The federal expanded child tax credit, which was approved by the Biden administration, expired in December 2021. "The child tax credit directly provides assistance to families without the necessity of submitting additional applications," said Assemblywoman Verlina Reynolds-Jackson, one of the bill's main sponsors. Similar to the federal expanded child tax credit, the child stimulus checks could offer much-needed relief to low-income families. A recent report from the nonprofit group, Child Care Aware of America, noted that the cost of childcare breached the $10,000 mark in 2020. As per the data from the New Jersey’s Health Department, over 14% of children in the state under the age of five lived in poverty. The number increases to almost 25% for Black children and almost 23% for Hispanic children. 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Kohl's Corp (NYSE: KSS) shares are trading sharply lower Friday after the company announced it's terminating talks with Franchise Group over a potential sale. read more.....»»

Is it time for the former investor-turned-politician to retire from his political career? Former U.S. read more.....»»

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 100 points on Friday. read more.....»»

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Over the past 3 months, 7 analysts have published their opinion on Visa (NYSE:V) stock. These analysts are typically employed by large Wall Street banks and tasked with understanding a company's business to predict how a stock will trade over the upcoming year. Latest Ratings for V DateFirmActionFromTo Jan 2022BarclaysMaintainsOverweight Jan 2022WedbushMaintainsOutperform Jan 2022Raymond JamesMaintainsOutperform View More Analyst Ratings for V View the Latest Analyst Ratings read more.....»»

Analysts have provided the following ratings for U.S. Bancorp (NYSE:USB) within the last quarter: Latest Ratings for USB DateFirmActionFromTo Feb 2022JefferiesDowngradesBuyHold Jan 2022Odeon CapitalUpgradesHoldBuy Jan 2022Keefe, Bruyette & WoodsDowngradesOutperformMarket Perform View More Analyst Ratings for USB View the Latest Analyst Ratings read more.....»»