Tesla, GameStop, Facing the Gauntlet: Stock Market Breakdown - April 27 TheStreet 2026-09-19 | Tesla, GameStop, Facing the Gauntlet: Stock Market Breakdown - April 27
How TipRanks wants to help “Average Joe” investors TheStreet 2024-10-20 | TipRanks CEO Uri Gruenbaum joins The Street to explain how his company works and how it can help everyday investors.Transcript:Conway Gittens: So tell us, what does TipRanks do and how do you help everyday investors?Uri Gruenbaum: So we like to think of ourselves as a Bloomberg for the average Joe. And basically what we do is we collect a lot of data, alternative data, which I can soon explain a bit more. And we allow the average investor to make data driven investment decisions. When we started the company 12 years ago, our main goal was to bring transparency by measuring the performance of anyone giving investment advice. So up until 12 years ago you'd see all these analyst recommendations, finfluencers all those bloggers recommending to others what to buy or sell. We would collect that data and start measuring. Who knows what they're talking about and who doesn't? It is called a financial accountability engine, and that was extremely successful. And we leveraged that success to add more and more and more unique data sets, news, research and tools for investors.Conway Gittens: So tell me about this alternative data and how the data helps investors make decisions?Uri Gruenbaum: Great so. So what is the alternative data? So let's start with what is not alternative data. Anything that a company discloses their earnings, a company, announcements, all of that, all of that information, that is basically fundamental data that public companies provide. However, in the last 20 years, there has been a growing trend of alternative data. And so what is that? If you're an investor and let's say you want you're considering to invest in Netflix, one thing you can do is you can read the Netflix earnings reports and say "OK, now they just grew their subscriptions by 15%. This is a strong conviction and I'm going to buy the stock." But a smart investor or an institutional investor, they wouldn't necessarily wait for the investment reports. They would look for clues from the outside that would already tell them what Netflix report. Now, one example would be, for instance, to see how many visitors did netflix.com receive in the last month. If you can track how many visitors came to Netflix or how many people installed their app, you can guess how many new subscribers have joined. And so there are a lot of different signals that can be satellite images - it can be user trends, it can be geolocation tracking, it can be credit card processing. For instance, if you know how many people, if you buy data from, let's say, a credit card company of how many people have paid for Netflix, you can estimate what their earnings would look like. So there is a long list of alternative data that institutional investors are able to monetize very well, but that are not accessible to retail investors. We feel that our mission at TipRanks is to empower the retail investor to level the playing field. And so that's what we're doing. We're bringing all these unique data sets on top of the standard ones and making them available for free for the average Joe.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#Investing #investors #stocks
How to save for big purchases on any budget TheStreet 2024-10-20 | Here are actionable steps you can take if you’re trying to save up for a major purchase, according to a top personal finance expert.Transcript:CONWAY GITTENS: What are your tips on saving for a major purchase, like a house or a car?SHANNON MCLAY: Yeah, I think the first thing is don't be scared about the big numbers because I think it's something greater than 70% of Americans live paycheck to paycheck. So the thought of saving up $100,000 to buy a home feels like forget it. Like why even start. And I always say the process to get financially healthy, as you can imagine. Conway, we love fitness analogies here. So we say the process of getting financially healthy is like running a marathon. So if you decide to run a marathon today, you're not going to run 20 plus miles today. You're going to do training, you're going to do a little bit at a time, and then you're going to build up. And at some point you'll run a little bit. You'll take a break, you run a little bit more. And so, you know, I'd say again, back to the mindset is realize it's a big goal buying a house, starting a business, having children. Those are all big money goals. And when you start to lay out the numbers, it could freak people out. So I'd say first realize that, you know, it's going to take time and a process. Know what the number is, though, because we need to know what we're working towards. SMART goals are everything, so we need to know how much the house costs, how much the business will cost, how much retirement will cost, and then start putting the pieces together to get to those numbers. Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#save #purchase #budget
Top economist reveals solution to the home affordability crisis TheStreet 2024-10-19 | Danielle Hale, Chief Economist, Realtor.com, joined TheStreet to discuss the key changes needed for housing affordability to improve.Transcript:CONWAY GITTENS: And so what has to happen for homes to become more affordable beyond just the baby step, and do you see this happening any time soon?DANIELLE HALE: Yeah, in order to really improve housing affordability, we need to add more housing capacity. So we need to see more for sale and more for rent homes that are built. It generally be single family and multi-family homes. Builders have been making progress. They've been building at the upper end of their historical ranges. But we had a really big hole to dig out of. Estimates from Realtor.com suggest that it was somewhere between 2 and 7 million homes that we were lacking over the last decade. We build about 1 to 1.5 million homes each year. So we've got a multi-year problem to build out of and think it's just going to take some time. Fortunately, everyone seems to be aware of the problem and agree on its existence. It's just a question of how do we take steps to encourage builders to build more and to make it easier for builders to build more effectively to solve this problem.CONWAY GITTENS: And so how much of the problem is a private sector issue versus a public sector issue? And by that I mean private sector being the builders, but the builders need land that is public.DANIELLE HALE: Yeah so there are ways that policy, not necessarily Washington and federal policy, but it's often local land policy can either help or hinder builders ability to meet this demand. So zoning has been a hot topic lately and up zoning or increasing the density that is available or permissible in different areas is something that can help. It is a case that if you were to replace a single family home with townhomes or a duplex, that does create more housing in the same sort of space without having to create more land or sprawl out into further areas and suburbs and exurbs. And so I think localities that are thinking about this and making changes to permit higher density zoning are going to see the benefits. They're not going to come immediately or overnight, but they are going to see the benefits over time. And we have seen a lot of changes at the state level. California has been an innovator and at the city level or metro level, Saint Paul and Minneapolis have also been leaders when it comes to densifying, the existing land use. And so I think we're likely to see those policies pay dividends over time. Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#home #homebuyers #affordable
Expert retirement tips for recent college graduates TheStreet 2024-10-19 | Recent college graduates can get a head start on their retirement savings with these expert-recommended tips.Transcript:CONWAY GITTENS: So we hear constantly and we talked a little bit about this earlier, that everyone should start as early as possible to save. But how should recent college grads approach this?BOB POWELL: Yeah, so I think two ways, right. A lot of people are overwhelmed. I can tell you, for instance, my daughter entered the workforce. She got thrown the employee benefit handbook and was told, here's your 401(k) and I get the call. What should I do? And you know, for many people, the answer is invest in a target date fund, because what it gives you is an asset allocation, right. A mix of stocks and bonds that are appropriate for your age. And assuming that you're going to retire in 44 or 45 or 50 years or so, that target date fund will adjust its asset allocation to become less aggressive and more conservative over time as you approach your target date of retirement. And it's sort of a, you know, a plug and play type of mutual fund, where you don't have to worry about rebalancing, you don't have to worry about, you know, how it's invested. And so for many young people, this is an easy way to get started, especially if they don't have any experience with investing. For people who might have some experience, you might want to choose a different route. Maybe you'll choose to invest 90% of your money in the S&P 500 index or, you know, some of it in the NASDAQ 100 or whatever it might be, and a small portion in fixed income to give you some asset allocation and diversity. So I think those for me would be the two ways to go. 4. If you're inexperienced, choose a target date fund. If you have some experience, choose a, choose an index fund and manage it as appropriately as you see fit. And I think that will get people at least started, you know. And then start reading, right. Pay attention to the articles that we're publishing on TheStreet. Pay attention. If you're in a 401(k), the provider is likely to send you lots of educational material. They're likely to offer you tools and calculators to use. Take advantage of those things. They're useful because at least it puts it front and center. The last thing that you want to do is not pay attention to your retirement account. Don't discard the envelope if it's coming in the mail to you. Don't just delete the email if it's coming in that says, here's what your account balance is. Do a check in with your money. This is ultimately what's going, this is ultimately what's going to be used to create your paycheck in retirement when you no longer have a W-2 or a 1099 coming in. So, you know, pay attention to your money don't just set it and forget it, you know, become an educated consumer. And I think that will go a long way toward helping you, you know, make sure that you save enough for retirement. Ultimately, that's the goal, right. You want to save enough to fund a desired standard of living for decades of free time in retirement. Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#reitrement #retirementtips #collegegraduates
Stellantis continues cost-cutting measures TheStreet 2024-10-18 | Stellantis CEO Carlos Tavares announced the company with be shuttering its Arizona Proving Grounds in an attempt to cut more costs.Transcript:Conway Gittens: The first full week of earnings came to a close with mixed results. Procter and Gamble missed sales forecasts but topped profit expectations. However, in a promising sign, P&G says consumers are no longer trading down to cheaper products and for the first time in more than two years volumes were on the upswing.The earnings calendar for the coming week is quite busy. Some names to watch include: Verizon, General Motors, 3M, Coca-Cola, Boeing, Tesla, Amazon, and UPS.Turning now to other headlines: These are tough times for Stellantis, the transatlantic parent of car brands such as Chrysler, Dodge, Jeep and Ram. It’s in the midst of a sales slump and a battle with the great-grandson of Chrysler’s founder over retaining ownership.The problems are especially acute in North America where layoff notices went out in October.Stellantis is also seeking white-collar volunteers who are ready to call it quits. And The cost-cutting measures don’t stop there. The company now has its eyes on shutting down a testing facility in Arizona by the end of the year. Stellantis confirmed the plans to CNBC by email, “Stellantis continues to look for opportunities to improve efficiency and optimize its footprint to ensure future competitiveness in today’s rapidly changing global market.”According to CNBC, the 69 people impacted by the closure will be offered special buyouts, can apply for transfers, or be laid off with up to two years of pay. This, of course, won't sit well with the UAW. Stellantis’ North American headcount dropped 14.5 percent between 2019 and 2023, and that doesn’t include all the layoffs expected before 2024 comes to a close.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#stellantis #costcutting #cars
Robby Starbuck: Full interview on DEI & more TheStreet 2024-10-18 | DEI initiatives are facing scrutiny at various U.S. companies. In the last year, Tractor Supply, John Deere and Lowe's have scaled back DEI programs. We spoke with conservative activist Robby Starbuck on his perspective regarding eliminating DEI programs at companies, organizations, and institutions.Transcript: Conway Gittens: Robby Starbuck joins us here at TheStreet. Mr. Starbuck, thanks for coming by. Robby Starbuck: Thanks for having me. I appreciate it. Conway Conway Gittens: So, listen, there are a lot of conversations in the business world right now about diversity, equity and inclusion. How do you contribute to this conversation? Robby Starbuck: Well, I'm arguing that we need to go back to different metrics that really we need to return to fairness, merit and treating each other nicely. I mean, I think it's fairly simple what we need to do. The law already does the heavy lifting in terms of eliminating discrimination, which I don't think anybody is arguing in favor of discrimination. We just believe the law exists already to prevent racial discrimination, discrimination based on sex, and that that is, you know, what companies essentially should be following. But beyond the law, what these programs have largely become is a Trojan horse for left wing policy. And that's where I think it gets inappropriate because there's no reason for public companies to be injecting divisive issues into the business, because in nearly every case, there's no real core business reason why you would involve these things that are dividing your customer base and your own employees. So I see it as something that is just purely nonsensical to do when you're a public company and you really have a fiduciary duty to your shareholders when you know that this could be something that really upsets a large base of your customers and could lose you money. Conway Gittens: All right. You said that there's no business justification. But listen, I was looking at some statistics from the national institute of health. The so-called minority population is now 50% of the total population in the United States. So tell me, why should half of the nation's population not be reflected in boardrooms, not be reflected in office buildings, not be reflected on factory floors, especially when decisions are being made that not only impacts them, but also impacts the wider population. Robby Starbuck: Well, I'm one of those people. I'm Latino, you know, I'm Cuban. My family's from a mixed ethnicity. And so I understand, you know, sort of the reflexive question. But the reality is, I don't think anybody is making that argument. I'm not saying anybody from any certain group should not be reflected in a boardroom. I just think decisions need to be made on the basis of merit. And so, you know, it's sort of similar to what we saw happen in education, where standards changed as a byproduct of the desire to increase racial diversity. I'm a bigger fan of judging people as individuals and saying, hey, this individual would be fantastic for this job or they're eminently qualified to do this, this job or take on this position. And I think that's really what our country should and is about when it's at its best, it's really where we need to reorient things to look at the individual instead of trying to change standards to artificially increase quotas. Because here's the reality. There's a lot of civil rights heroes who fought for the laws that exist today that say you cannot discriminate on the basis of race that goes in hiring and firing. So if there's a company out there that is skirting the law and they're breaking it, that company needs to be held responsible. DEI programs are not doing that, though. DEI programs are a lot more intent on selling things like recommending that employees read ibram kendi how to be an anti-racist, which ironically says inside of it, to be an anti-racist, you have to be anti-capitalist. Then they are on actually focusing on uniting their employees or getting good people into good jobs. We can fix these issues and have unity in America again and have racial harmony, but it's not going to be born out of continuing the force known as DEI.....Note: The full transcript exceeds YouTube's character limit. Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#DEI #corporate #WallStreet
Most common mistake leaders make and how to avoid it TheStreet 2024-10-18 | Jacob Morgan, author of ‘The Future Leader,’ joins TheStreet to explain why some leaders mistake being vulnerable for being weak.Transcript:Jacob Morgan: When we think about some of the things that leaders do for employees, I think there are a couple missteps that leaders frequently make. One is they assume that they cannot be vulnerable at work. They assume that vulnerability is a sign of weakness. They assume that if you're vulnerable at work, people are going to view you as being incompetent. And so I recently wrote a book called Leading with vulnerability, and I talked to hundreds CEOs and surveyed 14,000 employees and really dove deep into the subject of vulnerability. And what I found is that the ideal thing that a leader can do is not just be vulnerable at work, but combine vulnerability with leadership or competence with connection. So very simple example of this might be instead of saying, I'm sorry, I made a mistake, which is being vulnerable, you add the leadership to it.So you might say, I'm sorry, I made a mistake, but here's what I learned from that mistake. And here are three things that I'm going to do going forward to make sure that mistake doesn't happen again. So as a leader, don't be scared to show emotion or vulnerability. But at the same time, when you're doing that, add leadership to that mix, add competence to that mix. I think that's a very, very important thing for leaders to do. And second, I think we're seeing a massive change as to the types of leaders we're seeing in organizations and there are a lot of different attributes and skill sets that I think we're starting to see much more of. So these are things like thinking like a futurist, being a coach, leading with vulnerability, as I talked about, and I think a lot of it centers around human centric leadership. And so what that means is creating a corporate culture in an organization where you don't assume that employees need to work there, but creating an environment where people actually want to work there. And that I think, is a very big shift in the minds of a lot of leaders out there. And they're trying to figure out how to actually do that. And all of that starts by having conversations with your employees and treating them like human beings and not just as workers.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#leadership #mistakes #leadershipdevelopment
Tesla FSD put under NHTSA microscope after fatal collisions TheStreet 2024-10-18 | Tesla is facing an investigation by the NHTSA after fatal accidents involving its ‘Full Self Driving’ mode.Transcript:Conway Gittens: It’s a mixed bag on Wall Street. Netflix provided a lift for the Nasdaq. The streaming leader topped forecasts and added more subscribers than predicted. The Dow, however, is under pressure due to American Express. The credit card company beat profit targets and guided full-year estimates higher but sales came in lighter than anticipated.Turning to other headlines - The safety of Tesla’s so-called Full Self-Driving system is being put under the microscope at the National Highway Traffic Safety Administration after 31 fatalities. One death in particular involved a pedestrian who was killed by a Tesla driver with the system fully in use.According to the records posted on NHTSA’s website, the new probe will focus on, among other things, “The ability of FSD’s engineering controls to detect and respond appropriately to reduced roadway visibility conditions; whether any other similar crashes have occurred in reduced roadway visibility conditions and, if so, the contributing circumstances for those crashes.”Right now, FSD is not fully autonomous and is supposed to be supervised by the driver. The agency wants to know how FSD responds to conditions when visibility is low due to natural occurrences like fog and sun glare.The early-stage probe extends into the over-the-air software updates used by Tesla. The agency wants to know the efficacy and the safety of such updates.This NHTSA investigation covers 2.4 million Teslas currently driving on U.S. roads, including the new Cybertruck.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#tesla #cybertruck #selfdriving
Click to cancel will streamline canceling subscriptions TheStreet 2024-10-17 | The FTC unveiled its “click to cancel” rule, making it easier to shed unwanted subscriptions.Transcript:Conway Gittens: Earnings season powered the Dow and the S&P 500 to record highs on Thursday. Economic data also helped. Consumers had more cash to spend in September thanks to falling gasoline prices, which led to stronger-than-expected retail sales.The week will come to a close Friday with numbers from American Express, Procter and Gamble, and fresh residential construction figures.In other news - If you’ve ever tried to cancel a subscription to anything and got the run around - the Federal Trade Commission feels your pain.The FTC has finalized its “click-to-cancel” rule to end that frustration. FTC Chair Lina Khan says, “Too often, businesses make people jump through endless hoops just to cancel a subscription. Nobody should be stuck paying for a service they no longer want.”Under the new rules, companies will have to make it just as easy to cancel a subscription as it is to sign up. This includes gym memberships, streaming services, pay-TV, and automatic billing on e-commerce sites. Companies must provide an online cancel button that does not require you to talk to a live person or interact with the company in any other way. If you enrolled at a physical location, the company must provide an easy way to cancel either online or by phone.Companies will have 180 days to comply with the new rules, which also include the free-trial switcheroo. You know how it goes: the company offers a free trial but you have to supply your credit card number first, then once the trial period ends, the company starts billing you automatically without any notice. Under the FTC’s new rules - that can’t happen.According to one research firm, Americans, on average, have 4.5 subscription plans, carrying a yearly price tag of $924.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#subscription #ftc #creditcard
Bidens student loan forgiveness program cancels another $4.5 billion in debt TheStreet 2024-10-17 | The Biden Administration has forgiven another $4.5 billion in student debt for 60,000 public service workers.Transcript:Conway Gittens: Stocks are in rally mode. Retail sales for September came in with a better-than-expected jump of 0.4 percent. Meanwhile, applications for unemployment benefits fell in the latest week. Taiwan Semiconductor beat forecasts with a 54 percent jump in quarterly profits and raised sales guidance for the year. The world’s leading producer of advanced AI chips said business remains strong.In other economic news…with the economy top of mind for voters, the Biden Administration is touting its record on student loan forgiveness.In another round of debt removal, $4.5 billion in student loan debt will be forgiven for more than 60,000 borrowers, according to a White House announcement. This follows President Biden’s overhaul of the Public Service Loan Forgiveness program, originally instituted in 2007.Biden said in a statement, “Public service workers - teachers, nurses, firefighters, and more - are the bedrocks of our communities and our country. But for too long, the government failed to live up to its commitments.” That changed under Biden. There’s been more outreach to government and certain not-for-profit workers who were eligible to have their student loan debt wiped out after 10 years. According to an estimate by The Consumer Financial Protection Bureau, one in every four American workers are eligible for this program.Under his watch, more than 1 million borrowers have benefitted so far; meaning President Biden will leave office having done more to erase student loan debt than any of his predecessors.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#studentdebt #presidentbiden #biden
This is the biggest game changer you can make for your finances. TheStreet 2024-10-17 | The gift and curse of the Internet is a simple search will reveal countless tips and hacks to make you a better investor.But not all advice is created equal, and we often gain more from those who are willing to share what they learned the hard way.Citizens vice chairman and CFO John Woods shares his biggest lesson from investing his own money:Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#personalfinance #investing #stockmarket
Rival home goods stores team up in bid for mutual survival TheStreet 2024-10-16 | Bed Bath & Beyond is coming back to brick and mortar stores thanks to rival The Container Store.Transcript:Conway Gittens: Stocks rebounded on Wednesday led by upbeat corporate results. United Airlines was a standout. The stock soared after the airline beat profit forecasts and guided estimates higher for the holiday-travel quarter. The airline echoed rival Delta when it said it saw early signs of a return of pricing power.Investors will have earnings and the economy to guide action on Thursday. Netflix and Taiwan Semiconductor release quarterly results. Meanwhile, retail sales, factory output, and weekly jobless claims data are also due.Turning now to other headlines: There may be life after death for Bed Bath and Beyond. The houseware retailer that went bankrupt in 2023 is coming back, albeit in a limited fashion. It’s going to be a store within a store at the Container Store.The partnership will infuse $40 million into the Container Store’s business and help it cope with its own financial struggles. The retailer hasn't posted a profit in 3 years. In exchange, Bed Bath and Beyond will sell branded products inside the Container Store’s 102 locations.Marcus Lemonis, Executive Chairman of Beyond Inc., which bought the name rights for Bed Bath and Beyond, said “Partnerships like this further support the value of iconic brands leveraging each other’s assets and core competencies while improving customer conversion and retention, enhancing margins, and optimizing market expenses which are the principal drivers in delivering value creation and profitable growth.”The Container Store hopes this partnership will help it avoid the same bankruptcy fate as Bed Bath and Beyond, which is now part of the Beyond portfolio including online retailers Overstock and Zulillly.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#bedbathandbeyond #bedbath #containerstore
$47 turkey dinner pits Aldi vs. Walmart TheStreet 2024-10-16 | Aldi announced its Thanksgiving meal deal will best Walmart’s.Transcript: Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.Earnings season is providing a positive vibe on Wall Street. Morgan Stanley is the latest big bank to report better-than-expected results. Revenues from investment banking blew past competitors with a 56 percent jump in the third quarter.In other news - There’s a Thanksgiving budget battle in the making. Aldi is pulling out all the stops this year in order to undercut Walmart’s pricing to feed your family for the holiday.The discount grocery store chain unveiled its “inflation-busting holiday meal.” For $47, or $4.70 per person for a party of 10, you can shop for a Butterball turkey, gravy, rolls, macaroni and cheese, stuffing, and all the ingredients you need for popular side dishes like cranberry sauce, mashed potatoes, and a dessert. Walmart’s advertised holiday meal plan covers a small turkey and all the fixings for less than $7 a person. While the comparison may not be apples to apples, it does prove that Aldi is slashing prices to draw customers away from Walmart. Aldi says its Thanksgiving meal prices are the lowest in 5 years. CEO Jason Hart said in a statement, “We know grocery prices are still top of mind for customers. We worked hard this Thanksgiving to deliver the best value and quality products so everyone can enjoy a traditional meal with family and friends without having to scale back.”While retail inflation has slowed dramatically in recent months, food inflation is another matter. The price to eat at home rose 1.3 percent in September from a year ago, according to government data.That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#aldi #walmart #deals
Heres why physical gold is still one of the best investments. TheStreet 2024-10-16 | Does physical gold still reign supreme or are you better off relying on an ETF?MB Commodity Corner founder Maleeha Bengali says that when it comes to gold, you can't beat going old school.So it turns out that all that glitters, may not be an ETF.For more from Bengali, visit TheStreet Pro today: pro.thestreet.com/author/maleeha-bengaliSubscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#gold #etf #investing
Credit card debt is taking a toll on Americans TheStreet 2024-10-15 | There’s a 14.2% chance the average American will miss a minimum debt payment over the next three months.Transcript:Conway Gittens: Stocks experienced a minor pull-back one day after the S&P 500 and the Dow set fresh record highs. Most of the angst came from semiconductors after somber comments from chip equipment maker ASML.On the earnings calendar for Wednesday: Morgan Stanley and transportation company CSX.In other news: Americans are feeling less anxious when it comes to job security, they’re less worried inflation will continue at breakneck speed, and they aren’t too concerned about their spending power -compared to the pre-pandemic days - but what they are worried about is credit card debt.According to a survey released by the New York Federal Reserve, the number of Americans who live in fear of missing a credit card payment jumped to its highest since the early days of the pandemic. Those who think they might miss a minimum payment in the next 90 days rose to 14.2 percent in September from 13.6 percent in August.There are two notable things which stand out. No.1, the age group most worried about missing a payment is the one in its peak earning years: 40 to 60 year olds. No 2, the income level where the worries have increased the most was on the high end: those with annual household incomes above $100,000.Americans had $1.14 trillion in credit card debt to juggle as of the end of the second quarter.Lenders have taken notice. Third-quarter results from the nation’s banks show the industry is stashing away even more cash to cover loans that could go bad - even though times are good - with a healthy labor market and interest rates on the decline.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#credit #creditcard #creditcarddebt
Boeing tries to raise $25 billion as financial situation deteriorates TheStreet 2024-10-15 | As Boeing’s worker strike continues, the company is looking to both borrow and raise tens of billions of dollars.Transcript:Conway Gittens: One day after the Dow closed above 43,000 for the first time ever - stocks are mixed. Techs are a drag but financials are mostly higher. Bank of America, the country’s second largest bank, topped profits estimates due to strength in its trading unit. Goldman Sachs beat forecasts on strong numbers from investment banking. Cost controls and a slight revenue bump helped Citigroup exceed expectations.Turning to other headlines: Boeing is looking to raise up to $25 billion to bolster its finances as it grapples with a crippling workers’ strike now in its second month.The airplane maker said it could raise the money through stock or bond offerings spread across 3 years. “This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company’s balance sheet over a three year period.”The cash infusion would come on top of a new $10 billion line of credit it has received from a collection of banks.Boeing is under pressure to shore up its finances as the walkout by 30,000 machinists grounds business to a halt. S&P Global Ratings warns Boeing’s credit rating is in jeopardy as it loses an estimated $1 billion a month.There’s also some belt tightening going on. Boeing is planning to lay off 17,000 workers and further delay production on its latest wide-body plane in order to survive the strike.Boeing’s troubles, however, began before the strike. Two deadly plane crashes and a door flying off mid-air delayed production, put its safety record under scrutiny, and caused the company to burn through cash.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#boeing #boeingstrike #airplane
How inflation is impacting the lunch breaks of average New Yorkers. TheStreet 2024-10-15 | Are you still grabbing the occasional lunch to-go?It's no secret that Americans have been combatting the impact of food inflation, but is it keeping them from patronizing their local restaurants.TheStreet's Conway Gittens took to the streets of New York City during lunch hour.... and let's just say, it's a mixed bag.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#inflation #foodinflation #lunch
Your local 7-Eleven might be gone by the end of the year TheStreet 2024-10-14 | 7-Eleven announced it will be close more than 400 stores in the fourth quarter of this year.Transcript:Conway Gittens: Investors did some modest buying ahead of an earnings deluge from a number of marquee names. The Dow and the S&P 500 settled at new record highs on Monday. United Airlines, United Health, Johnson and Johnson, Bank of America, Goldman Sachs, Charles Schwab, and Citigroup are some of the companies due to report on Tuesday.Turning to other headlines; If you’re the type of person who has a late-night snack attack and you’re used to running down to the 7-Eleven - you soon might be out of luck.The popular convenience store chain is shutting 444 locations across North America. 7-Eleven is getting hit on a number of fronts including falling traffic, slower sales, sticky inflation, and even a drop in cigarette purchases. All are hurting the company’s bottom line. Here’s something you may not know - cigarettes used to be the biggest seller at 7-Eleven and other convenience stores. Nicotine sales, however, have plunged 26 percent from pre-pandemic days.With food now the best selling category, 7-Eleven is investing in that part of the store. But it has a lot of catching up to do. Recent surveys show that it has fallen behind peers like Wawa and Sheetz when it comes to customer satisfaction on food.Foot traffic has fallen for six months in a row through August. 7-Eleven’s Japanese parent Seven & I said when It comes to middle and low-income customers, it has noticed a “more prudent approach to consumption.”7-Eleven has 13,000 locations spread across the U.S., Canada, and Mexico. No word yet on which of those will be shutting its doors.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#7eleven #slurpee #7elevenstore
Whats next after historic SpaceX flight TheStreet 2024-10-14 | SpaceX was able to successfully catch its returning Starship rocket at the end of its most recent flight.Transcript:Conway Gittens: It’s going to be a busy week filled with earnings and economic data, so investors are moving cautiously on this Monday. The Dow is a laggard thanks to Boeing. Shares of the airplane maker are down after it announced it will slash 17,000 jobs and further delay production of the 777X. Boeing is looking for ways to save money as it hemorrhages from a workers’ strike.In other news - it’s another historic first for Elon Musk’s SpaceX. The company was able to use gigantic arms attached to its launch tower to catch a rocket booster as it returned to earth. The massive rocket booster was used to propel SpaceX’s Starship rocket into orbit for its fifth unmanned test flight.This dramatic feat brings SpaceX once step closer to a reusable rocket booster operation that would lower the cost of space travel. There were celebrations all around as the massive 20-story booster successfully returned to the launch pad within seven minutes of the launch.NASA is partnering with SpaceX on developing Starship to be the vehicle of choice for NASA’s Artemis moon landing program. NASA Administrator Bill Nelson heaped praise on SpaceX. “As we prepare to go back to the Moon under Artemis, continued testing will prepare us for the bold missions that lie ahead.”SpaceX said it will use data from all five test flights to improve systems and will continue to push boundaries in hundreds of future test flights in order to ensure the safety of space transportation. Musk’s eventual goal is to make the SpaceX Starship a fully reusable fleet of spacecrafts that can fly people and objects into space.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#spacex #space #flights
Chris Pine is letting us in on his favorite cars, and its not what you might expect TheStreet 2024-10-14 | Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.comchrispine #cars #classiccar
Sony has a plan to transform the NFL TheStreet 2024-10-13 | Sony is now the official technology partner of the NFL. Here’s what it means for professional football.Transcript:CONWAY GITTENS: So let's talk about Sony. You recently became the official technology partner of the NFL. Talk to us about this partnership and why this was a strategic move for the company.NEAL MANOWITZ: Yeah, we've worked with the NFL behind the scenes for many, many years. But by creating the new partnership that we have, we really can bring this to the forefront and let the world know of all the incredible things and then also have a much tighter relationship in terms of co-developing incredible technologies for the future.CONWAY GITTENS: Sporting leagues are pretty lucrative right now, any plans to partner with other sports leagues?NEAL MANOWITZ: Yeah so our technology, we have a Hawkeye technology that helps do officiating. We work with 25 of the largest leagues all around the world. So we're already working with a ton of them. And then also other technologies we have a technology that can truly transformed the game and convert it from the real world game into this virtual world. So you can have your favorite cartoon characters running around the field. We did it. An example of that last year with Toy Story, where it was the largest live event for Disney Plus. And then of course, things like our camera technology. So the associated Press using cameras to capture the game. They're the official photographer of the NFL. Another example is all the broadcast equipment that technology is really driven from Sony. And then, of course, with new technology like our headset we're developing with the NFL, a new headset so that coaches communicate in real time with all of their staff.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#sony #nfl #nflfootball
Chuck E. Cheese sees strong demand despite inflation, recession fears TheStreet 2024-10-13 | As inflation continues to weigh on businesses, restaurant chains are feeling the pinch. We sat down with David McKillips, CEO of Chuck E. Cheese, to learn how the popular family-friendly chain is navigating this economic environment.Transcript:CONWAY GITTENS: So as a business, how is the inflation story progressing? I mean, we've seen the inflation numbers come down. It's still elevated. People still people are mad. They are about higher food prices. And how what do you see in terms of when you're dealing with your suppliers? So you're making fresh pizza. You need, you know, cheese and tomato sauce and dough. What are you seeing in terms of the prices?DAVID MCKILLIPS: We're seeing commodity pressures in cheese and and bone in chicken wings as well. But we have a very simple menu. So we're just we are we are cheese. And the majority of pizzas that we sell are catering to a young audience. So it's cheese and pepperoni, right? And then we do have a fresh salad bar that that that we look at in terms of, you know, moving ingredients around. But we're still seeing commodity pressures in chicken and some cheese and some tomatoes. But we look at menu simplification and we try to deliver that that that best price. Back to our guests.CONWAY GITTENS: And I'm wondering, we've been hearing some rumblings every now and again that comes up every few weeks about recession fears. What in terms of your business, what are you seeing in terms of I know you can't give specific numbers because your quiet period, what are you seeing in terms of foot traffic? Are you seeing increase? Are you seeing is it the same as it was a year ago? Like give me some kind of indication of how. Things look from where you sit.DAVID MCKILLIPS: Yeah, just from a trend perspective, we've seen great demand on our new membership and pass programs. So we have seen the inflationary pressures against these young families and they have been responded with demand on certain offers that we have had. And we've used new outlets in terms of, you know, placing coupons out there in new areas like Groupon. But really we've looked at two things. One, the membership platform and past platform has been outstanding. And then the other piece of the business that we haven't talked about yet, but it's very, very important to Chuck E.Cheese is birthday parties, right? So I'll step back for a second and just answer the question about recession in totality. So Chuck E. Cheese historically has done pretty well through any recessionary time periods where parents will continue to spend even during a recession, is on their kids and on their pets. So we are a recipient of making sure that we're delivering great memories and great service, and there's more competition than there ever has been in the FEC category. So we've just got to make sure that we're delivering a great product and our brand transformation has helped that as well. Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#chuckecheese #recession #inflation
How to prepare for the Great Wealth Transfer TheStreet 2024-10-13 | Forecasts indicate that $84 trillion in assets will transition from the silent generation and baby boomers to the younger generation.Transcript:CONWAY GITTENS: So talk to me about the great wealth transfer. What is it and how is it likely to impact the economy?LENA HAAS: Great question and great wealth transfer is called that way because over the next 10 years, almost half of Americans said that they are anticipating to receive some sort of inheritance in the next two decades, 84 trillion of assets are going to pass hands from the silent generation and baby boomers to the youngest generation. So really givers, receivers, it affects almost all of us.CONWAY GITTENS: And so what are your top tips for those who are going to be investing these trillions of dollars in this great wealth transfer?LENA HAAS: Well, so what we saw is that despite the fact that just about everybody is affected, the conversations across family members are not happening. So my first tip is have the talk. The talk needs to happen before the transfer. And it's so important to share with family members. If you're a giver, what are you thinking in terms of family legacy? What are you thinking in terms of values and life and financial choices that support that? What is the rationale for how you living in territories? Having that talk is make all the difference between the legacy of just confusion, potentially hurt and the legacy of love and care. Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#wealth #wealthtransfer #finance
Make these money moves to retire early TheStreet 2024-10-12 | Early retirement may not be as far fetched as you think. Here are a few steps you can start on today.Transcript:CONWAY GITTENS: And so what are some other secrets to to a successful early retirement planning?RIC EDELMAN: Well, the best thing, the number one piece of advice is simply to spend less than you earn. Too many Americans spend more than they earn. And the biggest problem is that they turn to credit cards since they don't have the cash available. What they do is they put that expense on a credit card, whether it's dinner out this week or buying a refrigerator. And what you're doing when you use a credit card is that you're obligating future income, which means the money you haven't yet earned is already spoken for. By the time you get that income next month's paycheck or the paycheck three months from now, you've already spent it by virtue of the credit card purchase today. And that means when the expense shows up in three months for something new, you don't have the money because you've already spent the money on the prior purchase. And this creates the credit card spiral, and that's a death trap. So the solution is to spend less than you earn. Don't spend money that you don't already have. That's the number one thing. The number two thing is to increase your savings. And the single best way to do that is in your retirement plan at work. If you have a 401. K or a 403b or you work for the government with a thrift savings plan wherever you happen to work, chances are they offer a retirement account of some type. Most Americans are not participating at all. Or if they are, they're not contributing the maximum that they're allowed. So that's what you really want to do is go to your boss and tell them you want to increase your contribution to the retirement account. This is painless. It'll come right out of your paycheck. You won't even know it's happening. It's all on a pre-tax basis. Many employers will actually match your contributions. That's free money for you. And that is a wonderful way to jump start your savings that too many Americans ignore.CONWAY GITTENS: So we have a lot of people come through here and they give us different numbers. What's your number in terms of the percentage of your income that you should stock away to that retirement account?RIC EDELMAN: Well, I'm going to scare you, but give me a moment. 25% that's a scary paycheck. 25% of your income. But but, but, but don't worry. It's not as horrible as it sounds, because that includes your social security contribution and that between you and your employer is already about 15% So of the 25% you're already halfway there. Then if you join your retirement plan at work and you put in 5% of your pay, many bosses will match that with maybe $0.50 on the dollar or 100 cents on the dollar, which means that's another 7 and 1/2 or 10% just between social security and your 401. K you're near that 25% goal. So my point is real simple. You need to be saving more than you are, however much you're saving. Save more. I have never encountered a client ever in my 35 years of doing this. No client has ever yelled at me because they saved too much. So the big lament is that people aren't saving enough. You need to save more. However much you're saving. Increase it. You'll be glad you did. Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#money #reitrement #retire
Top portfolio manager has a stock pick you wouldnt expect TheStreet 2024-10-12 | You may want this childcare stock on your 2025 dance card as many companies return to the office.Transcript:CHRIS VERSACE: Amazon AMZN CEO Andy Jassy really put a shot across a lot of bows, if you will, when he said that starting in January, Amazon's going to be going back to the office five days a week.Now, if you do a little homework, you would understand that roughly 33% or so of most companies have people in the office four or five days a week. But to the extent that we see more companies bring people back for more days during the week, it could be four, it could be five. Odds are we're going to have to see a little bit of a carrot, not a stick to get people to re-embrace that.That could be a variety of different benefits. But we do know that if people are going into the office more, child care is going to become an issue for a lot of folks. That's why we took a look at Bright Horizons, ticker symbol BFAM, and we added it to the portfolios bull pen.Now, is this something that is going to make it to the portfolio? We'll have to see. If we see more companies kind of copying what Andy Jassy at Amazon had to say, pushing or more folks back in the office more days in the week, then this will be something that, at the right price, we may call up into the portfolio. But just because a stock is entering into the bullpen does not guarantee it will make it into the portfolio.So I would just remind that with folks, a note of caution, let's not get ahead of ourselves. But again, if we see that structural shift reverse from work from anywhere back to return to office, we'll be doing a lot more homework on Bright Horizons.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#amazon #returntooffice #amazonstock
Why youre not hearing back on your job application TheStreet 2024-10-12 | Here’s the real reason you haven’t yet heard back from that job.Transcript: HUNG LEE: People are being overloaded. Recruiters are being overloaded. We're hearing about jobs sort of being published in 24 hours and getting 100, even 1,000 plus applicants in that time frame. And if you still have a kind of a human being on the end of that application flow, there's just no way it's possible to review those candidates and get back to those candidates. So what we're seeing in the inside of the industry is that companies are rushing really to put in automation software in order to handle this applicant flow or even deciding that advertising jobs may not be the primary way in which they sort of try and find candidates because the overwhelming the number of applicants basically is overwhelming a system that wasn't designed for this type of volume.CONWAY GITTENS: So given that imbalance or where these recruiters are being rushed in terms of the number of job applicants, what does that actually tell you about the state of the job market?HUNG LEE: Well, I mean, it doesn't tell us great things, I'm afraid to say. It basically means there's a lot of people are out of work and therefore looking for work and unemployed job applicant, by the way, is typically a very active job applicant. If you're out of work, basically you're spending most of your time applying for jobs. That is in addition to people who are in work and applying for jobs. So it also tells us there's this job insecurity as well. So, so yeah, there's a lot of economic stress out there. I think that's adding to the sense of, of people, you know, feeling as if they're not being justly treated. And I think the phenomena of the concept of the ghost job kind of has emerged to try and explain, you know, why it's explain some of these pressures that people are feeling.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#jobsearch #job #jobs
TD hit with largest ever bank fine TheStreet 2024-10-11 | TD Bank has been hit with the largest fine ever for a bank for failing to monitor money laundering by drug cartels.Transcript:Conway Gittens: The week came to an end with record closing highs for the Dow and the S&P 500. Stocks held their gains even though consumer sentiment dipped in early October. While inflation worries are easing, consumers are still frustrated by high prices.Next week earnings season will pick up: Netflix, Procter and Gamble, and Johnson and Johnson will report. And it will be a week for the financials with numbers from American Express, Goldman Sachs, Bank of America, and Citigroup.Sticking with banks: TD Bank has been slapped a record $1.3 billion fine for allowing drug money to be laundered through U.S. operations. That fine, which is to be paid to the Treasury Department’s financial crimes unit, is just one of many. The bank also has to pay $1.4 billion to the Department of Justice, $450 million to the Office of the Comptroller of the Currency, and another $123.5 million to the Federal Reserve.Much of the money laundering was tied to the illicit distribution of fentanyl.TD Bank is the largest bank ever to admit that it violated America’s Bank Secrecy Act. It somehow turned a blind eye, which allowed three money laundering networks to use TD Bank to legitimize more than $670 million. In a press conference, Attorney General Merrick said, “By making its services convenient for criminals, it became one.”In one example of the bank’s gross negligence, employees accepted gift cards worth $57,000 in order to process transactions that would not show up on regulators’ radars.TD Bank, which is Canada’s second-largest bank and the 10th largest in the U.S., now faces a list of restrictions including federal monitoring, an order to switch its anti-money laundering operations to the U.S., and its growth in the States will now be capped.TD’s CEO called this “a difficult chapter in our bank’s history.”.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#tdbank #td #bank
First look at Cybercab robotaxi, Robovan and Tesla Bot TheStreet 2024-10-11 | Elon Musk unveiled Tesla’s concept Cybercab vehicle as well as two other innovations.Transcript:Conway Gittens: The Dow and the S&P 500 could once again reach new highs Friday. Wholesale inflation was flat in September, while prices were up 1.8 percent from a year ago. Earnings were also market friendly. Two of America’s biggest banks - JP Morgan Chase and Wells Fargo - both topped quarterly estimates.In other news - Elon Musk finally let the world see the robotaxi he’s been talking about for years - and well…..the early reviews are underwhelming.Ever the showman, as well as one of the most successful entrepreneurs of our time, Musk used a Warner Bros movie lot to show off a prototype of what is now being called the Cybercab. This version was a sleek, silver, two-seater without the familiar steering wheel or pedals of a traditional car.And that’s where the criticism comes in. Tesla experts described the unveil as high on style and low on substance. For one thing, there was no mention of artificial intelligence. In the few details that were offered, Musk plans to sell the Cybercab for less than $30,000, with planned production to start before 2027. Besides a lack of detail on how AI will be used in the car, experts point out that according to Musk’s admission, the Cybercab may not be fully capable of autonomous driving when the first keys are handed over.Along those lines, Musk said the Tesla Model 3 and Model Y should have unsupervised full self-driving capabilities in Texas and California some time next year. Musk often exaggerates with his timelines.But he is a futurist - you can’t take that away from him. He showed off a drink-mixing, dancing humanoid robot and a so-called robovan. Both pointed to the future, but did little to address this question: how is Musk going to stop his EVs from losing market share in the here and now?Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#elonmusk #tesla #robotaxi
3 unexpected election stocks you shouldnt sleep on TheStreet 2024-10-11 | TheStreet Pro's Chris Versace reveals the three stocks that stand to benefit from the last month of political campaign ads.Transcript:CHRIS VERSACE: I would say that the market condition is continuing to be overbought and stretched. I think that the election-- I mean, it's going to come down to the wire. I think if we take a look at some of the latest polling really in the battleground states, it surprisingly remains close.But the silver lining in that, Conway, is that because it is so close, I think both candidates are going to pull out all the stops with campaigning and advertising. And I think folks will recognize this, that between Trade Desk, between Alphabet, Meta, I think we're extremely well positioned for that accelerated shift in digital advertising that they're going to utilize even over the last couple of days.As I've tuned in to YouTube to watch a clip of something, it seems as if there's two ads running, one of which is a presidential campaign ad. So I think they're fully embracing that, and that's good for us.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#2024election #stocks #election
Heres what you can expect for a rebound in the housing market 🏡 TheStreet 2024-10-11 | With all the talk about the Fed lowering interest rates, many prospective homebuyers have been hopeful prices will finally go down.However, the first rate cut is in the bag and it certainly doesn’t feel like anything is cheaper.So what exactly is going on?Realtor.com’s chief economist Danielle Hale explains what to watch going forward:Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#housingmarket #realestate #househunting
Cost of living adjustment: What retirees can expect in 2025 TheStreet 2024-10-10 | The Social Security Administration what the 2025 COLA increase will look like for more than 72 million Americans who receive benefits.Transcript:Remy Blaire: Wall Street cooled off on Thursday, just one day after the Dow and S&P 500 set new record highs. Persistent inflation and a weakening labor report contributed to the drop off. Investors are now looking ahead to the September Producer Price index report slated for Friday. And investors will receive earnings reports from several big banks - including JPMorgan Chase and Wells Fargo.In other news - the Social Security Administration has unveiled its 2025 cost of living adjustment - or COLA. The 2025 COLA will increase by 2.5%, the smallest annual hike since 2021.That 2.5% translates to about $50 per month, bringing the average monthly benefit for retirees up to $1,976 a month. Married couples who both collect Social Security benefits will see their payments rise by about $75 a month. The new benefits will kick in starting in January 2025.Despite the increase, many retirees feel it’s not enough to keep up with the effects of inflation - despite cooling prices. The CEO of AARP agreed saying in a statement “There is more we must do to ensure older Americans can continue to count on Social Security. AARP continues to call on Congress to take bipartisan action to strengthen Social Security and secure a long-term solution that Americans can rely on.”More than 72 million Americans currently receive Social Security benefits.That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#cola #costofliving #inflation
Delta reveals cost of CrowdStrike meltdown TheStreet 2024-10-10 | Delta’s third quarter earnings revealed just how badly the company was affected by July’s CrowdStrike meltdown.Transcript: Remy Blaire: I’m Remy Blaire reporting from the New York Stock Exchange. Here’s what we’re watching today on TheStreet.Stocks are looking to pick up where they left off on Wednesday after the Dow and S&P 500 closed at record highs.Wall Street is digesting the latest Consumer Price Index report which saw inflation cool once again in September, hitting a three-year low. Inflation now sits at 2.4% - a touch higher than economists predictions of 2.3%. The Federal Reserve’s target inflation number is 2%. The report paves the way for the Fed to again lower interest rates in November.A Delta Airlines plane sits on the runway. Delta Airplane Lead KL 021323Delta customers detail ‘disastrous’ CrowdStrike chaos in lawsuitIn other headlines - we now finally know the real cost of Delta’s DAL July service meltdown. The good news is the airline beat Wall Street’s revenue estimates and reported a profitable quarter. However, Delta’s $971 million in adjusted income was 26% lower from this time a year ago. The company also missed its target on earnings per share.In July, a worldwide software glitch stemming from cybersecurity firm CrowdStrike forced all major carriers to cancel flights. Delta canceled more than 7,000 flights over a one-week period - and claims the outage blew a half-a-billion dollar hole in its budget.While most airlines were up and running after a couple of days, Delta struggled to get back on track following the outage. CrowdStrike says the airline's antiquated systems were to blame, while Delta places the blame squarely on the cybersecurity company.Delta continues to seek compensation from CrowdStrike, with CEO Ed Bastian telling CNBC “The havoc that was created deserves, in my opinion, to be fully compensated for. This matter is now in the hands of our attorneys. We hope that we’ll see a resolution but we keep all of our options open.”That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#delta #airlines #earnings
Heres the best advice on how to avoid credit card fraud. TheStreet 2024-10-10 | It’s hard to go a day without hearing about the latest threat to our financial security.According to Security.org, 52 million Americans experienced some form of fraud in 2023 with unauthorized purchases exceeding $5 billion.Fortunately, there are a few ways to protect yourself.Citizens vice chairman and CFO John Woods reveals his top tips:Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#creditcard #creditcardtips
Boeing strike reaches impasse TheStreet 2024-10-09 | Boeing has pulled its offer to increase pay as the company and the union reach an impasse.Transcript:Conway Gittens: Fresh record closing highs for the Dow and the S&P 500 on Wednesday. Investors are feeling bullish about artificial intelligence, and tech in general, as Nvidia did a little bit of showing off at its AI summit. Shares of the AI chip leader are trading near all-time highs.Attention turns to the economy Thursday. The Consumer Price Index for September is due. Meanwhile, Delta Air Lines will release quarterly results and Tesla will finally unveil its long-awaited Robotaxi.Sticking with corporate news: Talks to end the month-long strike at Boeing have broken down and are not slated to resume at this time.Boeing seemed especially frustrated with the union representing roughly 33,000 striking machinists. A Boeing executive told employees in a note,“Unfortunately, the union did not seriously consider our proposals." As a result, Boeing has ripped up an offer it called its “best and final,” that would’ve boosted pay by 30 percent.The union, however, is not backing down. Union members are holding out for a 40 percent raise as part of a long list of grievances .“They refused to propose any wage increases, vacation/sick leave accrual, progression, ratification bonus, or the 401K Match” the union told Reuters, adding, “They also would not reinstate the defined benefit pension.”The strike has pushed Boeing deeper into the red. It’s estimated to lose $1 billion a month, according to S&P Global Ratings, on top of the $60 billion debt load it is already carrying. With production shut down, Boeing is being forced to furlough workers. It is also exploring money-raising efforts to remain afloat, while the picket line proves to be an impenetrable force.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#boeing #strike #boeingstrike
How inflation actually impacts your lunch break TheStreet 2024-10-09 | Persistent food inflation is weighing heavily on the wallets of Americans. TheStreet spoke to those hit the hardest.Transcript:CONWAY GITTENS: Inflation is coming down, but food inflation is still a problem. The cost of eating out is 4% higher than it was a year ago. While eating in is up less than a full percent. So we're out here asking people how is food inflation impacting their dining habits.KIM: Well, we used to really enjoy going out to eat probably too much.ARCHIBALD: I don't go out to eat as often as I used to.CHRISTINA: I've spent as much as 40 bucks for something healthy.FRANK: We can't go out to eat too much. We have two kids, so we stay. Very rarely do we go out anymore.ELIANA: Yesterday, I got a salad. It was like $15, which is ridiculous to spend every single day.MARISON: I don't really spend a lot of money outside because it's really expensive outside.ANDREW: Life is short, so you've got to pay the extra money. It's just the vig for living in New York.CONWAY GITTENS: And some diners are noticing not only are restaurants going up on their prices, they are also cutting back on the portions.FRANK: Portion sizes are down. Prices are up.ARCHIBALD: One thing I noticed is that the quantity that you get, I'm a big eater. The quantity is smaller than it used to be.STEPHANIE: I just remember like years ago, I would order something like an appetizer. An appetizer would be enough to feed, like, the whole entire table. Now it's like an appetizer is so small. It's like for one or two people.MARISON: You're not getting what you're actually paying for, especially because everything is so expensive now.ANDREW: Charge the same amount, give you less, or keep the same amount. Charge you more. But that's capitalism. What are you going to do.CONWAY GITTENS: But food prices aren't just hurting the wallets of consumers as the people serving up the food are feeling the pinch as well. We went to Charles Pan Fried Chicken here in New York City to speak with head Chef Quie Slobert about the toll rising food prices are taking on the business end.CHEF QUIE: So as of right now, food prices are skyrocketing. We are Charles Pan Fried Chicken. We are known for chicken and that is like a roller coaster. It started off high and then it goes high and it comes back down to being high and it goes even higher. Affected me how? Because we are in the middle of Harlem. This is 145th Street. We do not want to raise the prices too much. We want to make sure we feed the average family. So we just have to cut corners everywhere else. And that's by meeting materials. And like Con Edison makes sure we cut the lights off like something as simple as that tissue, something simple as that. But we do not skip when it comes to the food and the ingredients. We keep it the same way. It affects everybody. Labor, we are very cautious on how we do labor and that's where we control the most. We can't control the rent, but we can control the labor. We can control the food cost, meaning like not ordering so much. And we actually can control the supplies we purchase. So being mindful on the other stuff that we can control because food prices are killing us.CONWAY GITTENS: How have you been forced to tweak the menu in order to prevent you from having to raise price?CHEF QUIE: Any high priced items we will still provide, like lamb chops. I would love to have jerk lamb on our table every day, but we just can't have it out because the normal person won't come in and buy a lamb chop for $7. We work in family all around us. This is actually the community. I can't sell you one lamb chop for $7 and that's going to fill up who. So that's the only tweak. So to say we did if you want to say tweak.CONWAY GITTENS: So you have economies of scale. Because you have three restaurants.CHEF QUIE: Yes, we do.CONWAY GITTENS: So you're able to go to your suppliers and be like, hey, I'm supplying three restaurants here. Give me the best price you got.CHEF QUIE: And this is what it is. This is what happened. You have. Starbucks you have McDonald's, you have places like that that's all over. So that's what they do. And they get the lowest price of everything. So that's why the food is so cheap. Now, mind you, we are Harlem. We have three locations only. So I'm using that same marketing manager style to try to get a better price on everything. Thank God for the community. They are buying our food. So we have that buying power right now. But it's not as much. It's not as much. If you go to a Popeyes, they're all over. If you go to KFC, they're all over. So they're getting a better price than I'm getting on chicken, hands down. But right now, we're scaling up. We're buying more. So I'm using our little buying power to try to get the best deal.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#inflation #foodinflation #food
Google antitrust: Inside the U.S. governments case TheStreet 2024-10-09 | The U.S. government is considering separating Google search from the rest of its business.Transcript:Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.Stocks are in a holding pattern Wednesday as investors await key inflation data and quarterly earnings from some of the nation’s biggest banks. Investors are also keeping watch on Boeing, with negotiations for the workers’ strike suffering a setback.In other corporate news: The Justice Department is moving forward with plans to seek a court-appointed break-up of Google.The DOJ said in a court filing that it may ask the courts to separate Google’s core search business from other Google products such as the Android mobile operating system, the Chrome web browser, and the Google Play app store- because they combine to form a Google monopoly.The remedy, according to the DOJ, “would prevent Google from using products such as Chrome, Play, and Android to advantage Google search and Google search-related products and features - including emerging search access points and features, such as artificial intelligence - over rivals or new entrants.”Google has called the government’s plan “radical” and warned that a forced break-up would have “significant unintended consequences for consumers, businesses, and American competitiveness.”So far, the courts have agreed with the government’s view that Google is a monopoly. In August, a federal judge called Google a “monopolist” and ruled the search giant violated antitrust law.The next step includes a probe to determine what penalties Google should be slapped with. Google, of course, is sure to appeal. But whatever happens here could have wider implications as the DOJ is also fighting antitrust battles with Ticketmaster, Meta, Amazon, and Apple.That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#google #doj #monopoly
Mega Millions tickets will double in price in 2025 TheStreet 2024-10-08 | The cost of a Mega Millions ticket will increase from $2 to $5 beginning in April.Transcript:Conway Gittens: Stocks rallied into the close on Tuesday but gains were tepid ahead of key inflation data and quarterly corporate updates. On Wednesday, the Federal Reserve will release the minutes from the September meeting that brought the surprise 50 basis point rate cut. Investors will be also looking for any hints on the mood of the consumer as Amazon wraps up its two-day Prime shopping event.In other news - as the old saying goes, “You have to spend money to make money.” Well now that line of thinking applies to anyone hoping to hit it big by playing Mega Millions. Lottery officials announced that beginning in April, the price of a Mega Millions ticket will more than double - increasing from $2 to $5.However, Mega Millions officials claim that bigger sticker price should lead to bigger prizes, with one stating “We expect more billion-dollar jackpots than ever before, meaning creating more billionaires and many more millionaires as the jackpots climb, plus this game will continue the important legacy of supporting great causes everywhere Mega Millions is played.’This is just the second price hike in the 22-year history of Mega Millions, with the cost of a ticket going from $1 to $2 in 2017. Since that increase, there have been a total of six billion-dollar jackpots, with the prize climbing to a record $1.6 billion in 2023.Just remember - your chances of winning are really, really slim. The current odds of hitting the Mega Millions jackpot is 1 in 302.6 million.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#megamillions #lottery #lotterytickets
FTX bankruptcy: Heres whos coming away with a profit TheStreet 2024-10-08 | A bankruptcy judge has approved FTX’s reorganization plan, which will give creditors 119% of the amount allowed on their claim.Transcript:Conway Gittens: Investors are hoping to put together a stock market win Tuesday after stocks dropped one percent the day before. Earnings season kicks off with quarterly results from Pepsi. The drinks and snacks conglomerate beat profit estimates. Sales, however, were disappointing for the second quarter in a row. Pepsi says price conscious consumers are continuing to watch their budgets.In other news…FTX creditors are not only getting back what they were owed - they’re getting it back with interest. Nearly two years after the revelation of massive fraud by founder Sam Bankman-Fried brought down the crypto exchange, a bankruptcy judge approved the more than $14 billion payout.John Ray, who is steering FTX through the bankruptcy process, said in a statement, “Looking ahead, we are poised to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the largest and most complex bankruptcy estate distribution in history.”Fortunately for customers and creditors, FTX had a lot of assets to sell during the bankruptcy process. The company collected between $14.7 billion and $16.5 billion worth of assets, which more than covered the $11.2 billion owed to creditors.One thing working in FTX’s favor: bitcoin. The hoard of bitcoin it held surged 260 percent in value since the scandal broke in 2022. FTX was able to sell that at a profit. The other payday came from its stake in artificial intelligence. FTX sold-off its investment in Anthropic, an AI start-up for nearly $900 million.Bankman-Fried, the architect behind the fraud scheme, is currently serving a 25 year prison sentence.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#ftx #sambankmanfried #crypto
Joker: Folie à Deux leaves Hollywood in need of box office win TheStreet 2024-10-07 | 'Joker: Folie à Deux' did not perform as well as its predecessor during its opening weekend in theaters.Transcript:Conway Gittens: Stocks took a breather Monday after posting four straight weekly gains. Higher bond yields and oil prices weighed on sentiment. Mideast tensions and a re-think of how quickly the Federal Reserve will lower interest rates were also factors. In addition, investors are also gearing up for the start of earnings season.On Tuesday, Pepsi will kick things off with its quarterly results. Wall Street will also keep an eye on Amazon’s two-day Prime sales event.In other business headlines: Hollywood is licking its wounds after a high-profile flop. “Joker: Folie a Deux,” tanked in its box office debut. The film, with Joaquin Phoenix reprising the role that won him a Best Actor Oscar in 2020, took in only $40 million in its initial weekend. The first Joker took in $96 million in its 2019 debut. It then went on to rake in $1 billion in global sales and earn 11 Oscar nominations.This Joker update cost considerably more than its predecessor. The price tag came in at about $200 million, not including marketing spending. In comparison, the original “Joker” cost only $55 million to make.The failure of “Joker: Folie a Deux” may be a classic case of what can go wrong when experimenting with comic book movies. Hollywood wants to extend the life of the genre after two decades of money-making blockbusters. The 3 Deadpool movies were successful by taking a comedic route. But that wasn’t the case here. While the Joker sequel retains the dark mood of the original, it takes a musical interpretation with Lady Gaga as Joker’s love interest and co-partner in crime.Hollywood can hardly afford a repeat. Ticket sales are already down 11 percent compared to the same time last year. The industry hopes “Wicked” along with upcoming sequels for “Gladiator,” “Moana,” “The Lion King,” and “Lord of the Rings” can salvage this year’s box office.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#hollywood #boxoffice #joker
Mark Zuckerberg got even richer in 2024 TheStreet 2024-10-07 | Meta’s CEO Mark Zuckerberg has grown his wealth by more than $78 billion thus far in 2024.Transcript:Conway Gittens: Stocks began the week under pressure as escalating warfare in the Middle East offset economic optimism at home. In other news - move over Jeff Bezos, Mark Zuckerberg has taken over your spot as the world’s second richest person. Zuckerberg has also eclipsed the fortune of LVMH founder Bernard Arnault.According to the Bloomberg Billionaire Index, Zuckerberg’s personal wealth sits at $206 billion, only bested by Elon Musk’s $265 billion.Zuckerberg’s finances took a big leap in 2024, with the addition of $78.1 billion in his coffers. Much of the bounce in wealth came from one source: his stake in Meta Platforms, the parent company of Facebook and Instagram. Meta shares have soared roughly 70 percent to record highs near $600 a pop.Meta has seemingly weathered political and financial storms, which held the stock back in the past. Zuckerberg had to steer the ship after being called down to Capitol Hill several times to defend Facebook for its role in spreading political misinformation. And then there was the disastrous pivot to the Metaverse from which he had to make a U-turn after his stock plunged on spending concerns.Zuckerberg survived both crises and now Meta and its various products including, Threads and What’s App, are on the mend. Zuckerberg’s embrace of AI is helping, too. He says that with half-a-billion monthly active users, it won’t be long before Meta AI becomes the biggest AI assistant in the world. That, of course, will add even more dollars to Zuckerberg’s wealth since the value of Meta’s stock is based on how many eyeballs he can get for advertisers.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#markzuckerberg #zuckerberg #meta
10 investing books to read immediately. 📖 TheStreet 2024-10-07 | Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#books #investing #stockmarket
How consumers feel ahead of the election TheStreet 2024-10-06 | John Woods, Vice Chair & CFO of Citizens Financial Group, joins TheStreet to give his take on the current state of the U.S. consumer.Transcript:Conway Gittens: When you look at your loan portfolios, you look at the credit card data, you look at the deposits, what are those things combined telling you about the state of the consumer right now. And also in terms of enterprise.John Woods: Yeah, I mean, I think we're primarily a prime to high prime customer base. That's said, we do know that some of our customers are starting to feel the pinch from several years of inflation. Also we had during the pandemic, we had a significant amount of fiscal spending and customer funds. That growth that we saw, surge deposits that because of the pandemic payments that were sent out, we see a lot of those large checking account balances have been spent down. And we're also seeing credit card balances rise, which is starting to tell us that customers are starting to use their credit cards a little more, little less cash, maybe a little more paycheck to paycheck. And that means that we're a little more susceptible to a hiccup on the credit side of things. But at least on the citizens side of things, we're very diversified across the United States and across customer type and product type. And so we don't see significant issues for us, but we are noticing that customers are starting to feel the pinch.Conway Gittens: And what do you see for the consumer. I mean, we've just got some data recently. Consumer confidence had a fell biggest measure in three years. People are concerned about the job market. As someone who is dealing with people's money and you want them to come and bring that in. So you can then deploy it.John Woods: I mean, what are you seeing there. Yeah, I mean, like I said earlier, I think we're seeing we're seeing the fact that customers are spending a little less. And I think the paycheck to paycheck situation is starting to maybe kind of become more prevalent. And that's where we tend to want to interact with our customers and help them with their spending goals and what they really want to achieve in their life's journey. And we're also there to help be a prudent lender when there's an important life event that they'd like to be able to execute against. And, like I mentioned earlier, whether that's buying a home or financing the education for their children or all really important things that help our customers achieve their potential is that's why we're there for them, is to be able to be strong enough to be able to support that.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#consumer #consumerbehavior #inflation
What its like to buy a house now TheStreet 2024-10-06 | Here’s what lower interest rates could mean for the housing market.Transcript:CONWAY GITTENS: The Fed just cut rates for the first time in four years. We have policy makers hinting that more rate cuts are to come. What impact do you expect this to have on the housing market?DANIELLE HALE: Yeah so as the Fed normalizes policy, I expect we'll see mortgage rates decline. That should provide a nice boost for buyers. It increases their purchasing power or enables them to cut back on the amount of their income that they're putting towards their home payment. And so that should boost housing demand. It also has the potential to increase housing supply. A lot of existing homeowners are locked into their current mortgage rate because it's so far below the rates that have been available in the mortgage market. It's still the case that over half of homeowners with a mortgage have a rate that's under 4% so we're not likely to totally unlock those homeowners anytime soon. But every step down in the mortgage rate is going to make a difference for someone who's going to be able to move forward with not only a home sale, but also likely a future home purchase. And that is really going to help improve conditions in the housing market. Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#ratecut #interestrates #inflation
The China education stock dominating this managers mind TheStreet 2024-10-05 | Here's why a portfolio manager with decades of success is highlighting a for-profit education stock amid China market rally.Transcript:Conway Gittens: Jason Su is founder and CIO of reliant Global Advisors. So Jason, what is your single best trade?Jason Hsu: My single best trade, so far and continues to be, is EDU, Oriental Education and Technology. Now, this is a Chinese company, or at least a source of most of its revenue from China, but is listed as an ADR in the U.S.Conway Gittens: So why do you like it?Jason Hsu: Well, a little more than 3 and 1/2 years ago, it was trading at $196 a share. Today it's at $78, so less than half of where it was. But it's making new highs in terms of revenues and new highs in terms of profits. And projected after the 50% growth this year projected to grow at another 33% on its EBITDA.Conway Gittens: So what is your price target on the stock? The consensus right now in the street is for $103.Jason Hsu: Well at the current pace of growth. This is both the company itself, but also on the backdrop of this massive China rally, we're actually a bit more optimistic than that know. I can easily see it getting close back to its historical high. And just to give you some historical context, back when it was trading $196, there were a lot of competitors in for profit educational space in China. And I would say for us in the U.S. for profit education is not a thing. But in China it's considered to be more important than buying your house, spending money to buy a car. It's to spend money to give your kids an edge in education. It was a crowded, competitive trade. 3 and 1/2 years ago, a Chinese policy came through from Beijing that knocked out all of its competitors. So today it is almost the only game in town. And it's now looking at higher profit margin and ever faster revenue growth.Conway Gittens: So you see the stock going back to 196 - what's the time frame around that?Jason Hsu: Well, the time frame is always the hard one. I would say, the positive momentum is certainly behind it and it's more than myself. We're seeing a lot of analysts giving it an upgrade. So I don't think it's beyond the possibility to see something, over the next 12 months, given the positive overall market momentum and specifically the momentum behind the stock.Conway Gittens: So what gets the stock there? Besides giving me a number, I'd like to know what are the fundamentals that's going to get it from where it is right now in the $78, $79 range to get it way up to $196?Jason Hsu: I would say the big catalyst is, of course, is shares buyback. Now, the company has already come out early part of this year with an aggressive $400 million share buyback. Now, the Chinese government had just made an announcement that it is going to make $300 billion in terms of credit facility to companies who want to do more shares buyback and I think EDU is lining up to get along to do more of that. Of course, in itself is sitting out almost $5 billion of cash. So it could fund, actually, a much bigger buyback. So I think that could be the catalyst signaling that the management does see this as an undervalued stock and it does signal its own confidence in continuing this neck breaking growth speed, 50% earnings growth this year and projecting at least to hit 33% growth next year.Conway Gittens: So beside a stock buyback, are there any other drivers that would help move that stock up?Jason Hsu: Yeah, another driver, and guess it's a longer term driver, but it's one that gets talked a lot about is the fact that demand for tutoring, especially for studying abroad. And this is what is known for. The founder, affectionately known in China as instructor G or Professor G. He is actually credited by most of the famous Chinese scientists, entrepreneurs in the US as a man who made the foundational difference to help them score high score on the GMAT or GRE. They come and study at the most prestigious institutions in the US. Now in China, it has become again fashionably important to study abroad. I think there was a five-year low where people go “you don't want to go study abroad, you want to stay in China.” So you don't miss the phenomenal growth. But now with China struggling a little bit last few years, a lot more people are again rethinking, “I need to go abroad.” It's a great backup plan and it may actually be the best primary plan for anyone who's a top student right now. And so that is fueling a lot of demand right now. And is the only game in town right now in that space.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#china #education #stocks
How to protect yourself from fraud TheStreet 2024-10-05 | With rising concerns about online fraud and data breaches, protecting personal financial information is more important than ever. John Woods, vice chair & CFO at Citizens Financial Group, joined TheStreet to discuss how to protect yourself and your money against these growing risks.Transcript: CONWAY GITTENS: So sticking with the consumer, we've seen a lot of bank fraud, credit card fraud, identity theft. Can you talk to me about where the industry, how can the industry do a better job at protecting banking consumers and their data?JOHN WOODS: Yeah, I think it's a huge issue. And we need to have customers need to trust that their financial institutions are going to protect their data. And that's a huge investment that we're making. We've been investing in our fraud capabilities for a number of years, and we feel like we have a very effective capability in preventing fraud. One one of the ways that we do that is through alerts where we reach out. And one of the most effective ways is to say, hey, was this. And if it's not, then we're able to quickly be able to prevent a transaction from occurring. And that's always the best way to handle it. But if a transaction fraudulently gets through, then because we're such a large financial institution, we have the resources to make you whole. And to ensure that you're not going to be out when an issue that maybe we could have prevented but didn't. We're able to make sure that this doesn't end up being a financial loss for you. And you can do that with a large institution that you trust like Citizens.CONWAY GITTENS: So someone in the industry - when your family members come to you and say, what should I do to protect myself, what do you tell them?JOHN WOODS: It's really to be careful with your own data and ensure that you're not sharing your data in an inappropriate fashion. And the things like phishing attacks that you see on emails don't ever give out your personal information when someone reaches out to you. If you get a phone call and they say, hey, is this you. Is this John woods. And I'll say, hold on a second. Who are you. Well, I'm your bank and you give me your information. You never do that. And citizens will never ask for your information by reaching out to you. And so the advice is never give out your personal information bank with a large, reputable financial institution who will be there for you when the rare mistake comes through. And you can trust that your data will be protected. And in the unlikely event that something untoward happens, we'll be there to compensate you. Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#fraud #creditcard #creditcardfraud
The real cost of Hurricane Helene recovery TheStreet 2024-10-04 | Hurricane Helene ravaged states in the southeast, and President Biden wants to see more disaster relief given.Transcript:Wall Street ended a volatile week on an upswing thanks to a September hiring surge. By all accounts the closely watched employment data pointed to a labor market that’s in good shape. The report was too strong, though, to support hopes of another large interest rate cut by the Federal Reserve.Attention now turns to consumer and producer prices in the coming week. And Pepsi, JP Morgan Chase, and Wells Fargo will kick-off the start of earnings season.In other news: the 2024 hurricane season isn’t over yet and the costs are piling up. Hurricane Helene could cost the economy more than $34 billion by herself, according to Moody’s Analytics. In comparison, the U.S. economy was hit by $93 billion in weather and climate related damage for all of 2023, government statistics show.Packing winds of 140 miles per hour and accompanied by flood-inducing rains, Helene battered the Carolinas, Virginia, Tennessee, Georgia and Florida - resulting in a large swath of property damage. Nearly 1 million people lost power.But getting power back is just the beginning of a long and costly recovery process. And to make matters worse, only 6 percent of homeowners have flood insurance coverage of any type. That means many will be relying on the Federal Emergency Management Agency to fill in the gap. FEMA, however, is running low on funds and will need a cash infusion from Congress.With lawmakers not due back to Washington until after the elections, repair money is likely to take a long time to get where it needs to go.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#hurricanehelene #hurricane #hurricaneseason2024
Major questions remain unanswered as port strike comes to an end TheStreet 2024-10-04 | A port strike that could have crippled the U.S. economy lasted only a few days, as workers have agreed to a new contract.Transcript:Conway Gittens: A surprisingly robust monthly employment report is giving the stock market some adrenaline. The U.S. economy added 254,000 jobs in September, which was not only better than expected, it was the biggest hiring number since March. The unemployment rate fell to 4.1 percent. And there’s more good news. Wage growth continued to outpace inflation. Average paychecks were 4 percent higher than a year ago.But, wait - there’s more good news. The massive labor strike at ports stretching from Maine to Texas is over. The biggest labor walkout in nearly half a century ended after the two sides agreed to wage hikes. Workers will reportedly get a 62% raise stretched across six years. That works out to an eventual average hourly wage of $63 up, from $39.Both sides issued a statement saying that they would extend a contract until January 2025, which allows them time to negotiate other issues. “Effective immediately, all current job actions will cease and all work covered by the Master Contract will resume.”One issue which has not been resolved is the role of automation and how many jobs will be lost to technology.The end of the three-day strike is seen as a win for the Biden-Harris Administration. Vice President Kamala Harris could hardly afford an economically-crippling workers’ strike with less than a month to go before the election. The economy took a $5 billion hit each day of the strike, according to JP Morgan estimates.However, the work stoppage may be over but the damage could linger. Logistics experts say it will take one week to undue each day of lost activity at the ports.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#strike #laborstrike #port
Will 2025 finally be the year you buy a home? 🏡 TheStreet 2024-10-04 | Will 2025 finally be the year you buy a home?Many potential homebuyers have been deterred by high mortgage rates and sharply higher home prices.But if the Fed continues to cut interest rates, many are wondering if it's finally the time.Realtor.com's Chief Economist Danielle Hale breaks down what she's watching in 2025:Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#housingmarket #realestate
Bidens student loan plan can resume — Heres who qualifies TheStreet 2024-10-03 | The Biden Administration’s plan to forgive billions worth of student debt is back on after a judge ruled it can move forward.Transcript: Conway Gittens: Investors treaded lightly on Thursday - ahead of the crucial monthly employment report. Friday’s data could support the Federal Reserve decision to make a big interest rate cut in September or spark fear that even more rate cuts are needed to prevent the labor market from softening too much.In other news - If you have a student loan you will not be forgiven for having whiplash. President Biden’s debt forgiveness efforts have been on again, off again ever since he launched them. Well, this time it’s on again, thanks to a ruling by a Federal judge.A restraining order temporarily blocking student debt relief will expire, paving the way for loan balances to disappear for 27.6 million Americans. With all of Biden’s student loan reduction programs combined, three out of every four federal student loan borrowers could benefit, according to the Center for American Progress.The Department of Education hailed the latest ruling, which arrived a month before the November presidential elections. “We will not stop fighting to fix the broken student loan system and provide support and relief to borrowers across the country.”This debt forgiveness plan will help if you fall into one of these categories: 1. Your loan balance is larger than the amount you borrowed. 2. You’ve been making payments for decades. 3. You have a loan from a school facing financial trouble. 4. You qualify for a loan forgiveness program but have yet to apply.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#studentloans #studentloandebt #studentloanforgiveness
Starbucks has.a big plan for the future of coffee TheStreet 2024-10-03 | The company made a big move in order to protect its coffee supply from climate change.Transcript:Conway Gittens: Stocks are trying to rebound in the wake of mixed economic data. The services sector picked up steam in September, although the Institute for Supply Management’s employment index showed some weakness. In other signs from the labor market, weekly jobless claims edged up but not enough to cause new worries. In other news - Starbucks is turning to farming as a way to limit future price shocks for coffee drinkers. The coffee chain is buying two more coffee farms: one in Costa Rica, the other in Guatemala; with plans to buy farms in Africa and Asia.Not only will the farms be used to produce coffee beans for your cup of Morning Joe, they will also be used as research and development sites. Starbucks is looking for ways to protect coffee crops from the ravages of climate change and increase the use of technology to lower production costs.The company also plans to study how it can grow coffee beans in adverse conditions and different elevations. Starbucks executive Roberto Vega told CNBC it’s going to be a learning process. “We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn’t mean that it’s going to be working everywhere.”Starbucks buys 3 percent of all of the world’s coffee production and supply shortages lead to higher coffee prices, which ultimately hits you at the cash register. In just the past five years, consumer coffee prices have spiked 18 percent, according to U.S. government data. Customers have taken notice - leading to a sales slump at the coffee chain.Subscribe | http://t.st/TheStreetTVEarn. Live. Invest. | thestreet.comTheStreet Pro | pro.thestreet.com#starbucks #coffee #starbuckscoffee
