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Maison Luxe Reports Best Ever Annual Revenues of Approximately $ 17.6 mil. for 2022 as Compared to Approximately $ 5.2 mil. for 2021, an Increase of Over 300% and Poised for Rapid Expansion in 2023

FORT LEE, NJ, June 30, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Maison Luxe, Inc. (OTC:MASN) ("Maison Luxe" or the "Company"), an emerging leader in the global custom luxury goods marketplace, reported revenues for the year ending March 31st 2022 of $17,645,898 compared to revenues of $5,284,154 for the year ending March 31st 2021, representing an increase of over 300%. The financial statement can be viewed in its entirety at OTC Markets. Amid the COVID-19 crisis, the global market for Luxury Goods estimated at US $242.8 Billion in the year 2022, is projected to reach a revised size of US $296.9 Billion by 2026, growing at a compound annual growth rate ("CAGR") of 4.8% over the analysis period. Maison Luxe's current CAGR was greater than industry projected average primarily due to execution of the Company's business, sales and marketing plan which nurtured a growing pipeline throughout the year which resulted in many new and repeat customers in this rapidly growing marketplace. Maison Luxe prides itself with excellent products, competitively priced, on time deliveries and friendly and supportive customer service. Anil Idnani, CEO of Maison Luxe, stated, "2022 was a fantastic year for Maison Luxe, but it is just the beginning. We significantly grew our annual revenues by ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzinga28 min. ago Related News

3 Large-Cap Growth Mutual Funds to Snap Up for Spectacular Returns

Below, we share with you three large-cap growth mutual funds, namely FCGSX, AMAGX and GMUEX. Each has earned a Zacks Mutual Fund Rank #1. Growth funds offer incremental gains on capital by investing in stocks of companies that are projected to rise in value over the long term. However, a relatively higher tolerance for risk is a prerequisite other than the willingness to park money for a long period of time while investing in these securities. This is because these may experience relatively greater fluctuation than the other fund classes.Additionally, large-cap funds are ideal investment options for those seeking a high-return potential accompanied by lesser risk than what small-cap and mid-cap funds bear. These funds have exposure to large-cap stocks with a long-term performance history, assuring more stability than what mid or small-caps offer.Below, we share with you three top-ranked large-cap growth mutual funds, namely Fidelity Series Growth Company Fund FCGSX, Amana Mutual Funds Trust Growth Fund Investor AMAGX and GMO U.S. Equity Fund Class III GMUEX. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform its peers in the future. Investors can click here to see the complete list of funds.Fidelity Series Growth Company Fund invests most of its net assets in companies that have above-average growth potential, according to Fidelity Management & Research Company, based on fundamental analysis factors like financial condition and industry position, as well as market and economic conditions. FCGSX invests in both domestic and foreign issuers.Fidelity Series Growth Company Fund has three-year annualized returns of 23.7%. As of the end of February 2022, FCGSX has 536 issues and has 9.62% of its assets invested in Apple Incorporated.Amana Mutual Funds Trust Growth Fund Investor seeks long-term capital growth according to the Islamic principles by investing most of its net assets in large-cap common stocks of both foreign and domestic issuers across various industries. AMAGX follows a value investment style.Amana Mutual Funds Trust Growth Fund Investorhas three-year annualized returns of 19.0%. AMAGX has an expense ratio of 0.90% compared with the category average of 0.99%.GMO U.S. Equity Fund Class III seeks a high total return by investing most of its net assets in common, preferred and other stocks. GMUEX also invests in convertible securities, depositary receipts, equity real estate investment trusts, and income trusts.GMO U.S. Equity Fund Class IIIhas three-year annualized returns of 17.1%. Simon Harris has been the fund manager of GMUEX since the end of June 2019.To view the Zacks Rank and the past performance of all large-cap growth mutual funds, investors can click here to see the complete list of large-cap growth mutual funds.Want key mutual fund info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >> Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>View All Zacks #1 Ranked Mutual FundsWant 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 Get Your Free (FCGSX): Fund Analysis Report Get Your Free (GMUEX): Fund Analysis Report Get Your Free (AMAGX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 56 min. ago Related News

Acuity Brands Reports Fiscal 2022 Third-Quarter Results

Increased Net Sales 18% Over the Prior Year Increased Diluted EPS 30% Over the Prior Year Deployed $296 million to Share Repurchases ATLANTA, June 30, 2022 (GLOBE NEWSWIRE) -- Acuity Brands, Inc. (NYSE:AYI) (the "Company"), a market-leading industrial technology company, announced net sales of $1.1 billion in the third quarter of fiscal 2022 ended May 31, 2022, an increase of 17.9 percent or $160.9 million, compared to the same period in fiscal 2021. Diluted earnings per share ("EPS") was $3.07 in the third quarter of fiscal 2022, an increase of 29.5 percent, or $0.70, compared to the same period in fiscal 2021. "I am proud of our teams' continued strong performance through the third quarter of fiscal 2022," stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. "We are executing consistently as a result of significant and ongoing improvements in our business, and we continue to generate value for shareholders through share repurchases." Gross profit was $445.1 million in the third quarter of fiscal 2022, an increase of $58.5 million, or 15.1 percent, compared to the same period in fiscal 2021. The increase in gross profit was driven by higher sales and cost controls. Gross profit as a percent of net sales was 42.0 percent in the third quarter of fiscal 2022. Operating profit was $142.7 million in the third quarter of fiscal 2022, an increase of $24.6 million, or 20.8 percent, compared to the same period in fiscal 2021. The increase in operating profit was a direct result of the improvement in gross profit, partially offset by higher operating expenses. Operating profit as a percent of net sales was 13.5 percent in the third quarter of fiscal 2022, an increase of 40 basis points from 13.1 percent in the same period of fiscal 2021. Adjusted operating profit was $162.8 in the third quarter of fiscal 2022, an increase of $26.0 million, or 19.0 percent, compared to the same period in fiscal 2021. Adjusted operating profit as a percent of net sales was 15.3 percent in the third quarter of fiscal 2022, an increase of 10 basis points from 15.2 percent in the same period of fiscal 2021. Net income was $105.7 million in the third quarter of fiscal 2022, an increase of $20.0 million, or 23.3 percent, compared to the same period in fiscal 2021. Diluted earnings per share was $3.07 in the third quarter of fiscal 2022, an increase of $0.70, or 29.5 percent, from $2.37 in the same period of fiscal 2021. Adjusted net income was $121.3 in the third quarter of fiscal 2022, an increase of $20.9 million, or 20.8 percent, compared to the same period in fiscal 2021. Adjusted diluted earnings per share was $3.52 in the third quarter of fiscal 2022, an increase of $0.75, or 27.1 percent, from $2.77 in the same period of fiscal 2021. Segment Performance Acuity Brands Lighting and Lighting Controls ("ABL") ABL generated net sales of $1.0 billion in the third quarter of fiscal 2022, an increase of $158.4 million, or 18.6 percent, compared to the same period in fiscal 2021. The acquisition of the Osram DS business contributed approximately 3 percent to ABL net sales in the third fiscal quarter of 2022. The Independent Sales Network generated sales of $725.9 million, an increase of $97.9 million, or 15.6 percent, compared to the same period in fiscal 2021. The Direct Sales Network generated sales of $96.1 million, approximately flat compared to the same period in fiscal 2021. The Corporate Accounts channel generated sales of $59.1 million, an increase of $15.1 million, or 34.3 percent, compared to the same period in fiscal 2021. The Retail channel generated sales of $44.7 million, an increase of $8.6 million, or 23.8 percent, compared to the same period in fiscal 2021. ABL operating profit was $149.6 million in the third quarter of fiscal 2022, an increase of $23.1 million, or 18.3 percent, compared to the same period in fiscal 2021. ABL Operating profit as a percent of ABL net sales was 14.8 percent in the third quarter of fiscal 2022, a decrease of 10 basis points from 14.9 percent in the same quarter of fiscal 2021. ABL adjusted operating profit was $159.8 million in the third quarter of fiscal 2022, an increase of $24.0 million, or 17.7 percent, compared to the same period in fiscal 2021. ABL Adjusted operating profit as a percent of ABL net sales was 15.8 percent in the third quarter of fiscal 2022, a decrease of 20 basis points from 16.0 percent, in the same quarter of fiscal 2021. Intelligent Spaces Group ("ISG") ISG generated net sales of $58.3 million in the third quarter of fiscal 2022, an increase of $2.9 million, or 5.2 percent, compared to the same period in fiscal 2021. ISG operating profit was $9.2 million in the third quarter of fiscal 2022, an increase of $2.0 million, or 27.8 percent, compared to the same quarter of fiscal 2021. ISG Operating profit as a percent of ISG net sales was 15.8 percent in the third quarter of fiscal 2022, an increase of 280 basis points from 13.0 percent in the third quarter of fiscal 2021. ISG adjusted operating profit was $13.6 million for the third quarter of fiscal 2022, an increase of $2.5 million, or 22.5 percent, over the prior year. ISG Adjusted operating profit as a percent of ISG net sales was 23.3 percent for the third quarter of fiscal 2022, an increase of 330 basis points from 20.0 percent, in the third quarter of fiscal 2021. Cash Flow and Capital Allocation Net cash from operating activities was $165.7 million, a decrease of $150.5 million, or 47.6 percent, in the first nine months of fiscal 2022, compared to the same period in fiscal 2021, as we allocated capital to inventory in order support our growth. During the first nine months of fiscal 2022, the Company repurchased 2.3 million shares of common stock for a total of $405 million. Post Quarter Events The Company today announced the completion of a new $600 million revolving credit facility. The new five-year facility incorporates $200 million of additional borrowing capacity and improved pricing as compared to the prior revolving credit facility. Additional information will be available in our third quarter 10-Q filing. Today's Call Details The Company is planning to host a conference call at 8:00 a.m. (ET) today, Thursday, June 30, 2022. Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. will lead the call. The conference call and earnings release can be accessed via the Investor Relations section of the Company's website at www.investors.acuitybrands.com. A replay of the call will also be posted to the Investor Relations site within two hours of the completion of the conference call and will be available on the site for a limited time. About Acuity Brands Acuity Brands, Inc. (NYSE:AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces and light. Through our two business segments, Acuity Brands Lighting and Lighting Controls ("ABL") and the Intelligent Spaces Group ("ISG"), we design, manufacture, and bring to market products and services that make a valuable difference in people's lives. We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management systems, and location-aware applications. Acuity Brands, Inc. achieves customer-focused efficiencies that allow the Company to increase market share and deliver superior returns. The Company looks to aggressively deploy capital to grow the business and to enter attractive new verticals. Acuity Brands, Inc. is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by approximately 13,500 dedicated and talented associates. Visit us at www.acuitybrands.com. Non-GAAP Financial Measures This news release includes the following non-generally accepted accounting principles ("GAAP") financial measures: "adjusted operating profit" and "adjusted operating profit margin" for total company and by segment; "adjusted net income;" "adjusted diluted EPS;" "earnings before interest, taxes, depreciation, and amortization ("EBITDA");" "adjusted EBITDA;" and "free cash flow ("FCF")". These non-GAAP financial measures are provided to enhance the reader's overall understanding of the Company's current financial performance and prospects for the future. Specifically, management believes that these non-GAAP measures provide useful information to investors by excluding or adjusting items for amortization of acquired intangible assets, share-based payment expense, acquisition-related items, impairment on investment, and special charges associated with continued efforts to streamline the organization and integrate recent acquisitions. FCF is provided to enhance the reader's understanding of the Company's ability to generate additional cash from its business. Management typically adjusts for these items for internal reviews of performance and uses the above non-GAAP measures for baseline comparative operational analysis, decision making, and other activities. Management believes these non-GAAP measures provide greater comparability and enhanced visibility into the Company's results of operations as well as comparability with many of its peers, especially those companies focused more on technology and software. Non-GAAP financial measures included in this news release should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP. The most directly comparable GAAP measures for adjusted operating profit and adjusted operating profit margin for total company and by segment are "operating profit" and "operating profit margin," respectively, for total company and by segment, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquisition-related items, and special charges. Adjusted operating profit margin is adjusted operating profit divided by net sales for total company and by segment. The most directly comparable GAAP measures for adjusted net income and adjusted diluted EPS are "net income" and "diluted EPS," respectively, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquisition-related items, an impairment of investment, and special charges. Adjusted diluted EPS is adjusted net income divided by diluted weighted average shares outstanding. The most directly comparable GAAP measure for FCF is "net cash provided by operating activities, which includes the impact of purchases of property, plant and equipment." The most directly comparable GAAP measure for EBITDA is "net income", which includes the impact of net interest expense, income taxes, depreciation, and amortization of acquired intangible assets. The most directly comparable GAAP measure for adjusted EBITDA is "net income", which includes the impact of net interest expense, income taxes, depreciation, amortization of acquired intangible assets, share-based payment expense, acquisition-related items, special charges, and miscellaneous (income) expense, net. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. The Company's non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for GAAP financial measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. Forward-Looking Information This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions and information currently available to management. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release and is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements are statements other than those of historical fact and may include statements relating to goals, plans, market conditions and projections regarding Acuity Brands' strategy, and specifically include statements made in this press release regarding: strong performance, significant and sustained improvements and generating permanent value. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe, "future," "should," "looks to," "leading to" or "continue" or the negative thereof or variations thereon or similar terminology. A number of important factors could cause actual events to differ materially from those contained in or implied by the forward-looking statements, including those factors discussed in our annual report on Form 10-K for the fiscal year ended August 31, 2021, filed on October 27, 2021 and those described from time to time in our other filings with the U.S. Securities and Exchange Commission (the "SEC"), which can be found at the SEC's website www.sec.gov. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information, whether written or oral, to reflect changes in assumptions, the occurrence of events, or otherwise. ACUITY BRANDS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In millions)     May 31, 2022   August 31, 2021   (unaudited)     ASSETS       Current assets:       Cash and cash equivalents $ 318.2     $ 491.3   Accounts receivable, less reserve for doubtful accounts of $0.8 and $1.2, respectively   597.2       571.8   Inventories   580.6       398.7   Prepayments and other current assets   112.6       82.5   Total current assets   1,608.6       1,544.3   Property, plant, and equipment, net   269.2       269.1   Operating lease right-of-use assets   63.4       58.0   Goodwill   1,090.9       1,094.7   Intangible assets, net   541.7       573.2   Deferred income taxes   1.8       1.9   Other long-term assets   39.9       33.9   Total assets $ 3,615.5     $ 3,575.1   LIABILITIES AND STOCKHOLDERS' EQUITY       Current liabilities:       Accounts payable $ 452.2     $ 391.5   Current maturities of debt   122.0       —   Current operating lease liabilities   16.2       15.9   Accrued compensation   80.7       95.3   Other accrued liabilities   195.8       189.5   Total current liabilities   866.9       692.2   Long-term debt   494.8       494.3   Long-term operating lease liabilities   52.9       46.7   Accrued pension liabilities   51.0       60.2   Deferred income taxes   100.3       101.0   Other long-term liabilities   131.0       136.2   Total liabilities   1,696.9       1,530.6   Stockholders' equity:       Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued   —       —   Common stock, $0.01 par value; 500,000,000 shares authorized; 54,210,049 and 54,018,978 issued, respectively   0.5       0.5   Paid-in capital   1,025.2       995.6   Retained earnings   3,065.2       2,810.3   Accumulated other comprehensive loss   (103.5 )     (98.2 ) Treasury stock, at cost, of 21,140,982 and 18,826,611 shares, respectively   (2,068.8 )     (1,663.7 ) Total stockholders' equity   1,918.6       2,044.5   Total liabilities and stockholders' equity $ 3,615.5     $ 3,575.1       ACUITY BRANDS, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(In millions, except per-share data)   Three Months Ended   Nine Months Ended   May 31, 2022   May 31, 2021   May 31, 2022   May 31, 2021 Net sales $ 1,060.6     $ 899.7   $ 2,895.8     $ 2,468.3 Cost of products sold   615.5       513.1     1,685.6       1,412.6 Gross profit   445.1       386.6     1,210.2       1,055.7 Selling, distribution, and administrative expenses   302.4       268.0     850.1       759.4 Special charges   —       0.5     —       1.5 Operating profit   142.7       118.1     360.1       294.8 Other expense:               Interest expense, net   6.2       6.2     18.1       17.7 Miscellaneous (income) expense, net   (1.5 )     2.7     (3.1 )     6.5 Total other expense   4.7       8.9     15.0       24.2 Income before income taxes   138.0       109.2     345.1       270.6 Income tax expense   32.3       23.5     76.5       62.4 Net income $ 105.7     $ 85.7   $ 268.6     $ 208.2                 Earnings per share:               Basic earnings per share $ 3.10     $ 2.40   $ 7.75     $ 5.70 Basic weighted average number of shares outstanding   34.1       35.7     34.7       36.5 Diluted earnings per share $ 3.07     $ 2.37   $ 7.66     $ 5.66 Diluted weighted average number of shares outstanding   34.4       36.2     35.1       36.8 Dividends declared per share $ 0.13     $ 0.13   $ 0.39     $ 0.39     ACUITY BRANDS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In millions)   Nine Months Ended   May 31, 2022   May 31, 2021 Cash flows from operating activities:       Net income $ 268.6     $ 208.2   Adjustments to reconcile net income to net cash flows from operating activities:       Depreciation and amortization.....»»

Category: earningsSource: benzinga2 hr. 40 min. ago Related News

The world"s best restaurant, which sells $700 lunches, posted a $240,000 loss amid Denmark"s Covid restrictions

Noma in Copenhagen reported a net loss of 1.69 million kroner ($240,000) for 2021. It was shut for about five months of that year. Noma — the world's top restaurant — closed for months in 2021 due to coronavirus restrictions in Denmark.Thibault Savary/AFP/Getty Imags Noma — the world's best restaurant — posted a $240,000 loss for 2021 when it was shut for months. The Copenhagen restaurant last reported a loss in 2017 when it was closed for a refresh. It's now serving menus focused on vegetables priced from $420 to $700 per person. Even the world's top restaurant recorded a loss in 2021 amid coronavirus lockdowns.Copenhagen's Noma — which ranked No. 1 on the World's 50 Best Restaurants list in 2021 — reported a net loss of 1.69 million Danish kroner ($240,000) in 2021, according to a company filing with the Danish Business Authority. That's after it collected 10.9 million kroner ($1.5 million) in government compensation for the impact of lockdowns.The last time Noma recorded a loss was in 2017, according to Bloomberg. It was shut for the whole of that year as co-owner and chef René Redzepi wanted to refresh the restaurant.The 3-star restaurant Michelin had to rethink the business again when it was forced to close on December 9, 2020, due to coronavirus restrictions in Denmark, according to the AFP. The restaurant reopened in June last year with a menu catering to local palates.Noma is now serving summer menus focused on vegetables. Prices start from 3,000 kroner ($420) per person, including tax. The most expensive lunch menu, complete with wine pairing, costs 5,000 kroner ($700) per person.Despite the high prices, many pre-paid reservation slots through October 21 are already sold out, according to its booking website."In the circumstances, the company's result and economic development have been satisfying," Noma wrote in its company filing. "The company expects an improved result for the year ahead."Noma was not the only restaurant hit by the pandemic, as food and beverage outlets across the world faced unprecedented challenges due to lockdowns and dine-in restrictions. In the US, about 159,000 food and drink establishments closed in 2020 alone, according to a Washington Post analysis published last week. That's almost double the average of 81,000 closures per year before the pandemic.Noma did not immediately respond to Insider's request for comment that was sent outside regular business hours.Read the original article on Business Insider.....»»

Category: topSource: businessinsider6 hr. 28 min. ago Related News

Report: Fewer Gen Z homeowners in Jacksonville than national average

The analysis found that younger buyers were scarcer on the First Coast.....»»

Category: topSource: bizjournals8 hr. 28 min. ago Related News

Homebuying and Climate Change: The Riskiest and Safest Places in 2022

Home prices in areas most impacted by climate change are actually increasing at a higher rate than the national median, according to new research released this week by Clever Real Estate. The study shows that median home sale prices have increased more than 130% in major metros within states that have had at least 50… The post Homebuying and Climate Change: The Riskiest and Safest Places in 2022 appeared first on RISMedia. Home prices in areas most impacted by climate change are actually increasing at a higher rate than the national median, according to new research released this week by Clever Real Estate. The study shows that median home sale prices have increased more than 130% in major metros within states that have had at least 50 FEMA disaster declarations since 2012—compared to the national median of 113%.  Key findings in the research: Disasters causing over $1 billion in damage have grown increasingly common in the last four decades, costing the U.S. over $2 trillion since 1980. The states that climate change has most financially impacted since 1980 are Texas, Louisiana, Florida and California. Out of 145 billion-dollar disasters in the U.S. since 2012, Texas has been impacted by 73 of them. The U.S. counties with the highest hazard risk scores are Harris County (Houston) in Texas, Miami-Dade County in Florida and Bronx County in New York. Since 2012, California has had 146 FEMA-declared weather and environmental disasters, the most in the U.S. and 564% more than the average state, which has had 22 (includes all disasters, not just those costing over $1 billion). In that span, the average coastal state has experienced 27 FEMA weather disasters, while the average non-coastal state has experienced 18. In 2021, federal emergency officials declared at least one non-COVID disaster in 41 U.S. states. States with the highest overall Expected Annual Losses (EAL) from natural hazards are California, followed by Texas, Florida and Louisiana. States with the lowest overall EAL scores are Rhode Island, Vermont and Delaware, among other Northeastern states. California is the most at risk of wildfire damage, with the highest EAL score in that disaster category. New Jersey is the most at risk of coastal flooding damage, with the highest EAL score in that category. Texas is the most at risk of hurricanes, river flooding and winter storm damage, with the highest EAL scores in those categories. The takeaway: “Americans continue to live in—and move to—the areas most at risk of disasters,” the report stated. “Coastal counties, for example, make up 10% of the nation’s land, but hold 40% of the population. Our analysis shows many of the states most threatened by disasters are home to some of the most in-demand metro areas for homebuyers.” Click here to read the full report. The post Homebuying and Climate Change: The Riskiest and Safest Places in 2022 appeared first on RISMedia......»»

Category: realestateSource: rismedia8 hr. 40 min. ago Related News

These Cities Have the Largest Share of Million-Dollar Homes

Though home prices have risen significantly over the past two years, paying $1 million or more for a house may still seem excessive to most Americans. To find out where million-dollar houses are most common, LendingTree recently released analysis of its housing data that looked at the share of million-dollar homes in each of the… The post These Cities Have the Largest Share of Million-Dollar Homes appeared first on RISMedia. Though home prices have risen significantly over the past two years, paying $1 million or more for a house may still seem excessive to most Americans. To find out where million-dollar houses are most common, LendingTree recently released analysis of its housing data that looked at the share of million-dollar homes in each of the nation’s 50 largest metropolitan areas. Key findings from the data: Million-dollar homes are relatively uncommon in most of the country. An average of only 4.71% of the owner-occupied homes in the nation’s 50 largest metros are valued at $1 million or more. The prevalence of million-dollar homes can vary significantly by metro. For example, 52.89% of owner-occupied homes are valued at $1 million or more in San Jose, California, making it the only one of the nation’s 50 largest metros where a majority of owner-occupied homes are worth at least $1 million. Of the 10 metros with the largest share of million-dollar homes, the four with the highest percentage are in California. Buffalo, New York, Cleveland, Ohio, and Pittsburgh, Pennsylvania, have the smallest share of homes valued at $1 million or more. The takeaway: “As home prices continue to rise and million-dollar-plus homes become more common, it will become even more important to implement policies meant to help lower-income families find affordable housing,” said LendingTree’s Senior Economist and report author, Jacob Channel. “If left unchecked, rampant home price growth will continue to make owning a home an unreachable goal for millions of Americans.” To view the full report and city rankings, click here. The post These Cities Have the Largest Share of Million-Dollar Homes appeared first on RISMedia......»»

Category: realestateSource: rismedia8 hr. 40 min. ago Related News

China"s War Machine Is Betting The Future On Drones

China's War Machine Is Betting The Future On Drones By Andrew Thornebrooke of the Epoch Times A swarm of drones flies through the night sky over the Pacific. Shrouded in darkness and less than 100 miles from the California coastline, they go in groups of fours and sixes, stalking U.S. Navy vessels. They whir about over the ships’ bows, gathering intelligence to deliver to faceless masters. They match the speed of the naval vessels, flying unimpeded in low visibility for as long as four hours at a time. The alarmed crews of the ships have no idea where they came from or what their purpose is. This is not the plot of an up-and-coming spy thriller, but a series of actual events that took place in July 2019. A People's Liberation Army (PLA) Air Force WZ-7 high-altitude reconnaissance drone is seen a day before the 13th China International Aviation and Aerospace Exhibition in Zhuhai, southern China's Guangdong Province on Sept. 27, 2021 The chilling encounters raised alarms throughout the Navy and brought forth an investigative apparatus composed of elements of the U.S. Navy, Coast Guard, and FBI. Members of the Joint Chiefs of Staff and the commander of the Pacific Fleet were kept primed with updates on the situation. “If the drones were not operated by the American military, these incidents represent a highly significant security breach,” said one investigative report based on the ships’ logs. Yet, the nature of the drones, where they came from, and who deployed them remained a mystery for more than two years. However, a new investigative report published by The Drive in June shed light on the incidents, which totaled at least eight encounters involving several unmanned aerial vehicles (UAVs) that were previously referred to simply as UFOs in the press. The report, based on Navy materials newly obtained through multiple Freedom of Information Act requests, pinpoints the launching point of the drones as a civilian bulk carrier operating in the area at the time. That ship, the MV Bass Strait, is owned and operated by Pacific Basin, flagged out of Hong Kong. “The Navy assessed that the commercial cargo ship was likely conducting surveillance on Navy vessels using drones,” the report said. During its first-ever operational voyage, the ship may have been linked to previously unknown incidents in March and April 2019, including “intelligence collection operations” targeting the USS Zumwalt, America’s most advanced surface combatant. “Active surveillance of key naval assets is being conducted in areas where they train and employ their most sensitive systems, often within close proximity to American shores,” the report said. A model of an FL-71 drone is seen on display at the Chinese Defense Information Equipment and Technology exhibition in Beijing on June 18, 2019. China’s Growing Drone Force It is too early to say what connection, precisely, the crew of the Bass Strait, Pacific Basin, and the Chinese Communist Party (CCP) share. Nevertheless, the incident underscores the central role that drones are to play in the next stage of modern warfare and how they are already shaping the battlefield and intelligence gathering processes. As it so happens, the Chinese Communist Party (CCP) is betting big on drone warfare. The regime has invested heavily for over a decade into everything from cheap and expendable commercial quadcopters to resource-heavy high-altitude long-endurance drones. Indeed, the CCP and its military wing, the People’s Liberation Army (PLA), have undertaken numerous UAV projects since the early 2000s. However, the first appearance of a large-scale Chinese-built stealth drone came shortly into CCP leader Xi Jinping’s tenure. Likely built from data obtained from the Iranian capture of an advanced American drone in 2011, China’s “Sharp Sword” was just the first of many advanced UAVs, built through the assistance of foreign technologies gathered as part of the regime’s comprehensive program of technology theft. Since then, the CCP has funded dozens of varieties of UAVs using a plethora of state-owned corporations that also build the regime’s space and missile technologies. From larger combat drones like the Sharp Sword to small quadcopter drones like those spotted near California to rocket-powered supersonic vehicles intended to zip through the sky gathering targeting information, the CCP buys everything drone-related. Moreover, the CCP is already building out its drone capabilities across the spectrum of its military assets, deploying those capabilities in some of the world’s most contested regions. China’s third and newest aircraft carrier, the Fujian, is expected to host a variety of drones. Its electromagnetic catapult system will prove invaluable for quickly launching differently weighted drones with adjustable torque. That effort will likely build on operational lessons learned from the last several years, as China’s second aircraft carrier, the Shandong, was spotted in early June this year with a small fleet of “commercial or commercial-derivative drones” on its flight deck, according to one report’s analysis of images that appeared on Chinese social media platform Weibo. “[The images] do underscore the Chinese People’s Liberation Army’s ever-increasing efforts to develop and field various types of unmanned aircraft, including those that can operate together in networked swarms, and often with an eye toward performing various roles in the maritime domain,” one report said. If that were not enough to underscore the regime’s ambition to dominate the strategic space with a new, drone-first approach to military engagement, there is now the case of the Zhu Hai Yun. The Zhu Hai Yun is a 290-foot ocean research vessel designed to deploy various underwater and airborne drones for various purposes. The ship is also a drone and can either be remotely controlled by a pilot or left to navigate the open seas autonomously. In the words of its manufacturer, it is the “world’s first intelligent unmanned system mother ship.” And though Beijing has officially described that mothership as a maritime research tool, a South China Morning Post report acknowledged that the vessel indeed hosts military capabilities that can “intercept, besiege, and expel invasive targets.” That news is likely to displease U.S. military leadership, which is not likely to deploy its own such vessel for six more years. Watching, Learning, Preparing As the pace of China’s military drone development has accelerated, the rate of international incidents related to drones has also increased. In August 2021, Japan Self Defense Forces led multiple sorties of fighter jets over several days to intercept PLA drones caught flying south of Okinawa. The drones, comparable in size to the United States’ Predator and Reaper drones, were believed to be collecting strategic intelligence on the Miyako Strait, which provides the PLA with a critical point of entry to the Pacific, and has been the site of increasing Chinese military excursions for the past decade. The incident serves as a poignant reminder of what so much of China’s drone fleet serves to do: secure vital strategic intelligence for the coordination of military actions. And it is this point that brings one back to the issue of just what several groups of drones launched from a Hong Kong freight ship were doing spying on U.S. Navy vessels near the coast of California. If such actions were directly or indirectly tied to the sprawling military-security apparatus of China’s communist government, what would be the end goal for the intelligence gathered? What is the action in “actionable intelligence”? To that question, one analysis found that 2019’s “adversary drones” were “meant to stimulate America’s most capable air defense systems and collect extremely high-quality electronic intelligence data on them.” “By gathering comprehensive electronic intelligence information on these systems, countermeasures and electronic warfare tactics can be developed to disrupt or defeat them,” the report said. “Capabilities can also be accurately estimated and even cloned, and tactics can be recorded and exploited.” “That swarm could have been, and likely was, sucking up, or helping another nearby platform suck up, all that sensitive … data on the most capable warships on earth and at very close range.” In essence, the drones were achieving two things. The first was the blanket intelligence gathered from spying on U.S. naval vessels up close. The second was learning what would draw an American response and what that response would be. In this way, the drones were baiting U.S. naval vessels, soaking up intelligence about their response (or lack thereof) for future actions that could not only inform the Chinese military about the technical specifications of U.S. ships, but also how to manipulate their crews and protocols to learn how American forces would behave in conflict. Winning the Next War Such tools have very real consequences for the United States, its allies and partners, and the greater liberal international order. Perhaps nowhere more so than in the acute threat of a CCP invasion of the democratic Taiwan, which has maintained its de facto independence since 1949. Despite that independence, and despite the fact that the CCP has never ruled the island, the regime has made a central point of its current focus the forced unification of Taiwan with the mainland. Drones, it appears, are to play a central role in that endeavor. In late 2021, the PLA launched a miniature aircraft carrier designed to deploy and recover swarms of drones. Such staging vehicles are designed to work alongside surface combatants to disrupt military operations in the maritime domain by swarming enemy targets or rendering them less effective through distraction. continue reading over at The Epoch Times Tyler Durden Wed, 06/29/2022 - 23:40.....»»

Category: blogSource: zerohedge8 hr. 40 min. ago Related News

North Korean Hacking Group Behind $100M Horizon Bridge Hack: Report

The Lazarus Group – a North Korean hacking group believed to be supported by the Kim regime – is likely behind last week’s hack of Harmony Bridge, according to new analysis by blockchain research firm Elliptic......»»

Category: forexSource: coindesk14 hr. 28 min. ago Related News

Tecsys Reports Financial Results for the Fourth Quarter and Full Year Fiscal 2022

SaaS revenue up 41% for the full year  MONTREAL, June 29, 2022 /CNW/ -- Tecsys Inc. (TSX:TCS), an industry-leading supply chain management SaaS company, today announced its results for the fourth quarter and full year of fiscal year 2022, ended April 30, 2022. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS). Fourth Quarter Highlights: SaaS revenue increased by 40% to $7.7 million, up from $5.5 million in Q4 2021. Annual Recurring Revenue (ARRi) at April 30, 2022 was up 20% to $62.7 million compared to $52.5 million at April 30, 2021. SaaS subscription bookingsi (measured on an ARRi basis) were $4.5 million, up 29% compared to $3.5 million in the fourth quarter of 2021. Professional services revenue was up 6% to $12.9 million compared to $12.2 million in Q4 2021. Total revenue was $34.3 million, 6% higher than $32.4 million reported for Q4 2021. Gross margin was 44% compared to 49% in the prior year quarter. Total gross profit decreased to $15.1 million, down 4% from $15.7 million in Q4 2021. Operating expenses increased to $13.8 million, higher by $0.7 million or 6% compared to $13.1 million in Q4 fiscal 2021, with continued investment in sales and marketing. Profit from operations was $1.3 million, down 50% from $2.6 million in Q4 2021. Net profit was $2.6 million or $0.17 per share on a fully diluted basis compared to a net profit of $2.0 million or $0.14 per share for the same period in fiscal 2021.  Net Profit was positively impacted in the three and twelve months ended April 30, 2022 as a result of the recognition of approximately $1.9 million net deferred tax assets and the recognition of approximately $0.6 million gain on remeasurement of lease liability. Adjusted EBITDAii was $1.7 million, down 56% compared to $3.9 million reported in Q4 2021. A weaker USD to CAD exchange rate negatively impacted revenue and Profit from operations and Adjusted AEBITDA by approximately $0.7 million compared to the same quarter last year. "Our solid fourth quarter results cap off a compelling year of top-line growth. SaaS bookings drove our double digit Annual Recurring Revenue growth for the year and resulted in SaaS revenue growth of 47% on a constant currency basis.  We are proud of our performance as the pandemic headwinds begin to subside and the potential emergence of tailwinds position us for continued growth well into the future." said Peter Brereton, president and Chief Executive Officer of Tecsys Inc. "Healthcare continues to be a significant contributor as we added another two networks in the quarter for a total of eight in the fiscal year.  The rising adoption of our agile end-to-end SaaS supply chain solutions by leading companies as the vendor of choice cements the important role we play in their digital transformation journeys and validates our strategy as well poised for continued success." Mark Bentler, chief financial officer of Tecsys Inc., added, "Looking ahead, we believe our evolution as a SaaS company and our drive to expand our partner ecosystem will continue to have an impact on our revenue mix.  From an investment standpoint, we believe our existing professional services capacity is adequate for the near term.  We believe that our prior investments in sales and marketing put us in a solid position to grow as productivity continues to improve.  Our investment in research and development during the fourth quarter will impact Q1 of fiscal 2023, but we expect investment to moderate beyond that point." Results from operations 3 months ended 3 months ended Fiscal Yearended Fiscal Yearended April 30, 2022 April 30, 2021 April 30, 2022 April 30, 2021 Total Revenue $ 34,288 $ 32,374 $ 137,200 $ 123,101 Cloud, Maintenance and Subscription Revenue 15,716 13,836 59,627 52,879 Gross Profit 15,130 15,723 60,310 60,630 Gross Margin % 44 % 49 % 44 % 49 % Operating Expenses 13,819 13,092 54,934 49,949 Op. Ex. As % of Revenue 40 % 40 % 40 % 41 % Profit from Operations 1,311 2,631 5,376 10,681 Adjusted EBITDAii 1,730 3,917 10,130 16,220 EPS basic 0.18 0.14 0.31 0.50 EPS diluted 0.17 0.14 0.30 0.49 License Bookings 540 752 2,402 4,288 SAAS ARR Bookings 4,457 3,493 11,920 9,548 Annual Recurring Revenue 62,737 52,485 Professional Services Backlog 33,427 33,639   Fiscal 2022 Highlights: SaaS revenue increased 41% to $26.9 million, up from $19.2 million in fiscal 2021. SaaS subscription bookingsi increased 25% to $11.9 million compared to $9.5 million in fiscal 2021. Professional services revenue was up 9% to $52.0 million compared to $47.5 million in fiscal 2021. Total revenue was $137.2 million, up 11% from $123.1 million reported in fiscal 2021. Gross margin was 44% compared to 49% for fiscal 2021. Total gross profit decreased to $60.3 million, down $0.3 million or 1% compared to $60.6 million in the same period last year. Operating expenses increased to $54.9 million, higher by $5.0 million or 10% compared to $49.9 million in the same period of fiscal 2021. Profit from operations was $5.4 million, down from $10.7 million in the same period of fiscal 2021. Net profit was $4.5 million, or $0.30 per diluted share, compared to a profit $7.2 million or $0.49 per share, for fiscal 2021. Adjusted EBITDAii was $10.1 million, down 38% compared to $16.2 million for fiscal 2021. A weaker USD to CAD exchange rate negatively impacted revenue by $6.6 million and Profit from operations and Adjusted AEBITDA by $5.2 million compared to the same period last year. On June 29, 2022, the Company declared a quarterly dividend of $0.07 per share payable on August 5, 2022 to shareholders of record at the close of business on July 15, 2022. Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends. i See Key Performance Indicators in Management's Discussion and Analysis of the 2022 Financial Statements.ii See Non-IFRS Performance Measures in Management's Discussion and Analysis of the 2022 Financial Statements. Fourth Quarter and Full Year Fiscal 2022 Results Conference CallDate: June 30, 2022Time: 8:30am EDTPhone number: (800) 758-5606 or (416) 641-6662 The call can be replayed until July 7, 2022 by calling:(800) 558-5253 or (416) 626-4100 (access code: 22019359) About Tecsys Tecsys is a global provider of supply chain solutions that equip the borderless enterprise for growth. Organizations thrive when they have the software, technology and expertise to drive operational greatness and deliver on their brand promise. Spanning healthcare, retail, service parts, third-party logistics, and general wholesale high-volume distribution industries, Tecsys delivers dynamic and powerful solutions for warehouse management, distribution and transportation management, supply management at point of use, retail order management, as well as complete financial management and analytics solutions. Tecsys' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS. For more information on Tecsys, visit www.tecsys.com. Forward Looking Statements The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.'s business can be found in the MD&A section of the Company's annual report and the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR (www.sedar.com).  Copyright © Tecsys Inc. 2022. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners. Non-IFRS Measures  Reconciliation of EBITDA and Adjusted EBITDA EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation, fair value adjustment on contingent consideration earnout, restructuring costs, gain on remeasurement of lease liability and recognition of tax credits generated in prior periods. The exclusion of interest expense, interest income, income taxes and restructuring costs eliminates the impact on earnings derived from non-operational activities, and the exclusion of depreciation, amortization, and share-based compensation, fair value adjustments, gains and losses on remeasurement of lease liabilities and recognition of tax credits generated in prior years eliminates the non-cash impact of these items. For the year ended April 30, 2022, we amended the definition of Adjusted EBITDA to include adjustments for the gain on remeasurement of lease liability and the recognition of tax credits generated in prior periods as a result of new significant non-cash transactions. The Company believes that these measures are useful measures of financial performance without the variation caused by the impacts of the items described above and that could potentially distort the analysis of trends in our operating performance. In addition, they are commonly used by investors and analysts to measure a company's performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement. Excluding these items does not imply that they are necessarily non-recurring. Management believes these non-GAAP financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and future prospects in a manner similar to management. Although EBITDA and Adjusted EBITDA are frequently used by securities analysts, lenders and others in their evaluation of companies, it has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under IFRS.The EBITDA and Adjusted EBITDA calculation for fiscal 2022, 2021 and 2020 derived from IFRS measures in the Company's Consolidated financial statements, is as follows: Year ended April 30, (in thousands of CAD) 2022 2021 2020 Profit for the period $    4,478 $    7,188 $    2,346 Adjustments for: Depreciation of property and equipment and right-of-use assets 2,162 2,180 2,004 Amortization of deferred development costs 290 269 536 Amortization of other intangible assets.....»»

Category: earningsSource: benzinga15 hr. 56 min. ago Related News

Market-Beating Dividend ETFs of 1H

Year to date, the Dow Jones, the S&P 500 and Nasdaq are all deep in correction territory. Only a few high-dividend ETFs are in the positive zone. The year 2022 as a whole could easily be attributed to the Russia-Ukraine war, red-hot inflation and rising-rate worries. No wonder, such worries caused an upheaval in the market this year. In Q1, Wall Street witnessed its worst performance in two years. Q2 also did not offer any respite to investors.Year to date, the Dow, the S&P 500 and Nasdaq are all deep in correction territory (down at least 10% from the previous record high), with the Nasdaq getting a massive battering as the tech-heavy index is in the red (down at least 20% from the previous high).Heightened rising rate worries amid super-hawkish cues from the Fed and the resultant recessionary fears have bummed out Wall Street this year. Overall, the S&P 500 is down 18.2% in 2022. The Nasdaq Composite is off 26%, the Dow Jones has lost about 13.5% while the Russell 2000 has skidded 21% year to date.The benchmark treasury yield hovered in the range of as high as 1.63% to 3.49% this year on faster Fed rate hikes. To contain the red-hot inflation, central banks are tightening policies. The Fed had enacted three rate hikes so far this year and pushed through a total hike worth of 150 basis points.Against this backdrop, dividend ETFs acted as a great safety. Be it a bull or a bear market, investors mostly love dividend-paying stocks. After all, who doesn’t like a steady stream of current income along with capital appreciation?Even if the stock or the fund falls, higher current income would go a long way in protecting investors’ total returns. After all, high-dividend ETFs provide investors with avenues to make up for capital losses, if that happens at all.Below we highlight a few top-performing dividend ETFs of this year that yielded handsomely too.ETFs in FocusiShares Core High Dividend ETF (HDV) – Up 1.9%; Yields 3.10% annuallyThe underlying Morningstar Dividend Yield Focus Index offers exposure to high quality U.S. domiciled companies that have had strong financial health and an ability to sustain above average dividend payouts.Pacer Global Cash Cows Dividend ETF GCOW – Up 1.7%; Yields 4.59% annuallyThe underlying Pacer Global Cash Cows Dividend Index uses an objective, rules-based methodology to provide exposure to global companies with high dividend yields backed by a high free cash flow yield.WisdomTree US High Dividend Fund DHS – Up 1.6%; Yields 3.35% annuallyThe underlying WisdomTree U.S. High Dividend Index is a fundamentally weighted index that measures the performance of companies with high dividend yields selected from the WisdomTree Dividend Index.First Trust Morningstar Dividend Leaders Index Fund FDL – Up 1.5%; Yields 4.37% annuallyThe underlying Morningstar Dividend Leaders Index consists of stocks listed on one of the three major exchanges, NYSE, NYSE Amex or Nasdaq, that have shown dividend consistency and dividend sustainability.Invesco High Yield Equity Dividend Achievers ETF PEY – Up 0.8%; Yields 4.02% annuallyThe underlying NASDAQ US Dividend Achievers 50 Index is comprised of 50 stocks selected principally on the basis of dividend yield and consistent growth in dividends.Invesco S&P Ultra Dividend Revenue ETF RDIV – Up 0.5%; Yields 3.35% annuallyThe underlying S&P 900 Dividend Revenue-Weighted Index is constructed using a rules-based methodology that starts with the S&P 900 Index, subject to a maximum 5% per company weighting. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>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 Invesco High Yield Equity Dividend Achievers ETF (PEY): ETF Research Reports First Trust Morningstar Dividend Leaders ETF (FDL): ETF Research Reports WisdomTree U.S. High Dividend ETF (DHS): ETF Research Reports Invesco S&P Ultra Dividend Revenue ETF (RDIV): ETF Research Reports Pacer Global Cash Cows Dividend ETF (GCOW): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks18 hr. 56 min. ago Related News

Why Is The VIX So Low? A Surprising Answer Emerges In The Market"s Microstructure

Why Is The VIX So Low? A Surprising Answer Emerges In The Market's Microstructure One of the most frequent questions tossed around Wall Street trading desks (and strip clubs), and which was duly covered by Bloomberg recently in "Fear Has Gone Missing in Wall Street’s Slow-Motion Bear Market", is why despite the crushing bear market and the coming recession, does the VIX refuse to rise sustainably above 30, or in other words, why is the VIX so low? As Goldman's Rocky Fishman wrote in a recent note "Option Markets Take the SPX Bear Market in Stride" (available to professional subs), "one of the most popular questions we have received is why the VIX hasn't surpassed its March peak (36) despite the SPX being lower than it was in March and realized vol being higher than it was in March." Here, Fishman notes that implied volatility was unusually high in March, and the current VIX level (29) is only slightly low for the current level of realized vol. Furthermore, a VIX around 30 typically happens with the 5Y CDX HY spread above 600, and although it has risen steadily it's currently in the mid 500's. Meanwhile, even as the VIX has fallen moderately since late April, both vol risk premium and skew have both fallen dramatically. Picking up on this quandary, overnight JMorgan also joined the discussion with its analyst Peng Cheng laying out his own thoughts on why the VIX remains so low (note is also available to professional subs), and similar to Goldman notes that the current bear market, despite being deeper in magnitude, has produced VIX levels well below the peak observed during previous market sell-offs: However, unlike Goldman which mostly analyzes the VIX in the context of a macro framework, JPM's Cheng offers observations based on his analysis of market microstructure in both equity and options markets. Cheng starts with the previously noted low realized volatility: as the JPM strategist writes, YTD, the SPX realized vol, measured on a close to close basis, is only 25.5, which means that delta-hedged put options would have lost money in the gamma component. From a technical perspective, JPM believes that return volatility is dampened by a lack of intraday price momentum and increasingly frequent occurrences of intraday price reversal. As seen in the next chart, intraday reversal has only started to become noticeable in the last two years. Prior to that, intraday momentum was the dominant market behavior. This diminishing intraday price momentum has had a non-trivial impact on realized volatility, according to JPM which estimates that if the intraday return correlation remained the same as pre-pandemic, YTD volatility would be close to 28.8, or 3.3 vol points higher than realized. As an aside, those asking for the reason behind this change in intraday patterns in the last couple of years, Cheng notes that "this is a complex topic" but in short, his view is that it is a result of 1) crowding in intraday momentum trading strategies and 2) a potential shift in option gamma dynamics as discussed below. Supply/demand of S&P 500 options: Although the estimation of market level option gamma profile is highly dependent on many factors, including assumptions on open interest, OTC options, and leveraged ETFs, etc., in a report published earlier this year, JPM's quants presented a more dynamic estimation of the gamma profile by using tick level data. Specifically, they assigned directions to SPX and SPY option trades based on their distance to the best bid/offer at the tick level, rather than the constant assumption of investors being outright long puts and short calls. The updated results are shown below. Tha chart shows that starting in 2020, the put gamma imbalance has fallen meaningfully. This is the result of investors’ changing preference from buying outright puts to put spreads for protection, in JPM's view. And year to date, the decline in gamma demand has not improved. Moreover, and echoing what we have said on several recent occasions, JPM notes that judging from the outright negative put gamma imbalance in early 2022, it appears that investors have been monetizing hedges that had been held since 2021 - note the consistently positive and relatively elevated put gamma imbalance throughout 2021, which suggests that protections were put on during this period. More in the full note available to pro subs Tyler Durden Wed, 06/29/2022 - 15:05.....»»

Category: blogSource: zerohedge18 hr. 56 min. ago Related News

Biden"s top student-loan official says he"s "pushing hard" to give public servants more time to apply for debt relief

Student-loan borrowers have until October 31 to use the Public Service Loan Forgiveness waiver — but Richard Cordray signaled a possible extension. FSA head Richard CordrayPete Marovich/Getty Images) FSA head Richard Cordray said he's looking into an extension of the PSLF waiver. The waiver would allow public servants with previously ineligible payments to count them toward student-loan relief. But it's currently expiring on October 31, and some worry that's too soon for everyone to benefit. President Joe Biden's top student-loan official suggested relief might be extended for government and nonprofit workers.In October, the Education Department announced reforms to the Public Service Loan Forgiveness (PSLF) program, which is intended to forgive student debt for public servants after ten years of qualifying payments. Included in those reforms was a limited-time waiver through October 31, 2022 that would allow previously ineligible payments to qualify for the program, and the department estimated the waiver alone would bring 550,000 borrowers closer to relief. But October 31 is just over four months away, and head of Federal Student Aid Richard Cordray said during a National Association of Student Financial Aid Administrators (NASFAA) conference this week that he is worried the waiver will expire before all eligible borrowers can make use of it. "We are pushing hard to get approval if we can get it extended," Cordray said.According to NASFAA, Cordray added that further extending the waiver could face challenges due to limits in executive authority, but it's unclear what those limits are. As of June 1, the Education Department has approved $8.1 billion in loan forgiveness for 145,000 borrowers under the PSLF reforms, but as Insider has previously reported, some borrowers are still continuing to face hurdles accessing relief through the program due to administrative errors and obstacles from federal laws around student debt. For example, a recent analysis from advocacy group Student Borrower Protection Center found that while 9 million public servants are eligible for student-loan forgiveness, only 2% of them have actually gotten their debt wiped out — and fewer than 15% have filed paperwork to track their PSLF progress.And for a particular subset of student-loan borrowers — those who combined their debt balances with a spouse — law currently prohibits them from separating their loans into ones that would be eligible for PSLF, meaning Congress has 4 months to change the law or those borrowers who are public servants will not get relief.Democratic Sens. Sheldon Whitehouse of Rhode Island and Jeff Merkley of Oregon introduced a bill earlier this month that would reduce the number of qualifying payments to PSLF to 60 payments over five years and allow any prior student-loan payment to qualify toward forgiveness progress, and advocates have pushed for the waiver to be extended to make up for years of flaws with PSLF that have blocked those eligible from student-loan forgiveness."This is not the time to cut corners in getting that relief to as many people as possible, which is why President Biden must extend the limited PSLF waiver and support us in helping our members access PSLF," American Federation of Teachers President Randi Weingarten said in a recent statement.The Education Department has not commented on the likelihood of a waiver extension, and in the meantime, it said it's prepared to implement whatever decision Biden makes on broad student-loan forgiveness, likely to be announced in July or August.Read the original article on Business Insider.....»»

Category: topSource: businessinsider19 hr. 28 min. ago Related News

Why Is Carnival (CCL) Stock Down 14% Today?

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Shares of CCL stock are under pressure today following a pessimistic analysis by prominent Wall Street firm Morgan Stanley. The post Why Is Carnival (CCL) Stock Down 14% Today? appeared first on InvestorPlace. More From InvestorPlace $200 Oil Sooner Than You Think – Buy This Now The Best $1 Investment You Can Make Today Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air” It doesn’t matter if you have $500 in savings or $5 million. Do this now......»»

Category: topSource: investorplace20 hr. 40 min. ago Related News

4 Sector ETFs That Survived Market Turmoil in June

June has proved to be a brutal month for the stock market. The combination of factors such as decades-high inflation, the Russia-Ukraine conflict and Fed???s aggressive tightening policy are weighing heavily on investors' sentiment. June has proved to be a brutal month for the stock market. The S&P 500 Index entered a bear market in mid-June but retreated last week on bargain hunting. In fact, the benchmark jumped more than 6% last week, its first weekly advance since late May and its second-best week of 2022 to date. This has made up for some losses for the month.The S&P 500 is down more than 7% in June. Despite the broad indices’ losses, a few sector ETFs survived the turmoil. These include Global X Solar ETF RAYS, Volt Crypto Industry Revolution & Tech ETF BTCR, Virtus LifeSci Biotech Clinical Trials ETF BBC and Global X Lithium & Battery Tech ETF LIT.The combination of factors such as decades-high inflation, the Russia-Ukraine conflict and Fed’s aggressive tightening policy are weighing heavily on investors’ sentiment. Investors have increasingly been concerned that the economy will plunge into recession (read: 5 Undervalued ETFs to Buy for Second Half 2022).The sell-off in the S&P 500 Index aggravated when the Fed raised interest rates by 75 bps in its latest FOMC meeting — the biggest increase since 1994 — and signaled continued tightening ahead, which could further weigh on stocks. Fed Chair Jerome Powell said that another hike of 50 or 75 bps at the next meeting in July is likely. An increase in interest rates means higher loan rates for consumers and businesses, including mortgages, credit cards and auto loans that will likely cut consumer spending and hurt economic growth.Additionally, rounds of data suggest a slowdown in economic activity in the key sectors. Mortgage rates reached their highest levels in more than 13 years, while retail sales registered a bigger-than-expected drop in May as record gasoline prices prompted households to cut back on spending. As the global economy is struggling with skyrocketing inflation and low growth, the World Bank has warned of a recession. The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are curtailing growth.Global X Solar ETF (RAYS) – Up 10.3%Global X Solar ETF seeks to invest in companies positioned to benefit from the advancement of the global solar technology industry. This includes companies involved in solar power production; the integration of solar into energy systems; and the development/manufacturing of solar-powered generators, engines, batteries, and other technologies related to the utilization of solar as an energy source.Global X Solar ETF has accumulated $7.6 million in its asset base and charges 50 bps in annual fees.Volt Crypto Industry Revolution & Tech ETF (BTCR) – Up 9.2%Volt Crypto Industry Revolution & Tech ETF is the first ETF offering exposure to Bitcoin companies and its supporting infrastructure. It employs a call options overlay designed to boost performance in extreme run-ups of companies with high bitcoin-correlation. BTCR is actively managed and looks to indicators such as the stock-to-flow model to adjust its level of Bitcoin-related investments (read: 5 ETFs Surge As S&P 500 Slips to Bear Market).Volt Crypto Industry Revolution & Tech ETF has accumulated $2.8 million in its asset base and charges 85 bps in annual fees.Virtus LifeSci Biotech Clinical Trials ETF (BBC) – Up 8.9%Virtus LifeSci Biotech Clinical Trials ETF offers exposure to companies with promising drugs in clinical human trials that have not yet been approved by the FDA or gone into production. Virtus LifeSci Biotech Clinical Trials ETF follows the LifeSci Biotechnology Clinical Trials Index and holds 196 securities in its basket.Virtus LifeSci Biotech Clinical Trials ETF has amassed $15.7 million in its asset base and charges 79 bps in fees per year from its investors. It carries a Zacks ETF Rank #3 (Hold) with a High risk outlook (read: ETFs Winners of S&P 500's Second Best Week in 2022).Global X Lithium & Battery Tech ETF (LIT) – Up 1.3%Global X Lithium & Battery Tech ETF invests in companies throughout the lithium cycle, including mining, refinement and battery production, cutting across the traditional sectors and geographic definitions by tracking the Solactive Global Lithium Index. It holds 40 securities in its basket, with the Chinese firms taking the largest share at 39.5%, followed by the United States (20.8%) and South Korea (12%).Global X Lithium & Battery Tech ETF charges investors 75 bps in annual fees and has amassed $4.7 billion in AUM. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>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 Virtus LifeSci Biotech Clinical Trials ETF (BBC): ETF Research Reports Global X Lithium & Battery Tech ETF (LIT): ETF Research Reports Global X Solar ETF (RAYS): ETF Research Reports Volt Crypto Industry Revolution and Tech ETF (BTCR): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks20 hr. 40 min. ago Related News

Mastercard (MA), Softcell Tie Up to Boost Cybersecurity in India

Mastercard (MA) collaborates with Softcell, which will distribute MA's RiskRecon to its customers across India and empower them to counter cybersecurity threats. Mastercard Incorporated MA recently joined forces with the Mumbai-based IT service provider and systems integrator company Softcell Technologies Global Pvt. Ltd. to expand the distribution of one of its cybersecurity offerings across Softcell customers throughout India.The cybersecurity product mentioned above refers to the third-party cyber risk management platform of Mastercard — RiskRecon. The platform enables organizations to detect and counter those cybersecurity threats that take place across supply chains and third-party vendors. RiskRecon comes with a self-scan tool that utilizes non-invasive techniques to examine the cybersecurity risk posture of the public systems of an organization.Following the latest partnership, the customer base of Softcell across diversified industries will be able to avail the exclusive scanning and evaluation technologies of RiskRecon and set up a solid digital safety framework. This, in turn, is likely to empower the customers to protect their businesses from the continuous incidence of cyber threats by extending uninterrupted real-time information for proactive management of cyber risks and protecting critical intellectual property, consumer and payment data.Initiatives similar to the latest one reflect Mastercard’s sincere efforts to enhance security in the digital ecosystem and create safe cyberspace. This seems to be the need of the hour, considering the increasing digitization of operations by most businesses to keep pace with the ongoing digital trend. While digitization has been a blessing in disguise for organizations to continue their businesses despite several COVID-19-induced volatilities, the trend to go digital encouraged fraudsters to devise sophisticated methods and technologies to indulge in cybercrimes. This is an alarming concern as cyberattacks compromise payments received by organizations and the confidential data of consumers. This, in turn, might lead to the incurrence of exorbitant costs.Therefore, companies similar to Mastercard providing a comprehensive portfolio of fraud detection solutions with high accuracy for varied industries will be best positioned to capitalize on the increasing incidence of cybersecurity threats. Softcell seems to be the apt partner for distributing Mastercard’s cybersecurity product to its customers in India. Softcell has a solid track record of pursuing a consulting-based approach in aiding businesses to upgrade infrastructure security. Certified professionals across key domains numbering more than 200 also aid Softcell.In addition to boosting presence in India, the recent effort to extend RiskRecon within the country seems to be time opportune as well. India was among one of the top three nations in Asia impacted by the most cyberattacks last year, per a global analysis report of International Business Machines Corporation IBM (published in The Economic Times). The country remains prone to cyberattacks from all across the globe due to its obsolete systems and processes, disjointed and incompetent cybersecurity infrastructure, and inadequate knowledge of cybersecurity.Mastercard remains committed to upgrading its cybersecurity suite on the back of continuous partnerships and significant investments. In April 2022, MA teamed up with the rapidly growing operational resilience company Interos to empower financial institutions with the latter’s credible risk-monitoring capabilities for quickly addressing third-party risks in their businesses. Mastercard even has a program to safeguard its network and platforms from cyber and information security threats.Shares of Mastercard have lost 11.9% in the past six months compared with the industry’s decline of 18.7%.Image Source: Zacks Investment ResearchMA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Similar to Mastercard, other companies like Visa Inc. V and American Express Company AXP are continuously rolling out a diverse range of fraud detection solutions to protect merchants and consumers engaging in digital means amid the growing incidence of cybercrimes.Visa launched the Advanced Identity Score in 2020 with the intent to minimize digital identity frauds and reduce operational costs associated with identity-related forgeries. V actively pursues technology investments to reduce the impact of fraud and safeguard consumer and merchant-oriented information. The CyberSource solution by Visa comprises a diversified portfolio of payment and fraud management tools.American Express has been making every effort to advance its digital arm to assist its merchants and Card Members globally. AXP has its proprietary automated accounts payable (AP) solution American Express One AP, which aims to address the robust demand for AP solutions that secure payment processes via digitization. American Express has collaborated with a few online fraud-prevention companies like Accertify, Microsoft and Riskified to stop card-not-present (CNP) fraud and ensure safer shopping for its worldwide merchants and Card Members.Shares of Visa and American Express have lost 8.2% and 14.9%, respectively, in the past six months. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 Mastercard Incorporated (MA): Free Stock Analysis Report Visa Inc. (V): Free Stock Analysis Report International Business Machines Corporation (IBM): Free Stock Analysis Report American Express Company (AXP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks20 hr. 40 min. ago Related News

Wall Street on Track for Worst 1H: 4 Top-Ranked ETFs Win

While there have been losers in many corners of the space, we highlight five ETFs from different industries that have gained in the first half of the year. Wall Street is about to post its worst first half in 50 years, thanks to persistently high inflation and an economic downturn caused by a hawkish Fed. Russia’s invasion of Ukraine added to the chaos. Notably, the S&P 500 is down nearly 18% this year — the worst since 1970 — as tracked by Dow Jones Market Data Group.While there have been losers in many corners of the space, we highlight five ETFs from different industries that have gained in the first half of the year. These have a solid Zacks ETF Rank #1 (Strong Buy) or 2 (Buy). The funds are, namely, Invesco Dynamic Energy Exploration & Production ETF PXE, Invesco KBW Property & Casualty Insurance ETF KBWP, Morningstar Dividend Leaders Index Fund FDL, and VanEck Vectors Pharmaceutical ETF PPH. These are likely to continue outperforming should the trends prevail.With inflation soaring to a four-decade high, the Fed raised interest rates by 75 bps in its latest FOMC meeting — the biggest interest-rate increase since 1994 — and signaled continued tightening ahead, which could further weigh on stocks. This is because an increase in interest rates means higher loan rates for consumers and businesses, including mortgages, credit cards and auto loans that will likely cut consumer spending, thereby hurting economic growth. The central bank is on pace to hike rates again in July by another 75 basis points, as tracked by the CME's Fed Watch Tool.Additionally, the latest rounds of data suggest a slowdown in economic activity in the key sectors. Mortgage rates reached their highest level in more than 13 years, while retail sales registered a bigger-than-expected drop in May as record gasoline prices prompted households to cut back on spending (read: 5 Undervalued ETFs to Buy for Second Half 2022).Further, as the global economy is struggling with skyrocketing inflation and low growth, the World Bank has warned of a recession.We have profiled the above-mentioned ETFs in detail below:Invesco Dynamic Energy Exploration & Production ETF (PXE) – Up 43.1%Invesco Dynamic Energy Exploration & Production ETF follows the Dynamic Energy Exploration & Production Intellidex Index, which thoroughly evaluates companies involved in the exploration and production of natural resources used to produce energy based on a variety of investment merit criteria, including price momentum, earnings momentum, quality, management action and value (read: Top ETF Stories of First-Half 2022 (revised)).Holding 32 stocks in its basket, Invesco Dynamic Energy Exploration & Production ETF has amassed $297.5 million in its asset base and charges 63 bps in annual fees. It has a Zacks ETF Rank #1 with a High risk outlook.Invesco KBW Property & Casualty Insurance ETF (KBWP) – Up 2.3%Invesco KBW Property & Casualty Insurance ETF provides exposure to the 25 leading national money centers and regional banks or thrifts. It follows the KBW Nasdaq Property & Casualty Index. Invesco KBW Property & Casualty Insurance ETF is concentrated on the top five firms that make up for more than 7% share each.Invesco KBW Property & Casualty Insurance ETF has managed $140.5 million in its asset base and expense ratio of 0.35%. KBWP has a Zacks ETF Rank #2 with a Medium risk outlook.First Trust Morningstar Dividend Leaders Index Fund (FDL) – Up 2.3%First Trust Morningstar Dividend Leaders Index Fund offers exposure to stocks that have shown the highest dividend consistency and sustainability by tracking the Morningstar Dividend Leaders Index. It holds 100 stocks in its basket with key holdings in financials, energy,  consumer staples, healthcare and information technology (read: ETF Areas Defying the Bear Market This Year: Can They Rally?).With AUM of $2.9 billion, First Trust Morningstar Dividend Leaders Index Fund charges 45 bps in annual fees from investors and has a Zacks ETF Rank #2 with a Medium risk outlook.VanEck Vectors Pharmaceutical ETF (PPH) – Up 0.6%VanEck Vectors Pharmaceutical ETF offers exposure to the companies involved in pharmaceuticals, including pharmaceutical research and development as well as production, marketing and sales of pharmaceuticals. It follows the MVIS US Listed Pharmaceutical 25 Index and holds 25 stocks in its basket.The product has amassed $545.9 million in its asset base and has expense ratio of 0.35%. VanEck Vectors Pharmaceutical ETF carries a Zacks ETF Rank #2 with a Medium risk outlook. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>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 VanEck Pharmaceutical ETF (PPH): ETF Research Reports First Trust Morningstar Dividend Leaders ETF (FDL): ETF Research Reports Invesco Dynamic Energy Exploration & Production ETF (PXE): ETF Research Reports Invesco KBW Property & Casualty Insurance ETF (KBWP): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks20 hr. 40 min. ago Related News

Don"t Fight The Fed

Don't Fight The Fed Authored by Michael Lebowitz via RealInvestmentAdvice.com, If we could only impart one bit of wisdom to our readers about today’s market it is “don’t fight the Fed.“ Unbeknownst to many investors, the saying, don’t fight the Fed, is a two-way street. It is easy for investors to grasp the advice when the Fed provides liquidity. During these periods of easy monetary policy, markets tend to grind higher daily. Volatility is low, meaningful declines are infrequent, and drawdowns tend to be shallow. But, when the Fed raises rates and reduces liquidity, it’s wise to appreciate that the trend is not often an investor’s friend. In this scenario, don’t fight the Fed is a warning to take a more conservative stance.   Given the Fed’s current hawkish monetary policy agenda and its effect on asset prices, we thought it might be helpful to share our thoughts on Fed-based trend analysis. The Fed Trend is Your Friend The Federal Reserve provides markets liquidity directly and indirectly. By purchasing or selling bonds, they affect the amount of investable dollars available to markets. They also provide liquidity directly to investors via the repo markets. Both actions directly affect the amount of money and securities in financial markets and, therefore, all financial asset prices. Equally important is the Fed’s indirect impact on liquidity. The perception that the Fed is supporting or not supporting markets is potent. Investors usually feel more confident knowing the Fed is adding liquidity, regardless of how much liquidity finds its way to markets. Conversely, as we see now, angst tends to arise when they remove liquidity. “Monetary policy is 98% talk.” – Ben Bernanke Raising and lowering interest rates is another way they indirectly affect liquidity. Higher rates make it more costly to leverage financial assets and vice versa for lower rates. So-called margin trades increase the purchasing power of buyers. Given the Fed’s direct and indirect influences, stocks often trend higher when the Fed is easing and fall when removing liquidity. Trend Management With an understanding of how the Fed influences markets, we need to consider the degree of “influence” they provide. Financial media pundits often rate the Fed and its members on a hawkish-dovish scale. A hawkish plan is one in which Fed members want a tighter monetary policy to slow economic growth and or inflation. A dovish stance implies easier policy to support or boost growth and or prices. The table below from InTouch Capital Markets is one such example. It is crucial to keep in mind the degree of hawkishness or dovishness is relative. For instance, Neel Kashkari is the most dovish member of the Fed today. Despite his dovish views, he is strongly advocating for a series of rate hikes and QT.  “Right now, it is easy to be a hawk because inflation is out of whack and the labor market is strong.”- Neel Kashkari Reducing interest rates once or twice by .25% is far different from dropping them abruptly to zero percent and starting an extensive QE purchase program as we saw in 2020. The more the Fed alters monetary policy, the greater the market effect. And, importantly, the steeper the resulting market price trends. Hawkish Dovish Slopes Price trends tend to be the steepest, up, or down when monetary policy is most extreme. Today, monetary policy is potentially more hawkish than at any time in the last 30 years. The graph below provides hypothetical examples of varying price trends based on Fed policy. The current environment is akin to the Strong Hawkish yellow line. The Strong Dovish orange line represents the previous two years of extremely easy monetary policy.   Analysis of the trend’s slope shifts with expectations for the Fed. For example, nine months ago, the upward trend started to flatten. At the time, inflation was rising rapidly, and the Fed began talking about interest rate hikes. Since the initial expectations were for small rate hikes and no QT, the trend flattening and ultimate shift toward a downward direction was gradual. Since then, the downward trend has steepened as Fed rhetoric has grown increasingly hawkish. The slope of the trend will shift with expectations for monetary policy. Inflation, economic growth, and employment drive those expectations. If inflation starts fading quickly and economic growth continues to weaken, we suspect the Fed’s tone will be less hawkish. In such a scenario, the downward slope of the trend will become less steep. At some point, the market will presume the Fed has tightened enough. Whether it’s a recession or much lower inflation, expectations for a change of policy stance will become more popular. Then a period of consolidation becomes likely. Expectations for QE and lower interest rates will likely follow, and the upward trend may resume.  S&P 500 2020-2022 Unfortunately, the trend analysis concept we discuss is abstract. While Fed-based trend analysis is helpful, it is impossible to quantify Fed dovishness and hawkishness into trend slopes. That said, understanding the slope and the trend can be a powerful risk management tool. The graph below shows the changing trend channels of the S&P 500 over the last two years. There are a few things worth pointing out in the graph. Between zero interest rates and unprecedented levels of QE, the Fed employed an exceptionally easy monetary policy from March 2020 until early 2022. As such, the trend higher was steep. The S&P 500 rose over 100% in less than two years! The upward trend was well defined, with support at the 100-day moving average (green) and resistance at 7.5% above the 100-day moving average (dotted green). Any breaks above or below the channel were opportunities to trade and rebalance. From September 2020 to June 2021, the S&P 500 closely tracked the upper green channel resistance. Around June 2021, investors started discussing the potential for a shift to a less dovish Fed stance. From that point, the S&P 500 started trading below resistance and occasionally touched support. The slope of the trend was flattening. We can see this as the trend pitch started declining (gray shaded area). As inflation rose beyond expectations and hawkish rhetoric became more common, the S&P started to consolidate (black channel). A new downward trend channel began in 2022 (red). As we see, the channel support is starting to establish itself. The Fed is unlikely to become more hawkish than it is today. The question is, when do they start to pivot to a less hawkish policy. At that time, the slope of the red channel is likely to flatten, and a bottoming process can begin. Summary The Fed has just started its tightening campaign. Rates have risen on three occasions by a total of 150bps. Fed Funds futures imply another 2% of rate hikes by the end of 2022. The current equity trend is sloping steeply downward. It will likely stay that way until the market thinks the Fed is letting up. At times prices will deviate toward the bottom of the channel and other times towards the top. Trading within the channel can be a valuable bear market trading tool. Don’t fight the Fed and short stocks when the Fed is providing liquidity. Equally important and pertinent to today, don’t fight the Fed by aggressively buying stocks when the Fed is pulling liquidity from markets. Tyler Durden Wed, 06/29/2022 - 12:45.....»»

Category: blogSource: zerohedge20 hr. 40 min. ago Related News

White House Is Quietly Modeling For $200 Oil "Shock"

White House Is Quietly Modeling For $200 Oil "Shock" While the Biden administration is hoping and praying that someone - anyone - will watch the comical "Jan 6" kangaroo hearsay court taking place in Congress and meant to somehow block Trump from running for president in 2024 while also making hundreds of millions of Americans forget that the current administration could very well be the worst in US history, it is quietly preparing for the worst. As none other than pro-Biden propaganda spinmaster CNN reports, when it comes to what really matters (at least according to Gallup), namely the economy, and specifically galloping gasoline prices, the White House is in a historic shambles. For an administration that ended last year forecasting a leveling off of 40-year high inflation and eager to tout a historically rapid recovery from the pandemic-driven economic crisis, there is a level of frustration that comes with an acutely perilous moment. Asked by CNN about progress on a seemingly intractable challenge, another senior White House official responded flatly: "Which one?" The suspects behind the historic implosion are well known: "soaring prices, teetering poll numbers and congressional majorities that appear to be on the brink have created no shortage of reasons for unease. Gas prices are hovering at or around $5 per gallon, plastered on signs and billboards across the country as a symbolic daily reminder of the reality -- one in which White House officials are extremely aware -- that the country's view of the economy is growing darker and taking Biden's political future with it." "You don't have to be a very sophisticated person to know how lines of presidential approval and gas prices go historically in the United States," a senior White House official told CNN. A CNN Poll of Polls average of ratings for Biden's handling of the presidency finds that 39% of Americans approve of the job he's doing. His numbers on the economy, gas prices and inflation specifically are even worse in recent polls. What CNN won't tell you is that Biden is now polling well below Trump at this time in his tenure. The CNN article then goes into a lengthy analysis of what is behind the current gasoline crisis (those with lots of time to kill can read it here) and also tries to explains, without actually saying it, that the only thing that can fix the problem is more supply, but - as we first explained - this can't and won't happen because green fanatics and socialist environmentalists will never agree to boosting output. Which brings us to the punchline: as CNN's Phil Mattingly writes, "instead of managing an economy in the midst of a natural rotation away from recovery and into a stable period of growth, economic officials are analyzing and modeling worst-case scenarios like what the shock of gas prices hitting $200 per barrel may mean for the economy." Well, in an article titled "Give us a plan or give us someone to blame", this seems like both a plan, and someone to blame. But unfortunately for Biden - and CNN which is hoping to reset expectations - it's only going to get worse, because as we noted moments ago, while nobody was paying attention, Cushing inventories dropped to just 1 million away from operational bottoms at roughly 20MM barrels. This means that the US is officially looking at tank bottoms. But wait, there's more... or rather, it's even worse, because as even Bloomberg's chief energy guru Javier Blas notes, over the last 2 weeks, the US gov has drained 13.7 million barrels from the SPR, "and yet, commercial oil stockpiles still fell 3 million barrels over the period." Just imagine, Blas asks rhetorically, "if the SPR wasn't there. Or what would happen post-Oct when sales end." OIL MARKET: Over the last 2 weeks, the US gov has injected 13.7 million barrels from the SPR into the market. And yet, commercial oil stockpiles still fell 3 million barrels over the period. Just imagine if the SPR wasn't there. Or what would happen post-Oct when sales end #OOTT — Javier Blas (@JavierBlas) June 29, 2022 And here is the punchline: at the current record pace of SPR drainage, one way or another the Biden admin will have to end its artificial attempts to keep the price of oil lower some time in October (or risk entering a war with China over Taiwan with virtually no oil reserve). This means that unless Putin ends his war some time in the next 5 months, there is a non-trivial chance that oil will hit a record price around $200 - precisely the price the White House is bracing for - a few days before the midterms. While translates into $10+ gasoline. And while one can speculate how much longer Democrats can continue the "Jan 6" dog and pony show as the entire economy implodes around them, how America will vote in November when gas is double digits should not be a mystery to anyone. Tyler Durden Wed, 06/29/2022 - 13:05.....»»

Category: blogSource: zerohedge20 hr. 40 min. ago Related News

More Fresh Profits

S&P 500 decisively turned around, and declined powerfully. The short entry was well placed, and open profits are likely to grow still before the bottom is reached. What we‘re likely to experience next, is tech-driven brief reprieve, which would help cushion heavy S&P 500 downside temporarily. The stock market downswing hasn‘t run its course though […] S&P 500 decisively turned around, and declined powerfully. The short entry was well placed, and open profits are likely to grow still before the bottom is reached. What we‘re likely to experience next, is tech-driven brief reprieve, which would help cushion heavy S&P 500 downside temporarily. The stock market downswing hasn‘t run its course though today‘s rising real asset prices would help the bulls temporarily. The dollar of course isn‘t really retreating, and neither the pressure on the Fed to raise, is relenting – yet precious metals keep holding up reasonably well. Is there a quiet money flow underway, one that sees long-dated Treasuries benefiting as well? I think so, and come autumn, this would become obvious. Crude oil apparently hasn‘t peaked either, no matter what those focusing solely on the real economy prospects say – remember, black gold is the one to top last, and I hadn‘t seen a decent spike yet. Time to go, for quite a few weeks more – and let the open profits grow too. 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 Let‘s move right into the charts (all courtesy of www.stockcharts.com). S&P 500 and Nasdaq Outlook The caption says it all – S&P 500 is primed to decline some more, but I‘m looking for a little counter trend move first. Odds are the bulls won‘t make it far. Credit Markets Bonds turned risk-off, and soundly so. Especially the HYG move holds great promise. As you can see, the TLT downswing is in its latter innings, and in need of some consolidation (one that would coincide with deteriorating economic data showing so) first. Crude Oil Oil is turning up, the next consolidation to arrive, would happen above the 50-day moving average. I like oil stocks having come to life (against the background of steep stock market decline) particularly. Bitcoin and Ethereum Business as usual in cryptos –  business just as lately. See how far Stochastics has risen while prices are already turning down. The weeks ahead appear one hell of a ride. Thank you for having read today‘s free analysis, which is available in full at my homesite. There, you can subscribe to the free Monica‘s Insider Club, which features real-time trade calls and intraday updates for all the five publications: Stock Trading Signals, Gold Trading Signals, Oil Trading Signals, Copper Trading Signals and Bitcoin Trading Signals. Thank you, Monica Kingsley Stock Trading Signals Gold Trading Signals Oil Trading Signals Copper Trading Signals Bitcoin Trading Signals www.monicakingsley.co mk@monicakingsley.co All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice. Updated on Jun 29, 2022, 10:28 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});.....»»

Category: blogSource: valuewalk21 hr. 28 min. ago Related News