Advertisements


ON THE SCENE: Latest middle market sales

TerraCRG announced the $7.4 million sale of an approximately 15,300 s/f development site located at 1070 Flatbush Avenue in Flatbush. Ofer Cohen, Daniel Lebor and Peter Matheos represented the seller, Freda Realty Company, LLC. The site’s current mixed-use zoning allows for a 52,889 ZFA SF mixed-use building with retail on... The post ON THE SCENE: Latest middle market sales appeared first on Real Estate Weekly. TerraCRG announced the $7.4 million sale of an approximately 15,300 s/f development site located at 1070 Flatbush Avenue in Flatbush. Ofer Cohen, Daniel Lebor and Peter Matheos represented the seller, Freda Realty Company, LLC. The site’s current mixed-use zoning allows for a 52,889 ZFA SF mixed-use building with retail on the ground level and residential above, or 70,518 ZFA with the Inclusionary Housing requirement. If proposed as fully commercial/community facility, the zoning allows for 61,320 commercial ZFA SF. Brooklyn-based development firm The Horizon Group Horizon, bought the site as Horizon Flatbush LLC, according to public records. 1070 Flatbush Avenue ••• Cignature Realty facilitated the sale of a 6-story multifamily elevator building for $7,275,000. The property, 655 East 228th Street (pictured top) has a total of 49 residential units and is located between Carpenter Avenue and Lowerre Place in Wakefield. The 47,412 square foot building sold for approximately $153 psf. Lazer Sternhell and Peter Vanderpool represented both the buyer and the seller in this transaction. ••• Marcus & Millichap announced the sale of 162-168 Van Dyke Street, a 32,250 s/f industrial property located in Brooklyn, NY. The asset sold for $13,400,000. Jakub Nowak and Jesse Kay represented the seller. The buyer was represented by VCPRE. The asset features 13-to-18-foot ceilings and nine-foot ceilings in the basement. It is fitted with two large roll-up gates on Van Dyke Street and two large gates on Coffey Street. Additionally, the property is located within a qualified opportunity zone and the Southwest Brooklyn IBZ District. The property was delivered vacant. 385 Putnam Avenue ••• Northeast Private Client Group’s (NEPCG) Metro-North Investment Sales Team has announced the sale of two multifamily properties in New Haven County, and two multifamily properties in Fairfield County, Connecticut: • Barnum Ave Apartments sold for a price of $2,600,000, which equates to $108,333 per unit and a cap rate of 6.23%. The 24-unit multifamily property is made up of five studio apartments and 19 one-bedroom apartments at 215 Barnum Ave in Bridgeport, Connecticut. Brad Balletto and Bob Paterno handled the transaction. • Woodland Place Apartments, located at 30 and 31 Woodland Place in Stamford, Connecticut, sold for $1,805,000. It had a cap rate of 6.57% and a price per unit of $180,500. This two-building complex is in the heart of Harbor Point, an affluent redevelopment district located in the South End section of Stamford. Rich Edwards handled the transaction. • Millstone Apartments located at 385 Putnam Avenue in Hamden, Connecticut, sold for $4,050,000. This 2015 conversion property achieved $98,870 per unit with a cap rate of 6.38%. The building offers above-market finishes for this asset class and has maintained near 100% occupancy throughout its operating history. It is located 1.9 miles away from the entrance to the Merritt Parkway and 3.2 miles away from Interstate-91. Brad Balletto handled the assignment. • North Harbor Townhomes located at 11 North Harbor Street in Branford, Connecticut sold for a price of $2,425,000, equating to $202,083 per unit and a cap rate of 5.99%. The townhomes consist of six buildings and 12 units built from 1997-2008. The modern-construction townhomes each have in-unit laundry and off-street parking. Jeff Wright handled the transaction. 760-840 Stelzer Road, Columbus, Ohio ••• Simi Capital announced the $6.1 million sale of a 15-acre industrial service facility located at 760-840 Stelzer Road, Columbus, Ohio. The buyer, an industrial institution, plans to continue to utilize the property for industrial parking. Shortly after acquisition of the site, Simi Capital secured the property’s entitlement for industrial use and successfully arranged a long term-lease with CMH Parking and Repair. The site was later sold to a qualified strategic partner with the long-term lease in place. Simi Capital initially acquired the site for $4.2 million, the first time the property changed ownership in over 20 years. Ryan Crossley of Kooperman Mentel Ferguson Yaross served as legal representation for Simi Capital and Alex Marsh of The Robert Weiler Company was the real estate agent for this transaction. ••• Tulfra Real Estate has purchased a self-storage site in Jersey City and received final approval for a 220,000 s/f state-of-the-art storage facility and adjoining parking. A groundbreaking will be announced shortly. Located at 300 Thomas McGovern Drive, Jersey City, there are approximately 158,936 housing units and 22,560 new apartments under development within a three-mile radius of the site. The property is minutes from downtown Manhattan, and convenient to all boroughs via the New Jersey Turnpike. No purchase price has been disclosed. The broker on the transaction was Thomas Walsh, managing director at Walker & Dunlop. 340 Kaplan Drive ••• Sitex Group has acquired a 30,000 s/f warehouse in Fairfield, NJ, from a private investor. Located at 340 Kaplan Drive, it has 3,000 s/f of office space, three loading doors and an above-standard parking area. Sitex plans to make several cosmetic improvements and updates to the property which will be available for occupancy in summer 2022. David Zimmel of Zimmel Associates brokered the deal and has been retained as the exclusive leasing agent. The post ON THE SCENE: Latest middle market sales appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly4 min. ago Related News

Thursday links: an all-time great business

Markets30-year mortgage rates are sitting well below 3.0%. (housingwire.com)Investors have been enthusiastically selling industrial stocks. (sentimentrader.com)StrategyCopying other investors doesn't make for outperformance. (blogs.cfainstitute.org)Why small traders shouldn't emulate the big money crowd. (robotwealth.com)CryptoRegulators are zeroing in on rules around stablecoins. (nytimes.com)What happens to the case for Bitcoin as it becomes more correlated with financial assets? (economist.com)FTX is signing more sponsorship deals. (theblockcrypto.com)FinanceCompetition is heating up in the pre-IPO trading space. (riaintel.com)Capital Markets Gateway LLC aims to modernize the IPO syndicate process. (wsj.com)It's gotten radically cheaper to embed financial APIs into a work flow. (notboring.co)Sports gamblingFanDuel has opened up a lead over DraftKings ($DKNG). (bloomberg.com)Disney ($DIS) and ESPN have lost any inhibitions about sports gambling partnerships. (washingtonpost.com)EconomyWeekly initial unemployment claims are steady despite the Delta variant. (bonddad.blogspot.com)A closer look at the Fed's expectations around employment and inflation. (theovershoot.co)Chip shortages are not going away any time soon. (washingtonpost.com)Earlier on Abnormal ReturnsLongform links: future generations. (abnormalreturns.com)What you missed in our Wednesday linkfest. (abnormalreturns.com)Personal finance links: the power of saving. (abnormalreturns.com)Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)Mixed mediaWhy adult Americans are increasingly losing their sh*t in public. (wsj.com)Teenagers are now as politically polarized as their parents. (marginalrevolution.com).....»»

Category: blogSource: abnormalreturns5 min. ago Related News

Why QuantumScape Shares Are Rising

Quantumscape Corp (NYSE: QS) shares are trading higher by 14.6% at $27.05 on above-average volume. QuantumScape shares were trading higher Tuesday after an 8-K from the company showed it signed an agreement with a second top ten automotive original equipment manufacturer. read more.....»»

Category: blogSource: benzinga5 min. ago Related News

JPMorgan: Institutional Investors Are Piling Into Ethereum, Leaving Bitcoin

JPMorgan: Institutional Investors Are Piling Into Ethereum, Leaving Bitcoin It's not the first time that a major bank has expressed preference for ethereum over bitcoin: back in May, when Goldman published its initiating coverage on the crypto sector (available for professional subs in the usual place), the bank was surprisingly dismissive toward bitcoin which it saw as an electricity-draining Proof-of-Work, one trick pony... ... while praising ethereum (which is well on its way to becoming a much more efficient Proof-of-Stake in its Ethereum 2.0 metamorphosis) which it summarized as having the potential to one day become the "amazon of information" to wit: It’s all about information As the value of the coin is dependent on the value of the trustworthy information, blockchain technology has gravitated toward those industries where trust is most essential—finance, law and medicine. For the Bitcoin blockchain, this information is the record of every balance sheet in the network, and the transactions between them—originally the role of banks. In the case of a smart contract—a piece of code that executes according to a pre-set rule—on Ethereum, both the terms of that contract (the code) and the state of the contract (executed or not) are the information validated on the Ethereum blockchain. As a result, the counterparty in the contract cannot claim a transfer of funds without the network forming a consensus that the contract was indeed executed. In our view the most valuable crypto assets will be those that help verify the most critical information in the economy. Over time, the decentralized nature of the network will diminish concerns about storing personal data on the blockchain. One’s digital profile could contain personal data including asset ownership, medical history and even IP rights. Since this information is immutable—it cannot be changed without consensus—the trusted information can then be tokenized and traded. A blockchain platform like Ethereum could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today. Ether beats bitcoin as a store of value Given the importance of real uses in determining store of value, ether has high chance of overtaking bitcoin as the dominant digital store of value. The Ethereum ecosystem supports smart contracts and provides developers a way to create new applications on its platform. Most decentralized finance (DeFi) applications are being built on the Ethereum network, and most non-fungible tokens (NFTs) issued today are purchased using ether. The greater number of transactions in ether versus bitcoin reflects this dominance. As cryptocurrency use in DeFi and NFTs becomes more widespread, ether will build its own first-mover advantage in applied crypto technology. Ethereum can also be used to store almost any information securely and privately on a decentralized ledger. And this information can be tokenized and traded. This means that the Ethereum platform has the potential to become a large market for trusted information. We are seeing glimpses of that today with the sale of digital art and collectibles online through the use of NFTs. But this is a tiny peek at its actual practical uses. For example, individuals can store and sell their medical data through Ethereum to pharma research companies. A digital profile on Ethereum could contain personal data including asset ownership, medical history and even IP rights. Ethereum also has the benefit of running on a decentralized global server base rather than a centralized one like Amazon or Microsoft, possibly providing a solution to concerns about sharing personal data. We bring this up because overnight the assault on bitcoin - while praising bitcoin - was repeated by that "other" big bank, JPMorgan, which concluded that institutional investors are showing "a strong preference for ethereum versus bitcoin". It made this determination by looking at both the relative futures spread to spot for the two cryptos, as well as the relative institutional open interest in bitcoin vs ethereum. Starting with bitcoin, JPM's Nick Panigirtzoglou writes that this month’s correction in crypto markets saw bitcoin futures shifting into backwardation after spending August in contango. The charts below show the 21-day rolling average of the 2nd CME Bitcoin futures spread over spot since the beginning of 2018. According to JPM, bitcoin's backwardation "is a setback for bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin." Why is this notable? Because as JPM explains, in a normal environment when demand for Bitcoin futures is not particularly weak, Bitcoin futures trade at a positive spread over spot, i.e. the futures curve is in contango. The typically high (above 5% annualized) futures to spot spread is a function of the high “risk-free” rate or opportunity cost implicit in crypto markets. Lending USD in crypto markets typically attracts annual interest rates of 5-10%, and this high “risk-free” rate is a common component in the futures vs. spot arbitrage trade across both bitcoin and ethereum futures. This high “risk-free” rate or opportunity cost is also likely a reflection of how “crypto-rich” and “cashpoor” crypto markets still are. Adding to this elevated “risk-free” rate storage costs of around 2% per annum, as well as similarly high transaction costs given the fragmentation in crypto markets, one can easily see why futures to spot spreads of as high as 10% per annum could be justified in a normal market environment in bitcoin or ethereum futures. But when demand is particularly weak and price expectations turn bearish, the futures curve shifts into backwardation. This was the case between last May and July as shown in Figure 11 above for CME Bitcoin futures. As a result, JPMorgan believes that the return to backwardation in September is a negative signal pointing to weak demand for bitcoin by institutional investors. In contrast, the largest US bank points to the ethereum futures chart which remains in contango and if anything this contango steepened in September towards a 7% annualized pace (on a 21-day rolling average basis). This, as Panigirtzoglou summarizes, "points to much healthier demand for ethereum vs. bitcoin by institutional investors." The strong divergence in demand is also evident in JPM's futures position proxy shown below; it has been rising for ethereum and declining for bitcoin steadily since August. Tyler Durden Thu, 09/23/2021 - 14:40.....»»

Category: worldSource: nyt17 min. ago Related News

: Billionaires’ income taxes are a tiny fraction of their wealth, White House says. Here’s the average rate they pay

Rich families were moving fast to report capital gains in their 2020 tax returns ahead of potential rate increases proposed by Democrats......»»

Category: topSource: marketwatch17 min. ago Related News

What"s Going On With Palantir Stock Today?

Palantir Technologies (NYSE: PLTR) is trading higher Thursday amid overall market strength as well as continued attention on the WallStreetBets forum. Trading volume was nearing 34 million at publication time, pacing pretty close to its daily average of about 45 million.  read more.....»»

Category: blogSource: benzinga1 hr. 4 min. ago Related News

The stock market is not in a bubble as tech innovation drives rapid growth, according to Cathie Wood

The S&P 500 has more than doubled from its COVID-19 pandemic low, and nearly all valuation metrics are at nosebleed levels. Spencer Platt/Getty Images The US stock market is not in a bubble, Ark Invest's Cathie Wood said at an investment conference on Wednesday.She pointed to rapid growth rates for various technological innovations that Ark Invest specializes in.Wood said she expects Ark Invest's flagship fund to compound at an annual growth rate of 30%.Sign up here for our daily newsletter, 10 Things Before the Opening BellDespite near-record levels in the S&P 500 and Nasdaq 100, the stock market is not in a bubble. That's according to Ark Invest's Cathie Wood, who argued at a Morningstar investment conference on Wednesday that there is more growth ahead for stocks."We are not in a bubble, that I know," Wood said. Much of that belief is based on the expected rapid growth of various technological innovation platforms that Ark Invest specializes in, including electric vehicles, robotics, and artificial intelligence, among others."I do believe the market is beginning to understand how profound some of these platform opportunities are, and how sustained and rapid the growth rates are going to be," Wood said, adding that many of these technologies are converging.That convergence applies to Tesla, which according to Wood is benefiting from the rapid innovation in energy storage, AI, and robotics. In fact, she reiterated her bullish view on Tesla, but said if the stock reaches its 5-year price target of $3,000 in the next year, Ark Invest would begin to sell the stock. Tesla traded around $754 on Thursday.Meanwhile, the S&P 500 has more than doubled from its COVID-19 pandemic low reached in March of 2020, and nearly all valuation metrics are hitting nosebleed levels. The S&P 500 trades at a forward price-to-earnings ratio of 20.9x, well above its respective 5-year and 10-year averages of 18.2x and 16.3x, according to data from FactSet.But those high valuation metrics aren't dimming Wood's outlook for strong gains in Ark Invest's flagship disruptive innovation fund. She expects the ARKK ETF to post a 30% compound annual rate of return going forward. The ARKK ETF is down 5% year-to-date.Read the original article on Business Insider.....»»

Category: worldSource: nyt1 hr. 16 min. ago Related News

8 graphics that highlight just how bad the record backlog of container ships in Southern California really is

The graphics highlight the enormity of the backlog, as dozens of container ships wait to dock, turning the coast into a parking lot. Ships sit off the coast of Seal Beach, CA, on Tuesday, January 26, 2021. Cargo ships enduring one of the worst U.S. port bottlenecks in more than a decade faced down another obstacle as they waited to offload near the ports of Los Angeles and Long Beach Brittany Murray/MediaNews Group/Long Beach Press-Telegram via Getty Images In the past month, backlogs at Southern California ports have hit multiple records. The delays have caused shortages and price hikes, threatening Black Friday shopping. Graphics from Flexport and the Marine Exchange of Southern California highlight the impact of the backlog. See more stories on Insider's business page. A near record backlog of cargo ships in Southern California could have serious ramifications for the US economy.The build up of cargo ships carrying key exports from China, including electronics, furniture and toys, threatens to increase shortages and price hikes in the US ahead of the holiday season. The dozens of hulking cargo ships wait an average of nearly 10 days to dock and unload, according to data from the Port of Los Angeles.On Wednesday, Los Angeles and Long Beach had over 150 ships in port, including 95 cargo ships, the Marine Exchange of Southern California reported. Before the pandemic, the ports handled about 60 to 70 ships at once. Today, those numbers have more than doubled. Courtesy of the Marine Exchange of Southern California On Wednesday, the ports had 62 cargo ships waiting at anchor or in drift areas for a spot to open up to dock and unload, turning the ports into a highly orchestrated parking lot for container vessels that can be valued at over $100 million and weigh in at over 200,000 tonnes. Before the pandemic, the ports typically had zero or one ship waiting to dock, Kip Louttit, the executive director of the Marine Exchange of Southern California, told Insider. Courtesy of the Marine Exchange of Southern California A screenshot from the Marine Exchange of Southern California's dashboard taken on Wednesday afternoon shows the careful planning that goes into not only where each ship will dock, but also where the cargo ships will be placed at anchor or to drift.The triangles indicate different ships. The circles and rectangles on the screen show anchorages and drift areas, while the purple hashes designate the shipping lanes for incoming and outgoing vessels. Courtesy of the Marine Exchange of Southern California A spike in ordering, COVID-19 port shutdowns, and labor shortages led to the build-up of boats last year and continue to add to the congestion. It has also created a shortage of container ships which has further exacerbated the issue. Flexport The compounding effects have impacted all facets of the supply chain from exporting the inventory out of China to to ground transportation efforts in the US.The number of days it takes to transport an item from Asia to its final destination has more than doubled, according to data from Flexport. Flexport Even as transportation timelines continue to lengthen, demand continues to outpace the available supplies. Early on in the pandemic the work-from-home boom and panic-buying frenzy bolstered online sales at a time when ports were combating COVID-19 shutdowns. Today, backlogs are spiking again as the holiday shopping season looms. Flexport As demand for products and as a result demand for space for cargo ships at ports has spiked, delays have made the space at ports and in cargo ships increasingly more valuable.Last week, Judah Levine, the head of research at Freightos, told Insider that the price for transporting a 40-foot container between the US and Asia jumped 500% from this time last year to $20,586. Flexport The build up of ships in the Port of Los Angeles shows no signs of abating in the coming weeks, according to data pulled by Flexport of the container ships scheduled to come into the port. Executives have warned the supply chain crisis will continue into 2023. Flexport Do you work in the shipping industry? Reach out to the reporter from a non-work email at gkay@insider.comRead the original article on Business Insider.....»»

Category: worldSource: nyt1 hr. 16 min. ago Related News

A US Army officer who has taken all other military-mandated vaccines says he is resigning instead of getting the COVID vaccine

In a resignation letter, he criticized vaccine mandates, as well as lockdowns, failures in Afghanistan, and the "Marxist takeover of the military." US Army nurse administers COVID-19 vaccine at Fort Meade in Maryland. US Army photo An Army officer has decided to resign rather than take the COVID vaccine mandated by the military. Lt. Col. Paul Douglas Hague said on Fox News that he has had all other vaccines, but he won't get the one for COVID. The CDC and other medical experts have argued that the COVID vaccines are safe and effective. See more stories on Insider's business page. A US Army officer who has received all other vaccines mandated by the Department of Defense has decided to resign after 18 years of service rather than take the COVID shot, though that is not his only complaint."I don't want the COVID vaccine, and I don't plan on getting it," Lt. Col. Paul Douglas Hague told Fox News' Sean Hannity on Wednesday. "I've had all the other Army vaccines. I've had eight anthrax shots. I've had the smallpox vaccination. I've had them all.""So it's really not about whether I'll get the shot," he continued."This is about the freedom of the American people," Hague explained. "The right to choose your own medical procedures. The right to decide what's gonna be injected into your body and what's not. That's a natural human right that we can't take away from people. And I swore an oath to protect and defend the Constitution which affords those rights to the Americans."US military members do not have the right to reject mandated vaccines and still serve. These requirements are based on the military's experience that diseases can be as big a threat to troops as the enemy. Still, there are certain religious exemptions, among others.Hague's decision, which comes just two years from retirement and will cost him his pension and other benefits, made waves last week when his wife posted his resignation letter on Twitter.-Katie Phipps Hague (@AtTheHague) September 9, 2021"I am incapable of subjecting myself to the unlawful, unethical, immoral, and tyrannical order to sit still and allow a serum to be injected into my flesh against my will and better judgement," Hague wrote in his letter, a partial response to the Pentagon's COVID vaccine mandate.Secretary of Defense Lloyd Austin sent a memo in late August requiring military personnel to get the vaccine after its full FDA approval, emphasizing it was necessary for a "healthy and ready force.""After careful consultation with medical experts and military leadership, and with the support of the President, I have determined that mandatory vaccination against coronavirus disease 2019 (COVID-19) is necessary to protect the Force and defend the American people," he said.In his resignation letter, Hague also lamented lockdowns in response to the virus, said he had a "complete lack of confidence" in the Biden administration after failures in Afghanistan, and criticized what he sees as a "Marxist takeover of the military."While the COVID vaccines developed by Pfizer, Moderna, and Johnson & Johnson, along with other response measures like masks and lockdowns, have proven to be divisive issues in the US, the Centers for Disease Control and Prevention, as well as outside medical experts, continue to push for these in order to reduce the virus' spread and severity, which is claiming an average of more than 2,000 lives each day, largely among unvaccinated people.The CDC has stressed that "COVID-19 vaccines are safe and effective," notes that millions of people have received the shot, and encourages everyone ages 12 and up to get the vaccine.Read the original article on Business Insider.....»»

Category: worldSource: nyt1 hr. 16 min. ago Related News

Big investors are dumping bitcoin futures and pivoting to ethereum as expectations for the world"s largest cryptocurrency soften, JPMorgan says

"This is a setback for bitcoin and a reflection of weak demand by institutional investors," the JPMorgan analysts said. Ethereum and bitcoin. Jordan Mansfield /Getty Images Institutional investors are shying away from bitcoin futures as views on the top cryptocurrency soften, JPMorgan said. In September, bitcoin futures have traded below the price of an actual bitcoin, analysts said. Big investors have begun steadily pivoting to ethereum since August amid a "strong divergence in demand." Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Big-money investors are shying away from the bitcoin futures trade and pivoting instead to ethereum futures as expectations for the world's largest cryptocurrency soften, JPMorgan analysts wrote in a note on Wednesday.In September, bitcoin futures on the Chicago Mercantile Exchange have traded below the price of an actual bitcoin, the analysts noted. "This is a setback for bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin," the analysts wrote.Under healthy demand, futures usually trade at a premium to actual bitcoin. This happens because high bitcoin storage costs and the juicy yields available for passive crypto investing push up futures prices, according to previous JPMorgan research.That dynamic makes the current weakness in futures especially bearish for bitcoin, the analysts wrote.Meanwhile, institutional investors have begun steadily pivoting to ethereum since August. The 21-day average ethereum futures premium rose to 1% over actual ether prices, according to CME data cited by JPMorgan, showing a "strong divergence in demand.""This points to much healthier demand for ethereum vs. bitcoin by institutional investors," the JPMorgan analysts wrote.Ether prices have fallen 3% in the last month while bitcoin has fallen 10%. Last week, JPMorgan's crypto guru - who also co-authored the note on institutional demand - told Insider that he expects ethereum to keep declining as it faces growing competition from the likes of solana and cardano.Read the original article on Business Insider.....»»

Category: worldSource: nyt1 hr. 16 min. ago Related News

Biden says he"s "sick and tired" of the wealthiest not paying their fair share in taxes: "It"s time for it to change"

The White House found that billionaires pay on average just 8% in income tax - much less than the average American's tax rate of 14%. President Joe Biden speaks at the White House on August 16, 2021. Anna Moneymaker/Getty Images On Wednesday, President Joe Biden tweeted he was tired of the wealthy and big corporations not paying a fair share of taxes. Then, White House economists released a report that showed just how little the wealthiest pay. America's 400 wealthiest families pay an average of 8.2% in income tax, per the report. See more stories on Insider's business page. President Joe Biden has set his sights on hiking taxes on America's richest families and biggest corporations to offset the cost of ambitious infrastructure spending.Now, a new White House report provides data to back up his frustrations. A blog post by economists Greg Leiserson and Danny Yagan said they found that the 400 wealthiest families in America pay around 8.2% in income taxes every year. That's a lot less than the average rate in America, which according to the Tax Policy Center, was around 14.3% in 2015, as the New York Times notes. Leiserson and Yagan say that lower rate is because they looked at income not just from salaries, but from assets like stocks that accrue capital gains and are often untaxed.On Wednesday night, Biden tweeted: "I'm sick and tired of the super-wealthy and giant corporations not paying their fair share in taxes. It's time for it to change."His tax plans amount to an unwinding of Trump-era tax cuts. Most recently, House Democrats put forward a proposal to fund their infrastructure plans that would tax capital gains. They estimate it would bring in $2.9 trillion. Biden has said that hikes would level the "playing field" but, don't worry, "the superwealthy are still going to be able to have their three homes."-President Biden (@POTUS) September 22, 2021 In 2021, the lowest tax bracket in the US - individuals who earned taxable income between $0 to $9,950 - had a 10% federal income tax rate, according to Insider's Tanza Loundenback. The White House report looked at Americans who earned between $2.1 billion to $160 billion, using data from the IRS, the Survey of Consumer Finances, and wealth estimates by Forbes and found the average rate of 8.2%.That low rate for the wealthiest Americans is because many of them see a large chunk of their income come from assets, not salaries - which is generally not the case for the majority of taxpayers. As the left-leaning Center on Budget and Policy Priorities found in 2019, "a critical tax advantage for wealthy households is that much of their income doesn't appear on their annual tax returns because the tax code doesn't consider it 'taxable income.'"That's because, according to the CBPP report, capital gains taxes - which tax the sales of assets like stocks - are "effectively voluntary." Your stocks could net a whole lot of money every year, but those gains won't be taxed unless you sell them off. Capital gains are also taxed at a far lower rate than regular income, with a top rate of 20%, Insider's Tanza Loudenback reported.Under the most recent proposal from House Democrats, the capital gains rate would increase to 25% - far lower than Biden's initial proposal to nearly double the rate to 43.4%. That Biden proposal was meant to bring capital gains more in line with the top income tax rate of 37%. The White House methodology also has resonances of a different tax on the rich: Sen. Elizabeth Warren's outright wealth tax, which would tax households with a net worth of $50 million or more - which would include any assets racking up gains.Read the original article on Business Insider.....»»

Category: worldSource: nyt1 hr. 16 min. ago Related News

26 of the best beach houses on Airbnb in the US where the sand is just steps away

These are the best Airbnb beach house rentals in the US, from an oceanfront Malibu home in California to a condo on the water with a pool in Florida. When you buy through our links, Insider may earn an affiliate commission. Learn more. Airbnb Beach vacations are always top of mind for a relaxing, warm-weather getaway. Many Airbnbs are found along the best beaches in the US, with direct beachfront or private access. From Malibu to Cape Cod, these are the best beach homes on Airbnb, from $100 to $650 per night. Table of Contents: Masthead StickyAirbnbs with beachfront access continue to rank among the most searched for filters on the vacation rental platform.After all, who doesn't want to wake up to the sound of waves crashing right outside their back porch, or take a moonlit stroll along the sand after the sun goes down? Though, if you'd prefer to cool off in an Airbnb with a private pool instead, we have plenty of options for that, too. And if hotels are more your thing, here are the best beach hotels in the US.If a beach vacation is on your mind, from sea to shining blue sea there's no shortage of beautiful Airbnb beach houses across the US.Browse all Airbnb beach houses below, or jump to a specific area here:The best Airbnb beach houses in the NortheastThe best Airbnb beach houses in the SouthThe best Airbnb beach houses in the WestFAQ: Airbnb beach housesHow we selected the best beach houses on AirbnbFind more great beach house rentalsThese are the best Airbnb beach houses, sorted by region and price from low to high. BI Charming beachfront cottage on the Jersey Shore This cottage's private back deck leads straight to the beach. Airbnb Book this New Jersey beach home on AirbnbTypical starting price: $270Town: Cape MaySleeps: 2 guests/1 bedroomRating: 4.93Set along one of the Jersey Shore's most charming seaside towns, Cape May, this cozy bayfront cottage with one bedroom is best suited for couples and solo travelers, though it is also pet-friendly.It's important to note, this is a two-family home and while this space is completely private and uses a separate entrance, the other side of the house is occupied, which might not work for some guests. You are also required to bring your own linens to fit the Queen-sized bed.The location, however, is unparalleled and you'll love spending time on the private back deck, which includes a hammock and leads directly out to the beach. The front porch with chairs and an umbrella adds additional space for enjoying the sea breeze.Inside, the decor is simple but includes a red leather couch, an all-white kitchen with a dining table for two, and ocean photos in the bedroom.  Beach suite in Massachusetts This lovely beachfront suite includes beach passes and options for in-house massages and whale watching excursions. Airbnb Book this Massachusetts beach home on AirbnbTypical starting price: $299Town: GloucesterSleeps: 2 guests/1 bedroomRating: 4.98The charming seaside town of Gloucester, pronounced Glah-Sta, in coastal New England comes alive in the summertime. From long walks on a private beach to romantic dinners on the deck, this one-bedroom beachside retreat will make a great getaway for couples. Not only does the property come with a beachfront location, but beach passes are included, which would otherwise run between $25 to $30 per day. You may also book add-ons like in-house massages and whale watching expeditions directly with the host.While this is a separate guest suite with its own private entrance, the entire cottage consists of three units that are each rented separately. Though, you can combine listings to book the entire property.  Home by the sea in Maine Take in over 175 feet of mesmerizing oceanfront views from the roof deck. Airbnb Book this Maine beach house on AirbnbTypical starting price: $350Town: YorkSleeps: 4 guests/2 bedroomsRating: 4.94Just one hour north of Boston and one hour south of Portland, Maine, the Little Sea Star Castle is tucked away along Nubble Point in York Beach, Maine. One of 12 oceanside cottages within the LightHouse Village Colony, the house is set on nearly two acres with over 175 feet of oceanfront splendor with sunny, southern exposure and rugged rocky coastlines.The cottage offers plenty of space to lounge. A roof deck has panoramic views over the ocean, and the lawn has Adirondack chairs and a picnic table for outdoor dining. The kitchen has everything needed to make yourself at home, and beachy accents like starfish pillows and mini sailboats on the dressers keep the home on theme.The location is stellar, among scenic walking trails along the water. Bayfront oasis in Maryland Bayfront views are a captivating sight, and available throughout the home. Airbnb Book this Ocean City beach house on AirbnbTypical starting price: $395Town: Ocean CitySleeps: 5 guests/2 bedroomsRating: 4.92Offering uninterrupted bayfront views, this cozy townhome in Ocean City, Maryland is the ideal locale for your beach vacation. Sip morning coffee on the private balcony, enjoy steamed crabs on the large bayfront deck, or kick back with a cocktail and watch the sunset from the living room. The layout is an open-living concept with a master bedroom upstairs with a private balcony and a King-size bed. The second bedroom has a Queen bed and there's also a beige striped sectional couch that converts to a bed in the living room. Wicker furniture and deep blue quilts give this home a subtle beach vibe.Located on a corner lot of the bay, the owner is explicit that this is not meant for partiers or large group gatherings. If you're looking for a chill and relaxing beach getaway, this is the place for you. Beachfront home with bay views in Delaware Each room in this coastal home features scenic water views. Airbnb Book this Delaware beach home on AirbnbTypical starting price: $425Town: MiltonSleeps: 6 guests/4 bedroomsRating: 5.0Featuring both beachfront and bay views, this spacious four-bedroom, three-bathroom home in the quiet community of Broadkill Beach in Milton, Delaware offers unobstructed water views from almost every room. The home features a coastal design with plenty of natural light and soft tones. The well-equipped kitchen has unique tiling, a large island, and turquoise bar stools for grabbing a quick bite or enjoying a cup of coffee.One room includes bunk beds decked out in comforters with a cute whale pattern for kids. The location is peacefully quiet and primed to enjoy beautiful sunrises over the bay. Large oceanfront house with great views in Maine Luxury finishes couple with panoramic ocean views at this delightful property. Airbnb Book this Maine beach house on AirbnbTypical starting price: $613Town: SacoSleeps: 8 guests/2 bedroomsRating: 4.71If luxury finishes and panoramic views of the ocean sounds like your kind of vibe, then consider this oceanfront haunt in Saco, Maine. Enjoy coffee or wine from the upstairs balcony before taking a walk along Ferry Beach or Camp Ellis Pier.Ideal for bigger groups, the listing has two bedrooms and common spaces that sleep up to eight people. Though, the standout draw is no doubt the beachfront location and gorgeous water views, along with the surrounding quiet community. The home offers the chance to catch particularly stunning sunrises and sunsets.Other perks include a Smart TV with Netflix, beach chairs, and free parking included in the stay, as well as a digital guidebook handy for helping guests explore the area. Chic beachfront cottage in New York's North Fork of Long Island A minimalist interior style creates a tranquil ambiance. Airbnb Book this North Fork beach home on AirbnbTypical starting price: $650Town: RiverheadSleeps: 5 guests/2 bedroomsRating: 4.96Set on a secluded stretch of Long Island's illustrious North Fork, this two-bedroom beachfront cottage is a great place to hang by the beach or go wine tasting at one of the area's many charming vineyards.Wander along the private beach path or open up the floor-to-ceiling glass sliders that lead to a picturesque deck to dine at the picnic-style outdoor table, or relax on the plush lounger. An Airbnb Plus listing, the cottage's chic palette features crisp, minimalist whites and neutrals, creating a sense of serene seaside solitude for a quiet getaway. After a walk on the sand, rinse off in the outdoor shower while savoring water views. BI Cozy home on the North Carolina shore The nautical-themed living room has a picturesque balcony overlooking the ocean. Airbnb Book this North Carolina beach home on AirbnbTypical starting price: $100Town: North Topsail BeachSleeps: 6 guests/1 bedroomsRating: 4.91A cute condo directly on North Topsail Beach in North Carolina, this is a great option for couples or small families looking for a low-key beach getaway. The bedroom has a Queen bed and there are also Twin bunk beds built directly into the hallway.Completely renovated in 2020, the apartment has a nautical-beach theme with soft blue and yellow hues, and big living room windows frame beach views. You can also head out to the balcony for a closer look. Bright colors and floral decor give this home a warm, welcoming vibe, and a seashell bed quilt and striped bar stools at the eating nook add additional beach flair. Oceanfront condo with a pool in Florida Beachy accents like a mermaid statue and marine-inspired colors set a scene that creates a real sense of place. Airbnb Book this Florida beach home with a pool on AirbnbTypical starting price: $132Town: Cape CanaveralSleeps: 4 guests/1 bedroomRating: 4.95Serenity awaits at this casual oceanfront condo in Florida's Cape Canaveral. Set on a beautiful private beach, this Airbnb Plus stands out for its whimsical decor and thoughtful amenities, which include blues of every hue from the turquoise velvet armchair to the robin's egg backsplash in the kitchen. A mirror made out of oars, a mermaid statue, and an octopus painting over the couch are all fun touches for a beach home.This is also a great place to spend your time kayaking, paddle boarding, or enjoying some much-needed downtime just lounging on the beach or pool, which are both just a few steps away. Within minutes of downtown Port Canaveral and the iconic Cocoa Beach Pier, there's plenty to do right nearby. Ocean and bay view beach house in Texas The Bolivar Flats, Anahuac national wildlife refuge, and the Smith Oak sanctuary are all nearby and great for birdwatching. Airbnb Book this Texas beach home on AirbnbTypical starting price: $130Town: Bolivar PeninsulaSleeps: 6 guests/2 bedroomsRating: 4.97Located on the bayside of the Bolivar Peninsula on Texas' Gulf Coast, this home offers one bedroom and a lofted room, plus plenty of views of both the Gulf of Mexico and East Bay. It's also just a few miles away from popular bird-watching areas including Bolivar Flats, Anahuac national wildlife refuge, and the Smith Oak sanctuary.Bright and airy, this house is perched on stilts, and underneath, you'll have a grill and a private sitting area. However, the wraparound porch is likely where you'll spend the bulk of your time, soaking in the view from the wooden Adirondack chairs.Inside isn't bad either, with soaring pitched ceilings, a big blue sectional sofa, and marble countertops and bar stools in the kitchen. Waterfront beach bungalow in North Carolina This homey bungalow has its own private beach. Airbnb Book this North Carolina beach home on AirbnbTypical starting price: $145Town: JarvisburgSleeps: 4 guests/1 bedroomRating: 4.94Relax on your own private beach or hop in a kayak and explore miles of pristine, undeveloped beaches and cypress tree-filled coves from this bungalow in Jarvisburg, North Carolina set at the confluence of the North River and the Albemarle Sound.The home is pet-friendly, and the bedroom offers a Queen sized bed as well as a futon for extra guests if you don't mind the squeeze.While not exactly modern, the bungalow has a homey vibe with string lights along the ceiling, a bright desk and bookcase, and purple cushions on the futon. The location is tranquil and fun amenities include a charcoal grill and outdoor fire pit. The house is only 15-minutes away from unspoiled shorelines and the beaches of the Outer Banks. Home overlooking the sound in North Carolina The spacious home's dock makes it easy to get out on the water. Airbnb Book this North Carolina beach home on AirbnbTypical starting price: $157Town: HertfordSleeps: 10 guests/4 bedroomsRating: 4.69Step into the backyard of this spacious home on the Albemarle Sound and you'll find nothing but peace and tranquility. Located in a quiet neighborhood in Hertford, North Carolina, the house is nice for bigger families or groups of friends.Start and end your day on the dock, which comes with a bench to sit and watch the sunrise. Apart from the views directly overlooking the sound, highlights include the coffee bar in the kitchen, a gas log fireplace in the living room, and a fully covered and screened-in porch for enjoying home-cooked barbecue from the grill.The house also comes with a washer/dryer and high-speed Wi-Fi. Chesapeake Bay beach cabin in Virginia The decor is simple with a subtle ocean theme. Airbnb Book this Virginia beach home on AirbnbTypical starting price: $199Town: NorfolkSleeps: 6 guests/3 bedroomsRating: 4.95A brand new beach cabin on the Chesapeake Bay, this spacious home is steps from the beach.During the warm months, watch the sailing regattas from the balcony on Wednesday and Sunday evenings, or walk to nearby Ocean View Beach Park to listen to live music.The decor is simple but useful, with wicker furniture accents, ocean-themed artwork, wood floors, and a big kitchen. A plaid couch and floral armchair are comfy spots to relax, though they may feel a bit dated. A patio out back adds additional hangout space. A rustic cottage in Florida This cottage has a large outdoor deck with a fire pit and access to a secluded beach. Airbnb Book this Florida cottage on AirbnbTypical starting price: $275Town: St.Augustine Sleeps: 2 guests/1 bedroom Rating: 4.90The pinewood interior and absence of electronic appliances bring an old-fashioned feel to this cottage. The cottage was originally built in 1946, but each room has been remodeled since except for the corner kitchen. The master bedroom has a plush Queen-size bed where you can fall asleep to the sounds of nearby waves crashing. Although you won't find a TV or phone, there are various ways to indulge in this home's rustic charm. A large outdoor deck overlooks an uncrowded beach and has a fire pit for chilly nights. Visit in summer and you may catch a glimpse of the sea turtles that dwell by the deck. Waterfront nest cottage in Mississippi Lounge on the spacious front porch for stunning views of the Gulf of Mexico. Airbnb Book this Mississippi beach house on AirbnbTypical starting price: $279Town: Long BeachSleeps: 4 guests/2 bedroomsRating: 4.97Set on the Mississippi Gulf Coast on ever-popular Long Beach, this waterfront cottage features breathtaking views over the Gulf of Mexico from its spacious front porch and has direct beach access.The two bedrooms can easily accommodate up to six people and inviting outdoor wicker furniture is framed by idyllic views.Inside, modern interiors include a spacious kitchen with marble countertops, soaking tubs in the bathrooms, and living room couches that face the water.  Pet-friendly oceanfront condo with pool access in South Carolina Staying here comes with access to a community pool, beaches, and bike rentals. Airbnb Book this South Carolina beach home on AirbnbTypical starting price: $261Town: Saint Helena IslandSleeps: 6 guests/2 bedroomsRating: 4.97Watch dolphins from the private balcony, walk to the beach, or laze the day away by the pool —  this oceanfront condo in South Carolina offers it all.Located in a private community just a stone's throw from one of the state's most beguiling beaches at Hunting Island State Park, the area offers miles of unspoiled beaches and is frequented by birders and nature lovers for some of the best animal sightings in the area.This second-floor condo offers one Queen bedroom and a second bedroom with a Twin bed. Guests have access to the community pool, beach, and two bikes. The unit also comes with a washer and dryer and is great for families with pets looking for a low-country getaway. Oceanfront condo in South Carolina Enjoy access to a private fishing pier, a community pool, and a pretty South Carolina beach. Airbnb Book this South Carolina beach house on AirbnbTypical starting price: $291Town: Isle of PalmsSleeps: 4 guests/1 bedroomsRating: 4.98Watch the waves roll in as you enjoy your morning coffee on the private terrace from this modern Isle of Palms condo in South Carolina. Newly renovated, this third-floor condo is especially nice for families with young children since it offers a King-size bed in the master and a bunk bed in the hallway. The decor is tasteful but beachy with coral pillows, a gray sofa, velvet armchairs, and a modern kitchen has a funky blue stone backsplash.The building has easy access to the beach and a private fishing pier, as well as a community pool and coin laundry facility.  Spacious beach house in South Carolina This expansive home is perched on half an acre on Port Royal Sound with private beach access. Airbnb Book this Hilton Head beach house on AirbnbTypical starting price: $332Town: Hilton HeadSleeps: 10 guests/3 bedroomsRating: 4.85Located on half an acre along Port Royal Sound, this three-bed, four-bath manse is capable of sleeping up to 10 people. Adjacent to a 40-acre nature preserve, staying here comes with direct views over the sound, plus private access to the beach. With an expansive, well-groomed yard for playing or relaxing under large oak trees covered in Spanish Moss, the house is also open to those looking to host a small, picture-perfect wedding or retreat with the beach and ocean as the backdrop.If this home is booked up, consider our other picks for the best vacation homes on Hilton Head Island. Beach house on a private island in South Carolina Escape to your very own private island off of Hilton Head with a beach all to yourself. Airbnb Book this private island beach house on AirbnbTypical starting price: $589Town: Hilton HeadSleeps: 6 guests/3 bedroomsRating: 4.94Instead of renting a regular old cottage on the beach, opt to claim your own private island here on Old House Cay. Accessible only by boat, this is as secluded and off-the-grid as it gets.Just a 10-minute ride away from neighboring Hilton Head Island in South Carolina, the home is part of a series of private islands that you'll have all to yourself over your stay. Experience everything from boating, fishing, and kayaking to simply lounging around the island and going for long beach walks. As far as getting around, the owners will take you and your guests back and forth from Hilton Head on their private boat as needed.Accommodations include a large, multi-story home with gorgeous wood floors, high ceilings, a modern kitchen, and a big blue dining table with room for the whole crew. All wood walls give it a hint of a cabin feel, while bright pillows and quilts add pops of color. A wooden deck with a fire pit out front is a lovely place to relax or make s'mores into the evening.  BI Beachfront condo in Southern California The beach is only a few steps away from this quaint second-floor condo. Airbnb Book this California beach house on AirbnbTypical starting price: $283Town: CarlsbadSleeps: 3 guests/1 bedroomRating: 4.90Open your door and step directly onto the sand at this charming beachfront condo in Carlsbad, California, near San Diego. Within walking distance to Carlsbad Village, this home is close to restaurants and boutiques, with a cozy set-up that is best suited to solo travelers and couples. The two-story condo unit is on the ground floor and features a brick fireplace, a small dining table and kitchen, a blue sofa with colorful pillows, and a private balcony with a table and chairs that overlook the ocean, which is just a few feet away. Beach house on a cove in Oregon A backyard trail leads to Shelter Cove where orcas often reside. Airbnb Book this Oregon beach house on AirbnbTypical starting price: $275Town: Port OrfordSleeps: 6 guests/3 bedroomsRating: 4.91Set on a cul-de-sac in the quiet neighborhood of Port Orford along the Oregon coast, this three-bedroom beach house is protected by old-growth forest and faces a cove where orcas are known to stay and take shelter.With gorgeous bay windows and total privacy within the neighborhood, along with private beach access and unobstructed views of the Lighthouse at Cape Blanco, it's tough to beat the spectacular setting. A private trail off the backyard takes you directly to Shelter Cove.The house itself offers big windows for a light and airy feel, with neutral colors of grays and creams, huge bedrooms, and a porch with a dining table, as well as a small fire pit in the yard. Cozy ocean view cabin in Northern California Breathe in the ocean air and spend time whale watching from this cliffside cabin. Airbnb Book this California beach house on AirbnbTypical starting price: $300Town: TrinidadSleeps: 5 guests/2 bedroomsRating: 4.97Tucked away in verdant Patrick Point State Park in northern California, this rustic two-bedroom cabin has incredible ocean views amid a lush forest. Top-rated features include the oversized hot tub, a picnic area overlooking the ocean, and a fire pit for roasting marshmallows after a long day. The yard offers ample space and lucky guests might even spot whales from the Adirondack chairs perched atop the lawn.The house is set on steep cliffs, which means you'll have phenomenal views, but won't be able to walk right out onto the beach. Instead, you will have to wind your way down to the shores below. Oceanview apartment in Northern California This cliffside home offers romantic views of the Pacific Ocean and Black Sands Beach. Airbnb Book this Northern California beach house on AirbnbTypical starting price: $348Town: WhitethornSleeps: 3 guests/1 bedroomRating: 4.92Overlooking the Pacific and Black Sands Beach, this one-bedroom cliffside home is lovely for a romantic trip.Inside, you'll find a private entrance and a wrap-around deck. The bedroom has a California King bed, plus a modern kitchen, bathroom, and a living room with a fireplace. There is even a private hot tub that directly faces the ocean.Take the trail from the home leading to the beach or walk or bike to any of the nearby beaches, restaurants, cafes, bars, and golf courses. The owner notes that you will need a car to get around and this home has a strict no pets policy and isn't suitable for young children. Posh beachfront apartment in Malibu This charming home has a sun-drenched interior, airy open-plan layout. Airbnb Book this Malibu beach home on AirbnbTypical starting price: $514Town: MalibuSleeps: 2 guests/1 bedroomRating: 4.99This sweet one-bedroom Airbnb Plus listing is well-placed on the iconic shores of Malibu for sweeping, dramatic views that feel plucked from a Nicholas Sparks novel.Light and airy, this seaside haven is impeccably decorated with pristine white fixtures that stand out against natural wood floors and beams. Unique details like a small, wire Eiffel Tower perched on an antique desk and old framed letters and clippings add whimsical charm.Fall asleep to the sound of ocean waves after enjoying drinks on the deck as you catch a sunset. Just know that this home is incredibly popular and tends to book almost a year in advance. Pacific Ocean beachfront home in Encinitas, California Pacific Ocean views abound from every room. Airbnb Book this Californian beach home on AirbnbTypical starting price: $516Town: EncinitasSleeps: 4 guests/2 bedroomsRating: 4.90This beach home wows right away with its stunning panoramic ocean views, available throughout the house. However, they're especially impressive from the open plan living room thanks to its arched beam ceilings that make the space feel airy and breezy.The unobstructed views are also sure to dazzle from the multiple patios, which come with a grill, lounge chairs, an outdoor shower, and a private stairway leading to the sand.The amenities are also nicely appointed, with a  fireplace, full kitchen with a wine fridge, and multiple bedrooms, some of which lead directly to the terrace.  Pet-friendly beach cottage with amazing views in Oregon This contemporary home has an outdoor shower, a gas fireplace, and a great balcony. Airbnb Book this Oregon beach cottage on AirbnbTypical starting price: $599Town: Cannon BeachSleeps: 5 guests/2 bedroomsRating: 4.98This modern beachfront home in beautiful, iconic Cannon Beach, Oregon has easy beach access just 100 feet from the front door. Inside, large picture windows offer unobstructed ocean views and a gas fireplace makes for a cozy spot. The outdoor shower is a nice way to rinse away sand after a beach day and the outdoor balcony is a great place to savor the sweeping views. At night, have a bonfire with s'mores in the yard.The pet-friendly home is located on a quiet residential street with free street parking and is within easy access of plenty of shops, grocery stores, and restaurants. FAQ: Airbnb beach houses Where is the best place to rent a beach house?The best place to rent a beach house depends on the type of beach and vacation you prefer. For year-round warm weather, look to places like Florida or Southern California.For the classic New England look of windswept beach grass, large dunes, and shingled cottages, you'll find great homes in places like Maine, Massachusetts, Connecticut, Rhode Island, and the Jersey Shore. For something posh, try the Hamptons.Bluer waters and warmer temps of course will be found within the South or West Coast, and the West Coast offers stunning scenery from California up to Oregon and Washington.How do I search for a beach house on Airbnb?You can specifically search for a beach house on Airbnb. First, input your preferred location and dates, then select More Filters, and refine results to only show beachfront homes by selecting the box that says Beachfront under Amenities.What should I look for in an Airbnb?Sorting through the vast array of homes available on Airbnb can be tough. Consider using criteria similar to what we use, which includes looking at the average rating, as well as reading up on recent reviews to ensure the home is still in top shape. Look for Superhosts and consider sorting by Airbnb Plus or Airbnb Luxe if you want a higher-end stay that's been vetted for exceptional amenities, decor, and hosting. Of course, for a beach getaway, location will be key. Be sure to look on the map and ensure before booking that the home is actually close to the beach. You don't want to arrive only to find out you actually need to take a 30-minute car ride before your toes can hit the sand. Is Airbnb safe?We strongly encourage following guidelines and advice from leading health organizations including the CDC and following local and state laws before planning a vacation of any kind. You should also be proactive when it comes to wearing a mask, washing your hands frequently, and maintaining social distancing no matter where you go.However, the CDC now recommends domestic travel as safe for fully vaccinated individuals.Experts also say that booking an entire home rental is one of the safest options for travelers right now because they eliminate encounters with others outside your traveling party, and because Airbnb mandates Enhanced Clean protocols that all hosts must now follow. What is Airbnb's cancellation policy?Cancellation policies on Airbnb differ from home to home and are set by each individual host. You can find a full breakdown of Airbnb's cancellation policies here. How we selected the best beach houses on Airbnb Every Airbnb listing is for the entire home, per current expert recommendation.All Airbnb homes are highly-rated listings with a rating of 4.7 or higher.All beach houses are located right on, or next to the beach.All take part in Airbnb's Enhanced Clean protocol program for added peace of mind.The homes offer strong value in terms of price, offerings, amenities, and location and are priced between $100 and $650 per night to start.Homes are available to book in the coming weeks and months, as of publishing. However, some homes are quite popular and book fast. Consider booking for a future vacation in a few months or next year. Find more great beach house rentals Airbnb The best Airbnbs on the Jersey ShoreThe best Airbnbs in the HamptonsThe best Airbnbs in Cape CodThe best Airbnbs in Hilton HeadThe best Airbnbs in FloridaThe best Airbnbs in Myrtle Beach The best Airbnbs in Virginia BeachThe best vacation rentals in the Outer BanksThe best vacation rentals in Ocean City  Read the original article on Business Insider.....»»

Category: worldSource: nyt1 hr. 16 min. ago Related News

A new study found startling amounts of microplastics in babies" poop - far more than in adults

The microplastics could come from plastic baby bottles, food containers, or toys that infants chew on. A baby wears amber teething beads. Petardj/Getty Images Babies may have more microplastics in their guts than adults do, a small study suggests. The researchers found 10 times more microplastics in infant feces than in adult feces. The microplastics could come from baby bottles or plastic toys that infants chew. See more stories on Insider's business page. Microplastics are everywhere. Even what should be untouched wildernesses - the icy plains of Antarctica, the crushing depths of the deepest ocean chasms - has been polluted by our garbage.So it's no surprise that we ingest plastic, too; it's been found in our feces, probably as a result of eating from plastic containers. But a new pilot study has found something borderline shocking: Babies have greater concentrations of microplastics in their guts than adults living in the same area.Specifically, on average, more microplastics were found in the feces of six one-year-old babies in New York City than in the feces of 10 adults. The meconium (earliest stool) of three New York newborns, meanwhile, had concentrations closer to those of adults.The finding suggests that infants have a higher exposure to microplastics than adults do, possibly due to factors such as child-safe plastic feeding utensils, pacifiers, sippy cups, and plastic toys that babies like to chew on while teething.The results demonstrate that this phenomenon requires further investigation, especially since any health impacts on babies could be a lot more severe."Our data provide baseline evidence for microplastic exposure doses in infants and adults and support the need for further studies with a larger sample size to corroborate and extend our findings," the researchers wrote in their paper.The researchers found the most microplastics in infant feces Alexis Small prepares her newborn, Aubrielle Kitchen, to visit family members on November 26, 2020 in Los Angeles. Brandon Bell/Getty Images The health impacts of ingesting microplastics are currently unknown, but it may not be as harmless as we once thought. Recent studies suggest that microplastics below a certain size threshold can cross cell membranes and enter the circulatory system, and can negatively impact cell function.A team of researchers led by pediatrician Kurunthachalam Kannan of New York University wanted to assess human exposure to two common types of microplastic - polyethylene terephthalate (PET), used to make food packaging and clothing, and polycarbonate (PC), used in toys and bottles.The researchers collected samples of feces from six one-year-old infants and 10 adults, as well as meconium from three newborn babies. They subjected these samples to mass spectrometry, after scanning samples of plastic to get an accurate signature to look for in the fecal samples. Every fecal sample contained at least one type of plastic, but the difference between adults and one-year-olds was striking."We found significant differences in the patterns of two types of microplastics between infant and adult feces," the researchers wrote in their paper."PET concentrations were significantly higher in infant feces than in adult feces, whereas concentrations of PC microplastics were not significantly different between the two age groups. The microplastics measured in infant and adult feces were thought to be primarily derived from dietary sources."Baby bottles or teething toys can leach microplasticsOn average, the infant feces contained over 10 times more PET than adult feces. Although the sample size was too small to conclusively rule what the reasons might be for this huge discrepancy, there are a range of possibilities.Plastic feeding utensils, cups, and bowls are considered safer for babies, since they are more difficult to break and therefore less likely to produce sharp shards, as glass and ceramic can do. There are also plastic teething products designed for babies to chew, and plastic toys not necessarily designed for chewing, but that end up munched anyway, because that's what babies do."One-year-old infants are known to frequently mouth plastic products and clothing. In addition, studies have shown that infant formula prepared in PP bottles can release millions of microplastics, and many processed baby foods are packaged in plastic containers that constitute another source of exposure in one-year-old infants," the researchers wrote."Furthermore, textiles are a source of PET microplastics. Infants often chew and suck cloths, and therefore, exposure of this age group to microplastics present in textiles is a greater concern."These findings demonstrate, the researchers said, a need to conduct deeper investigation into this phenomenon.Read the original article on Business Insider.....»»

Category: worldSource: nyt1 hr. 16 min. ago Related News

The sell-off sparked by the Evergrande crisis has shaken retail investors" buy-the-dip mentality, JPMorgan says

"The outflow happened on a down day and is thus inconsistent with the buy-the-dip behavior," JPMorgan said. A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., March 3, 2020. Andrew Kelly/Reuters Retail investors' confidence in the buy-the-dip trade was jolted after Monday's stock market sell-off, JPMorgan said in a note.The Evergrande debt crisis sparked $11 billion in outflows from equity ETFs on Monday."The outflow happened on a down day and is thus inconsistent with the buy-the-dip behavior," JPMorgan said.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.The Evergrande-induced stock market decline earlier this week jolted confidence in the buy-the-dip trade, JPMorgan said in a note on Wednesday.The bank highlighted $11 billion in outflows from equity ETFs on Monday, which happened on a day where stocks were down as much as 3%. "The outflow happened on a down day and is thus inconsistent with the buy-the-dip behavior," JPMorgan said.Monday's sharp outflow was one of the largest this year when excluding days with quarter-end option and futures expiry dates, according to the bank. And while momentum traders could have played a significant role in the near 5% stock market correction due to a break-down in certain indicators, retail investors also played a role, JPMorgan said.Retail investors' net inflows into equities peaked at around $16 billion in July, before falling to $15 billion in August and declining even further so far in September, JPMorgan said, citing internal research. "We would need to see more significant inflows into equity ETFs today and the following days to be able to say that retail investors' impulse into equities and their previous buy-the-dip behavior remains intact," the note said. Confidence among retail investors likely surged in recent days given the solid rebound in stocks since Monday's decline. Despite a decisive breakdown below the technical 50-day moving average earlier in the week, the S&P 500 recaptured that level on Thursday, jumping more than 1%. Now the index is now less than 1% away from reclaiming all of the losses stemming from Monday's decline. JPMorgan Read the original article on Business Insider.....»»

Category: worldSource: nyt1 hr. 16 min. ago Related News

Darden (DRI) Stock Up on Q1 Earnings Beat & Upbeat View

Darden's (DRI) first-quarter fiscal 2022 results benefit from solid blended same-restaurant sales and new store openings. Darden Restaurants, Inc. DRI reported impressive first-quarter fiscal 2022 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The bottom line beat the consensus mark for the 11th straight quarter and the top line outpaced the same for the third consecutive quarter. Moreover, the metrics increased on a year-over-year basis. The company also raised its 2022 outlook. Following the robust results and an upbeat view, the company’s shares moved up 3.8% in pre-market trading session.Earnings & RevenuesDuring the fiscal first quarter, the company reported adjusted earnings of $1.76 per share, beating the Zacks Consensus Estimate for earnings of $1.63 by 8%. In the prior-year quarter, the company had reported adjusted earnings per share (EPS) of 56 cents.Total sales during the quarter came in at $ 2,306 million, beating the consensus mark of $2,238 million by 3%. Moreover, sales increased 51% from the prior-year quarter’s level on solid blended same-restaurant sales of 47.5%. This along with the opening of 34 net new restaurants added to the positives.Darden Restaurants, Inc. Price, Consensus and EPS Surprise  Darden Restaurants, Inc. price-consensus-eps-surprise-chart | Darden Restaurants, Inc. Quote Sales by SegmentsDarden reports business under four segments — Olive Garden, LongHorn Steakhouse, Fine Dining that includes The Capital Grille and Eddie V's as well as Other Business.During the fiscal first quarter, sales at Olive Garden increased 38.3% year over year to $1,090.4 million. Comps in the segment rose 37.1% year over year compared with 61.9% growth reported in the previous quarter.Sales at Fine Dining increased 104.4% year over year to $168.8 million. Comps in the segment increased 84.6% year over year compared with 143.6% growth reported in the previous quarter.Sales at Other Business increased 71.4% year over year to $479.7 million. Moreover, comps in the Other Business increased 65.8% year over year compared with 160.7% growth reported in the previous quarter.At LongHorn Steakhouse, sales were up 50.5% year over year to $567.1 million. Comps in the segment surged 47% year over year compared with 107.5% growth reported in the previous quarter.Operating Highlights & Net IncomeIn the fiscal first quarter, total operating costs and expenses increased 37.7% year over year to $2,025.2 million. The upside was primarily driven by a rise in food and beverage costs, restaurant expenses and labor costs.Balance SheetAs of Aug 29, 2021, cash and cash equivalents came in at $947.8 million compared with $1,214.7 million as of May 30, 2021.Inventories during the fiscal first quarter came in at $210.9 million compared with $190.8 in the previous quarter. Long-term debt as of Aug 29, 2021, was $936.7 million compared with $929.8 million as of May 30, 2021.During the fiscal first quarter, Darden’s board of director repurchased approximately 1.3 million shares of its common stock worth approximately $186 million. At the end of first-quarter fiscal 2021, the company had approximately $277 million remaining under the $500-million repurchase authorization. Management sanctioned to repurchase an additional $750 million of its outstanding common stock, thereby bringing the total remaining repurchase authorization to approximately $1 billion.Meanwhile, the company declared a quarterly cash dividend of $1.10 per share. The dividend will be payable on Nov 1, 2021, to shareholders of record as of Oct 8, 2021.Updated Fiscal 2022 OutlookFor fiscal 2022, the company raised its sales expectations to approximately $9.4-$9.6 billion versus the previous forecast of approximately $9.2-$9.5 billion. The company expects total sales growth in the range of 7-9% from pre-COVID levels. Further, same-restaurant sales are expected to increase in the range of 27-30% on a year-over-year basis.EBITDA for fiscal 2022 is anticipated in the range of $1.54-$1.60 billion compared with the previous projection of $1.50-$1.59 billion. EPS from continuing operations are anticipated in the band of $7.25-$7.60 compared with the previous guidance of $7.00-$7.50. Meanwhile, effective tax rate for fiscal 2022 is anticipated in the range of 13-14%.The company expects to open 35-40 net new restaurants and projects total capital spending of $375-$425 million in fiscal 2022.Zacks Rank & Key PicksDarden currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Some better-ranked stocks in the same space include Chipotle Mexican Grill, Inc. CMG, Jack In The Box Inc. JACK and The Wendys Company WEN, each currently carrying a Zacks Rank #2 (Buy).Chipotle’s 2021 earnings are expected to surge 137.5%.Jack in the Box has a trailing four-quarter earnings surprise of 26.4%, on average.Wendys has a three-five-year EPS growth rate of 14%. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>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 Jack In The Box Inc. (JACK): Free Stock Analysis Report Chipotle Mexican Grill, Inc. (CMG): Free Stock Analysis Report Darden Restaurants, Inc. (DRI): Free Stock Analysis Report The Wendys Company (WEN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 32 min. ago Related News

ETFs to Bet On as Fed Turns Hawkish, Signals Tapering

The Federal Reserve Chair Jerome Powell kept the interest rates near zero at 0-0.25% but signaled bond-buying tapering ahead followed by interest rate hikes as early as next year. In the FOMC meeting that concluded on Sep 22, the Federal Reserve Chair Jerome Powell kept the interest rates near zero at 0-0.25% but signaled bond-buying tapering ahead followed by interest rate hikes as early as next year.The central bank is expected to begin scaling back the monthly bond purchases as soon as November and complete the process by mid-2022. This is because it expects the Delta variant of the coronavirus, which has dented economic activity in the recent months, to have a short-lived effect on the recovery. Per the officials, the economy will likely make “substantial further progress” by the end of the year, a threshold needed for the central bank to begin slowing the pace of asset purchases (read: Buy the Dip With These Top-Ranked ETFs).Fed Chair Jerome Powell reiterated that he believes the U.S. economy has already surpassed the central bank's goals for inflation, and said a "reasonably good" September jobs report would indicate that the Fed's employment goals to begin tapering had been satisfied as well. Notably, the central bank has been buying $120 billion per month of Treasuries and mortgage-backed securities since the start of the COVID-19 crisis.The policy statement also revealed that nine of 18 Fed policymakers foresee a liftoff in interest rates next year, compared to seven policymakers in June. The median dot also projects three to four total rate hikes by the end of 2023. Through the end of 2024, the median FOMC member sees six to seven total rate hikes.Given this, investors should continue to focus on areas/sectors that will benefit the most from the Fed’s tightening policy. Here, we have detailed four of these and their ETFs below:FinancialsA rising interest rate scenario is highly profitable for the financial sector. This is because the steepening yield curve would bolster profits for banks, insurance companies, and discount brokerage firms. A broad way to play this trend is with Financial Select Sector SPDR Fund XLF, which has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook.This is the most popular financial ETF in the space with AUM of $40 billion and an average daily volume of about 43 million shares. The fund follows the Financial Select Sector Index, holding 65 stocks in its basket. It is heavily concentrated on the top two firms, making up for double-digits share each while other firms hold no more than 7.2% share. In terms of industrial exposure, banks take the top spot at 37.5% while capital markets, insurance, and diversified financial services make up for double-digit exposure each. The fund charges 12 bps in annual fees and is up 27.5% in the year-to-date timeframe (read: 401(k) Balances at All-Time Highs: 6 ETFs to Buy).Consumer DiscretionaryConsumer discretionary stocks also seem good bets. This is because a tight policy is seemingly the result of a pickup in economic growth supported by solid job growth, wage growth and increased lending activity that result in higher spending power. One exciting pick in this space can be Vanguard Consumer Discretionary ETF VCR, which has a Zacks ETF Rank #1 with a Medium risk outlook (read: ETF Areas to Gain From the Upcoming Holiday Shopping Season).This fund follows the MSCI U.S. Investable Market Consumer Discretionary 25/50 Index and holds 296 stocks in its basket. It has heavy concentration on the top firm – Amazon AMZN – at 23.5% share while the other firms hold no more than 10% of the assets. The product has managed $6.7 billion in its asset base and charges 10 bps in annual fees. In terms of industrial exposure, Internet & direct marketing, retail takes the largest share at 27.6% while automobile manufacturers, restaurants, and home improvement retail round of the next three spots. The ETF trades in average daily volume of 59,000 shares and has gained 15.8% in the same timeframe.TechnologyIn a tight policy era, technology seems one of the safest sectors as most of the companies are sitting on a huge cash pile. The cash reserves will ensure that these companies are not plagued by any financial trouble even in a rising interest rate environment. While there are several ETFs to bet on, First Trust NASDAQ-100-Technology Sector Index Fund QTEC could be an intriguing option. It has a Zacks ETF Rank #1 with a High risk outlook.    This ETF tracks the NASDAQ-100 Technology Sector Index, holding 41 stocks in its basket with almost equal allocation. From an industry look, software and semiconductors dominate the list with 34.9% and 32.7% share, respectively, while production technology equipment and consumer digital services make up for the next two spots. QTEC is a large cap centric fund with AUM of $3.9 billion and average daily volume of around 66,000 shares. It charges 57 bps in annual fees and gained 19.6% so far this year.DollarTightening policy and higher rates would attract more capital to the country from foreign investors, thereby boosting the U.S. dollar against the basket of other currencies. Invesco DB US Dollar Index Bullish Fund UUP offers exposure to a dollar against a basket of six world currencies. This is done by tracking the Deutsche Bank Long USD Currency Portfolio Index - Excess Return plus the interest income from the fund’s holdings of U.S. Treasury securities. In terms of holdings, UUP allocates nearly 57.6% in euro and 25.5% collectively in the Japanese yen and British pound. The fund has so far managed an asset base of $487.9 million and sees an average daily volume of around 697,000 shares. It charges 76 bps in annual fees and has gained 3.5% so far this year. The fund has a Zacks ETF Rank #2 with a Medium risk outlook (read: U.S. Dollar to Gain Ahead? ETFs to Gain/Lose).  More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>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 Amazon.com, Inc. (AMZN): Free Stock Analysis Report Financial Select Sector SPDR ETF (XLF): ETF Research Reports Invesco DB US Dollar Index Bullish ETF (UUP): ETF Research Reports Vanguard Consumer Discretionary ETF (VCR): ETF Research Reports First Trust NASDAQ100Technology Sector ETF (QTEC): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 32 min. ago Related News

Advance Auto Parts (AAP) Down 0.5% Since Last Earnings Report: Can It Rebound?

Advance Auto Parts (AAP) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues. A month has gone by since the last earnings report for Advance Auto Parts (AAP). Shares have lost about 0.5% in that time frame, outperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Advance Auto Parts due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Advance Auto Parts’ Q2 Earnings TopAdvance Auto Parts reported adjusted earnings of $3.4 per share for second-quarter 2021 (ended Jul 17, 2021), jumping 15.3% from the prior-year figure. The reported figure also beat Zacks Consensus Estimate of $2.95 on higher-than-expected comps growth. For the second quarter, comparable store sales witnessed 5.8% growth as against the consensus mark of a fall of 1.1%.Advance Auto Parts generated net revenues of $2,649.4 million, marginally topping the Zacks Consensus Estimate of $2,614 million. Moreover, the revenue figure increased 5.9% from the year-ago reported figure.Adjusted operating income went up 7% year over year to $302 million. Adjusted selling, general and administrative expenses totaled $926.4 million compared with the $817.7 million witnessed in the year-ago period.Financial PositionAdvance Auto Parts had cash and cash equivalents of $809.3 million as of Jul 17, 2021 compared with $834.9 million as of Jan 2, 2021. Total long-term debt was $1,033.7 million as of Jul 17, 2021, slightly up from the $1,033 million as of Jan 2, 2021.For the reported quarter, operating cash flow was $446.3 million compared with the year-ago quarter’s of $437.3 million. Free cash flow (FCF) for the second quarter came in at $387.6 million compared with the year-ago quarter’s FCF of $380.2 million.Dividend & Share RepurchaseOn Aug 10, Advance Auto Parts’ board approved a cash dividend of $1 per share. The dividend would be payable on Oct 1 to all common shareholders of record as of Sep 17, 2021. It also approved an additional buyback program of $1 billion. During the quarter, the company repurchased around 2 million shares for $393 million at an average price of $197.52 per share.Advance Auto Parts returned a record $457.9 million to shareholders through buybacks and dividend during the reported quarter. At the end of second-quarter 2021, the company had $868.8 million remaining under the share-repurchase program.Store UpdateAs of Jul 17, it operated 4,748 stores and 215 Worldpac branches in the United States, Canada, Puerto Rico and U.S. Virgin Islands. It also serves 1,306 independently-owned Carquest-branded stores across these locations, in addition to Mexico, the Bahamas, Grand Cayman, Turks and Caicos, and British Virgin Islands.Guidance for 2021Advance Auto Parts has updated the full-year 2021 view. It now projects full-year net sales of $10.6-$10.8 billion, up from the previous forecast of $10.4-$10.6 billion. Comparable store sales growth and adjusted operating income margin are now envisioned in the band of 6-8% and 9.2-9.4%, respectively, higher from the previous outlook of 4-6% and 9-9.2%, respectively.The company expects FCF of minimum $700 million, up from the previous forecast of minimum $575 million. However, it intends to open 80-120 stores this year, lower than the previous projection 100-150 stores.How Have Estimates Been Moving Since Then?It turns out, fresh estimates flatlined during the past month.VGM ScoresAt this time, Advance Auto Parts has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookAdvance Auto Parts has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>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 Advance Auto Parts, Inc. (AAP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 32 min. ago Related News

Best Buy (BBY) Down 12.4% Since Last Earnings Report: Can It Rebound?

Best Buy (BBY) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues. A month has gone by since the last earnings report for Best Buy (BBY). Shares have lost about 12.4% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Best Buy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Best Buy's Sales & Earnings Beat Estimates in Q2Best Buy posted robust second-quarter fiscal 2022 results with the top and the bottom line increasing year over year as well as surpassing the Zacks Consensus Estimate. The quarter gained from sales growth across the Domestic and the International segments.Management raised enterprise comparable sales growth view for fiscal 2022 and also issued guidance for the third quarter. Going forward, Best Buy expects to keep gaining from consumers’ heightened dependency on technology.Q2 DetailsBest Buy delivered adjusted earnings of $2.98 per share, which surpassed the Zacks Consensus Estimate of $1.91. Moreover, the bottom line increased nearly 74% from $1.71 earned in the year-ago quarter.Enterprise revenues rose 19.6% year over year to $11,849 million and came ahead of the Zacks Consensus Estimate of $11,601 million. Enterprise comparable sales increased 19.6% versus 5.8% growth seen in the year-ago quarter.Gross profit grew 23.8% to $2,810 million with gross margin expansion of 80 basis points (bps) to 23.7%. Adjusted operating income came in at $821 million, up from $588 million reported in the year-ago quarter. Again, adjusted operating margin expanded 100 bps to 6.9%.Segment DetailsDomestic segment revenues jumped 20.6% to $11,011 million. This year-over-year growth was mainly driven by comparable sales increase of 20.8%, partly mitigated with loss of revenues from permanent store closures in the prior year. The company registered comparable sales growth in almost all its categories with the key drivers being computing, mobile phones, home theater, appliances and services.The segment’s comparable online sales declined 28.1% to $3.5 billion. As a percentage of overall Domestic revenues, online revenues contributed 31.7% compared with 53.1% of last year.Segmental gross margin expanded 90 bps year over year to 23.7% owing to better product margin rates and rate leverage from supply-chain expenses as well as increased profit-sharing sales from its private label and co-branded credit card arrangement.Moving on to the International segment, revenues grew 7.2% to $838 million. This upside was backed by comparable sales growth of 5% and significant gains of 1,070 bps from favorable foreign currency exchange rates. Growth was somewhat offset by lower revenues in Mexico. The segment’s gross margin expanded 50 bps to 24.3% in the reported quarter.Other DetailsBest Buy ended the quarter with cash and cash equivalents of $4,340 million, long-term debt of $1,243 million and a total equity of $4,335 million.During the quarter, the company returned about $571 million to its shareholders via share repurchases of $396 million and dividends worth $175 million. Additionally, the company’s board authorized a quarterly cash dividend of 70 cents per share, payable Oct 5, 2021 to its shareholders of record on Sep 14, 2021.For fiscal 2022, the company expects share repurchases of above $2.5 billion.GuidanceFor fiscal 2022, management now projects enterprise comparable sales to increase 9-11% compared with the previous outlook of 3-6% growth. Enterprise revenues are forecast in the bracket of $51-$52 billion. Adjusted gross margin is expected to slightly improve year over year. Earlier, the metric was expected to be flat with the fiscal 2021 rate of 22.4%. Adjusted SG&A growth is anticipated at nearly 9% compared with the past projection of 6-7% rise.For the second half, comparable sales are likely to come in the band of flat to down 3% year over year compared with a high single-digit decrease anticipated earlier.For third-quarter fiscal 2022, the company expects enterprise comparable sales to decrease 1-3%. Enterprise revenues are predicted in the band of $11.4-$11.6 billion. Adjusted gross margin is expected to fall 30 bps year over year. Adjusted SG&A dollars are likely to be flat year over year.How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month. The consensus estimate has shifted 35.21% due to these changes.VGM ScoresCurrently, Best Buy has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Best Buy has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>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 Best Buy Co., Inc. (BBY): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacks1 hr. 32 min. ago Related News

How Has HEI Performed 30 Days Post Earnings

Heico Corporation (HEI) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues. It has been about a month since the last earnings report for Heico Corporation (HEI). Shares were flat in that time frame, outperforming the S&P 500.Will the recent trend continue leading up to its next earnings release, or is Heico Corporation due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Heico Q3 Earnings Beat Estimates, Sales Improve Y/YThe company’s third-quarter fiscal 2021 earnings per share (EPS) of 56 cents surpassed the Zacks Consensus Estimate of 54 cents by 3.7%. The bottom line improved 40% from the prior-year period’s figure of 40 cents.The year-over-year improvement can be attributed to sales and operating income growth witnessed in the fiscal third quarter.Total SalesThe company’s net sales increased 22.1% year over year to $471.71 million in the reported quarter, primarily driven by improvement in commercial aerospace market conditions.However, total sales missed the Zacks Consensus Estimate of $476 million by 1.9%.Operational UpdateHEICO’s total costs and expenses increased 16.6% year over year to $370.9 million in the quarter under review. The increase was due to higher cost of sales, and selling, general and administrative expenses.Segmental PerformanceFlight Support Group:Net sales surged 33% year over year to $237.1 million, driven by enhanced demand for its commercial aerospace products across all product lines.Operating income soared 250% year over year to $42.1 million, on account of net sales growth and an improved gross profit margin. Further, its operating margin expanded a massive 1100 basis points (bps) to 17.7% compared with 6.7% in the prior-year period.Electronic Technologies Group: The segment’s net sales climbed 14% to $239.5 million in the quarter under review, driven by organic growth, and benefits from fiscal 2020 and 2021 acquisitions.The segment reported an operating income surge of 11% year over year to $69 million, primarily on account of quarterly net sales growth. However, the company’s operating margin contracted 60 bps to 28.8%.Financial DetailsAs of Jul 31, 2021, HEICO’s cash and cash equivalents totaled $269.8 million compared with $406.9 million as of Oct 31, 2020.Cash flow provided by operating activities was $124 million at the end of third-quarter fiscal 2021, reflecting a solid 33% growth over prior-year period.HEICO reported long-term debt (net of current maturities) of $385.4 million as of Jul 31, 2021, down from $738.8million as of Oct 31, 2020.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.VGM ScoresAt this time, Heico Corporation has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, Heico Corporation has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>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 Heico Corporation (HEI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 32 min. ago Related News

Intuit (INTU) Up 1.3% Since Last Earnings Report: Can It Continue?

Intuit (INTU) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues. A month has gone by since the last earnings report for Intuit (INTU). Shares have added about 1.3% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Intuit due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Intuit Crushes Q4 Earnings & Revenue Estimates, Guides StrongIntuit ended fiscal 2021 with outstanding fourth-quarter results, wherein revenues and earnings surpassed the respective Zacks Consensus Estimate, as well as marked significant year-over-year improvement.The company reported fiscal fourth-quarter non-GAAP earnings of $1.97 per share, which beat the Zacks Consensus Estimate of $1.59. Moreover, the bottom-line figure increased 9% from the year-ago quarter’s earnings of $1.81 per share.Revenues of $2.56 billion surpassed the consensus mark of $2.32 billion and climbed 41% year on year as well.The year-over-year surges in the top and bottom lines reflect strong growth in the do-it-yourself category as well as solid revenue contribution from the newly-acquired Credit Karma business. Credit Karma contributed $405 million to the company’s quarterly total revenues.Solid contribution from TurboTax Live was a positive. Moreover, solid customer growth was a top-line driver.Quarter in DetailSegment wise, Small Business and Self-Employed Group revenues grew 19% year over year to $1.25 billion. This rise was primarily driven by solid growth in customers for QuickBooks Online and a favorable mix-shift. In addition, approximately $4 million of non-recurring revenues from the Paycheck Protection Program boosted this segment.Total Online Ecosystem revenues climbed 30% year on year to $770 million. QuickBooks Online Accounting revenues were up 28% year over year. Online Services revenues, which include payroll, payments, time tracking and capital, grew 35% year over year.Within QuickBooks Online payroll, a mix-shift to Intuit’s full-service offering was a tailwind. Also, within QuickBooks Online payments, continued uptick in the customer base drove revenues.Total international online revenues increased 47%, year over year, on a constant-currency basis.Total Desktop ecosystem revenues grew 5%, year on year, during the reported quarter.In the fiscal fourth quarter, revenues from Consumer Group jumped 20% year on year to $852 million.Intuit’s non-GAAP operating income increased 16% to $715million.Fiscal 2021 HighlightsThe company reported fiscal 2021 non-GAAP earnings of $9.74 per share, which beat the Zacks Consensus Estimate of $9.35. Moreover, the bottom-line figure increased 24% from the year-ago quarter’s earnings of $7.86 per share. Revenues of $9.63 billion surpassed the consensus mark of $9.39 billion and climbed 25% year on year as well.Balance Sheet and Cash FlowAs of Jul 31, 2021, Intuit’s cash and investments were $3.87 billion compared with $4.1 billion as of Apr 30.The company repurchased stocks worth $467 million during the reported quarter and $1 billion in fiscal 2021.The company’s board of directors has approved a new $2-billion share-repurchase authorization, increasing the total authorization limit to $3.3 billion.Additionally, the company announced that its board has approved a quarterly cash dividend of 68 cents per share to be payable on Oct 18, 2021. The newly-approved cash dividend represents a year-over-year increase of 15%.First-Quarter and Fiscal 2022 OutlookFor the fiscal first quarter, Intuit expects revenues between 36% and 38% on a year-over-year basis. Adjusted earnings for the quarter are estimated in the range of 94-99 cents per share.For fiscal 2022, the company projects revenues in the band of $11.05-$11.20 billion, calling for year-over-year growth of 15-16%. Adjusted earnings are projected between $11.05 and $11.25 per share, indicating a year-over-year increase of 13-16%.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review. The consensus estimate has shifted -56.49% due to these changes.VGM ScoresAt this time, Intuit has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Intuit has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>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 Intuit Inc. (INTU): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacks1 hr. 32 min. ago Related News