Thursday, April 9

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Stifel’s Barry Bannister sticks to his bearish market stance
Business

Stifel’s Barry Bannister sticks to his bearish market stance

Barry Bannister is unimpressed by the stock market's run to record highs. The broad market index has soared to record levels to start the fourth quarter, as the Federal Reserve begins its rate-cutting cycle. Over the past month, the S & P 500 has climbed 3.2% to break above 5,800 for the first time. It closed at 5,815.26 on Tuesday, despite a decline. But Stifel Financial's chief equity strategist is sticking to his bearish stance. "Despite all the soft-landing and Fed rate cut optimism, the S & P 500 up almost 40% y/y has simply over-shot," he wrote in a note to clients. "Sure, we can cherry-pick with the best of them and apply the most over-valued cyclically adjusted valuation level of the past 35 years to show about 10% further upside [to 6,400], but that same analysis of a cent...
What is a tropical cyclone and what do all the categories mean?
World News

What is a tropical cyclone and what do all the categories mean?

Tropical cyclones get energy from very warm ocean water they sit above which needs to be at least 26.5C or higher to form. Photo: The Solomon Islands Meteorological Service Explainer - The South Pacific tropical cyclone season is due to start in November and will run until the last day of April. On average there's nine each season and tropical cyclones can straddle either end of the season, as seen last year with Lola in October. But what actually is a tropical cyclone and what do all the categories mean? Here's everything you need to know. What is a cyclone? New Zealand's National Institute of Water and Atmospheric Research (NIWA) describes tropical cyclones as rotating storms, characterised by a low-pressure centre, strong winds, and thunderstorms that produce heavy rain. NIWA meteoro...
Amazon announces Colorsoft, first Kindle with color screen for $279
Business

Amazon announces Colorsoft, first Kindle with color screen for $279

Kindle Colorsoft 2024AmazonAmazon on Wednesday announced a new Kindle e-reader, and for the first time ever it has a color display.The retailing giant introduced the Kindle in 2007, and every device since then has had a black-and-white screen. The new Kindle has a display that's designed to ensure colors don't appear washed out or pixelated, even when users zoom in on images.The $279 device, which Amazon is calling the Kindle Colorsoft, has "weeks of battery life," the company said. It can be preordered now and ships on Oct. 30.Amazon also unveiled a refreshed $399 Kindle Scribe with new note-taking features, an updated $159 Kindle Paperwhite and a 12th generation Kindle, which costs $109. At a press event in New York on Tuesday, Amazon's devices chief, Panos Panay, called the updates the ...
Boeing’s crisis is getting worse. Now it’s borrowing tens of billions of dollars
World News

Boeing’s crisis is getting worse. Now it’s borrowing tens of billions of dollars

By Chris Isidore for CNN A Boeing 737 MAX plane under construction at a factory in Washington state, USA. Photo: Jennifer Buchanan / Pool / AFP Analysis - Cash-starved Boeing, contending with massive financial losses from a crippling strike and years of operational and safety problems, is turning to major banks and Wall Street to raise tens of billions of dollars in cash. In a regulatory filing early Tuesday, the company announced plans to borrow $10 billion (NZ$16.5bn) from a consortium of banks. It also separately announced plans to raise $25 billion by selling stock and debt. The $10 billion borrowing plans would be included in the $25 billion that Boeing filed to raise. The company's debt surged in the last six years as Boeing reported core operating losses of more than $33 billi...
Trudeau set to make 2nd appearance at foreign interference inquiry – National
Politics

Trudeau set to make 2nd appearance at foreign interference inquiry – National

By Jim Bronskill The Canadian Press Posted October 16, 2024 7:51 am Updated October 16, 2024 8:27 am 1 min read Descrease article font size Increase article font size Prime Minister Justin Trudeau is slated to testify Wednesday as a federal inquiry into foreign interference finishes the latest phase of its work. The commission of inquiry is looking at the ability of institutions to detect and fend off the attempts of hostile states to meddle in Canadian affairs.Over the last several weeks it has heard from seni...
This senior living stock is a buy with more than 30% upside, Jefferies says
Business

This senior living stock is a buy with more than 30% upside, Jefferies says

The senior housing industry is approaching its "golden age" and Bookdale Senior Living should benefit, according to Jefferies. Analyst Brian Tanquilut initiated coverage of Brookdale Senior Living with a buy rating, saying that the sector should benefit from better occupancy as baby boomers "age into the sweet spot." "The combination of positive demographic trends, improved operations, and financial engineering ... should all translate to improved earnings performance that's not yet baked into the stock," he wrote. Along with the upgrade, Tanquilut established an $8 price target, reflecting 32% upside from Tuesday's close. The stock is up more than 4% this year. BKD YTD mountain Shares since the start of 2024 The firm expects Brookdale to experience heightened demand that should help accel...
Meta must face US state lawsuits over teen social media addiction
World News

Meta must face US state lawsuits over teen social media addiction

By Brendan Pierson, Reuters Meta boss Mark Zuckerberg. Photo: AFP Facebook parent company Meta must face lawsuits by US states accusing it of fueling mental health problems among teens by making its Facebook and Instagram platforms addictive, a federal judge in California ruled on Tuesday. Oakland-based US District Judge Yvonne Gonzalez Rogers rejected Meta's bid to toss the claims made by the states in two separate lawsuits filed last year, one involving more than 30 states including California and New York and the other brought by Florida. Rogers put some limits on the states' claims, agreeing with Meta that a federal law known as Section 230 regulating online platforms partly shielded the company. However, she found that the states had put forward enough detail about allegedly mis...
Weekly mortgage demand tanks 17%, after interest rates hit the highest level since August
Business

Weekly mortgage demand tanks 17%, after interest rates hit the highest level since August

A sign is posted in front of a home for sale on August 07, 2024 in San Rafael, California.Justin Sullivan | Getty ImagesMortgage interest rates rose last week for the third straight week, hitting the highest level since August. That caused demand from both current homeowners and potential homebuyers to take a big step back. Total mortgage application volume fell 17% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.52% from 6.36%, with points increasing to 0.65 from 0.62 (including the origination fee) for loans with a 20% down payment.Refinance demand, which is most sensitive to weekly rate mo...
Australia’s planned social media ban raises teen isolation fears
World News

Australia’s planned social media ban raises teen isolation fears

By Byron Kaye and Cordelia Hsu, Reuters So far, no country has rolled out an age-based ban targeting internet platforms. Photo: RNZ Pacific/ Koroi Hawkins Analysis - For Tereza Hussein, a 14-year-old refugee who lives in Darwin, Australia's planned social media ban would mean losing a direct line to the most important person to her: a grandmother she has never physically met. "It's the only way I've ever connected to my grandma before, over socials," said Hussein, who was born in the Democratic Republic of Congo but lived in a refugee camp in Malawi before settling in Australia when she was nine. "It's going to have a very big change in my life because it's going to be hard for me to talk to the people that I've left behind," she said. While Hussein rarely posts on social media, she ...
Citi upgrades Cisco Systems, cites AI tailwinds
Business

Citi upgrades Cisco Systems, cites AI tailwinds

Don't overlook the artificial intelligence potential of Cisco Systems , Citi said. Analyst Atif Malik upgraded shares of the networking company to buy from neutral, citing a shrinking valuation gap relative to peers and a growing AI ethernet total addressable market poised to hit $10 billion by 2025. "While AI is currently a small piece of the biz (~2% of revs), we see the potential for a stronger contribution," he wrote. "With more AI coming, we are incrementally more constructive on the group and expect continued investor rotation out of semis/hardware into networking equipment to benefit group valuation." Shares added 1.7% before the bell and looked poised to build on their 7% year-to-date gain. Malik lifted the firm's price target to $62 from $52 a share, reflecting about 15% upside fr...